American River Bankshares (NASDAQ-GS: AMRB) today reported net
income of $1.3 million, or $0.22 per diluted share for the second
quarter of 2019 compared to $1.3 million, or $0.22 per diluted
share for the second quarter of 2018. For the six months
ended June 30, 2019, net income was $2.4 million or $0.41 per
diluted share, compared to $2.6 million or $0.44 per diluted share
for the six months ended June 30, 2018.
“We continue to make progress on our plan by building new
relationships and increasing the business with our existing
relationships. Speed to market with excellent service remains
critical to our success,” said David E. Ritchie, Jr., President and
Chief Executive Officer. “This past quarter was our fifth
consecutive quarter with over $30 million in new loan originations
and that is beginning to have a positive effect on our balance
sheet and our interest income.”
Financial Highlights
- Net loans increased $67.9 million (23.4%) from June 30, 2018 to
June 30, 2019. Deposits decreased $179,000 (0.0%) from June
30, 2018 to June 30, 2019. During the first half of 2019, net
loans increased $39.9 million (12.5%) and deposits decreased $9.5
million (1.6%).
- The net interest margin for the second quarter of 2019 was
3.57%, compared to 3.59% for the first quarter of 2019 and 3.36%
for the second quarter of 2018. The net interest margin for
the six months ended June 30, 2019 was 3.58%, compared to 3.32% for
the six months ended June 30, 2018.
- Net interest income was $5.6 million in the second quarter of
2019, compared to $5.1 million in the second quarter of 2018.
For the six months ended June 30, 2019, net interest income
was $11.2 million, compared to $9.9 million for the six months
ended June 30, 2018.
- Pretax, pre-provision income increased $229,000 (13.7%) to $1.9
million in the second quarter of 2019, compared to $1.7 million in
the second quarter of 2018. For the six months ended June 30,
2019 pretax, pre-provision income was $3.6 million, an increase of
$170,000 (5.0%) when compared to $3.4 million for the first six
months of 2018.
- The allowance for loan and lease losses was $4.8 million (1.31%
of total loans and leases) at June 30, 2019, compared to $4.5
million (1.52% of total loans and leases) at June 30, 2018.
There were no nonperforming loans at June 30, 2019, compared to
$25,000 at March 31, 2019 and $1.9 million at June 30, 2018.
- Shareholders’ equity was $80.9 million at June 30, 2019,
compared to $77.6 million at March 31, 2019 and $71.9 million at
June 30, 2018. Tangible book value per share was $10.94 at
June 30, 2019, compared to $10.40 at March 31, 2019 and $9.48 at
June 30, 2018. Book value per share was $13.71 per share at
June 30, 2019, compared to $13.18 per share at March 31, 2019 and
$12.26 per share at June 30, 2018.
- The Company continued the quarterly cash dividend by paying a
$0.05 per share cash dividend on May 15, 2019.
- The Company’s capital ratios remain strong. At June 30,
2019, the Leverage ratio was 9.3% compared to 9.1% at March 31,
2019 and 8.8% at June 30, 2018; the Tier 1 Risk-Based Capital ratio
was 15.5% compared to 15.8% at March 31, 2019 and 17.6% at June 30,
2018, and the Total Risk-Based Capital ratio was 16.7% compared to
17.0% at March 31, 2019 and 18.8% at June 30, 2018.
Northern California Economic Update, June 30,
2019.
Each quarter, management at American River Bank prepares an
economic report for internal use that analyzes the recent
historical rolling quarters within the three primary markets in
which the Company does business – Greater Sacramento Area and
Sonoma and Amador Counties. Sources of economic and industry
information include: Colliers International, Keegan & Coppin
Company, Inc., ycharts/housing, State of California Employment
Development Department, US Census, CBRE, Integra Realty Resources,
and Sacramento Association of Realtors and Trading
Economics.
Commercial real estate and employment data reflected positive
trends with some areas of slowing towards the end of 2018 in the
markets we serve. As we move into 2019, unemployment for the
month of May decreased in all three of the Bank’s market areas
compared to year-end 2018. Commercial real estate data for
first quarter 2019 reflects mostly positive results with some areas
of slowing when compared to year-end 2018.
Commercial Real Estate. In the Greater
Sacramento Area, when comparing fourth quarter 2018 to fourth
quarter 2017, commercial real estate vacancies improved in all
segments. Office vacancy decreased from 10.8% to 10.2%,
retail vacancy decreased from 9.1% to 7.8%, and industrial vacancy
decreased from 5.9% to 4.7%. As of the first quarter 2019,
Sacramento area office and industrial vacancy rates decreased
further to 10.0% and 4.5%, respectively, however, retail increased
to 8.2%.
In Sonoma County, vacancy rates fluctuated within a relatively
narrow range during 2018. Comparing fourth quarter 2018 to
fourth quarter 2017, commercial real estate office vacancy
decreased slightly from 12.5% to 12.3%, industrial vacancy
increased from 4.6% to 4.8%, and retail vacancy increased from 3.8%
to 4.5%. As of the first quarter 2019, Sonoma County’s
office vacancy increased slightly to 12.4%, industrial vacancy
decreased to 4.6%, and retail vacancy increased to 4.6%.
In all segments (office, retail, and industrial), the Greater
Sacramento Area reported positive absorption from December 31, 2017
through December 31, 2018. This trend continues into 2019,
and as of March 31, 2019 absorption was 171,328 SF for office,
88,050 SF for Retail, and 366,187 SF for
Industrial.
Sonoma County and the City of Santa Rosa reported positive
absorption from December 31, 2017 through December 2018 for the
office segment. Sonoma County maintained a positive office
absorption of 7,668 SF as of first quarter 2019, however, the City
of Santa Rosa experienced a negative absorption of 6,583 SF.
Industrial absorption in Sonoma County was positive through
third-quarter 2018, however experienced a negative absorption of
47,531 SF in fourth quarter 2018, and a negative 108,957 SF in the
first quarter 2019. Industrial absorption in the City
of Santa Rosa was positive from December 31, 2017 through June 30,
2018, however began to decline as of September 30, 2018 at which
time absorption was a negative 7,795 SF. The declining trend
continued with a negative absorption of 26,942 SF and a negative
37,236 SF as of December 31, 2018 and March 31, 2019,
respectively. Retail absorption data for Sonoma County
and the City of Santa Rosa is not available for the time periods
mentioned above.
