American River Bankshares (NASDAQ-GS: AMRB) today reported net
income of $1.1 million, or $0.20 per diluted share for the first
quarter of 2019 compared to $1.4 million, or $0.22 per diluted
share for the first quarter of 2018.
“The effort toward building relationships is beginning to show
positive results on the balance sheet as we made considerable
progress on new loan commitments and fundings during the first
quarter,” said David E. Ritchie, Jr., President and Chief Executive
Officer. “With the efforts of the team’s hard work and the strong
momentum, we are confident we have the right plan in place.”
Financial Highlights
- Net loans increased $17.5 million (5.5%) and deposits decreased
$18.3 million (3.1%) during the first quarter of 2019. Net
loans increased $36.9 million (12.4%) from March 31, 2018 to March
31, 2019. Deposits decreased $27.8 million (4.6%) from March 31,
2018 to March 31, 2019.
- The net interest margin for the first quarter 2019 was 3.59%,
compared to 3.54% for the fourth quarter of 2018 and 3.29% for the
first quarter of 2018.
- Net interest income was $5.5 million in the first quarter of
2019, an increase of $812,000 (17.1%) from $4.7 million recorded in
the first quarter of 2018.
- The allowance for loan and lease losses was $4.6 million (1.34%
of total loans and leases) at March 31, 2019, compared to $4.4
million (1.36% of total loans and leases) at December 31, 2018 and
$4.5 million (1.48% of total loans and leases) at March 31,
2018. Nonperforming loans were $25,000 at March 31, 2019
compared to $27,000 at December 31, 2018 and $1.9 million at March
31, 2018.
- Shareholders’ equity was $77.6 million at March 31, 2019
compared to $74.7 million at December 31, 2018. Tangible book
value per share was $10.40 at March 31, 2019 compared to $9.97 per
share at December 31, 2018. Book value per share was $13.18
per share at March 31, 2019 compared to $12.75 per share at
December 31, 2018.
- The Company continued the quarterly cash dividend program by
paying a $0.05 per share cash dividend on February 13, 2019.
- The Company continues to maintain strong capital ratios.
At March 31, 2019 the Leverage ratio was 9.1% compared to 8.9% at
December 31, 2018; the Tier 1 Risk-Based Capital ratio was 15.8%
compared to 16.1% at December 31, 2018; and the Total Risk-Based
Capital ratio was 17.0% compared to 17.3% at December 31,
2018.
Northern California Economic Update, March 31,
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 February has increased in all three of the Bank’s market
areas compared to year-end 2018. Commercial real estate data
is not yet available for 2019.
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 the fourth quarter 2018,
Sacramento area vacancy rates for all three segments decreased
further to 10.2% for office, 7.8% for retail, and 4.7% 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 the fourth quarter 2018,
Sonoma County’s office vacancy decreased further to 12.3%,
industrial vacancy increased to 4.8%, and retail vacancy increased
to 4.5%.
In all segments (office, retail, and industrial), the Greater
Sacramento Area reported positive absorption from December 31, 2016
through December 31, 2018. Sonoma County and the City of
Santa Rosa also reported positive absorption over this same time
period for the office segment. Industrial absorption in
Sonoma County was positive through third-quarter 2018, but
experienced a negative absorption of 47,531 SF in the fourth
quarter 2018.
The City of Santa Rosa was positive in the industrial segment
from December 31, 2016 through June 30, 2018, however as of
September 30, 2018 absorption was a negative 7,795 SF and as of
December 31, 2018, was a negative 26,942 SF. Retail
absorption data is not available for the time periods mentioned
above.
In Greater Sacramento, commercial lease rates overall have
increased from December 31, 2016 through December 31, 2018 with
lease rates ranging from the following: office: $1.71/SF to
$1.90/SF; retail: $1.33/SF to $1.39/SF and industrial: $0.47/SF to
$0.57/SF. Fourth quarter 2018 lease rates represent the top
of the range in two segments at $1.90 per square foot for office
and $0.57 for industrial. Retail decreased slightly from
$0.39/SF in third quarter 2018 to $0.38/SF in fourth quarter
2018.
