American River Bankshares (NASDAQ-GS: AMRB) today reported net
income of $1.8 million, or $0.30 per diluted share for the third
quarter of 2020 compared to $1.6 million, or $0.27 per diluted
share for the third quarter of 2019. For the nine months ended
September 30, 2020, net income was $5.0 million or $0.84 per
diluted share, compared to $4.0 million or $0.68 per diluted share
for the nine months ended September 30, 2019.
“The third quarter of 2020 continued to be impacted by the
COVID-19 pandemic, however, the Company has experienced some
positive trends in our market with over $33 million in new loan
fundings,” said David E. Ritchie, Jr., President and Chief
Executive Officer. “We continue to place a high priority on keeping
our staff informed and safe, as well as, staying in close contact
with our clients. We are pleased to see that so many of our
borrowers have begun to make their regularly scheduled loan
payments, upon the expiration of their loan payment deferral
periods.”
Financial Highlights
- Net loans increased $101.7 million (27.5%) from September 30,
2019 to September 30, 2020. During the first nine months of 2020,
net loans increased $77.8 million (19.8%). Much of the growth in
2020 is related to loans funded under the Paycheck Protection
Program (“PPP”). These PPP loans directly benefitted the businesses
and their employees in our local communities. The Company funded
477 PPP loans totaling $80.2 million in the second quarter of 2020.
At September 30, 2020, PPP loans totaled $74.2 million, net of $1.6
million in deferred processing fees.
- Deposits increased $115.9 million (18.9%) from September 30,
2019 to September 30, 2020. During the first nine months of 2020,
deposits increased $124.0 million (20.5%).
- The third quarter 2020 net interest margin was 3.42%, compared
to 3.62% for the third quarter of 2019. The net interest margin for
the nine months ended September 30, 2020 was 3.54%, compared to
3.59% for the nine months ended September 30, 2019.
- Net interest income was $6.7 million in the third quarter of
2020, compared to $5.9 million in the third quarter of 2019. For
the nine months ended September 30, 2020, net interest income was
$19.4 million, compared to $17.1 million for the nine months ended
September 30, 2019.
- Pretax, pre-provision income increased $619,000 (27.5%) to $2.9
million in the third quarter of 2020, compared to $2.3 million in
the third quarter of 2019. For the nine months ended September 30,
2020 pretax, pre-provision income was $8.2 million, an increase of
$2.3 million (40.7%) when compared to $5.9 million for the first
nine months of 2019.
- The allowance for loan losses was $6.6 million (1.38% of total
loans) at September 30, 2020, compared to $5.0 million (1.32% of
total loans) at September 30, 2019. Excluding the PPP loans and the
related loan fees, which are fully guaranteed by the U.S. Small
Business Administration, the allowance for loan losses to total
loans was 1.64% at September 30, 2020. There were no nonperforming
loans at September 30, 2020, December 31, 2019 or September 30,
2019.
- Shareholders’ equity was $91.7 million at September 30, 2020,
compared to $82.9 million at December 31, 2019 and $82.8 million at
September 30, 2019. Tangible book value per share was $12.69 at
September 30, 2020, compared to $11.29 at December 31, 2019 and
$11.27 at September 30, 2019. Book value per share was $15.44 per
share at September 30, 2020, compared to $14.06 per share at
December 31, 2019 and $14.03 per share at September 30, 2019.
- The Company continued the quarterly cash dividend by paying a
$0.07 per share cash dividend on August 12, 2020.
- The Company continues to maintain strong capital ratios. At
September 30, 2020, the Leverage ratio was 8.2% compared to 9.2% at
December 31, 2019 and 9.2% at September 30, 2019; the Tier 1
Risk-Based Capital ratio was 15.3% compared to 14.8% at December
31, 2019 and 15.4% at September 30, 2019, and the Total Risk-Based
Capital ratio was 16.5% compared to 15.9% at December 31, 2019 and
16.6% at September 30, 2019.
Northern California Economic Update,
September 30,
2020.
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, and the State of California Employment
Development Department. Much of the market data that the Bank has
used in the past has become unavailable since the pandemic. As
such, we have not been able to provide recent information in all
areas below, particularly in the real estate markets. We have
decided to continue to provide the most recent data available
despite the fact that it may not be as current as we would like it
to be.
The commercial real estate and employment data below primarily
covering years 2017 through 2019 reflects mostly positive trends in
the markets served by the Bank. 2019 commercial real estate results
reflect some slight signs of slowing when compared to year-end
2018. Unemployment for the month of December 2019
decreased when compared to year-end 2018. As of August 31, 2020,
unemployment has increased in all of the market areas of the Bank,
due in large part to the COVID-19 pandemic which has persisted for
the past seven months.
The Bank’s management continues to closely
monitor the ongoing economic effects of the COVID-19 pandemic,
including temporary and permanent business closures, increased
unemployment, and the disruption of supply chains for construction.
It is anticipated that unemployment will stabilize as businesses
begin to reopen while the commercial real estate market begins to
recover in the coming months.
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 fourth quarter 2019,
vacancies in office and industrial segments decreased slightly
further to 13.8% and 4.6% respectively. Retail vacancy increased
slightly over the year, topping at 8.3%, however, rested at 7.8% as
of fourth quarter 2019. Limited numbers have been provided for 2020
due to the COVID-19 pandemic.
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%, retail vacancy increased from 3.8% to
4.5%, and industrial vacancy increased from 4.6% to 4.8%. As of
fourth quarter 2019, Sonoma County’s retail and industrial vacancy
rates decreased slightly further to 4.3% and 4.7% respectively.
Office vacancy remained flat at 12.3%.
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 December 31, 2019 absorption was a positive 129,414
square feet (SF) for office, 568,000 SF for retail, and 120,000 SF
for industrial. For Q1 2020, office had absorption of 183,000 SF
and industrial had absorption of 58,000 SF.
