(RCB — contributed)
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On Wednesday, Redwood Capital Bancorp, the only locally owned and operated community bank-holding company in Humboldt County, announced unaudited financial results for the three month period ended March 31.  Redwood Capital Bank, the company’s wholly owned subsidiary, celebrated its 15-year anniversary by reporting record quarterly earnings and strong loan growth.

“Management and the board of directors are delighted with our excellent start in 2019,” said John Dalby, president and CEO. “We remain grateful to our staff for their outstanding work and to our customers and shareholders for the relationships we have developed and fostered over the past fifteen years.”

Dalby noted that the company’s long-term track record of strong performance has not gone unnoticed.

“Consistent performance has resulted in consistent recognition. Once again, Redwood Capital Bank has been recognized by the financial industry. Congratulations to the Redwood Capital Bank staff on the receipt of the Findley Reports rating of Super Premier Performing status, as well as the 5-Star rating from Bauer Financial. Both ratings are the highest given from two of the most well-known and respected bank rating firms within the industry.”

The company continues to perform in the major balance sheet categories of assets, loans and deposits. Total assets as of March 31 were $356.6 million, an increase of 5% from the same period last year. Total loans, net of unearned income, grew to $281.2 million as of March 31, an increase of 8% over the quarter ended March 31. Total deposits grew to $322.5 million as of March 31, an increase of 4% over the March 31 figure.

Net interest income for the quarter ended March 31 totaled $3,553,000, up 15% from the $3,090,000 reported for the three months ended March 2018. The company reported record net income after taxes in the first quarter of 2019 of $992,000, up 4% from the $957,000 reported for the first quarter of 2018. The increase was primarily attributed to continued loan growth, exceptional credit quality and strong cost controls.

Additionally, the board of directors declared a quarterly cash dividend of $0.07 per share, payable on May 20, to shareholders of record at the close of business on May 6. The dividend is equivalent to an annual rate of $0.28 per share or 1.67%, based upon a market price of $16.80 per common share.

For more information regarding Redwood Capital Bancorp, visit www.redwoodcapitalbank.com, contact Renee Byers, SVP/CFO, at 707-444-9849, or stop by its headquarters and main office at 402 G Street, Eureka.

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