Company Quick10K Filing
American River Bankshares
Price13.63 EPS1
Shares6 P/E20
MCap80 P/FCF14
Net Debt-19 EBIT7
TEV62 TEV/EBIT9
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-05
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-21
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-02-22
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-06
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-04
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-05
10-Q 2014-06-30 Filed 2014-08-04
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-09
10-Q 2012-09-30 Filed 2012-11-06
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-03-02
10-Q 2011-09-30 Filed 2011-11-02
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-04
10-Q 2010-09-30 Filed 2010-11-04
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-14
10-K 2009-12-31 Filed 2010-03-05
8-K 2021-02-22 Officers, Exhibits
8-K 2021-01-28 Earnings, Exhibits
8-K 2021-01-21 Other Events, Exhibits
8-K 2021-01-21 Other Events, Exhibits
8-K 2020-12-16 Exhibits
8-K 2020-10-22
8-K 2020-10-22
8-K 2020-10-15
8-K 2020-09-11
8-K 2020-07-16
8-K 2020-07-16
8-K 2020-07-09
8-K 2020-05-21
8-K 2020-04-16
8-K 2020-04-16
8-K 2020-04-09
8-K 2020-01-23
8-K 2020-01-16
8-K 2020-01-16
8-K 2019-12-18
8-K 2019-12-04
8-K 2019-10-17
8-K 2019-10-17
8-K 2019-10-10
8-K 2019-10-03
8-K 2019-09-18
8-K 2019-07-18
8-K 2019-07-18
8-K 2019-07-11
8-K 2019-06-19
8-K 2019-05-16
8-K 2019-04-18
8-K 2019-04-18
8-K 2019-04-10
8-K 2019-01-24
8-K 2019-01-17
8-K 2019-01-17
8-K 2018-12-19
8-K 2018-10-18
8-K 2018-10-17
8-K 2018-10-11
8-K 2018-09-17
8-K 2018-07-19
8-K 2018-07-19
8-K 2018-07-12
8-K 2018-05-31
8-K 2018-05-17
8-K 2018-05-03
8-K 2018-04-19
8-K 2018-04-19
8-K 2018-04-12
8-K 2018-03-21
8-K 2018-02-21
8-K 2018-01-25
8-K 2018-01-25
8-K 2018-01-18
8-K 2018-01-17
8-K 2018-01-03
8-K 2015-01-01

AMRB 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 ex31_1.htm
EX-31.2 ex31_2.htm
EX-32.1 ex32_1.htm