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 the end of the third quarter 2019 was negative
45,441 SF in Sonoma County and a positive 44,143 SF in Santa Rosa.
Information for 2020 is not available.
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. As of fourth quarter 2019, industrial absorption
improved further to a positive 18,599 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, however
improved as of December 31, 2019 to a positive 81,630 SF. Retail
absorption data for Sonoma County and the City of Santa Rosa is not
available for the time periods mentioned above, or thereafter.
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 fourth
quarter 2019, lease rates for office, industrial, and retail
remained flat at $1.99/SF, $0.57/SF, and $1.41/SF respectively. For
Q1 2020 and Q2 2020, retail lease rates were not available. At Q2
2020 office rates increased to $2.04/SF and industrial decreased
further to $0.53/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, or thereafter.
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 the Bank’s
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 March 31, 2018 through December 31, 2019. The
highest occupancy rate within this time range was in third quarter
2019 at 96.9%, and the lowest was first quarter 2018 at 96.3%. As
of fourth quarter 2019, occupancy was at 96.5%. Monthly lease rates
during this period ranged from $1,367 in first quarter 2018 to
$1,495 in fourth quarter 2019. As of the second quarter 2020,
occupancy totaled 96.6% and lease rates increased to $1,513.
The trailing 12-month cap rate from first quarter 2018 through
fourth quarter 2019, ranged with some fluctuation from a high of
5.8% in fourth quarter 2019 to a low of 4.8% in the second quarter
2019. As of first quarter 2020, the 12-month cap rate was 5.3%. As
of second quarter 2020, the 12-month cap rate is no longer
available in our normal sources.
Employment. National unemployment, which
reached a high of 10.0% at October 31, 2009, had dropped steadily
over the years and stabilized. However, the recent global COVID-19
pandemic facing the nation has had a sudden and tremendous impact
on unemployment. When compared to December 2016, national
unemployment decreased from 4.7% to 4.1% in December 2017, 3.9% in
December 2018, and 3.5% as of December 2019. As of August 31, 2020,
the national unemployment rate was 8.4%, a sharp increase compared
to February 2020’s 3.9% unemployment rate but a decrease from May
31, 2020 of 13.3%.
California unemployment was 4.4% at December 31, 2017. As of
December 2018 and December 2019, the rate decreased further to 4.3%
and 3.9% respectively. The California preliminary unemployment rate
increased to 11.4% as of August 2020. The number of employed
Californians increased during years 2017 and 2018, and slowed at
year-end 2019. There were 18.5 million employed at the end of 2017,
and 18.7 million at the end of years 2018 and 2019. As of August
2020, the number of employed Californians decreased since year-end
2019 by 1,019,000 jobs.
All three of the Bank’s markets have reported positive
unemployment rate results from year-end 2017 to year-end 2019 with
an increase in unemployment in 2020 due to COVID-19. When comparing
December 31, 2017 to December 31, 2018, unemployment rates
increased slightly from 3.9% to 4.0% in the Sacramento MSA and
decreased from 2.9% to 2.6% in the Santa Rosa-Petaluma MSA. As of
December 31, 2019, the unemployment rate for Sacramento and Santa
Rosa-Petaluma MSAs decreased to 3.2% and 2.4%, respectively. Over
the same period, Amador County’s unemployment has improved,
decreasing to 4.3% at December 31, 2017, 4.0% at December 31, 2018,
and 3.6% at December 31, 2019.
As of August 2020, unemployment rates increased in all areas
compared to year-end 2019 as follows: Sacramento MSA increased from
3.2% to 9.4%, Santa-Rosa-Petaluma MSA increased from 2.4% to 7.7%,
and Amador County from 3.6% to 9.3%. All three areas of the bank
have seen an improvement in unemployment since May 2020 but still
higher than year-end 2020.
Job growth was positive in all of the Bank’s markets from
year-end 2017 to year-end 2018. Compared to December 2017, job
growth was 3.7% for Sacramento MSA, 1.6% for Santa Rosa MSA and
1.2% for Amador County as of December 2018. As of December 2019,
the number employed decreased slightly in the Sacramento MSA and
Santa Rosa MSA, 0.19% and 0.39% respectively, while Amador County
increased the number employed 2.08%. August 2020 results reflect an
increase in job growth for all three areas compared to May 2020.
The number employed in the Sacramento MSA increased by 12,000 jobs
or 1.25%, Santa Rosa MSA 12,000 jobs or 6.18%, and Amador County
970 jobs or 8.14%.
Balance Sheet Review
American River Bankshares’ assets totaled $857.9 million at
September 30, 2020, compared to $720.4 million at December 31,
2019, and $721.3 million at September 30, 2019.
Net loans totaled $471.6 million at September 30, 2020, compared
to $393.8 million at December 31, 2019, and $369.9 million at
September 30, 2019.
The loan portfolio at September 30, 2020 included: real estate
loans of $326.0 million (68% of the portfolio), Paycheck Protection
Program Loans (“PPP”) of $75.8 million (16% of the portfolio),
commercial loans of $44.4 million (9% of the portfolio) and other
loans, which consist mainly of agriculture and consumer loans of
$34.3 million (7% of the portfolio). The real estate loan portfolio
at September 30, 2020 includes: owner-occupied commercial real
estate loans of $75.6 million (23% of the real estate portfolio),
investor commercial real estate loans of $149.5 million (46% of the
real estate portfolio), multi-family real estate loans of $42.7
million (13% of the real estate portfolio), construction and land
development loans of $30.5 million (9% of the real estate
portfolio) and residential real estate loans of $27.7 million (9%
of the real estate loan portfolio).
