American River Bankshares (AMRB)

[56Chevy]

AMRB Reports a 74% Increase in EPS

Sacramento, CA, April 17, 2014 – American River Bankshares (NASDAQ-GS: AMRB) today reported net income of $1.0 million, or $0.12 per diluted share for the first quarter of 2014 compared to $622,000, or $0.07 per diluted share for the first quarter of 2013.

“First quarter results displayed the steady and consistent progress the American River Bank team has been making in all aspects of our business,” said David Taber, President and CEO of American River Bankshares. “Increases in core deposits and loans contributed to the positive trend in our net interest margin.” Taber continued, “In addition, our successful stock repurchase program and stable expense management resulted in a 74% increase in EPS.”

Financial Highlights

•Nonperforming assets (“NPAs”) declined to $9.4 million, or 1.56% of total assets at March 31, 2014, compared to $9.5 million, or 1.60% of total assets at December 31, 2013, and $13.8 million, or 2.34% of total assets a year ago. Other real estate owned (“OREO”) remained flat at $6.6 million at March 31, 2014, compared to $6.6 million at December 31, 2013, and declined 25.8% compared to $8.9 million one year ago.

•The allowance for loan and lease losses was $5.4 million (2.06% of total loans and leases) at March 31, 2014, compared to $5.3 million (2.08% of total loans and leases) at December 31, 2013 and $5.9 million (2.35% of total loans and leases) one year ago. The allowance for loan and lease losses to nonperforming loans and leases increased to 285.3% at March 31, 2014, from 270.1% at December 31, 2013 and 122.7% one year ago.

•The Company’s subsidiary, American River Bank, remains above the well-capitalized regulatory guidelines. At March 31, 2014, American River Bank’s Leverage ratio was 11.7% compared to 11.9% at December 31, 2013 and 12.7% one year ago; the Tier 1 Risk Based Capital ratio was 21.2% compared to 22.0% at December 31, 2013 and 24.1% one year ago; and the Total Risk Based Capital ratio was 22.5% compared to 23.3% at December 31, 2013 and 25.4% one year ago.

•The first quarter 2014 net interest margin was 3.60%, up from 3.44% for the fourth quarter of 2013 and 3.53% for the first quarter of 2013. Net interest income increased for the third consecutive quarter; increasing from $4.2 million in the first quarter of 2013 to $4.7 million in the first quarter of 2014.

•Shareholders’ equity was $85.9 million at March 31, 2014 compared to $87.0 million at December 31, 2013 and $92.7 million at March 31, 2013. Tangible book value grew 2% from $8.33 per share at December 31, 2013 and 2% from $8.39 per share at March 31, 2013 to $8.53 per share at March 31, 2014. Book value per share increased 3% from $10.25 per share at December 31, 2013 and 3% from $10.18 per share from a year ago to $10.53 per share at March 31, 2014.

* No TARP.

https://www.americanriverbank.com/Press-Releases/News127/#.U7IztP1OWUk

FD: I do not own shares of AMRB at this time.

However I like the bank...it's financially very healthy and Mr. Market has it On Sale priced at just 83% of BV. Banks of this size and financial strength are good acquisition targets in Calif...many of those deals have captured 1.5 ~ 2 X Book Value.

Marker;
American River Banks (AMRB)
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