American River Bankshares Earnings 2020-09-30

Balance SheetIncome StatementCash Flow

0001108236 false --12-31 2020 Q3 0001108236 2020-01-01 2020-09-30 0001108236 2020-11-05 0001108236 2020-09-30 0001108236 2019-12-31 0001108236 2020-07-01 2020-09-30 0001108236 2019-07-01 2019-09-30 0001108236 2019-01-01 2019-09-30 0001108236 us-gaap:CommonStockMember 2018-12-31 0001108236 us-gaap:RetainedEarningsMember 2018-12-31 0001108236 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001108236 2018-12-31 0001108236 us-gaap:CommonStockMember 2019-01-01 2019-09-30 0001108236 us-gaap:RetainedEarningsMember 2019-01-01 2019-09-30 0001108236 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-09-30 0001108236 us-gaap:CommonStockMember 2019-09-30 0001108236 us-gaap:RetainedEarningsMember 2019-09-30 0001108236 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-30 0001108236 2019-09-30 0001108236 us-gaap:CommonStockMember 2019-12-31 0001108236 us-gaap:RetainedEarningsMember 2019-12-31 0001108236 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001108236 us-gaap:CommonStockMember 2020-01-01 2020-09-30 0001108236 us-gaap:RetainedEarningsMember 2020-01-01 2020-09-30 0001108236 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-09-30 0001108236 us-gaap:CommonStockMember 2020-09-30 0001108236 us-gaap:RetainedEarningsMember 2020-09-30 0001108236 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-09-30 0001108236 us-gaap:CommonStockMember 2019-06-30 0001108236 us-gaap:RetainedEarningsMember 2019-06-30 0001108236 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0001108236 2019-06-30 0001108236 us-gaap:CommonStockMember 2019-07-01 2019-09-30 0001108236 us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0001108236 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-09-30 0001108236 us-gaap:CommonStockMember 2020-06-30 0001108236 us-gaap:RetainedEarningsMember 2020-06-30 0001108236 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0001108236 2020-06-30 0001108236 us-gaap:CommonStockMember 2020-07-01 2020-09-30 0001108236 us-gaap:RetainedEarningsMember 2020-07-01 2020-09-30 0001108236 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-07-01 2020-09-30 0001108236 amrb:TwoThousandAndTwentyEquityIncentivePlanMember us-gaap:RestrictedStockMember 2020-09-30 0001108236 amrb:TwoThousandAndTenEquityIncentivePlanMember us-gaap:StockOptionMember 2020-09-30 0001108236 amrb:TwoThousandAndTenEquityIncentivePlanMember us-gaap:RestrictedStockMember 2020-09-30 0001108236 us-gaap:RestrictedStockMember 2020-01-01 2020-09-30 0001108236 us-gaap:RestrictedStockMember 2019-01-01 2019-09-30 0001108236 us-gaap:RestrictedStockMember 2020-09-30 0001108236 us-gaap:RestrictedStockMember 2019-12-31 0001108236 us-gaap:LoanPurchaseCommitmentsMember 2020-09-30 0001108236 us-gaap:StandbyLettersOfCreditMember 2020-09-30 0001108236 us-gaap:LoanPurchaseCommitmentsMember 2019-12-31 0001108236 us-gaap:StandbyLettersOfCreditMember 2019-12-31 0001108236 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2020-09-30 0001108236 us-gaap:USStatesAndPoliticalSubdivisionsMember 2020-09-30 0001108236 us-gaap:CorporateDebtSecuritiesMember 2020-09-30 0001108236 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2019-12-31 0001108236 us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-12-31 0001108236 us-gaap:CorporateDebtSecuritiesMember 2019-12-31 0001108236 us-gaap:NonperformingFinancingReceivableMember us-gaap:RealEstateOtherMember 2020-09-30 0001108236 us-gaap:NonperformingFinancingReceivableMember us-gaap:RealEstateOtherMember 2019-12-31 0001108236 us-gaap:NonperformingFinancingReceivableMember us-gaap:OtherAssetsMember 2020-09-30 0001108236 us-gaap:NonperformingFinancingReceivableMember us-gaap:OtherAssetsMember 2019-12-31 0001108236 us-gaap:NonperformingFinancingReceivableMember 2020-09-30 0001108236 us-gaap:NonperformingFinancingReceivableMember 2019-12-31 0001108236 us-gaap:CommercialRealEstateMember 2020-09-30 0001108236 us-gaap:CommercialRealEstateMember 2019-12-31 0001108236 us-gaap:ResidentialRealEstateMember 2020-09-30 0001108236 us-gaap:ResidentialRealEstateMember 2019-12-31 0001108236 us-gaap:CommercialRealEstateMember 2020-07-01 2020-09-30 0001108236 us-gaap:CommercialRealEstateMember 2019-07-01 2019-09-30 0001108236 us-gaap:CommercialRealEstateMember 2020-01-01 2020-09-30 0001108236 us-gaap:CommercialRealEstateMember 2019-01-01 2019-09-30 0001108236 us-gaap:ResidentialRealEstateMember 2020-07-01 2020-09-30 0001108236 us-gaap:ResidentialRealEstateMember 2019-07-01 2019-09-30 0001108236 us-gaap:ResidentialRealEstateMember 2020-01-01 2020-09-30 0001108236 us-gaap:ResidentialRealEstateMember 2019-01-01 2019-09-30 0001108236 us-gaap:CommercialLoanMember us-gaap:PassMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:CommercialRealEstateMember us-gaap:PassMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember srt:MultifamilyMember us-gaap:PassMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember us-gaap:PassMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ResidentialRealEstateMember us-gaap:PassMember 2020-09-30 0001108236 us-gaap:CommercialLoanMember amrb:WatchMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:CommercialRealEstateMember amrb:WatchMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember srt:MultifamilyMember amrb:WatchMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember amrb:WatchMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ResidentialRealEstateMember amrb:WatchMember 2020-09-30 0001108236 us-gaap:CommercialLoanMember us-gaap:SpecialMentionMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:CommercialRealEstateMember us-gaap:SpecialMentionMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember srt:MultifamilyMember us-gaap:SpecialMentionMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember us-gaap:SpecialMentionMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ResidentialRealEstateMember us-gaap:SpecialMentionMember 2020-09-30 0001108236 us-gaap:CommercialLoanMember us-gaap:SubstandardMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:CommercialRealEstateMember us-gaap:SubstandardMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember srt:MultifamilyMember us-gaap:SubstandardMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember us-gaap:SubstandardMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ResidentialRealEstateMember us-gaap:SubstandardMember 2020-09-30 0001108236 us-gaap:CommercialLoanMember us-gaap:DoubtfulMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:CommercialRealEstateMember us-gaap:DoubtfulMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember srt:MultifamilyMember us-gaap:DoubtfulMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember us-gaap:DoubtfulMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ResidentialRealEstateMember us-gaap:DoubtfulMember 2020-09-30 0001108236 us-gaap:CommercialLoanMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:CommercialRealEstateMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember srt:MultifamilyMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ResidentialRealEstateMember 2020-09-30 0001108236 amrb:OtherCreditExposureLoanMember amrb:AgricultureLoanMember us-gaap:PassMember 2020-09-30 0001108236 amrb:OtherCreditExposureLoanMember us-gaap:ConsumerLoanMember us-gaap:PassMember 2020-09-30 0001108236 us-gaap:PassMember 2020-09-30 0001108236 amrb:OtherCreditExposureLoanMember amrb:AgricultureLoanMember amrb:WatchMember 2020-09-30 0001108236 amrb:OtherCreditExposureLoanMember us-gaap:ConsumerLoanMember amrb:WatchMember 2020-09-30 0001108236 amrb:WatchMember 2020-09-30 0001108236 amrb:OtherCreditExposureLoanMember amrb:AgricultureLoanMember us-gaap:SpecialMentionMember 2020-09-30 0001108236 amrb:OtherCreditExposureLoanMember us-gaap:ConsumerLoanMember us-gaap:SpecialMentionMember 2020-09-30 0001108236 us-gaap:SpecialMentionMember 2020-09-30 0001108236 amrb:OtherCreditExposureLoanMember amrb:AgricultureLoanMember us-gaap:SubstandardMember 2020-09-30 0001108236 amrb:OtherCreditExposureLoanMember us-gaap:ConsumerLoanMember us-gaap:SubstandardMember 2020-09-30 0001108236 us-gaap:SubstandardMember 2020-09-30 0001108236 amrb:OtherCreditExposureLoanMember us-gaap:ConsumerLoanMember us-gaap:DoubtfulMember 2020-09-30 0001108236 us-gaap:DoubtfulMember 2020-09-30 0001108236 amrb:OtherCreditExposureLoanMember amrb:AgricultureLoanMember 2020-09-30 0001108236 amrb:OtherCreditExposureLoanMember us-gaap:ConsumerLoanMember 2020-09-30 0001108236 us-gaap:CommercialLoanMember us-gaap:PassMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:CommercialRealEstateMember us-gaap:PassMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember srt:MultifamilyMember us-gaap:PassMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember us-gaap:PassMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:ResidentialRealEstateMember us-gaap:PassMember 2019-12-31 0001108236 us-gaap:CommercialLoanMember amrb:WatchMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:CommercialRealEstateMember amrb:WatchMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember srt:MultifamilyMember amrb:WatchMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember amrb:WatchMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:ResidentialRealEstateMember