SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

                                   (Mark One)

[X]        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
           EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30,
           2003 OR

[  ]       TRANSITION REPORT  PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
           EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO

                         Commission file number: 0-21765

                              RIVER VALLEY BANCORP
        (Exact name of small business issuer as specified in its charter)

              Indiana                                  35-1984567
(State or other jurisdiction of                     (I.R.S. Employer
incorporation or organization)                      Identification Number)

                                430 Clifty Drive
                             Madison, Indiana 47250
                    (Address of principal executive offices)

                                 (812) 273-4949
                           (Issuer's telephone number)


                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the issuer filed all documents and reports required to be filed by
Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities
under a plan confirmed by a court.

Yes [    ]                          No [    ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: November 7, 2003 - 819,452 common
shares.

Transitional Small Business Disclosure Format (Check one):  Yes [  ]    No [ X ]



<PAGE>



                              RIVER VALLEY BANCORP
                                   FORM 10-QSB

                                      INDEX

                                                                        Page No.

PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

             Consolidated Condensed Balance Sheet                             3

             Consolidated Condensed Statement of Income                       4

             Consolidated Condensed Statement of Comprehensive Income         5

             Consolidated Condensed Statement of Cash Flows                   6

             Notes to Unaudited Consolidated Condensed Financial Statements   7

Item 2.  Management's Discussion and Analysis or Plan of Operation           10

Item 3.    Controls and Procedures.                                          15

PART II. OTHER INFORMATION

Item 1.  Legal Proceedings                                                   15
Item 2.  Changes in Securities and Use of Proceeds                           15
Item 3.  Defaults Upon Senior Securities                                     15
Item 4.  Submission of Matters to a Vote of Security Holders                 15
Item 5.  Other Information                                                   15
Item 6.  Exhibits and Reports on Form 8-K                                    15

SIGNATURES                                                                   16

CERTIFICATIONS                                                               17




<PAGE>



PART I  FINANCIAL INFORMATION
Item 1.  Financial Statements

<TABLE>
<CAPTION>

                              RIVER VALLEY BANCORP
                      Consolidated Condensed Balance Sheet

                                                                                   September 30,          December 31,
                                                                                        2003                  2002
                                                                                    (Unaudited)
                                                                                --------------------- ---------------------
                                                                                   (In Thousands, Except Share Amounts)
  Assets
<S>                                                                                <C>                  <C>
       Cash and due from banks                                                     $     3,568          $      5,094
       Interest-bearing demand deposits                                                  5,351                13,516
                                                                                -------------------- ----------------------
           Cash and cash equivalents                                                     8,919                18,610
       Investment securities available for sale                                         33,553                28,174
       Loans held for sale                                                                 207                 1,062
       Loans, net of allowance for loan losses of $2,076, and $2,101                   186,903               164,895
       Premises and equipment                                                            5,898                 5,741
       Federal Home Loan Bank stock                                                      2,100                 2,000
       Interest receivable                                                               1,612                 1,467
         Cash surrender value life insurance                                             5,043                 1,326
                                                                                           949                   745
         Other assets
                                                                                -------------------- ----------------------
                             Total assets                                            $ 245,184            $  224,020
                                                                                ==================== ======================


  Liabilities
       Deposits
           Non-interest-bearing                                                     $   11,659           $    11,115
           Interest-bearing                                                            159,938               150,714
                                                                                -------------------- ----------------------
                Total deposits                                                         171,597               161,829
       Borrowings                                                                       49,000                40,000
       Interest payable                                                                    213                   459
       Other liabilities                                                                 2,172                 1,099
                                                                                -------------------- ----------------------
           Total liabilities                                                           222,982               203,387
                                                                                -------------------- ----------------------

  Commitments and Contingencies

  Shareholders' Equity
       Preferred stock,  without par value
           Authorized and unissued - 2,000,000 shares
       Common stock, without par value
           Authorized - 5,000,000 shares
           Issued and outstanding - 820,352 and 810,844 shares
       Additional paid-in capital                                                        8,299                 7,957
       Retained earnings                                                                13,813                12,654
       Shares acquired by stock benefit plans                                             (242)                 (339)
       Accumulated other comprehensive income                                              332                   361
                                                                                -------------------- ----------------------
           Total shareholders' equity                                                   22,202                20,633
                                                                                -------------------- ----------------------

           Total liabilities and shareholders' equity                                $ 245,184            $  224,020
                                                                                ==================== ======================

  See notes to consolidated condensed financial statements.

