Thugmuffin
3 años hace
$RVCB River Valley Community Bancorp Announces 1st Quarter Results (Unaudited)Press Release | 04/19/2022
YUBA CITY, Calif., April 19, 2022 (GLOBE NEWSWIRE) -- River Valley Community Bancorp (OTC markets: RVCB) with its wholly owned subsidiary, River Valley Community Bank (collectively referred to as the “Bank”), today announced financial results for the quarter ended March 31, 2022.
Consolidated financial highlights:
Total assets ended the quarter at $574.8 million as of March 31, 2022 compared to $600.8 million as of December 31, 2021 and $506.8 million as of March 31, 2021.
Net income for the quarter ended March 31, 2022 totaled $1.1 million or $0.36 per diluted share compared to $1.4 million or $0.46 per diluted share for the quarter ended December 31, 2021 and $1.2 million or $0.42 per diluted share for the quarter ended March 31, 2021.
Net interest income totaled $3.9 million for the quarter ended March 31, 2022 compared to $4.1 million for the quarter ended December 31, 2021 and $3.9 million for the quarter ended March 31, 2021.
Selected Consolidated Financial Information - Unaudited
(dollar amounts in thousands, except per share data)
As of
Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
2022 2021 2021 2021 2021
Total investment securities $ 242,907 $ 227,775 $ 200,099 $ 171,710 $ 169,698
Total loans, gross 248,560 250,670 243,689 258,816 258,504
PPP loans (non-core) 1,071 3,939 10,307 26,136 42,383
Total loans, excluding PPP 247,489 246,731 233,382 232,680 216,121
Allowance for loan losses (3,513 ) (3,513 ) (3,362 ) (3,362 ) (3,362 )
Total assets 574,805 600,849 527,734 503,298 506,850
Total deposits 530,020 548,020 475,251 450,895 457,938
Borrowings - - - - -
Total shareholders' equity 42,332 49,428 48,853 48,439 45,717
Loan to deposit ratio 47 % 46 % 51 % 57 % 56 %
Book value per common share $ 13.85 $ 16.30 $ 16.14 $ 16.02 $ 15.16
Subsidiary Bank's Tier 1 leverage ratio 7.85 % 8.13 % 8.41 % 8.42 % 8.20 %
Total gross loans were $248.6 million as of March 31, 2022, which represents a decrease of $2.1 million or 0.8% (3.4% annualized) from $250.7 million as of December 31, 2021 and a decrease of $9.9 million or 3.8% from March 31, 2021. Excluding PPP loans, the Bank experienced net loan growth of $756,000 or 0.3% (1.2% annualized) since December 31, 2021 and an increase of $31.4 million or 14.5% since March 31, 2021. For the quarter ended March 31, 2022, $2.8 million of the $3.9 million remaining PPP loans were forgiven with full payments received from the Small Business Administration. Total deposits of $530.0 million as of March 31, 2022 represent a decrease of $18.0 million or 3.3% (13.1% annualized) from $548.0 million as of December 31, 2021 and an increase of $72.1 million or 15.7% from March 31, 2021. As of March 31, 2022, the Bank had no non-performing assets.
Selected Consolidated Financial Information - Unaudited (continued)
(dollar amounts in thousands, except per share data)
For the Quarter Ended
Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
2022 2021 2021 2021 2021
Total interest income $ 4,089 $ 4,295 $ 4,173 $ 4,071 $ 3,988
Total interest expense 140 147 153 156 160
Net interest income 3,949 4,148 4,020 3,915 3,828
Provision for loan losses - 151 - - -
Total noninterest income 200 242 161 175 276
Total noninterest expense 2,567 2,340 2,265 2,275 2,388
Net income 1,142 1,392 1,397 1,315 1,245
Earnings per share - basic $ 0.38 $ 0.46 $ 0.46 $ 0.43 $ 0.42
Earnings per share - diluted $ 0.36 $ 0.44 $ 0.45 $ 0.42 $ 0.41
Net interest margin 2.79 % 3.09 % 3.21 % 3.28 % 3.26 %
Net interest margin - tax equivalent 2.83 % 3.13 % 3.25 % 3.33 % 3.31 %
Efficiency ratio 61.87 % 53.32 % 54.17 % 55.62 % 59.49 %
Return on average assets 0.78 % 1.00 % 1.07 % 1.05 % 1.01 %
Return on average equity 9.64 % 11.16 % 11.18 % 11.24 % 10.76 %
Net interest income of $3.9 million for the quarter ended March 31, 2022 is an increase of $121,000 or 3.2% from the quarter ended March 31, 2021 and a decrease of $199,000 or 4.8% (19.2% annualized) from the quarter ended December 31, 2021. The quarter-over-quarter decrease is primarily attributable to a reduction in loan fee income. As the volume of PPP loan forgiveness decreases, so does the recognition of PPP loan fee income. PPP loan fee income is fully recognized when a loan is forgiven or paid off.
