AMERICAN RIVER BANKSHARES

CIK:0001108236|SEC Filings

CONSOLIDATED STATEMENT OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest and fees on loans:
Taxable	$ 5,604	$ 4,675
Exempt from Federal income taxes	193	230
Interest on deposits in banks	8	34
Interest and dividends on investment securities:
Taxable	1,515	1,739
Exempt from Federal income taxes	34	37
Total interest income	7,354	6,715
Interest expense:
Interest on deposits	160	440
Interest on borrowings	62	87
Total interest expense	222	527
Net interest income	7,132	6,188
Provision for loan losses		495
Net interest income after provision for loan losses	7,132	5,693
Noninterest income:
Service charges on deposit accounts	164	155
Gain on sale of securities	172	38
Other noninterest income	255	259
Total noninterest income	591	452
Noninterest expense:
Salaries and employee benefits	2,762	2,865
Occupancy	259	256
Furniture and equipment	134	143
Federal Deposit Insurance Corporation assessments	54	27
Expenses related to other real estate owned	4	5
Other expense	850	920
Total noninterest expense	4,063	4,216
Income before provision for income taxes	3,660	1,929
Provision for income taxes	1,013	497
Net income	$ 2,647	$ 1,432
Basic earnings per share	$ 0.45	$ 0.24
Diluted earnings per share	$ 0.45	$ 0.24

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 2,647	$ 1,432
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses		495
Increase (decrease) in deferred loan origination fees and costs, net	305	(64)
Depreciation and amortization	48	219
Gain on sale of investment securities	(172)	(38)
Amortization of investment security premiums and discounts, net	764	304
Increase in cash surrender values of life insurance policies	(61)	(84)
Stock based compensation expense	90	98
Decrease (increase) in accrued interest receivable and other assets	651	(407)
Decrease in accrued interest payable and other liabilities	(239)	(2,380)
Net cash provided by (used in) operating activities	4,033	(425)
Cash flows from investing activities:
Proceeds from the sale of available-for-sale investment securities	11,048	4,229
Proceeds from matured available-for-sale investment securities	734
Purchases of available-for-sale investment securities	(22,793)	(4,987)
Proceeds from principal repayments for available-for-sale investment securities	15,446	10,848
Proceeds from principal repayments for held-to-maturity investment securities	2	8
Net decrease in loans	4,115	8,164
Purchases of loans	(1,285)	(2,837)
Purchases of equipment	(2)	(24)
Net cash provided by investing activities	7,265	15,401
Cash flows from financing activities:
Net increase in demand, interest-bearing and savings deposits	38,552	1,193
Net increase (decrease) in time deposits	5,840	(2,894)
Increase in short term borrowing		(4,000)
Proceeds from exercised options	15
Cash dividends paid	(416)	(413)
Net cash provided by (used in) financing activities	43,991	(6,114)
Increase in cash and cash equivalents	55,289	8,862
Cash and cash equivalents at beginning of year	42,509	17,810
Cash and cash equivalents at end of period	97,798	26,672
Cash paid during the year for:
Interest expense	227	533
Income taxes

CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and due from banks	$ 18,927	$ 14,030
Interest-bearing deposits in banks	78,871	28,479
Total cash and cash equivalents	97,798	42,509
Investment securities:
Available-for-sale, at fair value	301,628	306,966
Held-to-maturity, at amortized cost fair value of $11 in 2021 and $13 in 2020	10	12
Loans, less allowance for loan losses of $6,696 at March 31, 2021 and $6,628 at December 31, 2020	468,718	471,853
Premises and equipment, net	956	1,002
Federal Home Loan Bank stock	4,212	4,212
Goodwill	16,321	16,321
Other real estate owned	800	800
Bank owned life insurance	16,162	16,101
Accrued interest receivable and other assets	9,458	9,215
Total assets	916,063	868,991
Deposits:
Noninterest bearing	339,714	330,095
Interest-bearing	448,855	414,082
Total deposits	788,569	744,177
Short-term borrowings	7,000	7,000
Long-term borrowings	13,787	13,787
Accrued interest payable and other liabilities	13,816	10,932
Total liabilities	823,172	775,896
Shareholders' equity:
Common stock, no par value; 20,000,000 shares authorized; issued and outstanding – 5,962,466 shares at March 31, 2021 and 5,937,529 shares at December 31, 2020	31,066	30,961
Retained earnings	58,209	55,978
Accumulated other comprehensive income, net of taxes	3,616	6,156
Total shareholders' equity	92,891	93,095
Total liabilities and shareholders' equity	$ 916,063	$ 868,991