River City Bank Reports Net Income of $16.2 Million for the Third Quarter of 2024, Net Income of $52.1 Million Year to Date, and a Quarterly Cash Dividend [Yahoo! Finance]
RIVER CITY BANK CALIF (RCBC)
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Source: Yahoo! Finance
SACRAMENTO, CA / ACCESSWIRE / October 17, 2024 / River City Bank (the Bank) reported net income of $16.2 million, or $11.08 per diluted share, for the quarter ended September 30, 2024, compared to $16.3 million, or $10.94 per diluted share, for the same period in 2023. Net income was $52.1 million or $35.38 per diluted share for the nine months ended September 30, 2024, which compares favorably to the $43.6 million or $29.22 per diluted share for the nine months ended September 30, 2023. The Bank's earnings for the first nine months ended September 30, 2024, represented a healthy 15.7% return on equity. The Bank's book value per share rose to $324 as of September 30, 2024, from $276 per share as of September 30, 2023. Significant items impacting quarterly net income for September 30, 2024, and the same period in 2023 include the following: Higher loan balances and yields - Average loan outstandings were $475 million higher than the prior year quarter, and loan yields increased to
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