Year In Review
Madison Courier 10K Walk/Run
Letters To The Editor
News & Record
Carroll County Detention Center
Jefferson Circuit Court
Jefferson Superior Court
Real Estate Transfers
Health Department Inspections
Civil War Sesquicentennial
Health Mind & Body
River Valley has 70% boost in earnings for the quarter
Saturday, July 20, 2013 5:00 AM
River Valley Bancorp, the holding company for River Valley Financial Bank, announced earnings for the period ended June 30, 2013.
Net income for the quarter was $1.19 million. Net income for the like period in 2012 was $692,000.
The quarterly results reflect higher interest margins, augmented by adjustments from the 2012 acquisition of Dupont State Bank.
The results also include modestly higher increases in non-interest income, which was only partially offset by higher non-interest expense from the combined operation, and higher provision for income tax expense. Specifically, the organization realized approximately a $177,000 increase from accretive adjustments on the carrying value of assets acquired through the acquisition.
Noninterest expense was $309,000 higher in the second quarter 2013, as compared to the second quarter 2012, due to higher salaries and employee benefits, branch-related expenses from three additional locations.
Assets totaled $475.7 million as of June 30, 2013, an increase of approximately $67.3 million from the $408.4 million reported as of June 30, 2012. Net loans, including loans held for sale, were $294.7 million as of June 30, 2013, an increase of $41.4 million from the balance reported as of June 30, 2012 of $253.3 million. As of June 30, 2013, deposits totaled $388.6 million, an increase of $83.1 million from June 30, 2012.
Please fill out the form below to submit a comment.
A comment must be approved by our staff before it will displayed on the website.
© 2015 The Madison Courier 310 Courier Square, Madison, IN 47250 (812) 265-3641 (800) 333-2885
All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Software © 1998-2015 1up! Software, All Rights Reserved