American River Bankshares (NASDAQ-GS: AMRB) today reported net
income of $1.7 million, or $0.30 per diluted share for the second
quarter of 2020 compared to $1.3 million, or $0.22 per diluted
share for the second quarter of 2019. For the six months
ended June 30, 2020, net income was $3.2 million or $0.54 per
diluted share, compared to $2.4 million or $0.41 per diluted share
for the six months ended June 30, 2019.
“As one would expect, the second quarter 2020 was significantly
impacted by the COVID-19 pandemic. Much of our activity was
focused on addressing the issues caused by the pandemic,” said
David E. Ritchie, Jr., President and Chief Executive Officer. “Our
priority was keeping our staff and clients safe and helping our
clients navigate this crisis through loan deferrals and PPP
loans.”
Financial Highlights
- Net loans increased $102.0 million (28.5%) from June 30, 2019
to June 30, 2020. During the first half of 2020, net loans
increased $66.6 million (16.9%). 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 employees in our local communities. The Company
funded 477 PPP loans totaling $80.2 million in the second quarter
of 2020. At June 30, 2020, loan totals included $75.8 million
in PPP loans.
- Deposits increased $160.5 million (27.6%) from June 30, 2019 to
June 30, 2020 and increased $136.8 million (22.6%) during the first
six months of 2020.
- The second quarter 2020 net interest margin was 3.48%, compared
to 3.75% for the first quarter of 2020 and 3.57% for the second
quarter of 2019. The net interest margin for the six months
ended June 30, 2020 was 3.60%, compared to 3.58% for the six months
ended June 30, 2019.
- Net interest income was $6.5 million in the second quarter of
2020, compared to $5.6 million in the second quarter of 2019.
For the six months ended June 30, 2020, net interest income
was $12.7 million, compared to $11.2 million for the six months
ended June 30, 2019.
- Pretax, pre-provision income increased $1.0 million (54.7%) to
$2.9 million in the second quarter of 2020, compared to $1.9
million in the second quarter of 2019. For the six months
ended June 30, 2020 pretax, pre-provision income was $5.4 million,
an increase of $1.8 million (49.0%) when compared to $3.6 million
for the first six months of 2019.
- The allowance for loan losses was $6.2 million (1.33% of total
loans) at June 30, 2020, compared to $4.8 million (1.31% of total
loans) at June 30, 2019. The $75.8 million of PPP loans are
100% Guaranteed by the Small Business Administration (“SBA”) and,
therefore, do not carry the same risk of loss as the rest of the
loan portfolio. Excluding PPP loans and the related loan
fees, the allowance for loan losses to total loans was 1.58% at
June 30, 2020. There were no nonperforming loans at June 30,
2020, December 31, 2019 or June 30, 2019.
- Shareholders’ equity was $90.3 million at June 30, 2020,
compared to $86.9 million at March 31, 2020 and $80.9 million at
June 30, 2019. Tangible book value per share was $12.45 at
June 30, 2020, compared to $11.92 at March 31, 2020 and $10.94 at
June 30, 2019. Book value per share was $15.20 per share at
June 30, 2020, compared to $14.68 per share at March 31, 2020 and
$13.71 per share at June 30, 2019.
- The Company continued the quarterly cash dividend by paying a
$0.07 per share cash dividend on May 13, 2020.
- The Company continues to maintain strong capital ratios.
At June 30, 2020, the Leverage ratio was 8.4% compared to 9.4% at
March 31, 2020 and 9.3% at June 30, 2019; the Tier 1 Risk-Based
Capital ratio was 15.5% compared to 15.3% at March 31, 2020 and
15.5% at June 30, 2019, and the Total Risk-Based Capital ratio was
16.7% compared to 16.6% at March 31, 2020 and 16.7% at June 30,
2019.
Northern California Economic Update, June 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.
The commercial real estate and employment data below primarily
covering years 2017 through 2019 reflects mostly positive trends in
the markets we serve. 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 May 31, 2020,
unemployment has increased in all of the market areas of the Bank,
due in large part to the COVID-19 pandemic.
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 were
provided for Q1 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 Q1 2020 is not yet 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.
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, retail lease rates were not available. For
office, rates increased to $2.02/SF and industrial decreased to
$0.54/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.
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 first quarter 2020, occupancy totaled 96.4% and lease rates
increased to $1,514.
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%.
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
May 31, 2020, the national unemployment rate was 13.3%, a sharp
increase compared to February 2020’s 3.9% unemployment rate.
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 16.3% as of May 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 May 2020, the number of employed
Californians decreased since year-end 2019 by 3,190,000 jobs. The
June 2020 data is not yet available for California.
