American River Bankshares (NASDAQ-GS: AMRB) today reported net
income of $1,125,000, or $0.19 per diluted share for the fourth
quarter of 2018 compared to a net loss of $392,000, or ($0.06) per
diluted share for the fourth quarter of 2017. For the twelve
months ended December 31, 2018, net income was $4.9 million or
$0.83 per diluted share, compared to $3.2 million or $0.50 per
diluted share for the twelve months ended December 31, 2017.
“We are pleased to see the team making progress on our plan,”
said David E. Ritchie, Jr., President and CEO of American River
Bankshares. “We believe we have the right people working hard
to develop new relationships for the Bank.” Ritchie
continued, “Our net interest income and net interest margin have
continued to increase for the third consecutive quarter and our
credit quality is solid with just $27,000 in nonaccrual loans and
zero loans past due over 30 days.”
Financial Highlights
- Core deposits increased $26.2 million (5.5%) and net loans
increased $9.8 million (3.2%) during 2018. During the fourth
quarter of 2018, core deposits increased $3.8 million (0.8%) and
net loans increased $8.2 million (2.6%).
- The fourth quarter 2018 net interest margin was 3.54%, compared
to 3.44% for the third quarter of 2018 and 3.39% for the fourth
quarter of 2017.
- Net interest income was $5.5 million in the fourth quarter of
2018, compared to $4.9 million in the fourth quarter of 2017.
For the twelve months ended December 31, 2018, net interest income
was $20.6 million, compared to $19.4 million for the twelve months
ended December 31, 2017.
- The allowance for loan and lease losses was $4.4 million (1.36%
of total loans and leases) at December 31, 2018, compared to $4.5
million (1.43% of total loans and leases) at December 31,
2017. Nonperforming loans decreased from $1.9 million at
December 31, 2017 to $27,000 at December 31, 2018. The
allowance for loan and lease losses was 162.67 times the
nonperforming loans and leases at December 31, 2018, compared to
2.37 times at December 31, 2017.
- Shareholders’ equity was $74.7 million at December 31, 2018
compared to $76.9 million at December 31, 2017. Tangible book
value per share was $9.97 at December 31, 2018 compared to $9.88 at
December 31, 2017. Book value per share was $12.75 per share
at December 31, 2018 compared to $12.54 per share at December 31,
2017.
- During the fourth quarter of 2018, the Company repurchased
7,840 shares of its common stock at an average price of $15.07,
completing the 2018 Stock Repurchase Program. In 2018, the
Company repurchased a total of 306,618 shares at an average price
of $15.52 per share. The Company continued the quarterly cash
dividend by paying a $0.05 per share cash dividend on November 14,
2018.
- The Company continues to maintain strong capital ratios.
At December 31, 2018 the Leverage ratio was 8.9% compared to 9.5%
at December 31, 2017; the Tier 1 Risk-Based Capital ratio was 16.1%
compared to 18.1% at December 31, 2017; and the Total Risk-Based
Capital ratio was 17.3% compared to 19.3% at December 31,
2017.
Northern California Economic Update, December 31,
2018.
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 continued to be
positive in the markets we serve throughout 2018.
Commercial Real Estate. In the Greater
Sacramento Area, when comparing fourth quarter 2017 to fourth
quarter 2016, commercial real estate vacancies improved in all
segments. Office vacancy decreased from 11.6% to 10.8%,
retail vacancy decreased from 10.3% to 9.1%, and industrial vacancy
decreased from 8.1% to 5.9%. As of third quarter 2018,
Sacramento area vacancy rates for all three segments decreased
further to 10.3% for office, 8.8% for retail, and 4.6% for
industrial.
In Sonoma County, when comparing fourth quarter 2017 to fourth
quarter 2016, commercial real estate vacancies also continued to
improve. Office vacancy decreased from 14.7% to 12.5%,
industrial vacancy decreased from 5.8% to 4.6%, and retail vacancy
remained flat at 3.8%. As of third quarter 2018, Sonoma
County’s office vacancy decreased further to 12.2%, industrial
remained the same at 4.6%, and retail increased slightly to
3.9%.
In all segments (office, retail, and industrial), the Greater
Sacramento Area reported positive absorption from September 30,
2016 through September 30, 2018. Sonoma County and the City
of Santa Rosa also reported (when data is available) positive
absorption over this same time period for the office and industrial
segments (retail data is not available) with the exception of
September 2018 in which industrial showed a negative absorption
rate of 7,795 SF.
In Greater Sacramento, commercial lease rates have been in a
relatively narrow range from September 30, 2016 through September
30, 2018 with lease rates ranging from the following: office:
$1.71/SF to $1.89/SF; retail: $1.33/SF to $1.39/SF and industrial:
$0.46/SF to $0.57/SF. Third quarter 2018 lease rates
represent the top of the range in all three segments at $1.89 per
square foot for office, $1.39 for retail, and $0.57 for
industrial.
As a proxy for Sonoma County, the City of Santa Rosa’s gross
office lease rates as of year-end 2016 ranged from $1.75/SF to
$2.25/SF depending on the quality of the property
and industrial rents ranged from $0.85/SF to $0.95/SF with
light industrial in certain cases ranging from $1.15/SF to
$1.40/SF. As of year-end 2017, office rental rates
ranged from $1.75/SF to $2.35/SF and industrial rates ranged from
$.90/SF to $1.10/SF. There was no retail rental rate
data available for Santa Rosa for these time periods or in 2018
year-to-date.
