Buoyed by an improving economy and a strong loan environment, most banks serving the Sacramento region are reporting year-over-year gains for 2014.
The early round of fourth-quarter and calendar 2014 earnings reports saw improved bottom lines, although bank officials said low interest rates held revenue streams back a bit throughout the year.
Folsom Lake Bank, which has branches in Folsom, Roseville and Rancho Cordova, reported its 20th consecutive profitable quarter, with net income of $492,744, up nearly 35 percent from $365,374 in the final quarter of 2013. Profits for all of 2014 totaled $1.21 million, up 16.5 percent over the previous year.
In a statement accompanying the earnings report, Folsom Lake Bank President and CEO Robert Flautt said the “improving economy, increased real estate values and improved loan demand in our local market area have all helped to produce another successful year of operations ...”
Never miss a local story.
Other fourth-quarter 2014 and year-end financial results for banks serving the Sacramento region include:
▪ Sacramento-based River City Bank posted net income of $3.6 million, or $2.54 per share, in the quarter that ended Dec. 31, up from $3.1 million, or $2.19 a share, in the year-ago period. Net income for 2014 was $11.8 million, or $8.31 per share, up from $11.5 million, or $8.06 a share, in 2013.
In a statement, RCB President and CEO Steve Fleming said, “The four years of 2011 through 2014 are in the top five most profitable years for the bank over its 42-year history.”
▪ Placerville-based El Dorado Savings Bank, which operates 35 branches in California and Nevada, had a profit of $11.87 million in 2014, a 21 percent increase over 2013. El Dorado ended 2014 with no foreclosed properties on the books.
▪ Minneapolis-based U.S. Bancorp, which has more than 40 U.S. Bank branches in the Sacramento region, reported a record year with 2014 net income of $5.85 billion, or $3.08 per share, compared with $5.83 billion, or $3 a share, in 2013.
▪ Yuba City-based Bank of Feather River amassed net income of $768,000 in 2014, a nearly 14 percent improvement over a profit of $674,000 in 2013.
▪ West Sacramento-based Community Business Bank, which also has a branch in Lodi, amassed quarterly net income of $390,000, or 18 cents per share, up sharply from $216,000, or 10 cents a share, in the last quarter of 2013. Profits for all of 2014 totaled $2 million, or 92 cents a share, compared with $1.1 million, or 50 cents a share, in 2013.
▪ Yuba City-based River Valley Community Bank posted a quarterly profit of $329,380, or 19 cents per share, up from $267,398, or 15 cents a share, in the year-ago period. Profits for all of 2014 totaled $1.11 million, or 64 cents a share, down slightly from $1.24 million, or 72 cents a share, the previous year. The bank said the annual income decline primarily was due to expenses related to ramping up its Grass Valley branch, which opened in the third quarter of 2013.
▪ Rancho Cordova-based American River Bankshares, parent of American River Bank, reported fourth-quarter net income of $1.2 million, or 15 cents a share, up from $890,000, or 10 cents per share, in the year-ago final quarter.
For all of 2014, profits totaled $4.4 million, or 54 cents a share, compared with $3.1 million, or 34 cents a share, in 2013. Net loans totaled $258.1 million at the close of last year, up from $251.7 million on Dec. 31, 2013. Deposits totaled $510.7 million at the end of 2014, up from $483.7 million the previous year.
Call The Bee’s Mark Glover, (916) 321-1184.