amrb:WatchMember 2019-12-31 0001108236 us-gaap:CommercialLoanMember us-gaap:SpecialMentionMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:CommercialRealEstateMember us-gaap:SpecialMentionMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember srt:MultifamilyMember us-gaap:SpecialMentionMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember us-gaap:SpecialMentionMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:ResidentialRealEstateMember us-gaap:SpecialMentionMember 2019-12-31 0001108236 us-gaap:CommercialLoanMember us-gaap:SubstandardMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:CommercialRealEstateMember us-gaap:SubstandardMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember srt:MultifamilyMember us-gaap:SubstandardMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember us-gaap:SubstandardMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:ResidentialRealEstateMember us-gaap:SubstandardMember 2019-12-31 0001108236 us-gaap:CommercialLoanMember us-gaap:DoubtfulMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:CommercialRealEstateMember us-gaap:DoubtfulMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember srt:MultifamilyMember us-gaap:DoubtfulMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember us-gaap:DoubtfulMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:ResidentialRealEstateMember us-gaap:DoubtfulMember 2019-12-31 0001108236 us-gaap:CommercialLoanMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:CommercialRealEstateMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember srt:MultifamilyMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:ResidentialRealEstateMember 2019-12-31 0001108236 amrb:OtherCreditExposureLoanMember amrb:AgricultureLoanMember us-gaap:PassMember 2019-12-31 0001108236 amrb:OtherCreditExposureLoanMember us-gaap:ConsumerLoanMember us-gaap:PassMember 2019-12-31 0001108236 us-gaap:PassMember 2019-12-31 0001108236 amrb:OtherCreditExposureLoanMember amrb:AgricultureLoanMember amrb:WatchMember 2019-12-31 0001108236 amrb:OtherCreditExposureLoanMember us-gaap:ConsumerLoanMember amrb:WatchMember 2019-12-31 0001108236 amrb:WatchMember 2019-12-31 0001108236 amrb:OtherCreditExposureLoanMember amrb:AgricultureLoanMember us-gaap:SpecialMentionMember 2019-12-31 0001108236 amrb:OtherCreditExposureLoanMember us-gaap:ConsumerLoanMember us-gaap:SpecialMentionMember 2019-12-31 0001108236 us-gaap:SpecialMentionMember 2019-12-31 0001108236 amrb:OtherCreditExposureLoanMember amrb:AgricultureLoanMember us-gaap:SubstandardMember 2019-12-31 0001108236 amrb:OtherCreditExposureLoanMember us-gaap:ConsumerLoanMember us-gaap:SubstandardMember 2019-12-31 0001108236 us-gaap:SubstandardMember 2019-12-31 0001108236 amrb:OtherCreditExposureLoanMember amrb:AgricultureLoanMember us-gaap:DoubtfulMember 2019-12-31 0001108236 amrb:OtherCreditExposureLoanMember us-gaap:ConsumerLoanMember us-gaap:DoubtfulMember 2019-12-31 0001108236 us-gaap:DoubtfulMember 2019-12-31 0001108236 amrb:OtherCreditExposureLoanMember amrb:AgricultureLoanMember 2019-12-31 0001108236 amrb:OtherCreditExposureLoanMember us-gaap:ConsumerLoanMember 2019-12-31 0001108236 2019-01-01 2019-12-31 0001108236 us-gaap:UnallocatedFinancingReceivablesMember 2019-12-31 0001108236 us-gaap:CommercialLoanMember 2020-01-01 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:CommercialRealEstateMember 2020-01-01 2020-09-30 0001108236 us-gaap:RealEstateLoanMember srt:MultifamilyMember 2020-01-01 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember 2020-01-01 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ResidentialRealEstateMember 2020-01-01 2020-09-30 0001108236 amrb:OtherCreditExposureLoanMember amrb:AgricultureLoanMember 2020-01-01 2020-09-30 0001108236 amrb:OtherCreditExposureLoanMember us-gaap:ConsumerLoanMember 2020-01-01 2020-09-30 0001108236 us-gaap:UnallocatedFinancingReceivablesMember 2020-01-01 2020-09-30 0001108236 us-gaap:UnallocatedFinancingReceivablesMember 2020-09-30 0001108236 us-gaap:CommercialLoanMember 2020-06-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:CommercialRealEstateMember 2020-06-30 0001108236 us-gaap:RealEstateLoanMember srt:MultifamilyMember 2020-06-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember 2020-06-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ResidentialRealEstateMember 2020-06-30 0001108236 amrb:OtherCreditExposureLoanMember amrb:AgricultureLoanMember 2020-06-30 0001108236 amrb:OtherCreditExposureLoanMember us-gaap:ConsumerLoanMember 2020-06-30 0001108236 us-gaap:UnallocatedFinancingReceivablesMember 2020-06-30 0001108236 us-gaap:CommercialLoanMember 2020-07-01 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:CommercialRealEstateMember 2020-07-01 2020-09-30 0001108236 us-gaap:RealEstateLoanMember srt:MultifamilyMember 2020-07-01 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember 2020-07-01 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ResidentialRealEstateMember 2020-07-01 2020-09-30 0001108236 amrb:OtherCreditExposureLoanMember amrb:AgricultureLoanMember 2020-07-01 2020-09-30 0001108236 amrb:OtherCreditExposureLoanMember us-gaap:ConsumerLoanMember 2020-07-01 2020-09-30 0001108236 us-gaap:UnallocatedFinancingReceivablesMember 2020-07-01 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:CommercialLoanMember 2019-12-31 0001108236 us-gaap:CommercialLoanMember 2018-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:CommercialRealEstateMember 2018-12-31 0001108236 us-gaap:RealEstateLoanMember srt:MultifamilyMember 2018-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember 2018-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:ResidentialRealEstateMember 2018-12-31 0001108236 amrb:OtherCreditExposureLoanMember amrb:AgricultureLoanMember 2018-12-31 0001108236 amrb:OtherCreditExposureLoanMember us-gaap:ConsumerLoanMember 2018-12-31 0001108236 us-gaap:UnallocatedFinancingReceivablesMember 2018-12-31 0001108236 us-gaap:CommercialLoanMember 2019-01-01 2019-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:CommercialRealEstateMember 2019-01-01 2019-09-30 0001108236 us-gaap:RealEstateLoanMember srt:MultifamilyMember 2019-01-01 2019-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember 2019-01-01 2019-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ResidentialRealEstateMember 2019-01-01 2019-09-30 0001108236 amrb:OtherCreditExposureLoanMember amrb:AgricultureLoanMember 2019-01-01 2019-09-30 0001108236 amrb:OtherCreditExposureLoanMember us-gaap:ConsumerLoanMember 2019-01-01 2019-09-30 0001108236 us-gaap:UnallocatedFinancingReceivablesMember 2019-01-01 2019-09-30 0001108236 us-gaap:CommercialLoanMember 2019-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:CommercialRealEstateMember 2019-09-30 0001108236 us-gaap:RealEstateLoanMember srt:MultifamilyMember 2019-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember 2019-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ResidentialRealEstateMember 2019-09-30 0001108236 amrb:OtherCreditExposureLoanMember amrb:AgricultureLoanMember 2019-09-30 0001108236 amrb:OtherCreditExposureLoanMember us-gaap:ConsumerLoanMember 2019-09-30 0001108236 us-gaap:UnallocatedFinancingReceivablesMember 2019-09-30 0001108236 us-gaap:CommercialLoanMember 2019-06-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:CommercialRealEstateMember 2019-06-30 0001108236 us-gaap:RealEstateLoanMember srt:MultifamilyMember 2019-06-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember 2019-06-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ResidentialRealEstateMember 2019-06-30 0001108236 amrb:OtherCreditExposureLoanMember amrb:AgricultureLoanMember 2019-06-30 0001108236 amrb:OtherCreditExposureLoanMember us-gaap:ConsumerLoanMember 2019-06-30 0001108236 us-gaap:UnallocatedFinancingReceivablesMember 2019-06-30 0001108236 us-gaap:CommercialLoanMember 2019-07-01 2019-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:CommercialRealEstateMember 2019-07-01 2019-09-30 0001108236 us-gaap:RealEstateLoanMember srt:MultifamilyMember 2019-07-01 2019-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember 2019-07-01 2019-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ResidentialRealEstateMember 2019-07-01 2019-09-30 0001108236 amrb:OtherCreditExposureLoanMember amrb:AgricultureLoanMember 2019-07-01 2019-09-30 0001108236 amrb:OtherCreditExposureLoanMember us-gaap:ConsumerLoanMember 2019-07-01 2019-09-30 0001108236 us-gaap:UnallocatedFinancingReceivablesMember 2019-07-01 2019-09-30 0001108236 us-gaap:CommercialLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2020-09-30 0001108236 us-gaap:CommercialLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2020-09-30 0001108236 us-gaap:CommercialLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:CommercialRealEstateMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:CommercialRealEstateMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:CommercialRealEstateMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember srt:MultifamilyMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember srt:MultifamilyMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember srt:MultifamilyMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ResidentialRealEstateMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ResidentialRealEstateMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2020-09-30 0001108236 us-gaap:RealEstateLoanMember us-gaap:ResidentialRealEstateMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2020-09-30 0001108236 amrb:OtherCreditExposureLoanMember amrb:AgricultureLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2020-09-30 0001108236 amrb:OtherCreditExposureLoanMember amrb:AgricultureLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2020-09-30 0001108236 amrb:OtherCreditExposureLoanMember amrb:AgricultureLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2020-09-30 0001108236 amrb:OtherCreditExposureLoanMember us-gaap:ConsumerLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2020-09-30 0001108236 amrb:OtherCreditExposureLoanMember us-gaap:ConsumerLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2020-09-30 0001108236 amrb:OtherCreditExposureLoanMember us-gaap:ConsumerLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2020-09-30 0001108236 us-gaap:FinancingReceivables30To59DaysPastDueMember 2020-09-30 0001108236 us-gaap:FinancingReceivables60To89DaysPastDueMember 2020-09-30 0001108236 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2020-09-30 0001108236 us-gaap:CommercialLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-12-31 0001108236 us-gaap:CommercialLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-12-31 0001108236 us-gaap:CommercialLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:CommercialRealEstateMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:CommercialRealEstateMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:CommercialRealEstateMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember srt:MultifamilyMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember srt:MultifamilyMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember srt:MultifamilyMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:ConstructionLoansMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:ResidentialRealEstateMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:ResidentialRealEstateMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-12-31 0001108236 us-gaap:RealEstateLoanMember us-gaap:ResidentialRealEstateMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2019-12-31 0001108236 amrb:OtherCreditExposureLoanMember amrb:AgricultureLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-12-31 0001108236 amrb:OtherCreditExposureLoanMember amrb:AgricultureLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-12-31 0001108236 amrb:OtherCreditExposureLoanMember amrb:AgricultureLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2019-12-31 0001108236 amrb:OtherCreditExposureLoanMember us-gaap:ConsumerLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-12-31 0001108236 amrb:OtherCreditExposureLoanMember us-gaap:ConsumerLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-12-31 0001108236 amrb:OtherCreditExposureLoanMember us-gaap:ConsumerLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2019-12-31 0001108236 us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-12-31 0001108236 us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-12-31 0001108236 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2019-12-31 0001108236 srt:MinimumMember 2020-09-30 0001108236 srt:MaximumMember 2020-09-30 0001108236 srt:MinimumMember 2019-12-31 0001108236 srt:MaximumMember 2019-12-31 0001108236 us-gaap:EntityLoanModificationProgramMember 2020-09-30 0001108236 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-09-30 0001108236 us-gaap:FairValueInputsLevel1Member 2020-09-30 0001108236 us-gaap:FairValueInputsLevel2Member 2020-09-30 0001108236 us-gaap:FairValueInputsLevel3Member 2020-09-30 0001108236 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-09-30 0001108236 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0001108236 us-gaap:FairValueInputsLevel1Member 2019-12-31 0001108236 us-gaap:FairValueInputsLevel2Member 2019-12-31 0001108236 us-gaap:FairValueInputsLevel3Member 2019-12-31 0001108236 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2020-09-30 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2020-09-30 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2020-09-30 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2020-09-30 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2020-01-01 2020-09-30 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2020-09-30 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2020-09-30 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2020-09-30 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2020-09-30 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2020-01-01 2020-09-30 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2020-09-30 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:CorporateDebtSecuritiesMember 2020-09-30 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:CorporateDebtSecuritiesMember 2020-09-30 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:CorporateDebtSecuritiesMember 2020-09-30 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2020-01-01 2020-09-30 0001108236 us-gaap:FairValueMeasurementsRecurringMember 2020-09-30 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2020-09-30 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2020-09-30 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2020-09-30 0001108236 us-gaap:FairValueMeasurementsRecurringMember 2020-01-01 2020-09-30 0001108236 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:RealEstateOtherMember 2020-09-30 0001108236 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:RealEstateOtherMember 2020-09-30 0001108236 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:RealEstateOtherMember 2020-09-30 0001108236 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:RealEstateOtherMember 2020-09-30 0001108236 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:RealEstateOtherMember 2020-01-01 2020-09-30 0001108236 us-gaap:FairValueMeasurementsNonrecurringMember 2020-09-30 0001108236 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel1Member 2020-09-30 0001108236 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel2Member 2020-09-30 0001108236 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel3Member 2020-09-30 0001108236 us-gaap:FairValueMeasurementsNonrecurringMember 2020-01-01 2020-09-30 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2019-12-31 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2019-12-31 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2019-12-31 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2019-12-31 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2019-01-01 2019-12-31 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-12-31 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-12-31 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-12-31 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-12-31 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-01-01 2019-12-31 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2019-12-31 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:CorporateDebtSecuritiesMember 2019-12-31 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:CorporateDebtSecuritiesMember 2019-12-31 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:CorporateDebtSecuritiesMember 2019-12-31 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2019-01-01 2019-12-31 0001108236 us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2019-12-31 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2019-12-31 0001108236 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0001108236 us-gaap:FairValueMeasurementsRecurringMember 2019-01-01 2019-12-31 0001108236 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:OtherAssetsMember 2019-12-31 0001108236 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:OtherAssetsMember 2019-12-31 0001108236 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:OtherAssetsMember 2019-12-31 0001108236 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:OtherAssetsMember 2019-12-31 0001108236 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:OtherAssetsMember 2019-01-01 2019-12-31 0001108236 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:RealEstateOtherMember 2019-12-31 0001108236 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:RealEstateOtherMember 2019-12-31 0001108236 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:RealEstateOtherMember 2019-12-31 0001108236 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:RealEstateOtherMember 2019-12-31 0001108236 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:RealEstateOtherMember 2019-01-01 2019-12-31 0001108236 us-gaap:FairValueMeasurementsNonrecurringMember 2019-12-31 0001108236 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel1Member 2019-12-31 0001108236 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel2Member 2019-12-31 0001108236 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0001108236 us-gaap:FairValueMeasurementsNonrecurringMember 2019-01-01 2019-12-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares amrb:Number xbrli:pure
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended           September 30, 2020