CFO Reynolds stated, “Due to an increase in expectations about future rate hikes, the yield curve saw significant increases across all maturities during the quarter. This led to an increase of unrealized losses in the investment portfolio and a related decrease in the Bank’s book value per share. We manage the bond portfolio considering the Bank’s overall balance sheet. Our bond portfolio compliments are other earning assets well and is performing as it was intended. All of our investments are investment grade and/or issued by government sponsored entities, the unrealized losses are not indicative of credit deterioration. Bond prices fall as yields or rates rise.”
CEO John M. Jelavich stated, “We are off to a great start in 2021 and are pleased with our first quarter results. During the quarter, we saw continued strength in our loan pipeline and solid deposit growth. Over the past year, not only have our deposits grown significantly, but our deposit mix also improved which assists in lowering our overall funding costs. During the quarter, we also saw longer term interest rates increase with the improved outlook for the economy. Increasing rates have reduced some of the unrealized gains in our investment securities portfolio from year-end, however longer-term, moderately increasing rates and a sustained positive sloping yield curve should be beneficial for our margins and earnings.”
Jelavich continued, “During the first quarter, we made significant strides in positioning the bank for the future by completing a major core system and online banking upgrade. We believe our investment in technology will serve the Bank and our customers well and I am very proud of our amazing banking team for their tireless efforts in the conversion process.”
The Bank remains highly rated with BauerFinancial, Depositaccounts.com and Bankrate and serves its customer base through its offices located at:
1629 Colusa Avenue, Yuba City, CA
580 Brunswick Rd, Grass Valley, CA
905 Lincoln Way, Auburn, CA
904 B Street, Marysville, CA
401 Ryland Street, Reno, NV (Loan Production Office)
The Bank offers a full suite of competitive products, services, and banking technology. For more information please visit our website at www.myrvcb.com or contact John M. Jelavich at (530) 821-2469.
Forward Looking Statements: This document may contain comments and information that constitute forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by such statements. Forward-looking statements speak only as to the date they are made. The Bank does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
AskMuncher
3 años hace
$RVCB River Valley Community Bancorp Announces 4th Quarter and Annual Results (Unaudited); Opens Reno, Nevada Loan Production Office
Press Release | 01/18/2022
YUBA CITY, Calif., Jan. 18, 2022 (GLOBE NEWSWIRE) -- River Valley Community Bancorp (OTC markets: RVCB) with its wholly owned subsidiary, River Valley Community Bank (collectively referred to as the “Bank”), today announced financial results for the quarter ended December 31, 2021.
Consolidated financial highlights:
Total assets ended the year at $600.8 million as of December 31, 2021, compared to $496.5 million as of December 31, 2020, and $527.7 million as of September 30, 2021. Total assets grew 21.0% during the year ended December 31, 2021.
Net income for the quarter ended December 31, 2021, totaled $1.4 million or $0.44 per diluted share compared to $1.3 million or $0.46 per diluted share for the quarter ended December 31, 2020, and $1.4 million or $0.45 per diluted share for the quarter ended September 30, 2021. Net income for the year ended December 31, 2021, was $5.4 million or $1.73 per diluted share, which increased 28.0% from the previous year.
