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Earnings For Redwood Capital Bancorp (RWCB) Soar 70%

Feb. 01, 2012 2:38 PM ETRWCB
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Redwood Capital Bancorp is the only locally owned and operated community bank holding company in Humboldt County, California. The company today announced unaudited financial results for the three and twelve month periods ended December 31, 2011.

Total assets as of the end of 2011 were $241.7 million, a slight gain of 1% from September 30, 2011 and a sharp increase of 13% since December 31, 2010. Total deposits stood at $216.8 million at the end of 2011, which was again a 1% rise from the September quarter and a solid 12% gain from December 31, 2010. Total loans rose a modest 2% for the year ended December 31, 2011.

Redwood also reported consolidated net income figures for the three and twelve months periods of $691,000 and $1,708,000 respectively, which resulted in impressive gains of 131% and 70%. Consolidated net interest income for the three and twelve month periods were also impressive, showing gains of 5% and 7%, at $2,079,000 and $8,017,000 respectively. Book value per share rose 14% over 2011 to $7.80 a share.

This was the second straight year that Redwood Capital reported record earnings and continuing growth. The company said the stellar results were largely due to enhanced core earnings, strong operational efficiencies, robust residential mortgage revenues, and reduced credit related costs.

For more information regarding Redwood Capital Bancorp, please visit the company's website at www.redwoodcapitalbank.com

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