River City Bank Reports Net Income of $16.2 Million for the Third Quarter of 2024, Net Income of $52.1 Million Year to Date, and a Quarterly Cash Dividend
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) ha riportato un reddito netto di 16,2 milioni di dollari per il terzo trimestre del 2024, leggermente in calo rispetto ai 16,3 milioni di dollari del terzo trimestre del 2023. Il reddito netto dall'inizio dell'anno ha raggiunto 52,1 milioni di dollari, in aumento rispetto ai 43,6 milioni nello stesso periodo dell'anno scorso. Le performance della banca sono state sostenute da saldi e rendimenti dei prestiti più elevati, un aumento dei titoli d'investimento e una crescita dei depositi. Il bilancio di RCBC è cresciuto a oltre 5,1 miliardi di dollari in totale attivo, con una solida posizione di capitale e un rapporto di leva di Prima Fascia dell'8,8%. La banca ha annunciato un dividendo in contante trimestrale di 0,37 dollari per azione, pagabile il 12 novembre 2024. Nonostante le difficoltà, RCBC ha mantenuto un sano ritorno sul capitale del 15,7% e un impressionante rapporto di efficienza del 27% per i primi nove mesi del 2024.
River City Bank (RCBC) reportó un ingreso neto de 16,2 millones de dólares para el tercer trimestre de 2024, ligeramente inferior a los 16,3 millones de dólares en el tercer trimestre de 2023. El ingreso neto acumulado este año alcanzó 52,1 millones de dólares, en comparación con los 43,6 millones en el mismo período del año pasado. El desempeño del banco fue impulsado por saldo y rendimientos de préstamos más altos, un aumento en los valores de inversión y crecimiento en los depósitos. El balance de RCBC creció a más de 5,1 mil millones de dólares en activos totales, con una sólida posición de capital y una relación de apalancamiento de primer nivel del 8,8%. El banco anunció un dividendo en efectivo trimestral de 0,37 dólares por acción, pagadero el 12 de noviembre de 2024. A pesar de los desafíos, RCBC mantuvo un saludable retorno sobre el patrimonio del 15,7% y un impresionante ratio de eficiencia del 27% en los primeros nueve meses de 2024.
리버 시티 뱅크 (RCBC)는 2024년 3분기 순이익이 1,620만 달러로 2023년 3분기 1,630만 달러에서 소폭 감소했다고 보고했습니다. 연간 누적 순이익은 5,210만 달러에 달했으며, 이는 작년 같은 기간의 4,360만 달러보다 증가한 수치입니다. 은행의 성과는 대출 잔액과 수익률 증가, 투자 증권 증가 및 예금 성장에 의해 좌우되었습니다. RCBC의 총 자산은 51억 달러 이상으로 성장했으며, 안정적인 자본 구조와 8.8%의 1급 레버리지 비율을 유지하고 있습니다. 은행은 주당 0.37달러의 분기 현금 배당금을 발표했으며, 2024년 11월 12일 지급될 예정입니다. 어려움에도 불구하고 RCBC는 2024년 첫 아홉 달 동안 15.7%의 건전한 자기자본 수익률과 27%의 인상적인 효율성 비율을 유지했습니다.
River City Bank (RCBC) a annoncé un revenu net de 16,2 millions de dollars pour le troisième trimestre 2024, légèrement inférieur aux 16,3 millions de dollars du troisième trimestre 2023. Le revenu net depuis le début de l'année a atteint 52,1 millions de dollars, contre 43,6 millions au cours de la même période l'année dernière. La performance de la banque a été soutenue par des soldes de prêts et des rendements plus élevés, une augmentation des titres d'investissement et une croissance des dépôts. Le bilan de RCBC a augmenté à plus de 5,1 milliards de dollars d'actifs totaux, avec une solide position capitalistique et un ratio de levier de premier niveau de 8,8 %. La banque a annoncé un dividende en espèces trimestriel de 0,37 dollar par action, payable le 12 novembre 2024. Malgré les défis, RCBC a maintenu un rendement sain des capitaux propres de 15,7 % et un impressionnant ratio d'efficacité de 27 % pour les neuf premiers mois de 2024.