Net interest income totaled $4.2 million for the quarter ended December 31, 2021, compared to $3.9 million for the quarter ended December 31, 2020, and $4.0 million for the quarter ended September 30, 2021. Net interest income for the year ended December 31, 2021, was $15.9 million which is an increase of 12.3% from the year ended December 31, 2020.
Selected Consolidated Financial Information - Unaudited
(dollar amounts in thousands, except per share data)
As of
Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,
2021 2021 2021 2021 2020
Total investment securities $ 227,775 $ 200,099 $ 171,710 $ 169,698 $ 168,939
Total loans, gross 250,670 243,689 258,816 258,504 257,740
PPP loans (non-core) 3,939 10,307 26,136 42,383 45,279
Total loans, excluding PPP 246,731 233,382 232,680 216,121 212,461
Allowance for loan losses (3,513) (3,362) (3,362) (3,362) (3,470)
Total assets 600,849 527,734 503,298 506,850 496,487
Total deposits 548,020 475,251 450,895 457,938 445,162
Borrowings - - - - -
Total shareholders' equity 49,428 48,853 48,439 45,717 46,782
Loan to deposit ratio 46% 51% 57% 56% 58%
Book value per common share $ 16.30 $ 16.14 $ 16.02 $ 15.16 $ 15.68
Subsidiary Bank's Tier 1 leverage ratio 8.13% 8.41% 8.42% 8.20% 8.01%
Total gross loans were $250.6 million as of December 31, 2021, which represents a decrease of $7.1 million or 2.7% from $257.7 million as of December 31, 2020, and an increase of $7.0 million or 2.9% from $243.7 million as of September 30, 2021. The decrease in loans was driven primarily by PPP loan payoffs received during the twelve-month period ended December 31, 2021. Excluding PPP loans, the Bank experienced loan growth of $34.3 million or 16.1% from December 31, 2020, and $13.3 million or 5.7% from September 30, 2021 (22.9% annualized). Total deposits of $548.0 million as of December 31, 2021, represent an increase of $102.9 million or 23.1% from $445.1 million as of December 31, 2020, and an increase of $72.8 million or 15.3% (61.2% annualized) from $475.3 million as of September 30, 2021. As of December 31, 2021, the Bank’s non-performing assets totaled $225,000.
Selected Consolidated Financial Information - Unaudited (continued)
(dollar amounts in thousands, except per share data)
For the Year Ended
Dec 31, Dec 31, Variance
2021 2020 Amount Percent
Total interest income $ 16,525 $ 15,942 $ 583 3.7%
Total interest expense 617 1,775 (1,158) -65.2%
Net interest income 15,908 14,167 1,741 12.3%
Provision for loan losses 151 1,000 (849) -84.9%
Total noninterest income 855 3,260 (2,405) -73.8%
Total noninterest expense 9,268 10,814 (1,546) -14.3%
Net income 5,350 4,129 1,221 29.6%
Earnings per share - basic $ 1.77 $ 1.39 $ 0.38 27.2%
Earnings per share - diluted $ 1.73 $ 1.35 $ 0.38 28.0%
Net interest margin 3.20% 3.00% 0.20% 6.8%
Net interest margin - tax equivalent 3.25% 3.05% 0.20% 6.7%
Efficiency ratio 55.59% 72.27% -16.68% -23.1%
Return on average assets 1.03% 0.84% 0.19% 23.1%
Return on average equity 11.09% 9.64% 1.45% 15.0%
Selected Consolidated Financial Information - Unaudited (continued)
(dollar amounts in thousands, except per share data)
For the Quarter Ended
Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,
2021 2021 2021 2021 2020
Total interest income $ 4,295 $ 4,173 $ 4,071 $ 3,988 $ 4,087
Total interest expense 147 153 156 160 228
Net interest income 4,148 4,020 3,915 3,828 3,859
Provision for loan losses 151 - - - -
Total noninterest income 242 161 175 276 1,617
Total noninterest expense 2,340 2,265 2,275 2,388 3,553
Net income 1,392 1,397 1,315 1,245 1,405
Earnings per share - basic $ 0.46 $ 0.46 $ 0.43 $ 0.42 $ 0.47
Earnings per share - diluted $ 0.44 $ 0.45 $ 0.42 $ 0.41 $ 0.46
Net interest margin 3.09% 3.21% 3.28% 3.26% 3.24%
Net interest margin - tax equivalent 3.13% 3.25% 3.33% 3.31% 3.29%
Efficiency ratio 53.32% 54.17% 55.62% 59.49% 87.72%
Return on average assets 1.00% 1.07% 1.05% 1.01% 1.13%
Return on average equity 11.16% 11.18% 11.24% 10.76% 12.18%
Net interest income of $15.9 million for the year ended December 31, 2021, is an increase of $1.7 million or 12.3% from the year ended December 31, 2020. The Bank’s net interest income continued to benefit from the accelerated recognition of fee income upon forgiveness of PPP loans. Further, the Bank’s net interest income has benefited from strong, core non-PPP loan growth and the Bank’s increased investment in debt securities. The Bank recognized provision for loan losses of $151,000 during the quarter ended December 31, 2021, which is primarily attributable to the Bank’s core non-PPP loan growth.
