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Bank of Marin Bancorp (BMRC) has successfully completed its acquisition of American River Bankshares (AMRB) effective August 6, 2021. Each AMRB share was converted into 0.575 shares of BMRC, with a total transaction value of approximately $125 million. The merger enables BMRC to expand its assets to around $4 billion, significantly increasing total loans and deposits. Additionally, two new directors were appointed to BMRC's board. CEO Russell A. Colombo emphasized the strategic advantage of this acquisition for enhancing customer service and regional growth.
American River Bankshares (AMRB) reported second quarter 2021 net income of $2.4 million ($0.40/share), an increase from $1.7 million ($0.30/share) in Q2 2020. For the first half, net income rose to $5.0 million ($0.84/share) from $3.2 million ($0.54/share). The company experienced a reduction in net loans by $32.5 million (7.1%) year-over-year due to forgiven PPP loans. However, deposits increased by $46 million (6.2%). The net interest margin slightly decreased to 3.44% from 3.58% in the prior quarter. The company also continues its merger process with Bank of Marin Bancorp.
American River Bankshares (NASDAQ-GS: AMRB) announced a quarterly cash dividend of 7 cents per share ($0.07), payable on August 5, 2021 to shareholders of record on July 28, 2021. This dividend matches the previous amount declared on April 22, 2021, and marks the nineteenth cash dividend since the program's reinstatement in January 2017.
American River Bank has been serving Northern California since 1983, providing a wide range of banking services.
The Board of Directors of American River Bankshares (NASDAQ: AMRB) announced the election of all nine director nominees at its Annual Meeting on May 20, 2021. Shareholders elected directors whose terms will expire in 2022. An advisory vote on executive compensation was approved, alongside the ratification of Crowe LLP as independent accountants. CEO David E. Ritchie highlighted the company's solid performance in 2020 despite COVID-19 challenges, emphasizing team safety and shareholder value. For further details, the 2021 Annual Report is available online.
American River Bankshares (NASDAQ-GS: AMRB) declared a quarterly cash dividend of $0.07 per share, payable on May 19, 2021, to shareholders on record as of May 5, 2021. This cash dividend is consistent with the 7 cents announced in January 2021 and marks the 18th cash dividend since the program's reinstatement in 2017. The company continues to serve Northern California with a range of banking services, ensuring financial stability and community support.
Bank of Marin Bancorp (BMRC) and American River Bankshares (AMRB) announced a merger agreement aimed at strengthening BMRC's franchise and expanding its market presence in the Greater Sacramento and Amador regions. The transaction, valued at $134.5 million, will provide AMRB shareholders with 0.575 shares of BMRC for each AMRB share. Post-merger, BMRC will have approximately $4.0 billion in assets and operate 31 branches across ten counties. The deal is expected to be accretive to BMRC's earnings and is slated for completion in the third quarter of 2021.
Bank of Marin Bancorp (BMRC) has signed a merger agreement with American River Bankshares (AMRB), valued at $134.5 million based on BMRC's stock price of $39.06. AMRB shareholders will receive 0.575 shares of BMRC for each AMRB share. This merger adds significant assets of $916.1 million and deposits of $788.6 million from AMRB, boosting BMRC's total assets to approximately $4 billion and expanding its presence to 31 branches across ten counties. The transaction is expected to close in Q3 2021, subject to regulatory approvals.
American River Bankshares (NASDAQ: AMRB) reported a net income of $2.6 million ($0.45 per diluted share) for Q1 2021, compared to $1.4 million ($0.24 per share) in Q1 2020. Despite COVID-19 challenges, the bank experienced a deposit growth of $44.4 million (6.0%) and excellent credit quality. Loans decreased by $3.1 million (0.7%), yet annual net loans grew by $80.7 million (20.8%). The net interest margin improved to 3.58%. The allowance for loan losses remained stable with no nonperforming loans reported. Shareholders' equity was recorded at $92.9 million.
American River Bankshares (AMRB) reported a strong financial performance for Q4 2020, with net income of $2.1 million ($0.36 per diluted share), up from $1.5 million ($0.26) in Q4 2019. Annual net income rose to $7.1 million ($1.20 per share) from $5.5 million ($0.94) in 2019. Key growth drivers included funding 477 PPP loans totaling $80.2 million. Core deposits increased by 27.1% year-over-year, totaling $675 million. The net interest margin increased slightly to 3.46%. Shareholders’ equity rose to $93.1 million, with no nonperforming loans as of December 31, 2020.
American River Bankshares (NASDAQ-GS: AMRB) will host a conference call on January 28, 2021, at 1:30 p.m. PT to discuss its fourth quarter 2020 financial results. The call will be led by President and CEO David E. Ritchie, Jr. and CFO Mitchell A. Derenzo. Shareholders and analysts can join by calling (800) 697-5978 with Conference ID 7962 419#. A replay will be available 24 hours after the call on AmericanRiverBank.com. Financial results will be released before market open on the same date.
