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AMRB recorded income before income taxes and loan and lease losses (or pre-tax pre-provision earnings) of $5,676,000 and a net interest margin of 4.98% for the six months ended June 30, 2009, compared to $6,690,000 and 4.96% for the six months ended June 30, 2008. For the second quarter of 2009, pre-tax pre-provision earnings were $2,428,000 and net interest margin was 4.87%, compared to $3,392,000 and 4.99% for the second quarter of 2008.
"Reporting the first quarterly loss in over twenty-five years is a disappointment, and is directly related to our $3.8 million loan loss provision and $253,000 special assessment payment to the FDIC," said David Taber, President and CEO of American River Bankshares. "We're being prudent with our evaluation of the loan portfolio and as a result, we have built our allowance to $7.8 million or 1.91% of total loans and leases."
Taber continued, "While it is hard to look past the short term impact these issues have on profitability, we are proactively addressing the challenges faced by some of our borrowers and are pleased with both our ability to maintain a stable net interest margin and our pre-tax pre-provision earnings of $5.7 million during the first half of 2009."
During the second quarter of 2009, the Company declared a quarterly cash dividend of $0.143 per share. The Company did not repurchase any of its common stock in the first half of 2009. As the dividend payout for the first half of 2009 exceeded net income, the Board of Directors has decided it is in the Company's best interest to continue to build capital and temporarily suspend both the cash dividend and the stock repurchase plan.
"The Board of Directors felt it necessary to make the difficult decision to suspend the cash dividend due to the current economic challenges that both the Company and country are facing," said Charles Fite, Chairman of American River Bankshares. "It is in the best interest to our Company's long-term success to stick to our plan of building capital and increasing our reserves."
Net Interest Margin
Net interest income for the second quarter of 2009 decreased $377,000 (5.9%) to $6,018,000 from $6,395,000 for the second quarter of 2008 and for the six months ended June 30, 2009 decreased $380,000 (3.0%) to $12,357,000 from $12,737,000 for the six months ended June 30, 2008. Interest income for the second quarter of 2009 decreased $931,000 (11.3%) to $7,321,000 from $8,252,000 for the second quarter of 2008 and for the six months ended June 30, 2009 decreased $1,758,000 (10.4%) to $15,072,000 from $16,830,000 for the six months ended June 30, 2008. Interest expense for the second quarter of 2009 decreased $554,000 (29.8%) to $1,303,000 from $1,857,000 for the second quarter of 2008 and for the six months ended June 30, 2009 decreased $1,378,000 (33.7%) to $2,715,000 from $4,093,000 for the six months ended June 30, 2008.
The average yield on earning assets declined from 6.42% in the second quarter of 2008 to 5.91% for the second quarter of 2009 and declined from 6.54% for the six months ended June 30, 2008 to 6.06% for the six months ended June 30, 2009. Much of the decline in yields can be attributed to the overall lower interest rate environment in response to the Federal Open Market Committee's (the "FOMC") decreases in the Federal funds rate. Since September of 2007, the "Prime" rate has decreased ten times for a total of 500 basis points resulting in a steady decline in short-term interest rates. The average balance of earning assets decreased 3.8% from $522,550,000 in the second quarter of 2008 to $502,445,000 in the second quarter of 2009 and decreased 3.0% from $523,037,000 for the six months ended June 30, 2008 to $507,425,000 for the six months ended June 30, 2009. While the overall balance decreased slightly during the three and six-month periods, the Company did see a positive change in mix with an increase in average loan balances offset by a corresponding decrease in average investment securities.
When compared to the second quarter of 2008, average loan balances were up $5,862,000 (1.4%) to $410,959,000 for the second quarter of 2009 and when compared to the first six months of 2008, average loan balances were up $10,046,000 (2.5%) for the six months ended June 30, 2009 while average investment securities were down $22,248,000 (20.0%) to $89,061,000 for the second quarter of 2009 and down $22,956,000 (20.3%) for the six months ended June 30, 2009. This is a direct result of the Company's decision to use the proceeds from principal reductions, sales, and maturing investment securities to provide funding for loan growth and to offset decreases in deposit balances. Foregone interest income on nonaccrual loans during the second quarter of 2009 was approximately $378,000, compared to $260,000 during the second quarter of 2008. Foregone interest income on nonaccrual loans for the six months ended June 30, 2009 was approximately $647,000, compared to $597,000 for the six months ended June 30, 2008. Overall, the yield on loans during the second quarter of 2009 was 6.21% as compared to 6.90% for the second quarter of 2008 and 6.37% for the six months ended June 30, 2009 compared to 7.06% for the six months ended June 30, 2008, reflective of the declining rate environment and the higher amounts of foregone interest.