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 May 2020, unemployment rates increased in all areas
compared to year-end 2019 as follows: Sacramento MSA increased from
3.2% to 13.6%, Santa-Rosa-Petaluma MSA increased from 2.4% to
12.7%, and Amador County from 3.6% to 15.1%.
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%. May 2020 results
reflect a decrease in job growth for all three areas. The
number employed in the Sacramento MSA decreased by 147,000 jobs or
13.74%, Santa Rosa MSA 39,000 jobs or 15.35%, and Amador County
2,350 jobs or 16.48%.
Balance Sheet Review
American River Bankshares’ assets totaled $870.9 million at June
30, 2020, compared to $720.4 million at December 31, 2019, and
$689.2 million at June 30, 2019.
Net loans totaled $460.4 million at June 30, 2020, compared to
$393.8 million at December 31, 2019, and $358.4 million at June 30,
2019.
The loan portfolio at June 30, 2020 included: real estate loans
of $319.8 million (68% of the portfolio), Paycheck Protection
Program Loans (“PPP”) of $75.8 million (16% of the portfolio),
commercial loans of $40.0 million (9% of the portfolio) and other
loans, which consist mainly of agriculture and consumer loans of
$33.8 million (7% of the portfolio). The real estate loan
portfolio at June 30, 2020 includes: owner-occupied commercial real
estate loans of $73.6 million (23% of the real estate portfolio),
investor commercial real estate loans of $141.9 million (44% of the
real estate portfolio), multi-family real estate loans of $48.4
million (15% of the real estate portfolio), construction and land
development loans of $26.9 million (9% of the real estate
portfolio) and residential real estate loans of $29.0 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 $865,000 at June 30, 2020
compared to $1.4 million at December 31, 2019 and $957,000 at June
30, 2019. The NPAs to total assets ratio decreased to
0.10% at the end of June 2020 from 0.19% at December 31, 2019 and
from 0.14% one year ago.
At June 30, 2020 and at December 31, 2019, the Company had one
OREO property totaling $846,000 compared to a balance of $957,000
at June 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 June 30, 2020, December 31, 2019, and
June 30, 2019 there was not a valuation allowance for OREO
properties.
Loans measured individually for impairment were $7.1 million at
the end of June 2020, compared to $7.6 million at December 31,
2019, and $7.9 million a year ago. Specific reserves of
$130,000 were held on the impaired loans at June 30, 2020, compared
to $142,000 at December 31, 2019 and $105,000 at June 30,
2019. There was $545,000 in provision for loan losses in the
second quarter of 2020 compared to $180,000 for the second quarter
of 2019. The Company had net recoveries of $16,000 in the
second quarter of 2020, comprised of $22,000 in loan recoveries and
$6,000 in loan losses, compared to net recoveries of $4,000 in the
second quarter of 2019. The $6,000 loan loss was related to
the repossessed automobile mentioned above. There was $1.0
million in provision for loan losses in the first half of 2020
compared to $360,000 in provision for the first half 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 six months of 2020, the Company had
net recoveries of $20,000 compared to net recoveries of $9,000 in
the first six months of 2019. The Company continues to gather
the latest information available to perform and update its
impairment analysis. As more information becomes available,
including the economic impact of the COVID-19 pandemic, the Company
will update the impairment 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.
Investment securities, which excludes $4.2 million in stock of
the Federal Home Loan Bank of San Francisco (“FHLB Stock”), totaled
$252.4 million at June 30, 2020, down 3.8% from $262.2 million at
December 31, 2019 and 4.8% from $265.0 million at June 30,
2019. At June 30, 2020, the investment portfolio was
comprised of 92% U.S. Government agencies or U.S.
Government-sponsored agencies (primarily mortgage-backed
securities), 6% obligations of states and political subdivisions,
and 2% corporate bonds. The reduction in the investment
portfolio during 2020 was to increase the Company’s cash position
in light of potential liquidity needs due to the COVID-19
pandemic.
At June 30, 2020, total deposits were $741.7 million, compared
to $604.8 million at December 31, 2019 and $581.1 million one year
ago. Core deposits increased 36.4% to $672.2 million at June
30, 2020 from $492.7 million at June 30, 2019 and increased 26.6%
from $531.0 million at December 31, 2019. The Company
considers all deposits except time deposits as core deposits.
At June 30, 2020, noninterest-bearing demand deposits accounted
for 42% of total deposits, interest-bearing demand accounts were
11%, savings deposits were 11%, money market balances accounted for
27% and time certificates were 9% of total deposits. At June
30, 2019, noninterest-bearing demand deposits accounted for 38% of
total deposits, interest-bearing demand accounts were 12%, savings
deposits were 12%, money market balances accounted for 23% and time
certificates were 15% of total deposits.
