American River Bankshares (NASDAQ-GS: AMRB) today reported net
income of $1.6 million, or $0.27 per diluted share for the third
quarter of 2019 compared to $1.2 million, or $0.20 per diluted
share for the third quarter of 2018. For the nine months
ended September 30, 2019, net income was $4.0 million or $0.68 per
diluted share, compared to $3.8 million or $0.64 per diluted share
for the nine months ended September 30, 2018.
“Our plan continues to be to increase the number of business
relationships which should increase our bottom line. We are
pleased with the results this past quarter with growth in the
balance sheet, loans, deposits and most importantly, net income,”
said David E. Ritchie, Jr., President and Chief Executive Officer.
“This past quarter was our sixth consecutive quarter with over $30
million in new loan originations and that is having a positive
effect on our interest income and helping our overall
profitability.”
Financial Highlights
- Net loans increased $59.6 million (19.2%) from September 30,
2018 to September 30, 2019. Deposits increased $37.1 million
(6.4%) from September 30, 2018 to September 30, 2019. During
the first nine months of 2019, net loans increased $51.4 million
(16.1%) and deposits increased $22.2 million
(3.8%).
- The net interest margin for the third quarter of 2019 was
3.62%, compared to 3.44% for the third quarter of 2018. The
net interest margin for the nine months ended September 30, 2019
was 3.59%, compared to 3.36% for the nine months ended September
30, 2018.
- Net interest income was $5.9 million in the third quarter of
2019, compared to $5.3 million in the third quarter of 2018.
For the nine months ended September 30, 2019, net interest
income was $17.1 million, compared to $15.1 million for the nine
months ended September 30, 2018.
- Pretax, pre-provision income increased $621,000 (38.1%) to $2.3
million in the third quarter of 2019, compared to $1.6 million in
the third quarter of 2018. For the nine months ended
September 30, 2019 pretax, pre-provision income was $5.9 million,
an increase of $791,000 (15.6%) when compared to $5.1 million for
the first nine months of 2018.
- The allowance for loan and lease losses was $5.0 million (1.32%
of total loans and leases) at September 30, 2019, compared to $4.3
million (1.38% of total loans and leases) at September 30,
2018. There were no nonperforming loans at September 30, 2019
and $27,000 at December 31, 2018, compared to $376,000 at September
30, 2018.
- Shareholders’ equity was $82.8 million at September 30, 2019,
compared to $74.7 million at December 31, 2018 and $71.7 million at
September 30, 2018. Tangible book value per share was $11.27
at September 30, 2019, compared to $9.97 at December 31, 2018 and
$9.45 at September 30, 2018. Book value per share was $14.03
per share at September 30, 2019, compared to $12.75 per share at
December 31, 2018 and $12.23 at September 30, 2018.
- The Company continued the quarterly cash dividend by paying a
$0.07 per share cash dividend on August 14, 2019, an increase of
$0.02 from $0.05 per share paid on May 15, 2019.
- The Company’s capital ratios remain strong. At September
30, 2019, the Leverage ratio was 9.2% compared to 8.9% at December
31, 2018 and 9.0% at September 30, 2018; the Tier 1 Risk-Based
Capital ratio was 15.4% compared to 16.1% at December 31, 2018 and
16.6% at September 30, 2018, and the Total Risk-Based Capital ratio
was 16.6% compared to 17.3% at December 31, 2018 and 17.9% at
September 30, 2018.
Northern California Economic Update, September 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. Unemployment for the month of August 2019
increased slightly in two of the Bank’s market areas and improved
slightly in one when compared to year-end 2018. Commercial
real estate data for second 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 14.9% to 14.0%,
retail vacancy decreased from 9.1% to 7.8%, and industrial vacancy
decreased from 5.9% to 4.7%. As of the second quarter 2019,
Sacramento area office and industrial vacancy rates decreased
further to 13.8% and 4.5% respectively, however, retail increased
to 8.3%.
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%. Compared to year-end 2018, Sonoma County’s
vacancy increased slightly in all categories as follows: office
12.4%, industrial 4.9%, and retail 4.6% as of second quarter
2019.
In all segments (office, retail, and industrial), the Greater
Sacramento Area reported a positive absorption from December 31,
2017 through December 31, 2018. Some fluctuation has occurred
in 2019 and as of June 30, 2019 absorption was a positive 135,543
SF for office, a negative 114,000 SF for retail, and a negative
478,144 SF for Industrial.
Sonoma County and the City of Santa Rosa reported positive
absorption for the office segment from December 31, 2017 through
the third quarter of 2018. Although absorption remained
positive as of fourth quarter 2018 and into 2019, it is trending
downward, and at second quarter 2019 was 9,293 SF in Sonoma County
and 28,212 SF in Santa Rosa. Industrial absorption in Sonoma
County was also positive through third-quarter 2018, however has
experienced an increasingly negative absorption since that
time. During the second quarter 2019, absorption was a
negative 235,637 SF. In the City of Santa Rosa, Industrial
absorption 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
has continued, and as of June 30, 2019, absorption was a negative
72,162 SF. 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: $1.88/SF to
$1.99/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 $1.99/SF for office and $0.57/SF
for industrial. Retail decreased slightly from $1.39/SF in
third quarter 2018 to $1.38/SF in fourth quarter 2018. As of
second quarter 2019, lease rates for office, industrial, and retail
increased to $2.00/SF, $0.60/SF, and $1.40/SF, respectively.
