River Valley Community Bank announces record earnings, loan growth for Q2
River Valley Community Bancorp announced financial results for the quarter ending in June, which included reported progress on the bank’s plans for western Nevada County.
According to a news release, River Valley in June closed escrow on the purchase of a parcel of land in Grass Valley for the future construction of a permanent branch location.
“Our team continues to execute well, and that is reflected in the record loan growth we have achieved,” CEO John M. Jelavich said, “That growth, coupled with our investment returns and strong operating efficiency have been instrumental in driving the increases in profitability and return on shareholders equity that we have achieved in recent quarters.
“We are also very encouraged by the progress we are making in establishing our permanent branch location in Grass Valley. If all goes as planned, our new office there should be complete and our relocation can occur by the fall of next year. Having an office of our own, designed around how we serve our customers, will enhance our ability to serve that market”.
According to the release, net income for River Valley’s quarter ending June 30 reached a record level of $711,000 or $0.30 per basic share, compared to $524,000 or $0.22 per basic share for the quarter ended June 30, 2016 and $629,000 or $0.26 per basic share for the quarter ended March 31, 2017.
Total assets totaled $321.6 million as of June 30, 2017 compared to $253.5 million as of June 30, 2016 and $321.2 million as of December 31, 2016.
Net interest income reached a record level of $2,186,000 for the quarter ended June 30, increasing by $411,000 or 23.2 percent from $1,775,000 for the quarter ended June 30, 2016 and $63,000 or 3 percent from $2,123,000 for the quarter ended March 31, 2017.
“The bank’s net interest income has steadily improved each quarter and reached another record level for the three months ended June 30, 2017,” CFO Michael Finn said in the release. “The addition of quality loans and investment securities has contributed to continued growth in interest income.”
For more information please visit http://www.myrvcb.com or contact Jelavich at 530-821-2469.
Source: Submitted to The Union by River Valley Bank.
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