EXHIBIT 99.1
American River Bankshares Marks its 100th Consecutive Profitable Quarter
Sacramento, CA, January 22, 2009 - American River Bankshares (NASDAQ-GS: AMRB)
today reported diluted earnings per share ("EPS") for the fourth quarter of 2008
of $0.32, compared to the $0.36 recorded in the fourth quarter of 2007. For the
year ended December 31, 2008 diluted EPS was $1.30 compared to $1.39 for the
year ended December 31, 2007. Diluted EPS has been adjusted for 5% stock
dividends distributed in December 2008 and 2007. Net income for the fourth
quarter of 2008 decreased $316,000 (14.8%) to $1,826,000 from $2,142,000 for the
fourth quarter of 2007. Net income for the year ended December 31, 2008
decreased $907,000 (10.7%) to $7,571,000 from $8,478,000 for the year ended
December 31, 2007.
"For the past 25 years, American River Bankshares has remained consistently
profitable through three recessions, two wars in Iraq, the S&L crisis and the
general ups and downs of the market," said David Taber, President and CEO of
American River Bankshares. "As we celebrate our 25th anniversary and 100th
consecutive profitable quarter, we take a moment to look back on all we've
accomplished for our clients and shareholders, but more importantly, we look
forward to our future success." He continued, "Building our Company on
common-sense banking fundamentals has served us well over the last 25 years and
we intend to rely on these same fundamentals for the next 25."
Net Interest Margin
Net interest margin as a percentage was 5.04% for the fourth quarter of 2008
compared to 5.14% for the third quarter of 2008 and 5.10% for the fourth quarter
of 2007. Net interest income for the fourth quarter of 2008 decreased $296,000
(4.4%) to $6,446,000 from $6,742,000 for the third quarter of 2008 and decreased
$120,000 (1.8%) from the fourth quarter of 2007. Interest income for the fourth
quarter of 2008 decreased $485,000 (5.6%) to $8,119,000 from $8,604,000 for the
third quarter of 2008 and decreased $943,000 (10.4%) from $9,062,000 for the
fourth quarter of 2007. Net interest margin for the year ended December 31, 2008
was 5.03% compared to 5.10% for the year ended December 31, 2007. Net interest
income for the year ended December 31, 2008 decreased $477,000 (1.8%) to
$25,925,000 from $26,402,000 for the year ended December 31, 2007 and interest
income decreased $3,925,000 (10.5%) to $33,553,000 from $37,478,000 for the year
ended December 31, 2007.
The average yield on earning assets declined from 7.01% in the fourth quarter of
2007 to 6.34% for the fourth quarter of 2008. 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 remained consistent with only a
slight decrease of 0.5% from $517,824,000 in the fourth quarter of 2007 to
$515,217,000 in the fourth quarter of 2008. While the overall balance was stable
during this period, the Company did see a positive change in mix with an
increase in average loans balances offset by a corresponding decrease in average
investment securities. Average loan balances were up $24,462,000 (6.2%) to
$417,945,000 while average investments securities were down $25,894,000 (21.9%)
to $92,422,000. 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. Foregone interest income during the fourth
quarter of 2008 was approximately $125,000, this compares to $272,000 during the
fourth quarter of 2007. Overall, the yield on loans during the fourth quarter of
2008 was 6.70% as compared to 7.73% for the fourth quarter of 2007.
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Also reflective of the declining interest rate environment, interest expense for
the fourth quarter of 2008 decreased $189,000 (10.2%) to $1,673,000 from
$1,862,000 for the third quarter of 2008 and decreased $823,000 (33.0%) from
$2,496,000 for the fourth quarter of 2007. For the year ended December 31, 2008,
interest expense decreased $3,448,000 (31.1%) to $7,628,000 from $11,076,000 for
the year ended December 31, 2007. The average cost of funds decreased from 2.74%
in the fourth quarter of 2007 to 1.76% for the fourth quarter of 2008. The
average balance of interest bearing liabilities increased 4.8% from $361,289,000
in the fourth quarter of 2007 to $378,529,000 in the fourth quarter of 2008.
