Business Briefs | Ross to help raise funds for the Boys & Girls Club; local bank releases results – Times-Standard
Redwood Capital reports second quarter results
“At Redwood Capital Bank, the board, management and staff are committed to providing exceptional customer service and support to our local community,” said John Dalby, president and chief executive officer of the bank, in a prepared statement. “Since 2004, we have remained conscious of the company’s mission to be Humboldt County’s local community bank. Asset quality is excellent and continues to improve. The bank is well positioned for the future.
Redwood Capital Bank reduced its total assets as of June 30 by 5% from the prior quarter to $548 million. Total loans, net of unearned income, totaled $350.8 million as of June 30, compared to $337 million reported for the quarter ended March 31 and $343 million for the quarter ended June 30, 2021.
Net interest income for the quarter ended June 30, 2022 totaled $3,930,000, an increase of 10% over the $3,572,000 reported for the quarter ended March 31, 2022 and a slight increase over $3,921,000 reported for the period ended June 30, 2021. The company also reported net income after tax and provision charges in the second quarter of 2022 of $1,528,000, up 86% for the quarter ended June 31 March and a 2% increase from the $1,492,000 reported for the second quarter of 2021.
In addition, the Board of Directors declared a quarterly cash dividend of $0.07 per share, payable August 5, to shareholders of record at the close of business July 25. The dividend is equivalent to an annual rate of $0.28 per share or 1.47%, based on a market price of $19.00 per common share.
Ross matches donations to the Boys & Girls Club
Ross Stores partners with the Boys & Girls Clubs of America in a program called “Help Local Kids Learn”. Beginning July 30, Humboldt County customers can donate at the Bayshore Mall’s Eureka Ross location during the Boys & Girls Club of the Redwoods Donation, through August 21.
Ross will match the first $400,000 raised through the national campaign.
“For the eighth consecutive year, Ross Stores is delighted with the annual Help Local Kids Learn in-store campaign for Boys & Girls Clubs. This back-to-school campaign will directly help children in local clubs across the country. BGCA and Ross’ strong partnership for many years is rooted in our shared commitment to helping young people reach their full potential as productive, caring and responsible citizens,” said Fred Shuey, of Ross, in a prepared statement.