UNITED STATES
                       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 MARCH 31, 2004 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

As of May 1, 2004, there were 1,626,637 shares of the Registrant's  common stock
issued and outstanding.

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



                                       1
<PAGE>

                              RIVER VALLEY BANCORP
                                   FORM 10-QSB

                                      INDEX

                                                                        Page No.


PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

            Consolidated Condensed Balance Sheets                              3

            Consolidated Condensed Statements of Income                        4

            Consolidated Condensed Statements of Comprehensive Income          5

            Consolidated Condensed Statements of Cash Flows                    6

            Notes to Unaudited Consolidated Condensed Financial Statements     7

Item 2.  Management's Discussion and Analysis of Financial Condition
          and Results of Operations                                            9

Item 3.  Controls and Procedures                                              13

PART II. OTHER INFORMATION

Item 1.  Legal Proceedings                                                    14
Item 2.  Changes in Securities and Issuer Purchases of Equity Securities      14
Item 3.  Defaults Upon Senior Securities                                      14
Item 4.  Submission of Matters to a Vote of Security Holders                  14
Item 5.  Other Information                                                    14
Item 6.  Exhibits and Reports on Form 8-K                                     14

SIGNATURES                                                                    15

EXHIBITS                                                                      16




                                       2
<PAGE>
<TABLE>
<CAPTION>

PART I  FINANCIAL INFORMATION
Item 1.  Financial Statements

                              RIVER VALLEY BANCORP
                      Consolidated Condensed Balance Sheets
                                  (Unaudited)

                                                                             March 31,        December 31,
                                                                                2004             2003
                                                                             -----------------------------
                                                                         (In Thousands, Except Share Amounts)
                                                                            (Unaudited)

<S>                                                                          <C>                <C>
Assets
      Cash and due from banks                                                $   2,966          $   4,443
      Interest-bearing demand deposits                                           4,651              8,069
                                                                             ---------          ---------
            Cash and cash equivalents                                            7,617             12,512
      Investment securities available for sale                                  28,446             34,557
      Loans held for sale                                                          341                100
      Loans                                                                    201,174            194,222
            Allowance for loan losses                                            2,202              2,056
                                                                             ---------          ---------
                  Net Loans                                                    198,972            192,166
      Premises and equipment                                                     6,138              5,980
      Federal Home Loan Bank stock                                               2,600              2,176
      Interest receivable                                                        1,503              1,489
      Cash surrender value of life insurance                                     5,151              5,093
      Other assets                                                               1,192              1,003
                                                                             ---------          ---------
                Total assets                                                 $ 251,960          $ 255,076
                                                                             =========          =========

Liabilities
      Deposits
            Noninterest-bearing                                              $  12,292          $  11,828
            Interest-bearing                                                   156,210            168,126
                                                                             ---------          ---------
                  Total deposits                                               168,502            179,954
      Borrowings                                                                59,217             50,000
      Interest payable                                                             335                381
      Other liabilities                                                          1,357              1,886
                                                                             ---------          ---------
            Total liabilities                                                  229,411            232,221
                                                                             ---------          ---------

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 -  1,622,349 and 1,646,680 shares
      Additional paid-in capital                                                 8,586              8,705
      Retained earnings                                                         13,835             14,088
      Shares acquired by stock benefit plans                                      (174)              (193)
      Accumulated other comprehensive income                                       302                255
                                                                             ---------          ---------
            Total shareholders' equity                                          22,549             22,855
                                                                             ---------          ---------

            Total liabilities and shareholders' equity                       $ 251,960          $ 255,076
                                                                             =========          =========


   See notes to consolidated condensed financial statements.