In the Greater Sacramento area, commercial lease rates overall
have increased from December 31, 2017 through December 31, 2018
with lease rates ranging from the following: office: $1.83/SF to
$1.90/SF; retail: $1.34/SF to $1.38/SF and industrial: $0.50/SF to
$0.57/SF. Fourth quarter 2018 lease rates represent the top
of the range in two segments at $1.90/SF for office and $0.57/SF
for industrial. Retail decreased slightly from $0.39/SF in
third quarter 2018 to $0.38/SF in fourth quarter 2018. As of
first quarter 2019, lease rates for office and industrial increased
further to $1.93/SF and $0.64/SF, respectively, and retail remained
flat at $1.38/SF.
As a proxy for Sonoma County, the City of Santa Rosa’s gross
office lease rates as of year-end 2017 ranged from $1.75/SF to
$2.35/SF and industrial rates ranged from $0.90/SF to
$1.10/SF. Year-end 2018 office rental rates ranged from
$1.80/SF to $2.50/SF (depending on quality) and industrial rates
ranged from $0.95/SF to $1.30/SF with cannabis use rents ranging
from $1.50/SF to $3.00+ per SF gross. There is no retail
rental rate data available for the City of Santa Rosa for these
time periods.
Due to the rural nature of the Amador County region, it has the
lowest level of commercial real estate concentration in the Bank’s
footprint. There is limited supply for commercial real estate
in this region and as a result, minimal information is
available.
Multi-family. The multi-family market in
the Sacramento area has reflected high occupancy from December 31,
2017 through December 31, 2018. The highest occupancy rate
within this time range was in third quarter 2018 at 96.8%, and the
lowest was first quarter 2018 at 96.3%. As of the first
quarter 2019, occupancy was at 96.4%. Monthly lease rates
during this period ranged from $1,359 in fourth quarter 2017 to
$1,405 in fourth quarter 2018. As of first quarter 2019,
lease rates remained flat at $1,405.
The trailing 12-month cap rate from fourth quarter 2017 through
fourth quarter 2018, ranged with some fluctuation from a high of
5.6% in fourth quarter 2017 to a low of 5.4% in the second quarter
2018. As of first quarter 2019, the 12-month cap rate was
5.2%.
Employment. National unemployment, which
reached a high of 10.0% at October 31, 2009, has dropped steadily
since and has stabilized. Looking at the past two years;
compared to December 2016, national unemployment decreased from
4.7% to 4.1% in December 2017, and to 3.9% in December 2018.
As of May 2019, national unemployment dropped slightly further to
3.6%.
California unemployment was 5.3% at December 31, 2016. As
of December 2017 and December 2018, the rate decreased further to
4.4% and 4.1%, respectively. As of May 2019 however, the rate
increased slightly to 4.2%. The number of employed
Californians increased slightly during 2017 and 2018. At the
end of 2016, there were 18.2 million employed, 18.5 million at the
end of 2017, and 18.7 million at the end of 2018. As of May
2019, the number of employed Californians decreased slightly since
year-end 2018 by 52,000 jobs.
All three of our markets have reported lower unemployment rates
from year-end 2016 to year-end 2018. When comparing December
31, 2016 to December 31 2017, unemployment rates decreased from
5.0% to 3.9% in the Sacramento MSA and 3.7% to 2.9% in the Santa
Rosa-Petaluma MSA. As of December 31, 2018, the unemployment
rate for Sacramento and Santa Rosa-Petaluma MSAs decreased further
to 3.5% and 2.6%, respectively.
Over the same period, Amador County has been higher than the
State level in nearly every quarter. Amador County has
however shown improvement decreasing to 5.9% at December 31, 2016,
4.3% at December 31, 2017, and 3.8% at December 31, 2018.
As of May 2019, unemployment rates decreased in all three of our
market areas compared to year-end 2018. The Sacramento MSA
decreased to 3.1%, compared to 3.5% as of December 2018, the
Santa-Rosa-Petaluma MSA decreased to 2.3%, compared to 2.6% as of
December 2018, and Amador County decreased to 3.2%, compared to
3.8% in December 2018.
Job growth was positive in all of our markets from year-end 2016
to year-end 2018. Comparing December 2016 to December 2017,
job growth was 2.17% for the Sacramento MSA, 1.21% in the Santa
Rosa-Petaluma MSA and 1.99% in Amador County. Compared to
December 2017, job growth was 3.68% for Sacramento MSA, 1.59% for
Santa Rosa MSA and 1.74 for Amador County as of December
2018. Job growth as of May 2019 was a negative 3.64% in the
Sacramento MSA, remained flat in the Santa Rosa MSA, and a positive
3.63% for Amador County compared to 2018 year-end.
Balance Sheet Review
American River Bankshares’ assets totaled $689.2 million at June
30, 2019, compared to $688.1 million at December 31, 2018, and
$675.3 million at June 30, 2018.
Net loans totaled $358.4 million at June 30, 2019, compared to
$318.5 million at December 31, 2018, and $290.6 million at June 30,
2018.
The loan portfolio at June 30, 2019 included: real estate loans
of $300.0 million (83% of the portfolio), commercial loans of $35.3
million (10% of the portfolio) and other loans, which consist
mainly of agriculture and consumer loans of $27.5 million (7% of
the portfolio). The real estate loan portfolio at June 30,
2019 includes: owner-occupied commercial real estate loans of $64.8
million (22% of the real estate portfolio), investor commercial
real estate loans of $143.3 million (47% of the real estate
portfolio), multi-family real estate loans of $52.6 million (18% of
the real estate portfolio), construction and land development loans
of $10.0 million (3% of the real estate portfolio) and residential
real estate loans of $29.3 million (10% of the real estate loan
portfolio).