Nonperforming assets (“NPAs”) include nonperforming loans, other
assets and other real estate owned (“OREO”). Nonperforming loans
include all such loans 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 $846,000 at September 30, 2020
compared to $1.4 million at December 31, 2019 and $957,000 at
September 30, 2019. The NPAs to total assets ratio decreased to
0.10% at the end of September 2020 from 0.19% at December 31, 2019
and from 0.13% one year ago.
At September 30, 2020 and at December 31, 2019, the Company had
one OREO property totaling $846,000 compared to a balance of
$957,000 at September 30, 2019. During the fourth quarter of 2019,
the book value of this OREO property was written down from $957,000
to $846,000 after receipt of an updated appraisal. During the
second quarter of 2020 the Company took possession of an automobile
which was held as collateral for a loan. The book value of this
automobile at June 30, 2020 was $19,000 and was classified in other
assets. This asset was sold in early July with no additional loss.
At September 30, 2020, December 31, 2019, and September 30, 2019
there was not a valuation allowance for the OREO property.
Loans measured individually for impairment were $7.1 million at
the end of September 2020, compared to $7.6 million at December 31,
2019, and $7.7 million a year ago. Specific reserves of $128,000
were held on the impaired loans at September 30, 2020, compared to
$142,000 at December 31, 2019 and $82,000 at September 30, 2019.
There was $445,000 in provision for loan losses in the third
quarter of 2020 compared to $120,000 for the third quarter of 2019.
The Company had net charge-offs of $27,000 in the third quarter of
2020, compared to net recoveries of $72,000 in the third quarter of
2019. There was $1.5 million in provision for loan losses in the
first nine months of 2020 compared to $480,000 in provision for the
first nine months of 2019. The additions to the loan loss allowance
in 2020 was due to uncertainty in the economic market during 2020
due to the COVID-19 pandemic. For the first nine months of 2020,
the Company had net charge-offs of $7,000 compared to net
recoveries of $81,000 in the first nine months of 2019. The Company
continues to gather the latest information available to perform and
update its analysis of potential loan losses. As more information
becomes available, including the economic impact of the COVID-19
pandemic, the Company will update this analysis, which could lead
to further charges to the ALLL. The Company maintains the allowance
for loan 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 losses that management
believes is appropriate at each reporting date.
During the second quarter of 2020, the Company diligently worked
with our borrowers to provide loan payment relief to those affected
by the COVID-19 pandemic. At June 30, 2020, there were 107 such
arrangements totaling $96,465,000. During the third quarter of
2020, two additional arrangements were made, four loans were paid
in full, and 70 loans began to make their regularly scheduled loan
payments. At September 30, 2020, 35 such deferral arrangements
remained totaling $38,252,000. Investment securities,
which excludes $4.2 million in stock of the Federal Home Loan Bank
of San Francisco (“FHLB Stock”), totaled $266.9 million at
September 30, 2020, up 1.8% from $262.2 million at December 31,
2019 and down 3.4% from $276.3 million at September 30, 2019. At
September 30, 2020, the investment portfolio was comprised of 91%
U.S. Government agencies or U.S. Government-sponsored agencies
(primarily mortgage-backed securities), 6% obligations of states
and political subdivisions, and 3% corporate bonds. The
reduction in the investment portfolio during the past twelve months
was used primarily to fund the increased loan growth during the
same time period.
At September 30, 2020, total deposits were $728.8 million,
compared to $604.8 million at December 31, 2019 and $612.9 million
one year ago. Core deposits increased 25.3% to $659.8 million at
September 30, 2020 from $526.7 million at September 30, 2019 and
increased 24.3% from $531.0 million at December 31, 2019. The
Company considers all deposits except time deposits as core
deposits.
At September 30, 2020, noninterest-bearing demand deposits
accounted for 41% of total deposits, interest-bearing demand
accounts were 11%, savings deposits were 12%, money market balances
accounted for 27% and time certificates were 9% of total deposits.
At September 30, 2019, noninterest-bearing demand deposits
accounted for 37% of total deposits, interest-bearing demand
accounts were 12%, savings deposits were 12%, money market balances
accounted for 25% and time certificates were 14% of total
deposits.
Shareholders’ equity increased $8.8 million (10.6%) to $91.7
million at September 30, 2020 compared to $82.9 million at December
31, 2019 and $8.9 million (10.7%) from $82.8 million at September
30, 2019. The increase in equity from December 31, 2019 was due to
a $4.8 million increase in accumulated other comprehensive income
related to an increase in the unrealized gain on securities, a $3.7
million increase in Retained Earnings due to the net income for the
year less cash dividends declared ($1.2 million), plus a $0.3
million increase in common stock from equity
compensation.
Net Interest Income
The net interest income during the third quarter of 2020
increased $792,000 (13.4%) to $6.7 million from $5.9 million in the
third quarter of 2019 and for the nine months ended September 30,
2020, net interest income increased $2.3 million (13.6%) to $19.4
million from $17.1 million for the nine months ended September 30,
2019. The net interest margin as a percentage of average earning
assets was 3.42% in the third quarter of 2020, compared to 3.48% in
the second quarter of 2020 and 3.62% in the third quarter of 2019.
For the nine months ended September 30, 2020 the net interest
margin was 3.54% compared to 3.59% for the nine months ended
September 30, 2019. Interest income for the third quarter of 2020
increased $500,000 (7.6%) to $7.1 million from $6.6 million for the
third quarter of 2019 and for the nine months ended September 30,
2020, interest income increased $1.7 million (9.4%) to $20.7
million from $19.0 million for the nine months ended September 30,
2019.
The average tax equivalent yield on earning assets decreased to
3.59% in the third quarter of 2020 from 3.99% for the third quarter
of 2019 and for the nine months ended September 30, 2020 decreased
to 3.78% from 3.98% for the nine months ended September 30, 2019.
