SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

                                   (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, 2005 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 registrant 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, including Zip Code)

                                 (812) 273-4949
              (Registrant's telephone number, including area code)


Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  Registrant  was
required  to file  such  report),  and  (2)  has  been  subject  to such  filing
requirements for the past 90 days. Yes [X] No [ ]

Indicate  by check mark  whether  the  Registrant  is an  accelerated  filer (as
defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

The  number of shares of the  Registrant's  common  stock,  without  par  value,
outstanding as of March 31, 2005 was 1,584,877.


                                       1
<PAGE>

                              RIVER VALLEY BANCORP
                                    FORM 10-Q

                                      INDEX

                                                                        Page No.

FORWARD LOOKING STATEMENT                                                      3

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                                            10

Item 3.  Quantitative and Qualitative Disclosures about Market Risk           14

Item 4.  Controls and Procedures                                              15

PART II. OTHER INFORMATION

Item 1.  Legal Proceedings                                                    16
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds          16
Item 3.  Defaults Upon Senior Securities                                      16
Item 4.  Submission of Matters to a Vote of Security Holders                  16
Item 5.  Other Information                                                    16
Item 6.  Exhibits                                                             16

SIGNATURES                                                                    17

EXHIBITS                                                                      18

                                       2
<PAGE>


PART I  FINANCIAL INFORMATION
Item 1.  Financial Statements
<TABLE>
<CAPTION>

                                                         RIVER VALLEY BANCORP
                                                 Consolidated Condensed Balance Sheets

                                                                                     March 31,           December 31,
                                                                                        2005                 2004
                                                                                --------------------- --------------------
                                                                                  (In Thousands, Except Share Amounts)
                                                                                     (Unaudited)
  Assets
<S>                                                                                 <C>                    <C>
       Cash and due from banks                                                      $     3,949            $    4,911
       Interest-bearing demand deposits                                                   4,146                 7,526
                                                                                --------------------- --------------------
           Cash and cash equivalents                                                      8,095                12,437
       Investment securities available for sale                                          43,501                26,964
       Loans held for sale                                                                    -                   337
       Loans                                                                            233,205               233,400
           Allowance for loan losses                                                      2,293                 2,364
                                                                                --------------------- --------------------
                Net Loans                                                               230,912               231,036
       Premises and equipment                                                             7,389                 6,798
       Federal Home Loan Bank stock                                                       3,735                 3,281
       Interest receivable                                                                1,668                 1,599
       Other assets                                                                       6,550                 6,975
                                                                                --------------------- --------------------
                  Total assets                                                       $  301,850            $  289,427
                                                                                ===================== ====================

  Liabilities
       Deposits
           Noninterest-bearing                                                    $      17,459         $      15,066
           Interest-bearing                                                             160,040               155,472
                                                                                --------------------- --------------------
                Total deposits                                                          177,499               170,538
       Borrowings                                                                        99,807                94,600
       Interest payable                                                                     456                   382
       Other liabilities                                                                  1,590                 1,514
                                                                                --------------------- --------------------
           Total liabilities                                                            279,352               267,034
                                                                                --------------------- --------------------

  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 - 1,584,877 and 1,584,377 shares
       Additional paid-in capital                                                         8,908                 8,843
       Retained earnings                                                                 14,015                13,800
       Shares acquired by stock benefit plans                                              (193)                (215)
       Accumulated other comprehensive loss                                                (232)                 (35)
                                                                                --------------------- --------------------
           Total shareholders' equity                                                    22,498                22,393
                                                                                --------------------- --------------------

           Total liabilities and shareholders' equity                                $  301,850             $ 289,427
                                                                                ===================== ====================
</TABLE>


  See notes to consolidated condensed financial statements.



