American River Bankshares (NASDAQ-GS: AMRB) today reported net
income of $1.5 million, or $0.26 per diluted share, for the fourth
quarter of 2019 compared to a net income of $1.1 million, or $0.19
per diluted share, for the fourth quarter of 2018. For the
twelve months ended December 31, 2019, net income was $5.5 million,
or $0.94 per diluted share, compared to $4.9 million, or $0.83 per
diluted share, for the twelve months ended December 31, 2018.
“While we still have some work to do, we made great progress in
2019 and are pleased with the results. Overall, loans were up
24%, core deposits 6%, net income 12% and earnings per share 13%,”
said David E. Ritchie, Jr., President and Chief Executive Officer.
“Loan demand remained strong with over $43 million in new loan
originations during the fourth quarter, as did asset quality, and
the margin continues to increase despite the current rate
environment.”
Financial Highlights
- Net loans increased $75.3 million (23.6%) and core deposits
increased $28.4 million (5.7%) during 2019. During the fourth
quarter of 2019, net loans increased $23.9 million (6.5%) and core
deposits increased $4.4 million (0.8%).
- The fourth quarter 2019 net interest margin was 3.63%, compared
to 3.62% for the third quarter of 2019 and 3.54% for the fourth
quarter of 2018.
- Net interest income was $6.1 million in the fourth quarter of
2019, compared to $5.5 million in the fourth quarter of 2018.
For the twelve months ended December 31, 2019, net interest income
was $23.2 million, compared to $20.6 million for the twelve months
ended December 31, 2018.
- Pretax, pre-provision income increased $611,000 (38.5%) to $2.2
million in the fourth quarter of 2019, compared to $1.6 million in
the fourth quarter of 2018. For the year ended December 31,
2019 pretax, pre-provision income was $8.1 million, an increase of
$1.4 million (21.1%) when compared to $6.6 million for the year
ended December 31, 2018.
- The allowance for loan and lease losses was $5.1 million (1.29%
of total loans and leases) at December 31, 2019, compared to $4.4
million (1.36% of total loans and leases) at December 31,
2018. There were no nonperforming loans at December 31, 2019
and $27,000 at December 31, 2018.
- Shareholders’ equity was $82.9 million at December 31, 2019
compared to $74.7 million at December 31, 2018. Tangible book
value per share was $11.29 at December 31, 2019 compared to $9.97
at December 31, 2018. Book value per share was $14.06 per
share at December 31, 2019 compared to $12.75 per share at December
31, 2018.
- The Company continued the quarterly cash dividend by paying a
$0.07 per share cash dividend on November 12, 2019. Cash
dividends per share for the year ended December 31, 2019 were
$0.24, compared to $0.20 for the year ended December 31, 2018.
- The Company continues to maintain strong capital ratios.
At December 31, 2019, the Leverage ratio was 9.2% compared to 8.9%
at December 31, 2018; the Tier 1 Risk-Based Capital ratio was 14.8%
compared to 16.1% at December 31, 2018; and the Total Risk-Based
Capital ratio was 15.9% compared to 17.3% at December 31,
2018.
Northern California Economic Update, December 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, and the State of California
Employment Development Department.
In 2019, the commercial real estate and employment data
continues to reflect mostly positive trends in the markets we
serve. Unemployment for the month of November 2019 decreased
in all of the Bank’s market areas when compared to year-end
2018. Commercial real estate data for the third quarter 2019
reflects mostly positive results with some areas showing some very
slight signs 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 third quarter 2019,
Sacramento area office and retail vacancy rates increased slightly
to 14.1% and 8.0% respectively while industrial vacancy rates
decreased further to 4.2%.
In Sonoma County, vacancy rates fluctuated within a relatively
narrow range during 2018. Comparing fourth quarter 2018 to
fourth quarter 2017, commercial real estate office vacancy
decreased slightly from 12.5% to 12.3%, industrial vacancy
increased from 4.6% to 4.8%, and retail vacancy increased from 3.8%
to 4.5%. 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 third 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 September 30, 2019, absorption was a positive
347,721 square feet (SF) for office, 185,000 SF for retail, and
319,000 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 for the fourth quarter of 2018 and into 2019, it was
trending downward, and at third quarter 2019 was negative 45,441 SF
in Sonoma County and a positive 44,143 SF in Santa Rosa.
Industrial absorption in Sonoma County was also positive through
third-quarter 2018, however, experienced an increasingly negative
absorption since that time. During the third quarter 2019
some improvement was made, however, absorption was still a negative
71,923 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. As of September 30, 2019, absorption
was a negative 6,876 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 third quarter 2019, lease rates
for office and retail increased slightly to $2.00/SF and $1.41/SF
respectively, and industrial remained flat at $0.57/SF.
As a proxy for Sonoma County, the City of Santa Rosa’s gross
office lease rates as of year-end 2017 ranged from $1.75/SF to
$2.35/SF and industrial rates ranged from $0.90/SF to
$1.10/SF. Year-end 2018 office rental rates ranged from
$1.80/SF to $2.50/SF (depending on quality) and industrial rates
ranged from $0.95/SF to $1.30/SF with cannabis use rents ranging
from $1.50/SF to $3.00+ per SF gross. As of second quarter
2019, office rental rates ranged 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 ranged 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. Subsequent data for Santa
Rosa is not yet available. 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 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 third quarter 2019, occupancy was at
96.9%. Monthly lease rates during this period ranged from
$1,359 in fourth quarter 2017 to $1,405 in fourth quarter
2018. As of third quarter 2019, lease rates increased to
$1,495.