                                       3
</TABLE>
<PAGE>
<TABLE>
<CAPTION>


                              RIVER VALLEY BANCORP
                   Consolidated Condensed Statements of Income
                                   (Unaudited)



                                                                   Three Months Ended
                                                                        March 31
                                                           ------------------------------------
                                                                   2004          2003
                                                           ------------------------------------
                                                           (In Thousands, Except Share Amounts)
<S>                                                               <C>            <C>
Interest Income
      Loans receivable                                            $2,911         $2,775
      Investment securities                                          256            238
      Interest-earning deposits and other                             41             69
                                                                  ------         ------
            Total interest income                                  3,208          3,082
                                                                  ------         ------

Interest Expense
      Deposits                                                       699            885
      Borrowings                                                     583            436
                                                                  ------         ------
            Total interest expense                                 1,282          1,321
                                                                  ------         ------

Net Interest Income                                                1,926          1,761
      Provision for loan losses                                      102             90
                                                                  ------         ------
Net Interest Income After Provision for Loan Losses                1,824          1,671
                                                                  ------         ------

Other Income
      Gain on investment securities                                    6              0
      Service fees and charges                                       420            340
      Net gains on loan sales                                        106            492
      Other income                                                    88             37
                                                                  ------         ------
            Total other income                                       620            869
                                                                  ------         ------

Other Expenses
      Salaries and employee benefits                                 758            657
      Net occupancy and equipment expenses                           239            187
      Data processing fees                                            40             20
      Advertising                                                     51             73
      Legal and professional fees                                     30             45
      Other expenses                                                 350            543
                                                                  ------         ------
            Total other expenses                                   1,468          1,525
                                                                  ------         ------

Income Before Income Tax                                             976          1,015
      Income tax expense                                             367            419
                                                                  ------         ------


Net Income                                                        $  609         $  596
                                                                  ======         ======

Basic earnings per share                                          $ .380         $ .380
Diluted earnings per share                                          .360           .360
Dividends per share                                                 .170           .125



See notes to consolidated condensed financial statements.


                                       4
</TABLE>
<PAGE>



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



                                                             Three Months Ended
                                                                 March 31,
                                                             -------------------
                                                              2004         2003
                                                             -------------------
                                                                 (In Thousands)

Net income                                                    $609         $596
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 $33 and $8               51           12
      Less:  Reclassification  adjustment for gains
         included in net income, net of tax expense of $2        4           --
                                                              ----         ----
                                                                47           12
                                                              ----         ----
 Comprehensive income                                         $656         $608
                                                              ====         ====





See notes to consolidated condensed financial statements.



                                       5
<PAGE>
<TABLE>
<CAPTION>

                              RIVER VALLEY BANCORP
                 Consolidated Condensed Statements of Cash Flows
                                   (Unaudited)

                                                                                                Three Months Ended
                                                                                                     March 31,
                                                                                           ---------------------------
                                                                                             2004              2003
                                                                                           ---------------------------
<S>                                                                                        <C>               <C>
Operating Activities                                                                              (In Thousands)
      Net income                                                                           $    609          $    596
      Adjustments to reconcile net income to net cash provided (used) by
            operating activities
         Provision for loan losses                                                              102                90
         Depreciation and amortization                                                          137               119
         Loans originated for sale in the secondary market                                   (4,884)          (22,428)
         Proceeds from sale of loans in the secondary market                                  4,698            22,803
         Gain on sale of loans                                                                 (106)             (492)
         Amortization of deferred loan origination cost                                          25                17
         Amortization of expense related to stock benefit plans                                  83                78
         Net change in:
              Interest receivable                                                               (14)              (49)
              Interest payable                                                                  (46)              (54)
          Other adjustments                                                                    (534)              459
                                                                                           --------          --------
                  Net cash provided by operating activities                                      70             1,139
                                                                                           --------          --------

Investing Activities
      Purchases of securities available for sale                                             (1,002)           (4,007)
      Proceeds from sales of securities available for sale                                    3,993                --
      Proceeds from maturities of securities available for sale                               3,196                90
      Net change in loans                                                                    (6,882)           (3,129)
      Purchase of FHLB stock                                                                   (397)               --
      Purchases of premises and equipment                                                      (295)             (141)
                                                                                           --------          --------
                  Net cash used in investing activities                                      (1,387)           (7,187)
                                                                                           --------          --------

