Business & Real Estate

Sacramento’s River City Bank amasses profit of nearly $4 million in second quarter

Sacramento-based River City Bank posted net income of $3.9 million, or $2.71 per share, in the second quarter ended June 30.

That was a dramatic 56 percent improvement over a profit of $2.5 million, or $1.77 a share, in the second quarter of 2014.

The bank said it benefited from long-term interest rate increases during the second quarter, recording a $1.1 million gain on interest rate swap agreements. The bank said it entered into swap agreements to hedge the interest rate risk associated with origination of long-term, fixed-rate loans.

Through six months this year, RCB profits totaled $6.3 million, or $4.37 a share, compared with net income of $5.3 million, or $3.71 a share, in the year-ago period.

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