River City Bank reports gain in net income

By From page A7 | February 10, 2013

River City Bank enjoyed the second most profitable year in the history of the bank in 2012, the bank reported last week.

The bank, headquartered in Sacramento, reported net income of $3.3 million, $2.35 per diluted share, and $11.6 million, $8.09 per diluted share, for the three months and year ending Dec. 31, 2012, respectively. This compares to the $2.6 million and $10.6 million net income reported for the same periods in 2011.

Excluding the previously reported $1.75 million one-time gain on the sale of the merchant processing portfolio during the first quarter of 2011, the bank’s net income would have been approximately $9.5 million or $6.59 per diluted share for the year ending Dec. 31, 2011, a news release said

“Though the national economy has shown some signs of improvement, the Sacramento market remains sluggish with continued high levels of unemployment,” said Steve Fleming, president and chief executive officer of River City Bank. “Despite this difficult economic environment, we are pleased …”

For the second year in a row, gross loans increased by 9 percent or $54 million to $630 million as of Dec. 31.

“We have been able to accomplish this solid loan growth without compromising on our conservative underwriting standards, and despite the weakness in overall loan demand and higher levels of loan prepayments,” Fleming said in the news release.

Total deposits of $943 million as of Dec. 31, 2012, were up 4.8 percent since Dec. 31, 2011.

“We are very pleased with our growth in deposits in 2012, especially considering we closed two branches, Stockton and Modesto, in the middle of last year,” Fleming said.

River City Bank is celebrating its 40th anniversary. Among its 13 branches in El Dorado, Placer, Sacramento and Yolo counties is a branch at 239 E St. in downtown Davis.

For more information, visit www.rivercitybank.com or call 916-567-2600.

Special to The Enterprise

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