River City Bank Achieves Remarkable Second Quarter Earnings of $14.4 Million and Impressive Year-to-Date Results of $27.3 Million

SACRAMENTO, Calif., July 19, 2023 (VSNewsNetwork.com) - River City Bank (the Bank) has announced its financial results for the second quarter of 2023, reporting a net income of $14.4 million, or $9.65 per diluted share. This represents a significant increase from the $8.9 million, or $5.98 per diluted share, reported for the same period in 2022.

The Bank's strong performance continued throughout the first six months of 2023, with a net income of $27.3 million, or $18.28 per diluted share. This compares favorably to the $25.3 million, or $17.08 per diluted share, reported for the six months ending June 30, 2022. The Bank achieved a healthy 14.8% return on equity capital and 1.35% return on assets for the first half of 2023.

Key factors contributing to the positive financial results include higher loan balances, which increased net interest income, and a prudent provision for credit losses on loans. The Bank's commercial real estate portfolio, specifically the office segment, remains a concern due to ongoing deterioration. On the other hand, the Bank's liquidity remains robust, with total deposits growing from $3.4 billion to $3.6 billion. The Bank plans to expand its commercial real estate loan portfolio by focusing on multi-family, retail, and industrial properties while exploring opportunities in western states outside of California.

River City Bank maintains a strong capital position, with a Tier 1 Leverage Ratio of 9.3% as of June 30, 2023, well above the regulatory requirement for being Well Capitalized.

To learn more about River City Bank and its financial results, please visit their official website at www.rivercitybank.com.

Source: River City Bank via Newswire