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American Riviera Bank Increases Earnings with Expansion
[April 24, 2018]

American Riviera Bank Increases Earnings with Expansion


American 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.





           
Balance Sheets (unaudited)
(dollars in thousands)
 
Mar 31, Mar 31, One Year
      2018     2017   Change
Assets
Cash & Due From Banks $ 46,821 $ 40,998 14 %
Fed Funds Sold 616 14,978 -96 %
Securities 38,862 8,405 362 %
 
Loans 432,345 383,688 13 %
Allowance For Loan Losses   (4,529 )   (3,735 ) 21 %
Net Loans 427,816 379,953 13 %
 
Fixed Assets 4,868 1,245 291 %
Goodwill and Other Intangibles 5,650 5,829 -3 %
Other Assets   15,152     15,222   0 %
Total Assets   539,785     466,630   16 %
 
 
Liabilities & Shareholders' Equity
Demand Deposits 154,865 146,654 6 %
NOW Accounts 94,113 50,072 88 %
Other Interest Bearing Deposits   223,337     214,994   4 %
Total Deposits 472,315 411,720 15 %
 
Borrowed Funds 10,000 2,000 400 %
Other Liabilities   1,640     1,028   60 %
Total Liabilities 483,955 414,748 17 %
 
Common Stock 45,848 45,566 1 %
Retained Earnings 10,293 6,335 62 %
Other Capital   (311 )   (19 ) 1537 %
Total Shareholders' Equity   55,830     51,882   8 %
     
Total Liabilities & Shareholders' Equity $ 539,785   $ 466,630   16 %
 
Book Value Per Share $ 12.72 $ 11.84 7 %
Tangible Book Value Per Share $ 11.44 $ 10.51 9 %
 

           
Statements of Income (unaudited)
(dollars in thousands)
 
Quarter Ended
Mar 31, Mar 31,
    2018     2017   Change
Interest Income
Interest and Fees on Loans $ 5,335 $ 4,788 11 %
Net Fair Value Amortization Income 63 235 -73 %
Interest on Securities 183 19 880 %
Interest on Fed Funds 11 15 -27 %
Interest on Due From Banks   147     88   67 %
Total Interest Income 5,739 5,144 12 %
 
Interest Expense
Interest Expense on Deposits 265 220 21 %
Interest Expense on Borrowings   23     5   347 %
Total Interest Expense   288     225   28 %
 
Net Interest Income 5,451 4,920 11 %
Provision for Loan Losses   268     387   -31 %
Net Interest Income After Provision 5,183 4,533 14 %
 
Non-Interest Income
Service Charges, Commissions and Fees 436 273 59 %
Other Non-Interest Income   114     91   26 %
Total Non-Interest Income 550 364 51 %
 
Non-Interest Expense
Salaries and Employee Benefits 2,354 1,955 20 %
Occupancy and Equipment 391 369 6 %
Other Non-Interest Expense   1,149     976   18 %
Total Non-Interest Expense 3,894 3,300 18 %
 
Net Income Before Provision for Taxes 1,839 1,596 15 %
Provision for Taxes   486     641   -24 %
Net Income $ 1,352   $ 956   41 %
 
Shares (end of period) 4,412,919 4,382,260 1 %
Earnings Per Share - Basic $ 0.31 $ 0.22 41 %
 
Return on Average Assets (annualized) 1.09 % 0.91 %
Return on Average Equity (annualized) 10.27 % 7.88 %
Net Interest Margin (annualized) 4.50 % 4.77 %
 


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