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. As of second quarter
2019, office rental rates range from $1.95 - $2.35/SF full service
for Class A, and $1.75 - $1.90/SF full service for class B.
Industrial rental rates ranged from $0.95 - $1.25/SF gross
(non-cannabis). Retail rental rates range from
$2.00 - $4.50/SF NNN for shops in anchor centers and $1.25 -
$1.50/SF NNN for anchor space in anchor centers.
There is no retail rental rate data available for the City of Santa
Rosa for the other time periods mentioned
above.
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 Bank’s multi-family
loan portfolio is widely spread geographically throughout
California. Sacramento data is currently being used below as
it is our largest concentration, however, as multi-family loans
become more concentrated in other major geographic areas they may
be added in the future.
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 second quarter 2019, occupancy was
at 96.7%. Monthly lease rates during this period ranged from
$1,359 in fourth quarter 2017 to $1,405 in fourth quarter
2018. As of second quarter 2019, lease rates increased to
$1,459.
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 second quarter 2019, the 12-month cap rate was
4.8%.
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 August 2019, national unemployment dropped slightly further
to 3.7%.
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 August 2019 the rate
remains at 4.1%. 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 August 2019, the
number of employed Californians decreased since year-end 2018 by
116,000 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 August 2019, unemployment rates increased slightly in the
Sacramento MSA and Santa Rosa MSA, and decreased slightly in the
Amador County region compared to year-end 2018. The
Sacramento MSA increased to 3.7%, compared to 3.5% as of December
2018, the Santa-Rosa-Petaluma MSA increased to 2.7%, compared to
2.6% as of December 2018, and Amador County decreased slightly to
3.7%, 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 2.2% for the Sacramento MSA, 1.2% in the Santa
Rosa-Petaluma MSA and 2.0% in Amador County. Compared to
December 2017, job growth was 3.7% for Sacramento MSA, 1.6% for
Santa Rosa MSA and 1.7 for Amador County as of December 2018.
Job growth as of August 2019 was a negative 1.2% in the Sacramento
MSA, a positive 0.8% in the Santa Rosa MSA, and a positive 4.3% for
Amador County compared to 2018 year-end.
Balance Sheet Review
American River Bankshares’ assets totaled $721.3 million at
September 30, 2019, compared to $688.1 million at December 31,
2018, and $670.0 million at September 30, 2018.
Net loans totaled $369.9 million at September 30, 2019, compared
to $318.5 million at December 31, 2018, and $310.3 million at
September 30, 2018.
The loan portfolio at September 30, 2019 included: real estate
loans of $302.5 million (81% of the portfolio), commercial loans of
$41.1 million (11% of the portfolio) and other loans, which consist
mainly of agriculture and consumer loans of $30.8 million (8% of
the portfolio). The real estate loan portfolio at September
30, 2019 includes: owner-occupied commercial real estate loans of
$66.4 million (22% of the real estate portfolio), investor
commercial real estate loans of $136.3 million (45% of the real
estate portfolio), multi-family real estate loans of $57.2 million
(19% of the real estate portfolio), construction and land
development loans of $13.6 million (4% of the real estate
portfolio) and residential real estate loans of $29.0 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. There were $957,000 in NPAs at September 30, 2019
compared to $984,000 at December 31, 2018 and $1.3 million at
September 30, 2018. The NPAs to total assets ratio
decreased to 0.13% at September 30, 2019 from 0.14% at December 31,
2018 and decreased from 0.20% one year ago. The Company did
not have any nonperforming loans at September 30, 2019, compared to
$27,000 at December 31, 2018 and $376,000 at September 30, 2018.
At September 30, 2019 and at December 31, 2018, the Company had
one OREO property totaling $957,000 compared to a balance of
$961,000 at September 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 nine months of 2019, the
Company did not add, sell, or modify the value of any OREO
properties. At September 30, 2019, December 31, 2018, and
September 30, 2018 there was not a valuation allowance for OREO
properties.
Loans measured individually for impairment were $7.7 million at
the end of September 2019, compared to $8.7 million at December 31,
2018, and $9.3 million a year ago. Specific reserves of
$82,000 were held on the impaired loans at September 30, 2019,
compared to $185,000 at December 31, 2018 and $181,000 at September
30, 2018. There was $120,000 in provision for loan and lease
losses in the third quarter of 2019 compared to $50,000 in
provision for the third quarter of 2018. There was $480,000
in provision for loan and lease losses in the nine months ended
September 30, 2019 compared to $50,000 in provision in the nine
months ended September 30, 2018. The additions to the loan
and lease loss allowance in 2019 was due to the growth in loan
balances during 2019. The Company had net recoveries of
$72,000 in the third quarter of 2019 compared to net charge-offs of
$210,000 in the third quarter of 2018. For the first nine
months of 2019, the Company had net recoveries of $81,000 compared
to net charge-offs of $196,000 in the first nine 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
$276.3 million at September 30, 2019, down $18.9 million (6.4%)
from $295.2 million at December 31, 2018 and $1.3 million (0.5%)
from $277.6 million at September 30, 2018. At September 30,
2019, the investment portfolio was comprised of 95% U.S. Government
agencies or U.S. Government-sponsored agencies (primarily
mortgage-backed securities), 3% obligations of states and political
subdivisions, and 2% corporate bonds. The reduction in the
investment portfolio during 2019 was used primarily to fund the
increased loan growth during the same time period.
