Business & Finance
Business and Finance
Business and Finance
Fri, July 15, 2011
Thu, July 14, 2011 River Valley Community Bank Celebrates 5th Anniversary with Record Quarterly Earnings (Unaudited)
YUBA CITY, Calif.--([ BUSINESS WIRE ])--River Valley Community Bank (OTCBB:RVVY) headquartered in Yuba City, California reported net income of $358,047 for the quarter ended June 30, 2011. This is an all time quarterly best for the Bank and a 39% increase over the $257,787 recorded on June 30, 2010. Net Interest Income increased 14% to $1,173,665 from the corresponding quarter a year ago while the Net Interest Margin compressed to 3.98% from 4.49% in the year earlier period. The current results reflect a $31,351 one time gain on the sale of securities compared to a $10,000 gain in the corresponding quarter last year. There was no allocation charged during the second quarter of 2011 for Allowance for Loan and Lease Losses as the Bank believes it is currently well reserved at 3.62% of Gross Loans amid signs of credit quality stabilization.
Total assets and deposits as of June 30, 2011 were $138,792,498 and $120,546,279 compared to $111,124,138 and $94,493,681 respectively, at June 30, 2010, reflecting 25% and 28% growth. Gross Loans closed the current quarter at $42,463,694, a 2% gain over June 30, 2010. Investment Securities ended the quarter at $80,927,987 and reflected a mark-to-market gain of $1,733,855. Total Equity of $17,401,858 at June 30, 2011 increased $1,261,440 over the $16,140,418 reported the previous year; the Banka™s Tier 1 Leverage Capital Ratio was 11.95% at June 30, 2011.
John I. Jelavich, President and Chief Executive Officer commented, aArguably, the quarter ending June 30, 2011 represents the Banka™s best overall financial performance since inception five years ago. By most all measures, we continue to make significant positive progress. Basic Earnings per Share and Diluted Earnings per Share of $.21 and $.20 respectively are all time bests. Book Value of $10.14 per share showed a significant increase from the $9.59 reported at March 31, 2011. Capital and liquidity levels remain strong. Our remarkable core deposit growth of 35%, year over year, reflects a total team effort and a strong indicator that we continue to build significant market share.a
aWe continue to execute in line with our strategic objectives. During the past year we have added depth and strength to our management team and we also continue to improve our technology platform with enhancements and new products. Despite the additional expense associated with the above we continue to operate efficiently; the Banka™s Efficiency Ratio of 59% continues at, or near the best of our peer group. We are building a bigger and stronger bank every step of the way and are becoming a major force in our market place. We remain concerned with the pace of the economic recovery, but at the same time, we are positioned for a bright future,a Jelavich concluded.
River Valley Community Bank is located at 1629 Colusa Avenue, Yuba City, California. For more information please contact John Jelavich at 530-821-2460 or visit our website at: [ www.rivervalleycommunitybank.com ].
Forward Looking Statements: This document may contain comments and information that constitute forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by such statements. Forward-looking statements speak only as to the date they are made. The Bank does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