</TABLE>


<PAGE>

<TABLE>
<CAPTION>
                              RIVER VALLEY BANCORP
                   Consolidated Condensed Statement of Income
                                   (Unaudited)



                                                                            Nine Months Ended              Three Months Ended
                                                                              September 30,                  September 30,
                                                                       -------------- -------------- ---------------- --------------
                                                                            2003           2002            2003            2002
                                                                       -------------- -------------- ---------------- --------------
Interest Income                                                                    (In Thousands, Except Share Amounts)
<S>                                                                        <C>             <C>             <C>            <C>
     Loans receivable                                                      $ 8,495         $ 8,712         $ 2,980        $ 2,953
     Investment securities                                                     777             658             268            218
     Interest-earning deposits and other                                       171             158              61             71
                                                                       -------------- --------------- --------------- --------------
         Total interest income                                               9,443           9,528           3,309          3,242
                                                                       -------------- --------------- --------------- --------------

Interest Expense
     Deposits                                                                2,492           3,085             773            991
     Borrowings                                                              1,526           1,103             572            415
                                                                       -------------- --------------- --------------- --------------
         Total interest expense                                              4,018           4,188           1,345          1,406
                                                                       -------------- --------------- --------------- --------------

Net Interest Income                                                          5,425           5,340           1,964          1,836
     Provision for loan losses                                                 360             410             180            150
                                                                       -------------- --------------- --------------- --------------
Net Interest Income After Provision for Loan Losses                          5,065           4,930           1,784          1,686
                                                                       -------------- --------------- --------------- --------------

Other Income
     Net realized gains (losses) on sales of available-for-sale
          securities                                                            (1)              6               1              0
     Service fees and charges                                                1,040           1,016             356            369
     Net gains on loan sales                                                 1,450             643             471            493
     Gain on sale of premises and equipment                                      0             352               0              0
     Other income                                                              168              81              96             17
                                                                       -------------- --------------- --------------- --------------
         Total other income                                                  2,657           2,098             924            879
                                                                       -------------- --------------- --------------- --------------

Other Expenses
     Salaries and employee benefits                                          2,022           1,789             689            632
     Net occupancy and equipment expenses                                      602             601             213            199
     Data processing fees                                                      109             176              51             73
     Advertising                                                               196             145              65             59
     Legal and professional fees                                               143              55              38             31
     Amortization of mortgage servicing rights                                 475             285             150            147
     Other expenses                                                            859             759             279            296
                                                                       -------------- --------------- --------------- --------------
         Total other expenses                                                4,406           3,810           1,485          1,437
                                                                       -------------- --------------- --------------- --------------

Income Before Income Tax                                                     3,316           3,218           1,223          1,128
     Income tax expense                                                      1,290           1,274             473            446
                                                                       -------------- --------------- --------------- --------------

Net Income                                                                  $2,026          $1,944        $    750       $    682
                                                                       ============== =============== =============== ==============

Basic earnings per share                                                    $ 2.56          $ 2.50           $ .94          $ .87
Diluted earnings per share                                                    2.44            2.40             .90            .84
Dividends per share
</TABLE>

See notes to consolidated condensed financial statements.






<PAGE>

                              RIVER VALLEY BANCORP
            Consolidated Condensed Statement of Comprehensive Income
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                               Nine Months Ended           Three Months Ended
                                                                                  September 30,              September 30,
                                                                           --------------------------- ---------------------------
                                                                                2003         2002            2003         2002
                                                                           -------------- ------------ ------------- ------------
                                                                                                (In Thousands)

<S>                                                                           <C>          <C>               <C>          <C>
  Net income                                                                  $2,026       $1,944            $750         $682
  Other comprehensive income, net of tax
        Unrealized gains on securities available for sale
            Unrealized holding gains arising during the period, net of
            tax expense of ($18), $203, ($127) and $138.                        (30)          310           (194)          210
           Less: Reclassification adjustment for gains
                included in net income, net of tax expense
                of $0, $2, $0 and $0.                                            (1)            4               0            0
                                                                           -------------- ------------ ------------- ------------
                                                                                (29)          306           (194)          210
                                                                           -------------- ------------ ------------- ------------
   Comprehensive income                                                       $1,997       $2,250            $556         $892
                                                                           ============== ============ ============= ============
</TABLE>


See notes to consolidated condensed financial statements.


<PAGE>
<TABLE>
<CAPTION>
                              RIVER VALLEY BANCORP
                 Consolidated Condensed Statement of Cash Flows
                                   (Unaudited)

                                                                                                  Nine Months Ended
                                                                                                    September 30,
                                                                                         -------------------- -------------------
                                                                                                2003                2002
                                                                                         -------------------- -------------------
                                                                                                     (In Thousands)

  Operating Activities
<S>                                                                                       <C>                  <C>
       Net income                                                                         $     2,026          $     1,944
       Adjustments to reconcile net income to net cash provided by operating activities
         Provision for loan losses                                                                360                  410
         Depreciation and amortization                                                            375                  381
         Investment securities (gains) losses                                                       1                   (6)
         Loans originated for sale in the secondary market                                    (64,117)             (41,530)
         Proceeds from sale of loans in the secondary market                                   65,849               43,354
         Gain on sale of loans                                                                 (1,450)                (643)
         Amortization of deferred loan origination cost                                           132                  123
         Amortization of expense related to stock benefit plans                                   291                  290
         Gain on sale of premises and equipment                                                     0                 (352)
         Net change in:
           Interest receivable                                                                   (145)                 (89)
           Interest payable                                                                      (104)                (166)
         Other adjustments                                                                        596                 (238)
                                                                                         -------------------- -------------------
                Net cash provided by operating activities                                       3,814                3,478
                                                                                         -------------------- -------------------