At September 30, 2019, total deposits were $612.9 million,
compared to $590.7 million at December 31, 2018 and $575.8 million
one year ago. Core deposits increased $27.9 million (5.6%) to
$526.7 million at September 30, 2019 from $498.8 million at
September 30, 2018 and increased $24.1 million (4.8%) from $502.6
million at December 31, 2018. The Company considers all
deposits except time deposits as core deposits.
At September 30, 2019, noninterest-bearing demand deposits
accounted for 37% of total deposits, interest-bearing demand
accounts were 12%, savings deposits were 12%, money market balances
accounted for 25% and time certificates were 14% of total
deposits. At September 30, 2018, noninterest-bearing demand
deposits accounted for 36% of total deposits, interest-bearing
demand accounts were 11%, savings deposits were 13%, money market
balances accounted for 26% and time certificates were 14% of total
deposits.
Shareholders’ equity increased $8.1 million (10.8%) to $82.8
million at September 30, 2019 compared to $74.7 million at December
31, 2018 and $11.1 million (15.5%) from $71.7 million at September
30, 2018. The increase in equity from December 31, 2018 was
due to a $4.8 million increase in accumulated other comprehensive
income related to an increase in the unrealized gain on securities,
a $3.0 million increase in Retained Earnings due to the net income
for the year ($4.0 million) less cash dividends declared ($1.0
million), plus a $0.3 million increase in common stock from equity
compensation.
Net Interest Income
The net interest income during the third quarter of 2019
increased $0.6 million (11.3%) to $5.9 million compared to $5.3
million in the third quarter of 2018 and for the nine months ended
September 30, 2019, net interest income increased $2.0 million
(13.2%) to $17.1 million from $15.1 million for the nine months
ended September 30, 2018. The net interest margin as a
percentage of average earning assets was 3.62% in the third quarter
of 2019, compared to 3.57% in the second quarter of 2019 and 3.44%
in the third quarter of 2018. For the nine months ended
September 30, 2019, the net interest margin was 3.59% compared to
3.36% for the nine months ended September 30, 2018. Interest
income for the third quarter of 2019 increased $0.9 million (15.7%)
to $6.6 million from $5.7 million for the third quarter of 2018 and
for the nine months ended September 30, 2019, interest income
increased $2.8 million (16.8%) to $19.0 million from $16.2 million
for the nine months ended September 30, 2018.
The average tax equivalent yield on earning assets increased
from 3.70% in the third quarter of 2018 to 3.99% for the third
quarter of 2019 and for the nine months ended September 30, 2019
increased to 3.98% from 3.61% for the nine months ended September
30, 2018. Much of the increase in yields during these periods
can be attributed to an increase in yield on loans due to the
higher rate environment between these two periods. The yield
on loans increased from 4.71% in the third quarter of 2018 to 4.98%
during the third quarter of 2019 and increased from 4.70% during
the first nine months of 2018 to 4.94% during the first nine months
of 2019. Adding to the increase during the nine month periods
was an increase in the yields on investments which increased from
2.58% in 2018 to 2.84% in 2019. Interest income also
benefitted from an increase in average loans. When compared
to the third quarter of 2018, average loan balances increased $68.3
million (22.8%) from $299.9 million to $368.2 million for the third
quarter of 2019. The average loan balances increased $45.7
million (15.0%) from $304.0 million in the first nine months of
2018 to $349.7 million in the first nine months of
2019.
The average balance of earning assets increased $44.2 million
(7.2%) from $611.7 million in the third quarter of 2018 to $655.9
million in the third quarter of 2019 and for the nine months ended
September 30, 2019, increased $35.3 million (5.8%) to $642.6
million from $607.3 million for the nine months ended September 30,
2018.
Interest expense for the third quarter of 2019 increased
$218,000 (53.3%) to $627,000 from $409,000 for the third quarter of
2018 and for the nine months ended September 30, 2019 increased
$742,000 (66.5%) to $1.9 million from $1.1 million for the nine
months ended September 30, 2018. The increase in interest
expense is related to an overall higher interest rate
environment. The average cost of funds increased from 0.43%
in the third quarter of 2018 to 0.64% in the third quarter of 2019
and from 0.39% in the first nine months of 2018 to 0.64% in the
first nine months of 2019.