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 third quarter 2019, the 12-month cap rate was
5.1%.
Employment. National unemployment, which
reached a high of 10.0% at October 31, 2009, has dropped steadily
since and has stabilized. When 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 November 2019, national
unemployment dropped slightly further to 3.5%.
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 November 2019 the rate
decreased to 3.9%. 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 November 2019, the
number of employed Californians increased since year-end 2018 by
26,000 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, has improvement decreasing to
5.9% at December 31, 2016, 4.3% at December 31, 2017, and 3.8% at
December 31, 2018.
As of November 2019, unemployment rates decreased slightly in
all areas compared to year-end 2018 as follows: Sacramento MSA
decreased from 3.5% to 3.2%, Santa-Rosa-Petaluma MSA decreased from
2.6% to 2.4%, and Amador County from 3.8% to 3.4%.
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 November 2019 was a flat in the Sacramento MSA, a
positive 0.4% in the Santa Rosa MSA, and a positive 2.9% for Amador
County compared to 2018 year-end.
Balance Sheet Review
American River Bankshares’ assets totaled $720.4 million at
December 31, 2019, compared to $721.3 million at September 30,
2019, and $688.1 million at December 31, 2018.
Net loans totaled $393.8 million at December 31, 2019, compared
to $369.9 million at September 30, 2019, and $318.5 million at
December 31, 2018.
The loan portfolio at December 31, 2019 included: real estate
loans of $323.8 million (81% of the portfolio), commercial loans of
$43.0 million (11% of the portfolio) and other loans, which consist
mainly of agriculture and consumer loans of $31.7 million (8% of
the portfolio). The real estate loan portfolio at December
31, 2019 includes: owner-occupied commercial real estate loans of
$71.9 million (22% of the real estate portfolio), investor
commercial real estate loans of $142.7 million (44% of the real
estate portfolio), multi-family real estate loans of $56.8 million
(18% of the real estate portfolio), construction and land
development loans of $23.2 million (7% of the real estate
portfolio) and residential real estate loans of $29.2 million (9%
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 $1.4 million in NPAs at December 31, 2019
compared to $957,000 at September 30, 2019 and $984,000 at December
31, 2018. The NPAs to total assets ratio increased to 0.19%
at December 31, 2019 from 0.13% at the end of September 2019 and
from 0.14% at December 31, 2018.
At December 31, 2019, the Company had one OREO property totaling
$846,000 compared to a balance of $957,000 at September 30, 2019
and at December 31, 2018. During the fourth quarter of 2019,
the book value of this OREO property was written down by $110,000
to $846,000 from $957,000 due to an updated appraisal. During
the fourth quarter of 2019, the Company took possession of an
automobile which was held as collateral for a loan. The book
value of this automobile is $517,000 and is classified in other
assets. At December 31, 2019, September 30, 2019 and December
31, 2018 there was no valuation allowance for OREO
properties.
Loans measured for impairment were $7.6 million at the end of
December 2019, a decrease from $7.7 million at September 30, 2019
and from $8.7 million at the end of December 2018. Specific
reserves of $142,000 were held on the impaired loans at December
31, 2019 compared to $82,000 at September 30, 2019 and $185,000 at
December 31, 2018. There was $180,000 in provision for loan
and lease losses in the fourth quarter of 2019 compared to $125,000
in provision for the fourth quarter of 2018. There was
$660,000 in provision for loan and lease losses in the twelve
months ended December 31, 2019 compared to $175,000 in provision in
the twelve months ended December 31, 2018. The additions to
the loan and lease loss allowance in 2019 were due to the growth in
loan balances during 2019. The Company had net recoveries of
$4,000 in the fourth quarter of 2019 compared to net charge-offs of
$65,000 in the fourth quarter of 2018. For the twelve months
ended December 31, 2019, the Company had net recoveries of $86,000
compared to net charge-offs of $261,000 for the twelve months ended
December 31, 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
$262.2 million at December 31, 2019, down $14.1 million (5.1%) from
$276.3 million at September 30, 2019 and $33.0 million (11.2%) from
$295.2 million at December 31, 2018. At December 31, 2019,
the investment portfolio was comprised of 92% U.S. Government
agencies or U.S. Government-sponsored agencies (primarily
mortgage-backed securities), 5% obligations of states and political
subdivisions, and 3% 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 December 31, 2019, total deposits were $604.8 million,
compared to $612.9 million at September 30, 2019 and $590.7 million
one year ago. Core deposits increased $4.4 million (0.8%) to
$531.0 million at December 31, 2019 from $526.7 million at
September 30, 2019, and increased $28.4 million (5.7%) from $502.6
million at December 31, 2018. The Company considers all
deposits except time deposits as core deposits.