Shareholders’ equity increased $7.4 million (8.9%) to $90.3
million at June 30, 2020 compared to $82.9 million at December 31,
2019 and $9.4 million (11.6%) from $80.9 million at June 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 $2.3 million increase in Retained Earnings due to the net income
for the year less cash dividends declared ($0.8 million), plus a
$0.2 million increase in common stock from equity
compensation.
Net Interest Income
The net interest income during the second quarter of 2020
increased $892,000 (15.8%) to $6.5 million from $5.6 million in the
second quarter of 2019 and for the six months ended June 30, 2020,
net interest income increased $1.5 million (13.7%) to $12.7 million
from $11.2 million for the six months ended June 30, 2019.
The net interest margin as a percentage of average earning assets
was 3.48% in the second quarter of 2020, compared to 3.75% in the
first quarter of 2020 and 3.57% in the second quarter of 2019.
For the six months ended June 30, 2020 the net interest
margin was 3.60% compared to 3.58% for the six months ended June
30, 2019. Interest income for the second quarter of 2020
increased $0.7 million (11.2%) to $7.0 million from $6.3 million
for the second quarter of 2019 and for the six months ended June
30, 2020, interest income increased $1.3 million (10.3%) to $13.7
million from $12.4 million for the six months ended June 30,
2019.
The average tax equivalent yield on earning assets decreased
from 3.97% in the second quarter of 2019 to 3.72% for the second
quarter of 2020 and for the six months ended June 30, 2020
decreased to 3.88% from 3.97% for the six months ended June 30,
2019. Much of the decrease in yields for both the three- and
six-month period comparisons can be attributed to an overall lower
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 $46.3 million from $7.1 million to
$53.4 million for the second quarter of 2020, while the yield
decreased from 2.04% to 0.15% during that same time
period. Interest-bearing deposits in banks increased
$24.2 million (355.9%) from $6.8 million to $31.0 million for the
first half of 2020 while the yield decreased from 2.38% to 0.35%.
The average balance of earning assets increased $121.4 million
(19.0%) from $638.6 million in the second quarter of 2019 to $760.0
million in the second quarter of 2020 and for the six months ended
June 30, 2020, increased $79.2 million (12.5%) to $715.0 million
from $635.8 million for the six months ended June 30, 2019.
The average PPP loans outstanding during the second quarter of 2020
was $40.7 million.
Interest expense for the second quarter of 2020 decreased
$193,000 (29.8%) to $455,000 from $648,000 for the second quarter
of 2019 and for the six months ended June 30, 2020 decreased
$249,000 (20.2%) to $1.0 million from $1.2 million for the six
months ended June 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
$18.2 million (20.6%) from $88.4 million during the second quarter
of 2019 to $70.2 million during the second quarter of 2020 and the
cost of those funds decreased from 1.80% to 1.09% during that same
time period. The average cost of funds decreased from 0.67%
in the second quarter of 2019 to 0.42% in the second quarter of
2020. Average interest-bearing liabilities increased $52.6
million (13.6%) from $386.6 million during the second quarter of
2019 to $439.2 million during the second quarter of 2020.
Noninterest Income and Expense
Noninterest income for the second quarter of 2020 was $336,000,
a decrease of $85,000 (20.2%) from $421,000 in the second quarter
of 2019 and was $788,000, a decrease of $44,000 (5.3%) for the six
months ended June 30, 2020 from $832,000 in the first six 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 $29,000 in the second quarter of 2019 to
no gain in the second quarter of 2020 and from $65,000 in the first
half of 2019 to $38,000 for the first half of 2020. Service
charges also decreased from $139,000 in the second quarter of 2019
to $111,000 in 2020. Although they increased year over year,
the decrease in the second quarter of 2020 is largely due to higher
average deposit balances resulting from PPP loan fundings and
deferred income tax payments.
Noninterest expense decreased $232,000 (5.6%) to $3.9 million
for the second quarter of 2020 from $4.1 million in the second
quarter of 2019 and decreased $276,000 (3.3%) from $8.4 million for
the six months ended June 30, 2019 to $8.1 million for the same
period in 2020. The decrease is primarily due to a decrease
in salaries and employee benefits of $233,000 (8.5%) from the
second quarter of 2019 to 2020 and $149,000 (2.7%) from the first
half of 2019 to the first half of 2020 due to an increase in the
deferral of direct loan origination 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 quarter was $332,000. The decrease in noninterest expense
is also due to a decrease in other expenses of $128,000 (6.4%) from
$2.0 million in the first half of 2019 to $1.9 million in the first
half 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 $251,000 (69.9%)
from $359,000 in the first half of 2019 to $108,000 in the first
half 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 second
quarter of 2020 decreased to 56.7% from 68.0% for the second
quarter of 2019 and for the six months ended June 30, 2020,
decreased to 59.8% from 69.4% for the six months ended June 30,
2019.
