American River Bankshares Reports Fourth Quarter 2019 Results
Sacramento, CA, January 23, 2020 – 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.”
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.
Forward-Looking Statement 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.
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