River City Bank Reports Strong Q2 2024 Net Income of $17.2 Million, Crossing $5 Billion Asset Mark

River City Bank announced a net income of $17.2 million for Q2 2024, or $11.66 per diluted share, up from $14.4 million, or $9.65 per diluted share, in Q2 2023. For the first half of 2024, net income reached $35.9 million, compared to $27.3 million in the same period in 2023. The bank's book value per share increased from $261 to $310 over the year.

Key factors contributing to this growth include higher average loan balances, increased cash and investment balances, and deposit growth. Average deposits grew by $946 million year-over-year, supporting loan growth and reducing costs. The provision for credit losses fell to $3.0 million from $6.5 million in the previous year.

The bank ended the quarter with over $5 billion in total assets. CEO Steve Fleming highlighted the bank's strong liquidity and loan quality. CFO Brian Killeen reported a 26% efficiency ratio for the first half of 2024. The bank's capital ratios remain well above regulatory requirements, with a Tier 1 Leverage Ratio of 8.7%.

A cash dividend of $0.37 per common share has been approved, payable on August 8, 2024.