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Earnings Release – Redwood Capital Bancorp – Third Quarter, 2022

Company Reports Increased Dividend

On November 2, 2022, REDWOOD CAPITAL BANCORP (OTCQB:RWCB), the only locally owned and operated community bank holding company in Humboldt County, announced unaudited financial results for the three and nine month period ended September 30, 2022. Redwood Capital Bank, the company’s wholly owned subsidiary reported consistent earnings.

President and CEO, John E. Dalby remarked, “Redwood Capital Bancorp is well positioned to thrive despite the potential recessionary climate. The company is well-capitalized, has significant liquidity and limited market risk exposure within the investment portfolio. The leverage capital ratio of the underlying bank is 9.90%, well above the regulatory minimum of 5.00%. Redwood Capital Bank maintains a strong liquidity position both on and off balance sheet. Through IntraFi, Redwood Capital Bank has moved $116 million in excess deposits off balance sheet. The majority of these deposits can be returned to the balance sheet within 24 hours if ever needed. Credit quality remains excellent and continues to improve.”

Total assets as of September 30, 2022 were $553.7 million; an increase of 1% over the June 30, 2022. Total deposits stood at $507.3 million as of September 30, 2022, a slight increase over June 30, 2022. Total loans as of September 30, 2022, net of unearned income, were $359.2 million, an increase of 2% over June 30, 2022.

Net interest income for the three and nine months ended September 30, 2022 totaled $4,659,000 and $12,161,000 respectively, representing an increase of 13% over the three months ended June 30, 2022. The company also reported net income for the first nine months of 2022 of $4,080,000. Book value per common share, a common measurement of shareholder value, was $18.10 as of September 30, 2022.

Dalby added, “Based on the strength of the balance sheet and consistent strong earnings, the Board of Directors has increased the quarterly dividend from $0.07 per share to $0.08 per share. This is a 14.3% increase from the previous quarter. The dividend is payable on November 14, 2022, to shareholders of record at the close of business on October 31, 2022. The dividend payment is equivalent to an annual rate of $0.32 per share or 1.84%, based upon a market price of $17.40 per common share.”

For more information regarding Redwood Capital Bancorp, please visit our website at www.redwoodcapitalbank.com, contact Renee Byers, SVP/CFO, at (707) 444-9849, or stop by our headquarters and main office at 402 “G” Street, Eureka, California 95501. Redwood Capital Bancorp (OTCQB:RWCB) trades on the OTCQB Venture Market for early stage and developing U.S. and international companies. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the company on www.otcmarkets.com.

A video presentation featuring the company’s financial performance for 2021 through June 30, 2022, can be found at: www.redwoodcapitalbank.com.

This press release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the bank is conducting its operations, including the real estate market in California and other factors beyond the bank’s control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management’s view only as of the date hereof. The bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

Redwood Capital Bancorp
Selected Consolidated Financial Results - Unaudited
(In Thousands - except share data)
 
 
Period Ended %
9/30/2022 6/30/2022 Change
 
Balance Sheet Data (at period end)
Total assets

$553,682

$548,095

1%

Total deposits

507,284

500,165

1%

Total loans (net)

359,209

350,773

2%

Common equity

35,804

36,631

-2%

Common shares outstanding

1,977,596

1,977,596

0%

 
Summary of Operations (Current Quarter)
Interest income

4,861

4,210

15%

Interest expense

202

280

-28%

Net Interest Income

4,659

3,930

19%

Non-interest income

1,028

1,206

-15%

Non-interest expense

3,186

3,041

5%

Net Income before provision

2,501

2,095

19%

Provision for loan losses

90

0

100%

Income before taxes

2,411

2,095

15%

Income taxes

682

567

20%

Net Income

1,729

1,528

13%

Earnings per share (fully diluted)

$0.87

$0.77

13%

Book value per common share

$18.10

$18.52

-2%

 
 
Period Ended %
9/30/2022 9/30/2021 Change
 
Balance Sheet Data (at period end)
Total assets

$553,682

$589,388

-6%

Total deposits

507,284

536,473

-5%

Total loans (net)

359,209

339,556

6%

Common equity

35,804

39,193

-9%

Common shares outstanding

1,977,596

1,958,002

1%

 
Summary of Operations (Current Quarter)
Interest income

4,861

4,459

9%

Interest expense

202

323

-37%

Net Interest Income

4,659

4,136

13%

Non-interest income

1,028

833

23%

Non-interest expense

3,186

3,039

5%

Net Income before provision

2,501

1,930

30%

Provision for loan losses

90

-

100%

Income before taxes

2,411

1,930

25%

Income taxes

682

540

26%

Net Income

1,729

1,390

24%

Earnings per share (fully diluted)

$0.87

$0.71

23%

Book value per common share

$18.10

$20.02

-10%

 
Summary of Operations (Year to Date)
Interest income

12,935

12,967

0%

Interest expense

774

983

-21%

Net Interest Income

12,161

11,984

1%

Non-interest income

2,907

3,000

-3%

Non-interest expense

9,339

8,937

4%

Net Income before provision

5,729

6,047

-5%

Provision for loan losses

90

140

-36%

Income before taxes

5,639

5,907

-5%

Income taxes

1,558

1,607

-3%

Net Income

4,080

4,299

-5%

Earnings per share (fully diluted)

$2.06

$2.20

-6%

Book value per common share

$18.10

$20.02

-10%

 

Contacts

Renee Byers, SVP/CFO, (707) 444-9849

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