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 quality) and industrial rents ranged
from $0.85/SF to $0.95/SF. Year-end 2017 office rental rates
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 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,
2016 through December 31, 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 the fourth
quarter 2018, occupancy was at 96.4%. Monthly lease rates
during this period ranged from $1,235 in fourth quarter 2016 to
$1,405 in fourth quarter 2018.
The trailing 12-month cap rate from fourth quarter 2016 through
fourth quarter 2018, ranged with some fluctuation from a high of
6.10% in third quarter 2017 to a low of 5.44% in the second quarter
2018. As of fourth quarter 2018 the 12-month cap rate was
5.45%.
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 February 2019, national unemployment dropped slightly further
to 3.8%.
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 February 2019 however, the
rate increased slightly to 4.2%. The number of employed
Californians continues to increase. There were 18.2 million
at the end of 2016, 18.5 million at the end of 2017, and 18.7
million at the end of 2018. As of February 2019, the State
added another 53,000 jobs bringing the total employed to 18.8
million.
All three of our markets have reported lower unemployment rates
from year-end 2015 to year-end 2018. Unemployment rates at
year-end 2015 were 5.3% and 4.1% for the Sacramento MSA and Santa
Rosa-Petaluma MSA, respectively. When comparing December 31,
2016 to December 31, 2017, unemployment rates decreased from 4.9%
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 6.2% at December 31, 2015,
5.9% at December 31, 2016, 4.3% at December 31, 2017, and 3.8% at
December 31, 2018.
As of February 2018, unemployment rates increased in all three
of our market areas compared to year-end 2018. The Sacramento
MSA increased to 4.1%, compared to 3.5% as of December 2018, the
Santa-Rosa-Petaluma MSA increased to 3.1%, compared to 2.6% as of
December 2018, and Amador County increased to 4.8% compared to 3.8%
in December 2018.
Job growth was positive in all of our markets from year-end 2015
to year-end 2018. 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 2.17% 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 February
2018 was 0.19% for Sacramento MSA, a negative 0.78% for Santa Rosa
MSA, and 0.93% for Amador County compared to 2018
year-end.
Balance Sheet Review
American River Bankshares’ assets totaled $689.4 million at
March 31, 2019, compared to $688.1 million at December 31, 2018,
and $695.1 million at March 31, 2018.
Net loans totaled $336.0 million at March 31, 2019, an increase
of $17.5 million (5.5%) compared to $318.5 million at December 31,
2018 and an increase of $36.9 million (12.4%) compared to $299.1
million at March 31, 2018.
The loan portfolio at March 31, 2019 included: real estate loans
of $286.0 million (84% of the portfolio), commercial loans of $29.8
million (9% of the portfolio) and other loans, which consist mainly
of agriculture and consumer loans of $24.5 million (7% of the
portfolio). The real estate loan portfolio at March 31, 2019
includes: owner-occupied commercial real estate loans of $70.7
million (25% of the real estate portfolio), investor commercial
real estate loans of $125.8 million (44% of the real estate
portfolio), multi-family real estate loans of $54.7 million (19% of
the real estate portfolio), construction and land development loans
of $8.9 million (3% of the real estate portfolio) and residential
real estate loans of $25.9 million (9% of the real estate loan
portfolio).
Nonperforming assets (“NPAs”) include nonperforming loans,
leases, and other assets and other real estate owned.
Nonperforming loans includes 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
$982,000 at March 31, 2019 compared to $984,000 at December 31,
2018 and $2.8 million at March 31, 2018. The NPAs to total
assets ratio remained at 0.14% at the end of March 2019 from 0.14%
at December 31, 2018 and decreased from 0.41% one year ago.