The Amador region has the lowest level of commercial real estate
concentration in the Bank. 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 September 30,
2016 through September 30, 2018. The highest occupancy rate
within this time range was in second quarter 2017 at 97.7%, and the
lowest was first quarter 2018 at 96.3%. As of third quarter
2018, occupancy was at 96.8%. Monthly lease rates during this
period ranged from $1,241 in third quarter 2016 to $1,394 in third
quarter 2018.
The trailing 12-month cap rate from June 30, 2016 through June
30, 2018 ranged with minor fluctuation from a low of 5.86% in third
quarter 2016 to a high of 6.10% in third quarter 2017. Since
that time, a slight decrease occurred quarter over quarter until
the rate reached 5.60% in third quarter 2018.
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 2015, national unemployment decreased from
5.0% to 4.7% in December 2016, and to 4.3% in December 2017.
As of November 2018, national unemployment dropped further to
3.7%.
California unemployment was 5.9% at December 31, 2015, and 5.3%
at December 31, 2016. As of December 2017, the rate decreased
further to 4.3%, and as of November 2018, the rate was 3.9%.
The number of employed Californians continues to increase.
There were 17.9 million employed at the end of 2015, 18.2 million
at the end of 2016, and 18.5 million at the end of 2017. As
of November 2018, the State added another 418,000 jobs bringing the
total employed to 18.9 million.
At December 31, 2015, all three of our markets reported lower
unemployment rates than at year end 2014. Unemployment
rates at the time were 5.5% and 4.2% for the Sacramento MSA and
Santa Rosa-Petaluma MSA, respectively. When comparing
December 31, 2016 to December 31 2017, unemployment rates decreased
from 5.0% to 3.8% in the Sacramento MSA and 3.7% to 2.8% in the
Santa Rosa-Petaluma MSA. As of month-end November 2018, the
unemployment rate for Sacramento and Santa Rosa-Petaluma MSAs
decreased to 3.5% and 2.5% respectively.
Over the same period, Amador County has been higher than the
State level in nearly every quarter. Amador County has
however shown improvement reaching 6.2% at December 31, 2015, 5.9%
at December 31, 2016, and 4.2% at December 31, 2017. As of
November 2018, the unemployment rate decreased further to 3.6% and
is now below the State average.
Job growth was positive in all of our markets during the past
two calendar years. Compared to December 2015, job growth was
1.81%, 1.38% and 4.87% for the Sacramento MSA, Santa Rosa-Petaluma
MSA and Amador County, respectively as of December 2016.
Comparing December 2016 to December 2017, job growth was 2.66% for
the Sacramento MSA, 2.41% in the Santa Rosa-Petaluma MSA and 2.80%
in Amador County. As of November 2018, job growth in 2018 was
2.30% for Sacramento MSA; Santa Rosa MSA and Amador County
continued to see respectable job growth at 2.75% and 2.65%
respectively.
Balance Sheet Review
American River Bankshares’ assets totaled $688.1 million at
December 31, 2018, compared to $670.0 million at September 30,
2018, and $655.6 million at December 31, 2017.
Net loans totaled $318.5 million at December 31, 2018, an
increase of $8.2 million (2.6%) compared to $310.3 million at
September 30, 2018 and an increase of $9.8 million (3.2%) from
$308.7 million at December 31, 2017.
The loan portfolio at December 31, 2018 included: real estate
loans of $278.1 million (87% of the portfolio), commercial loans of
$29.7 million (9% of the portfolio) and other loans, which consist
mainly of agriculture and consumer loans of $15.1 million (4% of
the portfolio). The real estate loan portfolio at December
31, 2018 includes: owner-occupied commercial real estate loans of
$75.4 million (27% of the real estate portfolio), investor
commercial real estate loans of $124.5 million (45% of the real
estate portfolio), multi-family real estate loans of $56.1 million
(20% of the real estate portfolio), construction and land
development loans of $5.7 million (2% of the real estate portfolio)
and residential real estate loans of $16.4 million (6% of the real
estate loan portfolio).
Nonperforming assets (“NPAs”) include nonperforming loans,
leases, and other assets and other real estate owned.
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
$984,000 at December 31, 2018 compared to $1.3 million at September
30, 2018 and $2.9 million at December 31, 2017. The NPAs to
total assets ratio decreased to 0.14% at December 31, 2018 from
0.20% at the end of September 2018 and from 0.44% at December 31,
2017.
At December 31, 2017 and September 30, 2018, the Company had one
OREO property totaling $961,000, which was written down to $957,000
in the fourth quarter of 2018 due to an updated appraisal.
There was no OREO valuation allowance recorded at December 31,
2018, September 30, 2018, or December 31, 2017.
Loans measured for impairment were $8.7 million at the end of
December 2018, a decrease from $9.3 million at September 30, 2018,
and from $13.8 million at the end of December 2017. Specific
reserves of $185,000 were held on the impaired loans at December
31, 2018, compared to $181,000 at September 30, 2018 and $355,000
at December 31, 2017. There was a provision for loan and
lease losses of $125,000 in the fourth quarter and $175,000 in year
ended December 31, 2018 compared to $150,000 in the fourth quarter
and $450,000 in year ended December 31, 2017. The Company had
net charge-offs of $65,000 in the fourth quarter of 2018 compared
to net charge-offs of $223,000 in the fourth quarter of 2017.
