American Riviera Bank has announced unaudited net income of $3,501,000 ($0.80 per share) for the nine months ended Sept. 30, an increase from $3,015,000 ($0.69 per share) for the first nine months of 2016.

The annualized return on average assets of 0.99 percent and return on average equity of 8.92 percent represent an increase from the 0.95 percent and 8.69 percent, respectively, achieved for the same reporting period in the prior year.

The bank reported unaudited net income of $1,383,000 ($0.31 per share) for the third quarter ended Sept. 30, compared to $1,409,000 ($0.32 per share) for the same quarter last year.

The bank experienced significant organic growth in the last year, reporting $518 million in total assets as of Sept. 30. Growth was driven by total deposits increasing 18 percent from Sept. 30, 2016, reaching $462 million at Sept. 30, 2017.

Non-interest-bearing demand deposits increased 20 percent from the same reporting period last year and now represent 35 percent of total deposits, the bank reports.

Deposit origination volume is noteworthy, the bank said, as American Riviera has opened more than 1,400 new accounts in the first nine months of 2017, which exceeds new account origination for the entire 2016 year.

Loan demand remained strong, with total loans increasing 17 percent from Sept. 30, 2016, reaching $406 million at Sept. 30, 2017, with no other real estate owned.

The bank reported an annualized net interest margin of 4.67 percent for the nine months ending Sept. 30.

Jeff DeVine, president/CEO, said, “American Riviera Bank is pleased to announce a 16 percent increase in year to date earnings per share. We plan to re-invest some of our earnings with expansion into San Luis Obispo County as previously announced.

“We are excited to have our loan production office now open in Paso Robles with an excellent team to serve the community’s needs,” he said. “We look forward to opening our full service branch in Paso Robles in early 2018.”

As of Sept. 30, American Riviera Bank maintained a strong capital position with a Tier 1 Capital Ratio of 11 percent; above the regulatory guideline of 8 percent for well-capitalized institutions.

The tangible book value per share of American Riviera Bank common stock is $11.12 at Sept. 30, a 9 percent increase from $10.24 at Sept. 30, 2016.

— Michelle Martinich for American Riviera Bank.