By Mark Anderson
Staff Writer | Sacramento Business Journal
Banks with local operations reported strong performances in the first quarter, mostly from loan growth and bank earnings.
The reports signal a wider trend, as bank earnings and more loan activity indicate a stronger economy. Businesses usually anticipate growth when they take out more loans.
Here are earnings reports from some banks with local operations:
- River City Bank earned $2.8 million in the first quarter this year, up 17 percent from the previous year.The Sacramento-based bank ended the first quarter with assets of $1.5 billion, up 17 percent from the year earlier period. The bank has net loans of $972.7 million on its books at the end of March, up 27 percent from the same time in 2015.
- Umpqua Holdings Corp., parent company of Umpqua Bank, earned $47.5 million in the first quarter, up slightly from $47 million in the same period the year earlier. The Portland, Ore.-based Umpqua (Nasdaq: UMPQ) had net loans of $16.8 billion at the end of March, up 8 percent from the same time in 2015. The bank had assets of $23.9 billion to end the first quarter, a rise of 4 percent year-over-year.
- American River Bankshares, parent of American River Bank, earned $1.4 million in the first quarter, up from earning $1 million in the same period in 2015. Rancho Cordova-based American River (Nasdaq: AMRB) has assets of $626.1 million at March 31, up 3 percent from $605.9 million the year earlier. Net loans totaled $292.2 million at the end of the first quarter, up 12 percent from $261.1 million in the same period in 2015.
Mark Anderson covers technology, agriculture, banking and finance, venture capital, energy, mining, and hospitality for the Sacramento Business Journal.