Financing Activities
      Net change in
          Noninterest-bearing, interest-bearing demand and savings deposits                  (8,787)            2,804
          Certificates of deposit                                                            (2,665)              124
      Proceeds from borrowings                                                               19,000             7,000
      Repayment of borrowings                                                               (10,000)           (1,000)
      Cash dividends                                                                           (279)             (194)
      Proceeds from exercise of stock options                                                    78                44
      Purchase of stock                                                                        (935)               --
      Advances by borrowers for taxes and insurance                                              10                23
                                                                                           --------          --------
                  Net cash provided by (used in) financing activities                        (3,578)            8,801
                                                                                           --------          --------

Net Change in Cash and Cash Equivalents                                                      (4,895)            2,753

Cash and Cash Equivalents, Beginning of Period                                               12,512            18,610
                                                                                           --------          --------

Cash and Cash Equivalents, End of Period                                                   $  7,617          $ 21,363
                                                                                           ========          ========

Additional Cash Flows and Supplementary Information
      Interest paid                                                                        $  1,328          $  1,375
      Income tax paid                                                                            --                46



See notes to consolidated condensed financial statements.


</TABLE>

                                       6
<PAGE>




                              RIVER VALLEY BANCORP
         Notes to Unaudited Consolidated Condensed Financial Statements

River Valley Bancorp (the  "Corporation")  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, 2003.  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 three-month  period ended March 31,
2004,  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, 2003 has been  derived  from the audited  consolidated  balance
sheet of the Corporation as of that date.


Note 2: Principles of Consolidation

The  consolidated  condensed  financial  statements  include the accounts of the
Corporation and its  subsidiary,  the Bank, and the Bank's  subsidiary,  Madison
First  Service  Corporation  ("First  Service").  All  significant  intercompany
balances and transactions have been eliminated in the accompanying  consolidated
financial statements.






                                       7
<PAGE>
<TABLE>
<CAPTION>


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.


                                                     Three Months Ended                       Three Months Ended
                                                       March 31, 2004                            March 31, 2003
                                                       --------------                           --------------
                                                          Weighted      Per                        Weighted       Per
                                                           Average     Share                        Average      Shares
                                            Income          Shares     Amount        Income          Shares      Amount
                                            ------          ------     ------        ------          ------      ------

                                                       (Dollar Amounts in Thousands, Except Share Amounts)
<S>                                        <C>           <C>           <C>          <C>            <C>            <C>
Basic earnings per share
 Income available to common
 shareholders                              $     609     1,613,408     $   .38      $     596      1,578,466      $   .38
                                                                       =======                                    =======

Effect of dilutive RRP  awards and
stock options                                               76,490                                    72,864
                                           -----------------------                  ------------------------
Diluted earnings per share
 Income available to common
 shareholders and assumed
 conversions                               $     609     1,689,898     $   .36      $     596      1,651,330      $   .36
                                           ==============================================================================

</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, 2003
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.




                                       8
<PAGE>
<TABLE>
<CAPTION>

                                                        Three Months Ended        Three Months Ended
                                                           March 31, 2004            March 31, 2003
                                                     ---------------------------------------------------
                                                     (Dollar Amounts In Thousands, Except Share Amounts)

<S>                                                         <C>                         <C>
Net income, as reported                                     $   609                     $   596
Less:  Total stock-based employee compensation
    cost determined under the fair value based
    method, net of income taxes                                   6                           7
                                                            -----------------------------------

Pro forma net income                                        $   603                     $   589
                                                            ===================================

Earnings per share:
     Basic - as reported                                    $   .38                     $   .38
     Basic - pro forma                                      $   .37                     $   .37
     Diluted - as reported                                  $   .36                     $   .36
     Diluted - pro forma                                    $   .36                     $   .36

