Friday, May 25 , 2018, 3:08 pm | A Few Clouds 65º



American Riviera Bank Reports Profits and Growth

American Riviera Bank on Thursday announced unaudited net income of $1,569,000 (61 cents per share) for the year ended Dec. 31, 2014, a 12 percent increase as compared to $1,401,000 (55 cents per share) for the year ending Dec. 31, 2013.

Unaudited net income for the quarter ending Dec. 31, 2014, was $535,000 (21 cents per share) versus $198,000 (8 cents per share) for the comparable quarter of 2013.

American Riviera Bank’s focus on building relationships throughout the community has resulted in outstanding deposit growth. Average deposits increased 22 percent in 2014 compared to 2013 with total deposits reaching $195 million at Dec. 31. Noninterest bearing demand deposits now represent 29 percent of total deposits or $57 million at Dec. 31, a 47 percent increase from Dec. 31, 2013.

The bank saw strong loan demand in 2014 with average loans at $157 million, a 15 percent increase from $136 million in 2013. The bank increased commercial real estate and construction loans by a combined 26 percent and saw increased requests for mortgage and business loans as well. The aforementioned loan growth enabled the bank to grow net interest income by 11 percent in 2014 compared to 2013.

Jeff DeVine, president and chief executive officer, stated, “2014 was an excellent year for the Bank and its customers. We significantly expanded our market share by growing deposits and loans, and as a result increased earnings substantially. It has been a pleasure to partner with residents and businesses within the greater Santa Barbara area to provide a personal, flexible, and unique brand of community banking.”

American Riviera Bank has $225 million in total assets, and maintains a strong capital position with Tier 1 Capital to end of month assets of 12 percent as of Dec. 31, well above the regulatory guideline of 5 percent for well-capitalized institutions. For 2014, the bank recorded a return on average assets of 0.76 percent and a return on average equity of 6.04 percent. The book value of one share of American Riviera Bank stock is $10.41 at Dec. 31, 2014, an increase from $9.83 at Dec. 31, 2013.

— 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 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 Elizabeth Wagner
Elizabeth Wagner
"I consider myself to be an up front and honest agent and willing to talk my clients out of purchasing a property that isn’t right for them or won’t meet their needs in a year or two."

Full Profile >