American Riviera Bank has announced today unaudited net income of $1,768,000 ($0.35 per share) for the quarter ended March 31, 2019. This represents a 31 percent increase in net income from the $1,352,000 ($0.31 per share) for the same reporting period in the prior year.

The annualized return on average assets of 1.19 percent and return on average equity of 11.90 percent represent an increase from the 1.09 percent and 10.27 percent, respectively, achieved for the same reporting period in the prior year.

The bank experienced significant organic growth in the last year, reporting $639 million in total assets as of March 31, 2019. Asset growth was made possible by total deposits increasing 16 percent from March 31, 2018, reaching $546 million at March 31, 2019.

Non-interest bearing demand deposit accounts increased $32 million, or 21 percent since the same reporting period last year, reaching $187 million at March 31, 2019.

The bank reported strong loan growth, with loans increasing $89 million, or 20 percent from March 31, 2018, reaching $521 million at March 31, 2019, with no other real estate owned.

The bank reported an annualized net interest margin of 4.42 percent for the three months ended March 31, 2019.

“The first quarter of 2019 has set the stage for an exciting year,” said Jeff DeVine, president/CEO.

“With the completion of our stock offering, the anticipated opening of our full service San Luis Obispo branch and commercial banking center in the second quarter of 2019, and strong organic growth in both loans and deposits, American Riviera Bank is positioned to continue our commitment to our clients and shareholders as the Central Coast’s community bank,” he said.  

American Riviera Bank reported an increased capital position with a Tier 1 Capital Ratio of 12 percent; well above the regulatory guideline of 8 percent for well capitalized institutions.

The increased capital position was due to strong earnings and the completion of an $8.5 million common stock offering in the first quarter of 2019. The tangible book value per share of American Riviera Bank common stock is $13.07 at March 31, 2019, a 14 percent increase from $11.44 at March 31, 2018.

American Riviera Bank’s 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.

Commercial lending offices are at 30 E. Figueroa St., Santa Barbara and 1085 Higuera St. San Luis Obispo.

— Michelle Martinich for American Riviera Bank.