This increase resulted primarily from an increase in average other borrowings of
$37,638,000 over the same period. The increased borrowings were used to fund the
increase in loans and offset the decrease in average deposits of $37,985,000;
primarily in noninterest demand, interest checking and money market accounts.
The Company has taken advantage of the lower borrowing rates available by
locking in one to three year funding from its financial partners.
Loan Growth and Asset Quality
Net loans as of December 31, 2008 increased $17,381,000 (4.4%) to $412,356,000
from $394,975,000 as of December 31, 2007. Real estate loans increased
$17,188,000 (6.1%) to $300,934,000 as of December 31, 2008 from $283,746,000 as
of December 31, 2007 and commercial loans decreased $4,007,000 (4.2%) to
$90,625,000 as of December 31, 2008 from $94,632,000 as of December 31, 2007.
The loan portfolio at December 31, 2008 included: real estate loans of
$300,934,000 (72% of the portfolio), commercial loans of $90,625,000 (22% of the
portfolio) and other, which consists mainly of leases and consumer loans of
$27,286,000 (6% of the portfolio). The real estate loan portfolio at December
31, 2008 includes: business property loans of $120,887,000 (40% of the real
estate portfolio), investor commercial real estate of $97,739,000 (33% of the
real estate portfolio), construction and land development of $48,664,000 (16% of
the real estate portfolio) and other, which consists of residential and
multi-family real estate of $33,644,000 (11% of the real estate portfolio).
At December 31, 2008, the allowance for loan and lease losses was $5,918,000
compared with $5,883,000 at December 31, 2007. The provision for loan and lease
losses was $835,000 for the fourth quarter of 2008, compared to $381,000 for the
third quarter of 2008 and $135,000 for the fourth quarter of 2007. For the year
ended December 31, 2008 the provision for loan and lease losses was $1,743,000
compared to $450,000 for 2007. The allowance as a percentage of loans and leases
was 1.41% at December 31, 2008, compared to 1.47% at December 31, 2007. Net
chargeoffs for the fourth quarter of 2008 were $1,100,000 compared to $309,000
for the third quarter of 2008 and $141,000 for the fourth quarter of 2007. For
the year ended December 31, 2008 net chargeoffs were $1,708,000 compared to
$441,000 for 2007. Non-performing loans and leases as of December 31, 2008 were
1.49% of total loans and leases compared to 1.86% one year ago.
Non-performing assets were $8,399,000 at December 31, 2008 compared to
$7,501,000 at December 31, 2007 and non-performing assets to total assets as of
December 31, 2008 were 1.49% compared to 1.31% one year ago. Loans past due over
30 days increased to $7,812,000 at December 31, 2008 from $7,026,000 at December
31, 2007. The level of nonperforming assets of $8,399,000 is down $719,000
(7.9%) from the $9,118,000 balance as of September 30, 2008. During the fourth
quarter of 2008, one loan for $466,000 was paid current and is now considered
performing and five loans totaling $4,405,000 were partially or fully charged
off in the amount of $1,026,000, one of which was foreclosed upon and is now
carried as "other real estate owned (OREO)". The Company has three OREO
properties totaling $2,158,000.
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The Company evaluates non-performing loans for impairment and assigns specific
reserves when necessary. After the chargeoffs recorded through December 31,
2008, specific reserves of $788,000 were held on the non-performing loans
considered to be impaired.
During the fourth quarter of 2008, four additional loans in the amount of
$496,000 were placed on the non-performing list. Of these four loans, two loans
totaling $252,000 are real estate secured and two loans totaling $244,000 are
unsecured. In addition, the Company has three loans totaling $474,000 that are
over 90 days past due and still accruing interest.