At December 31, 2019, noninterest-bearing demand deposits
accounted for 38% of total deposits, interest-bearing demand
accounts were 12%, savings deposits were 12%, money market balances
accounted for 26% and time certificates were 12% of total
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.
Shareholders’ equity increased $60,000 (0.1%) to $82.9 million
at December 31, 2019, compared to $82.8 million at September 30,
2019 and $8.2 million (11.0%) from $74.7 million at December 31,
2018. The increase in equity from December 31, 2018 was due
to a $3.7 million increase in accumulated other comprehensive
income related to an increase in the unrealized gain on securities,
a $4.1 million increase in Retained Earnings due to the net income
for the year ($5.5 million) less cash dividends declared ($1.4
million), plus a $0.4 million increase in common stock from equity
compensation.
Net Interest Income
The net interest income during the fourth quarter 2019 increased
$572,000 (10.3%) to $6.1 million from $5.5 million during the
fourth quarter of 2018, and for the twelve months ended December
31, 2019, net interest income increased $2.6 million (12.4%) to
$23.2 million from $20.6 million during the twelve months ended
December 31, 2018. The net interest margin as a percentage of
average earning assets was 3.63% in the fourth quarter of 2019,
compared to 3.62% in the third quarter of 2019 and 3.54% in the
fourth quarter of 2018. For the twelve months ended December
31, 2019, the net interest margin was 3.60% compared to 3.41% for
the twelve months ended December 31, 2018. Interest income
for the fourth quarter of 2019 increased $695,000 (11.6%) to $6.7
million from $6.0 million in the fourth quarter of 2018, and for
the twelve months ended December 31, 2019, interest income
increased $3.4 million (15.4%) to $25.7 million from $22.2 million
for the twelve months ended December 31, 2018.
The average tax equivalent yield on earning assets increased
from 3.85% in the fourth quarter of 2018 to 3.98% for the fourth
quarter of 2019, and for the twelve months ended December 31, 2019
increased to 3.98% from 3.67% for the twelve months ended December
31, 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 4.79% in the fourth quarter of 2018 to
4.95% during the fourth quarter of 2019 and increased from 4.72%
during the twelve months of 2018 to 4.95% during the twelve months
of 2019. Adding to the increase during the twelve month
periods was an increase in the yields on investments which
increased from 2.66% in 2018 to 2.81% in 2019. Interest
income also benefitted from an increase in average loans.
When compared to the fourth quarter of 2018, average loan balances
increased $66.3 million (20.7%) from $321.5 million to $387.8
million for the fourth quarter of 2019. The average loan
balances increased $50.9 million (16.5%) from $308.4 million in the
twelve months of 2018 to $359.3 million in the twelve months of
2019.
The average balance of earning assets increased $49.8 million
(8.0%) from $624.6 million in the fourth quarter of 2018 to $674.4
million in the fourth quarter of 2019, and for the twelve months
ended December 31, 2019, increased $38.9 million (6.4%) to $650.6
million from $611.7 million for the twelve months ended December
31, 2018.
Interest expense for the fourth quarter of 2019 increased
$123,000 (25.6%) to $603,000 from $480,000 for the fourth quarter
of 2018, and for the twelve months ended December 31, 2019
increased $865,000 (54.2%) to $2.5 million from $1.6 million for
the twelve months ended December 31, 2018. The increase in
interest expense is related to an overall higher interest rate
environment. The average cost of funds increased from 0.49%
in the fourth quarter of 2018 to 0.60% in the fourth quarter of
2019, and from 0.41% in the twelve months of 2018 to 0.63% in the
twelve months of 2019. Average deposits increased $25.7
million (4.3%) from $591.8 million during the fourth quarter of
2018 to $617.5 million during the fourth quarter of 2019.
Average borrowings increased $2.9 million (18.7%) from $15.5
million during the year of 2018 to $18.4 million during 2019, while
the cost increased from 1.53% in 2018 to 2.08% in 2019 and is due
to renewal of term advances at higher borrowing rates.
Noninterest Income and Expense
Noninterest income for the fourth quarter of 2019 was $439,000,
an increase of $55,000 (14.3%) from $384,000 in the fourth quarter
of 2018, and for the twelve months ended December 31, 2019 was $1.7
million, an increase of $175,000 (11.6%) compared to $1.5 million
for the twelve months ended December 31, 2018. For the twelve
months ended December 31, the increase in noninterest income was
predominately related to an increase in gain on sale of securities
from a gain of $31,000 in 2018 to a gain of $115,000 in 2019.
Noninterest expense increased $16,000 (0.4%) from the fourth
quarter of 2018 to the fourth quarter of 2019, from $4.33 million
to $4.35 million, and for the twelve months ended December 31, it
increased $1.3 million (8.6%) from $15.5 million in 2018 to $16.8
million in 2019. The predominant variance between the fourth
quarters of 2018 and 2019 was an increase in expenses related to
other real estate owned from $8,000 in 2018 to $119,000 in 2019,
which included the $110,000 write-down mentioned above. The
predominant variance between the twelve months ended December 31
for each year was the increase in salaries and benefits of $1.1
million (10.9%) 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 $301,000 (8.6%) for the twelve
months of 2019 compared to the same period in 2018. Increases
in 2019 in the other expense line item included expenses related to
business development and bank charges. Offsetting the
increase was a decrease in FDIC insurance assessments of $154,000
from $202,000 in 2018 to $48,000 in 2019 due to the receipt of the
FDIC’s Small Bank Assessment Credits in the third quarter of 2019
and no FDIC Assessments in the fourth quarter of 2019.
