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American River Bankshares (NASDAQ:AMRB) today reported net income of $1.5 million, or $0.20 per diluted share for the third quarter of 2015 compared to $1.1 million, or $0.14 per diluted share for the third quarter of 2014. For the nine months ended September 30, 2015, net income was $3.8 million or $0.50 per diluted share, compared to $3.2 million or $0.39 per diluted share for the nine months ended September 30, 2014.
“Our plan has been to leverage our people, our liquidity and our capital in a drive to regain our top performer status,” said David Taber, President and CEO of American River Bankshares. “The third quarter provided the strongest evidence to-date of our progress as net loans increased by $14 million, overhead decreased by 3% and EPS increased by 43%.”
Financial Highlights
– Net loans outstanding at September 30, 2015 increased by $14.4 million (5.2%) during the quarter. Core deposits increased $10.9 million (2.6%) during the third quarter of 2015.
– The third quarter 2015 net interest margin was 3.72%, compared to 3.69% for the second quarter of 2015 and 3.49% for the third quarter of 2014. For the nine months ended September 30, 2015, the net interest margin was 3.62%, compared to 3.58% for the nine months ended September 30, 2014.
– Net interest income was $5.2 million in the third quarter, compared to $5.0 million in the second quarter of 2015 and $4.7 million in the third quarter of 2014. For the nine months ended September 30, 2015, net interest income was $14.9 million, compared to $14.1 million for the nine months ended September 30, 2014.
– The allowance for loan and lease losses was $4.9 million (1.67% of total loans and leases) at September 30, 2015, compared to $5.4 million (1.91% of total loans and leases) at June 30, 2015 and $5.5 million (2.16% of total loans and leases) at September 30, 2014. The allowance for loan and lease losses to nonperforming loans and leases was 255.1% at September 30, 2015, compared to 218.4% at June 30, 2015 and 301.5% at September 30, 2014.
– Shareholders’ equity was $86.3 million at September 30, 2015 compared to $88.2 million at June 30, 2015 and $88.2 million at September 30, 2014. Tangible book value per share was $9.53 at September 30, 2015 compared to $9.30 at June 30, 2015 and $8.88 at September 30, 2014. Book value per share was $11.75 per share at September 30, 2015 compared to $11.41 per share at June 30, 2015 and $10.90 at September 30, 2014.
– In the third quarter, the 2015 Stock Repurchase Program resulted in the Company repurchasing 386,508 shares of its common stock at an average price of $10.03 per share. For the nine months ended September 30, 2015, the Company repurchased 790,989 shares of its common stock at an average price of $9.87 per share. The 2015 Stock Repurchase Program that was announced on July 16, 2015 has been completed.
– During the third quarter of 2015, the efficiency ratio was 59.1%, down from 69.5% in the third quarter of 2014. This is the lowest efficiency ratio since the fourth quarter of 2009.
– The Company remains above the well-capitalized regulatory guidelines. At September 30, 2015, American River Bankshares’ Leverage ratio was 10.8% compared to 11.5% at June 30, 2015 and 11.7% at September 30, 2014; the Tier 1 Risk-Based Capital ratio was 19.0% compared to 20.0% at June 30, 2015 and 21.6% at September 30, 2014; and the Total Risk-Based Capital ratio was 20.3% compared to 21.3% at June 30, 2015 and 22.9% at September 30, 2014.