Much of the decrease in yields for both the three- and nine-month
period comparisons can be attributed to new loans and investment
securities funded in an overall lower interest rate environment and
a large increase in cash held in interest-bearing deposits in banks
during this low rate environment. The average balance of
interest-bearing deposits in banks increased $38.6 million (282.4%)
from $13.7 million to $52.2 million for the third quarter of 2020,
while the yield decreased from 2.06% to 0.14% during that same time
period. Interest-bearing deposits in banks increased $29.0 million
(319.3%) from $9.1 million to $38.1 million for the first nine
months of 2020 while the yield decreased from 2.22% to 0.26%.
The average balance of earning assets increased $131.9 million
(20.1%) from $655.9 million in the third quarter of 2019 to $787.8
million in the third quarter of 2020 and for the nine months ended
September 30, 2020, increased $96.8 million (15.1%) to $739.4
million from $642.6 million for the nine months ended September 30,
2019. The average PPP loans outstanding during the third quarter of
2020 was $75.8 million.
Interest expense for the third quarter of 2020 decreased
$292,000 (46.6%) to $335,000 from $627,000 for the third quarter of
2019 and for the nine months ended September 30, 2020 decreased
$541,000 (29.1%) to $1.3 million from $1.9 million for the nine
months ended September 30, 2019. The decrease in interest expense
is related to a reduction in some higher rate time deposits. As
these time deposits matured, they renewed at lower market rates or
they exited the Company and were replaced by lower cost checking
and money market accounts. Average time deposits decreased $17.6
million (20.3%) from $86.9 million during the third quarter of 2019
to $69.3 million during the third quarter of 2020 and the cost of
those funds decreased from 1.75% to 0.74% during that same time
period. The average cost of funds decreased from 0.64% in the third
quarter of 2019 to 0.29% in the third quarter of 2020. Average
interest-bearing deposits increased $69.8 million (17.9%) from
$389.2 million during the third quarter of 2019 to $459.0 million
during the third quarter of 2020.
Noninterest Income and Expense
Noninterest income for the third quarter of 2020 was $374,000, a
decrease of $43,000 (10.3%) from $417,000 in the third quarter of
2019 and was $1.2 million, a decrease of $87,000 (7.0%) for the
nine months ended September 30, 2020 compared to the first nine
months of 2019. For both periods, the decrease in noninterest
income was predominately related to a decrease in gain on sale of
securities from a gain of $9,000 in the third quarter of 2019 to no
gain in the third quarter of 2020 and from $74,000 in the first
nine months of 2019 to $38,000 for the first nine months of 2020.
Service charges also decreased from $149,000 in the third quarter
of 2019 to $115,000 in 2020 and from $409,000 in the first nine
months of 2019 to $381,000 for the same period in 2020.
The decrease in 2020 is largely due to higher average deposit
balances resulting from PPP loan fundings and other governmental
programs.
Noninterest expense increased $130,000 (3.2%) to $4.2 million
for the third quarter of 2020 from $4.1 million in the third
quarter of 2019 largely due to an increase in FDIC insurance
assessments from a reversal of $47,000 in the third quarter of 2019
to an expense of $62,000 in the third quarter of 2020 due to the
receipt of the FDIC’s Small Bank Assessment Credits in the third
quarter of 2019. Noninterest expense decreased $146,000 (1.2%) from
$12.5 million for the nine months ended September 30, 2019 to $12.4
million for the same period in 2020. The decrease is
primarily due to a decrease in salaries and employee benefits of
$158,000 (1.9%) from the first nine months of 2019 to the first
nine months of 2020 due to an increase in deferral of direct loan
costs, which reduced salary expense. Each PPP loan that was
recorded had an associated cost. The total cost for all of the PPP
loans funded during the nine months ending September 30, 2020 was
$332,000. The decrease in noninterest expense is also due to a
decrease in other expenses of $77,000 (2.7%) to $2.8 million in the
first nine months of 2020, which includes costs such as insurance,
advertising, director expenses, technology and telephone expenses,
and bank charges. The largest change within the other expenses
category is in advertising and business development.
Advertising and business development decreased $254,000 (58.8%)
from $432,000 in the first nine months of 2019 to $178,000 in the
first nine months of 2020. Much of this decrease is related to the
shelter in place order within our markets reducing the number of
business development opportunities and events.
The fully taxable equivalent efficiency ratio for the third
quarter of 2020 decreased to 59.1% from 64.0% from the third
quarter of 2019 and for the nine months ended September 30, 2020,
decreased to 59.6% from 67.6% for the nine months ended September
30, 2019.
Provision for Income Taxes
Federal and state income taxes for the quarter ended September
30, 2020 increased by $86,000 (15.3%) from $561,000 in the third
quarter of 2019 to $647,000 in the third quarter of 2020 and
increased $418,000 (30.3%) from $1.4 million in the first nine
months of 2019 to $1.8 million in 2020. The higher provision for
taxes in 2020 compared to 2019 primarily resulted from a lower
level of tax benefits from tax-exempt investments and equity
compensation and an increase in taxable income in 2020.
Earnings Conference Call
The third quarter earnings conference call will be held
Thursday, October 22, 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 (888)
517-2513 and entering the Conference ID 8786 097#. 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 provide financial expertise and
exceptional service to complement a full suite of banking products
and services to meet the needs of the communities we serve. For
more information, call (800) 544-0545 or visit our website at
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 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 Losses and Income Taxes
(non-GAAP financial measures)
Income before provision for loan losses and income taxes
(pretax, pre-provision income) adds back both the provision for
loan losses and the provision for income taxes to net income.