  Investing Activities
       Purchases of securities available for sale                                             (10,935)             (11,049)
       Proceeds from maturities of securities available for sale                                3,067                  131
       Proceeds from sale of securities available for sale                                      2,349                5,933
       Purchase of Federal Home Loan Bank stock                                                   (48)                (750)
       Net change in loans                                                                    (21,927)              (9,030)
       Premiums paid on life insurance                                                         (3,635)                   0
       Purchases of premises and equipment                                                       (532)                (747)
       Proceeds from sale of premises and equipment                                                 0                  629
       Proceeds from sale of real estate owned                                                     43                   30
                                                                                         -------------------- -------------------
                Net cash used in investing activities                                         (31,618)             (14,853)
                                                                                         -------------------- -------------------

  Financing Activities
       Net change in
          Noninterest-bearing, interest-bearing demand and savings deposits                    11,375                5,960
          Certificates of deposit                                                              (1,607)               9,886
       Proceeds from borrowings                                                                14,000               44,000
       Repayment of borrowings                                                                 (5,000)             (30,500)
       Cash dividends                                                                            (616)                (386)
       Purchase of stock                                                                         (285)                (140)
       Stock options exercised                                                                    227                   95
       Acquisition of stock for stock benefit plans                                                 0                  (22)
       Advances by borrowers for taxes and insurance                                               19                   21
                                                                                         -------------------- -------------------
                Net cash provided by financing activities                                      18,113               28,914
                                                                                         -------------------- -------------------

  Net Change in Cash and Cash Equivalents                                                      (9,691)              17,539

  Cash and Cash Equivalents, Beginning of Period                                               18,610                5,641
                                                                                         -------------------- -------------------

  Cash and Cash Equivalents, End of Period                                                   $  8,919            $  23,180
                                                                                         ==================== ===================

  Additional Cash Flows and Supplementary Information
       Interest paid                                                                       $    4,122           $    4,354
       Income tax paid                                                                          1,041                1,012
</TABLE>


  See notes to consolidated condensed financial statements.

<PAGE>
                              RIVER VALLEY BANCORP
         Notes to Unaudited Consolidated Condensed Financial Statements


River Valley Bancorp (the  "Corporation"  or the "Company") is a unitary savings
and loan holding company whose  activities are primarily  limited to holding the
stock of River Valley  Financial Bank ("River  Valley" or the "Bank").  The Bank
conducts a general banking  business in  southeastern  Indiana which consists of
attracting  deposits  from the general  public and  applying  those funds to the
origination of loans for consumer,  residential and commercial  purposes.  River
Valley's profitability is significantly  dependent on net interest income, which
is the difference between interest income generated from interest-earning assets
(i.e. loans and  investments) and the interest expense paid on  interest-bearing
liabilities (i.e.  customer deposits and borrowed funds). Net interest income is
affected by the relative amount of interest-earning  assets and interest-bearing
liabilities and the interest  received or paid on these  balances.  The level of
interest rates paid or received by the Bank can be significantly influenced by a
number of competitive  factors,  such as governmental  monetary policy, that are
outside of management's control.

Note 1: Basis of Presentation

The accompanying  unaudited  consolidated  condensed  financial  statements were
prepared in accordance with instructions for Form 10-QSB and, therefore,  do not
include  information  or  footnotes  necessary  for a complete  presentation  of
financial  position,  results of operations  and cash flows in  conformity  with
generally  accepted   accounting   principles.   Accordingly,   these  financial
statements  should  be read  in  conjunction  with  the  consolidated  financial
statements and notes thereto of the Corporation included in the Annual Report on
Form 10-KSB for the year ended  December  31, 2002.  However,  in the opinion of
management, all adjustments (consisting of only normal recurring accruals) which
are necessary for a fair  presentation  of the  financial  statements  have been
included.  The results of operations for the nine and three-month  periods ended
September 30, 2003, are not  necessarily  indicative of the results which may be
expected for the entire year. The  consolidated  condensed  balance sheet of the
Corporation  as  of  December  31,  2002  has  been  derived  from  the  audited
consolidated balance sheet of the Corporation as of that date.

Note 2: Principles of Consolidation

The consolidated  financial  statements  include the accounts of the Corporation
and its  subsidiaries.  All significant  intercompany  balances and transactions
have been eliminated in the accompanying consolidated financial statements.

Note 3: Earnings Per Share

Earnings per share have been  computed  based upon the weighted  average  common
shares  outstanding.  Unearned  Employee  Stock  Ownership Plan shares have been
excluded from the computation of average common shares outstanding.
<PAGE>

<TABLE>
<CAPTION>

                                              Nine Months Ended                              Nine Months Ended
                                             September 30, 2003                             September 30, 2002
                                             ------------------                             ------------------
                                                  Weighted            Per                           Weighted       Per
                                                   Average           Share                          Average       Share
                                      Income       Shares            Amount             Income      Shares        Amount
                                      ------      --------           ------             ------      --------      ------
                                                            (In Thousands, Except Share Amounts)
     Basic earnings per share
       Income available to
<S>                                     <C>          <C>             <C>                <C>         <C>             <C>
       common shareholders              $ 2,026      792,189         $ 2.56             $ 1,944     777,042         $ 2.50
                                                                 ===========                                    ===========

     Effect of dilutive RRP
     awards and stock options                         38,749                                         31,738
                                   ------------- ---------------                ---------------- --------------
     Diluted earnings per share
     Income available to  common
     shareholders and assumed
     conversions                        $ 2,026      830,938         $ 2.44             $ 1,944     808,780         $ 2.40
                                   ============= =============== ===========    ================ ============== ===========