The average cost of funds decreased from 1.96% in the second quarter of 2008 to 1.36% for the second quarter of 2009. The average balance of interest bearing liabilities increased 0.6% from $380,969,000 in the second quarter of 2008 to $383,067,000 in the second quarter of 2009. This increase resulted primarily from an increase in average time deposits of $16,973,000 (13.8%). The increased time deposits were used to offset the decrease in noninterest demand and money market accounts. For the six months ended June 30, 2009, the average cost of funds decreased 0.76% to 1.41%, down from 2.17% reported in the first half of 2008. The average balance of interest bearing liabilities increased 2.4% from $379,541,000 in the first half of 2008 to $388,569,000 in the first half quarter of 2009.
Loan Growth and Asset Quality
Net loans as of June 30, 2009 decreased $4,240,000 (1.1%) to $398,191,000 from $402,431,000 as of June 30, 2008 and decreased $14,165,000 (3.4%) from $412,356,000 as of December 31, 2008. Net loan balances decreased $10,258,000 (2.5%) from the balances as of March 31, 2009. Average loan balances decreased $6,820,000 (1.6%) from $417,779,000 during the first quarter of 2009 to $410,959,000 during the second quarter of 2009. Real estate loans increased $12,736,000 (4.5%) to $297,023,000 as of June 30, 2009 from $284,287,000 as of June 30, 2008, but decreased $3,911,000 (1.3%) from $300,934,000 as of December 31, 2008, and decreased $3,912,000 (1.3%) from March 31, 2009. Commercial loans decreased $18,474,000 (18.2%) to $82,799,000 as of June 30, 2009 from $101,273,000 as of June 30, 2008, decreased $7,826,000 (8.6%) from $90,625,000 as of December 31, 2008, and decreased $5,578,000 (6.3%) from March 31, 2009.
The loan portfolio at June 30, 2009 included: real estate loans of $297,023,000 (73% of the portfolio), commercial loans of $82,799,000 (20% of the portfolio) and other loans, which consist mainly of leases and consumer loans of $267,220,000 (7% of the portfolio). The real estate loan portfolio at June 30, 2009 includes: business property loans of $120,961,000 (41% of the real estate portfolio), investor commercial real estate of $102,057,000 (34% of the real estate portfolio), construction and land development of $38,176,000 (13% of the real estate portfolio) and other, which consists of residential and multi-family real estate of $35,829,000 (12% of the real estate portfolio).
At June 30, 2009, the allowance for loan and lease losses was $7,758,000 (1.91% of total loans and leases) compared with $6,111,000 (1.50% of total loans and leases) at June 30, 2008, $5,918,000 (1.41% of total loans and leases) at December 31, 2008, and $5,839.000 (1.40% of total loans and leases) at March 31, 2009. The provision for loan and lease losses was $3,800,000 for the second quarter of 2009, compared to $190,000 for the second quarter of 2008 and for the six months ended June 30, 2009, the provision was $5,029,000 compared to $527,000 for the six months ended June 30, 2008. Net chargeoffs for the second quarter of 2009 were $1,881,000 compared to $96,000 for the second quarter of 2008 and for the six months ended June 30, 2009, net chargeoffs were $3,189,000 compared to $299,000 for the six months ended June 20, 2008. Non-performing loans and leases as of June 30, 2009 were $20,946,000 or 5.16% of total loans and leases compared to $14,265,000 or 3.49% one year ago and $6,241,000 or 1.49% as of December 31, 2008. Loans and leases past due 30 to 89 days decreased to $8,251,000 at June 30, 2009 from $10,135,000 at June 30, 2008 but increased from $7,812,000 at December 31, 2008 and $6,226,000 at March 31, 2009.
