SACRAMENTO, Calif., Oct. 19, 2022 (GLOBE NEWSWIRE) — River City Bank (the Bank) reported internet earnings of $11.0 million, or $7.43 per diluted share, for the quarter ending September 30, 2022, which was $663,000 lower than the $11.7 million, or $7.92 per diluted share, for the identical interval in 2021. Net earnings was $36.3 million, or $24.51 per diluted share, for the 9 months ending September 30, 2022, greater than the $34.7 million, or $23.51 per diluted share, for the 9 months ending September 30, 2021. Significant gadgets impacting quarterly internet earnings for September 30, 2022 and 2021 embody the following:
- Higher mortgage balances — Average mortgage outstandings have been $538 million increased than the prior 12 months quarter, thereby rising internet curiosity earnings.
- The provision for mortgage losses for the present quarter of $3.73 million was increased than the $2.0 million for the prior 12 months quarter.
- The Bank recorded an elevated stage ($1.9 million) of prepayment premium earnings on industrial actual property loans that paid off previous to their maturity dates for the quarter ending September 30, 2021, in comparison with solely $124,000 for the present quarter.
- Deferred mortgage charge earnings related to Paycheck Protection Program (PPP) loans was decrease in the present quarter with $50,000, in comparison with the considerably increased $1.4 million for the quarter ending September 30, 2021.
“We are very pleased with the $416 million or 15% loan growth during the nine months ending September 30, 2022 (after excluding the $32 million reduction in PPP loans),” mentioned Steve Fleming, president and chief government officer of River City Bank. “Our asset quality remains strong with virtually no delinquencies or non-performing loans; however, we remain cautious about the impact to the office segment of commercial real estate due to the reduction in demand as employers provide work-from-home opportunities.”
“Operational efficiency remains a core competency for the Bank, as evidenced by our 28 percent efficiency ratio, after excluding the interest rate swap mark-to-market gain of $7 million and the $3.9 million realized loss on sale of investment securities for the nine months ending September 30, 2022,” mentioned Anker Christensen, chief monetary officer of River City Bank.
Shareholders’ fairness for River City Bank on September 30, 2022, elevated $32 million to $340 million, when in comparison with the $308 million as of December 31, 2021. The improve was pushed by present 12 months retained earnings, partially offset by a $6.5 million improve in amassed different complete loss as the improve in short- and medium-term rates of interest resulted in unrealized losses in the Bank’s funding securities portfolio. The Bank’s capital ratio stays effectively above the regulatory definition for being Well Capitalized with a Tier 1 Leverage Ratio of 9.0% as of September 30, 2022.
ABOUT RIVER CITY BANK:
Named one of Sacramento Business Journal‘s “50 Fastest Growing Companies” for every of the previous six years, River City Bank is the Sacramento area’s premier business financial institution with property of over $3.9 billion. River City Bank presents a complete suite of banking providers, together with loans, deposits and money administration instruments to the business, shopper and industrial actual property sectors. With tailor-made, executive-level service and a long-term investment-grade credit standing from Standard & Poor’s, River City Bank redefines the banking expertise and each contact level that surrounds it. River City Bank is the largest, unbiased, regionally owned and managed financial institution in the Sacramento area with places of work in the San Francisco Bay Area and a presence in Southern California. For further info, please go to www.rivercitybank.com or name (916) 567-2600. Member FDIC. Equal Housing Lender.
Contact Information:
Amber Holwell
VP – Director of Marketing
[email protected]
916-567-2600
Related Files
Q3 2022 earnings information.pdf
This content material was issued by way of the press launch distribution service at Newswire.com.
