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.