Nonperforming assets (“NPAs”) include nonperforming loans,
leases, and other assets and other real estate owned
(“OREO”). Nonperforming loans include all such loans and
leases that are either placed on nonaccrual status or are 90 days
past due as to principal or interest, but still accrue interest
because such loans are well-secured and in the process of
collection. NPAs were $957,000 at June 30, 2019 compared to
$984,000 at December 31, 2018 and $2.9 million at June 30,
2018. The NPAs to total assets ratio remained at 0.14%
at the end of June 2019 from 0.14% at December 31, 2018 and
decreased from 0.43% one year ago. The Company did not have
any nonperforming loans at June 30, 2019, compared to $27,000 at
December 31, 2018 and $1.9 million at June 30, 2018.
At June 30, 2019 and at December 31, 2018, the Company had one
OREO property totaling $957,000 compared to a balance of $961,000
at June 30, 2018. This OREO property was written down from
$961,000 in the fourth quarter of 2018 due to an updated appraisal.
During the first half of 2019, the Company did not add, sell, or
modify the value of any OREO properties. At June 30, 2019, December
31, 2018, and June 30, 2018 there was not a valuation allowance for
OREO properties.
Loans measured individually for impairment were $7.9 million at
the end of June 2019, compared to $8.7 million at December 31,
2018, and $12.0 million a year ago. Specific reserves of
$105,000 were held on the impaired loans at June 30, 2019, compared
to $185,000 at December 31, 2018 and $446,000 at June 30,
2018. There was $180,000 in provision for loan and lease
losses in the second quarter of 2019 compared to no provision for
the second quarter of 2018. The Company had net recoveries of
$4,000 in the second quarter of 2019 compared to net recoveries of
$4,000 in the second quarter of 2018. There was $360,000 in
provision for loan and lease losses in the first half of 2019
compared to no provision for the first half of 2018. The
additions to the loan and lease loss allowance in 2019 was due to
the growth in loan balances during 2019. For the first six
months of 2019, the Company had net recoveries of $9,000 compared
to net recoveries of $14,000 in the first six months of 2018.
The Company continues to gather the latest information available to
perform and update its impairment analysis. As more
information becomes available, the Company will update the
impairment analysis, which could lead to further charges to the
ALLL. The Company maintains the allowance for loan and lease
losses at a level believed to be adequate for known and inherent
risks in the portfolio. The methodology incorporates a variety of
risk considerations, both quantitative and qualitative, in
establishing an allowance for loan and lease losses that management
believes is appropriate at each reporting date.
Investment securities, which excludes $4.3 million in stock of
the Federal Home Loan Bank of San Francisco (“FHLB Stock”), totaled
$265.0 million at June 30, 2019, down 20.5% from $295.2 million at
December 31, 2018 and 6.0% from $282.0 million at June 30,
2018. At June 30, 2019, the investment portfolio was
comprised of 94% U.S. Government agencies or U.S.
Government-sponsored agencies (primarily mortgage-backed
securities), 3% obligations of states and political subdivisions,
2% corporate bonds, and 1% U.S. Treasuries. The reduction in
the investment portfolio during 2019 was used primarily to fund the
increased loan growth during the same time period.
At June 30, 2019, total deposits were $581.1 million, compared
to $590.7 million at December 31, 2018 and $581.3 million one year
ago. Core deposits decreased 2.3% to $492.7 million at June
30, 2019 from $504.1 million at June 30, 2018 and decreased 3.9%
from $502.6 million at December 31, 2018. The Company
considers all deposits except time deposits as core deposits.
At June 30, 2019, noninterest-bearing demand deposits accounted
for 38% of total deposits, interest-bearing demand accounts were
12%, savings deposits were 12%, money market balances accounted for
23% and time certificates were 15% of total deposits. At June
30, 2018, noninterest-bearing demand deposits accounted for 38% of
total deposits, interest-bearing demand accounts were 12%, savings
deposits were 12%, money market balances accounted for 25% and time
certificates were 13% of total deposits.
Shareholders’ equity increased $6.2 million (16.6%) to $80.9
million at June 30, 2019 compared to $74.7 million at December 31,
2018 and $9.0 million (12.6%) from $71.9 million at June 30,
2018. The increase in equity from December 31, 2018 was due
to a $4.1 million increase in accumulated other comprehensive
income related to an increase in the unrealized gain on securities,
a $1.8 million increase in Retained Earnings due to the net income
for the year ($2.4 million) less cash dividends declared ($0.6
million), plus a $0.3 million increase in common stock from equity
compensation.
Net Interest Income
The net interest income during the second quarter of 2019 was
$5.6 million compared to $5.1 million in the second quarter of 2018
and for the six months ended June 30, 2019, net interest income
increased $1.3 million (1.3%) to $11.2 million from $9.9 million
for the six months ended June 30, 2018. The net interest
margin as a percentage of average earning assets was 3.57% in the
second quarter of 2019, compared to 3.59% in the first quarter of
2019 and 3.36% in the second quarter of 2018. For the six months
ended June 30, 2019, the net interest margin was 3.58% compared to
3.32% for the six months ended June 30, 2018. Interest income
for the second quarter of 2019 increased $0.8 million (14.2%) to
$6.3 million from $5.5 million for the second quarter of 2018 and
for the six months ended June 30, 2019, interest income increased
$1.8 million (17.5%) to $12.4 million from $10.6 million for the
six months ended June 30, 2018.
The average tax equivalent yield on earning assets increased
from 3.60% in the second quarter of 2018 to 3.97% for the second
quarter of 2019 and for the six months ended June 30, 2019
increased to 3.97% from 3.56% for the six months ended June 30,
2018. Much of the increase in yields from the second quarter
of 2018 to the second quarter of 2019 can be attributed to an
increase in loans. When compared to the second quarter of
2018, average loan balances increased $47.3 million (15.5%) from
$304.7 million to $352.0 million for the second quarter of 2019.
The average loan balances increased $34.3 million (11.2%) from
$306.0 million in the first six months of 2018 to $340.3 million in
the first six months of 2019.
