American Riviera Bank announced Thursday unaudited net income of $275,000 (11 cents per share) for the quarter ended March 31 and loan growth of 22 percent since March 31, 2011.
The bank has experienced consistent growth in loans, reporting $110 million in loans at March 31, a $20 million increase since March 31, 2011. The bank’s net interest margin remains strong and has benefited from deployment of excess liquidity into loans.
The bank reported a 5.35 percent net interest margin for the quarter ended March 31, a significant increase from 4.25 percent for the comparable 2011 quarter. The bank has experienced consistent growth in core deposits, reporting $107 million in core deposits at March 31, a 16 percent increase since March 31, 2011.
Total deposits were $120 million at March 31. The bank continues to attract new customers with a 24 percent increase in the number of non-time deposit accounts since March 31, 2011, and nearly 200 new non-time deposit accounts opened in the first quarter of 2012. Demand deposit accounts reached $24 million for the quarter ending March 31, an increase of $4 million or 20 percent from the comparable 2011 quarter.
“Our loan and deposit growth is directly attributable to our dedication to personal service and understanding of our clients’ needs,” President/CEO Jeff DeVine said. “We are proud to be a partner and grow with the community.”
The bank has $148 million in total assets and a Tier 1 Leverage capital ratio exceeding 14 percent as of March 31, the highest ratio of all banks operating in Santa Barbara and well above the regulatory guideline of 5 percent for well-capitalized institutions. Book value and tangible book value of one share of American Riviera Bank stock is $8.94 at March 31, an increase from $7.60 at March 31, 2011.
American Riviera Bank is a full-service community bank focused on serving the lending and deposit needs of businesses and consumers in our community. The bank was founded in 2006 by more than 400 local shareholders and has one branch located at 1033 Anacapa St. in downtown Santa Barbara.
— Michelle Martinich is senior vice president and chief financial officer for American Riviera Bank.
