River Valley Community Bank has reported net income of $91,004 for the first quarter of 2008, compared to a net loss of $129,520 for the corresponding period of 2007.
The bank said that this is the third consecutive quarter of increased profitability; profits increased $23,796 or 35% during the first quarter of 2008, compared to the quarter ended on December 31, 2007.
The bank’s total assets and deposits were $69,307,377 and $55,340,528 respectively as on March 31, 2008. Although assets and deposits remained relatively flat from year-end 2007, they increased $23.59 million, or 52% and $22.7 million, or 70% respectively over March 31, 2007.
The bank’s loans totaled $22.82 million at the end of the first quarter of 2008, an increase of 15% from year-end 2007 and up $12.66 million, or 125% compared to the first quarter of 2007.
John Jelavich, president and CEO, said: Although our growth slowed a bit in the first quarter, our profits exceeded our plan. We continue to demonstrate a solid pattern of positive operating results in a difficult economic environment.