American River Bankshares (NASDAQ-GS: AMRB) today reported that net income increased 246% to $712,000, or $0.07 per diluted share for the first quarter of 2012 compared to $206,000 or $0.02 per diluted share for the first quarter of 2011. A reduction in the provision for loan and lease losses, due to improving asset quality, contributed to the profitability for the quarter.
"The ups and downs of the current economic cycle continue to reflect in our results," said David Taber, President and CEO of American River Bankshares. "Even though we are having success bringing in new business, as evidenced by an increase in core deposits over last quarter, loan payoffs are outpacing new demand." Taber continued, "As an organization, we're focused on activities that promote growth and efficiency, while keeping an eye towards progress with asset quality." Read More>>