American Riviera Bancorp, holding company of American Riviera Bank, has announced unaudited net income of $8.7 million ($1.50 per share) for the year ended Dec. 31, 2024, compared to $10.5 million ($1.82 per share) earned in the same reporting period in the previous year.

Unaudited net income was $2 million ($0.35 per share) for the three months ended Dec/ 31, 2024, compared to $2.1 million ($0.36 per share) in the previous quarter, and $2.2 million ($0.38 per share) earned in the same reporting period in the previous year.

Total deposits were $1.11 billion at Dec. 31, 2024, an increase of $63.7 million or 6.1% from Dec. 31, 2023.

“At Dec. 31, 2024, all deposits were ‘core deposits’ from our clients, with no wholesale-funded certificates of deposit,” the company said.
 
“The growth in our local deposits is a testament to our dedication to provide high-quality, relationship-based services and response to the needs of our community,” said Jeff DeVine, president /CEO of the company and the bank.

“Our Atascadero branch has been open less than six months and has already exceeded our expectations for new client relationships with $20 million in deposits. We believe there are opportunities to repeat our Atascadero success in neighboring communities by attracting experienced bankers to join the American Riviera Bank team.”

Fourth Quarter Highlights
· The company was recognized by OTC Markets with the “OTCQX Best 50” distinction for equal weighted share trading volume and total return in 2024. 
·  The bank has the highest “Super Premier” rating for financial performance from the Findley Reports and maintained a “5 Star – Superior” rating from Bauer Financial as of September 30, 2024.
·  Total shareholders’ equity of $111.4 million at Dec. 31, 2024, has increased $10.7 million or 10.7% from the same reporting period in the previous year.  
·  Tangible book value per share of $18.31 at Dec. 31, 2024, has increased $1.72 or 10.4% from the same reporting period in the previous year.
· All bank and company capital ratios increased in the fourth quarter of 2024. The bank’s regulatory capital ratios were all above “well-capitalized” standards. The company’s tangible common equity ratio at Dec. 31, 2024 was 8.35%, an increase from 7.60% at Dec. 31, 2023.