                                             Three Months Ended                             Three Months Ended
                                             September 30, 2003                             September 30, 2002
                                             ------------------                             ------------------
                                                  Weighted            Per                          Weighted        Per
                                                   Average           Share                         Average        Share
                                      Income       Shares            Amount             Income      Shares        Amount
                                      ------      --------           ------             ------      --------      ------
                                                            (In Thousands, Except Share Amounts)
     Basic earnings per share
       Income available to
       common shareholders                $ 750      795,953          $. 94               $ 682     780,124          $ .87
                                                                 ===========                                    ===========

     Effect of dilutive RRP
     awards and stock options                         39,544                                         32,868
                                   ------------- ---------------                ---------------- --------------
     Diluted earnings per share
     Income available to  common
     shareholders and assumed
     conversions                          $ 750      835,497          $ .90               $ 682     812,992          $ .84
                                   ============= =============== ===========    ================ ============== ===========
</TABLE>



Note 4:  Stock Options

The Company has a stock-based  employee  compensation  plan,  which is described
more fully in Notes to  Financial  Statements  included in the December 31, 2002
Annual  Report to  shareholders.  The Company  accounts  for this plan under the
recognition  and  measurement  principles of APB Opinion No. 25,  Accounting for
Stock Issued to Employees, and related interpretations.  No stock-based employee
compensation  cost is reflected in net income,  as all options granted under the
plan had an exercise  price equal to the market value of the  underlying  common
stock on the grant  date.  The  following  table  illustrates  the effect on net
income  and  earnings  per  share if the  Company  had  applied  the fair  value
provisions  of  Statement of Financial  Accounting  Standards  ("SFAS") No. 123,
Accounting for Stock-Based Compensation, to stock-based employee compensation.
<PAGE>

<TABLE>
<CAPTION>

                                                                  Nine Months    Nine Months    Three Months   Three Months
                                                                     Ended          Ended           Ended          Ended
                                                                 September 30,  September 30,   September 30,  September 30,
                                                                     2003            2002           2003            2002
                                                                --------------------------------------------------------------

<S>                                                                    <C>             <C>             <C>             <C>
           Net income, as reported                                     $2,026          $1,944          $ 750           $ 682
           Less:  Total stock-based employee compensation
              cost determined under the fair value based
              method, net of income taxes                                  20             33               7               5
                                                                --------------------------------------------------------------

           Pro forma net income                                        $2,006         $1,911            $743            $677
                                                                ==============================================================

           Earnings per share:
               Basic - as reported                                   $ 2.56           $2.50         $  .94           $  .87
               Basic - pro forma                                       2.53            2.46            .93              .87
               Diluted - as reported                                   2.44            2.40            .90              .84
               Diluted - pro forma                                     2.41            2.36            .89              .83
</TABLE>


Note 5:  Effect of Recent Accounting Pronouncements

The Financial  Accounting Standards Board ("FASB") recently adopted Statement of
Financial  Accounting  Standards  ("SFAS") No. 148,  Accounting for  Stock-Based
Compensation - Transition and Disclosure.  This Statement  amends FASB Statement
No.  123,  Accounting  for  Stock-Based  Compensation.  SFAS  No.  148  provides
alternative methods of transition for a voluntary change to the fair value based
method of accounting for stock-based employee  compensation.  In addition,  SFAS
No. 148  amends  the  disclosure  requirements  of SFAS No. 123 to require  more
prominent  and more  frequent  disclosures  in  financial  statements  about the
effects of stock-based compensation.

Under the  provisions  of SFAS No. 123,  companies  that  adopted the fair value
based  method were  required to apply that  method  prospectively  for new stock
option  awards.   This   contributed  to  a  "ramp-up"   effect  on  stock-based
compensation  expense in the first few years  following  adoption,  which caused
concern  for  companies  and  investors  because of the lack of  consistency  in
reported results. To address that concern,  SFAS No. 148 provides two additional
methods of transition  that reflect an entity's full  complement of  stock-based
compensation expense immediately upon adoption,  thereby eliminating the ramp-up
effect.

SFAS No. 148 also improves the clarity and prominence of  disclosures  about the
proforma  effects  of using  the fair  value  based  method  of  accounting  for
stock-based compensation for all companies - regardless of the accounting method
used - by requiring  that the data be presented more  prominently  and in a more
user-friendly format in the footnotes to the financial statements.  In addition,
SFAS No. 148 improves the timeliness of those disclosures by requiring that this
information be included in interim as well as annual  financial  statements.  In
the past,  companies were required to make proforma  disclosures  only in annual
financial statements.

The  transition  guidance and annual  disclosure  provisions of SFAS No. 148 are
effective  for fiscal  years  ending  after  December  15,  2002,  with  earlier
application   permitted  in  certain   circumstances.   The  interim  disclosure
provisions are effective for financial reports containing  financial  statements
for interim periods beginning after December 15, 2002.