The Company believes the income before deducting the provisions for
loan 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 2019 and 2020 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, 2019, 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) |
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
September 30, |
ASSETS |
|
2020 |
|
|
2019 |
|
|
2019 |
Cash and due
from banks |
$ |
16,559 |
|
$ |
15,258 |
|
$ |
14,512 |
Federal
funds sold |
|
- |
|
|
- |
|
|
- |
Interest-bearing deposits in banks |
|
56,469 |
|
|
2,552 |
|
|
14,870 |
Investment
securities |
|
266,932 |
|
|
262,213 |
|
|
276,311 |
Loans: |
|
|
|
|
|
|
|
|
Commercial |
|
44,352 |
|
|
43,019 |
|
|
41,079 |
Paycheck Protection Program loans ("PPP") |
|
75,804 |
|
|
- |
|
|
- |
Real estate: |
|
|
|
|
|
|
|
|
Commercial |
|
225,129 |
|
|
214,604 |
|
|
202,714 |
Multi-family |
|
42,739 |
|
|
56,818 |
|
|
57,221 |
Construction |
|
30,504 |
|
|
23,169 |
|
|
13,657 |
Residential |
|
27,720 |
|
|
29,180 |
|
|
28,978 |
Agriculture |
|
6,138 |
|
|
6,479 |
|
|
6,570 |
Consumer |
|
28,160 |
|
|
26,392 |
|
|
25,277 |
|
|
480,546 |
|
|
399,661 |
|
|
375,496 |
Deferred loan origination costs (fees), net |
|
(2,283) |
|
|
(721) |
|
|
(603) |
Allowance for loan losses |
|
(6,616) |
|
|
(5,138) |
|
|
(4,953) |
Loans, net |
|
471,647 |
|
|
393,802 |
|
|
369,940 |
Bank
premises and equipment, net |
|
948 |
|
|
1,191 |
|
|
1,217 |
Goodwill and
intangible assets |
|
16,321 |
|
|
16,321 |
|
|
16,321 |
Investment
in Federal Home Loan Bank Stock |
|
4,212 |
|
|
4,259 |
|
|
4,259 |
Other real
estate owned, net |
|
846 |
|
|
846 |
|
|
957 |
Accrued
interest receivable and other assets |
|
24,000 |
|
|
23,911 |
|
|
22,894 |
|
$ |
857,934 |
|
$ |
720,353 |
|
$ |
721,281 |
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
$ |
295,862 |
|
$ |
227,055 |
|
$ |
228,517 |
Interest
checking |
|
84,390 |
|
|
69,834 |
|
|
70,712 |
Money
market |
|
193,647 |
|
|
158,319 |
|
|
151,469 |
Savings |
|
85,937 |
|
|
75,820 |
|
|
75,980 |
Time
deposits |
|
68,995 |
|
|
73,809 |
|
|
86,226 |
Total deposits |
|
728,831 |
|
|
604,837 |
|
|
612,904 |
Short-term
borrowings |
|
12,000 |
|
|
9,000 |
|
|
5,000 |
Long-term
borrowings |
|
15,460 |
|
|
10,500 |
|
|
10,500 |
Accrued
interest and other liabilities |
|
9,959 |
|
|
13,107 |
|
|
10,028 |
Total liabilities |
|
766,250 |
|
|
637,444 |
|
|
638,432 |
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Common
stock |
$ |
30,855 |
|
$ |
30,536 |
|
$ |
30,466 |
Retained
earnings |
|
54,290 |
|
|
50,581 |
|
|
49,487 |
Accumulated
other comprehensive income |
|
6,539 |
|
|
1,792 |
|
|
2,896 |
Total shareholders' equity |
|
91,684 |
|
|
82,909 |
|
|
82,849 |
|
$ |
857,934 |
|
$ |
720,353 |
|
$ |
721,281 |
|
|
|
|
|
|
|
|
|
Ratios: |
|
|
|
|
|
|
|
|
Nonperforming loans to total loans |
|
0.00% |
|
|
0.00% |
|
|
0.00% |
Net
chargeoffs (recoveries) to average loans (annualized) |
|
0.02% |
|
|
-0.02% |
|
|
-0.03% |
Allowance
for loan losses to total loans |
|
1.38% |
|
|
1.29% |
|
|
1.32% |
Allowance
for loan losses to total non PPP loans |
|
1.64% |
|
|
1.29% |
|
|
1.32% |
|
|
|
|
|
|
|
|
|
American River Bank Capital Ratios: |
|
|
|
|
|
|
|
|
Leverage
Capital Ratio |
|
8.31% |
|
|
9.26% |
|
|
9.32% |
Common
Equity Tier 1 Risk-Based Capital |
|
15.42% |
|
|
14.93% |
|
|
15.55% |
Tier 1
Risk-Based Capital Ratio |
|
15.42% |
|
|
14.93% |
|
|
15.55% |
Total
Risk-Based Capital Ratio |
|
16.67% |
|
|
16.10% |
|
|
16.74% |
|
|
|
|
|
|
|
|
|
American River Bankshares Capital Ratios: |
|
|
|
|
|
|
|
|
Leverage
Capital Ratio |
|
8.23% |
|
|
9.16% |
|
|
9.22% |
Tier 1
Risk-Based Capital Ratio |
|
15.27% |
|
|
14.77% |
|
|
15.38% |
Total
Risk-Based Capital Ratio |
|
16.52% |
|
|
15.94% |
|
|
16.58% |
|
|
|
|
|
|
|
|
|
Nonperforming loans |
|
- |
|
|
- |
|
|
- |
|
Nonperforming assets |
|
846 |
|
|
1,363 |
|
|
957 |
|
|
|
|
|
|
|
|
|
|
American