At March 31, 2019 and at December 31, 2018, the Company had one
OREO property totaling $957,000 compared to a balance of $961,000
at March 31, 2018. This OREO property was written down from
$961,000 in the fourth quarter of 2018 due to an updated appraisal.
During the first quarter of 2019, the Company did not add, sell, or
modify the value of any OREO properties. There was no OREO
valuation allowance recorded at March 31, 2019, December 31, 2018,
or March 31, 2018.
Loans measured for impairment were $8.6 million at the end of
March 2019, compared to $8.7 million at December 31, 2018, and to
$12.5 million at the end of March 2018. Specific reserves of
$164,000 were held on the impaired loans at March 31, 2019,
compared to $185,000 at December 31, 2018 and $524,000 at March 31,
2018. There was a provision for loan and lease losses of
$180,000 in the first quarter of 2019 compared to $125,000 in the
fourth quarter of 2018. There was no provision for loan and
lease losses added for the first quarter of 2018. The
additions to the loan and lease loss allowance in the fourth
quarter of 2018 and in the first quarter of 2019 was due to the
growth in loan balances during 2018 and continuing into 2019.
The Company had net recoveries of $5,000 in the first quarter of
2019 compared to net losses of $65,000 in the fourth quarter of
2018 and net recoveries of $10,000 in the first quarter of
2018. 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 $3.9 million in stock of
the Federal Home Loan Bank of San Francisco (“FHLB Stock”), totaled
$286.9 million at March 31, 2019, a decrease of 2.8% from $295.2
million at December 31, 2018 and of 0.7% from $288.8 million at
March 31, 2018. At March 31, 2019, the investment portfolio
was comprised of 93% U.S. Government agencies or U.S.
Government-sponsored agencies (primarily mortgage-backed
securities), 4% obligations of states and political subdivisions,
2% corporate bonds, and 1% U.S. Treasuries.
At March 31, 2019, total deposits decreased $18.3 million (3.1%)
to $572.4 million, compared to $590.7 million at December 31, 2018
and decreased $27.8 million (4.6%) compared to $600.2 million one
year ago. Core deposits decreased $17.9 million (3.6%) to
$484.7 million at March 31, 2019 from $502.6 million at December
31, 2018 and decreased $35.7 million (6.9%) from $520.4 million at
March 31, 2018. The Company considers all deposits except time
deposits as core deposits.
At March 31, 2019, noninterest-bearing demand deposits accounted
for 37% of total deposits, interest-bearing demand accounts were
12%, savings deposits were 13%, money market balances accounted for
23% and time certificates were 15% of total deposits. At
March 31, 2018, noninterest-bearing demand deposits accounted for
35% of total deposits, interest-bearing demand accounts were 12%,
savings deposits were 12%, money market balances accounted for 28%
and time certificates were 13% of total deposits.
Shareholders’ equity increased $2.9 million (3.8%) to $77.6
million at March 31, 2019 compared to $74.7 million at December 31,
2018. The increase in equity from December 31, 2018 was due
to a $1.8 million increase in accumulated other comprehensive
income related to an increase in the unrealized gain on securities,
an $853,000 increase in Retained Earnings due to the net income for
the quarter less cash dividends declared, and a $178,000 increase
in stock based compensation expense.
Net Interest Income
The net interest income during the first quarter 2019 increased
$812,000 (17.1%) to $5.5 million from $4.7 million in the first
quarter of 2018 and the net interest margin as a percentage of
average earning assets was 3.59% in the first quarter of 2019,
compared to 3.54% in the fourth quarter of 2018 and 3.29% in the
first quarter of 2018. Interest income for the first quarter
of 2019 increased $1.1 million (21.0%) to $6.1 million compared to
$5.1 million in the first quarter of 2018 and interest expense for
the first quarter of 2019 increased $254,000 (77.2%) to $583,000
compared to $329,000 for the first quarter of 2018. Average
cost of funds increased 25 basis points from 0.35% for the first
quarter of 2018 to 0.60% for the first quarter of 2019.