The FASB has  stated it  intends  to issue a new  statement  on  accounting  for
stock-based  compensation  and will require  companies to expense  stock options
using a fair value based method at date of grant.  The  implementation  for this
proposed statement is not known.
<PAGE>

In November 2002, the FASB issued Interpretation No. 45, Guarantor's  Accounting
and Disclosure  Requirements for Guarantees,  Including  Indirect  Guarantees of
Indebtedness  of Others ("FIN 45"). FIN 45 will change  current  practice in the
accounting   for  and   disclosure  of   guarantees.   Guarantees   meeting  the
characteristics  described in FIN 45 are  required to be  initially  recorded at
fair value,  which is different from the general current practice of recording a
liability only when a loss is probable and reasonably estimable,  as those terms
are defined in FASB Statement No. 5, Accounting for  Contingencies.  FIN 45 also
requires a guarantor to make new  disclosures  for virtually all guarantees even
if the likelihood of the guarantor's having to make payments under the guarantee
is remote.

In general,  FIN 45 applies to  contracts  or  indemnification  agreements  that
contingently  require the  guarantor to make  payments to the  guaranteed  party
based on changes in an underlying asset, liability, or an equity security of the
guaranteed party such as financial standby letters of credit.

Disclosure  requirements  of FIN 45 are effective  for  financial  statements of
interim  or  annual   periods  ending  after  December  31,  2002.  The  initial
recognition and measurement  provisions are applicable on a prospective basis to
guarantees  issued or modified  after  December  31, 2002,  irrespective  of the
guarantor's fiscal year-end.  The guarantor's previous accounting for guarantees
issued prior to the date of FIN 45 initial applications should not be revised or
restated to reflect the provisions of FIN 45.

The Company  adopted FIN 45 on January 1, 2003.  The adoption of FIN 45 does not
currently  have a  material  impact  on  the  Company's  consolidated  financial
statements.


Note 6: Reclassifications

Certain  reclassifications  have  been made to the 2002  consolidated  financial
statements to conform to the September 30, 2003 presentation.


Item 2.  Management's  Discussion and Analysis or Plan of Operation

Forward Looking Statements

This Quarterly Report on Form 10-QSB ("Form 10-QSB")  contains  statements which
constitute  forward  looking  statements  within  the  meaning  of  the  Private
Securities Litigation Reform Act of 1995. These statements appear in a number of
places in this Form 10-QSB and include statements regarding the intent,  belief,
outlook, estimate or expectations of the Corporation (as defined in the notes to
the consolidated condensed financial statements),  its directors or its officers
primarily with respect to future events and the future financial  performance of
the Corporation. Readers of this Form 10-QSB are cautioned that any such forward
looking  statements  are not  guarantees  of future  events or  performance  and
involve risks and  uncertainties,  and that actual results may differ materially
from those in the forward looking statements as a result of various factors. The
accompanying  information  contained  in this Form 10-QSB  identifies  important
factors that could cause such  differences.  These  factors  include  changes in
interest   rates;   loss  of  deposits  and  loan  demand  to  other   financial
institutions;  substantial changes in financial markets;  changes in real estate
values and the real estate market; or regulatory changes.

Critical Accounting Policies

The notes to the  consolidated  financial  statements  contain a summary  of the
Company's  significant  accounting  policies presented on pages 31 through 33 of
the Annual Report to Shareholders for the year ended December 31, 2002.  Certain
of these  policies are  important to the  portrayal of the  Company's  financial
condition,  since  they  require  management  to  make  difficult,   complex  or
subjective  judgments,  some of which may relate to matters that are  inherently
uncertain.  Management  believes that its critical  accounting  policies include
determining  the  allowance  for  loan  losses  and the  valuation  of  mortgage
servicing rights.
<PAGE>

Allowance for loan losses

The allowance for loan losses provides  coverage for probable losses inherent in
the Company's loan portfolio. Management evaluates the adequacy of the allowance
for credit  losses  each  quarter  based on  changes,  if any,  in  underwriting
activities,   the  loan  portfolio   composition   (including  product  mix  and
geographic,  industry  or  customer-specific  concentrations),  trends  in  loan
performance,  regulatory  guidance  and economic  factors.  This  evaluation  is
inherently  subjective,  as  it  requires  the  use  of  significant  management
estimates.  Many  factors can affect  management's  estimates  of  specific  and
expected  losses,   including  volatility  of  default   probabilities,   rating
migrations,  loss severity and economic and political conditions.  The allowance
is increased through provision charged to operating  earnings and reduced by net
charge-offs.

The  Company  determines  the amount of the  allowance  based on  relative  risk
characteristics  of the loan  portfolio.  The allowance  recorded for commercial
loans is based on reviews of individual credit  relationships and an analysis of
the  migration of  commercial  loans and actual loss  experience.  The allowance
recorded for homogeneous  mortgage and consumer loans is based on an analysis of
loan mix,  risk  characteristics  of the  portfolio,  fraud loss and  bankruptcy
experiences,  and  historical  losses,  adjusted  for current  trends,  for each
homogeneous category or group of loans. The allowance for credit losses relating
to impaired loans is based on the loan's observable market price, the collateral
for certain  collateral-dependent  loans, or the discounted cash flows using the
loan's effective interest rate.

