Message from the President

President's Message, March 27, 2020


You will find the 2019 Consolidated Financial Statements for River Valley Community Bancorp and its wholly owned subsidiary, River Valley Community Bank (collectively referred to as the “Company”) HERE. Along with this report, we wanted to provide additional context for you regarding the Company’s continued growth and development, as we approach our 14th anniversary.


In many ways, 2019 was a transitional year, as we executed on the investment we made in our new Auburn office in late 2018 and began preparing for the 2020 opening of our Marysville office.  While these new branches position us well for longer-term growth, we made the investments knowing that it takes time for them to reach their standalone profitability.  We are pleased with the progress of our Auburn office and expect it to achieve profitability this year.  In 2019, we also experienced an unexpected period of Federal Reserve actions and declining interest rates, which placed additional pressure on net interest income. We began to see this reflected in our net interest margin in the latter part of the year.


Despite this challenging environment, we have built a franchise that still achieved many important records and milestones in 2019, as reflected in the table below:




We would like to acknowledge our founding shareholders who supported the formation of the Company by (1) believing in our game plan, our banking team, and our board and (2) offering their capital, which enabled the Company to open and serve our communities.  After two stock splits since opening, those founding shareholders now have a split-adjusted investment in our Company of $6.40 per share and have experienced a nice return on their investment.  We appreciate the support of our founding investors as well as those investors that came on board in the years that followed who believe in our team and the merits of community banking.


We believe strongly that there will continue to be opportunity for the well run local banks to provide valued service and seize on opportunities created by the large regional and national banks.  The Company is very well positioned to deliver the responsive local banking experience and access to decision makers that is highly valued by our customers.  We have been fortunate to attract and develop an amazing banking team who believes in our mission and shares our passion for serving customers and communities.  We have built a reputable brand, which continues to help us attract and win over new customers as reflected in our growth.


At this time, we have all found ourselves addressing the significant challenges associated with the COVID-19 pandemic.  We are very proud of how our banking team is adapting to these challenges, supporting each other, and showing a “steady hand” to help bring some level of comfort to our customers.  While there is considerable uncertainty around the duration of the pandemic or its economic impact, we believe the Company remains “safe and sound” and stands ready to provide assistance and peace of mind to our customers during this period.


Thank you for your continued interest in and support for River Valley Community Bank!



John M. Jelavich, President & Chief Executive Officer

Stephen F. Danna, Chairman of the Board

Forward Looking Statements: This document may contain comments and information that constitute forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by such statements. Forward-looking statements speak only as to the date they are made. The Bank does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

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