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CST: 14/08/2020 11:51:16   

Bauer 5-Star Awarded – Henderson Center Branch Opening Soon – Bank and CEO Receive Awards

562 Days ago

Cash Dividend Affirmed

EUREKA, Calif., Jan. 30, 2019 (GLOBE NEWSWIRE) -- REDWOOD CAPITAL BANCORP (RWCB.OB), the only locally owned and operated community bank holding company in Humboldt County, announced unaudited financial results for the three and twelve month periods ended December 31, 2018.  The community bank holding company reaffirmed its ongoing quarterly cash dividend, while Redwood Capital Bank, the company’s wholly owned subsidiary looks toward opening its fourth branch location.

President and CEO John Dalby stated, “In 2018, Redwood Capital Bank was again awarded the 5-Star rating from Bauer Financial, one of the most well-known and respected financial rating agencies within the bank trade.  These results and accolades reflect the service and results-oriented culture of the company.  We eagerly anticipate the February opening of our fourth branch location in Henderson Center, Eureka.  We look forward to expanding our footprint in the Eureka market and to becoming a part of the vibrant neighborhood and business district that makes up Henderson Center.”

Additionally, at this year’s Greater Eureka Chamber of Commerce Annual Dinner, Redwood Capital Bank received the Large Business of the Year Award for its contributions to the community, top-notch customer service, positive work environment, investments in the local economy and commitment to giving back to the community in many ways.  President and CEO, John Dalby received the 2018 Leadership Impact Award.  Dalby was honored for being a leader in the business community who inspires and encourages others and who has earned a high level of trust and credibility.  Mr. Dalby has been, and continues to be, active in the community, serving on numerous boards and committees.

Redwood Capital Bancorp Chairman, John Gierek, Jr. commented, “Redwood Capital Bank is honored to be the recipient of this esteemed award that signifies our commitment to this community.  I am also very proud of John Dalby for receiving the Leadership Impact Award which recognizes his long-standing involvement and positive impact within Humboldt County.”

Total assets as of December 31, 2018 were $368.1 million, a decrease of 1% over the September 30, 2018 figure and a modest increase of 8% over the December 31, 2017 reported figures.  Total deposits stood at $334.7 million as of December 31, 2018, 2% less than the September 30, 2018 figures and 7% higher than the December 31, 2017 numbers.  Total loans as of December 31, 2018, net of unearned income, were $278.7 million, a slight increase of 1% from the prior quarter and an increase of 9% over the year ended December 31, 2017.

Consolidated net income before taxes for the three and twelve months ended December 31, 2018 totaled $1,611,000 and $5,684,000, up 21% from the figure reported for the three months ended September 30, 2018 and up a stout 13% from the figure reported for the twelve months ended December 31, 2017.  The company also reported net income for the fourth quarter of 2018 of $1,125,000, while net income for the year ended December 31, 2018 was reported as $4,140,000.  The earnings represented a 18% increase over the September 30, 2018 quarter and an increase of 61% from the year ended December 31, 2017.  The strong performance in net income before taxes during the fourth quarter and full year are attributed to consistent, high quality loan growth and strong cost controls.  A strong balance sheet and excellent loan quality are evidenced by a 1.79% decline in the Texas Ratio.  Recoveries continue to exceed charge-offs.

Additionally, the Board of Directors declared a quarterly cash dividend of $0.07 per share, payable on February 13, 2019 to shareholders of record at the close of business on January 29, 2019.  The dividend is equivalent to an annual rate of $0.28 per share or 1.81%, based upon a market price of $15.51 per common share. 

CEO Dalby explained, “We are very pleased with the opportunity to enhance shareholder value by deploying capital in a sound manner while at the same time being consistent with the desire of our Board of Directors and our shareholders at large.  We continue to be a well-capitalized organization with the ability to take advantage of strategic opportunities as they arise.  The entire Redwood Capital Bank team is excited about the opportunities before us in 2019.”

For more information regarding Redwood Capital Bancorp, please visit our website at www.redwoodcapitalbank.com, contact Renee Byers, CFO, at (707) 444-9849, or stop by our headquarters and main office at 402 “G” Street, Eureka, CA 95501.  

This press release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the bank is conducting its operations, including the real estate market in California and other factors beyond the bank’s control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management’s view only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.     


Redwood Capital Bancorp
Selected Consolidated Financial Results - Unaudited
(In Thousands - except share data)
      Period Ended %
      12/31/2018 9/30/2018 Change
Balance Sheet Data (at period end)        
  Total assets   $368,129 $372,707 -1%
  Total deposits   334,738 340,424 -2%
  Total loans (net)   278,715 277,288 1%
  Common equity   27,575 26,412 4%
  Common shares outstanding   1,945,337 1,945,337 0%
Summary of Operations (Current Quarter)        
  Interest income     3,886 3,632 7%
  Interest expense     244 229 7%
  Net Interest Income     3,642 3,403 7%
  Non-interest income     656 535 23%
  Non-interest expense     2,646 2,408 10%
  Net Income before provision     1,652 1,530 8%
  Provision for loan losses     41 200 -80%
  Income before taxes     1,611 1,330 21%
  Income taxes     486 380 28%
  Net Income     1,125 950 18%
  Earnings per share (fully diluted)   $0.58 $0.49 18%
  Book value per common share   $14.17 $13.58 4%
      Period Ended %
      12/31/2018 12/31/2017 Change
Balance Sheet Data (at period end)        
  Total assets   $368,129 $342,153 8%
  Total deposits   334,738 311,733 7%
  Total loans (net)   278,715 255,209 9%
  Common equity   27,575 24,013 15%
  Common shares outstanding   1,945,337 1,924,157 1%
Summary of Operations (Current Quarter)        
  Interest income     3,886   3,433 13%
  Interest expense     244   193 26%
  Net Interest Income     3,642   3,240 12%
  Non-interest income     656   535 23%
  Non-interest expense     2,646   2,268 17%
  Net Income before provision     1,652   1,507 10%
  Provision for loan losses     41   30 100%
  Income before taxes     1,611   1,477 9%
  Income taxes     486   1,074 -55%
  Net Income     1,125   403 179%
  Earnings per share (fully diluted)   $0.58 $0.21 176%
  Book value per common share   $14.17 $12.48 14%
Summary of Operations (Year to Date)        
  Interest income     14,299   13,168 9%
  Interest expense     864   754 15%
  Net Interest Income     13,435   12,414 8%
  Non-interest income     2,585   1,919 35%
  Non-interest expense     10,015   9,152 9%
  Net Income before provision     6,005   5,181 16%
  Provision for loan losses     321   150 114%
  Income before taxes     5,684   5,031 13%
  Income taxes     1,543   2,466 -37%
  Net Income     4,140   2,565 61%
  Earnings per share (fully diluted)   $2.14 $1.33 60%
  Book value per common share   $14.17 $12.48 14%

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