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River City Bank announced changes to its Board of Directors, with Elaine Lintecum retiring effective April 22, 2025, and Stephanie Zarate joining immediately. Lintecum, former CFO of McClatchy Media, served on the board since 2016 and will continue as a board consultant for the next year.
Zarate, currently Chief Accounting Officer and Treasurer at McClatchy Media, brings over 10 years of experience, having served in various roles including Assistant Treasurer, Investor Relations Director, and Corporate Controller. A CPA with a BS in Accounting from CSU Sacramento and an MBA from UC Davis, Zarate previously worked as an Audit Manager at Deloitte and Touche. She was recently recognized with the Rising Star Award from the UC Davis Graduate School of Management Alumni Association.
River City Bank reported Q1 2025 net income of $12.3 million ($8.39 per diluted share), down from $18.7 million ($12.63 per diluted share) in Q1 2024. The bank achieved a 10.0% return on equity and 0.93% return on assets.
Key highlights include:
- Average loan outstandings increased by $580 million year-over-year, with loan yields decreasing to 5.38%
- Average deposits grew by $221 million compared to Q1 2024
- Cost of funds decreased by 0.19% to 2.91%
- Book value per share rose to $345 from $299 year-over-year
The bank maintained strong credit quality with zero non-performing loans and an Allowance for Credit Losses of 2.36%. The board approved a quarterly cash dividend of $0.40 per common share, payable on May 20, 2025.
River City Bank (RCBC) achieved its 9th consecutive year of record net income, reporting $73.4 million ($49.90 per diluted share) for 2024, up from $60.3 million in 2023. The bank's Q4 2024 net income reached $21.3 million ($14.52 per diluted share), compared to $16.8 million in Q4 2023.
Key performance metrics include a 16.3% return on equity and 1.42% return on assets. Book value per share increased to $336 from $287. The bank's growth was driven by higher loan balances ($515M increase), deposit growth ($734M increase), and improved investment yields (4.76% from 3.45%). Total assets reached $5.1 billion, with an efficiency ratio of 27%.
The board approved an increased quarterly cash dividend of $0.40 per share (up from $0.37), payable on February 26, 2025, to shareholders of record as of February 12, 2025.
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.
