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American Riviera Bank Expands Market Share

American Riviera Bank announced Thursday unaudited net income of $365,000 (14 cents per share) for the third quarter ended Sept. 30, a decrease from the $473,000 (19 cents per
share) for the third quarter of 2013.

For the nine months ending Sept. 30, the bank reported unaudited net income of $1,033,000 (40 cents per share), down from the $1,203,000 (47 cents per share) for the same reporting period last year. The decrease in net income is due to non-recurring events primarily related to prepayment penalties and gain on sale of loans which were $310,000 higher in the third quarter of 2013 and $350,000 higher for the first nine months of 2013 versus the same reporting periods in 2014.

The bank has achieved exceptional growth in loans, reporting $162 million in total loans at Sept. 30; which represents $27 million (20 percent) growth from the third quarter of 2013. Average total loan balances for the third quarter of 2014 were $159 million, 16 percent higher than the same reporting period last year. Loan quality remains high with no other real estate owned and no loans past due 30 or more days. The aforementioned loan growth enabled the Bank to grow net interest income 9 percent compared with the same quarter last year and 9 percent compared to the first nine months of 2013.

Deposits have also experienced significant growth reaching $183 million in total at Sept. 30; which represents a $41 million (28 percent) increase from Sept. 30, 2013. Average non-interest bearing demand deposits were $49 million for the three months ending Sept. 30, 29 percent higher than the same reporting period last year.

“The bank has made significant strides in growing its market share and is now the third-largest bank headquartered in Santa Barbara County," said Jeff DeVine, president and chief executive officer. "The driving force behind the growth is our ability to provide flexible loans and an unmatched level of service combined with innovative technology.”

American Riviera Bank maintains a strong capital position with Tier 1 Capital to total average assets of 12 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 was $10.18 at Sept. 30, an increase from $9.73 at Sept. 30, 2013.

American Riviera Bank is a full-service community bank focused on serving the lending and deposit needs of businesses and consumers in Santa Barbara and surrounding communities. The state-chartered bank opened for business on July 18, 2006, with the support of 400 local shareholders. Offices are located at 1033 Anacapa St. in Santa Barbara and 525 San Ysidro Road in Montecito. For 2013, the bank was named a “Premier Performer” by the Findley Reports. As of June 30, the bank was rated five stars by BauerFinancial.

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

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