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American Riviera Bank Posts 113% Increase in Pre-Tax Income

American Riviera Bank announced record pre-tax income for the year, which increased 113 percent to $1,971,000 at Dec. 31, 2012, compared with $923,000 for the year ended Dec. 31, 2011.

The bank had unaudited net income of $1,193,000 (47 cents per share) for the year ended Dec. 31, 2012. Unaudited net income for the quarter ending Dec. 31, 2012, was $386,000 (15 cents per share) versus $353,000 (14 cents per share) for the comparable quarter of 2011.

American Riviera Bank provides a unique community banking experience delivered through knowledgeable bankers and innovative technology. Year over year, the bank grew non-interest bearing demand deposits by 85 percent, reaching $43 million or 31 percent of total deposits as of Dec. 31, 2012.

Loans outstanding increased 18 percent compared to one year ago, reaching $128 million at Dec. 31, 2012. The combination of growth in non-interest bearing deposits and active lending in the community enabled the bank to increase net interest income after provision by 29 percent in 2012 and to grow average net interest margin to 5.13 percent compared to the average of 4.87 percent for 2011.

“Our significant growth in loans, deposits and earnings proves that community banking with a commitment to building relationships is the key to success,” President/CEO Jeff DeVine said. “We look forward to the March opening of our new branch in Montecito and continuing to provide an unmatched brand of community banking.”

The bank had no nonaccrual loans or loans past due 30 or more days at Dec. 31, 2012. Management and the Board of Directors believe that the allowance for loan losses equating to 2.01 percent of total loans is adequate at Dec. 31, 2012.

The bank has $172 million in total assets, and maintains a strong capital position with Tier 1 Capital to total average assets of 13 percent as of Dec. 31, 2012; well above the regulatory guideline of 5 percent for well-capitalized institutions. The book value of one share of American Riviera Bank stock is $9.29 at Dec. 31, 2012, an increase from $8.81 at Dec. 31, 2011.

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

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