Concurrent with the announcement of fourth quarter earnings, the Company’s Board of Directors approved the opening of a loan production office in Reno, NV. The office opened for business effective January 3, 2022.
CFO Kevin S. Reynolds commented, “The Bank recognized record net income for the year ended December 31, 2021. A significant driver for this achievement was the benefit recognized on the forgiveness of PPP loans. When PPP loans are forgiven the recognition of PPP fee income is accelerated, which provided a lift to the Bank’s interest income on loans. The Bank received forgiveness payments of $59.2 million on PPP loans during 2021. The Bank continues to enjoy ample liquidity and a balance sheet well positioned for loan growth.”
CEO John M. Jelavich stated, “Despite many challenges, 2021 was a great year for the Bank. We are proud to have produced record earnings and total assets which exceeded $600 million at year-end. We are also proud of the core loan and deposit growth we have achieved during the year. Notably, our deposit growth was heavily influenced by growth in demand deposits, which helped to lower our overall funding costs during the year. In addition, we also made significant investment in new banking technology and in the expansion of our lending and credit team, both of which position the Bank well for 2022 and beyond. Our team continued to demonstrate their adaptability and commitment to our customers, and we are very proud of the collective effort and positive impact the Bank has had on our communities.”
Jelavich continued, “Looking into 2022, we anticipate having a solid year although we do not expect the earnings benefit provided by PPP that we experienced in 2021. We expect continued pressure on our margins due to the low interest rate environment we have experienced, however, the Fed’s recent comments suggesting rate increases in 2022 bode well for future margin expansion and earnings for our bank and the industry.”
“Last, we are pleased to be in a position to open our loan production office in Reno, Nevada. Between our Board, banking team and customers, we have many business ties into the Reno market. Reno is a large and growing market, and a market that values the relationship brand of business banking we currently provide in our adjacent northern California footprint. We look forward to leveraging these synergies and are excited about the opportunity to offer a relationship banking alternative in the Reno market,” Jelavich concluded.
The Bank remains highly rated with BauerFinancial, Depositaccounts.com and Bankrate and serves its customer base through its offices located at:
1629 Colusa Avenue, Yuba City, CA
580 Brunswick Rd, Grass Valley, CA
905 Lincoln Way, Auburn, CA
904 B Street, Marysville, CA
401 Ryland Street, Reno, NV (Loan Production Office)
The Bank offers a full suite of competitive products, services, and banking technology. For more information please visit our website at www.myrvcb.com or contact John M. Jelavich at (530) 821-2469.
Forward Looking Statements: This document may contain comments and information that constitute forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by such statements. Forward-looking statements speak only as to the date they are made. The Bank does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
AskMuncher
3 años hace
$RVCB River Valley Community Bancorp Announces 2nd Quarter Results (Unaudited) and Stock Repurchase Plan
Press Release | 07/20/2021
YUBA CITY, Calif., July 20, 2021 (GLOBE NEWSWIRE) -- River Valley Community Bancorp (OTC markets: RVCB) with its wholly owned subsidiary, River Valley Community Bank (collectively referred to as the “Bank”), today announced financial results for the quarter ended June 30, 2021.
