Compelo Banking - Latest industry news and analysis is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More

River Valley Bancorp Q1 net income up 16%

River Valley Bancorp has reported that its net income for the first quarter ended March 31, 2008 was $615,309, up 15.5% from net income of $532,548 for the same quarter in 2007.

For the quarter, return on average assets was 0.70% and the return on equity was 9.34%, which compares to 0.63% and 8.78%, respectively, for the comparable period in 2007.

According to River Valley Bancorp, the quarterly results reflect both higher interest and non-interest income, including improving interest margins, partially offset by modestly higher operating expenses.

Assets totaled $349.1 million as of March 31, 2008, an increase of $10.3 million from balances reported on the same date in 2007. Deposits totaled $220 million as of March 31, 2008, up $2.5 million compared to deposits as on March 31, 2007.

Matthew Forrester, president of River Valley Bancorp, said: The daily characterization of banking woes obviously is not reflective of performance results of your corporation. And while it is a given that the complexities of a billion or trillion dollar bank are different than those of a $350 million institution, the fact remains that the fundamentals are the same.