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American Riviera Bank Approaches Half a Billion in Assets

American Riviera Bank has announced unaudited net income of $2,118,000 ($0.48 per share) for the six months ended June 30, 2017, an increase from $1,606,000 ($0.37 per share) for the first six months of 2016.

The annualized return on average assets of 0.95 percent and return on average equity of 8.40 percent represent an increase from the 0.80 percent and 7.31 percent, respectively, achieved for the same reporting period in the prior year.

The bank reported unaudited net income of $1,163,000 ($0.27 per share) for the second quarter ended June 30, 2017, compared to $1,424,000 ($0.33 per share) for the same quarter last year.

The second quarter of 2016 included $577,000 of non-recurring interest income related to merger accounting, resulting in higher reportable earnings compared to the second quarter of 2017.

The bank experienced significant growth in the last year, reporting $496 million in total assets as of June 30, 2017. Asset growth was made possible by total deposits increasing 24 percent from June 30, 2016, reaching $440 million at June 30, 2017.

Non-interest-bearing demand deposits increased 28 percent from the same reporting period last year. Deposit origination volume is noteworthy, with the bank opening more than 900 new accounts at its three locations in the first six months of 2017.

Loan demand remained strong, with total loans increasing 11 percent from June 30, 2016, reaching $397 million at June 30 with no other real estate owned. The bank reported annualized net interest margin of 4.70 percent for the six months ending June 30.

Jeff DeVine, president/CEO said, “American Riviera Bank has made significant gains in market share this year by focusing on the needs of our clients.

"We look forward to providing the same dedication to Paso Robles and surrounding communities with the opening of our loan production office in August and our full service branch by early 2018," he said.

"We strive to balance quality growth with earnings and are pleased to report that as of June 30, 2017, our share price has increased 55 percent from last year,” he said.

As of June 30, American Riviera Bank maintained a strong capital position with a Tier 1 Capital Ratio of 11 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 $10.81 at June 30, 2017, an increase from $10.03 at June 30.

— Michelle Martinich for American Riviera Bank.


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