Regardless  of the extent of the  Company's  analysis of  customer  performance,
portfolio trends or risk management  processes,  certain inherent but undetected
losses are probable  within the loan  portfolio.  This is due to several factors
including  inherent  delays  in  obtaining  information  regarding  a  customers
financial  condition  or  changes  in  their  unique  business  conditions,  the
judgmental nature of individual loan evaluations, collateral assessments and the
interpretation   of   identification   and   estimation  of  losses  for  larger
non-homogeneous  credits and the sensitivity  assumptions  utilized to establish
allowances for homogenous  groups of loans are among other factors.  The Company
estimates  a  range  of  inherent  losses  related  to the  existence  of  these
exposures.  The estimates are based upon the Company's evaluation of imprecision
risk  associated  with the  commercial  and  consumer  allowance  levels and the
estimated impact of the current economic environment.

Valuation of Mortgage Servicing Rights

The Company  recognizes the rights to service  mortgage loans as separate assets
in the  consolidated  balance  sheet.  The  total  cost of  loans  when  sold is
allocated between loans and mortgage servicing rights based on the relative fair
values of each. Mortgage servicing rights are subsequently  carried at the lower
of the  initial  carrying  value,  adjusted  for  amortization,  or fair  value.
Mortgage  servicing  rights are evaluated for impairment based on the fair value
of those  rights.  Factors  included  in the  calculation  of fair  value of the
mortgage  servicing  rights include,  estimating the present value of future net
cash flows,  market loan  prepayment  speeds for similar loans,  discount rates,
servicing costs, and other economic factors. Servicing rights are amortized over
the estimated period of net servicing revenue.  It is likely that these economic
factors will change over the life of the mortgage servicing rights, resulting in
different  valuations of the mortgage servicing rights. The differing valuations
will  affect  the  carrying  value  of  the  mortgage  servicing  rights  on the
consolidated balance sheet as well as the income recorded from loan servicing in
the income statement.  As of September 30, 2003 and December 31, 2002,  mortgage
servicing rights had carrying values of $572,000 and $540,000, respectively.

Financial Condition

At September 30, 2003,  the  Corporation's  assets totaled  $245.2  million,  an
increase of $21.2  million,  or 9.4% from  December  31,  2002.  The increase in
assets resulted  primarily from an increase in net loans  receivable,  including
loans held for sale,  of $21.2  million and an increase  of  approximately  $5.4
million in  investments,  which was funded by an  increase  in  deposits of $9.8
million and an increase in borrowed funds of $9.0 million.  Liquid assets (i.e.,
cash and cash equivalents)  decreased by $9.7 million from December 31, 2002, to
a total of $8.9 million at September 30, 2003.

The Corporation's consolidated allowance for loan losses totaled $2.1 million on
December 31, 2002 and $2.0 million at September 30, 2003, which represented 1.3%
and 1.1% of total loans  respectively.  Non-performing  loans  (defined as loans
delinquent  greater  than 90 days  and  loans  on  non-accrual  status)  totaled
$1,000,000   and  $637,000  at  December  31,  2002  and   September  30,  2003,
respectively. Although management believes that its allowance for loan losses at
September  30,  2003,   was  adequate   based  upon  the  available   facts  and
circumstances,  there can be no assurance  that additions to such allowance will
not  be  necessary  in  future  periods,   which  could  negatively  affect  the
Corporation's results of operations.
<PAGE>

Deposits  totaled  $171.6  million at September  30,  2003,  an increase of $9.8
million,  or 6.1%,  compared to total  deposits at December 31, 2002. The growth
for the nine-month  period  resulted from  competitive  interest rates and other
marketing strategies.

Advances  from the Federal Home Loan Bank totaled  $40.0 million at December 31,
2002,  and $42.0 million on September 30, 2003. The average cost of Federal Home
Loan Bank advances at September 30, 2003 was 4.15%,  slightly down from 4.87% at
December 31, 2002.

Shareholders' equity totaled $22.2 million at September 30, 2003, an increase of
$1.6  million,  or 7.6 % from $20.6  million at December 31, 2002.  The increase
resulted  primarily from the Corporation's net income,  offset by cash dividends
and stock repurchases.

The Bank is required to maintain minimum  regulatory capital pursuant to federal
regulations.  At September 30, 2003, the Bank's regulatory  capital exceeded all
applicable regulatory capital requirements.

On  March  13,  2003,  the  Corporation  formed  the RIVR  Statutory  Trust I, a
statutory  trust  formed  under  Connecticut  law ("RIVR Trust I"). On March 26,
2003, RIVR Trust I issued 7,000  Fixed/Floating  Rate Capital  Securities with a
liquidation  amount of $1,000 per Capital Security in a private  placement to an
offshore  entity for an aggregate  offering price of $7,000,000,  and 217 Common
Securities  with a  liquidation  amount of $1,000  per  Common  Security  to the
Corporation for $217,000. The aggregate proceeds of $7,217,000 were used by RIVR
Trust I to  purchase  $7,217,000  in  Fixed/Floating  Rate  Junior  Subordinated
Deferrable  Interest  Debentures  from the  Corporation.  The Debentures and the
Common and  Capital  Securities  have a term of 30 years,  bear  interest at the
annual rate of 6.4% for five years and  thereafter  bear interest at the rate of
the 3-Month Libor plus 3.15%. The Corporation has guaranteed  payment of amounts
owed by RIVR Trust I to holders of the Capital  Securities.  The proceeds of the
offering  will  be used  for  general  corporate  purposes  of the  Corporation,
including the repurchase of the Corporation's shares from time to time.