The fully taxable equivalent efficiency ratio for the fourth
quarter of 2019 decreased to 65.7% from 72.6% in the fourth quarter
of 2018, and for the twelve months ended December 31, 2019,
decreased to 67.1% from 69.4% for the twelve months ended December
31, 2018.
Provision for Income Taxes
Federal and state income taxes for the quarter ended December
31, 2019 increased by $174,000 (51.6%) from $337,000 in the fourth
quarter of 2018 to $511,000 in the fourth quarter of 2019, and
increased $317,000 (20.1%) from $1.6 million in 2018 to $1.9
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.
Earnings Conference Call
The fourth quarter earnings conference call will be held
Thursday, January 23, 2020 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 (800) 774-6070 and entering the Conference
ID 8885 866#. A recording of the call will be available
approximately twenty-four hours after the call’s completion on
AmericanRiverBank.com.
About American River Bankshares
American River Bankshares [NASDAQ-GS: AMRB] is the parent
company of American River Bank, a regional bank serving Northern
California since 1983. We give business owners more REACH by
offering financial expertise and exceptional service to complement
a full suite of banking products and services. Our honest approach,
commitment to community and focus on profitability is intended to
lead our clients to greater success. For more information, call
(800) 544-0545 or visit AmericanRiverBank.com.
Use of Non-GAAP Financial Measures
This news release contains certain non-GAAP (Generally Accepted
Accounting Principles) financial measures in addition to results
presented in accordance with GAAP. These measures include
income before provisions for loan and lease losses and income taxes
(referred to as “pretax, pre-provision income”), tangible book
value and taxable equivalent basis. Management has presented
these non-GAAP financial measures in this earnings release because
it believes that they provide useful and comparative information to
assess trends in the Company’s financial position reflected in the
current quarter and year-to-date results and facilitate comparison
of our performance with the performance of our peers.
Income Before Provision for Loan and Lease Losses and
Income Taxes (non-GAAP financial measures)
Income before provision for loan and lease losses and income
taxes (pretax, pre-provision income) adds back both the provision
for loan and lease losses and the provision for income taxes to net
income. The Company believes the income before deducting the
provisions for loan and lease losses and income taxes facilitates
the comparison of results for ongoing business operations.
The Company’s management internally assesses its performance based,
in part, on these non-GAAP financial measures.
Net Interest Margin and Efficiency Ratio (non-GAAP
financial measures)
In accordance with industry standards, certain designated net
interest income amounts are presented on a taxable equivalent
basis, including the calculation of net interest margin and the
efficiency ratio. The Company believes the presentation of
net interest margin on a taxable equivalent basis using a 21%
effective tax rate for 2018 and 2019 allows for comparability of
net interest margin with industry peers by eliminating the effect
of the differences in portfolios attributable to the proportion
represented by both taxable and tax-exempt loans and
investments. The efficiency ratio is a measure of a banking
company’s overhead as a percentage of its revenue. The
Company derives this ratio by dividing total noninterest expense by
the sum of the taxable equivalent net interest income and the total
noninterest income.
Tangible Equity (non-GAAP financial
measures)
Tangible common stockholders' equity (tangible book value)
excludes goodwill and other intangible assets. The Company
believes the exclusion of goodwill and other intangible assets to
create “tangible equity” facilitates the comparison of results for
ongoing business operations. The Company’s management
internally assesses its performance based, in part, on these
non-GAAP financial measures.
Forward-Looking Statements
Certain statements contained herein are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934 and
subject to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 that involve risks and
uncertainties. Actual results may differ materially from the
results in these forward-looking statements. Factors that
might cause such a difference include, among other matters, changes
in interest rates, economic conditions, governmental regulation and
legislation, credit quality, and competition affecting the
Company’s businesses generally; the risk of natural disasters and
future catastrophic events including terrorist related incidents;
and other factors discussed in the Company’s Annual Report on Form
10-K for the year ended December 31, 2018, and in subsequent
reports filed on Form 10-Q and Form 8-K. The Company does not
undertake any obligation to publicly update or revise any of these
forward-looking statements, whether to reflect new information,
future events or otherwise, except as required by law.