The average balance of earning assets increased $20.4 million
(3.3%) from $618.2 million in the second quarter of 2018 to $638.6
million in the second quarter of 2019 and for the six months ended
June 30, 2019, increased $30.8 million (17.1%) to $635.8 million
from $605.0 million for the six months ended June 30, 2018.
Interest expense for the second quarter of 2019 increased
$270,000 (71.4%) to $648,000 from $378,000 for the second quarter
of 2018 and for the six months ended June 30, 2019 increased
$524,000 (74.1%) to $1.2 million from $707,000 for the six months
ended June 30, 2018. The increase in interest expense is
related to an overall higher interest rate environment. The
average cost of funds increased from 0.39% in the second quarter of
2018 to 0.67% in the second quarter of 2019 and from 0.37% in the
first six months of 2018 to 0.64% in the first six months of
2019. Average borrowings increased from $15.5 million during
the second quarter of 2018 to $22.9 million in the second quarter
of 2019.
Noninterest Income and Expense
Noninterest income for the second quarter of 2019 was $421,000,
an increase of $41,000 (10.8%) from $380,000 in the second quarter
of 2018 and was $832,000, an increase of $80,000 (10.6%) for the
six months ended June 30, 2019 from $752,000 in the first six
months of 2018. For both periods, the increase in
noninterest income was predominately related to an increase in gain
on sale of securities from a gain of $10,000 in the second quarter
of 2018 to a gain of $29,000 in the second quarter of 2019 and from
$11,000 in the first half of 2018 to $65,000 for the first half of
2019. Service charges also increased from $116,000 in the
second quarter of 2018 to $139,000 in 2019 and from $233,000 in the
first half of 2018 to $260,000 in the first half of
2019.
Noninterest expense increased $320,000 (8.4%) to $4.1 million
for the second quarter of 2019 from $3.8 million in the second
quarter of 2018 and increased $1.2 million (17.1%) from $7.2
million for the six months ended June 30, 2018 to $8.4 million for
the same period in 2019. The increase is primarily due to an
increase in salaries and employee benefits of $227,000 (9.0%) from
the second quarter of 2018 to 2019 and $802,000 (17.0%) from the
first half of 2018 to the first half of 2019 due to an increase in
key lending and credit employees hired during the second quarter of
2018. Other expenses increased $439,000 (28.3%) for the first
half of 2018 compared to the same period in 2019. Other
expense includes costs such as insurance, advertising and business
development, director expenses, technology and telephone expenses,
and bank charges. Among these areas, the largest increase was
in advertising and business development. Advertising and
business development increased $158,000 (68.7%) from $230,000
during the first half of 2018 to $388,000 during the first half of
2019. The increase in advertising and business development is
related to the Company’s goal of increasing brand awareness.
The fully taxable equivalent efficiency ratio for the second
quarter of 2019 decreased to 68.0% from 68.9% from the second
quarter of 2018 and for the six months ended June 30, 2019,
increased to 69.4% from 66.9% for the six months ended June 30,
2018.
Provision for Income Taxes
Federal and state income taxes for the quarter ended June 30,
2019 increased by $42,000 (10.4%) from $403,000 in the second
quarter of 2018 to $445,000 in the second quarter of 2019 and
increased $10,000 from $809,000 (1.2%) in the first six months of
2018 to $819,000 in 2019. The tax expense in 2019 increased
compared to 2018 despite a lower level of taxable income. The
higher provision for taxes in 2019 compared to 2018 primarily
resulted from a lower level of tax benefits from tax-exempt
investments and equity compensation in 2019.
Earnings Conference Call
The second quarter earnings conference call will be held
Thursday, July 18, 2019 at 1:30 p.m. Pacific Time. David E.
Ritchie, Jr., President and Chief Executive Officer, and Mitchell
A. Derenzo, Executive Vice President and Chief Financial Officer,
both of American River Bankshares, will lead a live presentation
and answer analysts’ questions. Shareholders, analysts
and other interested parties are invited to join the call by
dialing (888) 517-2513 and entering the Conference ID 7200
480#. A recording of the call will be available approximately
twenty-four hours after the call’s completion on
AmericanRiverBank.com.
About American River Bankshares
American River Bankshares [NASDAQ-GS: AMRB] is the parent
company of American River Bank, a regional bank serving Northern
California since 1983. We give business owners more REACH by
offering financial expertise and exceptional service to complement
a full suite of banking products and services. Our honest approach,
commitment to community and focus on profitability is intended to
lead our clients to greater success. For more information, call
(800) 544-0545 or visit AmericanRiverBank.com.
Use of Non-GAAP Financial Measures
This news release contains certain non-GAAP (Generally Accepted
Accounting Principles) financial measures in addition to results
presented in accordance with GAAP. These measures include
income before provisions for loan and lease losses and income taxes
(referred to as “pretax, pre-provision income”), tangible book
value and taxable equivalent basis. Management has presented
these non-GAAP financial measures in this earnings release because
it believes that they provide useful and comparative information to
assess trends in the Company’s financial position reflected in the
current quarter and year-to-date results and facilitate comparison
of our performance with the performance of our peers.
Income Before Provision for Loan and Lease Losses and
Income Taxes (non-GAAP financial measures)
Income before provision for loan and lease losses and income
taxes (pretax, pre-provision income) adds back both the provision
for loan and lease losses and the provision for income taxes to net
income. The Company believes the income before deducting the
provisions for loan and lease losses and income taxes facilitates
the comparison of results for ongoing business operations.
The Company’s management internally assesses its performance based,
in part, on these non-GAAP financial measures.
Net Interest Margin and Efficiency Ratio (non-GAAP
financial measures)
In accordance with industry standards, certain designated net
interest income amounts are presented on a taxable equivalent
basis, including the calculation of net interest margin and the
efficiency ratio. The Company believes the presentation of
net interest margin on a taxable equivalent basis using a 21%
effective tax rate for 2018 and 2019 allows for comparability of
net interest margin with industry peers by eliminating the effect
of the differences in portfolios attributable to the proportion
represented by both taxable and tax-exempt loans and
investments. The efficiency ratio is a measure of a banking
company’s overhead as a percentage of its revenue. The
Company derives this ratio by dividing total noninterest expense by
the sum of the taxable equivalent net interest income and the total
noninterest income.
