For the past ten years, River City Bank has been committed to making California a greener and cleaner place to live. We officially launched our Clean Energy Division in 2018 to support CCAs, clean tech and sustainable companies, as well as, finance renewable energy projects.
SACRAMENTO, CA — Steve Fleming, President and CEO of River City Bank (the Bank), announced that the Bank’s board of directors has approved an increase to the quarterly cash dividends from $0.28 per common share to $0.30 per common share. The increase was made in connection with the Bank’s recently reported net income of $5.8 million and $25.3 million, or $4.00 and $17.33 diluted earnings per share, for the quarter and year ending December 31, 2019, respectively. These quarterly cash dividends will be made to shareholders of record as of February 7, 2020, and payable on February 21, 2020.
SACRAMENTO, CA — River City Bank (the Bank) reported record net income of $25.3 million, or $17.33 per diluted share, for the year ending December 31, 2019. This was $1.3 million more than the $24.0 million, or $16.50 per diluted share, for the year ending December 31, 2018. The improved net income versus the prior year was driven by:
Additionally, the exceptional loan growth required a higher provision for loan losses in the fourth quarter causing the Bank to report lower net income of $5.8 million or $4.00 per diluted share, for the three months ending December 31, 2019, compared to the $6.8 million or $4.67 per diluted share, for the three months ending December 31, 2018.
Steve Fleming, president and chief executive officer of River City Bank, commented “We are pleased to report our fourth consecutive year of record earnings in 2019, along with exceptional loan (21%) and deposit (24%) growth. We achieved this loan growth due to our excellent reputation in the commercial markets that we operate in throughout California and the decline in long term interest rates. Perhaps more importantly, we accomplished this loan growth without compromising our asset quality. Through our disciplined underwriting and consistency of monitoring the portfolio, we are reporting no non-performing loans as of December 31, 2019.”
The loan growth has also been sufficient to mitigate the negative impact of the rise in the Bank’s cost of funds as it grew deposits at an accelerated pace. After excluding the prepayment penalty and deferred loan fee income noted above, the Bank’s net interest margin declined from 2.70 percent to 2.64 percent for the years ending December 31, 2018 and 2019, respectively.
“Our management team is committed to growing the Bank in an operationally efficient manner as evidenced by maintaining an efficiency ratio under 40 percent for the years ending December 31, 2019 and 2018” said Anker Christensen, chief financial officer of River City Bank. “We have a highly productive group of employees at the Bank and managing expenses continues to be a priority for the management team.”
Shareholders’ equity for River City Bank on December 31, 2019, increased $28 million to $237 million, when compared to the $209 million as of December 31, 2018. The increase was driven largely by increased retained earnings. The Bank’s capital ratios remain well above the regulatory definitions for being Well Capitalized. Common Equity Tier 1, Tier 1 Leverage and Total Risk-based capital ratios were 11.1 percent, 9.5 percent and 12.3 percent, respectively, as of December 31, 2019.
By Krebs on Security
It’s that time of year, tax-filing season, also known as the season fraudsters start requesting phony tax refunds in the names of identity theft victims. Want to minimize the chances of getting hit by tax refund fraud this year? File your taxes before the bad guys can!
Tax refund fraud affects hundreds of thousands, if not millions, of U.S. citizens annually. Victims usually first learn of the crime after having their returns rejected because scammers beat them to it. Even those who are not required to file a return can be victims of refund fraud, as can those who are not actually due a refund from the IRS. Read the full Krebs on Security article here, and learn more about how fraudsters file phony tax refunds and what you can do to protect yourself.
Should you have any questions about your bank accounts and services, please contact a River City Bank customer service representative at (916) 567-2899.
River City Bank shared its new San Francisco office with business colleagues as they hosted an open house event. Catered by our friends at Graze + Gather Co., guests enjoyed a grazing table filled with local artisanal fare and took in beautiful views of the city and the Transbay Terminal. RCB’s second office in the Bay Area, the San Francisco office, provides commercial banking services and houses the Bank’s growing Clean Energy Division. The Clean Energy Division focuses on servicing Community Choice Aggregation (CCA) clients, project finance, expanding relationships with other players in the clean energy space, and supporting California’s climate action goals.
SACRAMENTO, CA — River City Bank, Sacramento’s premier business bank, celebrated a successful 2019 fiscal year by launching a special “Days of Giving” event for employees. During the 16-day event, which ran from November 25, 2019, to December 10, 2019, River City Bank employees participated in daily raffles with prize options that were selected to appeal to a diverse range of interests for techies, foodies, outdoor enthusiasts, sports fanatics and shoppers. On the final day of the event, the Bank awarded a $2,500 cash bonus to every employee, up to and including the Vice President level. All employees received a River City Bank branded gift bag on the final day of the event, filled with a variety of gifts including an Arc’teryx jacket, a YETI® mug and other premium items.
“We continue to establish new high-water marks in asset size and net income each year as a direct result of our incredible employees and their exceptional customer service, dedication, intelligence and integrity,” said Steve Fleming, President and CEO of River City Bank. “Reaching the $2.4 billion mark in total assets is a significant accomplishment, and we look forward to even more success in the future.”
“River City Bank is an amazing place to work,” said Carrie Coppage-Feld, Premier Relationship Manager. “The employee-centric focus of our leadership team motivates our team to continued growth and expansion each year while setting the bar high for other organizations to follow.”
The community-based bank recently reported a record-setting $2.4 billion in total assets and year-to-date net income of $19.5 million as of September 30, 2019. Headquartered in Sacramento, the Bank maintains 11 branch locations throughout the region, as well as corporate offices in San Francisco and Walnut Creek.
