While a Yuba City bank’s report about its 23rd consecutive profitable quarter might not otherwise be of much interest to Grass Valley residents, the communique also disclosed plans to open a branch in western Nevada County.
“(A)fter several months of analysis and careful consideration, we published public notice of our intent to file application for a full -ervice branch office in Grass Valley,” reads a portion of River Valley Community Bank’s quarterly report.
“We have generated a strong base of support in the area and believe our established community banking model will be successful there; also, we have selected a proven senior level manager fully capable of leading that operation,” said bank president and CEO John Jelavich in a Friday report.
“Our board of directors and management team unanimously agree that now is the time to wisely invest in our future,” Jelavich concluded.
Headquartered in Yuba City, River Valley Community Bank reported unaudited earnings of $333,569 or $0.19 basic earnings per share for the period ending in March, compared to $335,728 or $0.20 per share earned in the first quarter of 2012. The bank, which opened in June of 2006, has posted 23 consecutive profitable quarters.
“While pleased with the overall results, the continued margin compression clearly affected earnings results. During the quarter, we experienced an unusually high level of earning asset pricing adjustments,” Jelavich stated. “While we believe these adjustments will be moderate, we expect NIM to be a concern until the economy heals.”
The bank continues to adjust to the current interest rate environment every step of the way, Jelavich said. Competition remains fierce for quality loans, and we are actively competing for them. During the first quarter, we were very successful in adding new, meaningful relationships to our growing list of satisfied clients, Jelavich added.
“Looking forward, the bank is taking action to continue our longer term growth,” Jelavich said.
To contact Staff Writer Christopher Rosacker, email email@example.com or call (530) 477-4236.