Non-performing assets were $24,293,000 at June 30, 2009 compared to $14,625,000 at June 30, 2008, $8,399,000 at December 31, 2008, and $10,919,000 at March 31, 2009. Non-performing assets to total assets as of June 30, 2009 were 4.40% compared to 2.46% one year ago, 1.49% as of December 31, 2008, and 1.96% as of March 31, 2009. Non-performing assets consist of the following as of June 30, 2009.
Non-performing assets Balance
------------
Non-performing loans that are current to terms* (six loans or
leases) $ 7,040,000
Non-performing loans paid off subsequent to quarter end (one
loan) 294,000
Non-performing loans that are past due (26 loans or leases) 13,563,000
Loans past due 90 or more days and still accruing (two leases) 49,000
Other real estate owned (net) (twelve properties) 3,347,000
------------
$ 24,293,000
* loans that are current (less than 30 days past due) pursuant to original or modified terms
The Company evaluates non-performing loans for impairment and assigns specific reserves when necessary. After the chargeoffs recorded through June 30, 2009, specific reserves of $1,862,000 were held on the non-performing loans considered to be impaired. In addition, at June 30, 2009, there were eight loans that were modified and considered troubled debt restructures totaling $6,245,000.
Other Real Estate Owned
At June 30, 2009, the Company had twelve other real estate owned ("OREO") properties totaling $3,347,000 with a corresponding reserve of $300,000. This compares to three properties totaling $2,158,000 at December 31, 2008 and no OREO at June 30, 2008. At March 31, 2009, the Company had eight OREO properties totaling $4,478,000, and during the second quarter of 2009, the Company sold two properties totaling $1.9 million and added six properties for $1.1 million.
Deposits and Borrowed Funds
Total deposits as of June 30, 2009 decreased $9,591,000 (2.1%) to $449,609,000 from $459,200,000 as of June 30, 2008, but increased $12,548,000 (2.9%) from $437,061,000 as of December 31, 2008 and $12,668,000 (2.9%) as of March 31, 2009. Noninterest-bearing deposits decreased $12,684,000 (9.9%) to $115,036,000 as of June 30, 2009 from $127,720,000 as of June 30, 2008 and decreased $4,107,000 (3.4%) from $119,143,000 as of December 31, 2008 and increased $716,000 (0.6%) from $114,320,000 as of March 31, 2009. Interest-bearing deposits increased $3,093,000 (0.9%) to $334,573,000 as of June 30, 2009 from $331,480,000 as of June 30, 2008 and increased $16,655,000 (5.2%) from $317,918,000 as of December 31, 2008 and increased $10,327,000 (3.2%) from $324,246,000 as of March 31, 2009. Other borrowings, which include both short- and long-term borrowings, decreased $17,803,000 (33.1%) to $36,000,000 as of June 30, 2009 from $53,803,000 as of June 30, 2008, decreased $21,231,000 (37.1%) from $57,231,000 at December 31, 2008, and decreased $12,621,000 (26.0%) from $48,621,000 as of March 31, 2009.
Noninterest Income and Expense
Noninterest income for the second quarter of 2009 increased $10,000 (1.6%) to $649,000 from $639,000 for the second quarter of 2008 and for the six months ended June 30, 2009 decreased $65,000 (5.3%) to $1,159,000 from $1,224,000 for the six months ended June 30 2008. The decrease from the first half of 2008 to the first half of 2009 was primarily related to lower income from fees from accounts receivable servicing ($64,000 or 68%), lower income from fees on residential lending ($178,000 or 962%) and lower income from bank owned life insurance ($86,000 or 43%). The decrease was offset by an increase in higher service charges on deposit accounts ($139,000 or 39%) and gains on sales of securities which was $160,000, up from $33,000 in the first half of 2008.
