Earnings Release – Redwood Capital Bancorp – Second Quarter, 2023
Strong Second Quarter Earnings – Continued Dividend
John Dalby, President and CEO remarked, “The Redwood Capital Bancorp Board of Directors and staff are pleased to announce the second quarter, 2023 results as well as the June 30 year-to-date (YTD) results. At six months ended June 30, 2023, the company’s earnings are ahead of last year’s record earnings by
The company posted modest growth in the major balance sheet categories of assets, loans and deposits during the second quarter of 2023. Total assets as of June 30, 2023, were
Net interest income for the quarter ended June 30, 2023, totaled
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, SVP/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 | % | ||||
6/30/2023 | 3/31/2023 | Change | |||
Balance Sheet Data (at period end) | |||||
Total assets |
|
|
|
||
Total deposits | 473,564 |
459,091 |
|
||
Total loans (net) | 384,968 |
379,756 |
|
||
Common equity | 41,410 |
41,240 |
|
||
Common shares outstanding | 1,939,192 |
1,977,596 |
- |
||
Summary of Operations (Current Quarter) | |||||
Interest income | 5,138 |
5,113 |
|
||
Interest expense | 502 |
319 |
|
||
Net Interest Income | 4,636 |
4,794 |
- |
||
Non-interest income | 1,215 |
1,184 |
|
||
Non-interest expense | 3,475 |
3,448 |
|
||
Net Income before provision | 2,376 |
2,530 |
- |
||
Provision for loan losses | 16 |
35 |
- |
||
Income before taxes | 2,360 |
2,495 |
- |
||
Income taxes/(credit) | 648 |
671 |
- |
||
Net Income | 1,712 |
1,825 |
- |
||
Earnings per common share (fully diluted) |
|
|
- |
||
Book value per common share |
|
|
|
||
Period Ended | % | ||||
6/30/2023 | 6/30/2022 | Change | |||
Balance Sheet Data (at period end) | |||||
Total assets |
|
|
- |
||
Total deposits | 473,564 |
500,165 |
- |
||
Total loans (net) | 384,968 |
350,773 |
|
||
Common equity | 41,410 |
36,631 |
|
||
Common shares outstanding | 1,939,192 |
1,977,596 |
- |
||
Summary of Operations (Current Quarter) | |||||
Interest income | 5,138 |
4,210 |
|
||
Interest expense | 502 |
280 |
|
||
Net Interest Income | 4,636 |
3,930 |
|
||
Non-interest income | 1,215 |
1,206 |
|
||
Non-interest expense | 3,475 |
3,041 |
|
||
Net Income before provision | 2,376 |
2,095 |
|
||
Provision for loan losses | 16 |
0 |
|
||
Income before taxes | 2,360 |
2,095 |
|
||
Income taxes | 648 |
567 |
|
||
Net Income | 1,712 |
1,528 |
|
||
Earnings per common share (fully diluted) |
|
|
|
||
Book value per common share |
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230802644285/en/
Renee Byers, SVP/CFO, (707) 444-9849
Source: Redwood Capital Bancorp