Consolidated financial highlights:
- Total assets ended the quarter at
$574.8 million as ofMarch 31, 2022 compared to$600.8 million as ofDecember 31, 2021 and$506.8 million as ofMarch 31, 2021 . - Net income for the quarter ended
March 31, 2022 totaled$1.1 million or$0.36 per diluted share compared to$1.4 million or$0.46 per diluted share for the quarter endedDecember 31, 2021 and$1.2 million or$0.42 per diluted share for the quarter endedMarch 31, 2021 . - Net interest income totaled
$3.9 million for the quarter endedMarch 31, 2022 compared to$4.1 million for the quarter endedDecember 31, 2021 and$3.9 million for the quarter endedMarch 31, 2021 .
Selected Consolidated Financial Information - Unaudited | ||||||||||||||||||||
(dollar amounts in thousands, except per share data) | ||||||||||||||||||||
As of | ||||||||||||||||||||
2022 | 2021 | 2021 | 2021 | 2021 | ||||||||||||||||
Total investment securities | $ | 242,907 | $ | 227,775 | $ | 200,099 | $ | 171,710 | $ | 169,698 | ||||||||||
Total loans, gross | 248,560 | 250,670 | 243,689 | 258,816 | 258,504 | |||||||||||||||
PPP loans (non-core) | 1,071 | 3,939 | 10,307 | 26,136 | 42,383 | |||||||||||||||
Total loans, excluding PPP | 247,489 | 246,731 | 233,382 | 232,680 | 216,121 | |||||||||||||||
Allowance for loan losses | (3,513 | ) | (3,513 | ) | (3,362 | ) | (3,362 | ) | (3,362 | ) | ||||||||||
Total assets | 574,805 | 600,849 | 527,734 | 503,298 | 506,850 | |||||||||||||||
Total deposits | 530,020 | 548,020 | 475,251 | 450,895 | 457,938 | |||||||||||||||
Borrowings | - | - | - | - | - | |||||||||||||||
Total shareholders' equity | 42,332 | 49,428 | 48,853 | 48,439 | 45,717 | |||||||||||||||
Loan to deposit ratio | 47 | % | 46 | % | 51 | % | 57 | % | 56 | % | ||||||||||
Book value per common share | $ | 13.85 | $ | 16.30 | $ | 16.14 | $ | 16.02 | $ | 15.16 | ||||||||||
7.85 | % | 8.13 | % | 8.41 | % | 8.42 | % | 8.20 | % | |||||||||||
Total gross loans were
Selected Consolidated Financial Information - Unaudited (continued) | ||||||||||||||||||||
(dollar amounts in thousands, except per share data) | ||||||||||||||||||||
For the Quarter Ended | ||||||||||||||||||||
2022 | 2021 | 2021 | 2021 | 2021 | ||||||||||||||||
Total interest income | $ | 4,089 | $ | 4,295 | $ | 4,173 | $ | 4,071 | $ | 3,988 | ||||||||||
Total interest expense | 140 | 147 | 153 | 156 | 160 | |||||||||||||||
Net interest income | 3,949 | 4,148 | 4,020 | 3,915 | 3,828 | |||||||||||||||
Provision for loan losses | - | 151 | - | - | - | |||||||||||||||
Total noninterest income | 200 | 242 | 161 | 175 | 276 | |||||||||||||||
Total noninterest expense | 2,567 | 2,340 | 2,265 | 2,275 | 2,388 | |||||||||||||||
Net income | 1,142 | 1,392 | 1,397 | 1,315 | 1,245 | |||||||||||||||
Earnings per share - basic | $ | 0.38 | $ | 0.46 | $ | 0.46 | $ | 0.43 | $ | 0.42 | ||||||||||
Earnings per share - diluted | $ | 0.36 | $ | 0.44 | $ | 0.45 | $ | 0.42 | $ | 0.41 | ||||||||||
Net interest margin | 2.79 | % | 3.09 | % | 3.21 | % | 3.28 | % | 3.26 | % | ||||||||||
Net interest margin - tax equivalent | 2.83 | % | 3.13 | % | 3.25 | % | 3.33 | % | 3.31 | % | ||||||||||
Efficiency ratio | 61.87 | % | 53.32 | % | 54.17 | % | 55.62 | % | 59.49 | % | ||||||||||
Return on average assets | 0.78 | % | 1.00 | % | 1.07 | % | 1.05 | % | 1.01 | % | ||||||||||
Return on average equity | 9.64 | % | 11.16 | % | 11.18 | % | 11.24 | % | 10.76 | % |
Net interest income of
CFO Reynolds stated, “Due to an increase in expectations about future rate hikes, the yield curve saw significant increases across all maturities during the quarter. This led to an increase of unrealized losses in the investment portfolio and a related decrease in the Bank’s book value per share. We manage the bond portfolio considering the Bank’s overall balance sheet. Our bond portfolio compliments are other earning assets well and is performing as it was intended. All of our investments are investment grade and/or issued by government sponsored entities, the unrealized losses are not indicative of credit deterioration. Bond prices fall as yields or rates rise.”
CEO
Jelavich continued, “During the first quarter, we made significant strides in positioning the bank for the future by completing a major core system and online banking upgrade. We believe our investment in technology will serve the Bank and our customers well and I am very proud of our amazing banking team for their tireless efforts in the conversion process.”
The Bank remains highly rated with BauerFinancial, Depositaccounts.com and
1629 Colusa Avenue ,Yuba City, CA 580 Brunswick Rd ,Grass Valley, CA 905 Lincoln Way ,Auburn, CA 904 B Street ,Marysville, CA 401 Ryland Street ,Reno, NV (Loan Production Office)
The Bank offers a full suite of competitive products, services, and banking technology. For more information please visit our website at www.myrvcb.com or contact
Forward Looking Statements: This document may contain comments and information that constitute forward‐looking statements. Forward‐looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by such statements. Forward‐looking statements speak only as to the date they are made. The Bank does not undertake to update forward‐looking statements to reflect circumstances or events that occur after the date the forward‐looking statements are made.
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