River Bankshares |
Condensed
Consolidated Statements of Income (Unaudited) |
(Dollars in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third |
|
Third |
|
|
|
|
For the Nine
Months |
|
|
|
|
Quarter |
|
Quarter |
% |
|
|
Ended
September 30, |
% |
|
|
2020 |
|
2019 |
Change |
|
|
2020 |
|
2019 |
Change |
Interest income |
$ |
7,055 |
|
$ |
6,555 |
|
7.6 |
|
% |
|
$ |
20,745 |
|
$ |
18,963 |
|
9.4 |
|
% |
Interest
expense |
|
335 |
|
|
627 |
|
(46.6 |
) |
% |
|
|
1,317 |
|
|
1,858 |
|
(29.1 |
) |
% |
Net interest
income |
|
6,720 |
|
|
5,928 |
|
13.4 |
|
% |
|
|
19,428 |
|
|
17,105 |
|
13.6 |
|
% |
Provision
for loan losses |
|
445 |
|
|
120 |
|
(270.8 |
) |
% |
|
|
1,485 |
|
|
480 |
|
(209.4 |
) |
% |
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
115 |
|
|
149 |
|
(22.8 |
) |
% |
|
|
381 |
|
|
409 |
|
(6.8 |
) |
% |
Gain on sale of securities |
|
- |
|
|
9 |
|
(100.0 |
) |
% |
|
|
38 |
|
|
74 |
|
(48.6 |
) |
% |
Other noninterest income |
|
259 |
|
|
259 |
|
- |
|
% |
|
|
743 |
|
|
766 |
|
(3.0 |
) |
% |
Total noninterest income |
|
374 |
|
|
417 |
|
(10.3 |
) |
% |
|
|
1,162 |
|
|
1,249 |
|
(7.0 |
) |
% |
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
2,889 |
|
|
2,898 |
|
(0.3 |
) |
% |
|
|
8,265 |
|
|
8,423 |
|
(1.9 |
) |
% |
Occupancy |
|
218 |
|
|
256 |
|
(14.8 |
) |
% |
|
|
733 |
|
|
768 |
|
(4.6 |
) |
% |
Furniture and equipment |
|
140 |
|
|
120 |
|
16.7 |
|
% |
|
|
422 |
|
|
400 |
|
5.5 |
|
% |
Federal Deposit Insurance Corporation assessments |
62 |
|
|
(47 |
) |
(231.9 |
) |
% |
|
|
138 |
|
|
48 |
|
187.5 |
|
% |
Expenses related to other real estate owned |
|
4 |
|
|
7 |
|
(42.9 |
) |
% |
|
|
27 |
|
|
15 |
|
80.0 |
|
% |
Other expense |
|
910 |
|
|
859 |
|
5.9 |
|
% |
|
|
2,770 |
|
|
2,847 |
|
(2.7 |
) |
% |
Total noninterest expense |
|
4,223 |
|
|
4,093 |
|
3.2 |
|
% |
|
|
12,355 |
|
|
12,501 |
|
(1.2 |
) |
% |
Income
before provision for income taxes |
|
2,426 |
|
|
2,132 |
|
13.8 |
|
% |
|
|
6,750 |
|
|
5,373 |
|
25.6 |
|
% |
Provision
for income taxes |
|
647 |
|
|
561 |
|
15.3 |
|
% |
|
|
1,798 |
|
|
1,380 |
|
30.3 |
|
% |
Net
income |
$ |
1,779 |
|
$ |
1,571 |
|
13.2 |
|
% |
|
$ |
4,952 |
|
$ |
3,993 |
|
24.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
$ |
0.30 |
|
$ |
0.27 |
|
11.1 |
|
% |
|
$ |
0.84 |
|
$ |
0.68 |
|
23.5 |
|
% |
Diluted
earnings per share |
$ |
0.30 |
|
$ |
0.27 |
|
11.1 |
|
% |
|
$ |
0.84 |
|
$ |
0.68 |
|
23.5 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin as a percentage of average earning assets |
|
3.42 |
% |
|
3.62 |
% |
|
|
|
|
3.54 |
% |
|
3.59 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
diluted shares outstanding |
|
5,886,304 |
|
|
5,870,916 |
|
|
|
|
|
5,882,693 |
|
|
5,863,979 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Ratios (annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.82 |
% |
|
0.88 |
% |
|
|
|
|
0.82 |
% |
|
0.77 |
% |
|
|
Return on average equity |
|
7.79 |
% |
|
7.65 |
% |
|
|
|
|
7.52 |
% |
|
6.81 |
% |
|
|
Return on average tangible equity |
|
9.49 |
% |
|
9.57 |
% |
|
|
|
|
9.24 |
% |
|
8.60 |
% |
|
|
Efficiency ratio (fully taxable equivalent) |
|
59.12 |
% |
|
64.01 |
% |
|
|
|
|
59.56 |
% |
|
67.57 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 losses and income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third |
|
Third |
|
|
|
|
For the Nine
Months |
|
|
|
|
Quarter |
|
Quarter |
|
|
|
|
Ended
September 30, |
|
|
|
|
2020 |
|
2019 |
|
|
|
|
2020 |
|
2019 |
|
|
Reported net
income |
$ |
1,779 |
|
$ |
1,571 |
|
|
|
|
$ |
4,952 |
|
$ |
3,993 |
|
|
|
Provision
for loan and lease losses |
|
445 |
|
|
120 |
|
|
|
|
|
1,485 |
|
|
480 |
|
|
|
Provision
for income taxes |
|
647 |
|
|
561 |
|
|
|
|
|
1,798 |
|
|
1,380 |
|
|
|
Pretax,
pre-provision income |
$ |
2,871 |
|
$ |
2,252 |
|
|
|
|
$ |
8,235 |
|
$ |
5,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American