Provision for Income Taxes
Federal and state income taxes for the quarter ended June 30,
2020 increased by $209,000 (47.0%) from $445,000 in the second
quarter of 2019 to $654,000 in the second quarter of 2020 and
increased $332,000 (40.5%) from $819,000 in the first six months of
2019 to $1.2 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 second quarter earnings conference call will be held
Thursday, July 16, 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) 517-2485 and entering the Conference ID 6424
747#. 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) |
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
June 30, |
ASSETS |
|
2020 |
|
2019 |
|
2019 |
Cash and due from banks |
$ |
17,472 |
|
$ |
15,258 |
|
$ |
16,764 |
|
Federal funds sold |
|
- |
|
|
- |
|
|
- |
|
Interest-bearing deposits in
banks |
|
95,230 |
|
|
2,552 |
|
|
2,998 |
|
Investment securities |
|
252,353 |
|
|
262,213 |
|
|
265,027 |
|
Loans: |
|
|
|
|
|
|
Real estate |
|
319,812 |
|
|
323,771 |
|
|
299,988 |
|
Commercial |
|
40,014 |
|
|
43,019 |
|
|
35,341 |
|
Paycheck Protection Program loans ("PPP") |
|
75,804 |
|
|
- |
|
|
- |
|
Other |
|
33,737 |
|
|
32,871 |
|
|
27,462 |
|
Deferred loan origination (fees) costs, net |
|
(2,729 |
) |
|
(721 |
) |
|
378 |
|
Allowance for loan losses |
|
(6,198 |
) |
|
(5,138 |
) |
|
(4,761 |
) |
Loans,
net |
|
460,440 |
|
|
393,802 |
|
|
358,408 |
|
Bank premises and equipment,
net |
|
979 |
|
|
1,191 |
|
|
1,136 |
|
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 |
|
23,065 |
|
|
23,911 |
|
|
23,341 |
|
|
$ |
870,918 |
|
$ |
720,353 |
|
$ |
689,211 |
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
Noninterest-bearing
deposits |
$ |
310,502 |
|
$ |
227,055 |
|
$ |
214,012 |
|
Interest checking |
|
77,930 |
|
|
69,834 |
|
|
70,791 |
|
Money market |
|
199,941 |
|
|
158,319 |
|
|
136,240 |
|
Savings |
|
83,830 |
|
|
75,820 |
|
|
71,689 |
|
Time deposits |
|
69,447 |
|
|
73,809 |
|
|
88,405 |
|
Total deposits |
|
741,650 |
|
|
604,837 |
|
|
581,137 |
|
Short-term borrowings |
|
17,000 |
|
|
9,000 |
|
|
2,000 |
|
Long-term borrowings |
|
10,460 |
|
|
10,500 |
|
|
13,500 |
|
Accrued interest and other
liabilities |
|
11,538 |
|
|
13,107 |
|
|
11,655 |
|
Total liabilities |
|
780,648 |
|
|
637,444 |
|
|
608,292 |
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Common stock |
$ |
30,745 |
|
$ |
30,536 |
|
$ |
30,373 |
|
Retained earnings |
|
52,927 |
|
|
50,581 |
|
|
48,329 |
|
Accumulated other
comprehensive income |
|
6,598 |
|
|
1,792 |
|
|
2,217 |
|
Total shareholders'
equity |
|
90,270 |
|
|
82,909 |
|
|
80,919 |
|
|
$ |
870,918 |
|
$ |
720,353 |
|
$ |
689,211 |
|
|
|
|
|
|
|
|
Ratios: |
|
|
|
|
|
|
Nonperforming loans to total
loans |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
Net recoveries to average
loans (annualized at June 30, 2020 |
|
|
|
|
|
|
and 2019) |
|
-0.01 |
% |
|
-0.02 |
% |
|
-0.01 |
% |
Allowance for loan losses to
total loans |
|
1.33 |
% |
|
1.29 |
% |
|
1.31 |
% |
Allowance for loan losses to
total non PPP loans |
|
1.58 |
% |
|
1.29 |
% |
|
1.31 |
% |
|
|
|
|
|
|
|
American River Bank
Capital Ratios: |
