Jan. 23 -- Rancho Cordova -based American River Bankshares , parent of American River Bank , reported net income of $890,000 , or 10 cents a share, for the fourth quarter ended Dec. 31 . That was up from $870,000 , or 9 cents a share, in the final quarter of 2012. For all of 2013, ARB profits totaled $3.1 million , or 34 cents a share, compared with $3.2 million , or 34 cents a share, in 2012. The banking company noted that new loan production in 2013 totaled $64 million , up 74 percent from $36.7 million in 2012. ARB's board of directors also recently approved a new stock repurchase program, authorizing the repurchase during 2014 of up to 5 percent of the outstanding shares of the company's common stock -- approximately 424,462 shares based on the 8,489,247 shares outstanding as of Dec. 31 . "We continue to believe that a share repurchase program is a worthwhile tool in providing value to our shareholders while maximizing the company's strategic position," said David Taber , ARB president and CEO. ------ ___ (c)2014 The Sacramento Bee (Sacramento, Calif.) Visit The Sacramento Bee (Sacramento, Calif.) at www.sacbee.com Distributed by MCT Information Services
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