For the twelve months ended December 31, 2018, the Company had net
charge-offs of $261,000 compared to net charge-offs of
$794,000. The Company maintains the ALLL 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 $3.9 million in stock of
the Federal Home Loan Bank of San Francisco (“FHLB Stock”), totaled
$295.2 million at December 31, 2018, an increase of $17.6 million
(6.4%) from $277.6 million at September 30, 2018 and increased
$32.5 million (12.4%) from $262.7 million at December 31,
2017. At December 31, 2018, the investment portfolio was
comprised of 91% U.S. Government agencies or U.S.
Government-sponsored agencies (primarily mortgage-backed
securities), 5% obligations of states and political subdivisions,
2% corporate bonds and 2% treasuries.
At December 31, 2018, total deposits increased $14.9 million
(2.6%) to $590.7 million, compared to $575.8 million at September
30, 2018 and increased $34.6 million (6.2%) compared to $556.1
million one year ago. Core deposits increased $3.8 million
(0.8%) to $502.6 million at December 31, 2018 from $498.8 million
at September 30, 2018 and increased $26.2 million (5.5%) from
$476.4 million at December 31, 2017. The Company considers
all deposits except time deposits as core deposits.
At December 31, 2018, noninterest-bearing demand deposits
accounted for 36% of total deposits, interest-bearing demand
accounts were 12%, savings deposits were 12%, money market balances
accounted for 25% and time certificates were 15% of total
deposits. At December 31, 2017, noninterest-bearing demand
deposits accounted for 39% of total deposits, interest-bearing
demand accounts were 12%, savings deposits were 12%, money market
balances accounted for 23% and time certificates were 14% of total
deposits.
Shareholders’ equity increased $3 million (4.2%) to $74.7
million at December 31, 2018 compared to $71.7 million at September
30, 2018 and decreased $2.2 million (2.9%) from $76.9 million at
December 31, 2017. The $3.0 million increase in equity from
September 30, 2018 was due primarily to an increase in accumulated
other comprehensive income related to a decrease in the unrealized
loss on securities of $2.2 million and the $1.1 million net income
for the quarter. The $2.2 million decrease in equity from
December 31, 2017 was due primarily to a decrease in accumulated
other comprehensive income related to an increase in the unrealized
loss on securities of $1.5 million and a decrease on common stock
of $4.4 million primarily due to the 2018 Share Repurchase Plan.
These decreases were partially offset by an increase in Retained
Earnings of $3.7 million due to the net income for the year less
cash dividends declared.
Net Interest Income
The net interest income during the fourth quarter 2018 increased
$662,000 (13.6%) to $5.5 million from $4.9 million during the
fourth quarter of 2017 and for the twelve months ended December 31,
2018, net interest income increased $1.3 million (6.7%) to $20.6
million from $19.4 million during the twelve months ended December
31, 2017. The net interest margin as a percentage of average
earning assets was 3.54% in the fourth quarter of 2018, compared to
3.44% in the third quarter of 2018 and 3.39% in the fourth quarter
of 2017. For the twelve months ended December 31, 2018, the
net interest margin was 3.41% compared to 3.39% for the twelve
months ended December 31, 2017. Interest income for the
fourth quarter of 2018 increased $854,000 (16.6%) to $6.0 million
from $5.2 million in the fourth quarter of 2017 and for the twelve
months ended December 31, 2018, interest income increased $1.8
million (9.0%) to $22.2 million from $20.4 million for the twelve
months ended December 31, 2017. Interest expense for the fourth
quarter of 2018 increased $192,000 (66.7%) to $480,000 from
$288,000 for the fourth quarter of 2017 and for the twelve months
ended December 31, 2018 increased $535,000 (50.4%) to $1.6 million
from $1.1 million for the twelve months ended December 31,
2017.
The average tax equivalent yield on earning assets increased
from 3.58% in the fourth quarter of 2017 to 3.85% for the fourth
quarter of 2018 and for the twelve months ended December 31, 2018
increased to 3.67% from 3.57% for the twelve months ended December
31, 2017. The increase in yield on earning assets from the
fourth quarter of 2017 to the fourth quarter of 2018 and for the
twelve months ending on December 31, 2018 from 2017 results from a
higher interest rate environment and an increase in investment
securities. The yield on investment securities increased from
2.31% in the fourth quarter of 2017 to 2.89% in the fourth quarter
of 2018. Average investment securities increased from $261.2
million during the fourth quarter of 2017 to $287.0 million during
the fourth quarter of 2018. Yields on investment securities
increased from 2.36% in the twelve months of 2017 to 2.66% in the
twelve months of 2018. Average investment balances increased
from $261.6 million in the twelve months of 2017 to $282.9 million
during the twelve months of 2018.
The average balance of earning assets increased $42.9 million
(7.4%) from $581.7 million in the fourth quarter of 2017 to $624.6
million in the fourth quarter of 2018 and for the twelve months
ended December 31, 2018, increased $29.3 million (5.0%) to $611.7
million from $582.4 million for the twelve months ended December
31, 2017.
Interest expense for the fourth quarter of 2018 increased
$192,000 (66.7%) to $480,000 from $288,000 for the fourth quarter
of 2017 and for the twelve months ended December 31, 2018 increased
$535,000 (50.4%) to $1.6 million from $1.1 million for the twelve
months ended December 31, 2017. The increase in interest
expense is related to an overall higher interest rate
environment. The average cost of funds increased from 0.32%
in the fourth quarter of 2017 to 0.49% in the fourth quarter of
2018 and from 0.30% in the twelve months of 2017 to 0.41% in the
twelve months of 2018. Average deposits increased $33.6
million (6.0%) from $558.2 million during the fourth quarter of
2017 to $591.8 million during the fourth quarter of 2018.
