Monday, May 21 , 2018, 7:20 pm | Fair 64º

 
 
 
 

Business

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.

 

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 PayPal below, or click here for information on recurring credit-card payments.

Thank you for your vital support.

Become a Supporter

Enter your email
Select your membership level
×

Payment Information

You are purchasing:

Payment Method

Pay by Credit Card:

Mastercard, Visa, American Express, Discover

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 Patricia Griffin
Patricia Griffin
"I am very hands on and feel that each transaction is special and different. My clients goals are foremost in what I do to bring about a successful transaction."

Full Profile >