|
|
|
|
|
|
Leverage Capital Ratio |
|
8.49 |
% |
|
9.26 |
% |
|
9.34 |
% |
Common Equity Tier 1
Risk-Based Capital |
|
15.62 |
% |
|
14.93 |
% |
|
15.62 |
% |
Tier 1 Risk-Based Capital
Ratio |
|
15.62 |
% |
|
14.93 |
% |
|
15.62 |
% |
Total Risk-Based Capital
Ratio |
|
16.88 |
% |
|
16.10 |
% |
|
16.80 |
% |
|
|
|
|
|
|
|
American River
Bankshares Capital Ratios: |
|
|
|
|
|
|
Leverage Capital Ratio |
|
8.42 |
% |
|
9.16 |
% |
|
9.25 |
% |
Tier 1 Risk-Based Capital
Ratio |
|
15.48 |
% |
|
14.77 |
% |
|
15.48 |
% |
Total Risk-Based Capital
Ratio |
|
16.73 |
% |
|
15.94 |
% |
|
16.66 |
% |
|
|
|
|
|
|
|
Nonperforming loans |
|
- |
|
|
- |
|
|
- |
|
Nonperforming assets |
|
865 |
|
|
1,363 |
|
|
957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American
River Bankshares |
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Income (Unaudited) |
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second |
|
Second |
|
|
|
|
For the Six
Months |
|
|
|
|
|
Quarter |
|
Quarter |
% |
|
|
|
Ended June
30, |
% |
|
|
|
|
2020 |
|
|
2019 |
|
Change |
|
|
|
2020 |
|
|
2019 |
|
Change |
|
|
Interest income |
$ |
6,975 |
|
$ |
6,276 |
|
11.1 |
|
% |
|
$ |
13,690 |
|
$ |
12,408 |
|
10.3 |
|
% |
|
Interest
expense |
|
455 |
|
|
648 |
|
(29.8 |
) |
% |
|
|
982 |
|
|
1,231 |
|
(20.2 |
) |
% |
|
Net interest
income |
|
6,520 |
|
|
5,628 |
|
15.8 |
|
% |
|
|
12,708 |
|
|
11,177 |
|
13.7 |
|
% |
|
Provision
for loan losses |
|
545 |
|
|
180 |
|
202.8 |
|
% |
|
|
1,040 |
|
|
360 |
|
188.9 |
|
% |
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
111 |
|
|
139 |
|
(20.1 |
) |
% |
|
|
266 |
|
|
260 |
|
2.3 |
|
% |
|
Gain on sale of securities |
|
- |
|
|
29 |
|
(100.0 |
) |
% |
|
|
38 |
|
|
65 |
|
(41.5 |
) |
% |
|
Other noninterest income |
|
225 |
|
|
253 |
|
(11.1 |
) |
% |
|
|
484 |
|
|
507 |
|
(4.5 |
) |
% |
|
Total noninterest income |
|
336 |
|
|
421 |
|
(20.2 |
) |
% |
|
|
788 |
|
|
832 |
|
(5.3 |
) |
% |
|
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
2,511 |
|
|
2,744 |
|
(8.5 |
) |
% |
|
|
5,376 |
|
|
5,525 |
|
(2.7 |
) |
% |
|
Occupancy |
|
259 |
|
|
255 |
|
1.6 |
|
% |
|
|
515 |
|
|
512 |
|
0.6 |
|
% |
|
Furniture and equipment |
|
139 |
|
|
140 |
|
(0.7 |
) |
% |
|
|
282 |
|
|
280 |
|
0.7 |
|
% |
|
Federal Deposit Insurance Corporation assessments |
49 |
|
|
45 |
|
8.9 |
|
% |
|
|
76 |
|
|
95 |
|
(20.0 |
) |
% |
|
Expenses related to other real estate owned |
|
18 |
|
|
4 |
|
350.0 |
|
% |
|
|
23 |
|
|
8 |
|
187.5 |
|
% |
|
Other expense |
|
940 |
|
|
960 |
|
(2.1 |
) |
% |
|
|
1,860 |
|
|
1,988 |
|
(6.4 |
) |
% |
|
Total noninterest expense |
|
3,916 |
|
|
4,148 |
|
(5.6 |
) |
% |
|
|
8,132 |
|
|
8,408 |
|
(3.3 |
) |
% |
|
Income
before provision for income taxes |
|
2,395 |
|
|
1,721 |
|
39.2 |
|
% |
|
|
4,324 |
|
|
3,241 |
|
33.4 |
|
% |
|
Provision
for income taxes |
|
654 |
|
|
445 |
|
47.0 |
|
% |
|
|
1,151 |
|
|
819 |
|
40.5 |
|
% |
|
Net
income |
$ |
1,741 |
|
$ |
1,276 |
|
36.4 |
|
% |
|
$ |
3,173 |
|
$ |
2,422 |
|
31.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
$ |
0.30 |
|
$ |
0.22 |
|
36.4 |
|
% |
|
$ |
0.54 |
|
$ |
0.41 |
|
31.7 |
|
% |
|
Diluted