</TABLE>


Note 5: Accounting Change

In previous financial  statements and reports,  the Corporation had consolidated
RIVR  Statutory  Trust I ("Trust")  through which it has issued trust  preferred
securities  ("TPS") and reported  the TPS as  "guaranteed  preferred  beneficial
interests in the Company's subordinated  debentures" in the consolidated balance
sheets. The Financial  Accounting Standards Board ("FASB") had previously issued
FASB  Interpretation  No. 46 ("FIN 46") and, in December 2003, issued a revision
to FIN 46 to clarify certain  provisions  which affected the accounting for TPS.
As a result of the  provisions  in FIN 46, the Trust  should be  deconsolidated,
with the  Company  accounting  for its  investment  in the Trust as assets,  its
subordinated  debentures  as debt,  and the  interest  paid  thereon as interest
expense.  During  2003,  the  Corporation  classified  the TPS as  debt  and the
dividends as interest but eliminated  its common stock  investment and dividends
received  from the Trust.  FIN 46 permits and  encourages  restatement  of prior
period results. The prior period financial  information has not been adjusted to
give effect to the revised  provisions of FIN 46 as the changes are not material
to the financial  statements and would have had no effect on previously reported
net interest margin, net income or earnings per share.


Note 6: Reclassifications

Certain  reclassifications  have  been made to the 2003  consolidated  condensed
financial statements to conform to the March 31, 2004 presentation.


Item 2. Management's  Discussion and Analysis of Financial Condition and Results
of Operations

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.




                                       9
<PAGE>

Critical Accounting Policies

The notes to the  consolidated  financial  statements  contain a summary  of the
Corporation's  significant  accounting policies presented on pages 25 through 27
of the Annual  Report to  Shareholders  for the year ended  December  31,  2003.
Certain of these  policies are important to the  portrayal of the  Corporation'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.


Allowance for loan losses

The allowance for loan losses is a significant estimate that can and does change
based on management's  assumptions about specific  borrowers and current general
economic and business  conditions,  among other factors.  Management reviews the
adequacy of the  allowance  for loan losses on at least a quarterly  basis.  The
evaluation by management includes consideration of past loss experience, changes
in the  composition of the loan portfolio,  the current  condition and amount of
loans  outstanding,  identified  problem loans and the probability of collecting
all amounts due.

The  allowance  for loan  losses  represents  management's  estimate of probable
losses  inherent  in the  Corporation's  loan  portfolios.  In  determining  the
appropriate  amount of the allowance for loan losses,  management makes numerous
assumptions, estimates and assessments.

The  Corporation's  strategy for credit risk management  includes  conservative,
centralized credit policies,  and uniform underwriting criteria for all loans as
well as an overall  credit  limit for each  customer  significantly  below legal
lending limits.  The strategy also emphasizes  diversification  on a geographic,
industry  and customer  level,  regular  credit  quality  reviews and  quarterly
management   reviews  of  large   credit   exposures   and  loans   experiencing
deterioration of credit quality.

The  Corporation's  allowance  consists  of three  components:  probable  losses
estimated from individual  reviews of specific loans,  probable losses estimated
from historical loss rates, and probable losses resulting from economic or other
deterioration  above and beyond what is reflected in the first two components of
the allowance.

Larger  commercial loans that exhibit probable or observed credit weaknesses are
subject to  individual  review.  Where  appropriate,  reserves are  allocated to
individual  loans based on  management's  estimate of the borrower's  ability to
repay the loan given the availability of collateral,  other sources of cash flow
and legal  options  available  to the  Corporation.  Included  in the  review of
individual  loans are those  that are  impaired  as  provided  in SFAS No.  114,
Accounting by Creditors for  Impairment of a Loan.  Any  allowances for impaired
loans are  measured  based on the present  value of  expected  future cash flows
discounted at the loan's effective interest rate or fair value of the underlying
collateral.  The Corporation  evaluates the collectibility of both principal and
interest when assessing the need for a loss accrual.  Historical  loss rates are
applied to other commercial loans not subject to specific reserve allocations.

Homogenous  loans, such as consumer  installment and residential  mortgage loans
are not individually  risk graded.  Rather,  standard credit scoring systems are
used to assess credit  risks.  Reserves are  established  for each pool of loans
based on the expected net  charge-offs for one year. Loss rates are based on the
average net charge-off history by loan category.





                                       10
<PAGE>

Historical  loss rates for  commercial  and  consumer  loans may be adjusted for
significant  factors that, in management's  judgment,  reflect the impact of any
current  conditions on loss recognition.  Factors which management  considers in
the analysis include the effects of the national and local economies,  trends in
the  nature  and  volume of loans  (delinquencies,  charge-offs  and  nonaccrual
loans),  changes in mix,  credit  score  migration  comparisons,  asset  quality
trends, risk management and loan administration, changes in the internal lending
policies and credit standards, collection practices and examination results from
bank regulatory agencies and the Corporation's internal loan review.

