Yuba City-based River Valley Community Bank reported a record quarterly profit in this year’s second quarter.
Net income of $524,000, or 22 cents a share, was a robust 34.3 percent increase over a profit of $390,000, or 17 cents a share, in the second quarter of 2015.
Total assets also soared to a record level – $253.6 million, up 12 percent from $226.5 million at the close of last year’s second quarter.
The 10-year-old banking firm, which has offices in Yuba City and Grass Valley, reported strong results in net interest income. Total loans also surged 19 percent year-over-year.
John M. Jelavich, president and CEO, noted that low interest rates are “placing continued pressure on banking industry margins and profitability.”
But he added: “Despite this possibility, we believe our bank is well positioned for continued earnings growth. Our credit quality remains strong, and we see opportunity to further penetrate the markets we serve, which should drive further growth in our earning assets, our top-line interest income and bottom-line profitability.”