 

or

 

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                                                                                           to    

 

Commission File Number: 0-31525

 

AMERICAN RIVER BANKSHARES
(Exact name of registrant as specified in its charter)

 

California  68-0352144
(State or other jurisdiction of incorporation or organization)  (I.R.S. Employer Identification No.)
    

3100 Zinfandel Drive, Suite 450, Rancho Cordova, California  95670
(Address of principal executive offices)  (Zip Code)

 

(916) 851-0123
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading symbol(s) Name of each exchange on which registered
Common Stock, no par value AMRB Nasdaq Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No o

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

  Large Accelerated Filer o Accelerated Filer x
  Non-accelerated filer o Smaller Reporting Company x
 

Emerging Growth Company o 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No x

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

 

No par value Common Stock – 5,937,529 shares outstanding at November 5, 2020

 
 

AMERICAN RIVER BANKSHARES

INDEX TO QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2020

Part I.    Page
     
Item 1. Financial Statements 3
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 28
Item 3. Quantitative and Qualitative Disclosures About Market Risk 50
Item 4. Controls and Procedures 51
     
Part II.    
     
Item 1. Legal Proceedings 52
Item 1A. Risk Factors 52
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52
Item 3. Defaults Upon Senior Securities 52
Item 4. Mine Safety Disclosures 52
Item 5. Other Information 52
Item 6. Exhibits 53
     
Signatures 54
   
Exhibits  
   
31.1 Certifications of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 55
31.2 Certifications of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 56
32.1 Certification of American River Bankshares by its Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 57
     
101.INS XBRL Instance Document  
101.SCH XBRL Taxonomy Extension Schema  
101.CAL XBRL Taxonomy Extension Calculation  
101.DEF XBRL Taxonomy Extension Definition  
101.LAB XBRL Taxonomy Extension Label  
101.PRE XBRL Taxonomy Extension Presentation  
2
 

PART I-FINANCIAL INFORMATION

 

Item 1. Financial Statements.

 

AMERICAN RIVER BANKSHARES

CONSOLIDATED BALANCE SHEET

(Unaudited)

 

(dollars in thousands) 

September 30,

2020

  

December 31,

2019

 
ASSETS           
           
Cash and due from banks  $16,559   $15,258 
Interest-bearing deposits in banks   56,469    2,552 
Total cash and cash equivalents   73,028    17,810 
Investment securities:          
Available-for-sale, at fair value   266,917    261,965 
Held-to-maturity, at amortized cost; fair value of $16 at September 30, 2020 and $266 at December 31, 2019   15    248 
Loans, less allowance for loan losses of $6,616 at September 30, 2020 and $5,138 at December 31, 2019   471,647    393,802 
Premises and equipment, net   948    1,191 
Federal Home Loan Bank stock   4,212    4,259 
Goodwill and other intangible assets   16,321    16,321 
Other real estate owned   846    846 
Bank owned life insurance   16,021    15,763 
Accrued interest receivable and other assets   7,979    8,148 
Total assets  $857,934   $720,353 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
           
Deposits:          
Noninterest bearing   $295,862   $227,055 
Interest-bearing   432,969    377,782 
Total deposits   728,831    604,837 
           
Short-term borrowings   12,000    9,000 
Long-term borrowings   15,460    10,500 
Accrued interest payable and other liabilities   9,959    13,107 
           
Total liabilities    766,250    637,444 
           
           
Shareholders’ equity:          
Preferred stock, no par value; 10,000,000 shares authorized; none outstanding        
Common stock, no par value; 20,000,000 shares authorized; issued and outstanding – 5,938,009 shares at September 30, 2020 and 5,898,878 shares at December 31, 2019   30,855    30,536 
Retained earnings   54,290    50,581 
Accumulated other comprehensive income, net of taxes   6,539    1,792 
           
Total shareholders’ equity   91,684    82,909 
Total liabilities and shareholders’ equity  $857,934   $720,353 

 

See Notes to Unaudited Consolidated Financial Statements

3
 

AMERICAN RIVER BANKSHARES

CONSOLIDATED STATEMENT OF INCOME

(Unaudited)

 

(dollars in thousands, except per share data)                
For the periods ended September 30,  Three months   Nine months 
   2020   2019   2020   2019 
Interest income:                    
Interest and fees on loans:                    
Taxable  $5,275   $4,397   $15,034   $12,329 
Exempt from Federal income taxes   202    186    635    501 
Interest on Federal funds sold               5 
Interest on deposits in banks   19    71    73    151 
Interest and dividends on investment securities:                    
Taxable   1,523    1,846    4,894    5,756 
Exempt from Federal income taxes   36    55    109    221 
Total interest income   7,055    6,555    20,745    18,963 
Interest expense:                    
Interest on deposits   261    545    1,074    1,558 
Interest on borrowings   74    82    243    300 
Total interest expense   335    627    1,317    1,858 
                     
Net interest income   6,720    5,928    19,428    17,105 
                     
Provision for loan losses   445    120    1,485    480 
                     
Net interest income after provision for loan losses   6,275    5,808    17,943    16,625 
                     
Noninterest income:                    
Service charges on deposit accounts   115    149    381    409 
Gain on sale or call of securities       9    38    74 
Other noninterest income   259    259    743    766 
Total noninterest income   374    417    1,162    1,249 
                     
Noninterest expense:                    
Salaries and employee benefits   2,889    2,898    8,265    8,423 
Occupancy   258    256    773    768 
Furniture and equipment   140    120    422    400 
Federal Deposit Insurance Corporation assessments   62    (47)   138    48 
Expenses related to other real estate owned   4    7    27    15 
Other expense   870    859    2,730    2,847 
Total noninterest expense   4,223    4,093    12,355    12,501 
                     
Income before provision for income taxes   2,426    2,132    6,750    5,373 
                     
Provision for income taxes   647    561    1,798    1,380 
                     
Net income  $1,779   $1,571   $4,952   $3,993 
                     
Basic earnings per share  $0.30   $0.27   $0.84   $0.68 
Diluted earnings per share  $0.30   $0.27   $0.84   $0.68 
                     

See notes to Unaudited Consolidated Financial Statements

4
 

AMERICAN RIVER BANKSHARES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(Unaudited)

 

(dollars in thousands)                
For the periods ended September 30,  Three months   Nine months 
   2020   2019   2020   2019 
Net income  $1,779   $1,571   $4,952   $3,993 
Other comprehensive (loss) income:                    
(Decrease) increase in net unrealized gains on investment
securities
   (83)   972    6,777    6,849 
Deferred tax benefit (expense)   24    (287)   (2,003)   (2,025)
(Decrease) increase in net unrealized gains on investment securities, net of tax   (59)   685    4,774    4,824 
                     
Reclassification adjustment for realized gains included in net income       (9)   (38)   (74)
Tax effect       3    11    22 
Realized gains, net of tax       (6)   (27)   (52)
                     
Total other comprehensive (loss) income   (59)   679    4,747    4,772 
                     
Comprehensive income  $1,720   $2,250   $9,699   $8,765 

 

See Notes to Unaudited Consolidated Financial Statements

5
 

AMERICAN RIVER BANKSHARES

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

 

               Accumulated     
(dollars in thousands, except per share data)              Other   Total 
   Common Stock   Retained   Comprehensive   Shareholders’ 
   Shares   Amount   Earnings   Income (Loss)   Equity 
Balance, January 1, 2019   5,858,428   $30,103   $46,494   $(1,876)  $74,721 
                          
Net income           3,993         3,993 
Other comprehensive income, net of tax:                4,772    4,772 
Cash dividends ($0.17 per share)         (1,000)        (1,000)
Net restricted stock award activity and related compensation expense   33,660    257             257 
Stock options exercised   11,140    95             95 
Stock option compensation expense       11              11 
                          
