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 JUNE 30, 2003 OR

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

                         Commission file number: 0-21765

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

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

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

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


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

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

Yes [    ]                          No [   ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity,  as of the  latest  practicable  date:  August 8, 2003 - 813,996  common
shares

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



<PAGE>

                              RIVER VALLEY BANCORP
                                   FORM 10-QSB

                                      INDEX

                                                                        Page No.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

            Consolidated Condensed Balance 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 or Plan of Operation           11

Item 3. Controls and Procedures                                             15

PART II.OTHER INFORMATION

Item 1. Legal Proceedings                                                   16
Item 2. Changes in Securities                                               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 and Reports on Form 8-K                                    16

SIGNATURES                                                                  17

EXHIBITS                                                                    18



<PAGE>

PART I  FINANCIAL INFORMATION
Item 1.  Financial Statements

                              RIVER VALLEY BANCORP
                      Consolidated Condensed Balance Sheets
<TABLE>
<CAPTION>

                                                                                      June 30,           December 31,
                                                                                        2003                 2002
                                                                                --------------------- --------------------
                                                                                   (In Thousands, Except Share Amounts)
  Assets                                                                            (Unaudited)

<S>                                                                                 <C>                       <C>
       Cash and due from banks                                                      $     3,589               $ 5,094
       Interest-bearing demand deposits                                                   7,206                13,516
                                                                                --------------------- --------------------
           Cash and cash equivalents                                                     10,795                18,610
       Investment securities available for sale                                          34,107                28,174
       Loans held for sale                                                                2,680                 1,062
       Loans, net of allowance for loan  losses of  $2,008 and  $2,101                  176,703               164,895
       Premises and equipment                                                             5,899                 5,741
       Federal Home Loan Bank stock                                                       2,027                 2,000
       Interest receivable                                                                1,359                 1,467
       Cash surrender value life insurance                                                4,993                 1,326
       Other assets                                                                         883                   745
                                                                                --------------------- --------------------
                   Total assets                                                        $239,446              $224,020
                                                                                ===================== ====================

  Liabilities
       Deposits
                                                                                      $  13,505              $ 11,115
  Non-interest-bearing
           Interest-bearing                                                             155,479               150,714
                                                                                --------------------- --------------------
                Total deposits                                                          168,984               161,829
       Borrowings                                                                        47,000                40,000
       Interest payable                                                                     373                   459
       Other liabilities                                                                  1,375                 1,099
                                                                                --------------------- --------------------
           Total liabilities                                                            217,732               203,387
                                                                                --------------------- --------------------

  Commitments and Contingencies

  Shareholders' Equity
       Preferred stock,  without par value
           Authorized and unissued - 2,000,000 shares
       Common stock, without par value
           Authorized - 5,000,000 shares
           Issued and outstanding - 809,520 and 810,844 shares
       Additional paid-in capital                                                         8,096                 7,957
       Retained earnings                                                                 13,361                12,654
       Shares acquired by stock benefit plans                                              (269)                (339)
       Accumulated other comprehensive income                                               526                   361
                                                                                --------------------- --------------------
           Total shareholders' equity                                                    21,714                20,633
                                                                                --------------------- --------------------

           Total liabilities and shareholders' equity                                 $ 239,446              $224,020

                                                                                ===================== ====================
</TABLE>

  See notes to consolidated condensed financial statements.


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


                                                                             Six Months Ended              Three Months Ended
                                                                                 June 30,                       June 30,
                                                                       -------------- -------------- ---------------- --------------
                                                                            2003           2002           2003            2002
                                                                       -------------- -------------- ---------------- --------------
Interest Income                                                                    (In Thousands, Except Share Amounts)
<S>                                                                        <C>             <C>           <C>             <C>
     Loans receivable                                                      $ 5,515         $ 5,759       2,740           2,881
     Investment securities                                                     509             440         271             231
     Interest-earning deposits and other                                       110              87          41              51
                                                                       -------------- --------------- --------------- --------------
         Total interest income                                               6,134           6,286       3,052           3,163
                                                                       -------------- --------------- --------------- --------------