Noninterest Income and Expense
Noninterest income for the third quarter of 2019 was $417,000,
an increase of $40,000 (10.6%) from $377,000 in the third quarter
of 2018 and was $1.2 million, an increase of $120,000 (10.6%) for
the nine months ended September 30, 2019 from $1.1 million in the
first nine months of 2018. For both periods, the
increase in noninterest income was predominately related to an
increase in service charges from $119,000 in the third quarter of
2018 to $149,000 in the third quarter of 2019 and from $352,000 in
the first nine months of 2018 to $409,000 for the first nine months
of 2019. Also contributing to the increase year over year was
the increase on gain on sale of securities from $19,000 in the
first nine months of 2018 to $74,000 in the first nine months of
2019.
Noninterest expense increased $90,000 (2.2%) to $4.1 million for
the third quarter of 2019 from $4.0 million in the third quarter of
2018 and increased $1.3 million (11.8%) from $11.2 million for the
nine months ended September 30, 2018 to $12.5 million for the same
period in 2019. The increase is primarily due to an increase
in salaries and employee benefits of $347,000 (13.6%) from the
third quarter of 2018 to 2019 and $1.1 million (15.8%) from the
first nine months of 2018 to the first nine months of 2019 due to
an increase in key lending and credit employees hired during the
second quarter of 2018 and an increase in incentive accrual in 2019
due to increased loan production. Other expenses increased
$316,000 (12.5%) for the first nine months of 2019 compared to the
same period in 2018. 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
$96,000 (25.7%) from $374,000 during the first nine months of 2018
to $470,000 during the first nine months of 2019. The
increase in advertising and business development is related to the
Company’s goal of increasing brand awareness. Offsetting the
increase was a decrease in FDIC insurance assessments of $110,000
from $158,000 in the first nine months of 2018 to $48,000 in the
first nine months of 2019 due to the receipt of the FDIC’s Small
Bank Assessment Credits in the third quarter of 2019.
The fully taxable equivalent efficiency ratio for the third
quarter of 2019 decreased to 64.0% from 70.5% from the third
quarter of 2018 and for the nine months ended September 30, 2019,
decreased to 67.6% from 68.2% for the nine months ended September
30, 2018.
Provision for Income Taxes
Federal and state income taxes for the quarter ended September
30, 2019 increased by $133,000 (31.1%) from $428,000 in the third
quarter of 2018 to $561,000 in the third quarter of 2019 and
increased $143,000 (11.6%) from $1.2 million in the first nine
months of 2018 to $1.4 million in 2019. 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 addition to the increase in taxable income in
2019. Taxable income increased $551,000 (34.9%) from $1.6
million in the third quarter of 2018 to $2.1 million during the
third quarter of 2019 and increased $361,000 (7.2%) from $5.0
million in the first nine months of 2018 to $5.4 million in the
first nine months of 2019.
Earnings Conference Call
The third quarter earnings conference call will be held
Thursday, October 17, 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) 517-2464 and entering the Conference
ID 5186 144#. 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
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|
| American
River Bankshares |
| Condensed
Consolidated Balance Sheets (Unaudited) |
| (Dollars in
thousands) |
|
|
|
|
|
|
| |
|
September 30, |
|
December 31, |
|
September 30, |
|
ASSETS |
|
2019 |
|
2018 |
|
2018 |
| Cash and due
from banks |
$ |
14,512 |
$ |
20,987 |
$ |
24,634 |
| Federal
funds sold |
|
- |
|
7,000 |
|
10,000 |
|
