An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
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 ha riportato un reddito netto di 18,7 milioni di dollari per il primo trimestre del 2024, con un guadagno per azione diluita di 12,63 dollari, che rappresenta un ritorno sul capitale proprio del 17,5% e un rendimento sugli asset dell'1,47%. La banca ha registrato una crescita nei saldi dei prestiti, delle disponibilità liquide e degli investimenti, nonché nei depositi, portando a un aumento dei redditi netti da interessi e dei proventi da liquidità e investimenti. Nonostante un maggiore accantonamento per perdite su crediti a causa della crescita dei prestiti e delle preoccupazioni nel portafoglio immobiliare commerciale, il bilancio della banca rimane solido, senza perdite effettive sui crediti e con titoli d'investimento di alta qualità. Il patrimonio netto degli azionisti è aumentato a 435 milioni di dollari e il consiglio ha annunciato un dividendo in contanti di 0,37 dollari per azione ordinaria.
River City Bank reportó un ingreso neto de 18.7 millones de dólares para el primer trimestre del 2024, con ganancias por acción diluida de 12.63 dólares, lo que representa un retorno del 17.5% sobre el capital y un retorno del 1.47% sobre los activos. El banco experimentó un crecimiento en los saldos de préstamos, saldos de caja e inversiones y depósitos, lo que llevó a un aumento en los ingresos netos por intereses y los ingresos por efectivo e inversiones. A pesar de una mayor provisión para pérdidas crediticias debido al crecimiento de los préstamos y las preocupaciones en el portafolio de bienes raíces comerciales, el balance del banco sigue siendo fuerte, sin pérdidas crediticias reales y con valores de inversión de alta calidad. El patrimonio de los accionistas aumentó a 435 millones de dólares y la junta anunció un dividendo en efectivo de 0.37 dólares por acción común.
리버 시티 은행은 2024년 첫 분기에 1천870만 달러의 순이익을 보고했습니다. 주당 순이익은 12.63달러로 자기자본수익률은 17.5%, 자산수익률은 1.47%를 나타냈습니다. 은행은 대출 잔액, 현금 및 투자 잔액, 예금의 성장을 경험하여 순이자 수익과 현금 및 투자 수익이 증가했습니다. 대출 성장과 상업용 부동산 포트폴리오에 대한 우려로 인해 신용 손실 준비금이 증가했음에도 불구하고 은행의 재무 상태는 여전히 강력하며, 실제 신용 손실은 없고 고품질 투자 증권을 보유하고 있습니다. 주주 자본은 4억 3,500만 달러로 증가했으며 이사회는 보통주당 0.37달러의 현금 배당을 발표했습니다.
La River City Bank a déclaré un bénéfice net de 18,7 millions de dollars pour le premier trimestre de 2024, avec un bénéfice par action diluée de 12,63 dollars, représentant un retour sur capitaux propres de 17,5% et un retour sur actifs de 1,47%. La banque a connu une croissance des soldes de prêts, des liquidités et des soldes d'investissements, ainsi que des dépôts, conduisant à une augmentation des revenus nets d'intérêts et des revenus des liquidités et des investissements. Malgré une provision plus élevée pour pertes sur crédits en raison de la croissance des prêts et des préoccupations dans le portefeuille immobilier commercial, le bilan de la banque reste solide, sans pertes de crédit réelles et avec des titres d'investissement de haute qualité. Les capitaux propres des actionnaires ont augmenté pour atteindre 435 millions de dollars, et le conseil a annoncé un dividende en espèces de 0,37 dollar par action ordinaire.
Die River City Bank verzeichnete für das erste Quartal 2024 einen Nettogewinn von 18,7 Millionen Dollar, mit einem Ergebnis pro verwässerter Aktie von 12,63 Dollar, was einer Eigenkapitalrendite von 17,5% und einer Vermögensrendite von 1,47% entspricht. Die Bank verzeichnete ein Wachstum bei Kreditbeständen, Bargeld- und Anlagebeständen sowie Einlagen, was zu einem Anstieg des Nettozinseinkommens und des Einkommens aus Bargeld und Anlagen führte. Trotz höherer Vorsorge für Kreditausfälle aufgrund des Kreditwachstums und Bedenken im Portfolio für gewerbliche Immobilien bleibt die Bilanz der Bank stark, mit keinen tatsächlichen Kreditausfällen und hochwertigen Anlagewertpapieren. Das Eigenkapital der Aktionäre stieg auf 435 Millionen Dollar, und der Vorstand kündigte eine Bardividende von 0,37 Dollar pro Stammaktie an.
Positive
River City Bank reported a net income of $18.7 million for the first quarter of 2024.
Earnings per diluted share were $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.
The provision for credit losses increased due to concerns in the commercial real estate portfolio, but 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.
