American Riviera Bank has announced unaudited net income of $9,082,000 ($1.77 per share) for the nine months ended Sept. 30, 2021. This represents an 82% increase in net income from the $5 million ($0.99 per share) earned in the same reporting period in the prior year. In 2021, the bank has achieved an annualized return on average assets of 1.12% and return on average equity of 13.64%.

Unaudited net income was $2,950,000 ($0.58 per share) for the third quarter ended Sept. 30, 2021, compared to the $2,264,000 ($0.45 per share) earned in the same reporting period in the prior year.

Core loans, excluding SBA PPP loans, have grown 20% or $124 million over the last year since Sept. 30, 2020. Year to date, core loans excluding PPP loans have grown 14% or $87 million since Dec. 31, 2020.

PPP loans totaled $51 million at Sept. 30, 2021, with $102 million processed by the bank and approved for forgiveness by the SBA during the nine months ended Sept. 30, 2021.

The bank maintained strong credit quality with no other real estate owned, no loans 90 days or more past due, and only $3.3 million or 0.46% of total loans excluding PPP on non-accrual status, which are well supported by collateral.

American Riviera Bank continues to experience significant deposit growth with a 35% or $287 million increase in total deposits over the last year since Sept. 30, 2020.

Non-interest-bearing demand deposits increased 32% or $104 million since Sept. 30, 2020. Deposit inflows from clients have been the driving factor in the total assets of the bank increasing $288 million since Sept. 30, 2020 to a total of $1.2 billion at Sept. 30, 2021.

“Each day clients throughout the Central Coast entrust us with more of their business. This is reflected in our strong organic loan and deposit growth,” said Jeff DeVine, president/CEO. “I am proud of our team who have partnered with our communities, supported our clients and made new relationships despite challenges presented by the pandemic.”

As of Sept. 30, 2021, American Riviera Bank continues to be well-capitalized with a Tier 1 Capital Ratio of 11% (above the regulatory guideline of 8% for well-capitalized institutions). The tangible book value per share of American Riviera Bank common stock increased to $17.34 at Sept. 30, 2021.

American Riviera Bank is a full-service community bank focused on serving the lending and deposit needs of businesses and consumers on the Central Coast.