Interest Expense
     Deposits                                                                1,719           2,094         834           1,017
     Borrowings                                                                954             688         518             375
                                                                       -------------- --------------- --------------- --------------
         Total interest expense                                              2,673           2,782       1,352           1,392
                                                                       -------------- --------------- --------------- --------------

Net Interest Income                                                          3,461           3,504       1,700           1,771
     Provision for loan losses                                                 180             260          90             130
                                                                       -------------- --------------- --------------- --------------
Net Interest Income After Provision for Loan Losses                          3,281           3,244       1,610           1,641
                                                                       -------------- --------------- --------------- --------------

Other Income
     Net realized gains (losses) on sales of available-for-sale
securities                                                                     (2)               6          (2)              6
     Service fees and charges                                                  684             647         344             328
     Net gains on loan sales                                                   979             150         487             103
     Gain on sale of premises and equipment                                      0             352           0             352
     Other income                                                               72              64          35              16
                                                                       -------------- --------------- --------------- --------------
         Total other income                                                  1,733           1,219         864             805
                                                                       -------------- --------------- --------------- --------------

Other Expenses
     Salaries and employee benefits                                          1,333           1,157         676             595
     Net occupancy and equipment expenses                                      389             402         202             202
     Data processing fees                                                       58             103          38              57
     Advertising                                                               131              86          58              45
     Legal and professional fees                                               105              24          60              17
     Amortization of mortgage servicing rights                                 325             138          62              94
     Other expenses                                                            580             463         300             230
                                                                       -------------- --------------- --------------- --------------
         Total other expenses                                                2,921           2,373       1,396           1,240
                                                                       -------------- --------------- --------------- --------------

Income Before Income Tax                                                     2,093           2,090       1,078           1,206
     Income tax expense                                                        817             828         398             471
                                                                       -------------- --------------- --------------- --------------

Net Income                                                                  $1,276          $1,262      $  680        $    735
                                                                       ============== =============== =============== ==============

Basic earnings per share                                                    $ 1.61           $ 1.63      $ .86           $ .94
Diluted earnings per share                                                    1.54             1.56        .82             .91
Dividends per share                                                            .55              .35        .30             .20

</TABLE>


<PAGE>

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

<TABLE>
<CAPTION>
                                                                                    Six Months Ended           Three Months Ended
                                                                                        June 30,                    June 30,
                                                                                ------------- ------------ ------------- -----------
                                                                                    2003         2002          2003         2002
                                                                                ------------- ------------ ------------- -----------
                                                                                                    (In Thousands)

<S>                                                                               <C>          <C>            <C>           <C>
  Net income                                                                      $1,276       $1,262          $680         $735
  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 $108, $66, $100 and $144                          164          100           152          219
           Less: Reclassification adjustment for gains (losses)
                included in net income, of tax expense (benefit)
                of $(1), $2, $(1), and $2                                             (1)           4            (1)           4
                                                                                ------------- ---------- ------------- ------------
                                                                                     165           96           153          215
                                                                                ------------- ---------- ------------- ------------
   Comprehensive income                                                           $1,441       $1,358          $833         $950
                                                                                ============= ========== ============= ============
</TABLE>


See notes to consolidated condensed financial statements.


<PAGE>
<TABLE>
<CAPTION>

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

                                                                                                      Six Months Ended
                                                                                                          June 30,
                                                                                              ------------------ -------------------
                                                                                                    2003               2002
                                                                                              ------------------ -------------------
  Operating Activities                                                                                   (In Thousands)
<S>                                                                                              <C>                <C>
       Net income                                                                                $    1,276         $   1,262
       Adjustments to reconcile net income to net cash provided by operating activities
         Provision for loan losses                                                                      180               260
         Depreciation and amortization                                                                  245               254
         Investment securities (gains) losses                                                             2                (6)
         Loans originated for sale in the secondary market                                          (44,760)          (14,633)
         Proceeds from sale of loans in the secondary market                                         43,724            16,656
         Gain on sale of loans                                                                         (979)             (150)
         Amortization of deferred loan origination cost                                                  94                65
         Amortization of expense related to stock benefit plans                                         200               196
                Gain on sale of premises and equipment                                                    -              (352)
         Capitalized interest on construction                                                             -                (1)
         Net change in:
           Interest receivable                                                                          108               166
           Interest payable                                                                             (86)             (153)
         Other adjustments                                                                                2              (321)
                                                                                              ------------------ -------------------
                Net cash provided by operating activities                                                 6             3,243
                                                                                              ------------------ -------------------