Deposits and Borrowed Funds
Total deposits as of December 31, 2008 decreased $18,584,000 (4.1%) to
$437,061,000 from $455,645,000 as of December 31, 2007. Noninterest-bearing
deposits decreased $13,523,000 (10.2%) from December 31, 2007 to December 31,
2008, while interest-bearing deposits decreased $5,061,000 (1.6%) during the
same period. Other borrowings, which includes both short- and long-term
borrowings, increased $5,628,000 (10.9%) from $51,603,000 at December 31, 2007
to $57,231,000 at December 31, 2008.
Noninterest Income and Expense
Noninterest income for the fourth quarter of 2008 increased $52,000 (11.7%) to
$498,000 from $446,000 for the third quarter of 2008 but decreased $67,000
(11.9%) from $565,000 for the fourth quarter of 2007. Noninterest income for the
year ended December 31, 2008 decreased $431,000 (16.6%) to $2,168,000 from
$2,599,000 for the same period in 2007. Noninterest expense for the fourth
quarter of 2008 decreased $458,000 (12.4%) to $3,236,000 from $3,694,000 for the
third quarter of 2008 and decreased $330,000 (9.3%) from $3,566,000 for the
fourth quarter of 2007. Noninterest expense for the year ended December 31, 2008
decreased $632,000 (4.3%) from $14,833,000 to $14,201,000. Much of the decrease
in noninterest expense in the fourth quarter 2008 was related to a reduction in
the Company's incentive compensation accrual as Company performance targets were
not met. The fully taxable equivalent efficiency ratio for the fourth quarter of
2008 improved, decreasing to 45.03% from 49.76% for the third quarter of 2008
and from 48.37% for the fourth quarter of 2008. For the year ended December 31,
2008, the fully taxable equivalent efficiency ratio was 48.92%, a decrease from
49.49% at December 31, 2007.
Income Taxes
Income taxes for the fourth quarter of 2008 decreased $135,000 (11.4%) to
$1,047,000 from $1,182,000 for the third quarter of 2008 and decreased $241,000
(18.7%) from $1,288,000 for the fourth quarter of 2007. For the year ended
December 31, 2008, income taxes decreased $662,000 (12.6%) from $5,240,000 to
$4,578,000. The effective tax rate for the quarter ended December 31, 2008 was
36.4%, a decrease from 38.0% during the third quarter of 2008 and from the 37.6%
during the fourth quarter of 2007. The effective tax rate for the year ended
December 31, 2008 was 37.7%, down slightly from the 38.2% during the year ended
December 31, 2007.
Capital
Total shareholders' equity at December 31, 2008 was $63,447,000, up $3,474,000
(5.8%) from December 31, 2007. During the fourth quarter of 2008, the Company
repurchased an additional 4,800 shares of its common stock for a total of
110,300 shares repurchased for the year ended December 31, 2008. The Company
also declared and distributed a 5% stock dividend and declared a quarterly cash
dividend of $0.143 per share.
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The Company's subsidiary, American River Bank, remains above the
well-capitalized regulatory guidelines. At December 31, 2008, American River
Bank's leverage ratio was 8.4%, the Tier 1 risk based ratio was 10.4% and the
Total Risk Based Capital ratio was 11.6%. At December 31, 2008, the Company's
leverage ratio was 8.3%, the Tier 1 risk based ratio was 10.2% and the Total
Risk Based Capital ratio was 11.5%.
Performance Metrics
American River Bankshares continues a long history of enhancing shareholder
value with its 100th consecutive profitable quarter. Performance measures for
the fourth quarter of 2008 (annualized): the Return on Average Assets (ROAA) was
1.28%, Return on Average Equity (ROAE) was 11.71% and Return on Average Tangible
Equity (ROATE) was 16.23%. For the year ended December 31, 2008, the Company had
a ROAA of 1.32%, ROAE of 12.39% and ROATE of 17.32%.
Earnings Conference Call
The fourth quarter earnings conference call will be held Thursday, January 22,
2009 at 1:30 p.m. Pacific Time (4:30 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 # 80698694. 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 - GS: AMRB] 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, 2007, 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.