An unallocated  reserve is maintained to recognize the imprecision in estimating
and measuring loss when  evaluating  reserves for  individual  loans or pools of
loans.  Allowances on individual  loans and  historical  loss rates are reviewed
quarterly and adjusted as necessary based on changing borrower and/or collateral
conditions and actual collection and charge-off experience.

The Corporation's  primary market area for lending is southeastern Indiana. When
evaluating  the adequacy of allowance,  consideration  is given to this regional
geographic  concentration  and the closely  associated  effect changing economic
conditions have on the Corporation's customers.

The Corporation has not substantively changed any aspect to its overall approach
in the  determination  of the  allowance  for loan  losses.  There  have been no
material  changes in assumptions  or estimation  techniques as compared to prior
periods that impacted the determination of the current period allowance.


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 March 31, 2004 and  December  31,  2003,  mortgage
servicing rights had carrying values of $832,000 and $854,000, respectively.

Financial Condition

At March 31, 2004, the Corporation's consolidated assets totaled $252.0 million,
an decrease of $3.1 million,  or 1.2%,  from December 31, 2003.  The decrease in
assets   resulted   primarily   from  a  decrease  in  cash  and  securities  of
approximately  $11.0 million and an offsetting  increase of  approximately  $7.0
million in net loans.

Liquid  assets  (i.e.,  cash and  interest-earning  deposits)  decreased by $4.9
million from  December 31, 2003 levels,  to a total of $7.6 million at March 31,
2004.  Investment  securities decreased by $6.1 million, or 17.7%, to a total of
$28.5 million at March 31, 2004 due to the increase in loans.

Net loans  receivable were $199.0 million at March 31, 2004, an increase of $6.8
million, or 3.5%, from $192.2 million at December 31, 2003.

The Corporation's allowance for loan losses totaled $2.1 million at December 31,
2003 and $2.2  million  at March 31,  2004,  which  represented  1.06% and 1.10%
respectively of total loans.  Non-performing  loans (defined as loans delinquent
greater  than 90 days and  loans on  nonaccrual  status)  totaled  $514,000  and
$469,000  at  December  31,  2003 and March  31,  2004,  respectively.  Although
management  believes that its  allowance for loan losses at March 31, 2004,  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.



                                       11
<PAGE>

Deposits  totaled $168.5 million at March 31, 2004, a decrease of $11.5 million,
or 6.4%,  compared to total  deposits at December 31, 2003. The decrease for the
three-month period resulted from outflow of County Government funds.

Advances from the Federal Home Loan Bank totaled $52.0 million and $43.0 million
respectively  at March 31, 2004 and  December  31,  2003.  These  advances are a
readily available source of funding for periods when loan demand exceeds deposit
growth.

Shareholders'  equity  totaled  $22.6  million at March 31,  2004, a decrease of
$300,000,  or 1.3%,  from $22.9  million at  December  31,  2003.  The  decrease
resulted primarily from the repurchase of shares of RVB stock.

The Bank is required to maintain minimum  regulatory capital pursuant to federal
regulations.  At March 31,  2004,  the Bank's  regulatory  capital  exceeded all
applicable regulatory capital requirements.


Comparison  of  Operating  Results for the Three Months Ended March 31, 2004 and
2003

General

The  Corporation's  net income for the three months ended March 31, 2004 totaled
$609,000,  an increase of $13,000,  or 2.2%, from the $596,000  reported for the
quarter  ended March 31,  2003.  The  increase in income for the 2003 period was
primarily  attributable  to an increase in interest income and a decrease in the
other expenses offset by a decrease in other income.


Net Interest Income

Total interest income for the three months ended March 31, 2004 amounted to $3.2
million, an increase of $126,000,  or 4.1%, from the comparable quarter in 2003.
This  increase   reflects  an  increase  in  average   interest-earning   assets
outstanding offset by a decrease in the loan yield of .73 %.

