SACRAMENTO, CA — October 19, 2018 — Steve Fleming, President and CEO of River City Bank (the Bank), announced that the Bank’s board of directors has approved, in connection with the Bank’s recently reported net income of $5.9 million, or $4.06 diluted earnings per share, for the quarter ending September 30, 2018, a cash dividend of $0.26 per common share to shareholders of record as of October 30, 2018, and payable on November 20, 2018.
River City Bank reports net income of $5.9 million in third quarter of 2018
Expansion efforts continue with new loan production office in downtown San Francisco
SACRAMENTO, CA — October 18, 2018 — River City Bank (the Bank) reported net income of $5.9 million, or $4.06 per diluted share, for the quarter ending September 30, 2018, which compares to the $4.6 million, or $3.20 per diluted share, for the same period in 2017. The improved net income versus the prior year quarter was largely related to the Bank’s growth and lower Federal tax rate due to the tax reform legislation passed in December 2017. Net income was $17.2 million, or $11.82 per diluted share, for the nine months ending September 30, 2018, which compares to the $15.3 million, or $10.55 per diluted share, for the nine months ending September 30, 2017. Included in the year-to-date September 30, 2017 earnings was a $3.4 million pre-tax gain on sale of an Other Real Estate Owned property.
“We are excited to be opening a loan production office in downtown San Francisco in the fourth quarter of 2018,” said Steve Fleming, President and CEO of River City Bank. “The new office and the recent launch of our Clean Energy Division will provide us with new and additional opportunities to serve the thriving Bay Area marketplace.”
The Bank’s net interest margin declined from 2.84 percent to 2.72 percent for the nine months ending September 30, 2017 and 2018, respectively. The reduced net interest margin is a function of the Federal Reserve having increased short term interest rates and the flattening of the yield curve. Consequently, the Bank’s net interest margin compresses as the cost of deposits and other borrowings rise faster than the yield on its earning assets. If the Federal Reserve continues to raise rates as anticipated, management expects the Bank’s margins to further compress in the short term.
“Operational efficiency remains a core competency for the Bank, as evidenced by our 42 percent and 40 percent efficiency ratios for the quarters ending September 30, 2018 and 2017, respectively,” said Anker Christensen, Chief Financial Officer of River City Bank. “Managing expenses continues to be a priority for the management team.”
Shareholders’ equity for River City Bank on September 30, 2018 increased $16 million to $201 million, when compared to the $185 million as of December 31, 2017. The increase was driven 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 11.8 percent, 9.6 percent and 13.1 percent, respectively, as of September 30, 2018.
Security News – Smishing Alert
The use of text message to communicate with the public can be useful and efficient; however, it also opens the door for potential text message scams, also known as Smishing. With the increased use of text messages for communication, we want to remind you of security precautions you should take to keep your personal and bank account information safe.
What is Smishing?
Scammers are now targeting potential victims with text message scams sent via shortcodes and links. Shortcodes are used by legitimate businesses to send messages to customers; examples include airline ticket confirmations, identity verification, and routine account alerts. However, shortcodes and links can also contain malicious malware which can install on your phone. Once installed, the malware app can log your keystrokes, steal your identity, or hold valuable files for ransom. It is imperative to be vigilant when reading and responding to text messages. Following are tips for protecting yourself against the rise of smishing scams.
What you can do to protect yourself?
- Government agencies, banks, or other legitimate businesses will never request personal or financial information via text message.
- Be skeptical of any text message you receive from unknown senders.
- Take your time. Smishing scams work by creating a false sense of urgency by demanding an immediate response.
- Never click on links or call phone numbers in unsolicited text messages.
- Do not respond to smishing messages. Responding verifies that your phone number is active and encourages scammers to keep trying.
- Delete the message from your phone.
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.
To learn more about how to protect your personal information, visit the River City Bank Safety & Security page.
The California Museum: Inspiring the Future with California’s Past and Present
The California Museum opened its doors on September 9, 1998. As a private non-profit institution focused on California’s rich history and culture, the Museum was created to be the public showplace for contents of the California State Archives.
Former First Lady Maria Shriver began working with the Museum in 2003 to expand its vision and mission. In 2004, the “California’s Remarkable Women” exhibit opened as the first of her many collaborative efforts with the Museum. The Museum’s exhibitions have since then continued to highlight stories to reflect all aspects of California’s diverse population and culture, with a particular emphasis on the contributions of women and under-represented groups.
