Indianapolis-based White River Capital Inc. said today that profit in the first quarter fell 65 percent compared with the same period last year due to tough economic conditions.
White River is the holding company for a pair of subprime auto-loan firms: locally based Union Acceptance Co. LLC and Virginia Beach, Va.-based Coastal Credit LLC.
The company’s first-quarter profit was $1.3 million, or 31 cents per share. That compared with profit of $3.7 million, or 94 cents per share, in the same quarter a year earlier.
White River’s shares, which trade on the American Stock Exchange, were up 2 percent, to $7.40, in mid-morning trading. The company has a stock market value of $23.9 million.