Earnings Release – Redwood Capital Bancorp – Year-End 2024
President and CEO John Dalby stated, “As we conclude another successful year at the Bank, I am pleased to share our year-end earnings which reflect the strength and stability of our community-focused institution. Our strong liquidity and robust capital position demonstrate our continued commitment to financial soundness, ensuring we remain a trusted partner for our customers and shareholders.”
Dalby added, “Redwood Capital Bank reported a strong performance for the year-ending 2024, with earnings per share reaching
Total assets as of December 31, 2024, were
Consolidated net income before taxes for the twelve months ended December 31, 2024, 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, 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 - except share data) | ||||||||||
Period Ended | % | |||||||||
12/31/2024 | 9/30/2024 | Change | ||||||||
Balance Sheet Data (at period end) | ||||||||||
Total assets | $ |
528,261 |
|
$ |
534,174 |
-1.11 |
% |
|||
Total deposits |
|
471,708 |
|
|
470,547 |
0.25 |
% |
|||
Total loans (net) |
|
382,638 |
|
|
380,926 |
0.45 |
% |
|||
Common equity |
|
50,572 |
|
|
50,868 |
-0.58 |
% |
|||
Common shares outstanding |
|
1,958,253 |
|
|
1,960,374 |
-0.11 |
% |
|||
Summary of Operations (Current Quarter) | ||||||||||
Interest income |
|
6,016 |
|
|
6,065 |
-0.81 |
% |
|||
Interest expense |
|
1,322 |
|
|
1,403 |
-5.77 |
% |
|||
Net Interest Income |
|
4,694 |
|
|
4,662 |
0.69 |
% |
|||
Non-interest income |
|
778 |
|
|
882 |
-11.79 |
% |
|||
Non-interest expense |
|
3,864 |
|
|
3,495 |
10.56 |
% |
|||
Net Income before provision |
|
1,608 |
|
|
2,049 |
-21.52 |
% |
|||
Provision for loan losses |
|
(38 |
) |
|
151 |
-125.17 |
% |
|||
Income before taxes |
|
1,646 |
|
|
1,898 |
-13.28 |
% |
|||
Income taxes |
|
452 |
|
|
525 |
-13.90 |
% |
|||
Net Income |
|
1,194 |
|
|
1,373 |
-13.04 |
% |
|||
Earnings per share (fully diluted) | $ |
0.61 |
|
$ |
0.70 |
-12.94 |
% |
|||
Book value per common share | $ |
25.83 |
|
$ |
25.95 |
-0.47 |
% |
|||
Period Ended | % | |||||||||
12/31/2024 | 12/31/2023 | Change | ||||||||
Balance Sheet Data (at period end) | ||||||||||
Total assets | $ |
528,261 |
|
$ |
518,105 |
1.96 |
% |
|||
Total deposits |
|
471,708 |
|
|
460,434 |
2.45 |
% |
|||
Total loans (net) |
|
382,638 |
|
|
388,424 |
-1.49 |
% |
|||
Common equity |
|
50,572 |
|
|
45,709 |
10.64 |
% |
|||
Common shares outstanding |
|
1,958,253 |
|
|
1,939,192 |
0.98 |
% |
|||
Summary of Operations (Current Quarter) | ||||||||||
Interest income |
|
6,016 |
|
|
5,674 |
6 |
% |
|||
Interest expense |
|
1,322 |
|
|
708 |
87 |
% |
|||
Net Interest Income |
|
4,694 |
|
|
4,966 |
-5 |
% |
|||
Non-interest income |
|
778 |
|
|
790 |
-2 |
% |
|||
Non-interest expense |
|
3,864 |
|
|
3,585 |
8 |
% |
|||
Net Income before provision |
|
1,608 |
|
|
2,171 |
-26 |
% |
|||
Provision for loan losses |
|
(38 |
) |
|
- |
0 |
% |
|||
Income before taxes |
|
1,646 |
|
|
2,171 |
-24 |
% |
|||
Income taxes |
|
452 |
|
|
610 |
-26 |
% |
|||
Net Income |
|
1,194 |
|
|
1,561 |
-24 |
% |
|||
Earnings per share (fully diluted) | $ |
0.61 |
|
$ |
0.80 |
-24 |
% |
|||
Book value per common share | $ |
25.83 |
|
$ |
23.57 |
10 |
% |
|||
Summary of Operations (Year to Date) | ||||||||||
Interest income |
|
23,509 |
|
|
21,437 |
10 |
% |
|||
Interest expense |
|
5,161 |
|
|
2,102 |
146 |
% |
|||
Net Interest Income |
|
18,348 |
|
|
19,335 |
-5 |
% |
|||
Non-interest income |
|
3,535 |
|
|
4,456 |
-21 |
% |
|||
Non-interest expense |
|
14,424 |
|
|
13,987 |
3 |
% |
|||
Net Income before provision |
|
7,459 |
|
|
9,804 |
-24 |
% |
|||
Provision for loan losses |
|
233 |
|
|
58 |
302 |
% |
|||
Income before taxes |
|
7,226 |
|
|
9,746 |
-26 |
% |
|||
Income taxes |
|
1,954 |
|
|
2,702 |
-28 |
% |
|||
Net Income |
|
5,272 |
|
|
7,044 |
-25 |
% |
|||
Earnings per share (fully diluted) | $ |
2.69 |
|
$ |
3.63 |
-26 |
% |
|||
Book value per common share | $ |
25.83 |
|
$ |
23.57 |
10 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250129748925/en/
Renee Byers, CFO, (707) 444-9849
Source: Redwood Capital Bancorp