Tangible Equity (non-GAAP financial
measures)
Tangible common stockholders' equity (tangible book value)
excludes goodwill and other intangible assets. The Company
believes the exclusion of goodwill and other intangible assets to
create “tangible equity” facilitates the comparison of results for
ongoing business operations. The Company’s management
internally assesses its performance based, in part, on these
non-GAAP financial measures.
Forward-Looking Statements
Certain statements contained herein are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934 and
subject to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, that involve risks and
uncertainties. Actual results may differ materially from the
results in these forward-looking statements. Factors that
might cause such a difference include, among other matters, changes
in interest rates, economic conditions, governmental regulation and
legislation, credit quality, and competition affecting the
Company’s businesses generally; the risk of natural disasters and
future catastrophic events including terrorist related incidents;
and other factors discussed in the Company’s Annual Report on Form
10-K for the year ended December 31, 2018, and in subsequent
reports filed on Form 10-Q and Form 8-K. The Company does not
undertake any obligation to publicly update or revise any of these
forward-looking statements, whether to reflect new information,
future events or otherwise, except as required by law.
Investor Contact:Mitchell A. DerenzoExecutive Vice
President andChief Financial OfficerAmerican River
Bankshares916-231-6723
Media Contact:Jennifer J. HeldVice President,
Marketing DirectorAmerican River Bankshares916-231-6717
|
|
American River Bankshares |
Condensed Consolidated Balance Sheets
(Unaudited) |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
June 30, |
ASSETS |
|
2019 |
|
2018 |
|
2018 |
Cash and due from banks |
$ |
16,764 |
|
$ |
20,987 |
|
$ |
45,068 |
|
Federal funds sold |
|
0 |
|
|
7,000 |
|
|
8,000 |
|
Interest-bearing deposits in banks |
|
2,998 |
|
|
1,746 |
|
|
1,746 |
|
Investment securities |
|
265,027 |
|
|
295,225 |
|
|
281,990 |
|
Loans & leases: |
|
|
|
|
|
|
Real estate |
|
299,988 |
|
|
278,056 |
|
|
266,844 |
|
Commercial |
|
35,341 |
|
|
29,650 |
|
|
25,026 |
|
Other |
|
27,462 |
|
|
15,165 |
|
|
3,469 |
|
Deferred loan and lease origination costs (fees), net |
|
378 |
|
|
37 |
|
|
(295 |
) |
Allowance for loan and lease losses |
|
(4,761 |
) |
|
(4,392 |
) |
|
(4,492 |
) |
Loans and leases, net |
|
358,408 |
|
|
318,516 |
|
|
290,552 |
|
Bank premises and equipment, net |
|
1,136 |
|
|
1,071 |
|
|
1,084 |
|
Goodwill and intangible assets |
|
16,321 |
|
|
16,321 |
|
|
16,321 |
|
Investment in Federal Home Loan Bank Stock |
|
4,259 |
|
|
3,932 |
|
|
3,932 |
|
Other real estate owned, net |
|
957 |
|
|
957 |
|
|
961 |
|
Accrued interest receivable and other assets |
|
23,341 |
|
|
22,337 |
|
|
25,602 |
|
|
$ |
689,211 |
|
$ |
688,092 |
|
$ |
675,256 |
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
Noninterest-bearing deposits |
$ |
214,012 |
|
$ |
214,745 |
|
$ |
221,402 |
|
Interest checking |
|
70,791 |
|
|
69,489 |
|
|
66,729 |
|
Money market |
|
136,240 |
|
|
145,831 |
|
|
145,801 |
|
Savings |
|
71,689 |
|
|
72,522 |
|
|
70,184 |
|
Time deposits |
|
88,405 |
|
|
88,087 |
|
|
77,200 |
|
Total deposits |
|
581,137 |
|
|
590,674 |
|
|
581,316 |
|
Short-term borrowings |
|
2,000 |
|
|
5,000 |
|
|
6,500 |
|
Long-term borrowings |
|
13,500 |
|
|
10,500 |
|
|
9,000 |
|
Accrued interest and other liabilities |
|
11,655 |
|
|
7,197 |
|
|
6,547 |
|
Total liabilities |
|
608,292 |
|
|
613,371 |
|
|
603,363 |
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Common stock |
$ |
30,373 |
|
$ |
30,103 |
|
$ |
30,082 |
|
Retained earnings |
|
48,329 |
|
|
46,494 |
|
|
44,801 |
|
Accumulated other
comprehensive income (loss) |
|
2,217 |
|
|
(1,876 |
) |
|
(2,990 |
) |
Total shareholders' equity |
|
80,919 |
|
|
74,721 |
|
|
71,893 |
|
|
$ |
689,211 |
|
$ |
688,092 |
|
$ |
675,256 |
|
|
|
|
|
|
|
|
Ratios: |
|
|
|
|
|
|
Nonperforming loans and leases
to total loans and leases |
|
0.00 |
% |
|
0.01 |
% |
|
0.66 |
% |
Net (recoveries) charge-offs
to average loans and leases (annualized) |
|
-0.01 |
% |
|
0.08 |
% |
|
-0.01 |
% |
Allowance for loan and lease
