American Riviera Bank announced Tuesday unaudited net income of $473,000 (19 cents per share) for the third quarter ended Sept. 30, a 38 percent increase from the same quarter last year.

For the nine months ending Sept. 30, the bank reported unaudited net income of $1,203,000 (47 cents per share), a 49 percent improvement from the $807,000 for the same reporting period last year.

Total deposits were $143 million at Sept. 30. Non-interest bearing deposits averaged $38 million during the third quarter of 2013, a 33 percent increase from the same reporting period last year.

In addition to the Montecito branch opened in April, American Riviera Bank has enhanced its technology to make banking even more convenient for its clients. The bank recently launched mobile applications for iPhone as well as Android operating systems and is presently the only community bank in the greater Santa Barbara area enabling customers to take a picture of a check with their mobile phone and electronically deposit it at the bank.

“We have made significant investments to expand our presence and increase convenience for our clients,” bank President/CEO Jeff DeVine said. “We provide community bank service with advanced technology typically only available from mega-banks. Our clients get more and sacrifice nothing to bank here.”

The bank has experienced strong loan demand, reporting $137 million in average loans for the third quarter of 2013, which represents a 16 percent increase from the third quarter of 2012. Thus far in 2013, its mortgage department has originated 60 mortgage loans on 1-4 family dwellings in our community with a total principal balance of just over $30 million. Loan quality overall remains very high, with no loans 30 days or more past due.

The bank has $173 million in total assets, and maintains a strong capital position with Tier 1 Capital to total average assets of 14 percent as of Sept. 30, well above the regulatory guideline of 5 percent for well-capitalized institutions. The book value of one share of American Riviera Bank stock is $9.73 at Sept. 30, an increase from $9.18 at Sept. 30, 2012.

— Michelle Martinich is senior vice president and chief financial officer for American Riviera Bank.