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American River Bankshares
Condensed Consolidated Balance Sheet (Unaudited)
December 31 December 31 %
2008 2007 Change
-------------- -------------- ------------
ASSETS
Cash and due from banks $ 15,170,000 $ 16,245,000 (6.6%)
Federal funds sold -- 1,700,000 --
Interest-bearing deposits in banks 4,248,000 4,951,000 (14.2%)
Investment securities 91,621,000 116,524,000 (21.4%)
Loans and leases:
Real estate 300,934,000 283,746,000 6.1%
Commercial 90,625,000 94,632,000 (4.2%)
Lease financing 4,475,000 4,070,000 10.0%
Other 22,811,000 18,927,000 20.5%
Deferred loan and lease originations fees, net (571,000) (517,000) 10.4%
Allowance for loan and lease losses (5,918,000) (5,883,000) 0.6%
------------------------------------------------
Total loans and leases, net 412,356,000 394,975,000 4.4%
------------------------------------------------
Bank premises and equipment 2,115,000 1,983,000 6.7%
Accounts receivable servicing receivables, net 1,236,000 1,666,000 (25.8%)
Goodwill and intangible assets 17,228,000 17,514,000 (1.6%)
Accrued interest receivable and other assets 19,183,000 18,127,000 5.8%
------------------------------------------------
$ 563,157,000 $ 573,685,000 (1.8%)
=================================================
LIABILITIES & SHAREHOLDERS' EQUITY
Noninterest-bearing deposits $ 119,143,000 $ 132,666,000 (10.2%)
Interest checking 45,581,000 43,577,000 4.6%
Money market 105,919,000 127,397,000 (16.9%)
Savings 33,438,000 35,639,000 (6.2%)
Time deposits 132,980,000 116,366,000 14.3%
------------------------------------------------
Total deposits 437,061,000 455,645,000 (4.1%)
------------------------------------------------
Short-term borrowings 43,231,000 51,603,000 (16.2%)
Long-term borrowings 14,000,000 -- --
Accrued interest payable and other liabilities 5,418,000 6,464,000 (16.2%)
------------------------------------------------
Total liabilities 499,710,000 513,712,000 (2.7%)
Total shareholders' equity 63,447,000 59,973,000 5.8%
------------------------------------------------
$ 563,157,000 $ 573,685,000 (1.8%)
=================================================
Ratios:
Nonperforming loans and leases to total loans and leases 1.49% 1.86%
Net chargeoffs to average loans and leases 0.42% 0.11%
Allowance for loan and lease loss to total loans and leases 1.41% 1.47%
American River Bank Capital Ratios:
Leverage Ratio 8.4% 7.8%
Tier 1 Risk-Based Capital Ratio 10.4% 9.6%
Total Risk-Based Capital Ratio 11.6% 10.8%
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American River Bankshares
Condensed Consolidated Statement of Income (Unaudited)
Fourth Fourth % For the Year Ended %
Quarter Quarter Change December 31 Change
2008 2007 2008 2007
-----------------------------------------------------------------------------------
Interest income $ 8,119,000 $ 9,062,000 (10.4%) $33,553,000 $37,478,000 (10.5%)
Interest expense 1,673,000 2,496,000 (33.0%) 7,628,000 11,076,000 (31.1%)
-----------------------------------------------------------------------------------
Net interest income 6,446,000 6,566,000 (1.8%) 25,925,000 26,402,000 (1.8%)
Provision for loan and lease losses 835,000 135,000 518.5% 1,743,000 450,000 287.3%
Total noninterest income 498,000 565,000 (11.9%) 2,168,000 2,599,000 (16.6%)
Total noninterest expense 3,236,000 3,566,000 (9.3%) 14,201,000 14,833,000 (4.3%)
-----------------------------------------------------------------------------------
Income before taxes 2,873,000 3,430,000 (16.2%) 12,149,000 13,718,000 (11.4%)
Provision for income taxes 1,047,000 1,288,000 (18.7%) 4,578,000 5,240,000 (12.6%)
