River Valley Bancorp (NASDAQ Capital Market, Symbol “RIVR”), an
Indiana corporation (the “Corporation”) and holding company for
River Valley Financial Bank, based in Madison, Indiana announced
unaudited earnings for the fourth quarter and fiscal year ended
December 31, 2014.
For the year ended December 31, 2014, the Corporation reported
net income of $4,788,000 or $2.21 per basic share. This is the
highest dollar value recorded in the Corporation’s history and
represents a 7.84% improvement from the net income of $4,440,000 or
$2.67 per basic share reported for the year ended December 31,
2013.
Other financial highlights for the fiscal year ended December
31, 2014 include:
- The completion on July 15, 2014 of the
issuance of 946,390 shares of additional common stock through a
public offering at a price of $20.50 per share. That capital
issuance yielded $17.8 million in net proceeds.
- Outstanding net loan balances grew by
$15.9 million, or 5.0%, over the preceding twelve-month period.
Overall, with the addition of the capital, total assets grew by
$27.7 million from the balances recorded as of December 31,
2013.
- Classified assets, defined as
substandard assets (primarily loans or investments) and real estate
owned, showed a 25.5% improvement, period to period. Total
classified assets dropped from $21.6 million as of December 31,
2013 to $16.1 million on December 31, 2014.
- The provision for loan losses decreased
by $486,000 for the fiscal year, also indicative of improvements in
the loan portfolio.
- Losses associated with holding and
disposing of real estate owned decreased by $222,000 for the like
periods.
“We are extremely pleased to announce the fourth quarter and
fiscal 2014 operational numbers. A good deal of 2014 had been
devoted to strategic ‘positioning’. It is rewarding that targeting
efforts for building franchise value for tomorrow produced positive
results year-to-date,” states Matthew P. Forrester, President of
River Valley Bancorp. “In the past fifteen months we have added two
branch locations and raised approximately $18 million in additional
capital. We have the capital to be an active participant and not an
observer when suitable growth and other opportunities present
themselves. Again, we are pleased that we are experiencing very
positive results from those strategic goals.”
In comparing like year periods, the Corporation recorded higher
net interest income on higher average asset balances. Net interest
income increased by $779,000 in 2014 over that recorded for 2013.
As stated previously, that increase was coupled with a decrease in
provision for loan losses of $486,000 for the same period in 2013.
Those results were partially offset by a $723,000 increase in
operating expenses and a $208,000 decrease in other operating
income. The increase in operating expenses was primarily associated
with the addition of two full service offices, staffing, general
salary and benefit increases, and startup costs associated with a
captive insurance subsidiary. Other operating income for 2014 was
impacted by a decrease of $375,000 in sales of mortgage loans to
the secondary market. Income tax expense in 2014 was slightly lower
than in 2013.
In comparing like year periods, the Corporation’s total assets
increased to $510.5 million as of December 31, 2014 as compared to
$482.8 million a year earlier, or a $27.7 million increase. Net
loans, including loans held for sale, were $332.4 million as of
December 31, 2014, an increase of $15.9 million from that of $316.6
million at the prior year end. As of December 31, 2014, deposits
totaled $397.1 million, a slight increase from the $395.0 million
reported as of December 31, 2013.
Return on average assets for the fiscal year ended December 31,
2014 was 0.96% as compared to 0.92% in 2013. Return on average
equity for 2014 was 10.30%, a decrease from the 12.88% recorded for
2013 due to the issuance of additional shares of common stock in
2014.
For the three-month period ended December 31, 2014, the
Corporation recorded net income of $1.46 million, or $0.55 per
basic share, an increase from the $1.11 million, or $0.67 per share
recorded for the three-month period ended December 31, 2013. Other
than higher total interest income from higher average assets, a
decrease in the provision for loan losses, higher income taxes, and
expense of $102,000 for startup costs on a captive insurance
subsidiary, most other operating income or expenses were relatively
flat between the comparable periods.
