River Valley Community Bancorp Announces 1ˢᵗ Quarter Results (Unaudited)
River Valley Community Bancorp (RVCB) reported its financial results for Q1 2021, with total assets rising to $506.9 million, up from $496.5 million in Q4 2020 and $468.7 million in Q1 2020. Net income was $1.2 million or $0.51 per diluted share, down from $1.4 million in Q4 2020 but up from $748,000 in Q1 2020. Net interest income slightly decreased to $3.8 million compared to $3.9 million in the previous quarter. Total deposits increased by 2.9% to $457.9 million. The bank's loan portfolio saw modest growth, with less reliance on PPP loans.
- Total assets increased by $10.4 million (2.1%) from Q4 2020.
- Net income of $1.2 million represented a significant increase from $748,000 in Q1 2020.
- Total deposits rose by $12.8 million (2.9%) from the prior quarter.
- Loan growth (excluding PPP loans) was noted at $3.7 million (1.7%).
- Successful completion of a major core system and online banking upgrade.
- Net income decreased by $155,000 (11.0%) from Q4 2020.
- Net interest income fell by $31,000 (0.8%) from the previous quarter.
- Reduction in loan fees due to forgiveness of some PPP loans.
YUBA CITY, Calif., April 20, 2021 (GLOBE NEWSWIRE) -- River Valley Community Bancorp (OTC markets: RVCB) with its wholly owned subsidiary, River Valley Community Bank (collectively referred to as the “Bank”), today announced financial results for the quarter ended March 31, 2021.
Consolidated financial highlights:
- Total assets ended the quarter at
$506.9 million as of March 31, 2021 compared to$496.5 million as of
December 31, 2020 and$468.7 million as of March 31, 2020. - Net income for the quarter ended March 31, 2021 totaled
$1.2 million or$0.51 per diluted share compared to$1.4 million or$0.57 per diluted share for the quarter ended December 31, 2020 and$748,000 or$0.31 per diluted share for the quarter ended March 31, 2020. - Net interest income totaled
$3.8 million for the quarter ended March 31, 2021 compared to$3.9 million for the quarter ended December 31, 2020 and$3.2 million for the quarter ended March 31, 2020.
| Selected Consolidated Financial Information - Unaudited | ||||||||||||||||||||
| (dollar amounts in thousands, except per share data) | ||||||||||||||||||||
| As of | ||||||||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||||||||
| 2021 | 2020 | 2020 | 2020 | 2020 | ||||||||||||||||
| Total investment securities | $ | 169,698 | $ | 168,939 | $ | 181,460 | $ | 180,043 | $ | 176,005 | ||||||||||
| Total loans, gross | 258,504 | 257,740 | 263,621 | 261,631 | 206,026 | |||||||||||||||
| Allowance for loan losses | (3,362 | ) | (3,470 | ) | (3,518 | ) | (3,518 | ) | (2,768 | ) | ||||||||||
| Total assets | 506,850 | 496,487 | 531,065 | 514,768 | 468,714 | |||||||||||||||
| Total deposits | 457,938 | 445,162 | 400,774 | 387,378 | 342,172 | |||||||||||||||
| Borrowings | - | - | 80,000 | 80,000 | 85,000 | |||||||||||||||
| Total shareholders' equity | 45,717 | 46,782 | 45,731 | 43,195 | 39,047 | |||||||||||||||
| Loan to deposit ratio | 56 | % | 58 | % | 66 | % | 68 | % | 60 | % | ||||||||||
| Book value per common share | $ | 18.95 | $ | 19.60 | $ | 19.16 | $ | 18.24 | $ | 16.57 | ||||||||||
| Subsidiary Bank's Tier 1 leverage ratio | 8.20 | % | 8.01 | % | 7.36 | % | 7.35 | % | 7.92 | % | ||||||||||
Total gross loans were
| Selected Consolidated Financial Information - Unaudited (continued) | ||||||||||||||||||||
| (dollar amounts in thousands, except per share data) | ||||||||||||||||||||
| For the Quarter Ended | ||||||||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||||||||
| 2021 | 2020 | 2020 | 2020 | 2020 | ||||||||||||||||
| Total interest income | $ | 3,988 | $ | 4,087 | $ | 3,933 | $ | 3,945 | $ | 3,977 | ||||||||||
