American Riviera Bank (OTC Markets: ARBV) has announced unaudited net income of $1,409,000 ($0.32 per share) for the third quarter ended Sept. 30, 2016, compared to the $133,000 ($0.05 per share) reported Sept. 30, 2015.

For the nine months ended Sept. 30, 2016, unaudited net income was $3,015,000 ($0.69 per share), as compared to the $938,000 ($0.35 per share) achieved for the same reporting period last year prior to the merger.

As of Sept. 30, 2016, the bank reported $347 million in total loans with no other real estate owned. Non-interest bearing demand deposits have increased to 35 percent of the $392 million in total deposits at Sept. 30, 2016, an increase from 32 percent one year ago.

Jeff DeVine, president and CEO, said, “It has only been nine months since we completed the merger with the Bank of Santa Barbara and our financial results are already reflecting the synergies from that merger.

“Common share count is up 63 percent from one year ago as a result of the merger, however earnings per share are up 98 percent.”

As of Sept. 30, 2016 American Riviera Bank had $464 million in total assets, and maintained a strong capital position with a Tier 1 Capital Ratio of 12 percent; well above the regulatory guideline of 8 percent for well-capitalized institutions.

For the first nine months of 2016, the bank recorded a return on average assets of 0.95 percent and a return on average equity of 8.69 percent.

The tangible book value per share of American Riviera Bank’s common stock is $10.24 and the book value is $11.40 at Sept. 30, 2016, an increase from the $10.47 book value at Sept. 30, 2015.

American Riviera Bank is a full-service community bank focused on serving the lending and deposit needs of businesses and consumers in Santa Barbara and the surrounding communities.

— Michelle Martinich for American Riviera Bank.