River Valley Community Bank celebrates GV branch’s 1st profitable quarter
After just over two years in Grass Valley, River Valley Community Bank’s local branch at 426 Sutton Way has crossed into the black.
“Grass Valley achieved its first quarterly profit as of June 30,” said Michael Vasquez, the bank’s senior vice president and Nevada County regional manager, of the branch that opened in July 2013.
“Our solid growth in deposits and loans continues to be strong and the community has embraced us very well,” he added. “We are very pleased at how quickly we became a positive contributor to the bank’s overall growth and profitability.”
John M. Jelavich, the bank’s president and chief executive officer, said he continues to expect the Grass Valley branch to add to the bank’s overall growth.
“I’m also pleased to note that during the second quarter, our Grass Valley branch achieved its first quarterly profit and I expect that unit to be additive to our overall profitability hereafter as we continue to build on the strong base we have established there.”
Jelavich added that River Valley, overall, has been profitable since 2008, after being established in June 2006 in Yuba City.
“Our bank has been very strong from the beginning,” he said. “We survived the Great Recession and we continue to grow.”
Vasquez’s and Jelavich’s comments were in the wake of a positive earnings report July 14 by the bank, traded on the OTC Markets as RVVY.
According to the earnings report, the bank earned, after tax, $390,013 or $0.21 basic earnings per share for the quarter ending June 30, 2015.
This compares to $277,805 or $0.16 per share earned in the corresponding quarter a year ago.
Total assets were up 24.4 percent from a year earlier, while total deposits rose 25.9 percent from the same quarter a year ago. Loans grew 33.5 percent year-over-year, the report said.
“The bank has experienced strong top line interest income growth this year, which is driving increases in our bottom line profitability,” Jelavich said. “Our loan growth in particular has been a significant contributor to our strong year over year increase in earnings and our lending pipeline remains solid.”
In addition to the profitability milestone in Grass Valley, the Yuba City branch, which serves the Yuba and Sutter counties’ market, was also growing, Jelavich said.
“The brand of community banking we offer resonates with customers and prospects who value our strong service, high ratings for safety and soundness, and prompt local decision-making,” he said.
He said the bank was pleased with the expansion to Grass Valley and that it seemed to be a good fit. He also gave kudos to the bank’s staff members for the positive results.
“I give considerable credit to our dedicated team members who work hard to deliver service and solutions that help to set our bank apart,” Jelavich said.
For information on River Valley Community Bank, visit http://www.myrvcb.com. The phone number of the Grass Valley office is 530-798-2690.
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