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.
Redwood Capital Bancorp (OTCQB:RWCB) reported record earnings and loan growth for the year ending December 31, 2021. Total assets rose to $595 million, with total deposits increasing to $542 million, marking a 21% rise from the previous year. The bank processed 975 loans through the PPP, disbursing $104 million to stimulate the local economy. Net income for 2021 reached $5,592,000, a 27% increase from 2020. A quarterly cash dividend of $0.07 per share was declared, payable on February 16, 2022, reflecting a 1.36% annual yield based on year-end market price.
Redwood Capital Bancorp (OTCQB:RWCB) reported significant growth in its unaudited financial results for the three and nine months ending September 30, 2021. Total assets reached $589.3 million, a 20% increase year-over-year. Total deposits also rose by 20% to $536.4 million. Net income for the first nine months of 2021 was $4.3 million, up from $2.8 million in 2020. The bank was named the top SBA lender in Humboldt County, processing 32% of all SBA loans. A quarterly cash dividend of $0.07 per share was declared, reflecting a 1.41% yield based on the current stock price.
On September 28, 2021, Redwood Capital Bancorp (OTCQB:RWCB) announced that its President and CEO, John E. Dalby, will take a temporary medical leave of absence starting October 1, 2021 for health reasons unrelated to COVID-19. His leave is expected to last until the end of 2021. Despite his absence, Dalby will continue to monitor the company's operations as feasible, while the executive management team will oversee daily operations. The Board of Directors supports Dalby’s decision, affirming confidence in the management team to maintain company strategy.
Redwood Capital Bancorp (OTCQB:RWCB) has appointed Tyrone Champ to its Board of Directors. Champ, a Certified Public Accountant and community-focused individual, brings significant local economic insight and experience. President and CEO John Dalby expressed excitement about Champ's appointment, citing his commitment to Humboldt County. Champ has a local accounting background and has been actively involved in community service. His familiarity with the bank spans over 15 years, including his prior role as a financial auditor for the institution.
Redwood Capital Bancorp (RWCB) reported strong second quarter results for the period ended June 30, 2021. Total assets increased by 6% to $578.2 million, while total deposits grew by 6% to $526.8 million year-over-year. Total loans decreased by 5% to $343.2 million compared to the previous quarter. Net interest income for the quarter was slightly down to $3.92 million but showed an 11% increase from last year. Net income rose by 34% to $1.49 million with earnings per share at $0.76. A quarterly dividend of $0.07 per share was declared, reflecting ongoing commitment to shareholders.
On April 28, 2021, Redwood Capital Bancorp (RWCB) reported strong financial results for Q1 2021, marking a 168% increase in net income to $1.42 million. The bank experienced 53% annual growth in deposits, totaling $496.86 million. Total assets rose by 48% to $546.44 million, while total loans increased by 31% to $362.22 million. The board declared a quarterly cash dividend of $0.07 per share. RWCB's share price was $20.56 as of March 31, 2021, reflecting significant growth from $11.95 in Q1 2020.
Redwood Capital Bancorp (RWCB) reported unaudited financial results for the year ending December 31, 2020, showcasing a strong performance amidst the COVID-19 pandemic. Total net income rose to $6.23 million, an 11% increase year-over-year. Total assets reached $498 million, a 35% increase since December 2019, with deposits up 38%. Notably, the bank funded 590 PPP loans totaling over $72 million, leading to a significant growth in new business relationships. A quarterly cash dividend of $0.07 per share was declared, reflecting a 1.87% annual rate based on year-end market price.