Monday, August 20 , 2018, 2:19 pm | Partly Cloudy 75º

 
 
 
 

Business

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.

Support Noozhawk Today

You are an important ally in our mission to deliver clear, objective, high-quality professional news reporting for Santa Barbara, Goleta and the rest of Santa Barbara County. Join the Hawks Club today to help keep Noozhawk soaring.

We offer four membership levels: $5 a month, $10 a month, $25 a month or $1 a week. Payments can be made through Stripe below, or click here for information on recurring credit-card payments and a mailing address for checks.

Thank you for your vital support.

Become a Noozhawk Supporter

First name
Last name
Enter your email
Select your membership level
×

Payment Information

You are purchasing:

Payment Method

Pay by Credit Card:

Mastercard, Visa, American Express, Discover
One click only, please!

Pay with Apple Pay or Google Pay:

Noozhawk partners with Stripe to provide secure invoicing and payments processing.

  • Ask
  • Vote
  • Investigate
  • Answer

Noozhawk Asks: What’s Your Question?

Welcome to Noozhawk Asks, a new feature in which you ask the questions, you help decide what Noozhawk investigates, and you work with us to find the answers.

Here’s how it works: You share your questions with us in the nearby box. In some cases, we may work with you to find the answers. In others, we may ask you to vote on your top choices to help us narrow the scope. And we’ll be regularly asking you for your feedback on a specific issue or topic.

We also expect to work together with the reader who asked the winning questions to find the answer together. Noozhawk’s objective is to come at questions from a place of curiosity and openness, and we believe a transparent collaboration is the key to achieve it.

The results of our investigation will be published here in this Noozhawk Asks section. Once or twice a month, we plan to do a review of what was asked and answered.

Thanks for asking!

Click Here to Get Started >

Reader Comments

Noozhawk is no longer accepting reader comments on our articles. Click here for the announcement. Readers are instead invited to submit letters to the editor by emailing them to [email protected]. Please provide your full name and community, as well as contact information for verification purposes only.

Daily Noozhawk

Subscribe to Noozhawk's A.M. Report, our free e-Bulletin sent out every day at 4:15 a.m. with Noozhawk's top stories, hand-picked by the editors.

Sign Up Now >

Meet Your Realtor Sponsored by Village Properties

Photo of Gary Welterlen and Carla Reeves
Gary Welterlen and Carla Reeves
"We both love this business. We strive to make life long relationships from each real estate transaction."

Full Profile >