Comparison of Operating Results for the Nine Months Ended September 30, 2003 and
2002

General

The  Corporation's  net income for the nine months  ended  September  30,  2003,
totaled $2,026,000, an increase of $82,000 or 4.2 % from the $1,944,000 reported
for the period  ended  September  30,  2002.  The increase in income in the 2003
period was  primarily  attributable  to an  increase in net  interest  income of
$85,000 and an increase in net gain on loan sales of $807,000.  These  increases
were offset by an increase in salaries  and employee  benefits of  $233,000,  an
increase  in  amortization  of  mortgage  servicing  rights of  $190,000  and an
increase in other expenses of $100,000. In addition,  the Corporation recorded a
gain on sale of premises and equipment of $352,000  during the nine months ended
September 30, 2002.

Net Interest Income

Total interest  income for the nine months ended  September 30, 2003 amounted to
$9.4 million,  a decrease of $86,000,  or 0.9%,  from the  comparable  period in
2002, reflecting the effects of an increase in average  interest-earning  assets
outstanding but also a decrease in the average loan rate of approximately 0.86%.

Interest expense on deposits decreased by $593,000, or 19.2%, to a total of $2.5
million for the nine  months  ended  September  30,  2003,  due  primarily  to a
decrease in the average rate paid on deposits outstanding year-to-year. Interest
expense on borrowings  totaled $1.5 million for the nine months ended  September
30, 2003,  an increase of $423,000,  from the  comparable  period in 2002.  This
increase resulted primarily from an increase in average borrowings year-to-year.
<PAGE>

As a result of the foregoing  changes in interest  income and interest  expense,
net interest  income  increased by $85,000,  or 1.6%,  for the nine months ended
September 30, 2003, as compared to the same period in 2002.

Provision for Losses on Loans

A  provision  for  losses  on loans is  charged  to  income  to bring  the total
allowance for loan losses to a level considered  appropriate by management based
upon  historical  experience,  the volume and type of lending  conducted  by the
Bank, the status of past due principal and interest  payment,  general  economic
conditions,  particularly as such  conditions  relate to the Bank's market area,
and other factors related to the collectibility of the Bank's loan portfolio. As
a result of such analysis,  management  recorded a $360,000 provision for losses
on loans for the nine months ended September 30, 2003,  compared to the $410,000
amount recorded in the 2002 period.  The 2003 provision amount was predicated on
the  increase in the balance of the loan  portfolio,  coupled  with the level of
delinquent loans year-to-year.  While management believes that the allowance for
losses on loans is adequate at  September  30,  2003,  based upon the  available
facts and circumstances,  there can be no assurance that the loan loss allowance
will be adequate to cover losses on non-performing assets in the future.

Other Income

Other income  increased by $559,000,  during the nine months ended September 30,
2003, as compared to the same period in 2002.  The increase was due primarily to
an $807,000  increase in gain on sale of loans. This gain,  however,  was offset
partially by the $352,000 gain on sale of premises that occurred in 2002.

Other Expense

Other  expense  increased by  $596,000,  or 15.6 %, during the nine months ended
September 30, 2003, as compared to the same period in 2002. The increase was due
primarily to a $233,000  increase in salaries and benefits,  an increase in loan
volume/administrative  expense  (both  portfolio  and sales  volume) and general
expense increases due to growth.

Income Taxes

The  provision  for income taxes  totaled $1.3 million for the nine months ended
September  30, 2003,  an increase of $16,000,  or 1.3%,  as compared to the same
period in 2002. The effective tax rates were 38.9% and 39.6% for the nine months
ended September 30, 2003 and 2002, respectively.

Comparison  of Operating  Results for the Three Months Ended  September 30, 2003
and 2002

General

The  Corporation's  net income for the three  months ended  September  30, 2003,
totaled  $750,000,  an increase of  $68,000,  or 10.0% from the  $682,000 of net
income reported in the comparable  2002 period.  The increase in earnings in the
2003 period was primarily  attributable to an increase in net interest income of
$128,000  and an increase in other  income of $45,000,  offset by an increase in
other expenses of $48,000 and income taxes of $27,000.

Net Interest Income

Total interest  income for the three months ended September 30, 2003 amounted to
$3.3 million,  a increase of $67,000,  or 2.1%,  from the comparable  quarter in
2002, reflecting the effects of an increase in average  interest-earning  assets
outstanding, coupled with a decrease in the yield year-to-year.  Interest income
on loans  totaled $3.0 million for the three  months ended  September  30, 2003,
remaining approximately the same from the comparable 2002 quarter.

Interest  expense on deposits  decreased  by $218,000,  or 22.0%,  to a total of
$773,000 for the quarter ended  September 30, 2003,  due primarily to a decrease
in the average  rate of deposits  outstanding.  Interest  expense on  borrowings
totaled  $572,000 for the three months ended  September 30, 2003, an increase of
$157,000 over the  comparable  quarter in 2002.  This increase  resulted from an
increase in average borrowings outstanding from year-to-year.
<PAGE>

As a result of the foregoing  changes in interest  income and interest  expense,
net interest income  increased by $128,000,  or 7.0%, for the three months ended
September 30, 2003, as compared to the same quarter in 2002.