| Total interest expense | 160 | 228 | 366 | 447 | 733 | |||||||||||||||
| Net interest income | 3,828 | 3,859 | 3,567 | 3,497 | 3,244 | |||||||||||||||
| Provision for loan losses | - | - | - | 750 | 250 | |||||||||||||||
| Total noninterest income | 276 | 1,617 | 322 | 131 | 1,189 | |||||||||||||||
| Total noninterest expense | 2,388 | 3,553 | 2,081 | 2,039 | 3,142 | |||||||||||||||
| Net income | 1,245 | 1,405 | 1,324 | 652 | 748 | |||||||||||||||
| Earnings per share - basic | $ | 0.52 | $ | 0.59 | $ | 0.56 | $ | 0.28 | $ | 0.32 | ||||||||||
| Earnings per share - diluted | $ | 0.51 | $ | 0.57 | $ | 0.54 | $ | 0.27 | $ | 0.31 | ||||||||||
| Net interest margin | 3.26 | % | 3.24 | % | 2.85 | % | 2.92 | % | 3.00 | % | ||||||||||
| Net interest margin - tax equivalent | 3.31 | % | 3.29 | % | 2.90 | % | 2.97 | % | 3.03 | % | ||||||||||
| Efficiency ratio | 59.49 | % | 87.72 | % | 53.51 | % | 56.18 | % | 92.52 | % | ||||||||||
| Return on average assets | 1.01 | % | 1.13 | % | 1.02 | % | 0.52 | % | 0.66 | % | ||||||||||
| Return on average equity | 10.76 | % | 12.18 | % | 11.69 | % | 6.45 | % | 7.59 | % | ||||||||||
Net interest income of
December 31, 2020. The quarter-over-quarter decrease is primarily attributable to a reduction in loan fees recognized upon the forgiveness of PPP loans.
CEO John M. Jelavich stated, “We are off to a great start in 2021 and are pleased with our first quarter results. During the quarter, we saw continued strength in our loan pipeline and solid deposit growth. Over the past year, not only have our deposits grown significantly, but our deposit mix also improved which assists in lowering our overall funding costs. During the quarter, we also saw longer term interest rates increase with the improved outlook for the economy. Increasing rates have reduced some of the unrealized gains in our investment securities portfolio from year-end, however longer-term, moderately increasing rates and a sustained positive sloping yield curve should be beneficial for our margins and earnings.”
Jelavich continued, “During the first quarter, we made significant strides in positioning the bank for the future by completing a major core system and online banking upgrade. We believe our investment in technology will serve the Bank and our customers well and I am very proud of our amazing banking team for their tireless efforts in the conversion process.”
“Last, I would like to acknowledge Michael Finn who has done a fantastic job serving as the Bank’s Chief Financial Officer over the last five years. Michael departed the Bank last week to pursue a new angle on his career. With the advance notice Michael gave, we have been able to get a good start on recruitment and hope to announce a new CFO joining the RVCB team soon,” Jelavich concluded.
The Bank remains highly rated with BauerFinancial, Depositaccounts.com and Bankrate and serves its customer base through its offices located at:
- 1629 Colusa Avenue, Yuba City, CA
- 580 Brunswick Rd, Grass Valley, CA
- 905 Lincoln Way, Auburn, CA
- 904 B Street, Marysville, CA
The Bank offers a full suite of competitive products, services, and banking technology. For more information please visit our website at www.myrvcb.com or contact John M. Jelavich at (530) 821-2469.
Forward Looking Statements: This document may contain comments and information that constitute forward‐looking statements. Forward‐looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by such statements. Forward‐looking statements speak only as to the date they are made. The Bank does not undertake to update forward‐looking statements to reflect circumstances or events that occur after the date the forward‐looking statements are made.
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