American Riviera Bank has announced unaudited net income of $443,000 (17 cents per share) for the quarter ended March 31, a 55 percent increase compared with $286,000 (11 cents per share) for the quarter ended March 31, 2014.
Average deposits increased 31 percent in the first quarter of 2015 compared to the quarter ended March 31, 2014, with total deposits reaching $200 million at March 31. Average non-interest bearing demand deposits increased to $60 million, a 44 percent increase compared to the same reporting period last year.
The bank increased average loans to $166 million in the first quarter of 2015, a 12 percent increase from the $146 million in the first quarter of 2014. Growth came primarily from increased requests for residential, commercial real estate and business loans. The aforementioned loan growth enabled the bank to grow net interest income by 15 percent in the first quarter of 2015 compared to the first quarter of 2014. At March 31, the bank had no loans 90 or more days past due and no other real estate owned.
“It is a testament to our clients and the surrounding community that American Riviera Bank is able to report strong earnings, a clean credit profile and significant growth,” President/CEO Jeff DeVine said. “The bank looks forward to establishing new relationships and deepening existing relationships that will help the community grow and prosper.”
American Riviera Bank had $230 million in total assets, and maintained a strong capital position with a Tier 1 Leverage Ratio of 12 percent as of March 31; well above the regulatory guideline of 5 percent for well-capitalized institutions. The bank reported a return on assets of 0.81 percent and a return on equity of 6.92 percent for the first quarter of 2015. The book value of one share of American Riviera Bank stock is $10.24 at March 31, an increase from $9.55 at March 31, 2014.
— Michelle Martinich is the chief financial officer for American Riviera Bank.