Investor Contact:Mitchell A. DerenzoExecutive Vice President
andChief Financial OfficerAmerican River Bankshares916-231-6723
Media Contact:Jennifer J. HeldVice President,
Marketing DirectorAmerican River Bankshares916-231-6717
American
River Bankshares |
Condensed
Consolidated Balance Sheets (Unaudited) |
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
December 31, |
ASSETS |
|
2019 |
|
2019 |
|
2018 |
Cash and due
from banks |
$ |
15,258 |
$ |
14,512 |
$ |
20,987 |
Federal
funds sold |
|
- |
|
- |
|
7,000 |
Interest-bearing deposits in banks |
|
2,552 |
|
14,870 |
|
1,746 |
Investment
securities |
|
262,213 |
|
276,311 |
|
295,225 |
Loans &
leases: |
|
|
|
|
|
|
Real estate |
|
323,771 |
|
302,570 |
|
278,056 |
Commercial |
|
43,019 |
|
41,079 |
|
29,650 |
Other |
|
31,729 |
|
30,753 |
|
15,165 |
Deferred loan origination fees and costs, net |
|
421 |
|
491 |
|
37 |
Allowance for loan and lease losses |
|
(5,138) |
|
(4,953) |
|
(4,392) |
Loans and leases, net |
|
393,802 |
|
369,940 |
|
318,516 |
Bank
premises and equipment, net |
|
1,191 |
|
1,217 |
|
1,071 |
Goodwill and
intangible assets |
|
16,321 |
|
16,321 |
|
16,321 |
Investment
in Federal Home Loan Bank Stock |
|
4,259 |
|
4,259 |
|
3,932 |
Other real
estate owned, net |
|
846 |
|
957 |
|
957 |
Accrued
interest receivable and other assets |
|
23,911 |
|
22,894 |
|
22,337 |
|
$ |
720,353 |
$ |
721,281 |
$ |
688,092 |
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
Noninterest-bearing deposits |
$ |
227,055 |
$ |
228,517 |
$ |
214,745 |
Interest
checking |
|
69,834 |
|
70,712 |
|
69,489 |
Money
market |
|
158,319 |
|
151,469 |
|
145,831 |
Savings |
|
75,820 |
|
75,980 |
|
72,522 |
Time
deposits |
|
73,809 |
|
86,226 |
|
88,087 |
Total deposits |
|
604,837 |
|
612,904 |
|
590,674 |
Short-term
borrowings |
|
9,000 |
|
5,000 |
|
5,000 |
Long-term
borrowings |
|
10,500 |
|
10,500 |
|
10,500 |
Accrued
interest and other liabilities |
|
13,107 |
|
10,028 |
|
7,197 |
Total liabilities |
|
637,444 |
|
638,432 |
|
613,371 |
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Common
stock |
$ |
30,536 |
$ |
30,466 |
$ |
30,103 |
Retained
earnings |
|
50,581 |
|
49,487 |
|
46,494 |
Accumulated
other comprehensive (loss) income |
|
1,792 |
|
2,896 |
|
(1,876) |
Total shareholders' equity |
|
82,909 |
|
82,849 |
|
74,721 |
|
$ |
720,353 |
$ |
721,281 |
$ |
688,092 |
|
|
|
|
|
|
|
Ratios: |
|
|
|
|
|
|
Nonperforming loans and leases to total loans and leases |
|
0.00% |
|
0.00% |
|
0.01% |
Net
(recoveries) chargeoffs to average loans and leases
(annualized |
|
|
|
|
|
|
at September 30, 2019) |
|
-0.02% |
|
-0.03% |
|
0.08% |
Allowance
for loan and lease losses to total loans and leases |
|
1.29% |
|
1.32% |
|
1.36% |
|
|
|
|
|
|
|
American River Bank Capital Ratios: |
|
|
|
|
|
|
Leverage
Capital Ratio |
|
9.26% |
|
9.32% |
|
9.01% |
Common
Equity Tier 1 Risk-Based Capital |
|
14.93% |
|
15.55% |
|
16.23% |
Tier 1
Risk-Based Capital Ratio |
|
14.93% |
|
15.55% |
|
16.23% |
Total
Risk-Based Capital Ratio |
|
16.10% |
|
16.74% |
|
17.41% |
|
|
|
|
|
|
|
American River Bankshares Capital Ratios: |
|
|
|
|
|
|
Leverage
Capital Ratio |
|
9.16% |
|
9.22% |
|
8.94% |
Tier 1
Risk-Based Capital Ratio |
|
14.77% |
|
15.38% |
|
16.11% |
Total
Risk-Based Capital Ratio |
|
15.94% |
|
16.58% |
|
17.29% |
|
|
|
|
|
|
|
Nonperforming loans |
|
- |
|
- |
|
27 |
|
Nonperforming assets |
|
1,363 |
|
957 |
|
984 |
|
|
|
|
|
|
|
|
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, |
% |
|
|
2019 |
2018 |
Change |
|
|
2019 |
2018 |
Change |
|