River Bankshares |
Condensed
Consolidated Statements of Income (Unaudited) |
(Dollars in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
Third |
|
Second |
|
First |
|
Fourth |
|
Third |
|
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
2019 |
Interest income |
$ |
7,055 |
|
$ |
6,975 |
|
$ |
6,715 |
|
$ |
6,707 |
|
$ |
6,555 |
|
Interest
expense |
|
335 |
|
|
455 |
|
|
527 |
|
|
603 |
|
|
627 |
|
Net interest
income |
|
6,720 |
|
|
6,520 |
|
|
6,188 |
|
|
6,104 |
|
|
5,928 |
|
Provision
for loan losses |
|
445 |
|
|
545 |
|
|
495 |
|
|
180 |
|
|
120 |
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
115 |
|
|
111 |
|
|
155 |
|
|
149 |
|
|
149 |
|
Gain on sale of securities |
|
- |
|
|
- |
|
|
38 |
|
|
41 |
|
|
9 |
|
Other noninterest income |
|
259 |
|
|
225 |
|
|
259 |
|
|
249 |
|
|
259 |
|
Total noninterest income |
|
374 |
|
|
336 |
|
|
452 |
|
|
439 |
|
|
417 |
|
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
2,889 |
|
|
2,511 |
|
|
2,865 |
|
|
2,893 |
|
|
2,898 |
|
Occupancy |
|
218 |
|
|
259 |
|
|
256 |
|
|
255 |
|
|
256 |
|
Furniture and equipment |
|
140 |
|
|
139 |
|
|
143 |
|
|
142 |
|
|
120 |
|
Federal Deposit Insurance Corporation assessments |
|
62 |
|
|
49 |
|
|
27 |
|
|
- |
|
|
(47 |
) |
Expenses related to other real estate owned |
|
4 |
|
|
18 |
|
|
5 |
|
|
119 |
|
|
7 |
|
Other expense |
|
910 |
|
|
940 |
|
|
920 |
|
|
936 |
|
|
859 |
|
Total noninterest expense |
|
4,223 |
|
|
3,916 |
|
|
4,216 |
|
|
4,345 |
|
|
4,093 |
|
Income
before provision for income taxes |
|
2,426 |
|
|
2,395 |
|
|
1,929 |
|
|
2,018 |
|
|
2,132 |
|
Provision
for income taxes |
|
647 |
|
|
654 |
|
|
497 |
|
|
511 |
|
|
561 |
|
Net
income |
$ |
1,779 |
|
$ |
1,741 |
|
$ |
1,432 |
|
$ |
1,507 |
|
$ |
1,571 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
$ |
0.30 |
|
$ |
0.30 |
|
$ |
0.24 |
|
$ |
0.26 |
|
$ |
0.27 |
|
Diluted
earnings per share |
$ |
0.30 |
|
$ |
0.30 |
|
$ |
0.24 |
|
$ |
0.26 |
|
$ |
0.27 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin as a percentage of average earning assets |
|
3.42 |
% |
|
3.48 |
% |
|
3.75 |
% |
|
3.63 |
% |
|
3.62 |
% |
|
|
|
|
|
|
|
|
|
|
|
Average
diluted shares outstanding |
|
5,886,304 |
|
|
5,879,219 |
|
|
5,883,576 |
|
|
5,881,901 |
|
|
5,870,916 |
|
Shares
outstanding-end of period |
|
5,938,009 |
|
|
5,938,009 |
|
|
5,918,375 |
|
|
5,898,878 |
|
|
5,903,228 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Ratios (annualized): |
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.82 |
% |
|
0.85 |
% |
|
0.80 |
% |
|
0.82 |
% |
|
0.88 |
% |
Return on average equity |
|
7.79 |
% |
|
7.98 |
% |
|
6.77 |
% |
|
7.22 |
% |
|
7.65 |
% |
Return on average tangible equity |
|
9.49 |
% |
|
9.81 |
% |
|
8.38 |
% |
|
8.99 |
% |
|
9.57 |
% |
Efficiency ratio (fully taxable equivalent) |
|
59.12 |
% |
|
56.71 |
% |
|
62.96 |
% |
|
65.74 |
% |
|
64.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
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 losses taxes to net
income. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Third |
|
Second |
|
First |
|
Fourth |
|
Third |
|
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
2019 |
Reported net
income |
$ |
1,779 |
|
$ |
1,741 |
|
$ |
1,432 |
|
$ |
1,507 |
|
$ |
1,571 |
|
Provision
for loan losses |
|
445 |
|
|
545 |
|
|
495 |
|
|
180 |
|
|
120 |
|
Provision
for income taxes |
|
647 |
|
|
654 |
|
|
497 |
|
|
511 |
|
|
561 |
|
Pretax,
pre-provision income |
$ |
2,871 |
|
$ |
2,940 |
|
$ |
2,424 |
|
$ |
2,198 |
|
$ |
2,252 |
|
|
|
|
|
|
|
|
|
|
|
|
American
River Bankshares |
Analysis of
Net Interest Margin on Earning Assets (Unaudited) |
(Taxable Equivalent
Basis) |
(Dollars in
thousands) |
Three months ended September 30, |
|
2020 |
|
|
2019 |
ASSETS |
Avg
Balance |
Interest |
Avg
Yield |
|
Avg
Balance |
Interest |
Avg
Yield |
Taxable loans and leases |
$ |
452,301 |
|
$ |