  Investing Activities
       Purchases of securities available for sale                                                    (8,006)           (6,992)
       Proceeds from maturities of securities available for sale                                      1,183                90
       Proceeds from sale of securities available for sale                                            1,098             5,889
       Purchase of Federal Home Loan Bank stock                                                           -              (400)
       Net change in loans                                                                          (11,685)           (6,556)
       Premiums paid on life insurance                                                               (3,639)                 -
       Purchases of premises and equipment                                                             (403)             (708)
       Proceeds from sale of real estate owned                                                            -                30
       Proceeds from sale of premises and equipment                                                       -               629
                                                                                              ------------------ -------------------
                Net cash used in investing activities                                               (21,452)           (8,018)
                                                                                              ------------------ -------------------

  Financing Activities
       Net change in
          Noninterest-bearing, interest-bearing demand and savings deposits                           9,356              (776)
         Certificates of deposit                                                                     (2,201)            6,595
       Proceeds from borrowings                                                                      11,000            34,000
       Repayment of borrowings                                                                       (4,000)          (28,950)
       Cash dividends                                                                                  (385)             (229)
       Purchase of stock                                                                               (205)             (140)
       Stock options exercised                                                                           69                92
       Acquisition of stock for stock benefit plans                                                       -               (22)
       Advances by borrowers for taxes and insurance                                                     (3)                4
                                                                                              ------------------ -------------------
                Net cash provided by financing activities                                            13,631            10,574
                                                                                              ------------------ -------------------

  Net Change in Cash and Cash Equivalents                                                            (7,815)            5,799

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

  Cash and Cash Equivalents, End of Period                                                        $  10,795         $  11,440
                                                                                              ================== ===================

  Additional Cash Flows and Supplementary Information
       Interest paid                                                                             $    2,759        $    2,935
       Income tax paid                                                                                  624               575

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

Note 2: Principles of Consolidation

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

Note 3: Earnings Per Share

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


<PAGE>
<TABLE>
<CAPTION>

                                                     Six Months Ended                              Six Months Ended
                                                       June 30, 2003                                June 30, 2002
                                                       -------------                                -------------
                                                         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
       Income available to common
<S>                                           <C>         <C>              <C>            <C>           <C>            <C>
       shareholders                           $1,276      790,295          $1.61          $1,262        775,503        $1.63
                                                                        ===========                                 ===========

     Effect of dilutive RRP
     awards and stock options                              38,351                                        31,173
                                           ------------- --------------                -------------- --------------

     Diluted earnings per share
       Income available to common
     shareholders and assumed
      conversions                            $ 1,276      828,646          $1.54         $ 1,262        806,676        $1.56
                                           ============= ============== ===========    ============== ============== ===========




                                                    Three Months Ended                            Three Months Ended
                                                       June 30, 2003                                June 30, 2002
                                                       -------------                                -------------
                                                         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
       Income available to common
       shareholders                            $ 680      791,359          $ .86            $735        778,342        $ .94
                                                                        ===========                                  ===========

     Effect of dilutive RRP
     awards and stock options                              40,270                                        33,060
                                           ------------- --------------                -------------- --------------

     Diluted earnings per share
       Income available to common
       shareholders and assumed
       conversions                              $680       831,629          $ .82          $735         811,402        $ .91
                                           ============= ============== ===========    ============== ============== ===========
</TABLE>