The average tax equivalent yield on earning assets increased
from 3.51% in the first quarter of 2018 to 3.96% for the first
quarter of 2019. Much of the increase in yields from the
first quarter of 2018 to the first quarter of 2019 can be
attributed to an increase in loans. When compared to the
first quarter of 2018, average loan balances increased $21.3
million (6.9%) from $307.3 million to $328.6 million for the first
quarter of 2019.
The average balance of earning assets increased 7.0% from $591.9
million in the first quarter of 2018 to $633.0 million in the first
quarter of 2019.
Average deposits decreased $4.7 million (0.8%) from $586.4
million during the first quarter of 2018 to $581.7 million during
the first quarter of 2019. Average borrowings increased $4.0
million (26.0%) from $15.5 million during the first quarter of 2018
to $19.5 million during the first quarter of 2019.
Noninterest Income and Expense
Noninterest income for the first quarter of 2019 was $411,000,
an increase of $39,000 (10.5%) from $372,000 in the first quarter
of 2018. The increase in noninterest income was predominately
related to an increase in income from the gain on sale of
securities from $1,000 in 2018 to $36,000 in 2019.
Noninterest expense for the first quarter of 2019 was $4.3
million, an increase of $910,000 (27.2%) from $3.4 million in the
first quarter of 2018. The increase is primarily due to an
increase in salaries and employee benefits of $575,000 due to an
increase in key lending and credit employees hired during the
second quarter of 2018. Also included was an increase in
other expenses of $342,000. Other expense includes costs such
as insurance, advertising, director expenses, technology and
telephone expenses, and bank charges.
The fully taxable equivalent efficiency ratio for the first
quarter of 2019 increased to 70.9% from 64.8% for the first quarter
of 2018.
Provision for Income Taxes
Federal and state income taxes for the quarter ended March 31,
2019 decreased by $32,000 (7.9%) from $406,000 in the first quarter
of 2018 to $374,000 in the first quarter of 2019. The lower
provision for taxes in 2019 compared to 2018 primarily resulted
from the lower income before taxes, a decrease of $239,000 (13.6%)
from $1.8 million in the first quarter of 2018 to $1.5 million the
first quarter of 2019.
Earnings Conference Call
The first quarter earnings conference call will be held
Thursday, April 18, 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 (800) 774-6070 and
entering the Conference ID 6643622#. 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 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:David E. Ritchie, Jr.President and
Chief Executive OfficerAmerican River Bankshares916-231-6701
| American River Bankshares |
