River City Bank Reports Strong Net Income of $17.2 Million for Q2 2024, Record Net Income of $35.9 Million Year to Date, Crossing the $5 Billion Asset Threshold, and Quarterly[...]

"The Bank crossed an important milestone in our history as we ended the quarter with over $5 billion in total assets. 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 $3.6 billion at June 30, 2023 to $4.5 billion as of June 30, 2024," said Steve Fleming, president and chief executive officer. "The Bank's balance sheet remains highly liquid with $377 million in cash and $726 million in high-quality short duration investments (investment portfolio effective duration of only 1 year). 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 26 percent efficiency ratio for the six months ended June 30, 2024."

Shareholders' equity for River City Bank on June 30, 2024, increased $29 million to $447 million, when compared to the $418 million as of Dec. 31, 2023. The increase was driven by growth of the current year's retained earnings. The Bank's capital ratios remain well above the regulatory definition for being Well Capitalized with a Tier 1 Leverage Ratio of 8.7% as of June 30, 2024.

Additionally, Steve 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 July 25, 2024, and payable on Aug. 8, 2024.