Balance, September 30, 2019   5,903,228   $30,466   $49,487   $2,896   $82,849 
                          
Balance, January 1, 2020   5,898,878   $30,536   $50,581   $1,792   $82,909 
                          
Net income           4,952         4,952 
Other comprehensive income, net of tax:                4,747    4,747 
Cash dividends ($0.21 per share)         (1,243)        (1,243)
Net restricted stock award activity and related compensation expense   39,131    315             315 
Stock option compensation expense       4              4 
                          
Balance, September 30, 2020   5,938,009   $30,855   $54,290   $6,539   $91,684 

See Notes to Unaudited Consolidated Financial Statements

6
 

AMERICAN RIVER BANKSHARES

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

 

               Accumulated     
(dollars in thousands, except per share data)              Other   Total 
   Common Stock   Retained   Comprehensive   Shareholders’ 
   Shares   Amount   Earnings   Income (Loss)   Equity 
Balance, July 1, 2019   5,903,228   $30,373   $48,329   $2,217   $80,919 
                          
Net income           1,571         1,571 
Other comprehensive income, net of tax                679    679 
Cash dividends ($0.07 per share)         (413)        (413)
Net restricted stock award activity and related compensation expense       90              90 
Stock option compensation expense       3              3 
                          
Balance, September 30, 2019   5,903,228   $30,466   $49,487   $2,896   $82,849 
                          
Balance, July 1, 2020   5,938,009   $30,745   $52,927   $6,598   $90,270 
                          
Net income           1,779         1,779 
Other comprehensive loss, net of tax              (59)   (59)
Cash dividends ($0.07 per share)         (416)        (416)
Net restricted stock award activity and related compensation expense       110              110 
                          
Balance, September 30, 2020   5,938,009   $30,855   $54,290   $6,539   $91,684 

See Notes to Unaudited Consolidated Financial Statements

7
 

AMERICAN RIVER BANKSHARES

CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)

 

(dollars in thousands)        
For the nine months ended September 30,  2020   2019 
Cash flows from operating activities:          
Net income  $4,952   $3,993 
Adjustments to reconcile net income to net cash provided by operating activities:          
Provision for loan losses   1,485    480 
Increase (decrease) in deferred loan origination fees and costs, net   1,562    (454)
Depreciation and amortization   331    170 
Gain on sale of investment securities, net   (38)   (74)
Amortization of investment security premiums and discounts, net   985    1,117 
Increase in cash surrender values of life insurance policies   (258)   (247)
Stock based compensation expense   319    268 
(Increase) decrease in accrued interest receivable and other assets   (2,327)   479 
(Decrease) increase in accrued interest payable and other liabilities   (2,645)   39 
           
Net cash provided by operating activities   4,366    5,771 
           
Cash flows from investing activities:          
Proceeds from the sale of available-for-sale investment securities   4,229    43,213 
Proceeds from matured available-for-sale investment securities       5,000 
Purchases of available-for-sale investment securities   (36,479)   (56,978)
Proceeds from principal repayments for available-for-sale investment securities   33,091    33,375 
Proceeds from principal repayments for held-to-maturity investment securities   233    36 
Net increase in loans   (72,463)   (34,077)
Purchases of loans   (8,429)   (17,373)
Net decrease (increase) in FHLB stock   47    (327)
Purchases of equipment   (88)   (316)
           
Net cash used in investing activities   (79,859)   (27,447)

 

(Continued)

8
 

AMERICAN RIVER BANKSHARES

CONSOLIDATED STATEMENT OF CASH FLOWS (Continued)
(Unaudited)

 

(dollars in thousands)        
For the nine months ended September 30,  2020   2019 
Cash flows from financing activities:          
Net increase in demand, interest-bearing and savings deposits  $128,808   $24,081 
Net decrease in time deposits   (4,814)   (1,851)
Net increase in short-term borrowings   3,000     
Net increase to long-term borrowings   4,960     
Proceeds from stock options exercised       95 
Cash dividends paid   (1,243)   (1,000)
           
Net cash provided by financing activities   130,711    21,325 
           
Increase (decrease) in cash and cash equivalents   55,218    (351)
           
Cash and cash equivalents at beginning of year   17,810    29,733 
           
Cash and cash equivalents at end of period  $73,028   $29,382 
           
Supplemental noncash disclosures:          
Right of use asset and obligation recorded upon adoption of ASU 2016-02  $   $3,570 
           
Lease liabilities arising from obtaining right of use assets  $508   $ 
           
Cash paid during the year for:          
Interest expense  $1,386   $1,682 
Income taxes  $1,765   $1,218 

 

See Notes to Unaudited Consolidated Financial Statements

9
 

AMERICAN RIVER BANKSHARES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2020

 

1. CONSOLIDATED FINANCIAL STATEMENTS

 

In the opinion of management, the unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the consolidated financial position of American River Bankshares (the “Company”) at September 30, 2020 and December 31, 2019, the results of its operations and statement of comprehensive income for the three-month and nine-month periods ended September 30, 2020 and 2019, its cash flows for the nine-month periods ended September 30, 2020 and 2019 and its statement of changes in shareholders’ equity for the nine-month periods ended September 30, 2020 and 2019 in conformity with accounting principles generally accepted in the United States of America.

 

Certain disclosures normally presented in the notes to the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted. The Company believes that the disclosures are adequate to make the information not misleading. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2019. The results of operations for the three-month and nine-month periods ended September 30, 2020 may not necessarily be indicative of the operating results for the full year.

 

In preparing such financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates.

 

Management has determined that since all of the banking products and services offered by the Company are available in each branch office of American River Bank, all branch offices are located within the same economic environment and management does not allocate resources based on the performance of different lending or transaction activities, it is appropriate to aggregate all of the branch offices and report them as a single operating segment. No client accounts for more than ten percent (10%) of revenues for the Company or American River Bank.

 

2. STOCK-BASED COMPENSATION

Equity Plans

On March 18, 2020, the Board of Directors adopted the 2020 Equity Incentive Plan (the “2020 Plan”). The 2020 Plan was approved by the Company’s shareholders on May 21, 2020. At September 30, 2020 there were 19,634 restricted shares outstanding, zero stock options outstanding, and the total number of authorized shares that remain available for issuance under the 2020 Plan, including the 19,634 restricted shares that have not yet vested, was 250,000. The 2020 Plan provides for the following types of stock-based awards: incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted performance stock, unrestricted Company stock, and performance units. Under the 2020 Plan, the awards may be granted to employees and directors under incentive and nonqualified option agreements, restricted stock agreements, and other award agreements. The unvested restricted stock under the 2020 Plan have dividend and voting rights. The 2020 Plan requires that the option price may not be less than the fair market value of the stock at the date the option is awarded. The option awards expire on dates determined by the Board of Directors, but not later than ten years from the date of award. The vesting period is generally one to five years; however, the vesting period can be modified at the discretion of the Company’s Board of Directors. Outstanding option awards are exercisable until their expiration. New shares are issued upon exercise of an option.