Noninterest expense for the second quarter of 2009 increased $597,000 (16.4%) to $4,239,000 from $3,642,000 for the second quarter of 2008 and for the six months ended June 30, 2009 increased $569,000 (7.8%) to $7,840,000 from $7,271,000. Much of this increase is related to an increase in costs associated with maintaining the Company's OREO. The total OREO expense for the six months ended June 30, 2009 was $567,000, including a $300,000 reserve, compared to zero for the same period in 2008. In addition, FDIC insurance increased by $383,000 from $26,000 for the six months ended June 30, 2008 to $409,000 in 2009. These cost increases were partially offset by reductions in salaries and benefits. Total salaries and benefits decreased $395,000 (9.6%) from the first half of 2008 to the first half of 2009. Most of this decrease resulted from a reduction in the number of full-time equivalent employees and a reduction in the Company's performance based incentive accrual.
The fully taxable equivalent efficiency ratio for the second quarter of 2009 increased to 61.81% from 50.13% for the second quarter of 2008 and for the six months ended June 30, 2009 increased to 56.32% from 50.43% for the six months ended June 30, 2008.
Income Taxes
The Company recorded a benefit for income taxes for the quarter ended June 30, 2009 of $668,000, resulting in an effective tax benefit rate of 48.7%, compared to a tax provision of $1,221,000, or an effective tax rate of 38.1%, for the quarter ended June 30, 2008. The provision for income taxes for the six months ended June 30, 2009 was $68,000, resulting in an effective tax rate of 10.5%, compared to $2,349,000, or an effective tax rate of 38.1%, for the same period in 2008. The lower effective tax rate in 2009 results from the Company realizing the benefits of tax free income related to such items as municipal bonds and bank owned life insurance against an overall lower amount of taxable income.
Capital
Total shareholders' equity at June 30, 2009 was $62,276,000, up $1,209,000 (2.0%) from $61,067,000 at June 30, 2008, down $1,171,000 (1.8%) from $63,447,000 at December 31, 2008, and down $1,653,000 (2.6%) from $63,929,000 at March 31, 2009. The Company's subsidiary, American River Bank, remains above the well-capitalized regulatory guidelines. At June 30, 2009, American River Bank's leverage ratio was 8.23%, the Tier 1 risk based ratio was 10.65% and the Total Risk Based Capital ratio was 11.91%. These ratios were all up significantly from one year ago. At June 30, 2008, American River Bank's leverage ratio was 7.84%, the Tier 1 risk based ratio was 9.75% and the Total Risk Based Capital ratio was 11.00%.
Performance Metrics
Performance measures for the second quarter of 2009 (annualized): the Return on Average Assets (ROAA) was -0.50%, Return on Average Equity (ROAE) was -4.41% and Return on Average Tangible Equity (ROATE) was -6.01% compared to the ROAA of 1.38%, ROAE of 13.11% and ROATE of 18.38%, during the second quarter of 2008. For the six months ended June 30, 2009, the Company had a ROAA of 0.20%, ROAE of 1.83% and ROATE of 2.50% compared to a ROAA of 1.33%, ROAE of 12.69% and ROATE of 17.84% for the six months ended June 30, 2008.
Earnings Conference Call
The second quarter earnings conference call will be held Monday, July 27, 2009 at 4:00 p.m. Pacific Time (7:00 p.m. Eastern Time). David T. Taber, President and CEO, and Mitchell A. Derenzo, Executive Vice President and Chief Financial Officer, both of American River Bankshares, will lead a live forty-five minute presentation and answer questions. Shareholders, analysts and other interested parties are invited to join the call by dialing (877) 584-2599 and entering the Conference ID # 21059117. A recording of the call will be available twenty-four hours after the call's completion on http://amrb.podbean.com.
About American River Bankshares
American River Bankshares (NASDAQ: AMRB | Quote | Chart | News | PowerRating) is the parent company of American River Bank ("ARB"), a community business bank serving Sacramento, CA that operates a family of financial services providers, including North Coast Bank [a division of "ARB"] in Sonoma County and Bank of Amador [a division of "ARB"] in Amador County. For more information, please call 916-851-0123 or visit www.amrb.com; www.americanriverbank.com; www.northcoastbank.com; or www.bankofamador.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 of 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, 2008, 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.