                                       3
<PAGE>
<TABLE>
<CAPTION>

                                                         RIVER VALLEY BANCORP
                                              Consolidated Condensed Statements of Income
                                                              (Unaudited)



                                                                                                  Three Months Ended
                                                                                                       March 31
                                                                                         ------------------ -------------------
                                                                                               2005                2004
                                                                                         ------------------ -------------------
                                                                                         (In Thousands, Except Share Amounts)
Interest Income
<S>                                                                                          <C>                <C>
     Loans receivable                                                                        $  3,409           $  2,911
     Investment securities                                                                        312                256
     Interest-earning deposits and other                                                           64                 41
                                                                                         ------------------ -------------------
         Total interest income                                                                  3,785              3,208
                                                                                         ------------------ -------------------

Interest Expense
     Deposits                                                                                     791                699
     Borrowings                                                                                 1,002                583
                                                                                         ------------------ -------------------
         Total interest expense                                                                 1,793              1,282
                                                                                         ------------------ -------------------

Net Interest Income                                                                             1,992              1,926
     Provision for loan losses                                                                     72                102
                                                                                         ------------------ -------------------
Net Interest Income After Provision for Loan Losses                                             1,920              1,824
                                                                                         ------------------ -------------------

Other Income
     Gain on investment securities                                                                  -                  6
     Service fees and charges                                                                     428                420
     Net gains on loan sales                                                                       67                106
     Other income                                                                                  80                 88
                                                                                         ------------------ -------------------
         Total other income                                                                       575                620
                                                                                         ------------------ -------------------

Other Expenses
     Salaries and employee benefits                                                               929                758
     Net occupancy and equipment expenses                                                         278                239
     Data processing fees                                                                          26                 40
     Advertising                                                                                   61                 51
     Legal and professional fees                                                                   56                 30
     Other expenses                                                                               265                350
                                                                                         ------------------ -------------------
         Total other expenses                                                                   1,615              1,468
                                                                                         ------------------ -------------------

Income Before Income Tax                                                                          880                976
     Income tax expense                                                                           365                367
                                                                                         ------------------
                                                                                                            -------------------

Net Income                                                                                    $   515            $   609
                                                                                         ================== ===================


Basic earnings per share                                                                      $    .33           $    .38
Diluted earnings per share                                                                         .31                .36
Dividends per share                                                                                .19                .17
</TABLE>

See notes to consolidated condensed financial statements.


                                       4
<PAGE>
<TABLE>
<CAPTION>




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



                                                                                         Three Months Ended
                                                                                             March 31,
                                                                                ------------------ ------------------
                                                                                      2005               2004
                                                                                ------------------ ------------------
                                                                                           (In Thousands)

<S>                                                                                      <C>                <C>
  Net income                                                                             $ 515              $ 609
  Other comprehensive income, net of tax
        Unrealized gains (losses) on securities available for sale
            Unrealized holding gains (losses) arising during the
                period, net of tax benefit (expense) of $(130) and $33                   (197)                 51
            Less:    Reclassification adjustment for gains
                   Included in net income, net of tax expense of $ 0 and $2                 --                  4
                                                                                ------------------ ------------------
                                                                                          (197)                47
                                                                                ------------------ ------------------
  Comprehensive income                                                                   $ 318              $ 656
                                                                                ================== ==================

</TABLE>

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,
                                                                                         -------------------- -------------------
                                                                                               2005                2004
                                                                                         -------------------- -------------------
  Operating Activities                                                                               (In Thousands)

<S>                                                                                          <C>                  <C>
       Net income                                                                            $    515             $    609
       Adjustments to reconcile net income to net cash provided (used) by operating
       activities
         Provision for loan losses                                                                 72                  102
         Depreciation and amortization                                                            142                  137
         Loans originated for sale in the secondary market                                     (2,942)              (4,884)
         Proceeds from sale of loans in the secondary market                                    3,306                4,698
         Gain on sale of loans                                                                    (67)                (106)
         Amortization of deferred loan origination cost                                            23                   25
         Amortization of expense related to stock benefit plans                                    80                   83
         Net change in:
             Interest receivable                                                                  (69)                 (14)
             Interest payable                                                                      74                  (46)
         Other adjustments                                                                        579                 (534)
                                                                                         -------------------- -------------------
                Net cash provided by operating activities                                       1,713                   70
                                                                                         -------------------- -------------------