-----------------------------------------------------------------------------------
Net income $ 1,826,000 $ 2,142,000 (14.8%) $ 7,571,000 $ 8,478,000 (10.7%)
===================================================================================
Basic earnings per share $ 0.32 $ 0.36 (11.1%) $ 1.30 $ 1.40 (7.1%)
Diluted earnings per share $ 0.32 $ 0.36 (11.1%) $ 1.30 $ 1.39 (6.5%)
Average diluted shares outstanding 5,794,733 5,970,077 5,825,200 6,116,405
Net interest margin as a percentage 5.04% 5.10% 5.03% 5.10%
Operating Ratios:
Return on average assets 1.28% 1.50% 1.32% 1.47%
Return on average equity 11.71% 14.10% 12.39% 14.01%
Return on average tangible equity 16.23% 19.89% 17.32% 19.78%
Efficiency ratio (fully taxable equivalent) 45.03% 48.37% 48.92% 49.49%
Share and earnings per share data have been adjusted for 5% stock dividends in
2008 and 2007
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American River Bankshares
Condensed Consolidated Statement of Income (Unaudited)
Trailing Four Quarters
Fourth Third Second First
Quarter Quarter Quarter Quarter
2008 2008 2008 2008
--------------------------------------------------------
Interest income $ 8,119,000 $ 8,604,000 $ 8,252,000 $ 8,578,000
Interest expense 1,673,000 1,862,000 1,857,000 2,236,000
--------------------------------------------------------
Net interest income 6,446,000 6,742,000 6,395,000 6,342,000
Provision for loan and lease losses 835,000 381,000 190,000 337,000
Total noninterest income 498,000 446,000 639,000 585,000
Total noninterest expense 3,236,000 3,694,000 3,642,000 3,629,000
--------------------------------------------------------
Income before taxes 2,873,000 3,113,000 3,202,000 2,961,000
Provision for income taxes 1,047,000 1,182,000 1,221,000 1,128,000
--------------------------------------------------------
Net income $ 1,826,000 $ 1,931,000 $ 1,981,000 $ 1,833,000
========================================================
Basic earnings per share $ 0.32 $ 0.33 $ 0.34 $ 0.31
Diluted earnings per share $ 0.32 $ 0.33 $ 0.34 $ 0.31
Average diluted shares outstanding 5,794,733 5,808,514 5,826,304 5,871,766
Shares outstanding-end of period 5,792,482 5,793,286 5,819,536 5,808,104
Net interest margin as a percentage 5.04% 5.14% 4.99% 4.94%
Quarterly Operating Ratios:
Return on average assets 1.28% 1.32% 1.38% 1.28%
Return on average equity 11.71% 12.51% 13.11% 12.26%
Return on average tangible equity 16.23% 17.43% 18.38% 17.29%
Efficiency ratio (fully tax equivalent) 45.03% 49.76% 50.13% 50.73%
Share and earnings per share data have been adjusted for 5% stock dividends in
2008 and 2007
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American River Bankshares
Analysis of Net Interest Margin on Earning Assets (Taxable Equivalent Basis)
For the year ended December 31, 2008 2007
Avg Avg Avg Avg
Balance Interest Yield Balance Interest Yield
---------------------------------------------------------------------------------------
ASSETS
Loans and leases $ 410,293,000 $ 28,512,000 6.95% $ 390,488,000 $ 31,508,000 8.07%
Taxable investment securities 79,675,000 3,711,000 4.66% 100,086,000 4,544,000 4.54%
Tax-exempt investment securities 27,102,000 1,428,000 5.27% 27,745,000 1,436,000 5.18%
Corporate stock 172,000 22,000 12.79% 407,000 32,000 7.86%
Federal funds sold 486,000 10,000 2.06% 690,000 34,000 4.93%
Interest bearing deposits in banks 4,838,000 222,000 4.59% 4,949,000 271,000 5.48%
------------------------------ ------------------------------
Total earning assets 522,566,000 33,905,000 6.47% 524,365,000 37,825,000 7.21%