American River Bankshares
Condensed Consolidated Balance Sheet (Unaudited)
ASSETS June 30 December 31 June 30
2009 2008 2008
Cash and due from banks $ 25,074,000 $ 15,170,000 $ 24,042,000
Federal funds sold - - -
Interest-bearing deposits in
banks 891,000 4,248,000 4,941,000
Investment securities 86,806,000 91,621,000 111,233,000
Loans and leases:
Real estate 297,023,000 300,934,000 284,287,000
Commercial 82,799,000 90,625,000 101,273,000
Lease financing 4,390,000 4,475,000 3,569,000
Other 22,332,000 22,811,000 19,882,000
Deferred loan and lease
originations fees, net (595,000) (571,000) (469,000)
Allowance for loan and
lease losses (7,758,000) (5,918,000) (6,111,000)
------------ ------------ ------------
Total loans and leases, net 398,191,000 412,356,000 402,431,000
------------ ------------ ------------
Bank premises and equipment 2,164,000 2,115,000 2,058,000
Accounts receivable servicing
receivables, net 80,000 1,236,000 1,372,000
Goodwill and intangible assets 17,096,000 17,228,000 17,371,000
Other real estate owned 3,347,000 2,158,000 -
Accrued interest receivable and
other assets 18,161,000 17,025,000 16,902,000
------------ ------------ ------------
$551,810,000 $563,157,000 $580,350,000
============ ============ ============
LIABILITIES & SHAREHOLDERS'
EQUITY
Noninterest-bearing deposits $115,036,000 $119,143,000 $127,720,000
Interest checking 44,833,000 45,581,000 44,179,000
Money market 117,429,000 105,919,000 124,963,000
Savings 37,557,000 33,438,000 39,159,000
Time deposits 134,754,000 132,980,000 123,179,000
------------ ------------ ------------
Total deposits 449,609,000 437,061,000 459,200,000
------------ ------------ ------------
Short-term borrowings 14,500,000 43,231,000 36,303,000
Long-term borrowings 21,500,000 14,000,000 17,500,000
Accrued interest payable and
other liabilities 4,049,000 5,418,000 6,280,000
------------ ------------ ------------
Total liabilities 489,658,000 499,710,000 519,283,000
Total shareholders' equity 62,276,000 63,447,000 61,067,000
------------ ------------ ------------
$551,810,000 $563,157,000 $580,350,000
============ ============ ============
Ratios:
Nonperforming loans and leases
to total loans and leases 5.16% 1.49% 3.49%
Net chargeoffs to average loans
and leases (annualized) 1.55% 0.42% 0.15%
Allowance for loan and lease
loss to total loans and leases 1.91% 1.41% 1.50%
American River Bank Capital
Ratios:
Leverage Ratio 8.23% 8.40% 7.84%
Tier 1 Risk-Based Capital Ratio 10.65% 10.35% 9.75%
Total Risk-Based Capital Ratio 11.91% 11.60% 11.00%
American River Bankshares
Condensed Consolidated Statement of Operations (Unaudited)
Second Second For the Six Months
Quarter Quarter % Ended June 30, %
2009 2008 Change 2009 2008 Change
---------- ---------- ------- ---------------------- ------
Interest
income $7,321,000 $8,252,000 (11.3%) $15,072,000 $16,830,000 (10.4%)
Interest
expense 1,303,000 1,857,000 (29.8%) 2,715,000 4,093,000 (33.7%)
========== ========== ======= ========== ========== ======
Net
interest
income 6,018,000 6,395,000 (5.9%) 12,357,000 12,737,000 (3.0%)
Total
noninterest
income 649,000 639,000 1.6% 1,159,000 1,224,000 (5.3%)
Total
noninterest
expense 4,239,000 3,642,000 16.4% 7,840,000 7,271,000 7.8%
========== ========== ======= ========== ========== ======
Income
before
provisions
for
income
taxes and
loan and
lease
losses 2,428,000 3,392,000 (28.4%) 5,676,000 6,690,000 (15.2%)
========== ========== ======= ========== ========== ======
Provision
for loan
and lease
losses 3,800,000 190,000 - 5,029,000 527,000 -
