River Valley Community Bank , headquartered in Yuba City, California , announced that it earned $1,246,480 after tax or $.72 basic earnings per share for 2013 compared to $1,451,065 or $.85 per share earned in 2012. In a release on January 21 , the company noted earnings details: The Bank, which opened in June of 2006 has now posted 26 consecutive profitable quarters. Total Assets and Deposits of $166,386,665 and $146,365,065 were up were up 10 percent and 12 percent respectively from the previous year. Non Interest Bearing Deposits increased 34 percent from year end 2012. Gross Loans increased 15 percent to $63,316,924 from the prior year while the overall loan portfolio quality continued to improve with no charged off loans during the year. Shareholder Equity increased 1 percent to $19,765,654 as earnings gains were mostly offset by a drop in the unrealized gains in the Bank's investment portfolio; the Bank continued to be well capitalized with a Tier 1 leverage Ratio of 12. 24 percent. Book Value increased from $11.36 at year end 2012 to $11.40 at the end of 2013. Net Interest Income (NII) dropped 4 percent in 2013 to $4,430,029 as earning assets continued to re price downward more rapidly than deposit rates; the Net Interest Margin (NIM) was 3.17 percent, down from 3.52 percent in 2012. The lower NII and NIM, also, in large part, resulted from a conscious plan to further reduce interest rate risk in anticipation of a rising rate environment ahead. For the year, the Bank's Return on Average Assets, Return on Shareholder Equity, and Efficiency Ratio were 0.81 percent, 6.35 percent, and 66.72 percent respectively. John I. Jelavich , CEO commented, "2013 was another year of solid results driven by exceptional loan growth in a slow economy. Our ability to grow our portfolio at a more rapid rate than most of our peers while maintaining credit quality at a very high level is remarkable. Loan pricing for quality relationships remains fiercely competitive and has adversely affected our current returns but we believe we will benefit over the long term by developing selected high quality banking relationships." "In late summer, the new Grass Valley branch office was successfully opened after our board members agreed it was the time and place to invest in our future. Our marketing approach there is similar to how we have developed the Yuba City operations. We assembled a team of high quality relationship bankers, are targeting our prospects, explaining why they should move to a premier community bank and then ask for their business! We strongly believe this strategy will bring success there as it has in Yuba City ," Jelavich concluded. River Valley Community Bank is located at 1629 Colusa Avenue , Yuba City, California . More Information: myrvcb.com ((Comments on this story may be sent to firstname.lastname@example.org ))
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