River Valley Community Bancorp announces second quarter record earnings
July 22, 2018
River Valley Community Bancorp (OTC markets: RVCB) with its wholly owned subsidiary, River Valley Community Bank (collectively referred to as the "Bank"), today announced financial results for the quarter ended June 30, 2018.
Consolidated financial highlights
Net income for the quarter ended June 30, 2018 totaled $1,038,000 or $0.42 per diluted share, compared to $711,000 or $0.29 per diluted share for the quarter ended June 30, 2017 and $823,000 or $0.33 per diluted share for the quarter ended March 31, 2018.
Total assets as of June 30, 2018 were $359.7 million compared to $321.6 million as of June 30, 2017 and $334.0 million as of December 31, 2017.
Net interest income totaled $2.6 million for the quarter ended June 30, 2018 compared to $2.2 million for the quarter ended June 30, 2017 and $2.4 million for the quarter ended March 31, 2018.
Total gross loans were $144.4 million as of June 30, 2018, which represents an increase of $8.3 million or 6.1 percent from $136.0 million as of June 30, 2017. As of June 30, 2018 there were no non-accrual loans. Total deposits of $260.2 million as of June 30, 2018 represent an increase of $26.9 million or 11.5 percent from $233.3 million as of June 30, 2017.
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Net interest income of $2.6 million for the quarter ended June 30, 2018 is an increase of $453,000 or 20.7 percent from the quarter ended June 30, 2017 and an increase of $277,000 or 11.7 percent from the quarter ended March 31, 2018.
CFO Michael Finn stated, "Our loan growth coupled with our strong investment securities performance contributed to a record level of net interest income during the second quarter and a return on average equity of 14.4 percent for the quarter and 13.1 percent year-to-date."
CEO John M. Jelavich commented, "We are pleased with our year over year loan growth, deposit growth, and record profitability. Our margins are increasing, our efficiency remains strong, and our credit quality is excellent. While tax reform has benefitted our bottom line profitability, our banking activities generated a respectable 24 percent increase in pre-tax profit growth compared to the second quarter of 2017."
Jelavich continued, "Looking forward, we will soon be opening our new branch in Auburn and relocating our Grass Valley branch into our new permanent facility there. We believe both moves will increase the visibility of our brand and attract new customer interest in our Bank. Despite recent uncertainty brought on by global trade disputes, we believe the economy remains on solid footing and our Bank is well positioned to serve our customers and will continue to deliver solid returns for our shareholders."
The Bank remains highly rated with BauerFinancial, Depositaccounts.com and Bankrate and serves its customer base through its offices located at:
1629 Colusa Ave., Yuba City
426 Sutton Way, Grass Valley (relocating in the fall of 2018 to 580 Brunswick Rd., Grass Valley)
905 Lincoln Way, Auburn (opening in the summer of 2018)
The Bank offers a full suite of competitive products, services, and banking technology. For more information visit http://www.myrvcb.com or contact John M. Jelavich at 530-821-2469.
Source: River Valley Community Bancorp.
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