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American Riviera Bank Increases Earnings with ExpansionAmerican Riviera Bank (OTC Markets: ARBV) announced today unaudited net income of $1,352,000 ($0.31 per share) for the three months ended March 31, 2018. This represents a 41% increase in net income from the $956,000 ($0.22 per share) reported for the first three months of 2017. The annualized return on average assets of 1.09% and return on average equity of 10.27% represents an increase from the 0.91% and the 7.88%, respectively, achieved for the same reporting period prior year. The Bank experienced significant organic growth in the last year, reporting $540 million in total assets as of March 31, 2018. Asset growth was made possible by total deposits increasing 15% from March 31, 2017, reaching $472 million at March 31, 2018. Checking accounts, comprised of non-interest bearing demand deposits and interest bearing NOW accounts, increased by 27% from the same reporting period last year. Deposit origination volume is noteworthy, with the Bank opening over 570 new accounts at our four locations year to date 2018. Loan demand remained strong, with total loans increasing 13% from March 31, 2017, reaching $432 million at March 31, 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 4.50% for the first three months ending March 31, 2018. Jeff DeVine, President and Chief Executive Officer stated, "American Riviera Bank started 2018 strong, with significant loan and deposit origination this quarter. Our expansion into San Luis Obispo County has significantly contributed to our growth. In the first quarter of 2018 we opened our full service branch in Paso Robles and we are dedicated to servicing the banking needs of the entire Central Coast." As of March 31, 2018, American Riviera Bank maintained a strong capital position with a Tier 1 Capital Ratio of 11%; well above the regulatory guideline of 8% for well capitalized institutions. The tangible book value per share of American Riviera Bank common stock is $11.44 at March 31, 2018, a 9% increase from $10.51 at March 31, 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 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 December 31, 2017, 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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