The return on average assets for fourth quarter 2014 was 1.14%;
the return on average equity was 10.36%. For fourth quarter 2013,
those numbers were 0.90% and 12.64% respectively.
As of December 31, 2014, total delinquency, defined as loans
delinquent 30 days or more, stood at 2.13% of total loans. This
percentage as of December 31, 2013 was 2.50%. Net charge-offs,
expressed as a ratio of average loans during 2014, was 0.28% and
was 0.13% for 2013. Non-performing loans, defined as all loans
greater than 90 days delinquent (whether accruing or non-accrual)
as a percentage of total loans was 3.36% as of December 31, 2014
and was 3.59% as of December 31, 2013.
The allowance for loan losses (ALL) totaled $4.0 million as of
December 31, 2014 or 1.19% expressed as a percentage of total
outstanding loans. This amount does not include amounts recognized
as “fair market” adjustments on the loan portfolio acquired in 2012
from Dupont State Bank. These loans had a separate and identified
“mark” at the time of closing, and only new developments to that
portfolio are reflected in the provision for loan loss
calculations. The balance of the ALL on December 31, 2013 was $4.5
million or 1.40% of total outstanding loans.
Stockholder’s equity as of December 31, 2014 was $52.7 million
and compares to $34.5 million as of December 31, 2013. Book value
of River Valley Bancorp was $20.98 as of December 31, 2014,
compared to a net book value (less preferred shares redeemed in
2014) of $19.23 at December 31, 2013. Tangible book value as of
December 31, 2014 was $20.77 and was $18.82 as of December 31,
2013. As of December 31, 2014, the Corporation and River Valley
Financial Bank exceeded all three regulatory capital standards
associated with a “well capitalized” institution.
For the fiscal year, the Corporation’s stock traded in a daily
closing price range of $20.80 to $28.48, closing on December 31,
2014 at $21.06.
Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements include expressions such as
"expects," "intends," "believes," and "should," which are
necessarily statements of belief as to the expected outcomes of
future events. Actual results could materially differ from those
presented. The Corporation’s ability to predict future results
involves a number of risks and uncertainties, some of which have
been set forth in the most recent annual report on Form 10-K filed
with the Securities and Exchange Commission. The Corporation
undertakes no obligation to release revisions to these
forward-looking statements or reflect events or circumstances after
the date of this release.
Selected Financial Information (Dollar
amounts in thousands, except per share amounts) 3 Months 3
Months 12 Months 12 Months Ended Ended Ended Ended 12-31-2014
12-31-2013 12-31-2014 12-31-2013 Assets $ 510,540 $ 482,837
Net Loans, including loans for sale (net
of ALL)
332,420 316,569 Allowance for Loan Losses (ALL) 4,005 4,510
Deposits 397.083 395,015 Borrowings 54,872 49,717 Stockholders’
Equity 52,742 34,464 Total Interest Income $ 5,163 $ 4,806 19,672
19,621 Noninterest Income 1,219 1,119 4,426 4,856
Gain (loss) on Real Estate Held for
Sale
(9 ) 118 (203 ) (425 ) Interest Expense 839 997 3,438 4,166 Net
Interest Income 4,324 3,809 16,234 15,455 Noninterest Expense 3,454
3,408 13,779 13,056 Provision for Loan Losses 99 276 446 932 Taxes
518 252 1,444 1,458 Net Income 1,463 1,110 4,788 4,440 ROAA
1.14 % 0.90 % 0.96 % 0.92 % ROAE 10.36 % 12.64 % 10.30 % 12.88 %
Basic Earnings per Share $ 0.55 $ 0.67 $ 2.21 $ 2.67 Diluted
Earnings per Share $ 0.55 $ 0.66 $ 2.20 $ 2.66
River Valley BancorpMatthew P. Forrester - President, CEO,
812-273-4949
(MM) (NASDAQ:RIVR)
Gráfico Histórico do Ativo
De Ago 2024 até Set 2024
(MM) (NASDAQ:RIVR)
Gráfico Histórico do Ativo
De Set 2023 até Set 2024