American Riviera Bank (OTC BB: ARBV.OB) has reported a 21 percent increase in loans compared to one year ago, reporting $117 million in total loans outstanding at June 30, 2012.
Deposits have also grown significantly, with a 37 percent increase in noninterest-bearing checking accounts compared to one year ago. American Riviera Bank, 1033 Anacapa St., reported $125 million in total deposits with $27 million in noninterest-bearing checking accounts at June 30, 2012, compared to $107 million and $19 million at June 30, 2011, respectively.
“In an environment where many banks have pulled back on lending or are reporting soft loan demand, our focus on relationships, outreach in the community, and flexible approach have resulted in consistent client growth,” said Jeff DeVine, American Riviera Bank’s president and chief executive officer. “With ample capital and liquidity, the bank looks forward to helping our clients grow along with us.”
American Riviera Bank reported unaudited pre-tax income of $386 thousand ($0.15 per share) for the second quarter ending June 30, 2012, which represents a 14 percent increase in profit from the $338 thousand ($0.13 per share) for the same period last year. For the six months ending June 30, 2012, American Riviera Bank reported unaudited pre-tax income of $661 thousand ($0.26 per share).
Due to effective deployment of deposits into loans, American Riviera Bank reported a net interest margin of 5.36 percent for the quarter ending June 30, 2012, increasing significantly from 4.55 percent one year ago.
American Riviera Bank continues to maintain a strong capital position with Tier 1 capital to total assets of 14 percent as of June 30, 2012, well above the regulatory guideline of 5 percent for well-capitalized institutions. The tangible book value of one share of American Riviera Bank stock is $8.99 as of June 30, 2012.
— Michelle Martinich is senior vice president and chief financial officer for American Riviera Bank.