Sacramento-based River City Bank said Thursday that it is handing out a $1,000 bonus to each employee, from the vice president level and below, as a reward for a successful financial performance last year.
The bank said the bonuses will be distributed to 118 employees in mid-February.
“We want to acknowledge the accomplishments of our incredible employees, because we know that a prosperous year stems directly from their exceptional customer service, dedication, intelligence and integrity,” Steve Fleming, bank president and CEO, said in a statement.
The bank recently surpassed $2 billion in total assets, and last week it reported record-setting net income of $16.7 million for the year that ended Dec. 31, up from $14.9 million the previous year.
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The bank noted that 2017 earnings would have been higher, but it recorded a one-time, non-cash charge of $4.6 million in the fourth quarter related to the enactment of the Tax Cuts and Jobs Act. That prompted a re-evaluation of the bank’s deferred tax assets due to a lower corporate tax rate.
River City bills itself as the largest, independent, locally owned bank in the Sacramento region. It has 12 branches in the region, plus an office in the Bay Area and operations in Southern California.