Average borrowings remained consistent at $15.5 million during the
fourth quarter of 2017 compared to the fourth quarter of 2018 while
the cost increased from 1.38% in the fourth quarter of 2017 to
1.69% during the fourth quarter of 2018 and is due to rising
borrowing rates.
Noninterest Income and Expense
Noninterest income for the fourth quarter of 2018 was $384,000,
an increase of $23,000 (6.4%) from $361,000 in the fourth quarter
of 2017 and for the twelve months ended December 31, 2018 was $1.5
million, a decrease of $83,000 (5.2%) compared to $1.6 million for
the twelve months ended December 31, 2017. For the twelve
months ended December 31, the decrease in noninterest income was
predominately related to a decrease in gain on sale of securities
from a gain of $161,000 in 2017 to a gain of $31,000 in
2018.
Noninterest expense increased $390,000 (9.9%) from the fourth
quarter of 2017 to the fourth quarter of 2018, from $3.9 million to
$4.3 million, and for the twelve months ended December 31, it
increased $1.5 million (10.4%) from $14.0 million in 2017 to $15.5
million in 2018. The predominant variance between the fourth
quarters of 2017 and 2018 and the twelve months ended December 31
for each year was the increase in salaries and benefits of $345,000
(13.4%), quarter over quarter, and $1.3 million (14.4%), year over
year. Increased salary and benefit expense relates to the
Company’s efforts to increase the number of outbound business
development officers. Over the past twelve months one newly
created Chief Lending Officer position and several Relationship
Manager positions were added. Average full time
equivalent employees increased from 92.1 in the fourth quarter of
2017 to 99.9 during the fourth quarter of 2018 and from 93.3 in
2017 to 96.8 in 2018.
The fully taxable equivalent efficiency ratio for the fourth
quarter of 2018 decreased to 72.6% from 74.0% in the fourth quarter
of 2017 and for the twelve months ended December 31, 2018,
increased to 69.4% from 65.8% for the twelve months ended December
31, 2017.
Provision for Income Taxes
Federal and state income taxes for the quarter ended December
31, 2018 decreased by $1.2 million (78.0%) from $1.5 million in the
fourth quarter of 2017 to $337,000 in the fourth quarter of 2018
and decreased $1.7 million (51.6%) from $3.3 million in 2017 to
$1.6 million in 2018. The lower provision for taxes in 2018
compared to 2017 primarily resulted from the lower federal tax rate
effective January 1, 2018 of 21% compared to 34% in prior
year.
Earnings Conference Call
The fourth quarter earnings conference call will be held
Thursday, January 24, 2019 at 1:30 p.m. Pacific Time (4:30 p.m.
Eastern Time). David E. Ritchie, 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) 517-2470 and
entering the Conference ID 8568901#. 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
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.
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 a 34% effective tax rate for 2017
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.
Adjustments made to reflect certain
expenses
During the fourth quarter of 2017, the Company recorded expenses
related to a change in leadership as well as higher than historical
income tax expense resulting from the Tax Cuts and Jobs Act that
was signed into law on December 22, 2017. Management believes
that presenting the net income and earnings per share adjusted for
these items provides investors with useful information in
understanding the financial performance on a comparative
basis.
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, 2017, 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.
|
|
American River Bankshares |
|
Condensed Consolidated Balance Sheets
(Unaudited) |
|
(Dollars
in thousands) |
|
|
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
December 31, |
|
ASSETS |
|
2018 |
|
2018 |
|
2017 |
|
Cash and