Today, Governor Jerry Brown and First Lady Anne Gust Brown are Honorary Co-Chairs of the California Museum and the California Hall of Fame. Both the Governor and First Lady continue to work with the Museum in the selection of California Hall of Fame inductees, bringing their appreciation of California history and the educational mission of the Museum to the forefront.
We met with the Museum’s Executive Director, Amanda Meeker, to learn more about and discuss this hidden gem located right in the heart of Sacramento.
The “California at Bat” Exhibit at the California Museum
When did the California Museum for History, Women and the Arts change its name to The California Museum? Why the change? Our name officially remains the California Museum for History, Women & the Arts, but in our day-to-day branding, we go by the shorter version for a couple of reasons. First, the official name is a bit of a mouthful! Second, people who are unfamiliar with the Museum often interpret the name as meaning that our exhibits are only about women. We do have a permanent exhibit celebrating California women, and we recognize the contributions of women and other historically underrepresented groups in all of our programming, but there are plenty of men depicted here as well. The name “California Museum” gives us wide latitude to address virtually any topic about California, past or present.
How many people visit the museum every year? Annual attendance is around 120,000 per year. Of those visitors, about half are students taking part in field trip programs.
What makes the California museum special? Only at the California Museum will you see the California Hall of Fame, an annual ceremony and exhibit where such legendary figures as Harrison Ford, Serena Williams, and Ronald Reagan are represented by artifacts personally loaned by the inductees or their families. The California Museum is also one of the few general museums to house a permanent exhibit about the wartime incarceration of 120,000 Japanese Americans, and we present an annual 8-week education program in which docents who experienced the camps recount first-hand stories of their experiences during WWII.
The Museum offers a diverse set of works. What has been your favorite exhibit thus far? In the twenty years the California Museum has been open, we have presented many wonderful temporary exhibits on topics ranging from natural history to art, cultural history to sports, so it’s hard to choose a favorite. The most popular was our presentation of “With Malice Toward None: The Abraham Lincoln Bicentennial Exhibition.” This traveling exhibit from the Library of Congress featured historic documents such as the Emancipation Proclamation and Gettysburg Address; Mary Todd Lincoln’s emeralds; and items the President had in his pockets the night of his assassination, including a Confederate dollar bill and a pair of eyeglasses broken at the temple that Lincoln had mended with a bit of string.
What are some upcoming exhibits? On display through December 30, 2018 is “California at Bat: America’s Pastime in the Golden State,” which covers California baseball from the Gold Rush to the present, featuring Joe DiMaggio’s New York Yankees rookie uniform, the cap Ted Williams wore the season he was the last MLB player to bat over .400, Jackie Robinson’s MVP award, and scores of other historical items. Additional upcoming exhibits in 2019 include “Before They Were Heroes: Sus Ito’s WWII Images,” which provides a rare look into the daily lives of the Japanese American soldiers whose heroic service made the segregated 442nd Regimental Combat Team the most decorated unit of its size in U.S. military history; and “Dolores Huerta: Revolution in the Fields/Revolución en Los Campos,” a Smithsonian traveling exhibit that highlights the significant role of the iconic Latina leader in California’s farmworker movement.
SACRAMENTO, Calif., July 25, 2017
Children and adults visit the Unity Center's new exhibit at The California Museum, July 25, 2017, in Sacramento, Calif.
Photo by Robert Durell
In 2017, the Museum launched the Unity Center which celebrates California’s diversity. Tell us more about this unique part of the Museum. The Unity Center initially was conceived in response to the 1999 “Summer of Hate” attacks in Northern California. Its interactive exhibits highlight leaders in the state’s rich civil rights history and encourage visitors to exercise their rights and stand up for the rights of others.
What is one thing that many people do not know about the Museum? Many think that the Museum is a State agency, but it’s actually a 501(c)(3) nonprofit. It relies on the generosity of Museum patrons and receives most of its funding from grants and sponsorships. Admissions and Museum store sales also support our operations.
To learn more about The California Museum or how you can donate, visit their website at www.californiamuseum.org.
Helping to Break the Cycle: The Kelly Foundation’s Commitment to the Community
On a warm summer evening, members of the community took part in an extraordinary event that was a culmination of an 18-month comprehensive program. With the help of Saint John’s Program for Real Change, eleven graduates, who made an empowered decision to rise up and become a productive community member, took their rightful place on stage to celebrate a monumental achievement in their lives and that of their children.
