The board of Rancho Cordova, Calif.-based American River Bankshares resumed the company's quarterly cash dividend and authorized a new stock repurchase program of up to 5% of outstanding common shares.
The company is able to buy back approximately 333,086 common shares from time to time in the open market, out of the 6,661,726 shares outstanding as of Dec. 31, 2016. American River will start the buybacks sometime after releasing its fourth-quarter 2016 earnings.
The company previously authorized two repurchase plans in 2016 and repurchased approximately 10% of the outstanding shares of common stock, following buybacks in 2012, 2013, 2014 and 2015.
Also, the board announced a cash dividend of 5 cents per share, payable Feb. 22 to shareholders of record as of Feb. 8. In July 2009, American River announced the suspension of its quarterly cash dividend.
The company reported net income of $1.9 million, or 29 cents per share, for the fourth quarter of 2016, compared to $1.5 million, or 20 cents per share, for the same period a year ago. Full-year 2016 net income was $6.4 million, or 94 cents per share, compared to $5.3 million, or 70 cents per share, for 2015.