Consolidated financial highlights:
Total assets totaled $503.3 million as of June 30, 2021, compared to $514.8 million as of June 30, 2020, and $506.8 million as of March 31, 2021.
Net income for the quarter ended June 30, 2021, totaled $1.3 million or $0.53 per diluted share compared to $652,000 or $0.27 per diluted share for the quarter ended June 30, 2020, and $1.2 million or $0.51 per diluted share for the quarter ended March 31, 2021.
Net interest income totaled $3.9 million for the quarter ended June 30, 2021, compared to $3.5 million for the quarter ended June 30, 2020, and $3.8 million for the quarter ended March 31, 2021.
Selected Consolidated Financial Information - Unaudited
(dollar amounts in thousands, except per share data)
As of
Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,
2021 2021 2020 2020 2020
Total investment securities $ 171,710 $ 169,698 $ 168,939 $ 181,460 $ 180,043
Total loans, gross 258,816 258,504 257,740 263,621 261,631
PPP loans 26,136 42,383 45,279 56,422 54,675
Total loans, excluding PPP 232,680 - 216,121 - 212,461 - 207,199 - 206,956
Allowance for loan losses (3,362 ) (3,362 ) (3,470 ) (3,518 ) (3,518 )
Total assets 503,298 506,850 496,487 531,065 514,768
Total deposits 450,895 457,938 445,162 400,774 387,378
Borrowings - - - 80,000 80,000
Total shareholders' equity 48,439 45,717 46,782 45,731 43,195
Loan to deposit ratio 57 % 56 % 58 % 66 % 68 %
Book value per common share $ 20.03 $ 18.95 $ 19.60 $ 19.16 $ 18.24
Subsidiary Bank's Tier 1 leverage ratio 8.42 % 8.20 % 8.01 % 7.36 % 7.35 %
Total gross loans were $258.8 million as of June 30, 2021, which represents a decrease of $2.8 million or 1.1% from $261.6 million as of June 30, 2020, and an increase of $300,000 or 0.1% from $258.5 million as of March 31, 2021. The decrease in loans was driven primarily by PPP loan payoffs received during the twelve-month and three-month periods ended June 30, 2021. Excluding PPP loans, the Bank experienced loan growth of $25.7 million or 12.4% from June 30, 2020, and $16.6 million or 7.7% from March 31, 2021 (30.6% annualized). Total deposits of $450.9 million as of June 30, 2021, represent an increase of $63.5 million or 16.4% from $387.4 million as of June 30, 2020, and a decrease of $7.0 million or 1.5% (6.2% annualized) from $457.9 million as of March 31, 2021. The decline in deposits from March 31, 2021 is attributed primarily to agriculture related seasonal factors affecting our Yuba City office which, despite the decline, has record high deposits for this time of year. As of June 30, 2021, the Bank’s non-performing assets totaled $230,000.
Selected Consolidated Financial Information - Unaudited (continued)
(dollar amounts in thousands, except per share data)
Six Months Ended
June 30 June 30 Variance
2021 2020 Amount Percent
Total interest income $ 8,059 $ 7,922 $ 137 1.7 %
Total interest expense 317 1,180 (863 ) -73.1 %
Net interest income 7,742 6,742 1,000 14.8 %
Provision for loan losses - 1,000 (1,000 ) -100.0 %
Total noninterest income 451 1,321 (870 ) -65.9 %
Total noninterest expense 4,663 5,181 (518 ) -10.0 %
Net income 2,561 1,399 1,162 83.0 %
Earnings per share - basic $ 1.07 $ 0.59 $ 0.48 81.4 %
Earnings per share - diluted $ 1.03 $ 0.58 $ 0.45 77.6 %
Net interest margin 3.27 % 2.96 % 0.31 % 10.4 %
Net interest margin - tax equivalent 3.32 % 3.00 % 0.32 % 10.6 %
Efficiency ratio 57.55 % 73.75 % -16.20 % -22.0 %
Return on average assets 1.03 % 0.59 % 0.45 % 75.6 %
Return on average equity 11.00 % 7.01 % 3.99 % 56.9 %
Selected Consolidated Financial Information - Unaudited (continued)
(dollar amounts in thousands, except per share data)
For the Quarter Ended
Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,
2021 2021 2020 2020 2020
Total interest income $ 4,071 $ 3,988 $ 4,087 $ 3,933 $ 3,945
Total interest expense 156 160 228 366 447
Net interest income 3,915 3,828 3,859 3,567 3,497
Provision for loan losses - - - - 750
Total noninterest income 175 276 1,617 322 131
