American River Bank earnings up for year
American River Bankshares CEO David Taber said the bank has seen mixed results with a 28 percent increase and profits and a 52 percent higher share price. But it also saw earnings go down int he fourth quarter.
American River Bankshares[6], the parent of American River Bank, earned $870,000 in the fourth quarter, down from earning $1 million in the same period n 2011.
For the full year, American River (NASDAQ: AMRB) earned $3.2 million, up from earning $2.5 million in 2011.
“This past year has been one of mixed results, with a 28 percent increase in profits and a 52 percent higher share price,” said David Taber[7], President and CEO of American River Bankshares. “We were also able to reduce nonperforming assets by 18 percent as well as increase core deposits by 5 percent.”
He said the Rancho Cordova-based bank continues to see existing loans paying off faster than new loans are replacing them.
The bank was able to reduce its provision for loan and lease losses because of improving asset quality. American River put $1.4 million into reserves in 2012, down from an addition of $3.6 million at the same period in 2011.
Mark Anderson covers technology, banking, finance, restaurants and tourism for the Sacramento Business Journal.
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