earnings per share |
$ |
0.30 |
|
$ |
0.22 |
|
36.4 |
|
% |
|
$ |
0.54 |
|
$ |
0.41 |
|
31.7 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin as a percentage of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average
earning assets (fully taxable equivalent) |
|
3.48 |
% |
|
3.57 |
% |
|
|
|
|
3.60 |
% |
|
3.58 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
diluted shares outstanding |
|
5,879,215 |
|
|
5,862,416 |
|
|
|
|
|
5,881,385 |
|
|
5,860,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.85 |
% |
|
0.74 |
% |
|
|
|
|
0.83 |
% |
|
0.71 |
% |
|
|
|
Return on average equity |
|
7.98 |
% |
|
6.53 |
% |
|
|
|
|
7.39 |
% |
|
6.36 |
% |
|
|
|
Return on average tangible equity |
|
9.81 |
% |
|
8.25 |
% |
|
|
|
|
9.11 |
% |
|
8.07 |
% |
|
|
|
Efficiency ratio (fully taxable equivalent) |
|
56.71 |
% |
|
67.99 |
% |
|
|
|
|
59.79 |
% |
|
69.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
taxes to net
income. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second |
|
Second |
|
|
|
|
For the Six
Months |
|
|
|
|
|
Quarter |
|
Quarter |
|
|
|
|
Ended June
30, |
|
|
|
|
|
2020 |
|
2019 |
|
|
|
|
2020 |
|
2019 |
|
|
|
Reported net
income |
$ |
1,741 |
|
$ |
1,276 |
|
|
|
|
$ |
3,173 |
|
$ |
2,422 |
|
|
|
|
Provision
for loan losses |
|
545 |
|
|
180 |
|
|
|
|
|
1,040 |
|
|
360 |
|
|
|
|
Provision
for income taxes |
|
654 |
|
|
445 |
|
|
|
|
|
1,151 |
|
|
819 |
|
|
|
|
Pretax,
pre-provision net income |
$ |
2,940 |
|
$ |
1,901 |
|
|
|
|
$ |
5,364 |
|
$ |
3,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American
River Bankshares |
|
|
Condensed
Consolidated Statements of Income (Unaudited) |
|
|
(Dollars in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
Second |
|
First |
|
Fourth |
|
Third |
|
Second |
|
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
|
2020 |
|
2020 |
|
2019 |
|
2019 |
|
2019 |
Interest income |
$ |
6,975 |
|
$ |
6,715 |
|
$ |
6,707 |
|
$ |
6,555 |
|
$ |
6,276 |
|
Interest
expense |
|
455 |
|
|
527 |
|
|
603 |
|
|
627 |
|
|
648 |
|
Net interest
income |
|
6,520 |
|
|
6,188 |
|
|
6,104 |
|
|
5,928 |
|
|
5,628 |
|
Provision
for loan losses |
|
545 |
|
|
495 |
|
|
180 |
|
|
120 |
|
|
180 |
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
111 |
|
|
155 |
|
|
149 |
|
|
149 |
|
|
139 |
|
Gain on sale of securities |
|
- |
|
|
38 |
|
|
41 |
|
|
9 |
|
|
29 |
|
Other noninterest income |
|
225 |
|
|
259 |
|
|
249 |
|
|
259 |
|
|
253 |
|
Total noninterest income |
|
336 |
|
|
452 |
|
|
439 |
|
|
417 |
|
|
421 |
|
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
2,511 |
|
|
2,865 |
|
|
2,893 |
|
|
2,898 |
|
|
2,744 |
|
Occupancy |
|
259 |
|
|
256 |
|
|
255 |
|
|
256 |
|
|
255 |
|
Furniture and equipment |
|
139 |
|
|
143 |
|
|
142 |
|
|
120 |
|
|
140 |
|
Federal Deposit Insurance Corporation assessments |
|
49 |
|
|
27 |
|
|
- |
|
|
(47 |
) |
|
45 |
|
Expenses related to other real estate owned |
|
18 |
|
|
5 |
|
|
119 |
|
|
7 |
|
|
4 |
|
Other expense |
|
940 |
|
|
920 |
|
|
936 |
|
|
859 |
|
|
960 |
|
Total noninterest expense |
|
3,916 |
|
|
4,216 |
|
|
4,345 |
|
|
4,093 |
|
|
4,148 |
|
Income
