Earnings Release – Redwood Capital Bancorp – Second Quarter, 2024
31 Julio 2024 - 8:03AM
Business Wire
Strong Balance Sheet – Continued
Dividend
On July 31, 2024, REDWOOD CAPITAL BANCORP (OTCQX:RWCB), the only
locally owned and operated community bank holding company in
Humboldt County, announced unaudited financial results for the
three month period ended June 30, 2024. Redwood Capital Bank, the
company’s wholly owned subsidiary, reported slight decreases for
the second quarter earnings.
John Dalby, President and CEO, remarked, “In the second quarter
of 2024, the company continued to maintain its strong balance sheet
and loan quality, combined with healthy capital and liquidity
positions. Earnings per share for the quarter was $0.68 and $1.38
year-to-date. Staff engagement and focus continues to carry the
institution’s strong customer service ethic. I remain very proud to
serve with the Redwood Capital Bank Board of Directors and staff,
as they serve and support the Humboldt County community.”
The company strategically manages a slimmer balance sheet to
enhance performance while transitioning in the increased rate
environment. As of June 30, 2024, the company’s total assets were
$520 million. Total loans net of unearned income was $383 million
as of June 30, 2024. Total deposits were $461 million as of June
30, 2024.
The continued high performing balance sheet produced net
interest income of $4.3 million for the second quarter ending June
30, 2024, and $9 million year-to-date. The company recorded a net
income after taxes for the second quarter ending June 30, 2024, of
$1.3 million and $2.7 million year-to-date. These strong earnings
have increased book value per share by 2% or $0.42 to $24.41 for
the second quarter ending June 30, 2024, and an increase to book
value of $0.84 year-to-date. Renee Byers, SVP/Chief Financial
Officer, stated, “Redwood Capital Bank continues to maintain a
strong balance sheet while providing excellent service to our
shareholders, customers and community.”
Additionally, the Board of Directors declared a quarterly cash
dividend of $0.08 per share, payable on August 9, 2024, to
shareholders of record at the close of business on July 29, 2024.
The dividend is equivalent to an annual rate of $0.32 per share.
CEO Dalby added, “Redwood Capital Bancorp continues to provide
consistent earnings for our shareholders while remaining an
economic foundation for the community.”
For more information regarding Redwood Capital Bancorp, please
visit our website at www.redwoodcapitalbank.com, contact Renee
Byers, CFO, at (707) 444-9849, or stop by our headquarters and main
office at 402 “G” Street, Eureka, CA 95501. Redwood Capital Bancorp
(OTCQX:RWCB) trades on the OTCQX Best Market. Companies meet high
financial standards, follow best practice corporate governance,
demonstrate compliance with U.S. securities laws and have a
professional third-party sponsor introduction. Investors can find
current financial disclosure and Real-Time Level 2 quotes for the
Company on www.otcmarkets.com.
This press release may contain forward-looking statements that
are subject to risks and uncertainties. Such risks and
uncertainties may include but are not necessarily limited to
fluctuations in interest rates, inflation, government regulations
and general economic conditions, and competition within the
business areas in which the Bank is conducting its operations,
including the real estate market in California and other factors
beyond the Bank’s control. Such risks and uncertainties could cause
results for subsequent interim periods or for the entire year to
differ materially from those indicated. Readers should not place
undue reliance on the forward-looking statements, which reflect
management’s view only as of the date hereof. The Bank undertakes
no obligation to publicly revise these forward-looking statements
to reflect subsequent events or circumstances.
Redwood Capital Bancorp Selected Consolidated Financial Results -
Unaudited (In Thousands) Period Ended % 6/30/2024
3/31/2024 Change Balance Sheet Data (at period end) Total
assets
$
520,378
$
527,120
-1
%
Total deposits
460,814
468,151
-2
%
Total loans (net)
383,123
386,517
-1
%
Common equity
47,847
46,527
3
%
Common shares outstanding
1,960,374
1,939,192
1
%
Summary of Operations (Current Quarter) Interest income
5,684
5,743
-1
%
Interest expense
1,343
1,094
23
%
Net Interest Income
4,341
4,649
-7
%
Non-interest income
908
966
-6
%
Non-interest expense
3,411
3,654
-7
%
Net Income before provision
1,838
1,961
-6
%
Provision for loan losses
46
74
-38
%
Income before taxes
1,792
1,887
-5
%
Income taxes/(credit)
456
521
-12
%
Net Income
1,336
1,366
-2
%
Earnings per common share (fully diluted)
$
0.68
$
0.70
-3
%
Book value per common share
$
24.41
$
23.99
2
%
Period Ended % 6/30/2024 6/30/2023 Change Balance
Sheet Data (at period end) Total assets
$
520,378
$
526,351
-1
%
Total deposits
460,814
473,564
-3
%
Total loans (net)
383,123
384,968
0
%
Common equity
47,847
41,410
16
%
Common shares outstanding
1,960,374
1,939,192
1
%
Summary of Operations (Current Quarter) Interest income
5,684
5,138
11
%
Interest expense
1,343
502
168
%
Net Interest Income
4,341
4,636
-6
%
Non-interest income
908
1,215
-25
%
Non-interest expense
3,411
3,475
-2
%
Net Income before provision
1,838
2,376
-23
%
Provision for loan losses
46
16
100
%
Income before taxes
1,792
2,360
-24
%
Income taxes
456
648
-30
%
Net Income
1,336
1,712
-22
%
Earnings per common share (fully diluted)
$
0.68
$
0.88
-23
%
Book value per common share
$
24.41
$
21.35
14
%
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version on businesswire.com: https://www.businesswire.com/news/home/20240731583650/en/
Renee Byers, CFO, (707) 444-9849