River City Bank Reports Earnings Results for the Three Month and Nine Months Period Ended September 30, 2015
River City Bank reported earnings results for the three months and nine months period ended September 30, 2015. The company reported net income of $2.3 million, or $1.62 per diluted share, for the three month period ending September 30, 2015, which compares to the $2.9 million, or $2.05 per diluted share, for the three month period ending September 30, 2014. Due to declines in long-term interest rates, the Bank recorded a $1.5 million mark-to-market loss on interest rate swap contracts for the quarter ending September 30, 2015, compared to $226,000 of gains for the quarter ending September 30, 2014.
The Bank's net income was $8.6 million, or $5.99 per diluted share for the nine month period ending September 30, 2015, which compares favorably to the $8.2 million, or $5.77 per diluted share for the nine month period ending September 30, 2014. The current quarter mark-to-market loss more than offsets the first six months of 2015 gain of $382,000, resulting in a net loss on interest rate swap contracts for the nine month period ending September 30, 2015, of $1.1 million.