American Riviera Bancorp (OTCQX: ARBV), holding company of American Riviera Bank, has announced unaudited net income of $8.3 million ($1.44 per share) for the nine months ended Sept. 30, 2023, compared to $9.5 million ($1.67 per share) earned in the same reporting period in 2022.

Unaudited net income was $2.6 million ($0.46 per share) for the three months ended Sept. 30, 2023, compared to $3.8 million ($0.67 per share) earned in the same reporting period in 2022.

“We are pleased to report that our core deposits increased $19 million this quarter with the majority of the increase from non-interest bearing checking accounts,” said Jeff DeVine, president/CEO of the company and the bank.

“Our quarterly net income, earnings per share, non-interest expense, and net interest margin were all relatively stable between the second and third quarters of 2023,” he said.

“Although net income year to date in 2023 compared to 2022 has been impacted by rising deposit costs, our company was able to increase shareholders’ equity by over 12% in the last year,” he said.

“Our core and digital banking upgrade scheduled for completion in the fourth quarter of 2023 is expected to increase internal efficiencies and enhance client functionality in 2024,” DeVine said.

Some Third Quarter Highlights

1. The bank has the highest “Super Premier” rating for financial performance from the Findley Reports and has maintained a “5 Star – Superior” rating from Bauer Financial as of June 30, 2023.

2. The bank was rated “Outstanding” by the Federal Deposit Insurance Corporation in 2023 for its performance under the Community Reinvestment Act.

Return on average assets for the third quarter ended Sept. 30, 2023, was 0.80%, and return on average equity was 10.98%.

3. Total loans were $941.1 million at Sept. 30, 2023, a decrease of $4.3 million or 0.5% from the prior quarter-end, and an increase of $54.9 million or 6.2% from Sept. 30, 2022. The bank’s loan-to- deposit ratio at Sept. 30, 2023, was 85.4%.