========== ========== ======= ========== ========== ======
(Benefit
from)
provision
for
income
taxes (668,000) 1,221,000 - 68,000 2,349,000 -
========== ========== ======= ========== ========== ======
Net (loss)
income $ (704,000) $1,981,000 (135.5%) $ 579,000 $3,814,000 (84.8%)
========== ========== ======= ========== ========== ======
Basic
(loss)
earnings
per share $(0.12) $0.34 (135.3%) $0.10 $0.65 (84.6%)
Diluted
(loss)
earnings
per share $(0.12) $0.34 (135.3%) $0.10 $0.65 (84.6%)
Average
diluted
shares
outstand-
ing 5,797,533 5,826,304 5,842,069 5,849,035
Net
interest
margin as
a
percentage
of average
earning
assets 4.87% 4.99% 4.98% 4.96%
Operating
Ratios
(annualized):
Return on
average
assets (0.50%) 1.38% 0.20% 1.33%
Return on
average
equity (4.41%) 13.11% 1.83% 12.69%
Return on
average
tangible
equity (6.01%) 18.38% 2.50% 17.84%
Efficiency
ratio
(fully
taxable
equivalent) 61.81% 50.13% 56.32% 50.43%
Share and earnings per share data have been adjusted for a 5% stock
dividend in 2008
American River Bankshares
Condensed Consolidated Statement of Operations (Unaudited)
Trailing Four Quarters
Second First Fourth Third
Quarter Quarter Quarter Quarter
2009 2009 2008 2008
----------- ----------- ----------- -----------
Interest income $ 7,321,000 $ 7,751,000 $ 8,119,000 $ 8,604,000
Interest expense 1,303,000 1,412,000 1,673,000 1,862,000
----------- ----------- ----------- -----------
Net interest income 6,018,000 6,339,000 6,446,000 6,742,000
Total noninterest
income 649,000 510,000 498,000 446,000
Total noninterest
expense 4,239,000 3,601,000 3,236,000 3,694,000
----------- ----------- ----------- -----------
Income before
provisions for income
taxes and loan and
lease losses 2,428,000 3,248,000 3,708,000 3,494,000
----------- ----------- ----------- -----------
Provision for loan and
lease losses 3,800,000 1,229,000 835,000 381,000
(Benefit from)
provision for income
taxes (668,000) 736,000 1,047,000 1,182,000
----------- ----------- ----------- -----------
Net (loss) income $ (704,000) $ 1,283,000 $ 1,826,000 $ 1,931,000
=========== =========== =========== ===========
Basic (loss) earnings
per share $(0.12) $0.22 $0.32 $0.33
Diluted (loss) earnings
per share $(0.12) $0.22 $0.32 $0.33
Average diluted shares
outstanding 5,797,533 5,824,407 5,794,733 5,808,514
Shares outstanding-end
of period 5,797,533 5,797,533 5,792,283 5,793,286
Net interest margin as
a percentage of
average earning assets 4.87% 5.08% 5.04% 5.14%
Operating Ratios
(annualized):
Return on average
assets (0.50%) 0.90% 1.28% 1.32%
Return on average
equity (4.41%) 8.15% 11.71% 12.51%
Return on average
tangible equity (6.01%) 11.16% 16.23% 17.43%
Efficiency ratio (fully
tax equivalent) 61.81% 50.97% 45.03% 49.76%
Share and earnings per share data have been adjusted for a 5% stock
dividend in 2008
American River Bankshares
Analysis of Net Interest Margin on Earning Assets
(Taxable Equivalent Basis)
Three months
ended June 30, 2009 2008
Avg Avg Avg Avg
ASSETS Balance Interest Yield Balance Interest Yield
Loans and
leases $410,959,000 $6,364,000 6.21% $405,097,000 $6,945,000 6.90%
Taxable
investment
securities 63,584,000 676,000 4.26% 83,410,000 962,000 4.64%
Tax-exempt
investment
securities 25,450,000 339,000 5.34% 27,664,000 355,000 5.16%
Corporate
stock 27,000 6,000 89.13% 235,000 13,000 22.25%
Federal
funds sold 6,000 - 0.00% 1,202,000 6,000 2.01%
Interest-
bearing
deposits
in banks 2,429,000 20,000 3.30% 4,942,000 59,000 4.80%
------------ ---------- ------------ ----------
Total
