American Riviera Bank has announced unaudited net income of $382,000 (15 cents per share) for the second quarter ended June 30, and $668,000 (26 cents per share) for the six months
ended June 30.
The bank’s focus on building relationships and addressing the lending and deposit needs of our community has also resulted in strong growth in assets. The bank reached $217 million in total assets at June 30, which represents a 20 percent increase from June 30, 2013.
The bank has achieved exceptional growth in loans, reporting $158 million in total loans at June 30, which represents 16 percent growth from the second quarter of 2013. In the second quarter of 2014, American Riviera Bank originated $20 million of new loan commitments locally with a net increase to outstanding loan balances of $10 million.
Loan quality remains high with no other real estate owned and no loans past due 30 or more days. The aforementioned loan growth enabled the bank to grow net interest income 12 percent compared with the same quarter last year and 9 percent compared with the first six months of 2013.
“Local economic conditions have picked up and while supporting the banking needs of our clients the bank was able to grow loan totals and expand our net interest income, which is a core driver of future earnings,” said Jeff DeVine, president and chief executive officer.
Deposits have also experienced significant growth, reaching $180 million in total at June 30, which represents a 25 percent increase from the same reporting period last year. Noninterest bearing demand deposits reached $44 million at this quarter end, representing 11 percent growth from June 30, 2013.
American Riviera Bank maintains a strong capital position with Tier 1 Capital to total average assets of 12 percent as of June 30; well above the regulatory guideline of 5 percent for well-capitalized institutions. The book value of one share of American Riviera Bank stock was $10.02 at June 30, an increase from $9.53 at June 30, 2013.
— Michelle Martinich is senior vice president and chief financial officer for American Riviera Bank.