Since 1985, Saint John’s Program for Real Change has provided more than 30,000 homeless women and children with the essential tools to rise above their circumstances and make REAL, transformative change in their lives. Operating the largest shelter in the Sacramento Region, Saint John’s Program is the one focused exclusively on women and children–the most vulnerable and rapidly growing segment of the homeless population in our region and nationwide. Dedicated to the eradication of homelessness, Saint John’s program includes mental health therapy, alcohol and drug counseling, parenting education, high school diploma preparation and attainment, budgeting classes, healthy relationship training, and a proprietary Employment Training Program. Accommodating over 700 clients and their children each year with three levels of increasingly independent housing, 96% of Saint John’s Employment Training Program graduates have secured unsubsidized employment, a crucial step in their journeys to self-sustainability.
“Saint John’s directly impacts the lives of women and children desperate for change, and we are excited to partner with an organization that helps the community thrive one life at a time,” said Shawn Kelly Devlin, Chairman of the Board of the Kelly Foundation and of River City Bank. “We’re confident this donation will support families in need to become self-sufficient after experiencing such challenging circumstances.”
RCB and the Kelly Foundation donated $83,000 to Saint John’s Program for Real Change to help improve the lives of women and children experiencing homelessness. The money will go towards the Bridge the Gap campaign which was developed to keep the red doors of Saint John’s open after the County of Sacramento decided not to renew its 15-year contract. Serving up to 270 women and children, Saint John’s will continue to provide a vehicle to help them permanently escape the cycle of poverty and dependence.
The event took place at Plates Cafe and Catering
Kelly Broadcasting Company, established in 1955, founded the Kelly Foundation in December 1988 as a formal vehicle for structuring charitable contributions. The Kelly family sold KCRA-TV in 1999 and have continued the Kelly Foundation ever since. In 2009, the River City Bank Foundation merged with the Kelly Foundation, and some executives of the Bank currently serve on the Foundation’s Board. Jon S. Kelly founded River City Bank and continues to support the Bank. His daughter, Shawn Kelly Devlin, currently serves as President and Chairman of the Board. The Kelly Foundation is an expression of the importance the Kelly family places on being a good neighbor and citizen in regions where they do business.
Kelly Foundation awards $83,000 grant to Saint John’s Program for Real Change
Donation supports families seeking to end the cycle of poverty
SACRAMENTO, CA — The Kelly Foundation awarded $83,000 to Saint John’s Program for Real Change, an organization that operates the largest shelter for women and children experiencing homelessness in the Sacramento region. The donation will go towards the Bridge the Gap campaign which was developed to keep the red doors of Saint John’s open after the County of Sacramento decided not to renew its 15-year contract. The Kelly Foundation’s contribution will provide 638 nights of comprehensive services for families at Saint John’s including housing, drug and alcohol counseling, parenting education, healthy relationship training and childcare. The funds will also help women who are enrolled in the program develop habits and professional skills that can equip them to seek employment and become more self-reliant.
“Saint John’s directly impacts the lives of women and children desperate for change, and we are excited to partner with an organization that helps the community thrive one life at a time,” said Shawn Kelly Devlin, Chairman of the Board of the Kelly Foundation and of River City Bank. “We’re confident this donation will support families in need to become self-sufficient after experiencing such challenging circumstances.”
“We are proud to support the women and children of the Saint John’s Program for Real Change and respect their ambition to better their lives after undergoing detrimental situations,” said Steve Fleming, President and CEO of River City Bank. “Following a significant change in the program’s funding stream, we understand the urgent need to step in and bridge the gap. We’re excited to see the continued success of the program and the effect it has on bettering individuals in our community.”
After a recent expansion in 2017, Saint John’s now serves up to 270 women and children daily with a waitlist of more than 500. Members receive extensive education, counseling and training to help lead them to a future of success both personally and professionally. In addition, the finest chefs from the Sacramento area partner with Plates Café each month to provide a one-of-a-kind gourmet meal in support of the women and children served at Saint John’s Program for Real Change. In early September, the Guest Chef’s Dinner event celebrated the graduation of 12 women who completed the Employment Training Program and are now fully employed.
“Saint John’s Program for Real Change is deeply grateful to the Kelly Foundation team. Not only have they supported our women and children consistently over the past six years, but their added support this year has ensured that our red doors remain open to women and children who want to change their lives,” said Michelle Steeb, CEO of Saint John’s Program for Real Change. “We appreciate the Kelly Foundation and River City Bank for believing and investing in women and children who choose to permanently escape the cycle of poverty and dependence.”
The Kelly Foundation supports health and human services, education, culture, environment and civic improvement through its funding. Each year, the Foundation provides approximately $400,000 in grants to organizations that support the Sacramento region. Since merging with the RCB Foundation in 2009, the Kelly Foundation, of which River City Bank remains a major contributor, focuses on giving back to the greater Sacramento region through charitable donations.
