Welcome to our dedicated page for River City news (Ticker: RCBC), a resource for investors and traders seeking the latest updates and insights on River City stock.
River City Bank reports recurring bank earnings, dividend actions, balance-sheet trends, and governance updates under the RCBC symbol. Company news centers on net income, return measures, book value per share, shareholders' equity, regulatory capital ratios, loan and deposit activity, liquidity, borrowing capacity, and the performance of its investment securities portfolio.
Updates also cover board composition and other corporate actions at the Sacramento-based bank. The recurring disclosures describe how the bank's lending, funding, investment portfolio, efficiency, and capital position affect reported results across quarterly and annual periods.
River City Bank (RCBC) reported strong financial results for Q2 2024, with net income of $17.2 million, or $11.66 per diluted share, up from $14.4 million in Q2 2023. Year-to-date net income reached a record $35.9 million, representing a 16.6% return on equity and 1.41% return on assets. The bank's total assets surpassed $5 billion, marking a significant milestone. Key factors contributing to growth include:
- Higher loan balances, increasing net interest income by $5.0 million
- Increased cash and investment balances, providing $9.7 million more income
- Strong deposit growth of $946 million year-over-year
- Robust loan quality with virtually no delinquencies or non-performing loans
- Efficient operations, with a 26% efficiency ratio for H1 2024
The bank's board approved a cash dividend of $0.37 per common share, payable on Aug. 8, 2024.
River City Bank has announced changes to its Board of Directors effective April 24, 2024. Paul Duncan, a board member since 2021, has retired due to his relocation out of California. Duncan brought extensive banking strategy and experience to the Board. Eric Johnson, a former Chief Information Officer (2013-2017) for River City Bank, is joining the Board. Johnson, a technology strategist and UC Davis lecturer, previously worked with multiple IT service providers and Meriplex, where he managed mergers and acquisitions. Steve Fleming, President and CEO, highlighted Johnson's expertise in cybersecurity, while Board Chairman Shawn Kelly Devlin noted Johnson's ability to enhance the Board's diversity and expertise. Johnson holds degrees in Computer Science and Managerial Economics from UC Davis and is active in several community foundations and boards.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
River City Bank has declared a cash dividend of $0.35 per common share, payable on May 16, 2023, to shareholders of record as of May 2, 2023. This decision follows the bank's announcement of a net income of $12.9 million for the first quarter of 2023, translating to $8.64 diluted earnings per share. Recognized as one of the Sacramento Business Journal's "
River City Bank reported a net income of $12.9 million or $8.64 per diluted share for Q1 2023, down from $16.5 million or $11.10 per diluted share in Q1 2022. The prior year's income included $7.0 million in mark-to-market gains and $6.9 million from a sale true-up. The Bank's provision for loan losses decreased to $1.5 million from $6.4 million in the previous year. As of March 31, 2023, the Bank maintained a healthy 14% return on equity capital and a 1.29% return on assets. Total deposits remained stable at over $3.4 billion, supporting liquidity. Shareholders' equity increased to $366.5 million, up from $353 million. The Bank also emphasized its operational efficiency with a 32% efficiency ratio for the quarter.