The River City Bank, (the Bank), board of directors has approved, in connection with the Bank’s recently reported net income of $3.3 million and $11.6 million for the quarter and year ending December 31, 2012, respectively, a cash dividend of $0.125 per common share and $0.79 per preferred share to shareholders of record as of January 31, 2013, and payable on February 19, 2013. The cash dividend on the common stock represents a 25 percent increase from the prior level of $0.10 per share.
Additionally, the Bank reported net income of $3.3 million, $2.35 per diluted share, and $11.6 million, $8.09 per diluted share, for the three months and year ending December 31, 2012, respectively, which compares favorably to the $2.6 million and $10.6 million net income reported for the same periods in 2011. Excluding the previously reported $1.75 million one-time gain on the sale of the merchant processing portfolio during the first quarter of 2011, the Bank’s net income would have been approximately $9.5 million or $6.59 per diluted share for the year ending December 31, 2011.
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Please click here to read the full 2012 Earnings press release. read more