American Riviera Bank has announced unaudited net income of $6,393,000 ($1.27 per share) for the year ended Dec. 31, 2019. This represents a 9% increase in net income from the $5,890,000 ($1.32 per share) for the same reporting period in the prior year.

The bank reported an annualized return on average assets of 0.97% and return on average equity of 9.01%.

The bank reported unaudited net income of $1,572,000 ($0.31 per share) for the fourth quarter ended Dec. 31, 2019 compared to $1,492,000 ($0.33 per share) for the same quarter last year. Share count has increased primarily due to the $8,500,000 common stock capital raise closed in the quarter ended March 31, 2019.

The bank continues to experience significant growth, reporting $719 million in total assets as of Dec. 31, 2019, representing a $102 million, or 17% increase from Dec. 31, 2018.

Total deposits increased 21% from Dec. 31, 2018 reaching $621 million at Dec. 31, 2019. Non-interest bearing demand deposit accounts increased $47 million, or 28% from the same reporting period in the prior year, reaching $217 million at Dec. 31, 2019.

The bank reported strong loan growth, with gross loans increasing $70 million, or 14% from Dec. 31, 2018, reaching $578 million at Dec. 31, 2019, with 6% or $31 million of growth in the fourth quarter of 2019.

At Dec. 31, 2019, the bank had no other real estate owned and no loans 30 days or more past due. The bank’s net interest income increased by approximately $2.3 million, or 9% for the year ended Dec. 31, 2019, compared to the same reporting period in the prior year.

The bank’s non-interest income grew by $1.0 million, or 58% for the year ended Dec. 31, 2019, compared to the same reporting period in the prior year. The increase in non-interest income came from diversified sources, including sales and servicing of SBA loans, mortgage broker fees, commercial loan swap fees and Farmer Mac lending. 

“2019 was an impactful year for the bank by significantly growing loans, deposits and increasing earnings,” said Jeff DeVine, president/CEO. “During the year the bank raised capital, opened a full service branch in San Luis Obispo and added a chief technology officer and chief compliance and risk officer to the executive team in order to support our growth and expand our relationships throughout the Central Coast.”

As of Dec. 31, 2019, American Riviera Bank has a strong capital position with a Tier 1 Capital Ratio of 11%; well above the regulatory guideline of 8% for well capitalized institutions. The tangible book value per share of American Riviera Bank common stock is $14.09 at Dec. 31, 2019, a 13% increase from $12.51 at Dec. 31, 2018.