EXHIBIT 99.1
SACRAMENTO, CA - DECEMBER 13, 2000
AMERICAN RIVER HOLDINGS REPORTS COMBINED EARNINGS
Sacramento, CA, December 13, 2000 - On October 25, 2000, American River Holdings
(Nasdaq: AMRB) consummated its merger with North Coast Bank. On December 12,
2000, the company filed Form 8-K with the Securities and Exchange Commission
releasing its unaudited historical combined balance sheet as of November 30,
2000 and statement of operations for the eleven months ended November 30, 2000
and 1999 which reflect the combined operations of the two entities prior to the
combination and for 36 days after the effective date of the merger. This
financial information reflects the application of the pooling of interests
method of accounting for the combination.
On a combined basis, total assets were $273,141,000. Total Net Income for the
eleven months ended November 30, 2000 was $3,268,000 compared to $2,781,000 for
1999.
American River Holdings is the parent company of American River Bank, a
community business bank in Sacramento, first source capital, a company that
arranges equipment lease financing for businesses, and North Coast Bank, a
community business bank in Sonoma County.
Related websites: www.amrb.com, www.americanriverbank.net,
www.northcoastbank.com, www.firstsourcecapital.com
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THIS NEWS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS ABOUT AMERICAN RIVER
HOLDINGS' AND SUBSIDIARIES' FINANCIAL CONDITION, RESULTS OF OPERATIONS, PLANS,
OBJECTIVES AND FUTURE PERFORMANCE. A NUMBER OF FACTORS, ANY OF WHICH ARE BEYOND
THE CONTROL OF AMERICAN RIVER HOLDINGS OR ITS SUBSIDIARIES, COULD CAUSE ACTUAL
RESULTS TO DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS.
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Page 4 of 6 Pages
AMERICAN RIVER HOLDINGS
BALANCE SHEET (UNAUDITED)
November 30, 2000 (In thousands)
ASSETS
Cash and due from banks $ 14,942
Federal funds sold 170
Interest-bearing deposits in banks 5,738
Available-for-sale investment securities 32,183
Held-to-maturity investment securities, at amortized cost
(market value of $16,666) 16,670
Loans and leases, less allowance for loan and lease
losses of $2,618 194,602
Bank premises and equipment, net 1,581
Intangibles 137
Accounts receivable servicing receivables 3,149
Accrued interest receivable and other assets 3,969
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$ 273,141
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Non-interest bearing $ 58,128
Interest bearing 173,837
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Total deposits 231,965
Other borrowings 14,787
Accrued interest payable and other liabilities 2,213
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Total liabilities 248,965
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Shareholders' equity:
Common stock 12,270
Retained earnings 8,646
Current period earnings 3,268
Accumulated other comprehensive loss (8)
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Total shareholders' equity 24,176
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$ 273,141
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Page 5 of 6 Pages
AMERICAN RIVER HOLDINGS
STATEMENT OF OPERATIONS (UNAUDITED)
Eleven Months Ended November 30,
(In thousands)
2000 1999
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Interest income:
Interest and fees on loans $ 15,591 $ 12,676
Interest on investment securities:
Taxable 2,430 1,883
Exempt from Federal income taxes 423 305
Dividends 73 59
Interest on Federal funds sold 348 419
Interest on deposits in banks 376 299
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Total interest income 19,241 15,641
Interest expense:
Deposits 6,650 4,825
Other borrowings 261 144
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Total interest expense 6,911 4,969
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Net interest income 12,330 10,672
Provision for loan and lease losses 605 553
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Net interest income after provision for
loan and lease losses 11,725 10,119
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Non-interest income:
Service charges 551 489
Other fees and charges 1,445 1,084
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Total non-interest income 1,996 1,573
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Other expenses:
Salaries and employee benefits 4,477 3,965
Occupancy and equipment 1,116 1,053
Merger expenses 561 --
Other 2,233 2,195
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Total other expenses 8,387 7,213
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Income before income taxes 5,334 4,479
Income taxes 2,066 1,698
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Net income $ 3,268 $ 2,781
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