due from banks |
$ |
20,987 |
|
$ |
24,634 |
|
$ |
38,467 |
|
|
Federal
funds sold |
|
7,000 |
|
|
10,000 |
|
|
- |
|
|
Interest-bearing deposits in banks |
|
1,746 |
|
|
1,746 |
|
|
1,746 |
|
|
Investment securities |
|
295,225 |
|
|
277,580 |
|
|
262,700 |
|
|
Loans
& leases: |
|
|
|
|
|
|
|
Real
estate |
|
278,056 |
|
|
280,172 |
|
|
285,153 |
|
|
Commercial |
|
29,650 |
|
|
24,526 |
|
|
25,377 |
|
|
Other |
|
15,165 |
|
|
10,104 |
|
|
2,863 |
|
|
Deferred
loan origination fees and costs, net |
|
37 |
|
|
(148) |
|
|
(202) |
|
|
Allowance
for loan and lease losses |
|
(4,392) |
|
|
(4,332) |
|
|
(4,478) |
|
|
Loans and leases, net |
|
318,516 |
|
|
310,322 |
|
|
308,713 |
|
|
Bank
premises and equipment, net |
|
1,071 |
|
|
1,072 |
|
|
1,158 |
|
|
Goodwill
and intangible assets |
|
16,321 |
|
|
16,321 |
|
|
16,321 |
|
|
Investment in Federal Home Loan Bank Stock |
|
3,932 |
|
|
3,932 |
|
|
3,932 |
|
|
Other
real estate owned, net |
|
957 |
|
|
961 |
|
|
961 |
|
|
Accrued
interest receivable and other assets |
|
22,337 |
|
|
23,426 |
|
|
21,624 |
|
|
|
$ |
688,092 |
|
$ |
669,994 |
|
$ |
655,622 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Noninterest-bearing deposits |
$ |
214,745 |
|
$ |
209,322 |
|
$ |
215,528 |
|
|
Interest
checking |
|
69,489 |
|
|
64,682 |
|
|
64,709 |
|
|
Money
market |
|
145,831 |
|
|
150,050 |
|
|
130,032 |
|
|
Savings |
|
72,522 |
|
|
74,765 |
|
|
66,130 |
|
|
Time
deposits |
|
88,087 |
|
|
77,001 |
|
|
79,681 |
|
|
Total deposits |
|
590,674 |
|
|
575,820 |
|
|
556,080 |
|
|
Short-term borrowings |
|
5,000 |
|
|
6,500 |
|
|
3,500 |
|
|
Long-term borrowings |
|
10,500 |
|
|
9,000 |
|
|
12,000 |
|
|
Accrued
interest and other liabilities |
|
7,197 |
|
|
6,939 |
|
|
7,121 |
|
|
Total liabilities |
|
613,371 |
|
|
598,259 |
|
|
578,701 |
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
Common stock |
$ |
30,103 |
|
$ |
30,165 |
|
$ |
34,463 |
|
|
Retained earnings |
|
46,494 |
|
|
45,660 |
|
|
42,779 |
|
|
Accumulated other
comprehensive (loss) income |
|
(1,876) |
|
|
(4,090) |
|
|
(321) |
|
|
Total
shareholders' equity |
|
74,721 |
|
|
71,735 |
|
|
76,921 |
|
|
|
$ |
688,092 |
|
$ |
669,994 |
|
$ |
655,622 |
|
|
|
|
|
|
|
|
|
|
Ratios: |
|
|
|
|
|
|
|
Nonperforming loans and
leases to total loans and leases |
|
0.01% |
|
|
0.12% |
|
|
0.60% |
|
|
Net chargeoffs to
average loans and leases (annualized |
|
|
|
|
|
|
|
at
September 30, 2018) |
|
0.08% |
|
|
0.28% |
|
|
0.25% |
|
|
Allowance for loan and
lease losses to total loans and leases |
|
1.36% |
|
|
1.38% |
|
|
1.43% |
|
|
|
|
|
|
|
|
|
|
American River
Bank Capital Ratios: |
|
|
|
|
|
|
|
Leverage Capital
Ratio |
|
9.01% |
|
|
9.05% |
|
|
9.32% |
|
|
Common Equity Tier 1
Risk-Based Capital |
|
16.23% |
|
|
16.62% |
|
|
17.71% |
|
|
Tier 1 Risk-Based
Capital Ratio |
|
16.23% |
|
|
16.62% |
|
|
17.71% |
|
|
Total Risk-Based
Capital Ratio |
|
17.41% |
|
|
17.87% |
|
|
18.96% |
|
|
|
|
|
|
|
|
|
|
American River
Bankshares Capital Ratios: |
|
|
|
|
|
|
|
Leverage Capital
Ratio |
|
8.94% |
|
|
9.00% |
|
|
9.45% |
|
|
Tier 1 Risk-Based
Capital Ratio |
|
16.11% |
|
|
16.65% |
|
|
18.08% |
|
|
Total Risk-Based
Capital Ratio |
|
17.29% |
|
|
17.90% |
|
|
19.34% |
|
|
|
|
|
|
|
|
|
|
Nonperforming
loans |
|
27 |
|
|
376 |
|
|
1,892 |
|
|
Nonperforming
assets |
|
984 |
|
|
1,337 |
|
|
2,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American River Bankshares |
Condensed Consolidated Statements of
Income (Unaudited) |
(Dollars
in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
Fourth |
|
Fourth |
|
|
|
|
For the Twelve
Months |
|
|
|
|
|
Quarter |
|
Quarter |
% |
|
|
|
Ended December 31, |
% |
|
|
|
|
2018 |
|
2017 |
Change |
|
|
|
2018 |
|
2017 |
Change |
|
|
Interest income |
$ |
6,012 |
|
$ |
5,158 |
|
16.6 |
|
% |
|
$ |
22,242 |
|
$ |
20,414 |
|
9.0 |
|
% |
|
Interest
expense |
|
480 |
|
|
288 |
|
66.7 |
|
% |
|
|
1,596 |
|
|
1,061 |
|
50.4 |
|
% |
|
Net