Interest income |
$ |
6,707 |
|
$ |
6,012 |
|
11.6 |
% |
|
$ |
25,670 |
|
$ |
22,242 |
|
15.4 |
% |
Interest
expense |
|
603 |
|
|
480 |
|
25.6 |
% |
|
|
2,461 |
|
|
1,596 |
|
54.2 |
% |
Net interest
income |
|
6,104 |
|
|
5,532 |
|
10.3 |
% |
|
|
23,209 |
|
|
20,646 |
|
12.4 |
% |
Provision
for loan and lease losses |
|
180 |
|
|
125 |
|
44.0 |
% |
|
|
660 |
|
|
175 |
|
277.1 |
% |
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
149 |
|
|
124 |
|
20.2 |
% |
|
|
558 |
|
|
476 |
|
17.2 |
% |
Gain on sale of securities |
|
41 |
|
|
12 |
|
241.7 |
% |
|
|
115 |
|
|
31 |
|
271.0 |
% |
Other noninterest income |
|
249 |
|
|
248 |
|
0.4 |
% |
|
|
1,015 |
|
|
1,006 |
|
0.9 |
% |
Total noninterest income |
|
439 |
|
|
384 |
|
14.3 |
% |
|
|
1,688 |
|
|
1,513 |
|
11.6 |
% |
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
2,893 |
|
|
2,929 |
|
(1.2) |
% |
|
|
11,316 |
|
|
10,203 |
|
10.9 |
% |
Occupancy |
|
255 |
|
|
259 |
|
(1.5) |
% |
|
|
1,023 |
|
|
1,050 |
|
(2.6) |
% |
Furniture and equipment |
|
142 |
|
|
138 |
|
2.9 |
% |
|
|
542 |
|
|
553 |
|
(2.0) |
% |
Federal Deposit Insurance Corporation assessments |
- |
|
|
44 |
|
(100.0) |
% |
|
|
48 |
|
|
202 |
|
(76.2) |
% |
Expenses related to other real estate owned |
|
119 |
|
|
8 |
|
1,387.5 |
% |
|
|
134 |
|
|
20 |
|
570.0 |
% |
Other expense |
|
936 |
|
|
951 |
|
(1.6) |
% |
|
|
3,783 |
|
|
3,482 |
|
8.6 |
% |
Total noninterest expense |
|
4,345 |
|
|
4,329 |
|
0.4 |
% |
|
|
16,846 |
|
|
15,510 |
|
8.6 |
% |
Income
before provision for income taxes |
|
2,018 |
|
|
1,462 |
|
38.0 |
% |
|
|
7,391 |
|
|
6,474 |
|
14.2 |
% |
Provision
for income taxes |
|
511 |
|
|
337 |
|
51.6 |
% |
|
|
1,891 |
|
|
1,574 |
|
20.1 |
% |
Net
income |
$ |
1,507 |
|
$ |
1,125 |
|
34.0 |
% |
|
$ |
5,500 |
|
$ |
4,900 |
|
12.2 |
% |
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
Basic
earnings per share |
$ |
0.26 |
|
$ |
0.19 |
|
36.8 |
% |
|
$ |
0.94 |
|
$ |
0.83 |
|
13.3 |
% |
Diluted
earnings per share |
$ |
0.26 |
|
$ |
0.19 |
|
36.8 |
% |
|
$ |
0.94 |
|
$ |
0.83 |
|
13.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin as a percentage of average earning assets |
|
3.63% |
|
|
3.54% |
|
|
|
|
|
3.60% |
|
|
3.41% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
diluted shares outstanding |
|
5,881,901 |
|
|
5,858,615 |
|
|
|
|
|
5,869,471 |
|
|
5,908,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.82% |
|
|
0.65% |
|
|
|
|
|
0.78% |
|
|
0.72% |
|
|
|
Return on average equity |
|
7.22% |
|
|
6.22% |
|
|
|
|
|
6.92% |
|
|
6.77% |
|
|
|
Return on average tangible equity |
|
8.99% |
|
|
8.05% |
|
|
|
|
|
8.71% |
|
|
8.74% |
|
|
|
Efficiency ratio (fully taxable equivalent) |
|
65.74% |
|
|
72.59% |
|
|
|
|
|
67.09% |
|
|
69.35% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth |
Fourth |
|
|
|
For the Nine
Months |
|
|
|
Quarter |
Quarter |
|
|
|
Ended
September 30, |
|
|
|
2019 |
2018 |
|
|
|
2019 |
2018 |
|
|
Reported net
income |
$ |
1,507 |
|
$ |
1,125 |
|
|
|
|
$ |
5,500 |
|
$ |
4,900 |
|
|
|
Provision
for loan and lease losses |
|
180 |
|
|
125 |
|
|
|
|
|
660 |
|
|
175 |
|
|
|
Provision
for income taxes |
|
511 |
|
|
337 |
|
|
|
|
|
1,891 |
|
|
1,574 |
|
|
|
Pretax,
pre-provision income |
$ |
2,198 |
|
$ |
1,587 |
|
|
|
|
$ |
8,051 |
|
$ |
6,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
2019 |
2019 |
2019 |
2019 |
2018 |
Interest income |
$ |
6,707 |
|
$ |
6,555 |
|
$ |
6,276 |
|
$ |
6,132 |
|
$ |
6,012 |
|
Interest
expense |
|
603 |
|
|
627 |
|
|
648 |
|
|
583 |
|
|
480 |
|
Net interest
income |
|
6,104 |
|
|
5,928 |
|
|
