American River Bank parent reports 2013 profit of $3.1 million

Published: Thursday, Jan. 23, 2014 - 10:32 am

Rancho Cordova-based American River Bankshares, parent of American River Bank, reported net income of $890,000, or 10 cents a share, for the fourth quarter ended Dec. 31.

That was up from $870,000, or 9 cents a share, in the final quarter of 2012.

For all of 2013, ARB profits totaled $3.1 million, or 34 cents a share, compared with $3.2 million, or 34 cents a share, in 2012.

The banking company noted that new loan production in 2013 totaled $64 million, up 74 percent from $36.7 million in 2012.

ARB’s board of directors also recently approved a new stock repurchase program, authorizing the repurchase during 2014 of up to 5 percent of the outstanding shares of the company’s common stock – approximately 424,462 shares based on the 8,489,247 shares outstanding as of Dec. 31.

“We continue to believe that a share repurchase program is a worthwhile tool in providing value to our shareholders while maximizing the company’s strategic position,” said David Taber, ARB president and CEO.

Call The Bee’s Mark Glover, (916) 321-1184.

Read more articles by Mark Glover

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