  Investing Activities
       Purchases of securities available for sale                                             (18,876)              (1,002)
       Proceeds from sales of securities available for sale                                        --                3,993
       Proceeds from maturities of securities available for sale                                2,001                3,196
       Net change in loans                                                                         69               (6,882)
       Purchases of FHLB stock                                                                   (419)                (397)
       Purchases of premises and equipment                                                       (733)                (295)
                                                                                         -------------------- -------------------
                Net cash used in investing activities                                         (17,958)              (1,387)
                                                                                         -------------------- -------------------

  Financing Activities
       Net change in
          Noninterest-bearing, interest-bearing demand and savings deposits                       825               (8,787)
          Certificates of deposit                                                               6,136               (2,665)
          Short-term borrowings                                                                (3,793)                  --
       Proceeds from borrowings                                                                11,000               19,000
       Repayment of borrowings                                                                 (2,000)             (10,000)
       Cash dividends                                                                            (299)                (279)
       Proceeds from exercise of stock options                                                      4                   78
       Purchase of stock                                                                           --                 (935)
       Advances by borrowers for taxes and insurance                                               30                   10
                                                                                         -------------------- -------------------
                Net cash provided by financing activities                                      11,903               (3,578)
                                                                                         -------------------- -------------------

  Net Change in Cash and Cash Equivalents                                                      (4,342)              (4,895)

  Cash and Cash Equivalents, Beginning of Period                                               12,437               12,512
                                                                                         -------------------- -------------------

  Cash and Cash Equivalents, End of Period                                                   $  8,095             $  7,617
                                                                                         ==================== ===================

  Additional Cash Flows and Supplementary Information
       Interest paid                                                                            1,719           $    1,328
       Income tax paid                                                                             --                   --
</TABLE>

  See notes to consolidated condensed financial statements.

                                       6
<PAGE>


                              RIVER VALLEY BANCORP
         Notes to Unaudited Consolidated Condensed Financial Statements


River Valley  Bancorp (the  "Corporation  or 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-Q 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, 2004.  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,
2005,  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, 2004 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>

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.
<TABLE>
<CAPTION>

                                               Three Months Ended                        Three Months Ended
                                                 March 31, 2005                            March 31, 2004
                                               ------------------                        ------------------
                                                  Weighted         Per                        Weighted         Per
                                                   Average        Share                        Average        Share
                                      Income       Shares         Amount          Income        Shares        Amount
                                      ------      --------        ------          ------      ---------       ------
                                                  (Dollar Amounts in Thousands, Except Share Amounts)
     Basic earnings per share

<S>                                    <C>       <C>               <C>             <C>        <C>               <C>
     Income available to common
     shareholders                      $ 515     1,573,118         $ .33           $ 609      1,613,408         $ .38
                                                               ===========                                  ===========

     Effect of dilutive RRP
     awards and stock options                       63,747                                       76,490
                                     -------------------------                   -------------------------
     Diluted earnings per share

     Income available to
      common shareholders
      and assumed
      conversions                      $ 515     1,636,865         $ .31           $ 609      1,689,898         $ .36
                                     ====================================        ====================================
</TABLE>

Options  to  purchase  5,000  shares of common  stock at $22.67  per share  were
outstanding  at March 31,  2005,  but were not  included in the  computation  of
diluted earnings per share because the option price was greater than the average
market price of the common shares.

