Our Bank recently celebrated its 9th anniversary and we are very proud of the franchise we have developed in nine quick years. In terms of asset size (the common “yardstick” for measuring banks) our Bank has grown to $226.5 million as of June 30th – up 24.4% over the past year and growth well above industry averages. For reference, the Bank’s peer group comprised of 390 similar institutions had year-over-year asset growth of 6.4% (as published by the FFIEC’s UBPR as of 6/30/15).
Further, we are now seeing our profitability accelerate as a function of our growth and strategic initiatives are paying off.
During the second quarter ended June 30th, our Grass Valley office achieved its first quarterly profit as that operation continues to expand – an exciting milestone! You may recall that we opened that office in the third quarter of 2013 and our business has developed there with each passing quarter; and, with the momentum we have established, we believe that unit will continue to add to our profitability going forward. Importantly, the customers that we have introduced to the Bank in Grass Valley have been a pleasure to get to know and serve. Like our Yuba/Sutter customers, they too value a banking relationship where they know their bankers are decision makers who can work with them to provide timely solutions for their specific needs. I am aware of a number of our Grass Valley customers who have acquired shares in our Bank’s stock which, I believe, is another indicator reinforcing the value of the banking experience RVCB brings to the community.
The following highlights key Bank results with year over year growth announced in our 2Q earnings announcement released last month:
· Total Assets of $226.5 million – up 24.4% from 2Q 2014
· Total Deposits of $203.6 million – up 25.9% from 2Q 2014
· Total Loans of $94.5 million – up 33.5% from 2Q 2014
· After tax profits for 2Q of $390,010 – up 40.0% from 2Q 2014
For more detail on our second quarter results, see the full earnings release on the back page of this newsletter or our website at myrvcb.com.
Our solid results have been achieved through the dedication and hard work of our team members. Their professionalism, expertise and commitment to serving our customers have been instrumental in delivering the banking experience that sets RVCB apart.
Give Us A Call and establish a relationship with us. Now is the time!!!
(530) 755-0418 - Yuba City
(530) 798-2690 - Grass Valley