Die River City Bank (RCBC) hat für das 3. Quartal 2024 einen Nettoeinkommen von 16,2 Millionen Dollar gemeldet, was einen leichten Rückgang gegenüber 16,3 Millionen Dollar im 3. Quartal 2023 bedeutet. Das Nettoergebnis seit Jahresbeginn erreichte 52,1 Millionen Dollar, ein Anstieg gegenüber 43,6 Millionen im gleichen Zeitraum des Vorjahres. Die Leistung der Bank wurde durch höhere Kreditbestände und -renditen, gestiegene Investitionswerte und Wachstum der Einlagen angetrieben. Die Bilanz von RCBC wuchs auf über 5,1 Milliarden Dollar an Gesamtvermögen, mit einer soliden Kapitalposition und einer Kernkapital-Leverage-Ratio von 8,8%. Die Bank kündigte eine vierteljährliche Bardividende von 0,37 Dollar je Aktie an, die am 12. November 2024 ausgezahlt wird. Trotz der Herausforderungen hielt RCBC eine gesunde Rendite auf das Eigenkapital von 15,7% und ein beeindruckendes Effizienzverhältnis von 27% für die ersten neun Monate des Jahres 2024 aufrecht.
- Net income increased to $52.1 million YTD, up from $43.6 million in the same period last year
- Average loan outstandings increased by $475 million compared to the prior year quarter
- Loan yields improved to 4.48% from 4.08% in the prior year quarter
- Average deposits grew by $638 million compared to the same period a year earlier
- No credit losses experienced during the current quarter or for the nine months ended September 30, 2024
- Total assets grew to over $5.1 billion as of September 30, 2024
- Strong capital position with a Tier 1 Leverage Ratio of 8.8%
- Quarterly cash dividend of $0.37 per share announced
- Quarterly net income slightly decreased to $16.2 million from $16.3 million in Q3 2023
- $6.2 million loss recognized related to free-standing interest rate swaps during the current quarter
- Potential impacts to the office segment of commercial real estate loan portfolio due to reduced demand
River City Bank Reports Net Income for Third Quarter of 2024
SACRAMENTO, CA / ACCESSWIRE / October 17, 2024 / River City Bank (the Bank) reported net income of
Significant items impacting quarterly net income for September 30, 2024, and the same period in 2023 include the following:
Higher loan balances and yields - Average loan outstandings were
$475 million higher than the prior year quarter, and loan yields increased to4.48% for the current quarter, compared to4.08% in the prior year quarter.Increased investment securities balances and yields - Average investment securities balances grew by
$87 million and yields on investment securities increased from2.67% during the same quarter a year ago to4.57% in the current quarter.Deposit growth - Average deposits grew by
$638 million compared to the same period a year earlier, supporting growth in the Bank's loans and liquid assets.The provision for credit losses for the current quarter was a reversal of
$2.0 million compared to an addition of$4.6 million for the prior year quarter. The Bank did not experience any credit losses during the current quarter or for the nine months ended September 30, 2024, and the Bank's Allowance for Credit Losses for Loans was a robust2.45% of Gross Loans as of September 30, 2024. For the nine months ended September 30, 2024, the provision for credit losses was$5.0 million compared to$12.5 million for the same period in 2023.The Bank recognized a
$6.2 million loss related to free-standing interest rate swaps during the current quarter compared to$2.4 million gain in the prior year quarter. These swaps were previously designated as cash flow hedges for the purpose of hedging interest rate risk associated with rising deposit costs. The Bank maintains these swaps as part of the Bank's standard interest rate risk management program. For the nine months ended September 30, 2024, the Bank has recognized a$2.4 million gain related to these interest rate swaps.
"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 assets to over
"Operational efficiency remains a core competency for the Bank, as evidenced by our 27 percent efficiency ratio for the nine months ended September 30, 2024," said Brian Killeen, chief financial officer of River City Bank. "The Bank's high-quality investment securities portfolio continues to perform well with relatively small unrealized losses of less than one percent and there are no investment securities categorized as held-to-maturity."
Shareholders' equity for River City Bank on September 30, 2024, increased
Additionally, Mr. Fleming announced that the Bank's board of directors has approved a cash dividend of
ABOUT RIVER CITY BANK:
Named one of Sacramento Business Journal's "50 Fastest Growing Companies" for each of the past seven years, River City Bank is a leading boutique commercial bank throughout California with assets of over
Contact Information
Pamela Hansen
VP/Director of Marketing and Events
pamela.hansen@rivercitybank.com
7075484292
Related Files
SOURCE: River City Bank
View the original press release on newswire.com.
FAQ
What was River City Bank's net income for Q3 2024?
How much is River City Bank's quarterly cash dividend for Q3 2024?
What was River City Bank's (RCBC) return on equity for the first nine months of 2024?
What is River City Bank's (RCBC) efficiency ratio for the first nine months of 2024?
What was River City Bank's (RCBC) total asset value as of September 30, 2024?