Interest  expense on deposits  decreased  by $186,000,  or 21.0%,  to a total of
$699,000 for the quarter  ended March 31, 2004,  due  primarily to a decrease in
the  average  cost of deposits  offset by an increase in the average  balance of
deposits  outstanding  year-to-year.  Interest  expense  on  borrowings  totaled
$583,000 for the three months ended March 31, 2004, an increase of $147,000 from
the comparable period in 2003. The increase resulted  primarily from an increase
in average borrowings outstanding year-to-year.

As a result of the foregoing  changes in interest  income and interest  expense,
net interest  income  increased by $165,000 or 9.3%,  for the three months ended
March 31, 2004, as compared to the comparable period in 2003.


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  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 $102,000 provision for losses
on loans for the three  months  ended  March 31,  2004,  compared to the $90,000
amount recorded in the 2003 period. While management believes that the allowance
for losses on loans is  adequate  at March 31,  2004,  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 loans in the future.




                                       12
<PAGE>

Other Income

Other income  decreased by $249,000,  for the three months ended March 31, 2004,
as compared to the same period in 2003,  due primarily to a decrease of $386,000
in gain on sale of loans.  River  Valley sold $4.6  million in loans  during the
quarter ended March 31, 2004 compared to $22.3 million  during the first quarter
of 2003.  Service  fee income and other  income  increased  $131,000  due to new
programs and services introduced in late 2003.


Other Expense

Other  expense  decreased  by $57,000,  during the three  months ended March 31,
2004,  compared to the same period in 2003.  The decrease was due primarily to a
decrease in the other  category of $193,000.  This decrease  primarily  resulted
from a decrease in mortgage  servicing  rights  amortization.  The  decreases in
other expenses was offset by an increase in net occupancy and equipment  expense
of $52,000 and an increase in employee  compensation  and  benefits of $101,000.
Employee  compensation  and benefits and net  occupancy  and  equipment  expense
increased due to an increase in employees to service an increased asset base and
expanded branch network.


Income Taxes

The provision for income taxes totaled $367,000 for the three months ended March
31,  2004,  a decrease of $52,000,  or 12.4%,  as compared to the same period in
2003.  The  effective  tax rates were 37.6% and 41.2% for the three months ended
March 31, 2004 and 2003, respectively. The decline in the effective tax rate was
primarily due an increase in non-taxable  cash surrender value insurance  income
recorded in the first quarter of 2004 as compared to the first quarter of 2003.


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.


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.



                                       13
<PAGE>

PART II.   OTHER INFORMATION

Item 1.  Legal Proceedings.

         None.


Item 2.  Changes in Securities and Issuer Purchases of Equity Securities.

Purchases of common  stock made by or on behalf of the Company  during the three
months ended March 31, 2004, are set forth below:


<TABLE>
<CAPTION>

                                                            Total Number of      Maximum Number of
                                                         Shares  Purchased as     Shares That May
                         Total Number of     Average       Part of Publicly       Yet Be Purchased
         Period          Shares Purchased     Price         Announced Plan         Under the Plan
         ------          ----------------    -------     --------------------    -----------------
<S>              <C>        <C>               <C>                 <C>
         January 2004       6,500             $27.48              6,500                    *
         February 2004     16,361             $27.33             16,361                    *
         March 2004        11,988             $25.86             11,988                    *
                           ------                                ------
                           34,849             $26.89             34,849                    *

*    Up to 10% of total shares outstanding may be repurchased at a given time by
     the Company.


</TABLE>



Item 3.  Defaults Upon Senior Securities.

         None.


Item 4.  Submission of Matters to a 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  January  23,  2004,  a  press   release   regarding   the
               Corporation's results of operations for the period ended December
               31, 2003 was filed under Items 7 and 12 on Form 8-K.




                                       14
<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:  May 17, 2004                    By: /s/ Matthew P. Forrester
                                           -------------------------------------
                                           Matthew P. Forrester
                                           President and Chief Executive Officer

Date:  May 17, 2004                    By: /s/ Larry C. Fouse
                                           -------------------------------------
                                           Larry C. Fouse
                                           Vice President of Finance











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