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River City Bank Reports 2024 First Quarter Net Income of $18.7 Million and a Quarterly Cash Dividend


SACRAMENTO, CA / ACCESSWIRE / April 25, 2024 / River City Bank (the Bank) reported net income of $18.7 million, or $12.63 per diluted share, for the quarter ended March 31, 2024, which compares to $12.9 million, or $8.64 per diluted share, for the same period in 2023. The Bank's earnings for the quarter ended March 31, 2024 represented a healthy 17.5% return on equity capital and 1.47% return on assets. Significant items impacting quarterly net income for March 31, 2024 and 2023 include the following:

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"Our customers continue to appreciate the value the Bank provides with over 50 years of consistently exceptional service as evidenced by our significant growth in total deposits from $3.4 billion at March 31, 2023 to over $4.3 billion as of March 31, 2024," said Steve Fleming, president and chief executive officer. "The Bank's balance sheet remains highly liquid with $503 million in cash and $699 million in high quality short duration investments (investment portfolio effective duration of only 1.1 years). At the same time, our loan quality remains pristine with virtually no delinquencies or non-performing loans. We believe we can continue to grow our commercial real estate loan portfolio as we focus on loans secured by multi-family, retail, and industrial properties, as well as expanding our geographic footprint to other western states outside of California. We will remain diligent with our monitoring of potential impacts to the office segment of our commercial real estate loan portfolio from the reduction in demand as employers continue to provide work from home opportunities for their employees."

"The Bank's high quality investment securities portfolio continues to perform well with relatively small unrealized losses of 1.7 percent and there are no investment securities categorized as held-to-maturity," said Brian Killeen, chief financial officer of River City Bank. "Operational efficiency remains a core competency for the Bank, as evidenced by our 24.4 percent efficiency ratio for the quarter ended March 31, 2024."

Shareholders' equity for River City Bank on March 31, 2024 increased $17.3 million to $435 million when compared to the $418 million as of December 31, 2023. The increase was driven by current year retained earnings. The Bank's capital ratios remain healthy and well above the regulatory definition for being Well Capitalized with a Tier 1 Leverage Ratio of 8.5% as of March 31, 2024. Additionally, Mr. Fleming announced that the Bank's board of directors has approved a cash dividend of $0.37 per common share to shareholders of record as of May 7, 2024, and payable on May 21, 2024.

ABOUT RIVER CITY BANK:

Named one of Sacramento Business Journal's "50 Fastest Growing Companies" for each of the past six years, River City Bank is a leading boutique commercial bank throughout California with assets of almost $5 billion. River City Bank offers a comprehensive suite of banking services, including loans, deposits and cash management tools to the business, consumer, and commercial real estate sectors. With tailored, concierge-like level of service, River City Bank redefines the banking experience and every touch point that surrounds it. River City Bank is the largest, independent, locally owned and managed bank in the Sacramento region with an office in the San Francisco Bay Area and a presence in Southern California. For additional information, please visit www.rivercitybank.com or call (916) 567-2600. Member FDIC. Equal Housing Lender.

Contact Information

Pamela Hansen
VP/Director of Marketing and Events
[email protected]
7075484292

Related Files

Q1 2024 earnings data

SOURCE: River City Bank

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View the original press release on newswire.com.



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