------------------------------ ------------------------------
Cash & due from banks 19,260,000 17,263,000
Other assets 39,330,000 39,529,000
Allowance for loan & lease losses (6,110,000) (5,932,000)
------------- -------------
$ 575,046,000 $ 575,225,000
============= =============
LIABILITIES & SHAREHOLDERS' EQUITY
Interest checking and money market $ 164,531,000 $ 1,929,000 1.17% $ 173,382,000 $ 3,781,000 2.18%
Savings 36,033,000 324,000 0.90% 37,690,000 546,000 1.45%
Time deposits 121,479,000 3,648,000 3.00% 123,485,000 5,233,000 4.24%
Other borrowings 59,560,000 1,727,000 2.90% 29,680,000 1,516,000 5.11%
------------------------------ ------------------------------
Total interest bearing liabilities 381,603,000 7,628,000 1.99% 364,237,000 11,076,000 3.04%
------------------------------ ------------------------------
Noninterest-bearing deposits 126,125,000 144,787,000
Other liabilities 6,234,000 5,668,000
------------- -------------
Total liabilities 513,962,000 514,692,000
Shareholders' equity 61,084,000 60,533,000
------------- -------------
$ 575,046,000 $ 575,225,000
=======================================================================================
Net interest income & margin $ 26,277,000 5.03% $ 26,749,000 5.10%
======================================================================
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American River Bankshares
Analysis of Net Interest Margin on Earning Assets (Taxable Equivalent Basis)
Three months ended December 31, 2008 2007
Avg Avg Avg Avg
Balance Interest Yield Balance Interest Yield
---------------------------------------------------------------------------------------
ASSETS
Loans and leases $ 417,945,000 $ 7,040,000 6.70% $ 393,483,000 $ 7,668,000 7.73%
Taxable investment securities 66,354,000 765,000 4.59% 91,399,000 1,044,000 4.53%
Tax-exempt investment securities 26,025,000 354,000 5.41% 26,658,000 351,000 5.22%
Corporate stock 43,000 -- 0.00% 259,000 3,000 4.60%
Federal funds sold 321,000 1,000 1.24% 1,075,000 13,000 4.80%
Interest bearing deposits in banks 4,529,000 46,000 4.04% 4,950,000 67,000 5.37%
------------------------------ ------------------------------
Total earning assets 515,217,000 8,206,000 6.34% 517,824,000 9,146,000 7.01%
------------------------------ ------------------------------
Cash & due from banks 19,720,000 15,812,000
Other assets 39,904,000 38,769,000
Allowance for loan & lease losses (6,272,000) (5,882,000)
------------- -------------
$ 568,569,000 $ 566,523,000
============= =============
LIABILITIES & SHAREHOLDERS' EQUITY
Interest checking and money market $ 157,941,000 $ 407,000 1.03% $ 181,138,000 $ 873,000 1.91%
Savings 34,135,000 79,000 0.92% 36,390,000 112,000 1.22%
Time deposits 121,492,000 793,000 2.60% 116,438,000 1,177,000 4.01%
Other borrowings 64,961,000 394,000 2.41% 27,323,000 334,000 4.85%
------------------------------ ------------------------------
Total interest bearing liabilities 378,529,000 1,673,000 1.76% 361,289,000 2,496,000 2.74%
------------------------------ ------------------------------
Noninterest-bearing deposits 121,726,000 139,313,000
Other liabilities 6,297,000 5,637,000
------------- -------------
Total liabilities 506,552,000 506,239,000
Shareholders' equity 62,017,000 60,284,000
------------- -------------
$ 568,569,000 $ 566,523,000
=======================================================================================
Net interest income & margin $ 6,533,000 5.04% $ 6,650,000 5.10%
======================================================================
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