For the third quarter of 2024, American Riviera Bancorp, holding company of American Riviera Bank, has maintained its strong financial performance, with unaudited net income of $2.1 million for the quarter and $6.7 million for the year to date, the bank reports.

“We are proud to report that the bank continues to hold a prestigious Super Premier rating from the Findley Reports and a 5 Star-Superior rating from Bauer Financial,” the bank said. “Additionally, our newest branch in Atascadero has already reached $9.6 million in deposits since its opening in June, showcasing strong community support and growth.”

The bank’s unaudited net income of $6.7 million ($1.15 per share) for the nine months ended Sept. 30, 2024, compares to $8.3 million ($1.44 per share) earned in the same reporting period in the previous year.

Unaudited net income was $2.1 million ($0.36 per share) for the three months ended Sept. 30, 2024, compared to $2.5 million ($0.42 per share) in the previous quarter, and $2.6 million ($0.46 per share) earned in the same reporting period in the previous year, the bank reports.

“Our strong relationship deposit growth from every branch this quarter has allowed the bank to reduce non-core, wholesale funding,” said Jeff DeVine, president/CEO of the company and bank.

“Our new branch in Atascadero has been well received by the community and has already reached $9.6 million in deposits since opening in June,” he said. “Loan demand noticeably increased in the latter portion of this quarter which will allow us to further serve client needs, support the growth of our communities and enhance shareholder return.” 

Third Quarter Highlights

• The bank was rated “Outstanding” by the Federal Deposit Insurance Corporation in 2023 for its performance under the Community Reinvestment Act.
• Total shareholders’ equity of $112.1 million at Sept. 30, 2024, has increased $6.7 million or 6.4% from the prior quarter-end, and $19.8 million or 21.4% from the same reporting period in the previous year.
• Tangible book value per share of $18.37 at Sept. 30, 2024, has increased $1.11 or 6.4% from the prior quarter-end, and $3.22 or 21.3% from the same reporting period in the previous year.
• All bank and company capital ratios increased in the third quarter of 2024. The bank’s regulatory capital ratios were all above “well-capitalized” standards. The company’s tangible common equity ratio at Sept. 30, 2024 was 8.31%, an increase from 6.92% at Sept. 30, 2023.
• Return on average assets for the third quarter ended Sept. 30, 2024, was 0.65%, and return on average equity was 7.73%.
• Total loans were $976.3 million at Sept. 30, 2024, an increase of $12.6 million or 1.3% from the prior quarter-end, and an increase of $35.1 million or 3.7% from Sept. 30, 2023. The bank’s loan-to-deposit ratio at Sept. 30, 2024, was 86.2%.
• Total deposits were $1.13 billion at Sept. 30, 2024, an increase of $64.8 million or 6.1% from the $1.07 billion at June 30, 2024, and an increase of $31.3 million or 2.8% from Sept. 30, 2023.