River City Bank Reports Net Income of $16.2 Million for the Third Quarter of 2024, Net Income of $52.1 Million Year to Date, and a Quarterly Cash Dividend

"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 assets to over $5.1 billion as of September 30, 2024," said Steve Fleming, president and chief executive officer. "The Bank's balance sheet remains liquid with $283 million in cash and $720 million in high-quality short duration investments (investment portfolio effective duration of only one 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."

"Operational efficiency remains a core competency for the Bank, as evidenced by our 27 percent efficiency ratio for the nine months ended September 30, 2024," said Brian Killeen, chief financial officer of River City Bank. "The Bank's high-quality investment securities portfolio continues to perform well with relatively small unrealized losses of less than one percent and there are no investment securities categorized as held-to-maturity."

Shareholders' equity for River City Bank on September 30, 2024, increased $49 million to $467 million, when compared to the $418 million as of December 31, 2023. The Bank's capital ratios remain well above the regulatory definition for being Well Capitalized, with a Tier 1 Leverage Ratio of 8.8% as of September 30, 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 October 29, 2024, and payable on November 12, 2024.