River City Bank's Third Quarter 2024 Financial Results

River City Bank reported a net income of $16.2 million for the third quarter ending September 30, 2024, marking a slight decrease from $16.3 million in the same quarter of 2023. However, the year-to-date net income rose to $52.1 million, an increase from $43.6 million in 2023. This growth reflects a strong 15.7% return on equity.

Key factors influencing the quarterly results include an increase in loan balances and yields, with average loans being $475 million higher and yields rising to 4.48%. Investment securities also experienced growth, with balances increasing by $87 million and yields jumping from 2.67% to 4.57%.

The bank's average deposits grew by $638 million, aiding the expansion of loans and assets. Notably, there was a reversal of $2.0 million in credit loss provisions, contrasting with last year's addition of $4.6 million. Additionally, a $6.2 million loss was recognized in interest rate swaps this quarter.

River City Bank's shareholders' equity rose to $467 million, with a Tier 1 Leverage Ratio of 8.8%. The bank also announced a cash dividend of $0.37 per share, payable on November 12, 2024.