American River Bankshares (AMRB: Quote), Thursday, reported a more than three times increase in profit for the first quarter on lower loan loss provisions.
The Rancho Cordova, California-based company reported a first-quarter net profit of $712 thousands or $0.07 per share, compared to $206 thousands or $0.02 per share last year. On average, four analysts polled by Thomson Reuters expected the company to earn $0.09 per share for the quarter. Analysts' estimates typically exclude special items.
Net interest income for the quarter dropped 4.23 to $5.0 million from $5.23 million in the prior-year quarter. Meanwhile provision for loan losses decreased 57.82 percent to $580 thousands from $1.38 million last year.
For the quarter, total non-interest income soared 60.05 percent to $693 thousands from $433 thousands in the prior-year quarter.
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by RTT Staff Writer
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