River City - RCBC STOCK NEWS

River City Bank has announced the formation of its new Public Sector Banking Division, to be led by Rosa Hilmarsdottir Cucicea, who has been managing the Bank's Clean Energy Division since 2018. In her expanded role as Director of the Clean Energy and Public Sector Banking Division, Cucicea will continue overseeing the Clean Energy Division while leading the new public sector initiative.

The expansion builds on the bank's successful partnership with Community Choice Aggregation (CCA) clients, which served as both government agencies and clean energy providers. This experience has provided Cucicea with expertise in both sectors, positioning her to lead the new division. CEO Steve Fleming emphasized that this move reflects the bank's commitment to providing specialized financial solutions for municipalities and government agencies.

River City Bank (RCBC) reported net income of $16.2 million for Q3 2024, slightly down from $16.3 million in Q3 2023. Year-to-date net income reached $52.1 million, up from $43.6 million in the same period last year. The bank's performance was driven by higher loan balances and yields, increased investment securities, and deposit growth. RCBC's balance sheet grew to over $5.1 billion in total assets, with a strong capital position and a Tier 1 Leverage Ratio of 8.8%. The bank announced a quarterly cash dividend of $0.37 per share, payable on November 12, 2024. Despite challenges, RCBC maintained a healthy 15.7% return on equity and an impressive 27% efficiency ratio for the first nine months of 2024.

River City Bank (RCBC) reported strong financial results for Q2 2024, with net income of $17.2 million, or $11.66 per diluted share, up from $14.4 million in Q2 2023. Year-to-date net income reached a record $35.9 million, representing a 16.6% return on equity and 1.41% return on assets. The bank's total assets surpassed $5 billion, marking a significant milestone. Key factors contributing to growth include:

- Higher loan balances, increasing net interest income by $5.0 million
- Increased cash and investment balances, providing $9.7 million more income
- Strong deposit growth of $946 million year-over-year
- Robust loan quality with virtually no delinquencies or non-performing loans
- Efficient operations, with a 26% efficiency ratio for H1 2024

The bank's board approved a cash dividend of $0.37 per common share, payable on Aug. 8, 2024.

River City Bank has announced changes to its Board of Directors effective April 24, 2024. Paul Duncan, a board member since 2021, has retired due to his relocation out of California. Duncan brought extensive banking strategy and experience to the Board. Eric Johnson, a former Chief Information Officer (2013-2017) for River City Bank, is joining the Board. Johnson, a technology strategist and UC Davis lecturer, previously worked with multiple IT service providers and Meriplex, where he managed mergers and acquisitions. Steve Fleming, President and CEO, highlighted Johnson's expertise in cybersecurity, while Board Chairman Shawn Kelly Devlin noted Johnson's ability to enhance the Board's diversity and expertise. Johnson holds degrees in Computer Science and Managerial Economics from UC Davis and is active in several community foundations and boards.

River City Bank reported a net income of $18.7 million for the first quarter of 2024, with earnings per diluted share at $12.63, representing a 17.5% return on equity capital and a 1.47% return on assets. The bank experienced growth in loan balances, cash and investment balances, and deposits, leading to increased net interest income and income from cash and investments. Despite a higher provision for credit losses due to loan growth and concerns in the commercial real estate portfolio, the Bank's balance sheet remains strong, with no actual credit losses and high-quality investment securities. Shareholders' equity increased to $435 million, and the board announced a cash dividend of $0.37 per common share.

River City Bank (RCBC) reported an 8th consecutive year of net income with $60.3 million for the year ended December 31, 2023, representing a 15.7% return on equity capital and 1.34% return on assets. The improved net income was driven by higher loan balances, increased net interest margin, and reduced provision for credit losses. The Bank's total deposits grew significantly from $3.4 billion to $4.3 billion, and shareholders' equity increased to $418 million. The board of directors approved a cash dividend of $0.37 per common share.

River City Bank reports net income of $16.3 million for Q3 2023, representing a 15.4% return on equity capital and 1.34% return on assets. The bank's earnings for the first nine months of 2023 are $43.6 million.