River City Bank reports net income loss, gain

By From page A11 | November 03, 2013

River City Bank reported net income of $3.1 million or $2.16 per diluted share, for the three-month period ending Sept. 30, which was slightly less than the $3.2 million or $2.22 per diluted share, for the same period in 2012, Steve Fleming, president and CEO reported.

The bank’s net income for the nine months ending Sept. 30 was $8.4 million, a slight increase over the $8.3 million net income for the prior year period.

“We are pleased with the bank’s healthy level of profitability for the first nine months of 2013, notwithstanding the impact on the bank’s income statement of several large non-recurring items in 2013 and 2012,” Fleming said.

These items include expenses related to the closure of the bank’s Natomas, Modesto and Stockton branches as well as reimbursement to customers of overdraft fees associated with ATM and one-time debit card transactions from mid-2010 to early 2013.

“River City Bank is still expected to show significant profit for 2013 with earnings to be among the best in the bank’s 40-year history,” Fleming said.

The bank has a downtown Davis branch at 239 E St. For more information, visit www.rivercitybank.com.

Enterprise staff

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