American Riviera Bank has announced unaudited net income of $4,398,000 ($0.99 cents per share) for the nine months ended Sept. 30. This represents a 26 percent increase in net income from the $3,501,000 ($0.80 per share) for the same reporting period in the prior year.

The annualized return on average assets of 1.06 percent and return on average equity of 10.38 percent represents an increase from the 0.99 percent and 8.92 percent, respectively, achieved for the same reporting period in the prior year.

The bank reported its best quarter ever with unaudited net income of $1,571,000 ($0.35 per share) for the third quarter ended September 30, 2018 compared to $1,383,000 ($0.31 per share) for the same reporting period in the prior year.

As of Sept. 30, the bank reported $504 million in total deposits. This represents a 9 percent increase from the same reporting period prior year.

Checking accounts, comprised of non-interest bearing demand deposits and interest bearing NOW accounts, increased by $40 million or 19 percent from the same quarter last year.

Loan demand remains strong, with total loans increasing $83 million or 21 percent from Sept. 30, 2017, reaching $489 million at Sept. 30, 2018, with no loans that were 90 days or more past due and no other real estate owned.

The bank reported an annualized net interest margin of 4.47percent for the nine months ending Sept. 30.

“The third quarter was another strong quarter for American Riviera Bank, as we are quickly approaching $600 million in assets and continue to increase profitability,” said Jeff DeVine, president/CEO.

“Moving forward, we remain committed to being the leading independent bank on the Central Coast and continue to make American Riviera Bank better for its shareholders, customers and employees,” he said.

“Our organic growth and community centric approach continues to differentiate us in the market as we solidify our position as the Central Coast’s leading community bank,” DeVine said.

As of Sept. 30, American Riviera Bank maintained a strong capital position with a Tier 1 Capital Ratio of 10 percent; well above the regulatory guideline of 8 percent for well-capitalized institutions.

The tangible book value per share of American Riviera Bank common stock is $11.96 at Sept. 30, 2018, an 8 percent increase from $11.12 at Sept. 30, 2017.

American Riviera Bank is a full-service community bank serving consumers on the Central Coast. Full-service branches are at 1033 Anacapa St., Santa Barbara; 525 San Ysidro Road, Montecito; 5880 Calle Real, Goleta; and 1601 Spring St., Paso Robles.
 
— Michelle Martinich for American Riviera Bank.