Exhibit 99.1
River Valley Bancorp
Announces Modest Earnings Increase for the Quarter
Ended March 31, 2004
For Immediate Release
Tuesday, April 20, 2004
Madison, Indiana - April 20, 2004- River Valley Bancorp (NASDAQ Small Cap Symbol
"RIVR"), an Indiana corporation (the "Corporation") and holding company for
River Valley Financial Bank, based in Madison, Indiana announced today earnings
for the first quarter ended March 31, 2004.
Net income for the quarter was $609,059, an increase of $13,389 or 2.3%, from
the $595,670 reported for the quarter ended March 31, 2003. Net income for the
quarter ended March 31, 2004 expressed as basic earnings per share was $0.38,
which is the same as recorded for the quarter ended as of March 31, 2003. Return
on average assets was 0.97% and the return on equity was 10.71% for the quarter
ended March 31, 2004.
Assets totaled $252.0 million as of March 31, 2004, an increase of $18.1
million, from the $233.9 million reported as of March 31, 2003. Net loans,
including loans held for sale, were $199.3 million as of March 31, 2004, an
increase of $7.0 million for the quarter, or an increase of $30.4 million from
March 31, 2003. Deposits totaled $168.5 million as of March 31, 2004, an
increase of $3.7 million from the $164.8 million reported March 31, 2003.
"In general, all financial institutions are struggling with shrinking margins,
and we are no different in that regard. Others may prop up earnings from the
disposition of assets to shield the impact of these tightening margins and the
loss of prior year fee income. Your Corporation has been fortunate to have
substantial growth in our variable priced loan portfolio which has helped in
increasing our net interest income and margin. Growth in our portfolio affords
growing interest income today, and the prospect for better returns when interest
rates rebound", stated Matthew P. Forrester, president of River Valley Bancorp.
The CEO further added, "The Corporation continues to do well in this
environment, and has positioned itself to do even better as rates rebound."
Equity as of March 31, 2004 was $22.5 million, or 9.0% as expressed as a
percentage of assets. Book value per share of River Valley Bancorp stock was
$13.90 as of March 31, 2004.
The last reported trade of "RIVR" stock on April 19, 2004 was at $22.15.
Selected Financial Information
(In thousands, unless otherwise noted)
3 Months Ended 3 Months Ended
3-31-2004 3-31-2003
Assets $ 251,960 $ 233,869
Net Loans, including
Loans held for sale 199,313 168,889
ALL 2,202 2,147
Deposits 168,502 164,757
Shareholders' Equity 22,549 21,170
Total Interest Income $ 3,208 $ 3,082
Total Non Interest Income 620 869
Interest Expense 1,282 1,321
Non Interest Expense 1,468 1,525
Provision Loan Losses 102 90
Taxes 367 419
Net Income 609 596
ROAA 0.97% 1.04%
ROAE 10.71% 11.31%
Earnings per Basic Share $ 0.38 $ 0.38
Diluted Earnings per Share $ 0.36 $ 0.36
Contact: Matthew P. Forrester - President, CEO
River Valley Bancorp
812-273-4949