Total noninterest expense 2,275 2,388 3,553 2,081 2,039
Net income 1,315 1,245 1,405 1,324 652
Earnings per share - basic $ 0.54 $ 0.52 $ 0.59 $ 0.56 $ 0.28
Earnings per share - diluted $ 0.53 $ 0.51 $ 0.57 $ 0.54 $ 0.27
Net interest margin 3.28 % 3.26 % 3.24 % 2.85 % 2.92 %
Net interest margin - tax equivalent 3.33 % 3.31 % 3.29 % 2.90 % 2.97 %
Efficiency ratio 55.62 % 59.49 % 87.72 % 53.51 % 56.18 %
Return on average assets 1.05 % 1.01 % 1.13 % 1.02 % 0.52 %
Return on average equity 11.24 % 10.76 % 12.18 % 11.69 % 6.45 %
Net interest income of $3.9 million for the quarter ended June 30, 2021, is an increase of $418,000 or 11.9% from the quarter ended June 30, 2020, and an increase of $83,000 or 2.3% (9.1% annualized) from the quarter ended March 31, 2021. The Bank’s net interest income continued to benefit from the recognition of fee income related to the forgiveness of PPP loans.
On July 20, 2021, the Board of Directors authorized a new stock repurchase plan for up to $1,000,000 of the Company’s outstanding common stock. Under the repurchase program, repurchases can be made from time to time in the open market purchases, privately negotiated transactions, or otherwise, all in accordance with applicable legal requirements. The purchase program will begin July 21, 2021, and will remain in effect until December 31, 2022. The specific timing, price, and size of purchases will depend on prevailing stock prices, general economic and market conditions, and other considerations. The Board of Directors has determined that the maximum aggregate repurchases will not impair the capital of the Company.
The repurchase program does not obligate the Company to acquire any amount of common stock and may be suspended or discontinued at any time at the Company’s discretion. The stock repurchases program is intended to provide management with an effective mechanism for capital management, increased return on equity to our existing shareholders, and provide additional market liquidity for our common shares outstanding.
CFO Kevin S. Reynolds commented, “The Bank’s net interest margin has been strong over the last few quarters benefiting from the accelerated recognition of PPP loan fee income as PPP loans are forgiven, which has contributed to our strong earnings achieved to date. The Bank remains well positioned with significant liquidity, solid earnings and sufficient capital to support our anticipated growth.”
CEO John M. Jelavich stated, “We remain very pleased with the execution of our team and the continued growth we have achieved in our core deposits and loans. We continue to experience significant interest in the relationship brand of banking we offer and, with recent investment we have made in new systems and expanding our lending capacity, we are very well positioned to continue to meet the banking needs of our communities.”
Jelavich continued, “The recent decline in longer term rates and flatting of the yield curve will put pressure on margins and earnings for our bank and our industry to the degree this environment persists. While the positive impact of Covid-19 vaccines is evident and strong consumer demand exists, there remain challenges with the availability of labor and supply chain disruption, affecting nearly every industry. Resolving these lingering effects of the pandemic will take time, but we believe the strength of underlying demand and the amount of liquidity in the system bode well for continued economic recovery and the return of a more normally shaped yield curve.”
“We are pleased to be re-activating our share repurchase program. Having the ability to repurchase shares is an important capital management tool which can allow us to enhance liquidity in the trading of our shares as conditions warrant and provide additional value for our shareholders. Our strong balance sheet and earnings give us the ability to return capital while continuing to focus on growth and serving our customers,” Jelavich concluded.