5,628 |
|
|
5,549 |
|
|
5,532 |
|
Provision
for loan and lease losses |
|
180 |
|
|
120 |
|
|
180 |
|
|
180 |
|
|
125 |
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
149 |
|
|
149 |
|
|
139 |
|
|
121 |
|
|
124 |
|
Gain on sale of securities |
|
41 |
|
|
9 |
|
|
29 |
|
|
36 |
|
|
12 |
|
Other noninterest income |
|
249 |
|
|
259 |
|
|
253 |
|
|
254 |
|
|
248 |
|
Total noninterest income |
|
439 |
|
|
417 |
|
|
421 |
|
|
411 |
|
|
384 |
|
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
2,893 |
|
|
2,898 |
|
|
2,744 |
|
|
2,781 |
|
|
2,929 |
|
Occupancy |
|
255 |
|
|
256 |
|
|
255 |
|
|
257 |
|
|
259 |
|
Furniture and equipment |
|
142 |
|
|
120 |
|
|
140 |
|
|
140 |
|
|
138 |
|
Federal Deposit Insurance Corporation assessments |
|
- |
|
|
(47) |
|
|
45 |
|
|
50 |
|
|
44 |
|
Expenses related to other real estate owned |
|
119 |
|
|
7 |
|
|
4 |
|
|
4 |
|
|
8 |
|
Other expense |
|
936 |
|
|
859 |
|
|
960 |
|
|
1,028 |
|
|
951 |
|
Total noninterest expense |
|
4,345 |
|
|
4,093 |
|
|
4,148 |
|
|
4,260 |
|
|
4,329 |
|
Income
before provision for income taxes |
|
2,018 |
|
|
2,132 |
|
|
1,721 |
|
|
1,520 |
|
|
1,462 |
|
Provision
for income taxes |
|
511 |
|
|
561 |
|
|
445 |
|
|
374 |
|
|
337 |
|
Net (loss)
income |
$ |
1,507 |
|
$ |
1,571 |
|
$ |
1,276 |
|
$ |
1,146 |
|
$ |
1,125 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic (loss)
earnings per share |
$ |
0.26 |
|
$ |
0.27 |
|
$ |
0.22 |
|
$ |
0.20 |
|
$ |
0.19 |
|
Diluted
(loss) earnings per share |
$ |
0.26 |
|
$ |
0.27 |
|
$ |
0.22 |
|
$ |
0.20 |
|
$ |
0.19 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin as a percentage of average earning assets |
|
3.63% |
|
|
3.62% |
|
|
3.57% |
|
|
3.59% |
|
|
3.54% |
|
|
|
|
|
|
|
|
|
|
|
|
Average
diluted shares outstanding |
|
5,881,901 |
|
|
5,870,916 |
|
|
5,862,416 |
|
|
5,857,627 |
|
|
5,858,615 |
|
Shares
outstanding-end of period |
|
5,898,878 |
|
|
5,903,228 |
|
|
5,903,228 |
|
|
5,887,962 |
|
|
5,858,428 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Ratios (annualized): |
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.82% |
|
|
0.88% |
|
|
0.74% |
|
|
0.68% |
|
|
0.65% |
|
Return on average equity |
|
7.22% |
|
|
7.65% |
|
|
6.53% |
|
|
6.17% |
|
|
6.22% |
|
Return on average tangible equity |
|
8.99% |
|
|
9.57% |
|
|
8.25% |
|
|
7.88% |
|
|
8.05% |
|
Efficiency ratio (fully taxable equivalent) |
|
65.74% |
|
|
64.01% |
|
|
68.00% |
|
|
70.91% |
|
|
72.59% |
|
|
|
|
|
|
|
|
|
|
|
|
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. |
|
|
|
|
|
|
|
|
|
|
|
|
Fourth |
Third |
Second |
First |
Fourth |
|
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
|
2019 |
2019 |
2019 |
2019 |
2018 |
Reported net
income |
$ |
1,507 |
|
$ |
1,571 |
|
$ |
1,276 |
|
$ |
1,146 |
|
$ |
1,125 |
|
Provision
for loan and lease losses |
|
180 |
|
|
120 |
|
|
180 |
|
|
180 |
|
|
125 |
|
Provision
for income taxes |
|
511 |
|
|
561 |
|
|
445 |
|
|
374 |
|
|
337 |
|
Pretax,
pre-provision income |
$ |
2,198 |
|
$ |
2,252 |
|
$ |
1,901 |
|
$ |
1,700 |
|
$ |
1,587 |
|
|
|
|
|
|
|
|
|
|
|
|
American
River Bankshares |
Analysis of
Net Interest Margin on Earning Assets |
(Taxable Equivalent
Basis) |
(Dollars in
thousands) |
Three months ended December 31, |
2019 |
|
2018 |
ASSETS |
Avg
Balance |
Interest |
Avg Yield |
|
Avg
Balance |
Interest |
Avg Yield |
Taxable loans and leases |
$ |
363,910 |
|
$ |
4,505 |
4.91% |
|
$ |
305,939 |
|
$ |
3,708 |
4.81% |
Tax-exempt
loans and leases |
|
23,936 |
|
|
338 |
5.60% |
|
|
15,522 |
|
|
174 |
4.45% |
Taxable
investment securities |