Interest-bearing deposits in banks |
|
14,870 |
|
1,746 |
|
1,746 |
| Investment
securities |
|
276,311 |
|
295,225 |
|
277,580 |
| Loans &
leases: |
|
|
|
|
|
|
| Real
estate |
|
302,570 |
|
278,056 |
|
280,172 |
|
Commercial |
|
41,079 |
|
29,650 |
|
24,526 |
|
Other |
|
30,753 |
|
15,165 |
|
10,104 |
|
Deferred loan and lease origination costs (fees), net |
|
491 |
|
37 |
|
(148) |
|
Allowance for loan and lease losses |
|
(4,953) |
|
(4,392) |
|
(4,332) |
|
Loans and leases, net |
|
369,940 |
|
318,516 |
|
310,322 |
| Bank
premises and equipment, net |
|
1,217 |
|
1,071 |
|
1,072 |
| 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 |
|
22,894 |
|
22,337 |
|
23,426 |
| |
$ |
721,281 |
$ |
688,092 |
$ |
669,994 |
| |
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Noninterest-bearing deposits |
$ |
228,517 |
$ |
214,745 |
$ |
209,322 |
| Interest
checking |
|
70,712 |
|
69,489 |
|
64,682 |
| Money
market |
|
151,469 |
|
145,831 |
|
150,050 |
| Savings |
|
75,980 |
|
72,522 |
|
74,765 |
| Time
deposits |
|
86,226 |
|
88,087 |
|
77,001 |
|
Total deposits |
|
612,904 |
|
590,674 |
|
575,820 |
| Short-term
borrowings |
|
5,000 |
|
5,000 |
|
6,500 |
| Long-term
borrowings |
|
10,500 |
|
10,500 |
|
9,000 |
| Accrued
interest and other liabilities |
|
10,028 |
|
7,197 |
|
6,939 |
|
Total liabilities |
|
638,432 |
|
613,371 |
|
598,259 |
| |
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
| Common
stock |
$ |
30,466 |
$ |
30,103 |
$ |
30,165 |
| Retained
earnings |
|
49,487 |
|
46,494 |
|
45,660 |
| Accumulated
other comprehensive income (loss) |
|
2,896 |
|
(1,876) |
|
(4,090) |
| Total
shareholders' equity |
|
82,849 |
|
74,721 |
|
71,735 |
|
|
$ |
721,281 |
$ |
688,092 |
$ |
669,994 |
| |
|
|
|
|
|
|
|
Ratios: |
|
|
|
|
|
|
|
Nonperforming loans and leases to total loans and leases |
|
0.00% |
|
0.01% |
|
0.12% |
| Net
(recoveries) chargeoffs to average loans and leases
(annualized) |
|
-0.03% |
|
0.08% |
|
0.09% |
| Allowance
for loan and lease losses to total loans and leases |
|
1.32% |
|
1.36% |
|
1.38% |
| |
|
|
|
|
|
|
|
American River Bank Capital Ratios: |
|
|
|
|
|
|
| Leverage
Capital Ratio |
|
9.32% |
|
9.01% |
|
9.05% |
| Common
Equity Tier 1 Risk-Based Capital |
|
15.55% |
|
16.23% |
|
16.62% |
| Tier 1
Risk-Based Capital Ratio |
|
15.55% |
|
16.23% |
|
16.62% |
| Total
Risk-Based Capital Ratio |
|
16.74% |
|
17.41% |
|
17.87% |
| |
|
|
|
|
|
|
|
American River Bankshares Capital Ratios: |
|
|
|
|
|
|
| Leverage
Capital Ratio |
|
9.22% |
|
8.94% |
|
9.00% |
| Tier 1
Risk-Based Capital Ratio |
|
15.38% |
|
16.11% |
|
16.65% |
| Total
Risk-Based Capital Ratio |
|
16.58% |
|
17.29% |
|
17.90% |
| |
|
|
|
|
|
|
|
Nonperforming loans |
|
- |
|
27 |
|
376 |
|
|
Nonperforming assets |
|
957 |
|
984 |
|
1,337 |
|
| |
|
|
|
|
|
|
| American
River Bankshares |
| Condensed
Consolidated Statements of Income (Unaudited) |
| (Dollars in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Third |
|
Third |
|
|
|
|
For the Nine
Months |
|
|
| |
|
Quarter |
|
Quarter |
% |
|
|
|
Ended
September 30, |
% |
|
| |
|
2019 |
|
2018 |
Change |
|
|
|
2019 |
|
2018 |
Change |
|
|
Interest income |
$ |
6,555 |
|
$ |
5,666 |
|
15.7 |
|
% |
|
$ |
18,963 |
|
$ |
16,230 |
|
16.8 |
|
% |
| Interest
expense |
|
627 |
|
|
409 |
|
53.3 |
|
% |
|
|
1,858 |
|
|
1,116 |
|
66.5 |
|
% |
| Net interest
income |
|
5,928 |
|
|
5,257 |
|
12.8 |
|
% |
|
|
17,105 |
|
|
15,114 |
|
13.2 |
|
% |
| Provision
for loan and lease losses |
|
120 |
|
|
50 |
|
(140.0 |
) |
% |
|
|
480 |
|
|
50 |
|
(860.0 |
) |
% |
| Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
149 |
|
|
119 |
|
25.2 |
|
% |
|
|
409 |
|
|
352 |
|
16.2 |
|
% |
| Gain
on sale of securities |
|
9 |
|
|
8 |
|
12.5 |
|
% |
|
|
74 |
|
|
19 |
|
289.5 |
|
% |
| Other
