White River Capital sees jump in quarterly profit

February 22, 2010

White River Capital Inc. on Monday reported profit in the fourth quarter grew 62 percent compared to the same period in 2008, due mostly to increased earnings at its Coastal Credit subsidiary.

White River had profit of $1.3 million, or 33 cents per share, in the quarter compared to $800,000, or 21 cents per share, in the same quarter of 2008.

White River is the holding company for a pair of subprime auto-loan firms: Indianapolis-based Union Acceptance Co. LLC and Virginia Beach, Va.-based Coastal Credit LLC.

Coastal Credit posted a $2.4 million profit in the fourth quarter, while Union Acceptance had a $39,000 loss.

“Coastal Credit, White River’s main operating subsidiary, continues to excel in an economic environment that shows signs of stability,” White River CFO Martin Szumski said in a prepared statement.

For all of 2009, White River had profit of $4.9 million, or $1.20 per share, compared to $7.5 million, or $1.93 per share, in 2008.

White River’s shares, available on the American Stock Exchange under the symbol RVR, were trading at $12.54 Monday morning, unchanged from Friday's closing price.


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