interest income |
|
5,532 |
|
|
4,870 |
|
13.6 |
|
% |
|
|
20,646 |
|
|
19,353 |
|
6.7 |
|
% |
|
Provision for loan and lease losses |
|
125 |
|
|
150 |
|
(16.7 |
) |
% |
|
|
175 |
|
|
450 |
|
(61.1 |
) |
% |
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges on deposit accounts |
|
124 |
|
|
117 |
|
6.0 |
|
% |
|
|
476 |
|
|
465 |
|
2.4 |
|
% |
|
Gain on
sale of securities |
|
12 |
|
|
- |
|
- |
|
% |
|
|
31 |
|
|
161 |
|
(80.7 |
) |
% |
|
Other
noninterest income |
|
248 |
|
|
244 |
|
1.6 |
|
% |
|
|
1,006 |
|
|
970 |
|
3.7 |
|
% |
|
Total
noninterest income |
|
384 |
|
|
361 |
|
6.4 |
|
% |
|
|
1,513 |
|
|
1,596 |
|
(5.2 |
) |
% |
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
2,929 |
|
|
2,584 |
|
13.4 |
|
% |
|
|
10,203 |
|
|
8,920 |
|
14.4 |
|
% |
|
Occupancy |
|
259 |
|
|
260 |
|
(0.4 |
) |
% |
|
|
1,050 |
|
|
1,053 |
|
(0.3 |
) |
% |
|
Furniture
and equipment |
|
138 |
|
|
147 |
|
(6.1 |
) |
% |
|
|
553 |
|
|
586 |
|
(5.6 |
) |
% |
|
Federal
Deposit Insurance Corporation assessments |
|
44 |
|
|
50 |
|
(12.0 |
) |
% |
|
|
202 |
|
|
206 |
|
(1.9 |
) |
% |
|
Expenses
related to other real estate owned |
|
8 |
|
|
8 |
|
- |
|
% |
|
|
20 |
|
|
44 |
|
(54.5 |
) |
% |
|
Other
expense |
|
951 |
|
|
890 |
|
6.9 |
|
% |
|
|
3,482 |
|
|
3,240 |
|
7.5 |
|
% |
|
Total
noninterest expense |
|
4,329 |
|
|
3,939 |
|
9.9 |
|
% |
|
|
15,510 |
|
|
14,049 |
|
10.4 |
|
% |
|
Income
before provision for income taxes |
|
1,462 |
|
|
1,142 |
|
28.0 |
|
% |
|
|
6,474 |
|
|
6,450 |
|
0.4 |
|
% |
|
Provision for income taxes |
|
337 |
|
|
1,534 |
|
(78.0 |
) |
% |
|
|
1,574 |
|
|
3,252 |
|
(51.6 |
) |
% |
|
Net
income (loss) |
$ |
1,125 |
|
$ |
(392 |
) |
--- |
|
% |
|
$ |
4,900 |
|
$ |
3,198 |
|
53.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings (loss) per share |
$ |
0.19 |
|
$ |
-0.06 |
|
--- |
|
% |
|
$ |
0.83 |
|
$ |
0.50 |
|
66.0 |
|
% |
|
Diluted
earnings (loss) per share |
$ |
0.19 |
|
$ |
-0.06 |
|
--- |
|
% |
|
$ |
0.83 |
|
$ |
0.50 |
|
66.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin as a percentage of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average earning
assets |
|
3.54% |
|
|
3.39% |
|
|
|
|
|
3.41% |
|
|
3.39% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
diluted shares outstanding |
|
5,858,615 |
|
|
6,253,475 |
|
|
|
|
|
5,908,660 |
|
|
6,427,123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.65% |
|
|
-0.24% |
|
|
|
|
|
0.72% |
|
|
0.49% |
|
|
|
|
Return on average equity |
|
6.22% |
|
|
-1.95% |
|
|
|
|
|
6.77% |
|
|
3.91% |
|
|
|
|
Return on average tangible equity |
|
8.05% |
|
|
-2.45% |
|
|
|
|
|
8.74% |
|
|
4.88% |
|
|
|
|
Efficiency ratio (fully taxable equivalent) |
|
72.59% |
|
|
73.99% |
|
|
|
|
|
69.35% |
|
|
65.84% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American River Bankshares |
|
Condensed Consolidated Statements of
Income (Unaudited) |
|
(Dollars
in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth |
|
Third |
|
Second |
|
First |
|
Fourth |
|
|
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
|
|
2018 |
|
2018 |
|
2018 |
|
2018 |
|
2017 |
|
Interest
income |
$ |
6,012 |
|
$ |
5,666 |
|
$ |
5,498 |
|
$ |
5,066 |
|
$ |
5,158 |
|
|
Interest
expense |
|
480 |
|
|
409 |
|
|
378 |
|
|
329 |
|
|
288 |
|
|
Net
interest income |
|
5,532 |
|
|
5,257 |
|
|
5,120 |
|
|
4,737 |
|
|
4,870 |
|
|
Provision for loan and lease losses |
|
125 |
|
|
50 |
|
|
- |
|
|
- |
|
|
150 |
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
Service
charges on deposit accounts |
|
124 |
|
|
119 |
|
|
116 |
|
|
117 |
|
|
117 |
|
|
Gain on
sale of securities |
|
12 |
|
|
8 |
|
|
10 |
|
|
1 |
|
|
- |
|
|
Other
noninterest income |
|
248 |
|
|
250 |
|
|
254 |
|
|
254 |
|
|
244 |
|
|
Total
noninterest income |
|
384 |
|
|
377 |
|
|
380 |
|
|
372 |
|
|
361 |
|
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
2,929 |
|
|
2,551 |
|
|
2,517 |
|
|
2,206 |
|
|
2,584 |
|
|
Occupancy |