About the Kelly Foundation
The Kelly Broadcasting Company’s KCRA-TV (Sacramento-Stockton-Modest, CA) went on the air on Sept. 5, 1955, and the owners of the Kelly Broadcasting Company established the Kelly Foundation in December 1988 as a formal vehicle for structuring charitable contributions. The Kelly family sold KCRA-TV in 1999 and have continued the Kelly Foundation ever since. In 2009, the River City Bank Foundation merged with the Kelly Foundation, and some executives of the Bank currently serve on the Foundation’s Board. Jon S. Kelly founded River City Bank and continues to support the Bank. His daughter, Shawn Kelly Devlin, currently serves as President and Chairman of the Board. The Kelly Foundation is an expression of the importance the Kelly family places on being a good neighbor and citizen in regions where they do business. For more information on the Kelly Foundation, please visit KellyFoundationSacramento.org or call (916) 978-4892.
About Saint John’s Program for Real Change
Since 1985 Saint John’s Program for Real Change has provided more than 30,000 homeless women and children with the essential tools to rise above their circumstances and make REAL, transformative change in their lives. Operating the largest shelter in the Sacramento Region, Saint John’s Program is the one focused exclusively on women and children–the most vulnerable and rapidly growing segment of the homeless population in our region and nationwide. Dedicated to the eradication of homelessness, this 18-month comprehensive program includes mental health therapy, alcohol and drug counseling, parenting education, high school diploma preparation and attainment, budgeting classes, healthy relationship training and a proprietary Employment Training Program. Accommodating over 700 clients and their children each year with three levels of increasingly independent housing, 96% of Saint John’s Employment Training Program graduates secure unsubsidized employment, a crucial step in their journeys to self-sustainability.
River City Bank and Neighborhood Partners, LLC extend partnership on Cesar Chavez Plaza housing project
Local development symbolizes hope in City of Davis
SACRAMENTO, CA — River City Bank, Sacramento’s premier business bank, donated $1,000 towards Cesar Chavez Plaza’s Resident’s Fund, fulfilling the community’s goal of $10,000. The Resident’s Fund will be used for community-building activities that will strengthen the life of residents. Neighborhood Partners, LLC, a company that specializes in the development and financing of nonprofit, mutual and cooperative housing, is celebrating Cesar Chavez Plaza’s 10 year anniversary. At full occupancy and with a waitlist of more than 284 people, Cesar Chavez Plaza has been successful in providing better housing, living conditions, and support for those in need within the City of Davis community.
“We are thrilled to see the success of Cesar Chavez Plaza and contribute to the ongoing support the City provides to its residents,” said Steve Fleming, President and Chief Executive Officer of River City Bank. “The City of Davis is a valued client of ours, and we support its endeavors to create a significant impact on the community for individuals in need. We also want to acknowledge the excellent work being done by Neighborhood Partners, as this organization has done a superb job in realizing its vision for Cesar Chavez Plaza.”
In 2008, River City Bank was awarded an Affordable Housing Program grant through the Federal Home Loan Bank of San Francisco on behalf of Davis Community Meals and Housing and Neighborhood Partners, LLC. The $470,000 grant was instrumental in breaking ground on Cesar Chavez Plaza, a 53-unit community that provides workforce housing for low-income and specialized needs individuals at the risk of homelessness.
“The commitment of the City of Davis to help provide a better life for at-risk individuals is inspiring and encouraging,” said David Thompson, Co-Principal of Neighborhood Partners, LLC and President of Twin Pines Cooperative Foundation (manager of the Resident’s Fund). “We are overjoyed to be a part of Cesar Chavez Plaza and look forward to its continued success providing hope for those in need.”
A 10 foot by 10 foot “De Colores” mural welcomes residents to Cesar Chavez Plaza and reflects Cesar Chavez’s commitment to the key elements of human life: shelter, food, education, healthcare, livelihood, and community. Longtime Davis resident and reputable artist, Susan Shelton, designed the mural in 2011 after expressing strong interest in supporting the Plaza’s mission. Some of the panels were hand-painted by residents as part of a community build project.
The City of Davis supports the housing development and the social and economic guidance it provides to residents. At the end of 2017, River City Bank announced the City of Davis as one of its newest clients, providing comprehensive banking services for the city across multiple accounts. The Bank’s involvement in the local community through the provision of services, donations, and fundraising activities such as Cesar Chavez Plaza represent its ongoing effort to bettering the communities in which it is involved.