 

On March 17, 2010, the Board of Directors adopted the 2010 Equity Incentive Plan (the “2010 Plan”). The 2010 Plan was approved by the Company’s shareholders on May 20, 2010. At September 30, 2020 there were 29,958 stock options and 41,790 restricted shares outstanding. The 2010 Plan expired by its term on March 17, 2020. Accordingly, outstanding awards under the 2010 Plan are exercisable and will continue to vest until their expiration, but no new awards may be granted under the 2010 Plan. The unvested restricted stock under the 2010 Plan have dividend and voting rights. The 2010 Plan required that the option price may not be less than the fair market value of the stock at the date the option is awarded. The option awards expire on dates determined by the Board of Directors, but not later than ten years from the date of award. All of the stock options previously awarded under the 2010 Plan are fully vested. New shares are issued upon exercise of an option. The initial vesting period for restricted stock issued under the 2010 Plan was generally three to five years; however, the vesting period can be modified at the discretion of the Company’s Board of Directors.

10
 

The award date fair value of awards is determined by the market price of the Company’s common stock on the date of award and is recognized ratably as compensation expense or director expense over the vesting periods. The shares of common stock awarded pursuant to such agreements vest in increments over one to five years from the date of award. The shares awarded to employees and directors under the restricted stock agreements vest on the applicable vesting dates only to the extent the recipient of the shares is then an employee or a director of the Company or one of its subsidiaries, and each recipient will forfeit all of the shares that have not vested on the date his or her employment or service is terminated.

 

Equity Compensation

 

For the three-month periods ended September 30, 2020 and 2019, the compensation cost recognized for equity compensation was $110,000 and $93,000, respectively, and the recognized tax benefit for equity compensation expense was $30,000 and $25,000, respectively, for the same three-month periods. For the nine-month periods ended September 30, 2020 and 2019, the compensation cost recognized for equity compensation was $319,000 and $268,000, respectively, and the recognized tax benefit for equity compensation expense was $85,000 and $69,000, respectively, for the nine-month periods ended September 30, 2020 and 2019.

At September 30, 2020, there was no unrecognized pre-tax compensation cost related to nonvested stock option awards. At September 30, 2020, the total compensation cost related to restricted stock awards not yet recorded was $573,000. This amount will be recognized over the next 4.7 years and the weighted average period of recognizing these costs is expected to be 1.2 years.

Equity Plans Activity

Stock Options

There were no stock options awarded during the three-month and nine-month periods ended September 30, 2020 or September 30, 2019. A summary of option activity under the Plans as of September 30, 2020 and changes during the period then ended is presented below:

 

 

 

 

Options

  Shares   Weighted
Average
Exercise
Price
   Weighted
Average
Remaining
Contractual
Term
   Aggregate
Intrinsic
Value ($000)
 
Outstanding at January 1, 2020   29,958   $8.79    4.4 years   $182 
Awarded                
Exercised                
Expired, forfeited or cancelled                
Outstanding at September 30, 2020   29,958   $8.79    3.6 years   $35 
                     
Vested at September 30, 2020   29,958   $8.79    3.6 years   $35 
                     
Non-vested at September 30, 2020      $       $ 

 

Restricted Stock

 

There were no shares of restricted stock awarded during the three-month periods ended September 30, 2020 and 2019. There were 39,131 and 33,968 shares of restricted stock awarded during the nine-month periods ended September 30, 2020 and 2019, respectively.

11
 

There were no restricted share awards that were fully vested during the three-month periods ended September 30, 2020 and 2019. There were 21,678 restricted share awards that were fully vested during the nine-month period ended September 30, 2020 and 15,423 restricted share awards that were fully vested during the nine-month period ended September 30, 2019. There were zero restricted share awards forfeited during the three-month and nine-month periods ended September 30, 2020, respectively. There were zero restricted share awards forfeited during the three-month and nine-month periods ended September 30, 2019, respectively. The intrinsic value of nonvested restricted shares at September 30, 2020 was $612,000.

 

 

 

Restricted Stock

  Shares        Weighted
Average Award
Date Fair Value
 
Nonvested at January 1, 2020   43,971   $13.95 
Awarded   39,131    12.45 
Less: Vested   (21,678)   13.63 
Less: Expired, forfeited or cancelled        
Nonvested at September 30, 2020   61,424   $13.11 

Other Equity Awards

 

There were no stock appreciation rights, restricted performance stock, unrestricted Company stock, or performance units awarded during the three-month or nine-month month periods ended September 30, 2020 or 2019 or outstanding at September 30, 2020 or December 31, 2019.

 

The intrinsic value used for stock options and restricted stock awards was derived from the market price of the Company’s common stock of $9.96 as of September 30, 2020.

 

3. COMMITMENTS AND CONTINGENCIES

 

In the normal course of business there are outstanding various commitments to extend credit which are not reflected in the financial statements, including loan commitments of approximately $35,729,000 and zero standby letters of credit of at September 30, 2020 and loan commitments of approximately $40,324,000 and standby letters of credit of approximately $300,000 at December 31, 2019. Such commitments relate primarily to real estate construction loans, revolving lines of credit and other commercial loans. However, all such commitments will not necessarily culminate in actual extensions of credit by the Company during 2020 as some of these are expected to expire without being fully drawn upon.

 

Standby letters of credit are commitments issued to guarantee the performance or financial obligation of a client to a third party. These guarantees are issued primarily relating to purchases of inventory, insurance programs, performance obligations to government agencies, or as security for real estate rents by commercial clients and are typically short-term in nature. Credit risk is similar to that involved in extending loan commitments to clients and accordingly, evaluation and collateral requirements similar to those for loan commitments are used. The majority of all such commitments are collateralized. The fair value of the liability related to these standby letters of credit, which represents the fees received for issuing the guarantees, was not significant at September 30, 2020 or December 31, 2019.

 

4. EARNINGS PER SHARE COMPUTATION

 

Basic earnings per share is computed by dividing net income by the weighted average common shares outstanding for the period (5,876,585 and 5,868,307 shares for the three-month and nine-month periods ended September 30, 2020, and 5,852,463 and 5,845,242 shares for the three-month and nine-month periods ended September 30, 2019). Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options or restricted stock, result in the issuance of common stock. Diluted earnings per share is computed by dividing net income by the weighted average common shares outstanding for the period plus the dilutive effect of stock based awards. There were 9,719 and 14,386, respectively, dilutive shares for the three-month and nine-month periods ended September 30, 2020 and 18,453 and 18,737, respectively, dilutive shares for the three-month and nine-month periods ended September 30, 2019. For the three-month and nine-month periods ended September 30, 2020 and 2019, there were zero stock options that were excluded from the calculation as they were considered antidilutive. Earnings per share is retroactively adjusted for stock dividends and stock splits, if applicable, for all periods presented.

