American River Bankshares (NASDAQ-GS: AMRB) today reported that net income increased 1,235.1% to $1.0 million, or $0.10 per diluted share for the fourth quarter of 2011 compared to $77,000 or $0.01 per diluted share for the fourth quarter of 2010. For the twelve months ended December 31, 2011, net income increased 426.1% to $2.5 million, or $0.25 per diluted share compared to $0.5 million or $0.05 per diluted share for the twelve months ended December 31, 2010. A reduction in the provision for loan and lease losses, due to improving asset quality, and lower expenses contributed to the profitability for both the quarter and the year.
"For the second quarter in a row, American River Bankshares has posted profits in excess of $1 million, which is a result of our focus on improving asset quality," said David Taber, President and CEO of American River Bankshares. "Our progress would not be possible without the hardworking and dedicated professional bankers at our Company." Read More>>