losses to total loans and leases |
|
1.31 |
% |
|
1.36 |
% |
|
1.52 |
% |
|
|
|
|
|
|
|
American River Bank
Capital Ratios: |
|
|
|
|
|
|
Leverage Capital Ratio |
|
9.34 |
% |
|
9.01 |
% |
|
8.78 |
% |
Common Equity Tier 1
Risk-Based Capital |
|
15.62 |
% |
|
16.23 |
% |
|
17.45 |
% |
Tier 1 Risk-Based Capital
Ratio |
|
15.62 |
% |
|
16.23 |
% |
|
17.45 |
% |
Total Risk-Based Capital
Ratio |
|
16.80 |
% |
|
17.41 |
% |
|
18.70 |
% |
|
|
|
|
|
|
|
American River
Bankshares Capital Ratios: |
|
|
|
|
|
|
Leverage Capital Ratio |
|
9.25 |
% |
|
8.94 |
% |
|
8.76 |
% |
Tier 1 Risk-Based Capital
Ratio |
|
15.48 |
% |
|
16.11 |
% |
|
17.55 |
% |
Total Risk-Based Capital
Ratio |
|
16.66 |
% |
|
17.29 |
% |
|
18.80 |
% |
|
|
|
|
|
|
|
Nonperforming loans |
|
- |
|
|
27 |
|
|
1,944 |
|
Nonperforming assets |
|
957 |
|
|
984 |
|
|
2,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American River Bankshares |
Condensed Consolidated Statements of Income
(Unaudited) |
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second |
|
Second |
|
|
|
|
For the Six
Months |
|
|
|
|
Quarter |
|
Quarter |
% |
|
|
|
Ended June 30, |
% |
|
|
|
2019 |
|
2018 |
Change |
|
|
|
2019 |
|
2018 |
Change |
|
Interest income |
$ |
6,276 |
|
$ |
5,498 |
|
14.2 |
% |
|
|
$ |
12,408 |
|
$ |
10,564 |
|
17.5 |
% |
|
Interest expense |
|
648 |
|
|
378 |
|
71.4 |
% |
|
|
|
1,231 |
|
|
707 |
|
74.1 |
% |
|
Net interest income |
|
5,628 |
|
|
5,120 |
|
9.9 |
% |
|
|
|
11,177 |
|
|
9,857 |
|
13.4 |
% |
|
Provision for loan and lease losses |
|
180 |
|
|
- |
|
- |
% |
|
|
|
360 |
|
|
- |
|
- |
% |
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
139 |
|
|
116 |
|
19.8 |
% |
|
|
|
260 |
|
|
233 |
|
11.6 |
% |
|
Gain on sale of securities |
|
29 |
|
|
10 |
|
190.0 |
% |
|
|
|
65 |
|
|
11 |
|
490.9 |
% |
|
Other noninterest income |
|
253 |
|
|
254 |
|
(0.4 |
)% |
|
|
|
507 |
|
|
508 |
|
(0.2 |
)% |
|
Total noninterest income |
|
421 |
|
|
380 |
|
10.8 |
% |
|
|
|
832 |
|
|
752 |
|
10.6 |
% |
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
2,744 |
|
|
2,517 |
|
9.0 |
% |
|
|
|
5,525 |
|
|
4,723 |
|
17.0 |
% |
|
Occupancy |
|
255 |
|
|
262 |
|
(2.7 |
)% |
|
|
|
512 |
|
|
524 |
|
(2.3 |
)% |
|
Furniture and equipment |
|
140 |
|
|
136 |
|
2.9 |
% |
|
|
|
280 |
|
|
274 |
|
2.2 |
% |
|
Federal Deposit Insurance Corporation assessments |
|
45 |
|
|
53 |
|
(15.1 |
)% |
|
|
|
95 |
|
|
106 |
|
(10.4 |
)% |
|
Expenses related to other real estate owned |
|
4 |
|
|
(3 |
) |
(233.3 |
)% |
|
|
|
8 |
|
|
2 |
|
300.0 |
% |
|
Other expense |
|
960 |
|
|
863 |
|
11.2 |
% |
|
|
|
1,988 |
|
|
1,549 |
|
28.3 |
% |
|
Total noninterest expense |
|
4,148 |
|
|
3,828 |
|
8.4 |
% |
|
|
|
8,408 |
|
|
7,178 |
|
17.1 |
% |
|
Income before provision for income taxes |
|
1,721 |
|
|
1,672 |
|
2.9 |
% |
|
|
|
3,241 |
|
|
3,431 |
|
(5.5 |
)% |
|
Provision for income taxes |
|
445 |
|
|
403 |
|
10.4 |
% |
|
|
|
819 |
|
|
809 |
|
1.2 |
% |
|
Net income |
$ |
1,276 |
|
$ |
1,269 |
|
0.6 |
% |
|
|
$ |
2,422 |
|
$ |
2,622 |
|
(7.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
0.22 |
|
$ |
0.22 |
|
- |
% |
|
|
$ |
0.41 |
|
$ |
0.44 |
|
(6.8 |
)% |
|
Diluted earnings per share |
$ |
0.22 |
|
$ |
0.22 |
|
- |
% |
|
|
$ |
0.41 |
|
$ |
0.44 |
|
(6.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin as a percentage of |
|
|
|
|
|
|
|
|
|
|
|
|
|
average earning assets (fully
taxable equivalent) |
|
3.57 |
% |
|
3.36 |
% |
|
|
|
|
3.58 |
% |
|
3.32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average diluted shares outstanding |
|
5,862,416 |
|
|
5,882,914 |
|
|
|
|
|
5,860,914 |
|
|
5,957,403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.74 |
% |
|
0.75 |
% |
|
|
|
|
0.71 |
% |
|
0.77 |
% |
|
|
Return on average equity |
|
6.53 |
% |
|
7.09 |
% |
|
|
|
|
6.36 |
% |
|
7.24 |
% |
|
|
Return on average tangible equity |
|
8.25 |
% |
|
9.18 |
% |
|
|
|
|
8.07 |
% |
|
9.33 |
% |
|
|
Efficiency ratio (fully taxable equivalent) |
|
68.00 |
% |
|
68.91 |
% |
|
|
|
|
69.44 |
% |
|
66.94 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measures
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following
table sets forth a reconciliation of pretax, pre-provision income
by adding back the provisions for both loan and lease losses and
