American Riviera Bank announced on Tuesday unaudited net income of $339,000 (13 cents per share) for the quarter ended March 31.
Pre-tax income for the quarter increased 105 percent to $563,000 at March 31 compared with the $275,000 reported for the quarter ended March 31, 2012.
The bank has experienced strong growth in loans, reporting $137 million in loans at March 31, which represents a $28 million increase since March 31, 2012. The bank has also experienced consistent growth in core deposits, reporting $127 million in core deposits at March 31, a $20 million increase from the same reporting period last year.
The bank is pleased to announce that its new branch in the Montecito upper village is now open and receiving considerable attention from the community. The newly constructed branch has an inviting Cape Cod theme and is located at 525 San Ysidro Road.
“The bank is excited to have a new branch open in the heart of Montecito,” President/CEO Jeff DeVine said. “The location will offer great convenience for new and existing clients. We look forward to reaching out and establishing meaningful relationships throughout the community.”
The bank has $175 million in total assets, and maintains a strong capital position with Tier 1 Capital to total average assets of 14 percent as of March 31, well above the regulatory guideline of 5 percent for well-capitalized institutions. The book value of one share of American Riviera Bank stock is $9.36 at March 31, an increase from $8.94 at March 31, 2012.
— Michelle Martinich is senior vice president and chief financial officer for American Riviera Bank.