River City Bank Reports Continued Asset Growth
08 12월 2005 - 7:00AM
PR Newswire (US)
MECHANICSVILLE, Va., Dec. 7 /PRNewswire-FirstCall/ -- River City
Bank (NASDAQ:RCBK), a Virginia state-chartered bank headquartered
in Mechanicsville, VA today reported continued growth in deposits,
loans, and total assets. William D. Stegeman, President & CEO,
reported September 30, 2005 unaudited operating results, stating
that the Bank continues to experience strong asset and liability
growth with a reduction in operating losses realized in its fifth
full quarter of operations. Total assets of the Bank at September
30, 2005 amounted to $47,963,982, compared to $23,585,462 at
December 31, 2004, representing an YTD increase of 103%. Asset
growth was concentrated in net loan growth and an increase in
securities held for sale and purchased from net capital raised from
the Bank's public secondary and rights offering completed in July,
2005. Net loans increased to $30,017,117 at September 30, 2005 from
$13,954,859 at December 31, 2004, an increase of 115%. At fair
market value, securities held for sale amounted to $10,144,271 at
September 30, 2005, compared to $3,470,550 at December 31, 2004, an
increase of 192%. Total stockholders' equity amounted to
$16,045,271 at September 30, 2005, compared to $8,113,163 at
December 31, 2004, an increase of 98%. From the Bank's secondary
public and rights offering concluded July 5, 2005, net
stockholders' equity increased $8,518,387. Total Deposits at
September 30, 2005 amounted to $31,710,989, compared to total
deposits of $15,415,757 at December 31, 2004, an increase of 106%.
YTD growth was realized in each of the Bank's deposit categories,
including savings deposits which increased $8,126,750 or 253%,
demand deposits which increased $2,397,478 or 114%, NOW and money
market deposits, which increased $1,813,455 or 50%, and time
deposits which increased $3,957,549, or 61%. Overall deposits
increased due to various marketing initiatives implemented, as well
as the opening of the Bank's second branch banking office located
at 8051 Mechanicsville Turnpike, Mechanicsville, VA on September
10, 2005. The Bank reported a YTD net operating loss of $(564,245)
for the period ended September 30, 2005, representing a basic
income (loss) per share of $(0.46). On a comparative quarterly
basis, the Bank recorded a net operating loss of $(131,224) for the
quarter ended September 30, 2005, compared to a net operating loss
realized of $(387,633) for the quarter ended September 30, 2004.
The quarter ended September 30, 2005 represents the Bank's fifth
full quarter of operations since the Bank's opening date of July 1,
2004. Due to the starting date of operations, there is not an
applicable similar period of operations for which to make annual
income statement comparisons. The Bank reported a net operating
loss of $(198,471) for the second quarter ended June 30, 2005. Mr.
Stegeman commented: "With the opening of the Bank's second branch
office in mid-September, and strong growth realized in net loans
and deposits both in year-to-date production and the third quarter
of 2005, the Bank's Board and management will strive to implement
new products and services to make the Bank more competitive. We
anticipate that strong loan demand will continue, and such demand
will be funded with structured growth of core deposits derived from
our primary market service area. The Bank's mortgage division has
progressed well, and is generating good results in supplementary
non-interest fee income. The Bank's investment services division
has progressed to the operational stage, and we look forward to
this area generating another source of fee income to our bottom
line in 2005 and the coming years." This press release contains
forward-looking statements as defined by federal securities laws.
These statements may address certain results that are expected or
anticipated to occur or otherwise state the company's predictions
for the future. These particular forward-looking statements and all
other statements that are not historical facts are subject to a
number of risks and uncertainties, and actual results may differ
materially. Such factors include but are not limited to: general
economic conditions, significant fluctuations in interest rates
that could reduce the net interest margins; difficulties in
execution integrations plans; reduction of fee income from existing
products due to market conditions; and the amount of growth in the
company's general administrative expenses. Consequently, these
cautionary statements qualify all forward-looking statements made
herein. DATASOURCE: River City Bank CONTACT: Zirkle Blakey, III,
EVP/CFO, of River City Bank, +1-804-730-4100, Web site:
http://www.rivercitybank.org/
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