| Condensed Consolidated Balance Sheets
(Unaudited) |
| (Dollars
in thousands) |
|
|
|
|
|
|
| |
|
March 31 |
|
December 31 |
|
March 31 |
|
ASSETS |
|
2019 |
|
2018 |
|
2018 |
| Cash and due from
banks |
$ |
16,610 |
|
$ |
20,987 |
|
$ |
22,023 |
|
| Federal
funds sold |
|
0 |
|
|
7,000 |
|
|
38,000 |
|
|
Interest-bearing deposits in banks |
|
2,835 |
|
|
1,746 |
|
|
1,746 |
|
|
Investment securities |
|
286,879 |
|
|
295,225 |
|
|
288,766 |
|
| Loans
& leases: |
|
|
|
|
|
|
| Real
estate |
|
285,950 |
|
|
278,056 |
|
|
280,199 |
|
|
Commercial |
|
29,827 |
|
|
29,650 |
|
|
20,747 |
|
|
Other |
|
24,539 |
|
|
15,165 |
|
|
2,794 |
|
| Deferred
loan and lease origination fees, net |
|
268 |
|
|
37 |
|
|
(186 |
) |
| Allowance
for loan and lease losses |
|
(4,577 |
) |
|
(4,392 |
) |
|
(4,488 |
) |
|
Loans and leases, net |
|
336,007 |
|
|
318,516 |
|
|
299,066 |
|
| Bank
premises and equipment, net |
|
1,151 |
|
|
1,071 |
|
|
1,123 |
|
| 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 |
|
|
957 |
|
|
961 |
|
| Accrued
interest receivable and other assets |
|
24,676 |
|
|
22,337 |
|
|
23,209 |
|
| |
$ |
689,368 |
|
$ |
688,092 |
|
$ |
695,147 |
|
| |
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Noninterest-bearing deposits |
$ |
213,012 |
|
$ |
214,745 |
|
$ |
212,685 |
|
| Interest
checking |
|
66,148 |
|
|
69,489 |
|
|
71,794 |
|
| Money
market |
|
132,966 |
|
|
145,831 |
|
|
164,457 |
|
|
Savings |
|
72,576 |
|
|
72,522 |
|
|
71,504 |
|
| Time
deposits |
|
87,677 |
|
|
88,087 |
|
|
79,747 |
|
|
Total deposits |
|
572,379 |
|
|
590,674 |
|
|
600,187 |
|
|
Short-term borrowings |
|
19,000 |
|
|
5,000 |
|
|
3,500 |
|
|
Long-term borrowings |
|
10,500 |
|
|
10,500 |
|
|
12,000 |
|
| Accrued
interest and other liabilities |
|
9,913 |
|
|
7,197 |
|
|
7,362 |
|
|
Total liabilities |
|
611,792 |
|
|
613,371 |
|
|
623,049 |
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
| Common stock |
|
30,281 |
|
|
30,103 |
|
|
30,501 |
|
| Retained earnings |
|
47,347 |
|
|
46,494 |
|
|
43,826 |
|
| Accumulated other
comprehensive loss |
|
(52 |
) |
|
(1,876 |
) |
|
(2,229 |
) |
| Total
shareholders' equity |
|
77,576 |
|
|
74,721 |
|
|
72,098 |
|
|
|
$ |
689,368 |
|
$ |
688,092 |
|
$ |
695,147 |
|
| |
|
|
|
|
|
|
|
Ratios: |
|
|
|
|
|
|
| Nonperforming loans and
leases to total loans and leases |
|
0.01 |
% |
|
0.01 |
% |
|
0.61 |
% |
| Net (recoveries)
chargeoffs to average loans and leases (YTD annualized) |
|
-0.01 |
% |
|
0.28 |
% |
|
-0.01 |
% |
| Allowance for loan and
lease losses to total loans and leases |
|
1.34 |
% |
|
1.38 |
% |
|
1.48 |
% |
| |
|
|
|
|
|
|
| American River
Bank Capital Ratios: |
|
|
|
|
|
|
| Leverage Capital
Ratio |
|
9.20 |
% |
|
9.01 |
% |
|
8.62 |
% |
| Common Equity Tier 1
