River City Bank Reports Strong Financial Performance for Quarter Ended June 30, 2024

River City Bank, based in Sacramento, California, has reported strong financial results for the quarter ended June 30, 2024. The bank’s net income of $17.2 million, or $11.66 per diluted share, represents a significant increase compared to the same period in 2023. Additionally, the bank’s earnings for the first six months of 2024 showed a healthy return on equity capital and return on assets.

Several factors contributed to River City Bank’s positive performance, including higher loan balances, increased cash and investment balances, and deposit growth. The bank’s provision for credit losses on loans was lower than the previous year, and its loan quality remains strong with virtually no delinquencies or non-performing loans.

Steve Fleming, the bank’s president and CEO, highlighted the milestone of reaching over $5 billion in total assets and emphasized the bank’s commitment to providing exceptional service to its customers. The bank’s balance sheet remains highly liquid, with a focus on growing its commercial real estate loan portfolio and expanding its geographic footprint.

Brian Killeen, the bank’s CFO, noted the strong performance of the investment securities portfolio and highlighted the bank’s operational efficiency. Shareholders’ equity increased, driven by growth in retained earnings, and the bank’s capital ratios remain well above regulatory requirements.

In addition to its financial results, River City Bank’s board of directors approved a cash dividend for shareholders. The bank, named one of Sacramento Business Journal’s “50 Fastest Growing Companies,” offers a comprehensive suite of banking services to businesses, consumers, and commercial real estate sectors.

For more information about River City Bank, visit www.rivercitybank.com or contact (916) 567-2600.