Provision for Losses on Loans

A  provision  for  losses on loans is  charged  to  earnings  to bring the total
allowance for loan losses to a level considered  appropriate by management based
upon  historical  experience,  the volume and type of lending  conducted  by the
Bank, the status of past due principal and interest  payments,  general economic
conditions,  particularly as such  conditions  relate to the Bank's market area,
and other factors related to the collectibility of the Bank's loan portfolio. As
a result of such analysis,  management  recorded a $180,000 provision for losses
on loan for the three months ended September 30, 2003,  compared to the $150,000
recorded in the 2002 period.  While  management  believes that the allowance for
losses on loans is adequate at  September  30,  2003,  based upon the  available
facts and circumstances,  there can be no assurance that the loan loss allowance
will be adequate to cover losses on non-performing assets in the future.

Other Income

Other income  increased by $45,000,  for the three  months ended  September  30,
2003,  as compared to the same period in 2002,  due  primarily to an increase in
other miscellaneous income.

Other Expense

Other  expenses  increased  by $48,000,  or 3.3%,  during the three months ended
September  30, 2003,  compared to the same period in 2002.  The increase was due
primarily to the increase in loan  volume/administrative  expense (portfolio and
sales volume) and general expense increases due to growth.

Income Taxes

The  provision  for income  taxes  totaled  $473,000  for the three months ended
September  30, 2003,  an increase of $27,000,  or 6.1%,  as compared to the same
period in 2002. This increase resulted  primarily from an increase in net income
before income taxes of $95,000,  or 8.4%. The effective tax rates were 38.7% and
39.5% for the three months ended September 30, 2003 and 2002, respectively.

Off-balance Sheet Arrangements

As of the date of this Report,  the Company does not have any off-balance  sheet
arrangements  that have or are  reasonably  likely  to have a current  or future
effect on the  Company's  financial  condition,  change in financial  condition,
revenues or expenses, results of operations,  liquidity, capital expenditures or
capital resources that are material to investors.  The term  "off-balance  sheet
arrangement"  generally means any transaction,  agreement,  or other contractual
arrangement to which an entity  unconsolidated with the Company is a party under
which the Company has (i) any  obligation  arising  under a guarantee  contract,
derivative  instrument  or variable  interest;  or (ii) a retained or contingent
interest in assets transferred to such entity or similar arrangement that serves
as credit, liquidity or market risk support for such assets.


Other

The  Securities  and  Exchange  Commission  maintains  a Web site that  contains
reports,   proxy  information   statements,   and  other  information  regarding
registrants  that  file  electronically  with  the  Commission,   including  the
Corporation. The address is http://www.sec.gov.

<PAGE>


Item 3.       Controls and Procedures.

A.  Evaluation  of  disclosure  controls and  procedures.  The  Company's  chief
executive   officer  and  chief   financial   officer,   after   evaluating  the
effectiveness of the Company's disclosure controls and procedures (as defined in
Sections 13a-15(e) and 15d-15(e) of regulations promulgated under the Securities
Exchange  Act of 1934,  as  amended),  as of the end of the most  recent  fiscal
quarter covered by this quarterly report (the "Evaluation Date"), have concluded
that as of the Evaluation Date, the Company's disclosure controls and procedures
were adequate and are designed to ensure that material  information  relating to
the Company would be made known to such officers by others within the Company on
a timely basis.

B.  Changes  in  internal  controls.  There were no  significant  changes in the
Company's  internal  control over financial  reporting  identified in connection
with the Company's  evaluation  of controls  that occurred  during the Company's
last fiscal quarter that has  materially  affected,  or is reasonably  likely to
materially affect, the Company's internal control over financial reporting.


PART II.   OTHER INFORMATION

Item 1.       Legal Proceedings

              None.

Item 2.       Changes in Securities and Use of Proceeds

              None.

Item 3.       Defaults Upon Senior Securities.

              None.

Item 4.       Submission of Matters to Vote of Security Holders.

              None.

Item 5.       Other Information.

              None.

Item 6.       Exhibits and Reports on Form 8-K.

               (a)  Exhibits:

                    31(1)CEO  Certification   required  by  17  C.F.R.   Section
                         240.13a-14(a)

                    31(2)CFO  Certification   required  by  17  C.F.R.   Section
                         240.13a-14(a)

                    32   Certification  pursuant to 18 U.S.C.  Section  1350, as
                         adopted  pursuant to Section 906 of the  Sarbanes-Oxley
                         Act of 2002.

               (b)  Reports on Form 8-K:

                    (i)  On August 19,  2003,  a press  release  concerning  the
                         results of operations of the Corporation for the period
                         ended June 30,  2003 was filed  under Items 7 and 12 on
                         Form 8-K.
<PAGE>

                                   Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the  Issuer  has duly  caused  this  report to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                                      RIVER VALLEY BANCORP

Date:  November 14, 2003              By: /s/ Matthew P. Forrester
                                         ---------------------------------------
                                         Matthew P. Forrester
                                         President and Chief Executive Officer

Date:  November 14 , 2003             By: /s/ Larry C. Fouse
                                         ---------------------------------------
                                         Larry C. Fouse
                                         Vice President of Finance