Negative
Increased provision for credit losses due to concerns in the commercial real estate portfolio.
Potential impact on the office segment of the commercial real estate loan portfolio from the reduction in demand for office spaces due to work-from-home opportunities.
Mark-to-market fluctuations from interest rate swaps can impact the income statement until designated as hedges to specific assets or liabilities.
SACRAMENTO, CA / ACCESSWIRE / April 25, 2024 / River City Bank (the Bank) reported net income of $18.7 million, or $12.63 per diluted share, for the quarter ended March 31, 2024, which compares to $12.9 million, or $8.64 per diluted share, for the same period in 2023. The Bank's earnings for the quarter ended March 31, 2024 represented a healthy 17.5% return on equity capital and 1.47% return on assets. Significant items impacting quarterly net income for March 31, 2024 and 2023 include the following:
RCB Blue RCB Blue square
Higher loan balances - Average loan outstandings for the quarter ended March 31, 2024 were $494 million higher than the same period prior year, thereby increasing net interest income despite higher cost of funds.
Increased cash and investment balances - Average cash balances grew by $533 million and average investments balances grew by $61 million, when compared to the same period in 2023. The increased balances, at higher yields, provided an $11.9 million increase in income from cash and investments versus the prior year quarter.
Deposit growth - Average deposits grew by $1.05 billion compared to the same period a year earlier, supporting the Bank's loan growth while reducing higher cost borrowings and increasing liquid assets.
The Bank recognized $4.3 million in mark-to-market gains on undesignated interest rate swaps for the quarter ended March 31, 2024 that benefitted from rising interest rates during the quarter. These swaps were entered into for the purpose of hedging the medium-term fixed rate loans in the Bank's loan portfolio, as part of the Bank's standard interest rate risk management program. Until these interest rate swaps are designated as a hedge to specific assets or liabilities, the mark-to-market fluctuations (positive and negative) will flow through the income statement.
The provision for credit losses for loans in for the quarter ended March 31, 2024 was $4.0 million, which was $2.5 million greater than the $1.5 million in the same period in 2023. The increased provision for credit losses for loans reflects the growth in the Bank's loans as well as concern for continued deterioration in the office segment of the Bank's commercial real estate portfolio. During the quarter ended March 31, 2024, the Bank did not experience any actual credit losses and the Bank's Allowance for Credit Losses for Loans was a robust 2.67% as of March 31, 2024.
"Our customers continue to appreciate the value the Bank provides with over 50 years of consistently exceptional service as evidenced by our significant growth in total deposits from $3.4 billion at March 31, 2023 to over $4.3 billion as of March 31, 2024," said Steve Fleming, president and chief executive officer. "The Bank's balance sheet remains highly liquid with $503 million in cash and $699 million in high quality short duration investments (investment portfolio effective duration of only 1.1 years). At the same time, our loan quality remains pristine with virtually no delinquencies or non-performing loans. We believe we can continue to grow our commercial real estate loan portfolio as we focus on loans secured by multi-family, retail, and industrial properties, as well as expanding our geographic footprint to other western states outside of California. We will remain diligent with our monitoring of potential impacts to the office segment of our commercial real estate loan portfolio from the reduction in demand as employers continue to provide work from home opportunities for their employees."
"The Bank's high quality investment securities portfolio continues to perform well with relatively small unrealized losses of 1.7 percent and there are no investment securities categorized as held-to-maturity," said Brian Killeen, chief financial officer of River City Bank. "Operational efficiency remains a core competency for the Bank, as evidenced by our 24.4 percent efficiency ratio for the quarter ended March 31, 2024."
Shareholders' equity for River City Bank on March 31, 2024 increased $17.3 million to $435 million when compared to the $418 million as of December 31, 2023. The increase was driven by current year retained earnings. The Bank's capital ratios remain healthy and well above the regulatory definition for being Well Capitalized with a Tier 1 Leverage Ratio of 8.5% as of March 31, 2024. Additionally, Mr. Fleming announced that the Bank's board of directors has approved a cash dividend of $0.37 per common share to shareholders of record as of May 7, 2024, and payable on May 21, 2024.
ABOUT RIVER CITY BANK:
Named one of Sacramento Business Journal's "50 Fastest Growing Companies" for each of the past six years, River City Bank is a leading boutique commercial bank throughout California with assets of almost $5 billion. River City Bank offers a comprehensive suite of banking services, including loans, deposits and cash management tools to the business, consumer, and commercial real estate sectors. With tailored, concierge-like level of service, River City Bank redefines the banking experience and every touch point that surrounds it. River City Bank is the largest, independent, locally owned and managed bank in the Sacramento region with an office in the San Francisco Bay Area and a presence in Southern California. For additional information, please visit www.rivercitybank.com or call (916) 567-2600. Member FDIC. Equal Housing Lender.