Note 4:  Stock Options

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

<PAGE>
<TABLE>
<CAPTION>



                                                                  Six Months      Six Months   Three Months   Three Months
                                                                     Ended          Ended          Ended         Ended
                                                                 June 30, 2003  June 30, 2002  June 30, 2003 June 30, 2002
                                                                ------------------------------------------------------------

<S>                                                                    <C>             <C>             <C>           <C>
           Net income, as reported                                     $1,276          $1,262          $ 680         $ 735

           Less:  Total stock-based employee compensation
              cost determined under the fair value based
              method, net of income taxes                                  13             29               6            14
                                                                ------------------------------------------------------------

           Pro forma net income                                        $1,263         $1,233           $ 674         $ 721
                                                                ============================================================

           Earnings per share:

               Basic - as reported                                   $ 1.61           $1.63        $   .86         $  .94
               Basic - pro forma                                       1.60            1.59            .85            .93
               Diluted - as reported                                   1.54            1.56            .82            .91
               Diluted - pro forma                                     1.52            1.53            .81            .89
</TABLE>

Note 5:  Effect of Recent Accounting Pronouncements

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

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

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

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

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

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

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

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

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


Note 6: Reclassifications

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

<PAGE>


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

Forward Looking Statement

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

Critical Accounting Policies

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

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  determination  of the adequacy of the allowance for loan losses is based on
estimates  that are  particularly  susceptible  to  significant  changes  in the
economic  environment and market conditions.  A worsening or protracted economic
decline would  increase the  likelihood  of additional  losses due to credit and
market risk and could create the need for additional loss reserves.

Valuation of Mortgage Servicing Rights

The Company recognizes the right 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 June 30,  2003 and  December  31,  2002,  mortgage
servicing rights had carrying values of $703,000 and $630,000, respectively.




<PAGE>

Financial Condition

At June 30, 2003, the Corporation's  assets totaled $239.4 million,  an increase
of $15.4  million,  or 6.9%,  from  December  31,  2002.  The increase in assets
resulted  primarily  from an increase  in net loans  receivable.  Liquid  assets
(i.e.,  cash and  interest  earning  deposits)  decreased  by $7.8  million from
December  31,  2002  levels,  to a total of  $10.8  million  at June  30,  2003.
Investment  securities  increased by $5.9 million, or 21.1%, to a total of $34.1
million at June 30, 2003. Net loans  receivable  were $176.7 million at June 30,
2003, an increase of $11.8 million, or 7.2%, from $164.9 million at December 31,
2002. These increases were funded by an increase in deposits of $7.2 million and
the decrease of cash and interest earning deposits.

The Corporation's allowance for loan losses totaled $2.1 million at December 31,
2002 and $2.0 million at June 30, 2003, which represented approximately 1.2% and
1.1%  respectively  of  total  loans.  Non-performing  loans  (defined  as loans
delinquent  greater than 90 days and loans on non-accrual  status)  totaled $1.0
million and $1.4 million at December  31, 2002 and June 30, 2003,  respectively.
Although  management  believes  that its  allowance  for loan losses at June 30,
2003, was adequate based upon the available facts and  circumstances,  there can
be no assurance that additions to such allowance will not be necessary in future
periods, which could negatively affect the Corporation's results of operations.

Deposits  totaled  $169.0 million at June 30, 2003, an increase of $7.2 million,
or 4.4%,  compared to total  deposits at December 31,  2002.  The growth for the
six-month period resulted from marketing and interest rate strategies.

Advances  from the Federal Home Loan Bank totaled $40.0 million at both December
31, 2002 and June 30, 2003.  These advances had a positive  effect on the bottom
line  during the first and second  quarters  due to a decline in their  interest
rates.  The average cost of Federal Home Loan Bank advances at June 30, 2003 was
4.29%.

Stockholders'  equity  totaled  $21.7  at June 30,  2003,  an  increase  of $1.1
million, or 5.2%, from $20.6 million at December 31, 2002. The increase resulted
primarily from the Corporation's net income,  offset by cash dividends and stock
repurchases.