income taxes to net income. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second |
|
Second |
|
|
|
|
For the Six
Months |
|
|
|
|
Quarter |
|
Quarter |
|
|
|
|
Ended June 30, |
|
|
|
|
2019 |
|
2018 |
|
|
|
|
2019 |
|
2018 |
|
|
Reported net income |
$ |
1,276 |
|
$ |
1,269 |
|
|
|
|
$ |
2,422 |
|
$ |
2,622 |
|
|
|
Provision for loan and lease
losses |
|
180 |
|
|
- |
|
|
|
|
|
360 |
|
|
- |
|
|
|
Provision for income
taxes |
|
445 |
|
|
403 |
|
|
|
|
|
819 |
|
|
809 |
|
|
|
Pretax, pre-provision net
income |
$ |
1,901 |
|
$ |
1,672 |
|
|
|
|
$ |
3,601 |
|
$ |
3,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American River Bankshares |
|
|
|
Condensed Consolidated Statements of Income
(Unaudited) |
|
|
|
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Second |
|
First |
|
Fourth |
|
Third |
|
Second |
|
|
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
|
|
2019 |
|
2019 |
|
2018 |
|
2018 |
|
2018 |
|
Interest income |
$ |
6,276 |
|
$ |
6,132 |
|
$ |
6,012 |
|
$ |
5,666 |
|
$ |
5,498 |
|
|
Interest expense |
|
648 |
|
|
583 |
|
|
480 |
|
|
409 |
|
|
378 |
|
|
Net interest income |
|
5,628 |
|
|
5,549 |
|
|
5,532 |
|
|
5,257 |
|
|
5,120 |
|
|
Provision for loan and lease losses |
|
180 |
|
|
180 |
|
|
125 |
|
|
50 |
|
|
- |
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
139 |
|
|
121 |
|
|
124 |
|
|
119 |
|
|
116 |
|
|
Gain on sale of securities |
|
29 |
|
|
36 |
|
|
12 |
|
|
8 |
|
|
10 |
|
|
Other noninterest income |
|
253 |
|
|
254 |
|
|
248 |
|
|
250 |
|
|
254 |
|
|
Total noninterest income |
|
421 |
|
|
411 |
|
|
384 |
|
|
377 |
|
|
380 |
|
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
2,744 |
|
|
2,781 |
|
|
2,929 |
|
|
2,551 |
|
|
2,517 |
|
|
Occupancy |
|
255 |
|
|
257 |
|
|
259 |
|
|
267 |
|
|
262 |
|
|
Furniture and equipment |
|
140 |
|
|
140 |
|
|
138 |
|
|
141 |
|
|
136 |
|
|
Federal Deposit Insurance Corporation assessments |
|
45 |
|
|
50 |
|
|
44 |
|
|
52 |
|
|
53 |
|
|
Expenses related to other real estate owned |
|
4 |
|
|
4 |
|
|
8 |
|
|
10 |
|
|
(3 |
) |
|
Other expense |
|
960 |
|
|
1,028 |
|
|
951 |
|
|
982 |
|
|
863 |
|
|
Total noninterest expense |
|
4,148 |
|
|
4,260 |
|
|
4,329 |
|
|
4,003 |
|
|
3,828 |
|
|
Income before provision for income taxes |
|
1,721 |
|
|
1,520 |
|
|
1,462 |
|
|
1,581 |
|
|
1,672 |
|
|
Provision for income taxes |
|
445 |
|
|
374 |
|
|
337 |
|
|
428 |
|
|
403 |
|
|
Net income |
$ |
1,276 |
|
$ |
1,146 |
|
$ |
1,125 |
|
$ |
1,153 |
|
$ |
1,269 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
0.22 |
|
$ |
0.20 |
|
$ |
0.19 |
|
$ |
0.20 |
|
$ |
0.22 |
|
|
Diluted earnings per share |
$ |
0.22 |
|
$ |
0.20 |
|
$ |
0.19 |
|
$ |
0.20 |
|
$ |
0.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin as a percentage of |
|
|
|
|
|
|
|
|
|
|
|
average earning assets (fully
taxable equivalent) |
|
3.57 |
% |
|
3.59 |
% |
|
3.54 |
% |
|
3.44 |
% |
|
3.36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average diluted shares outstanding |
|
5,862,416 |
|
|
5,857,627 |
|
|
5,858,615 |
|
|
5,864,827 |
|
|
5,882,914 |
|
|
Shares outstanding-end of period |
|
5,903,228 |
|
|
5,887,962 |
|
|
5,858,428 |
|
|
5,864,802 |
|
|
5,864,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Ratios (annualized): |
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.74 |
% |
|
0.68 |
% |
|
0.65 |
% |
|
0.68 |
% |
|
0.75 |
% |
|
Return on average equity |
|
6.53 |
% |
|
6.17 |
% |
|
6.22 |
% |
|
6.37 |
% |
|
7.09 |
% |
|
Return on average tangible equity |
|
8.25 |
% |
|
7.88 |
% |
|
8.05 |
% |
|
8.24 |
% |
|
9.18 |
% |
|
Efficiency ratio (fully taxable equivalent) |
|
68.00 |
% |
|
70.91 |
% |
|
72.59 |
% |
|
70.49 |
% |
|
68.91 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measures
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following
table sets forth a reconciliation of pretax, pre-provision income
by adding back the provisions for both loan and lease |
|
losses and income taxes to net
income. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second |
|
First |
|
Fourth |
|
Third |
|
Second |
|
|
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
|
|
2019 |
|
2019 |
|
2018 |
|
2018 |
|
2018 |
|
Reported net income |
$ |
1,276 |
|
$ |
1,146 |
|
$ |
1,125 |
|
$ |
1,153 |
|
$ |
1,269 |
|
|
Provision for loan and lease
losses |
|
180 |
|
|
180 |
|
|
125 |
|
|
50 |
|
|
- |
