Redwood Capital Bancorp reports community-bank developments for its Humboldt County bank holding company and wholly owned subsidiary, Redwood Capital Bank. News releases commonly cover unaudited quarterly and year-end financial results, earnings trends, balance-sheet strength, loan-portfolio quality, capital and liquidity, and book value measures.
Company updates also include board-authorized common stock repurchase programs, quarterly cash dividend declarations and changes, and governance actions such as board appointments. The company’s shares trade on the OTCQX market under the symbol RWCB.
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Redwood Capital Bancorp (OTCQB:RWCB) reported strong financial results for the first quarter of 2023, ending March 31, 2023. Total assets were $511.5 million, total deposits at $459 million, and gross loans increased by 13% to $379.8 million. The net interest income grew 34% to $4.8 million, while net income surged 122% to $1.8 million compared to the same quarter in the previous year. The company declared a quarterly cash dividend of $0.08 per share, with an annualized dividend of $0.32. The earnings per share (EPS) rose to $0.92, a 120% increase year-over-year. However, total assets and deposits saw declines of 10% and 11% respectively compared to March 31, 2022.
On February 1, 2023, Redwood Capital Bancorp (OTCQB:RWCB) announced record growth and earnings for the fiscal year 2022. The company reported total assets of $521 million and total deposits of $471 million. Total loans increased by 14% year-over-year to $379.5 million. Consolidated net income before taxes reached $8.4 million, reflecting a 10% increase from 2021. The fourth quarter yielded a net income of $1.9 million, contributing to an annual growth of 8%. In recognition of its performance, the company declared a quarterly cash dividend of $0.08 per share to shareholders, payable on February 14, 2023.
Redwood Capital Bancorp (OTCQB:RWCB) announced its unaudited financial results for the three and nine months ended September 30, 2022. Total assets reached $553.7 million, while total deposits slightly increased to $507.3 million. Net interest income for the three months totaled $4.66 million, marking a 13% rise from the previous quarter. The company reported a net income of $4.08 million for the first nine months of 2022. In light of strong performance, the quarterly dividend was raised from $0.07 to $0.08 per share, effective November 14, 2022.
Redwood Capital Bancorp (OTCQB:RWCB) announced the appointment of Benjamin A. McWhorter, II to its Board of Directors, effective August 17, 2022. McWhorter, a Humboldt County native, is recognized for his community involvement and business acumen as a part-owner of Sequoia LP Gas Company. CEO John Dalby expressed optimism about McWhorter's contribution to the bank's mission of providing exceptional community banking services. Redwood Capital Bancorp emphasizes its commitment to serving Humboldt County, where it is the only locally owned community bank.
Redwood Capital Bancorp (RWCB) reported strong financial results for Q2 2022, with net income rising 86% to $1,528,000 and earnings per share (EPS) of $0.77, up 84% year-over-year. Total net loans increased by 4% to $350.8 million, while total assets decreased by 5% to $548 million. The Board declared a quarterly dividend of $0.07 per share, reflecting a commitment to shareholder returns. CEO John Dalby emphasized improved asset quality and future positioning.
On June 22, 2022, org value="OTC-PINK:RWCB"Redwood Capital Bancorp announced the return of John E. Dalby as President and CEO after a medical leave, effective June 13, 2022. Mr. Dalby expressed gratitude to the Board and Jennifer Budwig, who served as Acting CEO. The management team, including CFO Renee Byers and others, maintained strong customer service and financial performance during Dalby’s absence. Founded in 2004, org value="ACORN:4064574954"Redwood Capital Bank now has four branches in California.
On May 19, 2022, Redwood Capital Bancorp (OTCQB:RWCB) held its Annual Meeting of Shareholders on May 18, 2022, where two key items were approved. The board members were re-elected, maintaining all nine current members. Additionally, Richardson & Company, LLP was appointed as the independent public accountants for 2022. The meeting saw over 70% of RWCB shares voted. Total assets increased to $579.5 million as of March 31, 2022, up 6% from the previous year. The board also declared a quarterly cash dividend of $0.07 per share, payable on May 10, 2022.
Redwood Capital Bancorp (RWCB) announced its unaudited financial results for Q1 2022, reporting net income of $823,000, down 42% from $1,417,000 in Q1 2021. Total assets increased by 6% to $579.5 million. However, net interest income fell 9% to $3.572 million, and total loans decreased 7% to $337.1 million due to PPP loan forgiveness. The company declared a quarterly dividend of $0.07, with an annualized dividend yield of 1.6%.