As the gift-giving season approaches and shoppers start to plan out their online shopping strategies, cybercriminals begin ramping up their activity. Some of us have learned, the hard way, that the holidays have a way of bringing out individuals who happily profit by preying on others. Thieves are generally after two things: money and things they can turn into money, including gaining access to your private information.
Phishing is a scam that uses email to deceive you into disclosing personal information. Cybercriminals send thousands of emails, hoping to trick individuals into falling for their scams. For example, an email may appear to come from River City Bank, but it does not. It may sound urgent and warn you to update or verify your bank information by clicking on the link contained in the email. These emails are fake and do not come from River City Bank. No bank, including River City Bank, will ever ask you to provide confidential banking information through an email or link.
The criminal sends an email purportedly from a member of your business or one of your suppliers and requests you to wire funds. Before you react, pick up the phone and obtain verbal verification from your contact using the phone number you have on file, not one that may have been provided by the criminal.
If you get an email that warns you that an account of yours will be shut down unless you reconfirm personal information, or that the bank is “missing” information about your account, do not reply or click on the link in the email. To confirm if a River City Bank email solicitation is legitimate, please call our Customer Service Center at (916) 567-2899.
For additional security tips, how to limit unwanted calls and emails, and recent scam alerts, visit the Federal Trade Commission’s website dedicated to consumer protection at www.consumer.ftc.gov.
Again, keep in mind that River City Bank will never ask for your personal information by email or text. Your personal and financial security is our top priority. Should you have any questions or concerns regarding your account information or communication you have received from River City Bank, please do not hesitate to reach out to a customer service representative at (916) 567-2899 or (800) 564-7144.
At this year’s 5th Annual Sacramento Capital Cup, 32 golfers helped to raise a whopping $1.97 million, making it the region’s most impactful fundraiser, second only to the Big Day of Giving. Founded by DCA Partners’ Curt Rocca, the Capital Cup adapts the historic Ryder Cup format to promote community pride, healthy competition, and raise money for the Sacramento region’s many deserving charities. Divided into two teams, Sacramento business leaders played in an exciting 3-day golf tournament to raise money for their favorite charitable organization. The 2019 tournament took place at three of the area’s most prestigious golf courses: El Macero Country Club, Serrano Country Club, and Granite Bay Golf Club.
“What makes the Capital Cup unique is that participants select their own charity,” said Rocca. “They fundraise for a cause close to their heart and hit the phones, asking their peers and friends for donations.”
For the fifth year in a row, River City Bank’s President & CEO, Steve Fleming played on behalf of Easter Seals of Superior California. Through generous donations, Steve raised over $38,277 for Easter Seals.
In just five years, the Capital Cup has raised over $5.6 million, benefitting 50 individual charities in the Sacramento region. In all, there have been 65 Capital Cup golfer philanthropists, from various industries and backgrounds, seven of which have participated all five years, including River City Bank’s President & CEO, Steve Fleming.
How do companies achieve high revenue growth in an ever-changing and competitive sales environment? How do you identify, recruit, and retain talented business development personnel? Should a company grow organically or through M&A? All these questions and more were addressed at River City Bank’s most recent Executive Forum.
Our fantastic panel of experts comprised of Shannon Deary-Bell, President & CEO of Nor-Cal Beverage Co., Inc., Don Clark, President of Business Development & Owner of Clark Pacific, and Justin Horner, Director at DCA Partners, shared experiences from their high growth companies and business development best practices. The panel discussed innovative approaches they have taken to keep up with the rapid evolutions of their industries, including developing their own recruiting and retention strategies.
River City Bank’s Executive Forum series is an exclusive program designed for C-level Executives to network, learn, and collaborate in a confidential setting. Executive Forum events are supported by Bender Insurance Solutions, BFBA, Boutin Jones Inc., DCA Partners, Genovese Burford & Brothers, GNT Solutions, and River City Bank.
Dreyfuss + Blackford (D+B) was recently honored at the AIA Central Valley (AIACV) Design Awards with a total of three project awards. The awards were selected by a jury of design architects from the AIA Columbus (Ohio) Chapter. The awards recognize the outstanding achievements in architecture and design of Central Valley individuals and organizations as well as celebrates the distinguished work of architects and related professionals from afar who contribute to the framework of our local built environment.
The AIA Central Valley Design Awards Program recognizes excellence in the categories of architecture, interior architecture, and reconstruction/renovation with opportunities for additional recognition of sustainable design (COTE) and custom residential projects (CRAN).
“The program serves to inform the public of the breadth and value of architectural practice,” says Kristopher Barkley, AIA, D+B’s President and Design Director. “The Chapter’s Design Awards Program also provides us with a unique opportunity to truly ‘see’ architecture and gain a better understanding about why we feel the way we do when experiencing well-designed spaces.”
Following is a list of Dreyfuss + Blackford’s recent awards:
AIA Central Valley, Citation Award | UC Santa Cruz, Upper Quarry Amphitheater Restoration
AIA Central Valley, Merit Award | PG&E, Gas Safety Academy
AIA Central Valley, People’s Choice Award | The University Union Expansion at Sacramento State University
Engineering News-Record (ENR) Best Higher Education/Research Project Award – California | The University Union Expansion at Sacramento State University
Dreyfuss + Blackford Architecture is a mid-size firm founded and headquartered in Sacramento, California. Established in 1950, the firm serves corporate, public, and institutional markets with solutions achieved through collaboration and innovation.
To learn more about Dreyfuss + Blackford visit them at dreyfussblackford.com.