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, 2004
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
                                                                             March 31, 2005              31, 2004
                                                                        ----------------------------------------------------
                                                                        (Dollar Amounts In Thousands, Except Share Amounts)

<S>                                                                                   <C>                        <C>
           Net income, as reported                                                    $515                       $609
           Less:  Total stock-based employee compensation cost
              determined under the fair value based method, net of
              income taxes                                                               5                          6
                                                                        ----------------------------------------------------

           Pro forma net income                                                       $510                       $603
                                                                        ====================================================

           Earnings per share:
               Basic - as reported                                                     .33                        .38
               Basic - pro forma                                                       .32                        .37
               Diluted - as reported                                                   .31                        .36
               Diluted - pro forma                                                     .31                        .36
</TABLE>

In December,  2004, the Financial  Accounting  Standards  Board (FASB) issued an
amendment to SFAS  123(SFAS  123R) which  eliminates  the ability to account for
share-based compensation  transactions using Accounting Principles Board Opinion
No. 25 and generally  requires that such  transactions  be accounted for using a
fair value-based  method.  SFAS 123R will be effective for the Company beginning
January 1, 2006.  SFAS 123R  applies to all awards  granted  after the  required
effective  date and to awards  modified,  repurchased,  or cancelled  after that
date. The cumulative  effect of initially  applying this  Statement,  if any, is
recognized as of the required effective date.

As of the required effective date, the Company will apply SFAS 123R using either
the modified  version of  prospective  application  or the  modified  version of
retrospective  application.  Under prospective  transition method,  compensation
cost is  recognized on or after the required  effective  date for the portion of
outstanding  awards for which the requisite  service has not yet been  rendered,
based on the grant-date fair value of those awards calculated under SFAS 123 for
either  recognition  or pro forma  disclosures.  For periods before the required
effective date, a company may elect to apply a modified version of retrospective
application under which financial statements for prior periods are adjusted on a
basis  consistent with the pro forma  disclosures  required for those periods by
SFAS 123.

The  Company  is  currently   evaluating  the  effect  of  the  recognition  and
measurement  provisions of SFAS 123R but believes the adoption of SFAS 123R will
not result in a  material  impact on the  Company's  results  of  operations  or
financial condition.

Note 5: Reclassifications

Certain  reclassifications  have  been made to the 2004  consolidated  condensed
financial statements to conform to the March 31, 2005 presentation.

                                       9
<PAGE>

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

Forward Looking Statements

This  Quarterly  Report on Form 10-Q ("Form  10-Q")  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-Q 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-Q 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-Q  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
Corporation's  significant  accounting policies presented on pages 24 through 26
of the Annual  Report to  Shareholders  for the year ended  December  31,  2004.
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.

                                       10
<PAGE>

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.

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  non-accrual
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 and
portions of  northwestern  Kentucky.  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, 2005 and  December  31,  2004,  mortgage
servicing rights had carrying values of $932,000 and $860,000, respectively.

                                       11
<PAGE>

Financial Condition

At March 31, 2005, the Corporation's consolidated assets totaled $301.9 million,
an increase of $12.4 million,  or 4.3%,  from December 31, 2004. The increase in
assets resulted primarily from an increase in securities of $16.5 million and an
offsetting decrease of approximately $4.3 million in cash and cash equivalents.

Net loans  receivable  were $230.9  million at March 31, 2005, a decrease of $.1
million,  from $231.0  million at December 31, 2004.  Loan growth is expected in
the  second  and  third  quarters  as  a  result  of a  new  branch  in a  close
metropolitan area. This branch is to open mid year.

The Corporation's allowance for loan losses totaled $2.4 million at December 31,
2004 and $2.3  million  at March  31,  2005,  which  represented  1.01% and .98%
respectively of total loans.  Non-performing  loans (defined as loans delinquent
greater than 90 days and loans on  nonaccrual  status)  totaled  $2,100,000  and
$2,175,000  at December  31,  2004 and March 31,  2005,  respectively.  Although
management  believes that its  allowance for loan losses at March 31, 2005,  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.

Deposits  totaled $177.5 million at March 31, 2005, an increase of $7.0 million,
or 4.1%,  compared to total  deposits at December 31, 2004. The increase for the
three-month  period  resulted from a combination of competitive  interest rates,
and changes in our market competition.

Advances from the Federal Home Loan Bank totaled $74.0 million and $65.0 million
respectively  at March 31, 2005 and  December  31,  2004.  These  advances are a
readily available source of funding for periods when loan demand exceeds deposit
growth. Several million in advances are still available for future growth.