|
|
Provision for income
taxes |
|
445 |
|
|
374 |
|
|
337 |
|
|
428 |
|
|
403 |
|
|
Pretax, pre-provision net
income |
$ |
1,901 |
|
$ |
1,700 |
|
$ |
1,587 |
|
$ |
1,631 |
|
$ |
1,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American River Bankshares |
Analysis of Net Interest Margin on Earning Assets
(Unaudited) |
(Taxable Equivalent Basis) |
(Dollars in thousands) |
Three months ended
June 30, |
|
2019 |
|
|
2018 |
ASSETS |
Avg Balance |
Interest |
Avg Yield |
|
Avg Balance |
Interest |
Avg Yield |
Taxable loans and leases |
$ |
331,376 |
|
$ |
4,086 |
4.95 |
% |
|
$ |
290,933 |
|
$ |
3,483 |
4.80 |
% |
Tax-exempt loans and
leases |
|
20,613 |
|
|
200 |
3.89 |
% |
|
|
13,799 |
|
|
153 |
4.45 |
% |
Taxable investment
securities |
|
268,371 |
|
|
1,886 |
2.82 |
% |
|
|
268,731 |
|
|
1,637 |
2.44 |
% |
Tax-exempt investment
securities |
|
11,183 |
|
|
120 |
4.30 |
% |
|
|
20,773 |
|
|
175 |
3.38 |
% |
Federal funds |
|
- |
|
|
- |
0.00 |
% |
|
|
22,209 |
|
|
98 |
0.02 |
|
Interest-bearing deposits in
banks |
|
7,088 |
|
|
36 |
2.04 |
% |
|
|
1,741 |
|
|
7 |
1.61 |
% |
Total earning assets |
|
638,631 |
|
|
6,328 |
3.97 |
% |
|
|
618,186 |
|
|
5,553 |
3.60 |
% |
Cash & due from banks |
|
15,667 |
|
|
|
|
|
29,703 |
|
|
|
Other assets |
|
41,336 |
|
|
|
|
|
38,533 |
|
|
|
Allowance for loan & lease
losses |
|
(4,650 |
) |
|
|
|
|
(4,490 |
) |
|
|
|
$ |
690,984 |
|
|
|
|
$ |
681,932 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Interest checking and money
market |
$ |
202,877 |
|
$ |
120 |
0.24 |
% |
|
$ |
227,094 |
|
$ |
76 |
0.13 |
% |
Savings |
|
72,436 |
|
|
7 |
0.04 |
% |
|
|
70,129 |
|
|
7 |
0.04 |
% |
Time deposits |
|
88,398 |
|
|
397 |
1.80 |
% |
|
|
79,204 |
|
|
241 |
1.22 |
% |
Other borrowings |
|
22,918 |
|
|
124 |
2.17 |
% |
|
|
15,500 |
|
|
54 |
1.40 |
% |
Total interest bearing liabilities |
|
386,629 |
|
|
648 |
0.67 |
% |
|
|
391,927 |
|
|
378 |
0.39 |
% |
Noninterest bearing demand
deposits |
|
215,981 |
|
|
|
|
|
212,305 |
|
|
|
Other liabilities |
|
10,054 |
|
|
|
|
|
5,910 |
|
|
|
Total liabilities |
|
612,664 |
|
|
|
|
|
610,142 |
|
|
|
Shareholders' equity |
|
78,320 |
|
|
|
|
|
71,790 |
|
|
|
|
$ |
690,984 |
|
|
|
|
$ |
681,932 |
|
|
|
Net interest income
& margin |
|
$ |
5,680 |
3.57 |
% |
|
|
$ |
5,175 |
3.36 |
% |
|
|
|
|
|
|
|
|
Six months ended June
30, |
|
2019 |
|
|
2018 |
ASSETS |
Avg Balance |
Interest |
Avg Yield |
|
Avg Balance |
Interest |
Avg Yield |
Taxable loans and leases |
$ |
322,034 |
|
$ |
7,904 |
4.95 |
% |
|
$ |
292,113 |
|
$ |
6,811 |
4.70 |
% |
Tax-exempt loans and
leases |
|
18,310 |
|
|
378 |
4.16 |
% |
|
|
13,879 |
|
|
306 |
4.45 |
% |
Taxable investment
securities |
|
275,648 |
|
|
3,910 |
2.86 |
% |
|
|
257,145 |
|
|
3,028 |
2.37 |
% |
Tax-exempt investment
securities |
|
12,713 |
|
|
231 |
3.66 |
% |
|
|
22,166 |
|
|
372 |
3.38 |
% |
Federal funds |
|
348 |
|
|
5 |
2.90 |
% |
|
|
17,994 |
|
|
148 |
0.02 |
|
Interest-bearing deposits in
banks |
|
6,775 |
|
|
80 |
2.38 |
% |
|
|
1,743 |
|
|
13 |
1.50 |
% |
Total earning assets |
|
635,828 |
|
|
12,508 |
3.97 |
% |
|
|
605,040 |
|
|
10,678 |
3.56 |
% |
Cash & due from banks |
|
15,920 |
|
|
|
|
|
43,262 |
|
|
|
Other assets |
|
41,374 |
|
|
|
|
|
39,341 |
|
|
|
Allowance for loan & lease
losses |
|
(4,536 |
) |
|
|
|
|
(4,488 |
) |
|
|
|
$ |
688,586 |
|
|
|
|
$ |
683,155 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Interest checking and money
market |
$ |
206,918 |
|
$ |
214 |
0.21 |
% |
|
$ |
223,317 |
|
$ |
133 |
0.12 |
% |
Savings |
|
73,016 |
|
|
14 |
0.04 |
% |
|
|
69,872 |
|
|
13 |
0.04 |
% |
Time deposits |
|
88,018 |
|
|
785 |
1.80 |
% |
|
|
79,447 |
|
|
453 |
1.15 |
% |
Other borrowings |
|
21,235 |
|
|
218 |
2.07 |
% |
|
|
15,500 |
|
|
108 |
1.41 |
% |
Total interest bearing liabilities |
|
389,187 |
|
|
1,231 |
0.64 |
% |
|
|
388,136 |
|
|
707 |
0.37 |
% |
Noninterest bearing demand
deposits |
|
212,737 |
|
|
|
|
|
214,930 |
|
|
|
Other liabilities |
|
9,842 |
|
|
|
|
|
7,078 |
|
|
|
Total liabilities |
|
611,766 |
|
|
|
|
|
610,144 |
|
|
|
Shareholders' equity |
|
76,820 |
|
|
|
|
|
73,011 |
|
|
|
|
$ |
688,586 |
|
|
|
|
$ |
683,155 |
|
|
|
Net interest income
& margin |
|
$ |
11,277 |
3.58 |
% |
|
|
$ |
9,971 |
3.32 |
% |
|
|
|
|
|
|
|
|
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