noninterest income |
|
259 |
|
|
250 |
|
3.6 |
|
% |
|
|
766 |
|
|
758 |
|
1.1 |
|
% |
|
Total noninterest income |
|
417 |
|
|
377 |
|
10.6 |
|
% |
|
|
1,249 |
|
|
1,129 |
|
10.6 |
|
% |
| Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
2,898 |
|
|
2,551 |
|
13.6 |
|
% |
|
|
8,423 |
|
|
7,274 |
|
15.8 |
|
% |
|
Occupancy |
|
256 |
|
|
267 |
|
(4.1 |
) |
% |
|
|
768 |
|
|
791 |
|
(2.9 |
) |
% |
|
Furniture and equipment |
|
120 |
|
|
141 |
|
(14.9 |
) |
% |
|
|
400 |
|
|
415 |
|
(3.6 |
) |
% |
|
Federal Deposit Insurance Corporation assessments |
(47 |
) |
|
52 |
|
(190.4 |
) |
% |
|
|
48 |
|
|
158 |
|
(69.6 |
) |
% |
|
Expenses related to other real estate owned |
|
7 |
|
|
10 |
|
(30.0 |
) |
% |
|
|
15 |
|
|
12 |
|
25.0 |
|
% |
| Other
expense |
|
859 |
|
|
982 |
|
(12.5 |
) |
% |
|
|
2,847 |
|
|
2,531 |
|
12.5 |
|
% |
|
Total noninterest expense |
|
4,093 |
|
|
4,003 |
|
2.2 |
|
% |
|
|
12,501 |
|
|
11,181 |
|
11.8 |
|
% |
| Income
before provision for income taxes |
|
2,132 |
|
|
1,581 |
|
34.9 |
|
% |
|
|
5,373 |
|
|
5,012 |
|
7.2 |
|
% |
| Provision
for income taxes |
|
561 |
|
|
428 |
|
31.1 |
|
% |
|
|
1,380 |
|
|
1,237 |
|
11.6 |
|
% |
| Net
income |
$ |
1,571 |
|
$ |
1,153 |
|
36.3 |
|
% |
|
$ |
3,993 |
|
$ |
3,775 |
|
5.8 |
|
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic
earnings per share |
$ |
0.27 |
|
$ |
0.20 |
|
35.0 |
|
% |
|
$ |
0.68 |
|
$ |
0.64 |
|
6.3 |
|
% |
| Diluted
earnings per share |
$ |
0.27 |
|
$ |
0.20 |
|
35.0 |
|
% |
|
$ |
0.68 |
|
$ |
0.64 |
|
6.3 |
|
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest
margin as a percentage of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average earning assets |
|
3.62 |
% |
|
3.44 |
% |
|
|
|
|
3.59 |
% |
|
3.36 |
% |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average
diluted shares outstanding |
|
5,870,916 |
|
|
5,864,827 |
|
|
|
|
|
5,863,979 |
|
|
5,925,677 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Ratios (annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.88 |
% |
|
0.68 |
% |
|
|
|
|
0.77 |
% |
|
0.74 |
% |
|
|
|
Return on average equity |
|
7.65 |
% |
|
6.37 |
% |
|
|
|
|
6.81 |
% |
|
6.95 |
% |
|
|
|
Return on average tangible equity |
|
9.57 |
% |
|
8.24 |
% |
|
|
|
|
8.60 |
% |
|
8.97 |
% |
|
|
|
Efficiency ratio (fully taxable equivalent) |
|
64.01 |
% |
|
70.49 |
% |
|
|
|
|
67.57 |
% |
|
68.17 |
% |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Third |
|
Third |
|
|
|
|
For the Nine
Months |
|
|
| |
|
Quarter |
|
Quarter |
|
|
|
|
Ended
September 30, |
|
|
| |
|
2019 |
|
|
2018 |
|
|
|
|
|
2019 |
|
|
2018 |
|
|
|
| Reported net
income |
$ |
1,571 |
|
$ |
1,153 |
|
|
|
|
$ |
3,993 |
|
$ |
3,775 |
|
|
|
| Provision
for loan and lease losses |
|
120 |
|
|
50 |
|
|
|
|
|
480 |
|
|
50 |
|
|
|
| Provision
for income taxes |
|
561 |
|
|
428 |
|
|
|
|
|
1,380 |
|
|
1,237 |
|
|
|
| Pretax,
pre-provision income |
$ |
2,252 |
|
$ |
1,631 |
|
|
|
|
$ |
5,853 |
|
$ |
5,062 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| American
River Bankshares |
|
|
| Condensed
Consolidated Statements of Income (Unaudited) |
|
|
| (Dollars in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
| |
|
Third |
|
Second |
|
First |
|
Fourth |
|
Third |
| |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
| |
|
2019 |
|
2019 |
|
2019 |
|
2018 |
|
2018 |
|
Interest income |
$ |
6,555 |
|
$ |
6,276 |
|
$ |
6,132 |
|
$ |
6,012 |
|
$ |
5,666 |
|
| Interest
expense |
|
627 |
|
|
648 |
|
|
583 |
|
|
480 |
|
|
409 |
|
| Net interest
income |
|
5,928 |
|
|
5,628 |
|
|
5,549 |
|
|
5,532 |
|
|
5,257 |
|
| Provision
for loan and lease losses |
|
120 |
|
|
180 |
|
|
180 |
|
|
125 |
|
|
50 |
|
| Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
149 |
|
|
139 |
|
|
121 |
|
|
124 |
|
|
119 |
|
| Gain
