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American Riviera Bank Reports 17% Increase in Net Income

American Riviera Bank announced on Friday unaudited net income of $1,401,000 (55 cents per share) for the year ended Dec. 31, a 17 percent increase compared with $1,193,000 (47 cents per share) for the year ending Dec. 31, 2012.

“2013 was another great year for the bank and its customers," said Jeff DeVine, president and chief executive officer. "We opened our new branch in the upper village of Montecito, launched mobile phone deposit, and grew loans, deposits and earnings substantially. Residents and businesses within the greater Santa Barbara area continue to embrace our personal, flexible and responsive brand of community banking.”

American Riviera Bank’s focus on building relationships and providing innovative solutions such as mobile phone deposits and business remote deposits resulted in increased deposits and improved deposit mix. Average deposits grew 12 percent in 2013 with total deposits reaching $153 million at Dec. 31. Average non-interest bearing demand deposits increased 31 percent in 2013 to $36 million or 25 percent of total average deposits.

The bank saw steady commercial real estate and business loan demand while experiencing increased requests for construction loans and home mortgages. In 2013, our mortgage department originated 73 mortgages in our community totaling $37 million; with brokered loan fees contributing to non-interest income and retained portfolio mortgages increasing loan outstandings.

Average loans increased 18 percent in 2013 with total loans reaching $142 million at Dec. 31. Loan quality remains high with no other real estate owned and no loans past due 30 or more days at Dec. 31.

American Riviera Bank has $183 million in total assets, and maintains a strong capital position with Tier 1 capital to end of month assets of 13 percent as of Dec. 31, well above the regulatory guideline of 5 percent for well-capitalized institutions. For 2013, the bank recorded a return on average assets of 0.80 percent and a return on average equity of 5.72 percent.

The book value of one share of American Riviera Bank stock is $9.83 at Dec. 31, an increase from $9.29 at Dec. 31, 2012.

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

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