Shareholders'  equity  totaled  $22.5  million at March 31, 2005, an increase of
$100,000,  or .5 %, from $22.4  million  at  December  31,  2004.  The  increase
resulted  primarily from net income,  offset by cash dividends and the change in
accumulated other comprehensive income.

The Bank is required to maintain minimum  regulatory capital pursuant to federal
regulations.  At March 31,  2005,  the Bank's  regulatory  capital  exceeded all
applicable regulatory capital requirements.


Comparison  of  Operating  Results for the Three Months Ended March 31, 2005 and
2004

General

The  Corporation's  net income for the three months ended March 31, 2005 totaled
$515,000,  a decrease of $94,000,  or 15.4 %, from the $609,000 reported for the
quarter  ended March 31,  2004.  The  decrease in income for the 2005 period was
primarily attributable to an increase in salaries and benefits and a decrease in
other income.

Net Interest Income

Total interest income for the three months ended March 31, 2005 amounted to $3.8
million, an increase of $577,000, or 18.0%, from the comparable quarter in 2004.
This  increase   reflects  an  increase  in  average   interest-earning   assets
outstanding and a very slight increase in the loan yield .

                                       12
<PAGE>

Interest  expense on  deposits  increased  by $92,000,  or 13.2%,  to a total of
$791,000 for the quarter ended March 31, 2005, due primarily to a small increase
in the  average  cost of deposits  and by an increase in the average  balance of
deposits  outstanding  year-to-year.  Interest  expense  on  borrowings  totaled
$1,002,000  for the three months  ended March 31, 2004,  an increase of $419,000
from the  comparable  period in 2004.  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 $66,000 or 3.4%,  for the three months ended
March 31, 2005, as compared to the comparable period in 2004.

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 $72,000 provision for losses on
loans for the three months ended March 31, 2005, compared to the $102,000 amount
recorded in the 2004 period.  The 2005  provision  amount was  predicated on the
balance  of funds  already  reserved,  coupled  with the fact  that  many of our
questionable loans have already been charged off. While management believes that
the allowance for losses on loans is adequate at March 31, 2005,  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.

Other Income

Other income decreased by $45,000, for the three months ended March 31, 2005, as
compared to the same period in 2004,  due  primarily to a decrease of $39,000 in
gain on sale of loans.  River  Valley  sold $3.3  million  in loans  during  the
quarter ended March 31, 2005  compared to $4.6 million  during the first quarter
of 2004.

Other Expense

Other  expense  increased by  $147,000,  during the three months ended March 31,
2005,  compared to the same period in 2004. The increase was due primarily to an
increase in the salaries and benefits category of $171,000 and a decrease in all
other categories of $24,000. Employee compensation and benefits increased due to
an increase in employees to service an increased  asset base and expanded branch
network.  Full time equivalent  employees have gone from 66 on March 31, 2004 to
72 on March 31,  2005.  Assets per  employee  were $3.8 million and $4.2 million
respectively.

Income Taxes

The provision for income taxes totaled $365,000 for the three months ended March
31, 2005, a decrease of $2,000,  or .5%, as compared to the same period in 2004.
The effective  tax rates  amounted to 41.4% and 36.6% for the three months ended
March 31, 2005 and 2004, respectively.

                                       13
<PAGE>


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.  Quantitative and Qualitative Disclosures About Market Risk

An important part of River Valley  Financial Bank's  asset/liability  management
policy  includes  examining  the  interest  rate  sensitivity  of the assets and
liabilities and monitoring the expected  effects of interest rate changes on its
net portfolio value.

