Redwood Capital Bancorp Q2 Net Income Surges 41% on Loan Growth
RWCB sits 60% above its 52-week low of $20.41 on light trading volume (0.2× avg).
Summary
Redwood Capital Bancorp reported Q2 net income of $1.57 million, up 41% year-over-year, with EPS rising 50%. Net interest income increased 14% to $5.4 million, driven by solid loan growth and an expanded net interest margin. Non-interest income also jumped 22%. The company declared a $0.10 quarterly dividend. The stock is trading near its 52-week high of $33.47, reflecting strong performance. This is the first report of these results, which materially beat prior-year figures and show broad-based earnings improvement.
At the time of this announcement, RWCB was trading at $32.65 on OTC in the Finance sector, with a market capitalization of approximately $62.2M. The 52-week trading range was $20.41 to $33.47. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.