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Redwood Capital Bancorp Reports Record Profitability — Cash Dividend Declared

EUREKA, Calif., Jan. 28, 2015 (GLOBE NEWSWIRE) — REDWOOD CAPITAL BANCORP (RWCB.OB), the only locally owned and operated community bank holding company in Humboldt County, announced unaudited financial results for the three and twelve month periods ended December 31, 2014. The community bank holding company reported record annual profits and reaffirmed its ongoing quarterly cash dividends.

President and CEO John Dalby stated, “We continue to be pleased with the core earnings performance of the company, the low level of nonperforming assets relative to our peers and the growth within our local loan portfolio during this persistently challenging economic environment. Likewise, we remain proud of our dedicated staff who continually contribute to the growth and profitability of our organization. In 2014, Redwood Capital Bank was again awarded a 5-Star rating from Bauer Financial, one of the most well-known and respected financial rating agencies within the banking trade, as well as being ranked the Best Bank to Work for in California and #8 nationally by American Banker. These results and accolades suggest that our focus on putting local deposits to work by making loans to our local business, mortgage and consumer customers is building toward sustainable growth and positive earnings trends for the future.”

Total assets as of December 31, 2014 were $280.1 million, an increase of 2% over the September 30, 2014 figure and a 11% change from the December 31, 2013 reported figures. Total deposits stood at $251.8 million as of December 31, 2014, 2% greater than the September 30, 2014 figures and 11% higher than the December 31, 2013 numbers. The company again reported strong loan growth for the quarter and year. Total loans as of December 31, 2014, net of unearned income, were $205.2 million, an increase of 3% over the prior quarter and 17% over the year ended December 31, 2013.

Consolidated net interest income for the three and twelve months ended December 31, 2014 totaled $2,618,000 and $9,947,000, respectively. In comparison, there was virtually no change in consolidated net interest income from the previous quarter while the year ended December 31, 2014 is up a strong 11% over the year ended December 31, 2013. The company also reported net income for the fourth quarter of 2014 of $447,000, while record earnings for the year ended December 31, 2014 were reported as $2,011,000. The earnings represented a 29% decrease over the September 30, 2014 quarter and a strong increase of 8% over the year ended December 31, 2013. The fluctuations in net income during the fourth quarter are attributed to higher credit related costs and lower non-interest income results.

Additionally, the Board of Directors declared a quarterly cash dividend of $.06 per share, payable on February 6, 2015 to shareholders of record at the close of business on January 26, 2015. The dividend is equivalent to an annual rate of $0.24 per share or 2.44%, based upon a market price of $9.85 per common share. Since December 31, 2011, the rise in the company’s stock price, combined with dividends, has generated a total return of over 80%.

“We are very pleased with the opportunity to enhance shareholder value by deploying excess capital in a sound manner consistent with the desire of our Board of Directors and our shareholders at large. We continue to be a well-capitalized organization with the ability to take advantage of strategic opportunities as they arise. The entire Redwood Capital Bank team is excited about the opportunities before us in 2015,” Dalby concluded.

For more information regarding Redwood Capital Bancorp, please visit our website at www.redwoodcapitalbank.com, contact Fred Moore, CFO, at (707) 444-9840, or stop by our headquarters and main office at 402 “G” Street, Eureka, CA 95501.

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 Company 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

%

12/31/2014

9/30/2014

Change

Balance Sheet Data (at period end)

Total assets

$280,134

$273,665

2%

Total deposits

251,812

245,835

2%

Total loans (net)

205,182

200,024

3%

Common equity

17,478

17,134

2%

Common shares outstanding

1,861,411

1,861,411

0%

Summary of Operations (Current Quarter)

Interest income

2,779

2,772

0%

Interest expense

161

159

2%

Net Interest Income

2,618

2,613

0%

Non-interest income

291

363

-20%

Non-interest expense

2,061

1,911

8%

Net Income before provision

848

1,065

-20%

Provision for loan losses

138

50

175%

Income before taxes

710

1,015

-30%

Income taxes

263

382

-31%

Net Income

447

633

-29%

Earnings per share (fully diluted)

$0.24

$0.34

-29%

Book value per common share

$9.39

$9.20

2.0%

Period Ended

%

12/31/2014

12/31/2013

Change

Balance Sheet Data (at period end)

Total assets

$280,134

$253,003

11%

Total deposits

251,812

227,449

11%

Total loans (net)

205,182

175,305

17%

Common equity

17,478

15,124

16%

Common shares outstanding

1,861,411

1,809,882

3%

Summary of Operations (Current Quarter)

Interest income

2,779

2,494

11%

Interest expense

161

168

-4%

Net Interest Income

2,618

2,326

13%

Non-interest income

291

338

-14%

Non-interest expense

2,061

1,799

15%

Net Income before provision

848

865

-2%

Provision for loan losses

138

150

-8%

Income before taxes

710

715

-1%

Income taxes

263

276

5%

Net Income

447

439

2%

Earnings per share (fully diluted)

$0.24

$0.24

-1%

Book value per common share

$9.40

$8.37

12%

Summary of Operations (Year to Date)

Interest income

10,575

9,765

8%

Interest expense

629

808

-22%

Net Interest Income

9,947

8,957

11%

Non-interest income

1,221

1,573

-22%

Non-interest expense

7,693

7,078

9%

Net Income before provision

3,475

3,452

1%

Provision for loan losses

438

425

3%

Income before taxes

3,038

3,027

0%

Income taxes

1,027

1,158

-11%

Net Income

2,011

1,869

8%

Earnings per share (fully diluted)

$1.08

$1.03

5%

Book value per common share

$9.39

$8.37

12%
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Redwood Capital Bancorp Reports Record Profitability — Cash Dividend Declared

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