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American Riviera Bank Reports Record Quarterly EarningsAmerican Riviera Bank (OTC Markets: ARBV) announced today unaudited net income of $4,398,000 ($0.99 per share) for the nine months ended September 30, 2018. This represents a 26% increase in net income from the $3,501,000 ($0.80 per share) for the same reporting period in the prior year. The annualized return on average assets of 1.06% and return on average equity of 10.38% represents an increase from the 0.99% and 8.92%, respectively, achieved for the same reporting period in the prior year. The Bank reported its best quarter ever with unaudited net income of $1,571,000 ($0.35 per share) for the third quarter ended September 30, 2018 compared to $1,383,000 ($0.31 per share) for the same reporting period in the prior year. As of September 30, 2018 the Bank reported $504 million in total deposits. This represents a 9% increase from the same reporting period prior year. Checking accounts, comprised of non-interest bearing demand deposits and interest bearing NOW accounts, increased by $40 million or 19% from the same quarter last year. Loan demand remains strong, with total loans increasing $83 million or 21% from September 30, 2017, reaching $489 million at September 30, 2018 with no loans that were 90 days or more past due and no other real estate owned. The Bank reported an annualized net interest margin of 4.47% for the nine months ending September 30, 2018. Jeff DeVine, President and Chief Executive Officer stated, "The third quarter was another strong quarter for American Riviera Bank, as we are quickly approaching $600 million in assets and continue to increase profitability. Moving forward, we remain committed to being the leading independent bank on the Central Coast and continue to make American Riviera Bank better for its shareholders, customers and employees. Our organic growth and community centric approach continues to differentiate us in the market as we solidify our position as the Central Coast's leading community bank." As of September 30, 2018, American Riviera Bank maintained a strong capital position with a Tier 1 Capital Ratio of 10%, well above the regulatory guideline of 8% for well capitalized institutions. The tangible book value per share of American Riviera Bank common stock is $11.96 at September 30, 2018, an 8% increase from $11.12 at September 30, 2017. Company Profile American Riviera Bank is a full-service community bank focused on serving the lending and deposit needs of businesses and consumers on the Central Coast of California. The state-chartered bank opened for business on July 18, 2006, with the support of local shareholders. Full-service branches are located at 1033 Anacapa Street in Santa Barbara, 525 San Ysidro Road in Montecito, 5880 Calle Real in Goleta and 1601 Spring Street in Paso Robles with the Santa Barbara Lending office at 30 East Figueroa and a residential loan production office located at 18 East Figueroa in Santa Barbara. For eight consecutive years the Bank has been recognized for strong financial performance by the Findley Reports, and received the highest "Super Premier" rating from Findley for 2017. As of June 30, 2018, the Bank was rated five stars by BauerFinancial. Statements concerning future performance, developments or events concerning expectations for growth and market forecasts, and any other guidance on future periods, constitute forward looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, effects of interest rate changes, ability to control costs and expenses, impact of consolidation in the banking industry, financial policies of the US government, and general economic conditions.
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