Risk-Based Capital |
|
15.95 |
% |
|
16.23 |
% |
|
16.84 |
% |
| Tier 1 Risk-Based
Capital Ratio |
|
15.95 |
% |
|
16.23 |
% |
|
16.84 |
% |
| Total Risk-Based
Capital Ratio |
|
17.13 |
% |
|
17.41 |
% |
|
18.09 |
% |
| |
|
|
|
|
|
|
| American River
Bankshares Capital Ratios: |
|
|
|
|
|
|
| Leverage Capital
Ratio |
|
9.13 |
% |
|
8.94 |
% |
|
8.67 |
% |
| Tier 1 Risk-Based
Capital Ratio |
|
15.83 |
% |
|
16.11 |
% |
|
17.01 |
% |
| Total Risk-Based
Capital Ratio |
|
17.01 |
% |
|
17.29 |
% |
|
18.26 |
% |
| |
|
|
|
|
|
|
| Nonperforming
loans |
|
25 |
|
|
27 |
|
|
1,855 |
|
| Nonperforming
assets |
|
982 |
|
|
984 |
|
|
2,816 |
|
| |
|
|
|
|
|
|
| American River Bankshares |
|
| Condensed Consolidated Statements of
Income (Unaudited) |
|
| (Dollars
in thousands, except per share data) |
|
|
|
|
|
|
| |
|
First |
|
First |
|
|
| |
|
Quarter |
|
Quarter |
% |
| |
|
2019 |
|
2018 |
Change |
| Interest income |
$ |
6,132 |
|
$ |
5,066 |
|
21.0 |
% |
| Interest
expense |
|
583 |
|
|
329 |
|
77.2 |
% |
| Net
interest income |
|
5,549 |
|
|
4,737 |
|
17.1 |
% |
|
Provision for loan and lease losses |
|
180 |
|
|
- |
|
- |
% |
|
Noninterest income: |
|
|
|
|
|
|
| Service
charges on deposit accounts |
|
121 |
|
|
117 |
|
3.4 |
% |
| Gain on
sale of securities |
|
36 |
|
|
1 |
|
3,500.0 |
% |
| Other
noninterest income |
|
254 |
|
|
254 |
|
- |
% |
| Total
noninterest income |
|
411 |
|
|
372 |
|
10.5 |
% |
|
Noninterest expense: |
|
|
|
|
|
|
| Salaries
and employee benefits |
|
2,781 |
|
|
2,206 |
|
26.1 |
% |
|
Occupancy |
|
257 |
|
|
262 |
|
(1.9 |
)% |
| Furniture
and equipment |
|
140 |
|
|
138 |
|
1.4 |
% |
| Federal
Deposit Insurance Corporation assessments |
|
50 |
|
|
53 |
|
(5.7 |
)% |
| Expenses
related to other real estate owned |
|
4 |
|
|
5 |
|
(20.0 |
)% |
| Other
expense |
|
1,028 |
|
|
686 |
|
49.9 |
% |
| Total
noninterest expense |
|
4,260 |
|
|
3,350 |
|
27.2 |
% |
| Income
before provision for income taxes |
|
1,520 |
|
|
1,759 |
|
(13.6 |
)% |
|
Provision for income taxes |
|
374 |
|
|
406 |
|
(7.9 |
)% |
| Net
income |
$ |
1,146 |
|
$ |
1,353 |
|
(15.3 |
)% |
|
|
|
|
|
|
|
|
| Basic
earnings per share |
$ |
0.20 |
|
$ |
0.23 |
|
(13.0 |
)% |
| Diluted
earnings per share |
$ |
0.20 |
|
$ |
0.22 |
|
(9.1 |
)% |
|
|
|
|
|
|
|
|
| Net interest margin as
a percentage of average earning assets |
|
3.59 |
% |
|
3.29 |
% |
|
|
| |
|
|
|
|
|
|
| Average
diluted shares outstanding |
|
5,857,627 |
|
|
6,032,787 |
|
|
|
| |
|
|
|
|
|
|
|
Operating Ratios: |
|
|
|
|
|
|
|
Return on average assets |
|
0.68 |
% |
|
0.80 |
% |
|
|
|
Return on average equity |
|
6.17 |
% |
|
7.39 |
% |
|
|
|
Return on average tangible equity |
|
7.88 |
% |
|
9.47 |
% |
|
|
|
Efficiency ratio (fully taxable equivalent) |
|
70.91 |
% |
|