Presented  below, as of December 31, 2004 and 2003, is an analysis  performed by
the OTS of River  Valley's  interest  rate risk as  measured by changes in River
Valley's net portfolio value ("NPV") for  instantaneous  and sustained  parallel
shifts in the yield curve,  in 100 basis point  increments,  up 300 basis points
and down 100 basis points.
<TABLE>
<CAPTION>

December 31, 2004

                  Net Portfolio Value                                  NPV as % of PV of Assets
Changes
In Rates          $ Amount         $ Change          %Change           NPV Ratio            Change
--------          --------         --------          -------           ---------            ------
(Dollars in thousands)
<S>               <C>              <C>                <C>              <C>                   <C>
+300 bp           37,924           1,412             +4 %              13.10 %              +80 bp
+200 bp           38,152           1,639             +4 %              13.05 %              +75 bp
+100 bp           37,743           1,231             +3 %              12.80 %              +50 bp
   0 bp           36,512                                               12.30 %
-100 bp           34,410          -2,103             -6 %              11.54 %              -76 bp

December 31, 2003

                Net Portfolio Value                                  NPV as % of  PV of Assets
Changes
In Rates        $ Amount         $ Change         %Change            NPV Ratio            Change
--------        --------         --------         -------            ---------            ------
(Dollars in thousands)
+300 bp         33,347              650           +2 %               13.08 %               +55 bp
+200 bp         33,819            1,123           +3 %               13.14 %               +60 bp
+100 bp         33,640              943           +3 %               12.96 %               +43 bp
   0 bp         32,697                                               12.53 %
-100 bp         31,122           -1,575           -5 %               11.89 %               -64 bp
</TABLE>

Management  believes at March 31,  2005 there have been no  material  changes in
River Valley's interest rate sensitive  instruments which would cause a material
change  in  the  market  risk  exposures  which  affect  the   quantitative  and
qualitative  risk disclosures as presented in Item 6.,  Management's  Discussion
and Analysis or Plan of Operation,  of the Company's  Annual Report on Form 10-K
for the period ended December 31, 2004.


                                       14
<PAGE>

Item 4.  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 the  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 have materially  affected,  or are reasonably likely to
materially affect, the Company's internal control over financial reporting.

(c) We are currently  evaluating the design and operating  effectiveness  of our
internal controls over financial  reporting as part of our effort to comply with
Section  404 of the  Sarbanes-Oxley  Act of 2002 as of our  fiscal  year  ending
December 31, 2006.  Section 404 requires us to evaluate the effectiveness of our
internal  controls over financial  reporting and include a management  report on
our  assessment of the  effectiveness  of our internal  controls over  financial
reporting in all annual  reports  beginning with our report on Form 10-K for the
fiscal  year  ending   December  31,  2006.  We  are  currently   designing  and
implementing   improvements  that  we  believe  will  adequately   mitigate  any
deficiencies  noted by our outside  auditing  firm and by the OTS, and we expect
that such  improvements  will be implemented in sufficient  time to ensure their
operating  effectiveness  as of  March  31,  2006.  We do not  believe  that the
deficiencies  noted by our  auditing  firm or the OTS  have  had or will  have a
material  impact on our financial  statements.  In addition,  as a result of our
remediation  initiatives and the testing of our key financial reporting systems,
we do not believe  that the  identified  deficiencies  will result in a material
weakness in our internal control over financial  reporting.  However,  we cannot
provide any assurance  that our  remediation  efforts will be successful or that
additional  testing  of our  internal  controls  will  not  identify  additional
deficiencies that, when aggregated with the existing deficiencies,  would result
in a material weakness.


                                       15
<PAGE>

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

          None

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

          None

Item 3. Defaults Upon Senior Securities.

          None.

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

          No matter was submitted to a vote of the Company's shareholders during
          the first quarter of 2005.

Item 5. Other Information.

          None.

Item 6. Exhibits.

          31(1) Certification required by 17 C.F.R. Section 240.13a-15(e)

          31(2) Certification required by 17 C.F.R. Section 240.13a-15(e)

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

                                       16
<PAGE>



                                   Signatures

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


                                      RIVER VALLEY BANCORP


Date:         May 16, 2005            By: /s/ Matthew P. Forrester
                                          --------------------------------
                                           Matthew P. Forrester
                                           President and Chief Executive Officer



Date:         May 16, 2005            By: /s/ Larry C. Fouse
                                          --------------------------------
                                           Larry C. Fouse
                                           Vice President of Finance


                                       17