River Valley Community Bancorp Announces 2nd Quarter Record Earnings (Unaudited)
YUBA CITY, Calif., July 17, 2018 (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, 2018.
Consolidated financial highlights:
- Net income for the quarter ended June 30, 2018 totaled $1,038,000 or $0.42 per diluted share, compared to $711,000 or $0.29 per diluted share for the quarter ended June 30, 2017 and $823,000 or $0.33 per diluted share for the quarter ended March 31, 2018.
- Total assets as of June 30, 2018 were $359.7 million compared to $321.6 million as of June 30, 2017 and $334.0 million as of December 31, 2017.
- Net interest income totaled $2.6 million for the quarter ended June 30, 2018 compared to $2.2 million for the quarter ended June 30, 2017 and $2.4 million for the quarter ended March 31, 2018.
| Selected Consolidated Financial Information - Unaudited | ||||||||||||||||||||
| (amounts in thousands, except per share data) | ||||||||||||||||||||
| Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | ||||||||||||||||
| 2018 | 2018 | 2017 | 2017 | 2017 | ||||||||||||||||
| Total investment securities | $ | 146,106 | $ | 152,572 | $ | 128,836 | $ | 145,424 | $ | 149,189 | ||||||||||
| Total loans, gross | 144,351 | 138,098 | 142,588 | 139,554 | 136,041 | |||||||||||||||
| Allowance for loan losses | (2,005 | ) | (2,003 | ) | (2,000 | ) | (2,058 | ) | (2,056 | ) | ||||||||||
| Total assets | 359,711 | 346,096 | 333,982 | 337,085 | 321,567 | |||||||||||||||
| Total deposits | 260,249 | 265,485 | 255,105 | 237,108 | 233,318 | |||||||||||||||
| Borrowings | 70,000 | 50,000 | 50,000 | 71,000 | 60,000 | |||||||||||||||
| Total shareholders' equity | 28,701 | 28,552 | 28,119 | 28,132 | 27,597 | |||||||||||||||
| Loan to deposit ratio | 55 | % | 52 | % | 56 | % | 59 | % | 58 | % | ||||||||||
| Book value per common share | $ | 12.03 | $ | 11.93 | $ | 11.74 | $ | 11.74 | $ | 11.55 | ||||||||||
| Subsidiary Bank's Tier 1 leverage ratio | 8.15 | % | 8.29 | % | 8.23 | % | 8.33 | % | 8.19 | % | ||||||||||
Total gross loans were $144.4 million as of June 30, 2018, which represents an increase of $8.3 million or 6.1% from $136.0 million as of June 30, 2017. As of June 30, 2018 there were no non-accrual loans. Total deposits of $260.2 million as of June 30, 2018 represent an increase of $26.9 million or 11.5% from $233.3 million as of June 30, 2017.
| Selected Consolidated Financial Information - Unaudited (continued) | ||||||||||||||||||||
| (amounts in thousands, except per share data) | ||||||||||||||||||||
| Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | ||||||||||||||||
| 2018 | 2018 | 2017 | 2017 | 2017 | ||||||||||||||||
| Net interest income | $ | 2,639 | $ | 2,362 | $ | 2,145 | $ | 2,297 | $ | 2,186 | ||||||||||
| Provision for loan losses | - | - | (60 | ) | - | 55 | ||||||||||||||
| Net income | 1,038 | 823 | 512 | 720 | 711 | |||||||||||||||
| Earnings per share - basic | $ | 0.43 | $ | 0.34 | $ | 0.21 | $ | 0.30 | $ | 0.30 | ||||||||||
| Earnings per share - diluted | $ | 0.42 | $ | 0.33 | $ | 0.21 | $ | 0.29 | $ | 0.29 | ||||||||||
| Net interest margin | 3.05 | % | 2.92 | % | 2.64 | % | 2.88 | % | 2.81 | % | ||||||||||
| Net interest margin - tax equivalent | 3.11 | % | 2.94 | % | 2.70 | % | 2.96 | % | 2.90 | % | ||||||||||
| Efficiency ratio | 50.68 | % | 54.85 | % | 53.96 | % | 53.71 | % | 51.26 | % | ||||||||||
| Return on average assets | 1.14 | % | 0.97 | % | 0.60 | % | 0.87 | % | 0.87 | % | ||||||||||
| Return on average equity | 14.42 | % | 11.77 | % | 7.13 | % | 10.23 | % | 10.62 | % | ||||||||||
Net interest income of $2.6 million for the quarter ended June 30, 2018 is an increase of $453,000 or 20.7% from the quarter ended June 30, 2017 and an increase of $277,000 or 11.7% from the quarter ended March 31, 2018.
CFO Michael Finn stated, “Our loan growth coupled with our strong investment securities performance contributed to a record level of net interest income during the second quarter and a return on average equity of 14.4% for the quarter and 13.1% year-to-date.”
CEO John M. Jelavich commented, “We are pleased with our year over year loan growth, deposit growth, and record profitability. Our margins are increasing, our efficiency remains strong, and our credit quality is excellent. While tax reform has benefitted our bottom line profitability, our banking activities generated a respectable 24% increase in pre-tax profit growth compared to the second quarter of 2017.” Jelavich continued, “Looking forward, we will soon be opening our new branch in Auburn and relocating our Grass Valley branch into our new permanent facility there. We believe both moves will increase the visibility of our brand and attract new customer interest in our Bank. Despite recent uncertainty brought on by global trade disputes, we believe the economy remains on solid footing and our Bank is well positioned to serve our customers and will continue to deliver solid returns for our shareholders.”
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
- 426 Sutton Way, Grass Valley, CA (relocating in the fall of 2018 to 580 Brunswick Rd, Grass Valley, CA)
- 905 Lincoln Way, Auburn, CA (opening in the summer of 2018)
The Bank offers a full suite of competitive products, services, and banking technology. For more information please visit our website at 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.