64.81 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
| American River Bankshares |
|
|
| Condensed Consolidated Statements of
Income (Unaudited) |
|
|
| (Dollars
in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
| |
|
First |
|
Fourth |
|
Third |
|
Second |
|
First |
| |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
| |
|
2019 |
|
2018 |
|
2018 |
|
2018 |
|
2018 |
| Interest income |
$ |
6,132 |
|
$ |
6,012 |
|
$ |
5,666 |
|
$ |
5,498 |
|
$ |
5,066 |
|
| Interest
expense |
|
583 |
|
|
480 |
|
|
409 |
|
|
378 |
|
|
329 |
|
| Net interest
income |
|
5,549 |
|
|
5,532 |
|
|
5,257 |
|
|
5,120 |
|
|
4,737 |
|
| Provision for loan and
lease losses |
|
180 |
|
|
125 |
|
|
50 |
|
|
- |
|
|
- |
|
| Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
| Service
charges on deposit accounts |
|
121 |
|
|
124 |
|
|
119 |
|
|
116 |
|
|
117 |
|
| Gain on
sale of securities |
|
36 |
|
|
12 |
|
|
8 |
|
|
10 |
|
|
1 |
|
| Other
noninterest income |
|
254 |
|
|
248 |
|
|
250 |
|
|
254 |
|
|
254 |
|
| Total
noninterest income |
|
411 |
|
|
384 |
|
|
377 |
|
|
380 |
|
|
372 |
|
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
| Salaries
and employee benefits |
|
2,781 |
|
|
2,929 |
|
|
2,551 |
|
|
2,517 |
|
|
2,206 |
|
|
Occupancy |
|
257 |
|
|
259 |
|
|
267 |
|
|
262 |
|
|
262 |
|
| Furniture
and equipment |
|
140 |
|
|
138 |
|
|
141 |
|
|
136 |
|
|
138 |
|
| Federal
Deposit Insurance Corporation assessments |
|
50 |
|
|
44 |
|
|
52 |
|
|
53 |
|
|
53 |
|
| Expenses
related to other real estate owned |
|
4 |
|
|
8 |
|
|
10 |
|
|
(3 |
) |
|
5 |
|
| Other
expense |
|
1,028 |
|
|
951 |
|
|
982 |
|
|
863 |
|
|
686 |
|
| Total
noninterest expense |
|
4,260 |
|
|
4,329 |
|
|
4,003 |
|
|
3,828 |
|
|
3,350 |
|
| Income
before provision for income taxes |
|
1,520 |
|
|
1,462 |
|
|
1,581 |
|
|
1,672 |
|
|
1,759 |
|
|
Provision for income taxes |
|
374 |
|
|
337 |
|
|
428 |
|
|
403 |
|
|
406 |
|
| Net
income |
$ |
1,146 |
|
$ |
1,125 |
|
$ |
1,153 |
|
$ |
1,269 |
|
$ |
1,353 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic
earnings per share |
$ |
0.20 |
|
$ |
0.19 |
|
$ |
0.20 |
|
$ |
0.22 |
|
$ |
0.23 |
|
| Diluted
earnings per share |
$ |
0.20 |
|
$ |
0.19 |
|
$ |
0.20 |
|
$ |
0.22 |
|
$ |
0.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
interest margin as a percentage of average earning assets |
|
3.59 |
% |
|
3.54 |
% |
|
3.44 |
% |
|
3.36 |
% |
|
3.29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
| Average
diluted shares outstanding |
|
5,857,627 |
|
|
5,858,615 |
|
|
5,864,827 |
|
|
5,882,914 |
|
|
6,032,787 |
|
| Shares
outstanding-end of period |
|
5,887,962 |
|
|
5,858,428 |
|
|
5,864,802 |
|
|
5,864,802 |
|
|
5,882,214 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Operating Ratios (annualized): |