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

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

Comparison of Operating Results for the Six Months Ended June 30, 2003 and 2002

General

The  Corporation's  net income for the six months ended June 30,  2003,  totaled
$1,276,000,  an increase of $14,000 or 1.1% from the $1,262,000 reported for the
period  ended  June 30,  2002.  The  increase  in income in the 2003  period was
primarily attributable to an increase in other income of $514,000 and a decrease
in the  provision of $80,000.  This increase was mostly offset by an increase in
other expenses of $548,000.

<PAGE>

Net Interest Income

Total  interest  income for the six months ended June 30, 2003  amounted to $6.1
million,  a decrease of $.2 million,  or 2.5%,  below the  comparable  period in
2002,  reflecting the effects of a decrease in the yield on our loan  portfolio.
The loan yield went from 7.3% for the 2002 period to 6.4% for the 2003 period.

Interest expense on deposits decreased by $ 0.4 million, or 17.9%, to a total of
$1.7 million for the six months ended June 30, 2003, due primarily to a decrease
in the average cost of deposits, as there was an increase in the average balance
of deposits  outstanding  year-to-year.  Interest expense on borrowings  totaled
$954,000 for the six months ended June 30, 2003,  an increase of $266,000,  from
the comparable period in 2002. The increase resulted  primarily from an increase
in average borrowings year-to-year.

As a result of the foregoing  changes in interest  income and interest  expense,
net interest income  decreased by $43,000 or 1.2%, for the six months ended June
30, 2003, as compared to the comparable period in 2002.

Provision for Losses on Loans

A  provision  for  losses  on loans is  charged  to  income  to bring  the total
allowance for loan losses to a level considered  appropriate by management based
upon  historical  experience,  the volume and type of lending  conducted  by the
Bank, the status of past due principal and interest  payments,  general economic
conditions,  particularly as such  conditions  relate to the Bank's market area,
and other factors related to the collectibility of the Bank's loan portfolio. As
a result of such analysis,  management  recorded a $180,000 provision for losses
on loans for the six months ended June 30, 2003, compared to the $260,000 amount
recorded in the 2002 period.  The 2003  provision  amount was  predicated on the
increase in the balance of the loan portfolio,  coupled with the decrease in the
level of  delinquent  loans  year-to-year.  While  management  believes that the
allowance  for  losses on loans is  adequate  at June 30,  2003,  based upon the
available facts and circumstances,  there can be no assurance that the loan loss
allowance  will be  adequate  to cover  losses on  non-performing  assets in the
future.

Other Income

Other income increased by $514,000,  or 42.2%, for the six months ended June 30,
2003,  as compared to the same period in 2002,  due  primarily  to the  $829,000
increase  in gain on  sale  of  loans.  This  was an  extraordinary  period  for
refinancing due to the historical low rates.  Also,  these increases were offset
in part by a $352,000 decrease in gain on sale of premises and equipment. During
the second quarter of 2002, a building was sold for a gain of $352,000.

Other Expense

Other expense increased by $548,000,  or 23.1%, during the six months ended June
30, 2003, as compared to the same period in 2002. The increase was due primarily
to the increase in loan volume/administrative  expense (both portfolio and sales
volume),  and general expense  increases due to growth, as well as some increase
in  salary/benefit  expense  due to an  increase  in  employees  to  service  an
increased asset base and expanded branch network.

Income Taxes

The provision  for income taxes  totaled  $817,000 for the six months ended June
30,  2003,  an decrease of $12,000,  or 1.4%,  as compared to the same period in
2002. The effective tax rates were 39.0% and 39.6% for the six months ended June
30, 2003 and 2002, respectively.

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

General

The Corporation's  net income for the three months ended June 30, 2003,  totaled
$680,000,  a decrease  of  $55,000,  or 7.5%,  from the  $735,000  of net income
reported in the  comparable  2002  period.  The decrease in earnings in the 2003
period was  primarily  attributable  to a  decrease  in net  interest  income of
$71,000, due to the decrease in the average loan yield of approximately 0.75%.
<PAGE>

Net Interest Income

Total interest  income for the three months ended June 30, 2003 amounted to $3.1
million,  a decrease of $111,000,  or 3.5%, from the comparable quarter in 2002,
reflecting the effects of a decrease in average  interest rate.  Interest income
on loans  totaled  $2.7  million for the three  months  ended June 30,  2003,  a
decrease of approximately $141,000, or 4.9%, from the comparable 2002 quarter.