12
 

5. INVESTMENT SECURITIES

 

The amortized cost and estimated fair values of Available-for-Sale and Held-to-Maturity investment securities at September 30, 2020 and December 31, 2019 consisted of the following (dollars in thousands):

 

Available-for-Sale

   September 30, 2020 
   Amortized
Cost
   Gross
Unrealized
Gains
   Gross
Unrealized
Losses
   Estimated
Fair
Value
 
Debt securities:                    
U.S. Government Agencies and Sponsored Entities  $235,441   $8,991   $(745)  $243,687 
Obligations of states and political subdivisions   15,445    917        16,362 
Corporate bonds   6,748    120        6,868 
   $257,634   $10,028   $(745)  $266,917 
                     
   December 31, 2019 
   Amortized
Cost
   Gross
Unrealized
Gains
   Gross
Unrealized
Losses
   Estimated
Fair
Value
 
Debt securities:                    
U.S. Government Agencies and Sponsored Entities  $239,617   $3,371   $(1,101)  $241,887 
Obligations of states and political subdivisions   13,308    212    (73)   13,447 
Corporate bonds   6,496    135        6,631 
   $259,421   $3,718   $(1,174)  $261,965 

 

Net unrealized gains on available-for-sale investment securities totaling $9,283,000 were recorded, net of $2,744,000 in tax liabilities, as accumulated other comprehensive income within shareholders’ equity at September 30, 2020. There were no sales or realized gains from the sale of available-for-sale investment securities for the three-month period ended September 30, 2020 and for the nine-month period ended September 30, 2020, proceeds and gross realized gains from the sale and call of available-for-sale investment securities totaled $4,229,000 and $38,000, respectively. There were no transfers of available-for-sale investment securities for the three-month and nine-month periods ended September 30, 2020.

Net unrealized gains on available-for-sale investment securities totaling $2,544,000 were recorded, net of $752,000 in tax liabilities, as accumulated other comprehensive loss within shareholders’ equity at December 31, 2019. Proceeds and gross realized gains from the sale and call of available-for-sale investment securities totaled $13,538,000 and $9,000, respectively, for the three-month period ended September 30, 2019 and for the nine-month period ended September 30, 2019, proceeds and gross realized gains from the sale and call of available-for-sale investment securities totaled $43,213,000 and $74,000, respectively. There were no transfers of available-for-sale investment securities for the three-month and nine-month periods ended September 30, 2019.

13
 

Held-to-Maturity

September 30, 2020                
       Gross   Gross   Estimated 
   Amortized   Unrealized   Unrealized   Fair 
   Cost   Gains   Losses   Value 
Debt securities:                    
U.S. Government Agencies and Sponsored Entities  $15   $1   $   $16 
                 
December 31, 2019                
       Gross   Gross   Estimated 
   Amortized   Unrealized   Unrealized   Fair 
   Cost   Gains   Losses   Value 
Debt securities:                    
U.S. Government Agencies and Sponsored Entities  $248   $18   $   $266 

 

There were no sales or transfers of held-to-maturity investment securities for the periods ended September 30, 2020 and September 30, 2019. Investment securities with unrealized losses at September 30, 2020 and December 31, 2019 are summarized and classified according to the duration of the loss period as follows (dollars in thousands):

September 30, 2020  Less than 12 Months   12 Months or More   Total 
   Fair Value   Unrealized
Losses
   Fair Value   Unrealized
Losses
   Fair Value   Unrealized
Losses
 
Available-for-Sale                       
                         
Debt securities:                              
U.S. Government Agencies and Sponsored Entities  $32,735   $(255)  $35,932   $(490)  $68,667   $(745)
   $32,735   $(255)  $35,932   $(490)  $68,667   $(745)
             
December 31, 2019  Less than 12 Months   12 Months or More   Total 
   Fair Value   Unrealized
Losses
   Fair Value   Unrealized
Losses
   Fair Value   Unrealized
Losses
 
Available-for-Sale                       
                         
Debt securities:                              
U.S. Government Agencies and Sponsored Entities  $65,082   $(438)  $38,380   $(663)  $103,462   $(1,101)
Obligations of states and political subdivisions   8,060    (73)           8,060    (73)
   $73,142   $(511)  $38,380   $(663)  $111,522   $(1,174)

 

There were no held-to-maturity investment securities with unrealized losses as of September 30, 2020 or December 31, 2019. At September 30, 2020, the Company held 205 securities of which 15 were in a loss position for less than twelve months and 22 were in a loss position for twelve months or more. Of the 15 securities in a loss position for less than twelve months, all 15 were U.S. Government Agencies and Sponsored Entities securities and of the 22 securities that were in a loss position for greater than twelve months, all 22 were U.S. Government Agencies and Sponsored Entities securities.

 

At December 31, 2019, the Company held 205 securities of which 41 were in a loss position for less than twelve months and 29 were in a loss position for twelve months or more. These 29 securities consisted of mortgage-backed, corporate and municipal securities. The unrealized loss on the Company’s investment securities is primarily driven by interest rates. Because the decline in market value is attributable to a change in interest rates and not credit quality, and because the Company has the ability and intent to hold these investments until recovery of fair value, which may be until maturity, management does not consider these investments to be other-than-temporarily impaired.

14
 

The amortized cost and estimated fair values of investment securities at September 30, 2020 by contractual maturity are shown below (dollars in thousands).

   Available-for-Sale   Held-to-Maturity 
   Amortized
Cost
   Estimated
Fair
Value
   Amortized
Cost
   Estimated
Fair
Value
 
Within one year  $2,278   $2,309           
After one year through five years   500    502           
After five years through ten years   16,131    16,907           
After ten years   3,284    3,512           
    22,193    23,230           
Investment securities not due at a single maturity date:                    
U.S. Government Agencies and Sponsored Entities   235,441    243,687   $15   $16 
   $257,634   $266,917   $15   $16 

Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.

6. IMPAIRED AND NONPERFORMING LOANS AND OTHER REAL ESTATE OWNED

At September 30, 2020 and December 31, 2019, the recorded investment in nonperforming loans was zero. Nonperforming loans include all such loans that are either placed on nonaccrual status or are 90 days past due as to principal or interest but still accrue interest because such loans are well-secured and in the process of collection. The Company considers a loan to be impaired when, based on current information and events, it is probable that it will be unable to collect all amounts due (principal and interest) according to the contractual terms of the original loan agreement.

 

At September 30, 2020 and December 31, 2019, the recorded investment in other real estate owned (“OREO”) was $846,000. At September 30, 2020 the Company did not own any residential OREO properties nor were there any residential properties in the process of foreclosure. During the first nine months of 2020, the Company did not add any new or sell any of the OREO properties, nor did we decrease the book value on any of the properties. The September 30, 2020 OREO balance of $846,000 consisted of one parcel of land zoned for commercial use. Included in the other asset balance at June 30, 2020 was a repossessed automobile that was acquired in June 2020 with a book value of $19,000. The loan balance at the time of acquisition was $25,000 and was reduced by $6,000 though a charge to the allowance for loan losses. The asset was sold in early July 2020, for no further loss. Included in the other assets balance at December 30, 2019 is a repossessed automobile acquired in December 2019 with a book value of $517,000 that was sold in the first quarter of 2020 for no loss.