|
259 |
|
|
267 |
|
|
262 |
|
|
262 |
|
|
260 |
|
|
Furniture
and equipment |
|
138 |
|
|
141 |
|
|
136 |
|
|
138 |
|
|
147 |
|
|
Federal
Deposit Insurance Corporation assessments |
|
44 |
|
|
52 |
|
|
53 |
|
|
53 |
|
|
50 |
|
|
Expenses
related to other real estate owned |
|
8 |
|
|
10 |
|
|
(3 |
) |
|
5 |
|
|
8 |
|
|
Other
expense |
|
951 |
|
|
982 |
|
|
863 |
|
|
686 |
|
|
890 |
|
|
Total
noninterest expense |
|
4,329 |
|
|
4,003 |
|
|
3,828 |
|
|
3,350 |
|
|
3,939 |
|
|
Income
before provision for income taxes |
|
1,462 |
|
|
1,581 |
|
|
1,672 |
|
|
1,759 |
|
|
1,142 |
|
|
Provision for income taxes |
|
337 |
|
|
428 |
|
|
403 |
|
|
406 |
|
|
1,534 |
|
|
Net
(loss) income |
$ |
1,125 |
|
$ |
1,153 |
|
$ |
1,269 |
|
$ |
1,353 |
|
$ |
(392 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
(loss) earnings per share |
$ |
0.19 |
|
$ |
0.20 |
|
$ |
0.22 |
|
$ |
0.23 |
|
$ |
-0.06 |
|
|
Diluted
(loss) earnings per share |
$ |
0.19 |
|
$ |
0.20 |
|
$ |
0.22 |
|
$ |
0.22 |
|
$ |
-0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin as a percentage of |
|
|
|
|
|
|
|
|
|
|
|
average
earning assets |
|
3.54% |
|
|
3.44% |
|
|
3.36% |
|
|
3.29% |
|
|
3.39% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
diluted shares outstanding |
|
5,858,615 |
|
|
5,864,827 |
|
|
5,882,914 |
|
|
6,032,787 |
|
|
6,253,475 |
|
|
Shares
outstanding-end of period |
|
5,858,428 |
|
|
5,864,802 |
|
|
5,864,802 |
|
|
5,882,214 |
|
|
6,132,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Ratios (annualized): |
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.65% |
|
|
0.68% |
|
|
0.75% |
|
|
0.80% |
|
|
-0.24% |
|
|
Return on average equity |
|
6.22% |
|
|
6.37% |
|
|
7.09% |
|
|
7.39% |
|
|
-1.95% |
|
|
Return on average tangible equity |
|
8.05% |
|
|
8.24% |
|
|
9.18% |
|
|
9.47% |
|
|
-2.45% |
|
|
Efficiency ratio (fully taxable equivalent) |
|
72.59% |
|
|
70.49% |
|
|
68.91% |
|
|
64.81% |
|
|
73.99% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measures
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
The
following table sets forth a reconciliation of adjusted net income
and diluted earnings per share excluding the impact of the Tax
Act and expenses related to the leadership change for each of the
dates indicated: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth |
|
Third |
|
Second |
|
First |
|
Fourth |
|
|
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
|
|
2018 |
|
2017 |
|
2017 |
|
2017 |
|
2016 |
|
Reported net income
(loss) |
$ |
1,125 |
|
$ |
1,153 |
|
$ |
1,269 |
|
$ |
1,353 |
|
$ |
(392 |
) |
|
Impact of Tax Act |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
1,220 |
|
|
Expense related to
leadership change |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
676 |
|
|
Tax effect on
leadership expenses |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
304 |
|
|
Adjusted net
income |
$ |
1,125 |
|
$ |
1,153 |
|
$ |
1,269 |
|
$ |
1,353 |
|
$ |
1,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported diluted
earnings (loss) per share |
$ |
0.19 |
|
$ |
0.20 |
|
$ |
0.22 |
|
$ |
0.22 |
|
$ |
-0.06 |
|
|
Adjusted diluted
earnings per share |
$ |
0.19 |
|
$ |
0.20 |
|
$ |
0.22 |
|
$ |
0.22 |
|
$ |
0.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American River Bankshares |
|
Analysis of Net Interest Margin on Earning
Assets |
|
(Taxable Equivalent Basis) |
|
(Dollars in thousands) |
|
Three months
ended December 31, |
2018 |
|
2017 |
|
ASSETS |
AvgBalance |
Interest |
AvgYield |
|
AvgBalance |
Interest |
AvgYield |
|
Taxable loans and
leases |
$ |
305,939 |
|
$ |
3,708 |
|
4.81% |
|
|
$ |
304,987 |
|
$ |
3,563 |
|
4.63% |
|
|
Tax-exempt loans and
leases |
|
15,522 |
|
|
174 |
|
4.45% |
|
|
|
14,073 |
|
|
164 |
|
4.62% |
|
|
Taxable investment
securities |
|
272,348 |
|
|
1,971 |
|
2.87% |
|
|
|
238,402 |
|
|
1,309 |
|
2.18% |
|
|
Tax-exempt investment
securities |
|
14,696 |
|
|
117 |
|
3.16% |
