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Redwood Capital Bancorp Reports Seventh Consecutive Year of Profitability and Fourth Cash Dividend Declared



Redwood Capital Bancorp Reports Seventh Consecutive Year of Profitability and
Fourth Cash Dividend Declared

EUREKA, Calif., Jan. 30, 2013 (GLOBE NEWSWIRE) -- On January 30, 2013 REDWOOD
CAPITAL BANCORP (OTCBB:RWCB), 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, 2012. The community
bank holding company reported their seventh consecutive year of profitability
and declared their fourth quarterly cash dividend.

President and CEO John Dalby stated, "We continue to be pleased with the core
earnings performance of the company, the low level of non-performing assets
relative to our peers and the growth within our local loan portfolio during
this challenging economic environment. Likewise, we remain proud of our
dedicated staff who continually contributes to the growth and profitability of
our organization. These results suggest that our focus of 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. We will be looking to expand our reach within the Humboldt
County marketplace in 2013."

During FYE 2012, Redwood Capital Bancorp worked to improve its balance sheet
efficiencies by reducing high interest deposits and expanding earning
assets. As a result, total assets as of December 31, 2012 were $241.5 million,
a slight decrease of 2% over the September 30, 2012 figure and almost no
change from the December 31, 2011 reported figures. Total deposits stood at
$215 million as of December 31, 2012, 3% less than the September 30, 2012
figures and 1% less the December 31, 2011 numbers. The company also reported
strong loan growth for the quarter and year. Total loans as of December 31,
2012, net of unearned income, were $158.8 million, an increase of 2% over the
prior quarter and 10% over the year ended December 31, 2011.

As a result of the effort to reposition the balance sheet, the net result was
an increase in net interest margin. Consolidated net interest income for the
quarter and twelve months ended December 31, 2012 totaled $2,157,000 and
$8,369,000, a robust increase of 5% and 4% for the quarter and twelve months
ended September 30, 2012 and December 31, 2011, respectively. The company also
reported net income for the fourth quarter of 2012 of $454,000 while earnings
for the year ended December 31, 2012 were $1,213,000. The earnings represented
a 57% increase over the September 30, 2012 quarter and a decrease of 29% over
the year ended December 31, 2011. The fluctuations in net income were
attributed to increased loan loss provisions and overall credit-related
costs. Book value per common share, a common measurement of shareholder value,
stood at $8.27 as of December 31, 2012, a 2% increase over the previous
quarter and a healthy 6% increase over the December 31, 2011 amount.

Additionally, the Board of Directors declared a quarterly cash dividend of
$0.05 per share, payable on February 13, 2013, to shareholders of record at
the close of business on January 31, 2013. The dividend is equivalent to an
annual rate of $0.20 per share or 2.82%, based upon a market price of $7.10
per common share. Since December 31, 2011, the company's stock price has risen
by over 22% and its book value, combined with dividends, increased
approximately 8.6% over the same period.

"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 and our shareholders at large. While other institutions are challenged
to raise additional capital, 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
that lie before us in 2013," 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.  

The Redwood Capital Bancorp logo is available
at http://www.globenewswire.com/newsroom/prs/?pkgid=11463

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          %
                                        12/31/2012 9/30/2012  Change
                                                               
Balance Sheet Data (at period end)                             
Total assets                            $241,513   $246,406   -2%
Total deposits                          214,998    221,002    -3%
Total loans (net)                       158,785    156,349    2%
Common equity                           14,814     14,518     2%
Common shares outstanding               1,792,632  1,786,632  0%
                                                               
Summary of Operations (Current Quarter)                        
Interest income                          2,424      2,349     3%
Interest expense                         267        293       -9%
Net Interest Income                      2,157      2,056     5%
Non-interest income                      464        332       40%
Non-interest expense                     1,680      1,641     2%
Net Income before provision              941        747       26%
Provision for loan losses                150        250       -40%
Income before taxes                      791        497       59%
Income taxes                             337        207       63%
Net Income                               454        290       57%
Earnings per share (fully diluted)      $0.25      $0.16      56%
Book value per common share             $8.27      $8.14      2%
                                                               
                                                               
                                        Period Ended          %
                                        12/31/2012 12/31/2011 Change
                                                               
Balance Sheet Data (at period end)                             
Total assets                            $241,513    $ 241,666 0%
Total deposits                          214,998    216,779    -1%
Total loans (net)                       158,785    144,514    10%
Common equity                           14,814     13,760     8%
Common shares outstanding               1,792,632  1,761,887  2%
                                                               
Summary of Operations (Current Quarter)                        
Interest income                          2,424      2,495     -3%
Interest expense                         267        416       -36%
Net Interest Income                      2,157      2,079     4%
Non-interest income                      464        220       111%
Non-interest expense                     1,680      1,654     2%
Net Income before provision              941        645       46%
Provision for loan losses                150        --        100%
Income before taxes                      791        645       23%
Income taxes                             337        (46)      833%
Net Income                               454        691       -34%
Earnings per share (fully diluted)      $0.25      $0.39      -35%
Book value per common share             $8.27      $7.80      6%
                                                               
Summary of Operations (Year to Date)                           
Interest income                          9,591      9,783     -2%
Interest expense                         1,222      1,766     -31%
Net Interest Income                      8,369      8,017     4%
Non-interest income                      1,322      840       57%
Non-interest expense                     6,699      6,274     7%
Net Income before provision              2,992      2,583     16%
Provision for loan losses                995        300       232%
Income before taxes                      1,997      2,283     -13%
Income taxes                             784        574       37%
Net Income                               1,213      1,708     -29%
Earnings per share (fully diluted)      $0.68      $0.97      -30%
Book value per common share             $8.27      $7.80      6%

CONTACT: Redwood Capital Bancorp
         Fred Moore, CFO, at (707) 444-9840

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