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.68 |
% |
|
0.65 |
% |
|
0.68 |
% |
|
0.75 |
% |
|
0.80 |
% |
|
Return on average equity |
|
6.17 |
% |
|
6.22 |
% |
|
6.37 |
% |
|
7.09 |
% |
|
7.39 |
% |
|
Return on average tangible equity |
|
7.88 |
% |
|
8.05 |
% |
|
8.24 |
% |
|
9.18 |
% |
|
9.47 |
% |
|
Efficiency ratio (fully taxable equivalent) |
|
70.91 |
% |
|
72.59 |
% |
|
70.49 |
% |
|
68.91 |
% |
|
64.81 |
% |
| |
|
|
|
|
|
|
|
|
|
|
| American River Bankshares |
| Analysis of Net Interest Margin on Earning
Assets (Unaudited) |
| (Taxable Equivalent Basis) |
| (Dollars in thousands) |
| Three months
ended March 31, |
2019 |
|
2018 |
|
ASSETS |
Avg Balance |
Interest |
Avg Yield |
|
Avg Balance |
Interest |
Avg Yield |
| Taxable loans and
leases |
$ |
312,588 |
|
$ |
3,818 |
4.95 |
% |
|
$ |
293,307 |
|
$ |
3,328 |
4.60 |
% |
| Tax-exempt loans and
leases |
|
15,982 |
|
|
178 |
4.52 |
% |
|
|
13,959 |
|
|
153 |
4.45 |
% |
| Taxable investment
securities |
|
283,006 |
|
|
2,024 |
2.90 |
% |
|
|
245,536 |
|
|
1,391 |
2.30 |
% |
| Tax-exempt investment
securities |
|
14,260 |
|
|
111 |
3.16 |
% |
|
|
23,573 |
|
|
197 |
3.39 |
% |
| Federal funds |
|
700 |
|
|
5 |
2.90 |
% |
|
|
13,733 |
|
|
50 |
1.48 |
% |
| Interest-bearing
deposits in banks |
|
6,459 |
|
|
44 |
2.76 |
% |
|
|
1,746 |
|
|
6 |
1.39 |
% |
|
Total earning assets |
|
632,995 |
|
|
6,180 |
3.96 |
% |
|
|
591,854 |
|
|
5,125 |
3.51 |
% |
| Cash & due from
banks |
|
16,176 |
|
|
|
|
|
56,973 |
|
|
|
| Other assets |
|
41,411 |
|
|
|
|
|
39,051 |
|
|
|
| Allowance for loan &
lease losses |
|
(4,420 |
) |
|
|
|
|
(4,486 |
) |
|
|
| |
$ |
686,162 |
|
|
|
|
$ |
683,392 |
|
|
|
| |
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
| Interest checking and
money market |
$ |
211,003 |
|
$ |
94 |
0.18 |
% |
|
$ |
219,499 |
|
$ |
57 |
0.11 |
% |
| Savings |
|
73,602 |
|
|
7 |
0.04 |
% |
|
|
69,612 |
|
|
6 |
0.03 |
% |
| Time deposits |
|
87,636 |
|
|
388 |
1.80 |
% |
|
|
79,693 |
|
|
212 |
1.08 |
% |
| Other borrowings |
|
19,533 |
|
|
94 |
1.95 |
% |
|
|
15,500 |
|
|
54 |
1.41 |
% |
|
Total interest bearing
liabilities |
|
391,774 |
|
|
583 |
0.60 |
% |
|
|
384,304 |
|
|
329 |
0.35 |
% |
| Noninterest bearing demand
deposits |
|
209,456 |
|
|
|
|
|
217,583 |
|
|
|
| Other liabilities |
|
9,628 |
|
|
|
|
|
7,259 |
|
|
|
|
Total liabilities |
|
610,858 |
|
|
|
|
|
609,146 |
|
|
|
|
Shareholders' equity |
|
75,304 |
|
|
|
|
|
74,246 |
|
|
|
| |
$ |
686,162 |
|
|
|
|
$ |
683,392 |
|
|
|
| Net interest
income & margin |
|
$ |
5,597 |
3.59 |
% |
|
|
$ |
4,796 |
3.29 |
% |
| |
|
|
|
|
|
|
|
American River Bankshares (NASDAQ:AMRB)
Historical Stock Chart
From Aug 2024 to Sep 2024
American River Bankshares (NASDAQ:AMRB)
Historical Stock Chart
From Sep 2023 to Sep 2024