The Bank remains highly rated with BauerFinancial, Depositaccounts.com and Bankrate and serves its customer base through its offices located at:
1629 Colusa Avenue, Yuba City, CA
580 Brunswick Rd, Grass Valley, CA
905 Lincoln Way, Auburn, CA
904 B Street, Marysville, CA
The Bank offers a full suite of competitive products, services, and banking technology. For more information please visit our website at www.myrvcb.com or contact John M. Jelavich at (530) 821-2469.
Forward Looking Statements: This document may contain comments and information that constitute forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by such statements. Forward-looking statements speak only as to the date they are made. The Bank does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
56Chevy
10 años hace
River Valley Community Bank Reports Strong First Quarter Earnings and Asset Growth
April 16, 2015
Yuba City, Calif. River Valley Community Bank (OTC Markets: RVVY) headquartered in Yuba City, California reported earnings (Unaudited) of $340,574 or $.19 basic earnings per share for the period ending March 31, 2015. This compares to $222,063 or $.13 per share earned in the first quarter of 2014.
Total Assets and Deposits of $224,159,423 and $201,404,071 were up 28.2% and 30.3% respectively from March 31, 2014;
-NonInterest Bearing Deposits were up 50.6%.
-Gross Loans grew 44.3% to $89,162,883 and there were no past due or nonaccrual loans at quarter’s end. The Bank’s equity increased 9.3% from the prior year period to $22,014,505. This increase in equity was driven primarily by the Bank’s earnings, but was also positively impacted by increased capital as a function of stock option exercises, increases in unrealized gains on investment securities and was partially offset by a special cash dividend paid to shareholders in May of 2014. As a result, the Bank’s Book Value per share of $12.10 increased from $11.60 per share at the end of the prior year period.
Net Interest Income for the first quarter of $1,405,547 increased 24.3% from $1,130,478 in March 31, 2014. This increase was driven primarily by the increase in Gross Loans, however the Bank’s growth enabled the expansion of the investment securities portfolio which generated increased income compared to the year earlier period. The Bank’s Net Interest Margin (NIM) was 2.78% in the first quarter, down slightly from 2.80% a year ago. Return on Average Equity and Return on Average Assets were 6.41% and 0.62% respectively compared to 4.49% and 0.51% in last year’s first quarter.
The Bank’s earnings during the quarter also include an additional expense provision of $50,000 which was added to the Allowance for Loan & Lease Losses (ALLL). This provision was a function of the Bank’s recent loan growth and there was no comparable provision made during the first quarter of 2014. The Bank’s ALLL of $1,637,304 now represents 1.84% of gross loans, which remains above the average of 1.54% for its peer group of 395 similar institutions (as published by the FFIEC’s UBPR as of 12/31/14, the most recent peer report available).
John M. Jelavich, President and CEO commented, “The Bank is off to a solid start in 2015. Our first quarter results show that previous investments we have made are paying off. Our Grass Valley office is developing such that we now expect that operation to approach the breakeven point during the second quarter and be additive to our profitability thereafter. The local and responsive banking experience we deliver has been well received and we remain very encouraged about continued opportunities to serve this market.”
Jelavich continued, “In addition to Grass Valley, we continue to make solid progress in our Yuba/Sutter market where we have also experienced strong deposit and loan growth. Over the past year, we have invested in our ability to support our continued growth byadding key support positions and realigning some existing personnel. I’m very proud of how our team has settled in and responded to the opportunities presented our Bank”. “We have executed well on our plans and, barring any unforeseen economic downturn, I remain optimistic about our ability to further grow and support the markets we serve”, Jelavich concluded.
River Valley Community Bank is rated “5-Star Superior” by Bauer Financial and serves its customer base through its offices located at 1629 Colusa Avenue, Yuba City, CA and 426 Sutton Way, Grass Valley, CA
The Bank offers a full suite of competitive products, services andbanking technology. For more information please visit our website at: www.myrvcb.com or contact John M. Jelavich at 530-821-2469.
http://www.rivervalleycommunitybank.com/AboutUs/OurBank/InvestorRelations.aspx
*This is a very solid report. I prefer banks that sell at a discount to Book Value but it's been trending down in price and perhaps it will become a bargain down the road. Good target bank as well!
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River Valley Communi (RVVY)
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