|
|
|
22,764 |
|
|
211 |
|
3.68% |
|
|
Corporate stock |
|
- |
|
|
- |
|
- |
|
|
|
52 |
|
|
- |
|
- |
|
|
Federal funds sold |
|
14,380 |
|
|
80 |
|
2.21% |
|
|
|
- |
|
|
- |
|
- |
|
|
Interest-bearing
deposits in banks |
|
1,746 |
|
|
10 |
|
2.27% |
|
|
|
1,405 |
|
|
4 |
|
1.13% |
|
|
Total earning assets |
|
624,631 |
|
|
6,060 |
|
3.85% |
|
|
|
581,683 |
|
|
5,251 |
|
3.58% |
|
|
Cash & due from
banks |
|
25,543 |
|
|
|
|
|
45,797 |
|
|
|
|
Other assets |
|
40,437 |
|
|
|
|
|
38,401 |
|
|
|
|
Allowance for loan
& lease losses |
|
(4,321 |
) |
|
|
|
|
(4,632 |
) |
|
|
|
|
$ |
686,290 |
|
|
|
|
$ |
661,249 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Interest checking and
money market |
$ |
219,580 |
|
$ |
76 |
|
0.14% |
|
|
$ |
196,381 |
|
$ |
35 |
|
0.07% |
|
|
Savings |
|
74,582 |
|
|
7 |
|
0.04% |
|
|
|
67,278 |
|
|
6 |
|
0.04% |
|
|
Time deposits |
|
81,382 |
|
|
331 |
|
1.61% |
|
|
|
80,080 |
|
|
193 |
|
0.96% |
|
|
Other borrowings |
|
15,500 |
|
|
66 |
|
1.69% |
|
|
|
15,500 |
|
|
54 |
|
1.38% |
|
|
Total interest bearing liabilities |
|
391,044 |
|
|
480 |
|
0.49% |
|
|
|
359,239 |
|
|
288 |
|
0.32% |
|
|
Noninterest bearing
demand deposits |
|
216,265 |
|
|
|
|
|
214,473 |
|
|
|
|
Other liabilities |
|
7,198 |
|
|
|
|
|
7,653 |
|
|
|
|
Total liabilities |
|
614,507 |
|
|
|
|
|
581,365 |
|
|
|
|
Shareholders' equity |
|
71,783 |
|
|
|
|
|
79,884 |
|
|
|
|
|
$ |
686,290 |
|
|
|
|
$ |
661,249 |
|
|
|
|
Net interest
income & margin |
|
$ |
5,580 |
|
3.54% |
|
|
|
$ |
4,963 |
|
3.39% |
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended December 31, |
2018 |
|
2017 |
|
ASSETS |
AvgBalance |
Interest |
AvgYield |
|
AvgBalance |
Interest |
AvgYield |
|
Taxable loans and
leases |
$ |
294,114 |
|
$ |
13,924 |
|
4.73% |
|
|
$ |
305,345 |
|
$ |
13,947 |
|
4.57% |
|
|
Tax-exempt loans and
leases |
|
14,251 |
|
|
632 |
|
4.43% |
|
|
|
14,286 |
|
|
667 |
|
4.67% |
|
|
Taxable investment
securities |
|
264,247 |
|
|
6,901 |
|
2.61% |
|
|
|
238,710 |
|
|
5,287 |
|
2.21% |
|
|
Tax-exempt investment
securities |
|
18,651 |
|
|
611 |
|
3.28% |
|
|
|
22,789 |
|
|
874 |
|
3.84% |
|
|
Corporate stock |
|
- |
|
|
- |
|
- |
|
|
|
55 |
|
|
16 |
|
29.09% |
|
|
Federal funds sold |
|
18,688 |
|
|
348 |
|
1.86% |
|
|
|
- |
|
|
- |
|
- |
|
|
Interest-bearing
deposits in banks |
|
1,745 |
|
|
33 |
|
1.89% |
|
|
|
1,258 |
|
|
13 |
|
1.03% |
|
|
Total earning assets |
|
611,696 |
|
|
22,449 |
|
3.67% |
|
|
|
582,443 |
|
|
20,804 |
|
3.57% |
|
|
Cash & due from
banks |
|
34,535 |
|
|
|
|
|
35,876 |
|
|
|
|
Other assets |
|
39,822 |
|
|
|
|
|
39,201 |
|
|
|
|
Allowance for loan
& lease losses |
|
(4,423 |
) |
|
|
|
|
(4,800 |
) |
|
|
|
|
$ |
681,630 |
|
|
|
|
$ |
652,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Interest checking and
money market |
$ |
219,742 |
|
$ |
272 |
|
0.12% |
|
|
$ |
197,298 |
|
$ |
139 |
|
0.07% |
|
|
Savings |
|
71,742 |
|
|
26 |
|
0.04% |
|
|
|
64,880 |
|
|
22 |
|
0.03% |
|
|
Time deposits |
|
79,422 |
|
|
1,061 |
|
1.34% |
|
|
|
81,056 |
|
|
694 |
|
0.86% |
|
|
Other borrowings |
|
15,533 |
|
|
237 |
|
1.53% |
|
|
|
15,522 |
|
|
206 |
|
1.33% |
|
|
Total interest bearing liabilities |
|
386,439 |
|
|
1,596 |
|
0.41% |
|
|
|
358,756 |
|
|
1,061 |
|
0.30% |
|
|
Noninterest bearing
demand deposits |
|
215,721 |
|
|
|
|
|
204,565 |
|
|
|
|
Other liabilities |
|
7,062 |
|
|
|
|
|
7,583 |
|
|
|
|
Total liabilities |
|
609,222 |
|
|
|
|
|
570,904 |
|
|
|
|
Shareholders' equity |
|
72,408 |
|
|
|
|
|
81,816 |
|
|
|
|
|
$ |
681,630 |
|
|
|
|
$ |
652,720 |
|
|
|
|
Net interest
income & margin |
|
$ |
20,853 |
|
3.41% |
|
|
|
$ |
19,743 |
|
3.39% |
|
|
|
|
|
|
|
|
|
|
|
Investor Contact:Mitchell A. DerenzoExecutive Vice
President andChief Financial OfficerAmerican River
Bankshares916-231-6723
Media Contact:Erica DiasVice President,
MarketingAmerican River Bankshares916-231-6717
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