Interest  expense on deposits  decreased by $183,000,  or 18.0%, to a total of $
0.8 million for the quarter ended June 30, 2003,  due primarily to a decrease in
the average cost of deposits.  Interest  expense on borrowings  totaled $518,000
for the three  months  ended June 30,  2003,  an increase  of $143,000  over the
comparable  quarter in 2002. The increase resulted primarily from an increase in
average borrowings outstanding from year-to-year.

As a result of the foregoing  changes in interest  income and interest  expense,
net interest  income  decreased by $71,000,  or 4.0%, for the three months ended
June 30, 2003, as compared to the same quarter in 2002.

Provision for Losses on Loans

A  provision  for  losses on loans is  charged  to  earnings  to bring the total
allowance for loan losses to a level considered  appropriate by management based
upon  historical  experience,  the volume and type of lending  conducted  by the
Bank, the status of past due principal and interest  payments,  general economic
conditions,  particularly as such  conditions  relate to the Bank's market area,
and other factors related to the collectibility of the Bank's loan portfolio. As
a result of such analysis, management recorded a $90,000 provision for losses on
loan for the three months ended June 30, 2003, compared to the $130,000 recorded
in the 2002 period.  While management  believes that the allowance for losses on
loans  is  adequate  at June  30,  2003,  based  upon the  available  facts  and
circumstances,  there can be no assurance  that the loan loss  allowance will be
adequate to cover losses on non-performing assets in the future.

Other Income

Other income  increased by $59,000 for the three months ended June 30, 2003,  as
compared to the same period in 2002,  due  primarily  to a $384,000  increase in
gain on loan sales. In addition,  service fees and charges increased $16,000 for
the three months  ended June 30,  2003,  as compared to the same period in 2002.
These  increases  were offset in part by a $352,000  decrease in gain on sale of
premises and  equipment.  During the second quarter of 2002, a building was sold
for a gain of $352,000.

Other Expense

Other  expense  increased by $156,000,  or 12.6%,  during the three months ended
June 30,  2003,  compared to the same  period in 2002.  This  increase  resulted
primarily from the increase in loan volume/administrative  expense, both balance
sheet and off-balance sheet volume, and general expense increases due to growth.

Income Taxes

The provision for income taxes totaled  $398,000 for the three months ended June
30, 2003,  an decrease of $73,000,  or 15.5%,  as compared to the same period in
2002.  This  decrease  resulted  primarily  from a decrease in net income before
income taxes of $128,000, or 10.6%. The effective tax rates were 36.9% and 39.1%
for the three months ended June 30, 2003 and 2002, respectively.

Off-balance Sheet Arrangements

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




<PAGE>



PART II.  OTHER INFORMATION

Item 1.   Legal Proceedings

          None.

Item 2.   Changes in Securities and Use of Proceeds

          None.

Item 3.   Defaults Upon Senior Securities

          None.

Item 4.   Submission of Matters to Vote of Security Holders

          On  April  16,  2003,   the  Annual   Meeting  of  the   Corporation's
          shareholders  was held.  Two  directors  were elected to the following
          terms and by the following votes:

                                          For                 Votes Withheld
             Robert W. Anger             719,028                  3,880
             Matthew P. Forrester        721,623                  1,285

          Directors  continuing in office are Jonnie L. Davis, Charles J. McKay,
          Michael J. Hensley, Fred W. Koehler, and L. Sue Livers.

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  April  17,  2003,  a press  release  concerning  the
               results of  operations  of the  Corporation  for the period ended
               March 31, 2003 was filed under Items 7 and 9 of Form 8-K.


<PAGE>


                                   Signatures

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

                                       RIVER VALLEY BANCORP


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



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