before provision for income taxes |
|
2,395 |
|
|
1,929 |
|
|
2,018 |
|
|
2,132 |
|
|
1,721 |
|
Provision
for income taxes |
|
654 |
|
|
497 |
|
|
511 |
|
|
561 |
|
|
445 |
|
Net
income |
$ |
1,741 |
|
$ |
1,432 |
|
$ |
1,507 |
|
$ |
1,571 |
|
$ |
1,276 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
$ |
0.30 |
|
$ |
0.24 |
|
$ |
0.26 |
|
$ |
0.27 |
|
$ |
0.22 |
|
Diluted
earnings per share |
$ |
0.30 |
|
$ |
0.24 |
|
$ |
0.26 |
|
$ |
0.27 |
|
$ |
0.22 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin as a percentage of |
|
|
|
|
|
|
|
|
|
|
average
earning assets (fully taxable equivalent) |
|
3.48 |
% |
|
3.75 |
% |
|
3.63 |
% |
|
3.62 |
% |
|
3.57 |
% |
|
|
|
|
|
|
|
|
|
|
|
Average
diluted shares outstanding |
|
5,879,215 |
|
|
5,883,576 |
|
|
5,881,901 |
|
|
5,870,916 |
|
|
5,862,416 |
|
Shares
outstanding-end of period |
|
5,938,009 |
|
|
5,918,375 |
|
|
5,898,878 |
|
|
5,903,228 |
|
|
5,903,228 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Ratios (annualized): |
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.85 |
% |
|
0.80 |
% |
|
0.82 |
% |
|
0.88 |
% |
|
0.74 |
% |
Return on average equity |
|
7.98 |
% |
|
6.77 |
% |
|
7.22 |
% |
|
7.65 |
% |
|
6.53 |
% |
Return on average tangible equity |
|
9.81 |
% |
|
8.38 |
% |
|
8.99 |
% |
|
9.57 |
% |
|
8.25 |
% |
Efficiency ratio (fully taxable equivalent) |
|
56.71 |
% |
|
62.96 |
% |
|
65.74 |
% |
|
64.01 |
% |
|
68.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
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 and lease losses and
income taxes to net income. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Second |
|
First |
|
Fourth |
|
Third |
|
Second |
|
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
|
2020 |
|
2020 |
|
2019 |
|
2019 |
|
2019 |
Reported net
income |
$ |
1,741 |
|
$ |
1,432 |
|
$ |
1,507 |
|
$ |
1,571 |
|
$ |
1,276 |
|
Provision
for loan losses |
|
545 |
|
|
495 |
|
|
180 |
|
|
120 |
|
|
180 |
|
Provision
for income taxes |
|
654 |
|
|
497 |
|
|
511 |
|
|
561 |
|
|
445 |
|
Pretax,
pre-provision net income |
$ |
2,940 |
|
$ |
2,424 |
|
$ |
2,198 |
|
$ |
2,252 |
|
$ |
1,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American
River Bankshares |
|
Analysis of
Net Interest Margin on Earning Assets (Unaudited) |
|
(Taxable Equivalent
Basis) |
|
(Dollars in
thousands) |
|
Three months ended June 30, |
|
2020 |
|
|
|
2019 |
|
|
ASSETS |
Avg
Balance |
Interest |
Avg
Yield |
|
Avg
Balance |
Interest |
Avg
Yield |
|
Taxable loans |
$ |
427,494 |
|
$ |
5,084 |
4.78 |
% |
|
$ |
331,376 |
|
$ |
4,086 |
4.95 |
% |
|
Tax-exempt
loans |
|
20,783 |
|
|
245 |
4.74 |
% |
|
|
20,613 |
|
|
200 |
3.89 |
% |
|
Taxable
investment securities |
|
252,928 |
|
|
1,633 |
2.60 |
% |
|
|
268,371 |
|
|
1,886 |
2.82 |
% |
|
Tax-exempt
investment securities |
|
5,372 |
|
|
43 |
3.22 |
% |
|
|
11,183 |
|
|
120 |
4.30 |
% |
|
Federal
funds |
|
- |
|
|
- |
N/A |
|
|
- |
|
|
- |
0.00 |
% |
|
Interest-bearing deposits in banks |
|
53,399 |
|
|
20 |
0.15 |
% |
|
|
7,088 |
|
|
36 |
2.04 |
% |
|
Total earning assets |
|
759,976 |
|
|
7,025 |
3.72 |
% |
|
|
638,631 |
|
|
6,328 |
3.97 |
% |
|
Cash &
due from banks |
