American River Bankshares (AMRB) has reported 31.43 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $1.92 million, or $0.29 a share in the quarter, compared with $1.46 million, or $0.20 a share for the same period last year. Revenue during the quarter grew 14.25 percent to $6.32 million from $5.53 million in the previous year period. Net interest income for the quarter rose 0.31 percent over the prior year period to $5.11 million. Non-interest income for the quarter rose 22.17 percent over the last year period to $0.53 million.
Net interest margin contracted 6 basis points to 3.57 percent in the quarter from 3.63 percent in the last year period. Efficiency ratio for the quarter improved to 56.98 percent from 60.72 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"We are very proud of what the team accomplished in 2016. EPS increased 34% as a result of profitable growth, a decrease in overhead, a negative provision for loan loss, and a successful stock buyback," said David Taber, president and chief executive officer of American River Bankshares.
Deposits stood at $544.81 million as on Dec. 31, 2016, up 2.66 percent compared with $530.69 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $201.11 million or 36.91 percent of total deposits on Dec. 31, 2016, compared with $190.55 million or 35.91 percent of total deposits on Dec. 31, 2015.
Investments stood at $254.50 million as on Dec. 31, 2016, down 7.27 percent or $19.94 million from year-ago. Shareholders equity was at $83.85 million as on Dec. 31, 2016.
Return on assets moved up 25 basis points to 1.16 percent in the quarter from 0.91 percent in the last year period. At the same time, return on equity increased 233 basis points to 9.04 percent in the quarter from 6.71 percent in the last year period.
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