|
268,933 |
|
|
1,833 |
2.70% |
|
|
272,348 |
|
|
1,971 |
2.87% |
Tax-exempt
investment securities |
|
5,643 |
|
|
47 |
3.30% |
|
|
14,696 |
|
|
117 |
3.16% |
Federal
funds sold |
|
- |
|
|
- |
0.00% |
|
|
14,380 |
|
|
80 |
2.21% |
Interest-bearing deposits in banks |
|
12,008 |
|
|
50 |
1.65% |
|
|
1,746 |
|
|
10 |
2.27% |
Total earning assets |
|
674,430 |
|
|
6,773 |
3.98% |
|
|
624,631 |
|
|
6,060 |
3.85% |
Cash &
due from banks |
|
16,683 |
|
|
|
|
|
25,543 |
|
|
|
Other
assets |
|
40,382 |
|
|
|
|
|
40,437 |
|
|
|
Allowance
for loan & lease losses |
|
(5,022) |
|
|
|
|
|
(4,321) |
|
|
|
|
$ |
726,473 |
|
|
|
|
$ |
686,290 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Interest
checking and money market |
$ |
224,050 |
|
$ |
194 |
0.34% |
|
$ |
219,580 |
|
$ |
76 |
0.14% |
Savings |
|
76,405 |
|
|
7 |
0.04% |
|
|
74,582 |
|
|
7 |
0.04% |
Time
deposits |
|
79,992 |
|
|
319 |
1.58% |
|
|
81,382 |
|
|
331 |
1.61% |
Other
borrowings |
|
15,728 |
|
|
83 |
2.09% |
|
|
15,500 |
|
|
66 |
1.69% |
Total interest bearing liabilities |
|
396,175 |
|
|
603 |
0.60% |
|
|
391,044 |
|
|
480 |
0.49% |
Noninterest
bearing demand deposits |
|
237,022 |
|
|
|
|
|
216,265 |
|
|
|
Other
liabilities |
|
10,481 |
|
|
|
|
|
7,198 |
|
|
|
Total liabilities |
|
643,678 |
|
|
|
|
|
614,507 |
|
|
|
Shareholders' equity |
|
82,795 |
|
|
|
|
|
71,783 |
|
|
|
|
$ |
726,473 |
|
|
|
|
$ |
686,290 |
|
|
|
Net
interest income & margin |
|
$ |
6,170 |
3.63 |
|
|
$ |
5,580 |
3.54 |
|
|
|
|
|
|
|
|
Twelve months ended December 31, |
2019 |
|
2018 |
ASSETS |
Avg
Balance |
Interest |
Avg Yield |
|
Avg
Balance |
Interest |
Avg Yield |
Taxable
loans and leases |
$ |
338,775 |
|
$ |
16,834 |
4.97% |
|
$ |
294,114 |
|
$ |
13,924 |
4.73% |
Tax-exempt
loans and leases |
|
20,554 |
|
|
942 |
4.58% |
|
|
14,251 |
|
|
632 |
4.43% |
Taxable
investment securities |
|
271,779 |
|
|
7,589 |
2.79% |
|
|
264,247 |
|
|
6,901 |
2.61% |
Tax-exempt
investment securities |
|
9,517 |
|
|
313 |
3.29% |
|
|
18,651 |
|
|
611 |
3.28% |
Federal
funds sold |
|
173 |
|
|
5 |
2.89% |
|
|
18,688 |
|
|
348 |
1.86% |
Interest-bearing deposits in banks |
|
9,829 |
|
|
201 |
2.04% |
|
|
1,745 |
|
|
33 |
1.89% |
Total earning assets |
|
650,627 |
|
|
25,884 |
3.98% |
|
|
611,696 |
|
|
22,449 |
3.67% |
Cash &
due from banks |
|
16,440 |
|
|
|
|
|
34,535 |
|
|
|
Other
assets |
|
40,878 |
|
|
|
|
|
39,822 |
|
|
|
Allowance
for loan & lease losses |
|
(4,740) |
|
|
|
|
|
(4,423) |
|
|
|
|
$ |
703,205 |
|
|
|
|
$ |
681,630 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Interest
checking and money market |
$ |
212,499 |
|
$ |
563 |
0.26% |
|
$ |
219,742 |
|
$ |
272 |
0.12% |
Savings |
|
74,304 |
|
|
28 |
0.04% |
|
|
71,742 |
|
|
26 |
0.04% |
Time
deposits |
|
85,723 |
|
|
1,487 |
1.73% |
|
|
79,422 |
|
|
1,061 |
1.34% |
Other
borrowings |
|
18,430 |
|
|
383 |
2.08% |
|
|
15,533 |
|
|
237 |
1.53% |
Total interest bearing liabilities |
|
390,956 |
|
|
2,461 |
0.63% |
|
|
386,439 |
|
|
1,596 |
0.41% |
Noninterest
bearing demand deposits |
|
222,616 |
|
|
|
|
|
215,721 |
|
|
|
Other
liabilities |
|
10,136 |
|
|
|
|
|
7,062 |
|
|
|
Total liabilities |
|
623,708 |
|
|
|
|
|
609,222 |
|
|
|
Shareholders' equity |
|
79,497 |
|
|
|
|
|
72,408 |
|
|
|
|
$ |
703,205 |
|
|
|
|
$ |
681,630 |
|
|
|
Net
interest income & margin |
|
$ |
23,423 |
3.60% |
|
|
$ |
20,853 |
3.41% |
|
|
|
|
|
|
|
|
Grafico Azioni American River Bankshares (NASDAQ:AMRB)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni American River Bankshares (NASDAQ:AMRB)
Storico
Da Set 2023 a Set 2024