5,275 |
4.64 |
% |
|
$ |
346,598 |
|
$ |
4,397 |
5.03 |
% |
Tax-exempt
loans and leases |
|
20,616 |
|
|
244 |
4.71 |
% |
|
|
21,562 |
|
|
224 |
4.12 |
% |
Taxable
investment securities |
|
257,171 |
|
|
1,523 |
2.36 |
% |
|
|
267,012 |
|
|
1,846 |
2.74 |
% |
Tax-exempt
investment securities |
|
5,428 |
|
|
43 |
3.15 |
% |
|
|
7,103 |
|
|
66 |
3.69 |
% |
Federal
funds sold |
|
- |
|
|
- |
N/A |
|
|
|
- |
|
|
- |
0.00 |
% |
Interest-bearing deposits in banks |
|
52,240 |
|
|
19 |
0.14 |
% |
|
|
13,662 |
|
|
71 |
2.06 |
% |
Total earning assets |
|
787,756 |
|
|
7,104 |
3.59 |
% |
|
|
655,937 |
|
|
6,604 |
3.99 |
% |
Cash &
due from banks |
|
39,524 |
|
|
|
|
|
17,215 |
|
|
|
Other
assets |
|
40,845 |
|
|
|
|
|
40,406 |
|
|
|
Allowance
for loan & lease losses |
|
(6,282 |
) |
|
|
|
|
(4,860 |
) |
|
|
|
$ |
861,843 |
|
|
|
|
$ |
708,698 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Interest
checking and money market |
$ |
279,104 |
|
$ |
126 |
0.18 |
% |
|
$ |
211,930 |
|
$ |
155 |
0.29 |
% |
Savings |
|
83,140 |
|
|
7 |
0.03 |
% |
|
|
74,738 |
|
|
7 |
0.04 |
% |
Time
deposits |
|
69,269 |
|
|
128 |
0.74 |
% |
|
|
86,938 |
|
|
383 |
1.75 |
% |
Other
borrowings |
|
27,460 |
|
|
74 |
1.07 |
% |
|
|
15,614 |
|
|
82 |
2.08 |
% |
Total interest bearing liabilities |
|
458,973 |
|
|
335 |
0.29 |
% |
|
|
389,220 |
|
|
627 |
0.64 |
% |
Noninterest
bearing demand deposits |
|
301,505 |
|
|
|
|
|
227,644 |
|
|
|
Other
liabilities |
|
10,476 |
|
|
|
|
|
10,368 |
|
|
|
Total liabilities |
|
770,954 |
|
|
|
|
|
627,232 |
|
|
|
Shareholders' equity |
|
90,889 |
|
|
|
|
|
81,466 |
|
|
|
|
$ |
861,843 |
|
|
|
|
$ |
708,698 |
|
|
|
Net
interest income & margin |
|
$ |
6,769 |
3.42 |
% |
|
|
$ |
5,977 |
3.62 |
% |
|
|
|
|
|
|
|
|
Nine
months ended September 30, |
|
2020 |
|
|
2019 |
ASSETS |
Avg
Balance |
Interest |
Avg
Yield |
|
Avg
Balance |
Interest |
Avg
Yield |
Taxable
loans and leases |
$ |
417,667 |
|
$ |
15,034 |
4.81 |
% |
|
$ |
330,312 |
|
$ |
12,329 |
4.99 |
% |
Tax-exempt
loans and leases |
|
21,628 |
|
|
767 |
4.74 |
% |
|
|
19,406 |
|
|
604 |
4.16 |
% |
Taxable
investment securities |
|
256,566 |
|
|
4,894 |
2.55 |
% |
|
|
272,738 |
|
|
5,756 |
2.82 |
% |
Tax-exempt
investment securities |
|
5,415 |
|
|
131 |
3.23 |
% |
|
|
10,822 |
|
|
266 |
3.29 |
% |
Federal
funds sold |
|
- |
|
|
- |
N/A |
|
|
|
231 |
|
|
5 |
2.89 |
% |
Interest-bearing deposits in banks |
|
38,136 |
|
|
73 |
0.26 |
% |
|
|
9,096 |
|
|
151 |
2.22 |
% |
Total earning assets |
|
739,412 |
|
|
20,899 |
3.78 |
% |
|
|
642,605 |
|
|
19,111 |
3.98 |
% |
Cash &
due from banks |
|
28,212 |
|
|
|
|
|
16,356 |
|
|
|
Other
assets |
|
40,507 |
|
|
|
|
|
41,048 |
|
|
|
Allowance
for loan & lease losses |
|
(5,743 |
) |
|
|
|
|
(4,645 |
) |
|
|
|
$ |
802,388 |
|
|
|
|
$ |
695,364 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Interest
checking and money market |
$ |
258,497 |
|
$ |
505 |
0.26 |
% |
|
$ |
208,607 |
|
$ |
369 |
0.24 |
% |
Savings |
|
78,869 |
|
|
21 |
0.04 |
% |
|
|
73,596 |
|
|
21 |
0.04 |
% |
Time
deposits |
|
70,085 |
|
|
548 |
1.04 |
% |
|
|
87,655 |
|
|
1,168 |
1.78 |
% |
Other
borrowings |
|
22,876 |
|
|
243 |
1.42 |
% |
|
|
19,341 |
|
|
300 |
2.07 |
% |
Total interest bearing liabilities |
|
430,327 |
|
|
1,317 |
0.41 |
% |
|
|
389,199 |
|
|
1,858 |
0.64 |
% |
Noninterest
bearing demand deposits |
|
273,016 |
|
|
|
|
|
217,760 |
|
|
|
Other
liabilities |
|
11,140 |
|
|
|
|
|
10,019 |
|
|
|
Total liabilities |
|
714,483 |
|
|
|
|
|
616,978 |
|
|
|
Shareholders' equity |
|
87,905 |
|
|
|
|
|
78,386 |
|
|
|
|
$ |
802,388 |
|
|
|
|
$ |
695,364 |
|
|
|
Net
interest income & margin |
|
$ |
19,582 |
3.54 |
% |
|
|
$ |
17,253 |
3.59 |
% |
|
|
|
|
|
|
|
|
Grafico Azioni American River Bankshares (NASDAQ:AMRB)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni American River Bankshares (NASDAQ:AMRB)
Storico
Da Mag 2023 a Mag 2024