Earnings Release – Redwood Capital Bancorp – Second Quarter, 2024
Strong Balance Sheet – Continued Dividend
John Dalby, President and CEO, remarked, “In the second quarter of 2024, the company continued to maintain its strong balance sheet and loan quality, combined with healthy capital and liquidity positions. Earnings per share for the quarter was
The company strategically manages a slimmer balance sheet to enhance performance while transitioning in the increased rate environment. As of June 30, 2024, the company’s total assets were
The continued high performing balance sheet produced net interest income of
Additionally, the Board of Directors declared a quarterly cash dividend of
For more information regarding Redwood Capital Bancorp, please visit our website at www.redwoodcapitalbank.com, contact Renee Byers, CFO, at (707) 444-9849, or stop by our headquarters and main office at 402 “G” Street,
This press release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank is conducting its operations, including the real estate market in
Redwood Capital Bancorp | |||||||||
Selected Consolidated Financial Results - Unaudited | |||||||||
(In Thousands) | |||||||||
Period Ended | % | ||||||||
6/30/2024 | 3/31/2024 | Change | |||||||
Balance Sheet Data (at period end) | |||||||||
Total assets | $ |
520,378 |
$ |
527,120 |
-1 |
% |
|||
Total deposits |
|
460,814 |
|
468,151 |
-2 |
% |
|||
Total loans (net) |
|
383,123 |
|
386,517 |
-1 |
% |
|||
Common equity |
|
47,847 |
|
46,527 |
3 |
% |
|||
Common shares outstanding |
|
1,960,374 |
|
1,939,192 |
1 |
% |
|||
Summary of Operations (Current Quarter) | |||||||||
Interest income |
|
5,684 |
|
5,743 |
-1 |
% |
|||
Interest expense |
|
1,343 |
|
1,094 |
23 |
% |
|||
Net Interest Income |
|
4,341 |
|
4,649 |
-7 |
% |
|||
Non-interest income |
|
908 |
|
966 |
-6 |
% |
|||
Non-interest expense |
|
3,411 |
|
3,654 |
-7 |
% |
|||
Net Income before provision |
|
1,838 |
|
1,961 |
-6 |
% |
|||
Provision for loan losses |
|
46 |
|
74 |
-38 |
% |
|||
Income before taxes |
|
1,792 |
|
1,887 |
-5 |
% |
|||
Income taxes/(credit) |
|
456 |
|
521 |
-12 |
% |
|||
Net Income |
|
1,336 |
|
1,366 |
-2 |
% |
|||
Earnings per common share (fully diluted) | $ |
0.68 |
$ |
0.70 |
-3 |
% |
|||
Book value per common share | $ |
24.41 |
$ |
23.99 |
2 |
% |
|||
Period Ended | % | ||||||||
6/30/2024 | 6/30/2023 | Change | |||||||
Balance Sheet Data (at period end) | |||||||||
Total assets | $ |
520,378 |
$ |
526,351 |
-1 |
% |
|||
Total deposits |
|
460,814 |
|
473,564 |
-3 |
% |
|||
Total loans (net) |
|
383,123 |
|
384,968 |
0 |
% |
|||
Common equity |
|
47,847 |
|
41,410 |
16 |
% |
|||
Common shares outstanding |
|
1,960,374 |
|
1,939,192 |
1 |
% |
|||
Summary of Operations (Current Quarter) | |||||||||
Interest income |
|
5,684 |
|
5,138 |
11 |
% |
|||
Interest expense |
|
1,343 |
|
502 |
168 |
% |
|||
Net Interest Income |
|
4,341 |
|
4,636 |
-6 |
% |
|||
Non-interest income |
|
908 |
|
1,215 |
-25 |
% |
|||
Non-interest expense |
|
3,411 |
|
3,475 |
-2 |
% |
|||
Net Income before provision |
|
1,838 |
|
2,376 |
-23 |
% |
|||
Provision for loan losses |
|
46 |
|
16 |
100 |
% |
|||
Income before taxes |
|
1,792 |
|
2,360 |
-24 |
% |
|||
Income taxes |
|
456 |
|
648 |
-30 |
% |
|||
Net Income |
|
1,336 |
|
1,712 |
-22 |
% |
|||
Earnings per common share (fully diluted) | $ |
0.68 |
$ |
0.88 |
-23 |
% |
|||
Book value per common share | $ |
24.41 |
$ |
21.35 |
14 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731583650/en/
Renee Byers, CFO, (707) 444-9849
Source: Redwood Capital Bancorp