American River Bankshares Reports Fourth Quarter 2020 Results
Sacramento, CA, January 28, 2021 – American River Bankshares (NASDAQ-GS: AMRB) today reported net income of $2.1 million or $0.36 per diluted share for the fourth quarter of 2020 compared to a net income of $1.5 million or $0.26 per diluted share for the fourth quarter of 2019. For the twelve months ended December 31, 2020, net income was $7.1 million or $1.20 per diluted share, compared to $5.5 million or $0.94 per diluted share for the twelve months ended December 31, 2019.
“Despite the challenges we all faced in 2020, our financial results bear out the determination of our Company, employees and clients. Our results were driven by our ability to adjust to the pandemic and the low interest rate environment,” said David E. Ritchie, Jr., President and Chief Executive Officer. “This would include funding nearly 500 Paycheck Protection Program (PPP) loans for our business clients and working tirelessly to help them with the forgiveness process while growing both sides of the balance sheet with a focus on maintaining our strong credit culture.”
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.
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, 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.
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