About Neighborhood Partners, LLC
Neighborhood Partners, LLC’s vision is to create livable communities that enhance the quality of community life, increase resident involvement and incorporate an environmental ethos. The organization brings 40 years of development experience to its clients and partners, and it has developed 1,000 units of nonprofit housing valued at over $200 million. Neighborhood Partners develops only cooperative, mutual and nonprofit housing by leveraging local resources, bringing in external capital and obtaining supportive subsidies. It has created communities for hundreds of working families, as well as hundreds of seasoned seniors. For more information, visit npllc.org.
River City Bank reports a quarterly cash dividend on common shares
SACRAMENTO, CA — Steve Fleming, President and CEO of River City Bank (the Bank), announced that the Bank’s board of directors has approved, in connection with the Bank’s recently reported net income of $5.7 million, or $3.94 diluted earnings per share, for the quarter ending June 30, 2018, a cash dividend of $0.26 per common share to shareholders of record as of July 31, 2018, and payable August, 2018.
River City Bank reports 2018 second quarter net income of $5.7 million
SACRAMENTO, CA — July 18, 2018 — River City Bank (the Bank) reported net income of $5.7 million, or $3.94 per diluted share, for the quarter ending June 30, 2018, which compares to the $6.4 million, or $4.42 per diluted share, for the same period in 2017. The prior year quarter benefited from a $3.4 million pre-tax gain on sale of an Other Real Estate Owned property. Net income was $11.3 million or $7.76 per diluted share for the six months ending June 30, 2018, which compares to the $10.6 million or $7.35 per diluted share for the six months ending June 30, 2017.
“Although loan growth has slowed versus the prior three years, we are pleased to have exceeded $1.5 billion in loan outstandings as of June 30, 2018,” said Steve Fleming, President and Chief Executive Officer of River City Bank. “We are also very excited for the future of our recently launched Clean Energy Division. We have taken the lead in providing banking services for clean energy companies throughout California and look forward to a continued expansion of this practice.”
The Bank’s net interest margin declined from 2.86 percent to 2.73 percent for the quarters ending June 30, 2017 and 2018, respectively. The reduced net interest margin is a function of the Federal Reserve having pushed up short-term interest rates and the flattening of the yield curve. Consequently, our net interest margin compresses as the cost of deposits and other borrowings rise faster than the yield on our earning assets.
The Bank’s asset quality remains healthy with the ratio of nonperforming loans to total gross loans declining from an already low 0.06 percent as of June 30, 2017 to 0.01 percent as of June 30, 2018. With the economic recovery in its 9th year, we are at a point in the credit cycle when most banks are experiencing minimal loan losses.
“Operational efficiency remains a core competency for the Bank, as evidenced by our 42 percent and 39 percent efficiency ratios for the quarters ending June 30, 2018 and 2017, respectively,” said Anker Christensen, Chief Financial Officer of River City Bank. “Managing expenses continues to be a priority for the management team.”
Shareholders’ equity for River City Bank on June 30, 2018 increased $10 million to $195 million, when compared to the $185 million as of December 31, 2017. The increase was driven through 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 12.0 percent, 9.7 percent and 13.2 percent, respectively, as of June 30, 2018.
An Afternoon with Matina Kolokotronis
River City Bank invited Sacramento Kings’ Matina Kolokotronis to speak at their recent Executive Forum. Kolokotronis is the Chief Operating Officer and the only woman in the NBA to hold the titles of both COO and President of Business Operations.
She acknowledged the importance of being a mentor, breaking barriers, and accepting the challenges that influence change. Addressing a roomful of Sacramento’s business leaders at the Sutter Club, Kolokotronis gave insight on the success of the Golden One Center and her 20-plus years with the Kings organization. She shared her story as a female executive in a predominantly male environment and the significance of blazing a path for the next generation.
She acknowledged mentors who inspired her to have work-life balance, where you can have a fulfilling career and raise a family. Kolokotronis also credited former NBA Commissioner, David J. Stern, on setting the tone at the highest level and for having the vision to be an inclusive organization.
Paul McClure of Runyon Saltzman and Iain Mickle of Boutin Jones
Sacramento Kings COO, Matina Kolokotronis, and SVP of Communications, Joelle Terry
Erika Avanova and Linda Bergaus of Life Assist with Janette Moynier of River City Bank, Carolyn Lewis of The Lewis Group Inc., and Valerie Park of Nathan Property Management.
Eric Johnson of GNT Solutions, Mike Newell of HP Hood LLC, and Yasmin Seyal of EvinceMed Corp.