on sale of securities |
|
9 |
|
|
29 |
|
|
36 |
|
|
12 |
|
|
8 |
|
| Other
noninterest income |
|
259 |
|
|
253 |
|
|
254 |
|
|
248 |
|
|
250 |
|
|
Total noninterest income |
|
417 |
|
|
421 |
|
|
411 |
|
|
384 |
|
|
377 |
|
| Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
2,898 |
|
|
2,744 |
|
|
2,781 |
|
|
2,929 |
|
|
2,551 |
|
|
Occupancy |
|
256 |
|
|
255 |
|
|
257 |
|
|
259 |
|
|
267 |
|
|
Furniture and equipment |
|
120 |
|
|
140 |
|
|
140 |
|
|
138 |
|
|
141 |
|
|
Federal Deposit Insurance Corporation assessments |
|
(47 |
) |
|
45 |
|
|
50 |
|
|
44 |
|
|
52 |
|
|
Expenses related to other real estate owned |
|
7 |
|
|
4 |
|
|
4 |
|
|
8 |
|
|
10 |
|
| Other
expense |
|
859 |
|
|
960 |
|
|
1,028 |
|
|
951 |
|
|
982 |
|
|
Total noninterest expense |
|
4,093 |
|
|
4,148 |
|
|
4,260 |
|
|
4,329 |
|
|
4,003 |
|
| Income
before provision for income taxes |
|
2,132 |
|
|
1,721 |
|
|
1,520 |
|
|
1,462 |
|
|
1,581 |
|
| Provision
for income taxes |
|
561 |
|
|
445 |
|
|
374 |
|
|
337 |
|
|
428 |
|
| Net income
(loss) |
$ |
1,571 |
|
$ |
1,276 |
|
$ |
1,146 |
|
$ |
1,125 |
|
$ |
1,153 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Basic
earnings (loss) per share |
$ |
0.27 |
|
$ |
0.22 |
|
$ |
0.20 |
|
$ |
0.19 |
|
$ |
0.20 |
|
| Diluted
earnings (loss) per share |
$ |
0.27 |
|
$ |
0.22 |
|
$ |
0.20 |
|
$ |
0.19 |
|
$ |
0.20 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Net interest
margin as a percentage of |
|
|
|
|
|
|
|
|
|
|
| average
earning assets |
|
3.62 |
% |
|
3.57 |
% |
|
3.59 |
% |
|
3.54 |
% |
|
3.44 |
% |
| |
|
|
|
|
|
|
|
|
|
|
| Average
diluted shares outstanding |
|
5,870,916 |
|
|
5,862,416 |
|
|
5,857,627 |
|
|
5,858,615 |
|
|
5,864,827 |
|
| Shares
outstanding-end of period |
|
5,903,228 |
|
|
5,903,228 |
|
|
5,887,962 |
|
|
5,858,428 |
|
|
5,864,802 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Operating Ratios (annualized): |
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.88 |
% |
|
0.74 |
% |
|
0.68 |
% |
|
0.65 |
% |
|
0.68 |
% |
|
Return on average equity |
|
7.65 |
% |
|
6.53 |
% |
|
6.17 |
% |
|
6.22 |
% |
|
6.37 |
% |
|
Return on average tangible equity |
|
9.57 |
% |
|
8.25 |
% |
|
7.88 |
% |
|
8.05 |
% |
|
8.24 |
% |
|
Efficiency ratio (fully taxable equivalent) |
|
64.01 |
% |
|
68.00 |
% |
|
70.91 |
% |
|
72.59 |
% |
|
70.49 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measures
(Unaudited) |
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| 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. |
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Third |
|
Second |
|
First |
|
Fourth |
|
Third |
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|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
| |
|
2019 |
|
2019 |
|
2019 |
|
2018 |
|
2018 |
| Reported net
income |
$ |
1,571 |
|
$ |
1,276 |
|
$ |
1,146 |
|
$ |
1,125 |
|
$ |
1,153 |
|
| Provision
for loan and lease losses |
|
120 |
|
|
180 |
|
|
180 |
|
|
125 |
|
|
50 |
|
| Provision
for income taxes |
|
561 |
|
|
445 |
|
|
374 |
|
|
337 |
|
|
428 |
|
| Pretax,
pre-provision income |
$ |
2,252 |
|
$ |
1,901 |
|
$ |
1,700 |
|
$ |
1,587 |
|
$ |
1,631 |
|
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| American
River Bankshares |
| Analysis of
Net Interest Margin on Earning Assets (Unaudited) |
| (Taxable Equivalent
Basis) |
| (Dollars in
thousands) |
|
Three months ended September 30, |
|
2019 |
|
|
|
2018 |
|
|
ASSETS |
Avg
Balance |
Interest |
Avg
Yield |
|
Avg
Balance |
Interest |
Avg
Yield |
|
Taxable loans and leases |
$ |
346,598 |
|
$ |
4,397 |
5.03 |
% |
|
$ |
286,261 |
|
$ |
3,405 |
4.72 |
% |
| Tax-exempt
loans and leases |
|
21,562 |
|
|
224 |
4.12 |
% |
|
|
13,673 |
|
|
152 |
4.41 |
% |
| Taxable
investment securities |
|
267,012 |
|
|
1,846 |
2.74 |
