Redwood Capital Bancorp reports financials

Redwood Capital Bancorp (RWCB.OB) announced unaudited financial results for the three and 12 month periods ended Dec. 31, 2020.

Total assets as of Dec. 31, 2020 were $498 million, an increase of 1% over the September 30, 2020 figure and a 35% increase over the December 31, 2019 figure. Total deposits stood at $448 million as of Dec. 31, 2020, a slight increase over the September 30, 2020 figures and 38% increase over the Dec. 31, 2019 total deposits. Total loans as of Dec. 31, 2020, net of unearned income, were $347.5 million, a slight decrease of 2% from the prior quarter and a 25% increase over Dec. 31, 2019.

Consolidated net income before taxes for the three and 12 months ended Dec. 31, 2020 totaled $2,182,000 and $6,232,000, an increase of over 27% from the figure reported for the three months ended Sept. 30, 2020 and a 11% increase from the figure reported for the 12 months ended Dec. 31, 2019. The company also reported net income for the fourth quarter of 2020 of $1,568,000, while net income for the year ended Dec. 31, 2020 was reported as $4,405,000. The earnings represented a 31% increase over the Sept. 30, 2020 quarter and an increase of 7% from the year ended Dec. 31, 2019. These record earnings are a result of strong loan production and controlled expenses.

Additionally, the Board of Directors

declared a quarterly cash dividend of $0.07 per share, payable on Feb. 10, 2021 to shareholders of record at the close of business on Jan. 25, 2021. The dividend is equivalent to an annual rate of $0.28 per share or 1.87%, based upon a market price as of year end.

For more information, visit www.redwoodcapitalbank.com, contact Renee Byers, CFO, at 707-444-9849, or stop by the headquarters and main office at 402 G St., Eureka.