|
29,142 |
|
|
|
|
|
15,667 |
|
|
|
|
Other
assets |
|
39,844 |
|
|
|
|
|
41,336 |
|
|
|
|
Allowance
for loan losses |
|
(5,724 |
) |
|
|
|
|
(4,650 |
) |
|
|
|
|
$ |
823,238 |
|
|
|
|
$ |
690,984 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Interest
checking and money market |
$ |
265,937 |
|
$ |
175 |
0.26 |
% |
|
$ |
202,877 |
|
$ |
120 |
0.24 |
% |
|
Savings |
|
78,891 |
|
|
7 |
0.04 |
% |
|
|
72,436 |
|
|
7 |
0.04 |
% |
|
Time
deposits |
|
70,208 |
|
|
191 |
1.09 |
% |
|
|
88,398 |
|
|
397 |
1.80 |
% |
|
Other
borrowings |
|
24,140 |
|
|
82 |
1.37 |
% |
|
|
22,918 |
|
|
124 |
2.17 |
% |
|
Total interest bearing liabilities |
|
439,176 |
|
|
455 |
0.42 |
% |
|
|
386,629 |
|
|
648 |
0.67 |
% |
|
Noninterest
bearing demand deposits |
|
284,831 |
|
|
|
|
|
215,981 |
|
|
|
|
Other
liabilities |
|
11,515 |
|
|
|
|
|
10,054 |
|
|
|
|
Total liabilities |
|
735,522 |
|
|
|
|
|
612,664 |
|
|
|
|
Shareholders' equity |
|
87,716 |
|
|
|
|
|
78,320 |
|
|
|
|
|
$ |
823,238 |
|
|
|
|
$ |
690,984 |
|
|
|
|
Net
interest income & margin |
|
$ |
6,570 |
3.48 |
% |
|
|
$ |
5,680 |
3.57 |
% |
|
|
|
|
|
|
|
|
|
|
Six
months ended June 30, |
|
2020 |
|
|
|
2019 |
|
|
ASSETS |
Avg
Balance |
Interest |
Avg
Yield |
|
Avg
Balance |
Interest |
Avg
Yield |
|
Taxable
loans |
$ |
400,160 |
|
$ |
9,759 |
4.90 |
% |
|
$ |
322,034 |
|
$ |
7,903 |
4.95 |
% |
|
Tax-exempt
loans |
|
22,140 |
|
|
523 |
4.75 |
% |
|
|
18,310 |
|
|
409 |
4.50 |
% |
|
Taxable
investment securities |
|
256,260 |
|
|
3,372 |
2.65 |
% |
|
|
275,648 |
|
|
3,910 |
2.86 |
% |
|
Tax-exempt
investment securities |
|
5,409 |
|
|
88 |
3.27 |
% |
|
|
12,713 |
|
|
200 |
3.17 |
% |
|
Federal
funds |
|
- |
|
|
- |
N/A |
|
|
348 |
|
|
5 |
2.90 |
% |
|
Interest-bearing deposits in banks |
|
31,007 |
|
|
54 |
0.35 |
% |
|
|
6,775 |
|
|
80 |
2.38 |
% |
|
Total
earning assets |
|
714,976 |
|
|
13,796 |
3.88 |
% |
|
|
635,828 |
|
|
12,507 |
3.97 |
% |
|
Cash &
due from banks |
|
22,494 |
|
|
|
|
|
15,920 |
|
|
|
|
Other
assets |
|
40,340 |
|
|
|
|
|
41,374 |
|
|
|
|
Allowance
for loan losses |
|
(5,471 |
) |
|
|
|
|
(4,536 |
) |
|
|
|
|
$ |
772,339 |
|
|
|
|
$ |
688,586 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Interest
checking and money market |
$ |
248,080 |
|
$ |
379 |
0.31 |
% |
|
$ |
206,918 |
|
$ |
214 |
0.21 |
% |
|
Savings |
|
76,710 |
|
|
14 |
0.04 |
% |
|
|
73,016 |
|
|
14 |
0.04 |
% |
|
Time
deposits |
|
70,498 |
|
|
420 |
1.20 |
% |
|
|
88,018 |
|
|
785 |
1.80 |
% |
|
Other
borrowings |
|
20,559 |
|
|
169 |
1.65 |
% |
|
|
21,235 |
|
|
218 |
2.07 |
% |
|
Total
interest bearing liabilities |
|
415,847 |
|
|
982 |
0.47 |
% |
|
|
389,187 |
|
|
1,231 |
0.64 |
% |
|
Noninterest
bearing demand deposits |
|
258,695 |
|
|
|
|
|
212,737 |
|
|
|
|
Other
liabilities |
|
11,400 |
|
|
|
|
|
9,842 |
|
|
|
|
Total
liabilities |
|
685,942 |
|
|
|
|
|
611,766 |
|
|
|
|
Shareholders' equity |
|
86,397 |
|
|
|
|
|
76,820 |
|
|
|
|
|
$ |
772,339 |
|
|
|
|
$ |
688,586 |
|
|
|
|
Net
interest income & margin |
|
$ |
12,814 |
3.60 |
% |
|
|
$ |
11,276 |
3.58 |
% |
|
|
|
|
|
|
|
|
|
|
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