% |
|
|
270,014 |
|
|
1,902 |
2.79 |
% |
| Tax-exempt
investment securities |
|
7,103 |
|
|
66 |
3.69 |
% |
|
|
15,690 |
|
|
122 |
3.08 |
% |
| Federal
funds sold |
|
- |
|
|
- |
0.00 |
% |
|
|
24,359 |
|
|
120 |
1.95 |
% |
|
Interest-bearing deposits in banks |
|
13,662 |
|
|
71 |
2.06 |
% |
|
|
1,746 |
|
|
10 |
2.27 |
% |
|
Total earning assets |
|
655,937 |
|
|
6,604 |
3.99 |
% |
|
|
611,743 |
|
|
5,711 |
3.70 |
% |
| Cash &
due from banks |
|
17,215 |
|
|
|
|
|
26,272 |
|
|
|
| Other
assets |
|
40,406 |
|
|
|
|
|
40,343 |
|
|
|
| Allowance
for loan & lease losses |
|
(4,860 |
) |
|
|
|
|
(4,399 |
) |
|
|
| |
$ |
708,698 |
|
|
|
|
$ |
673,959 |
|
|
|
| |
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
| Interest
checking and money market |
$ |
211,930 |
|
$ |
155 |
0.29 |
% |
|
$ |
212,872 |
|
$ |
63 |
0.12 |
% |
| Savings |
|
74,738 |
|
|
7 |
0.04 |
% |
|
|
72,580 |
|
|
6 |
0.03 |
% |
| Time
deposits |
|
86,938 |
|
|
383 |
1.75 |
% |
|
|
77,411 |
|
|
277 |
1.42 |
% |
| Other
borrowings |
|
15,614 |
|
|
82 |
2.08 |
% |
|
|
15,630 |
|
|
63 |
1.60 |
% |
|
Total interest bearing liabilities |
|
389,220 |
|
|
627 |
0.64 |
% |
|
|
378,493 |
|
|
409 |
0.43 |
% |
| Noninterest
bearing demand deposits |
|
227,644 |
|
|
|
|
|
216,732 |
|
|
|
| Other
liabilities |
|
10,368 |
|
|
|
|
|
6,887 |
|
|
|
|
Total liabilities |
|
627,232 |
|
|
|
|
|
602,112 |
|
|
|
|
Shareholders' equity |
|
81,466 |
|
|
|
|
|
71,847 |
|
|
|
| |
$ |
708,698 |
|
|
|
|
$ |
673,959 |
|
|
|
| Net
interest income & margin |
|
$ |
5,977 |
3.62 |
% |
|
|
$ |
5,302 |
3.44 |
% |
| |
|
|
|
|
|
|
|
| Nine
months ended September 30, |
|
2019 |
|
|
|
2018 |
|
|
ASSETS |
Avg
Balance |
Interest |
Avg
Yield |
|
Avg
Balance |
Interest |
Avg
Yield |
| Taxable
loans and leases |
$ |
330,312 |
|
$ |
12,329 |
4.99 |
% |
|
$ |
290,142 |
|
$ |
10,216 |
4.71 |
% |
| Tax-exempt
loans and leases |
|
19,406 |
|
|
604 |
4.16 |
% |
|
|
13,809 |
|
|
458 |
4.43 |
% |
| Taxable
investment securities |
|
272,738 |
|
|
5,756 |
2.82 |
% |
|
|
261,482 |
|
|
4,930 |
2.52 |
% |
| Tax-exempt
investment securities |
|
10,822 |
|
|
266 |
3.29 |
% |
|
|
19,983 |
|
|
494 |
3.31 |
% |
| Federal
funds sold |
|
231 |
|
|
5 |
2.89 |
% |
|
|
20,139 |
|
|
268 |
1.78 |
% |
|
Interest-bearing deposits in banks |
|
9,096 |
|
|
151 |
2.22 |
% |
|
|
1,744 |
|
|
23 |
1.76 |
% |
| Total
earning assets |
|
642,605 |
|
|
19,111 |
3.98 |
% |
|
|
607,299 |
|
|
16,389 |
3.61 |
% |
| Cash &
due from banks |
|
16,356 |
|
|
|
|
|
37,537 |
|
|
|
| Other
assets |
|
41,048 |
|
|
|
|
|
39,678 |
|
|
|
| Allowance
for loan & lease losses |
|
(4,645 |
) |
|
|
|
|
(4,458 |
) |
|
|
| |
$ |
695,364 |
|
|
|
|
$ |
680,056 |
|
|
|
| |
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
| Interest
checking and money market |
$ |
208,607 |
|
$ |
369 |
0.24 |
% |
|
$ |
219,797 |
|
$ |
196 |
0.12 |
% |
| Savings |
|
73,596 |
|
|
21 |
0.04 |
% |
|
|
70,785 |
|
|
19 |
0.04 |
% |
| Time
deposits |
|
87,655 |
|
|
1,168 |
1.78 |
% |
|
|
78,761 |
|
|
730 |
1.24 |
% |
| Other
borrowings |
|
19,341 |
|
|
300 |
2.07 |
% |
|
|
15,544 |
|
|
171 |
1.47 |
% |
| Total
interest bearing liabilities |
|
389,199 |
|
|
1,858 |
0.64 |
% |
|
|
384,887 |
|
|
1,116 |
0.39 |
% |
| Noninterest
bearing demand deposits |
|
217,760 |
|
|
|
|
|
215,537 |
|
|
|
| Other
liabilities |
|
10,019 |
|
|
|
|
|
7,013 |
|
|
|
| Total
liabilities |
|
616,978 |
|
|
|
|
|
607,437 |
|
|
|
|
Shareholders' equity |
|
78,386 |
|
|
|
|
|
72,619 |
|
|
|
| |
$ |
695,364 |
|
|
|
|
$ |
680,056 |
|
|
|
| Net
interest income & margin |
|
$ |
17,253 |
3.59 |
% |
|
|
$ |
15,273 |
3.36 |
% |
| |
|
|
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|
|
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|
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