American Riviera Bank Monday announced unaudited net income of $11,829,000 ($2.30 per share) for the 12 months ended Dec. 31, 2021. This represents a 60% increase in net income from the $7,378,000 ($1.45 per share) earned in the same reporting period in the prior year.

In 2021, the bank achieved an annualized return on average assets of 1.04% and return on average equity of 13.02%. Unaudited net income was $2,747,000 ($0.53 per share) for the fourth quarter ended Dec. 31, 2021, compared to the $2,379,000 ($0.47 per share) earned in the prior year.

Core loans, excluding SBA PPP loans, have grown 17% or $112 million over the last year since Dec. 31, 2020. The bank maintained strong credit quality with no other real estate owned, no loans 90 days or more past due, and only $2.9 million or 0.38% of total loans excluding PPP on non-accrual status, which are well supported by collateral.

American Riviera Bank continues to experience tremendous deposit growth with a 38% or $330 million increase in total deposits since Dec. 31, 2020, the bank reports Non-interest bearing demand deposits increased 41% or $138 million over the last year.

Deposit inflows from clients have been the driving factor in the total assets of the bank increasing $335 million, or 34%, since Dec. 31, 2020 to a total of $1.3 billion at Dec. 31, 2021.

“We have our loyal clients and dedicated team members to thank for record earnings and strong balance sheet growth in 2021. The pandemic continued to disrupt our business and personal lives, yet our bankers worked tirelessly to respond to the deposit and lending needs of the communities we serve,” said Jeff DeVine, president/CEO.

“In turn, the bank was able to share its success by increasing wages and benefits for our hard-working team, increasing donations and sponsorships on the Central Coast, and reporting strong growth in earnings and tangible book value per share for our shareholders. This is the power of community banking.”

As of Dec. 31, 2021, American Riviera Bank reports it continues to be well capitalized 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 increased to $17.92 at Dec. 31, 2021.