earning
assets $502,455,000 $7,405,000 5.91% $522,550,000 $8,340,000 6.42%
------------ ---------- ------------ ----------
Cash & due
from banks 34,679,000 21,204,000
Other
assets 38,122,000 38,145,000
Allowance
for loan &
lease
losses (6,158,000) (6,072,000)
------------ ------------
$569,098,000 $575,827,000
============ ============
LIABILITIES
&
SHAREHOLDERS'
EQUITY
Interest
checking
and money
market $155,630,000 $ 323,000 0.83% $168,788,000 $ 471,000 1.12%
Savings 33,380,000 54,000 0.65% 35,902,000 64,000 0.72%
Time
deposits 139,844,000 621,000 1.78% 122,871,000 929,000 3.04%
Other
borrowings 54,213,000 305,000 2.26% 53,408,000 393,000 2.96%
------------ ---------- ------------ ----------
Total
interest
bearing
liabili-
ties $383,067,000 $1,303,000 1.36% $380,969,000 $1,857,000 1.96%
------------ ---------- ------------ ----------
Noninterest
bearing
demand
deposits 116,091,000 128,266,000
Other
liabilities 5,842,000 5,837,000
------------ ------------
Total
liabili-
ties 505,000,000 515,072,000
Share-
holders'
equity 64,098,000 60,755,000
------------ ------------
$569,098,000 $575,827,000
============ ============
Net
interest
income &
margin $6,102,000 4.87% $6,483,000 4.99%
========== ===== ========== =====
American River Bankshares
Analysis of Net Interest Margin on Earning Assets
(Taxable Equivalent Basis)
Six
months
ended
June 30, 2009 2008
Avg Avg
ASSETS Avg Balance Interest Yield Avg Balance Interest Yield
Loans and
leases $414,347,000 $ 13,082,000 6.37% $404,301,000 $14,189,000 7.06%
Taxable
investment
securities 64,113,000 1,411,000 4.44% 85,689,000 1,962,000 4.60%
Tax-exempt
investment
securities 25,981,000 690,000 5.36% 27,140,000 703,000 5.21%
Corporate
stock 19,000 6,000 63.68% 240,000 17,000 14.24%
Federal
funds
sold 22,000 - 0.00% 725,000 8,000 2.22%
Interest-
bearing
deposits
in banks 2,943,000 53,000 3.63% 4,942,000 124,000 5.05%
============ ============ ============ ===========
Total
earning
assets 507,425,000 $ 15,242,000 6.06% 523,037,000 $17,003,000 6.54%
============ ============ ============ ===========
Cash & due
from
banks 29,843,000 19,046,000
Other
assets 42,037,000 38,790,000
Allowance
for loan
& lease
losses (5,983,000) (5,994,000)
============ ============
$573,322,000 $574,879,000
============ ============
LIABILITIES &
SHAREHOLDERS'
EQUITY
Interest
checking
and money
market $153,033,000 $ 641,000 0.84% $168,644,000 $ 1,068,000 1.27%
Savings 32,904,000 108,000 0.66% 36,101,000 150,000 0.84%
Time
deposits 136,767,000 1,330,000 1.96% 120,424,000 1,989,000 3.32%
Other
borrowings 65,865,000 636,000 1.95% 54,372,000 886,000 3.28%
============ ============ ============ ===========
Total
interest
bearing
liabilities 388,569,000 $ 2,715,000 1.41% 379,541,000 $ 4,093,000 2.17%
============ ============ ============ ===========
Noninterest
bearing
demand
deposits 114,844,000 128,572,000
Other
liabilities 5,949,000 6,321,000
============ ============
Total
liabilities 509,362,000 514,434,000
Shareholders'
equity 63,960,000 60,445,000
============ ============
$573,322,000 $574,879,000
============ ============ ===== ============ =========== =====
Net
interest
income &
margin $ 12,527,000 4.98% $12,910,000 4.96%
============ ===== ============ =========== =====
Investor Contact: Mitchell A. Derenzo Chief Financial Officer American River Bankshares 916-231-6723 Media Contact: Diana Walery Corporate Communications American River Bankshares 916-231-6717
SOURCE: American River Bankshares
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