American Riviera Bank announced Wednesday unaudited net income of $286,000 (11 cents per share) for the first quarter ended March 31. The bank’s focus on building relationships and addressing the lending needs of the community has resulted in strong growth in loans.
In the first quarter of 2014, American Riviera Bank originated $14.5 million of new loans locally. The bank reported $148 million in average loans for the quarter ending March 31, which represents a 14 percent increase from 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 at March 31.
American Riviera Bank has also experienced consistent growth in deposits; reporting $42 million in non-interest bearing demand deposits at March 31, a 35 percent increase from March 31, 2013. Total deposits reached $157 million at March 31, a $19 million or 14 percent increase from the same reporting period last year.
American Riviera Bank is the only Santa Barbara-based community bank offering its customers the ability to deposit checks by mobile phone. Its electronic banking platform combines applications for Apple and android devices, online banking, bill pay and mobile deposit. There has been significant interest in our mobile banking capabilities, with 78 new enrollees in the first quarter of 2014.
Jeff DeVine, president and chief executive officer, stated, “The bank is excited to deliver this innovative technology to our clients. By offering accounts that combine free ATM withdrawals at other banks nationwide and mobile phone deposits; our clients can truly withdraw and deposit anywhere and at any time.”
American Riviera Bank has $188 million in total assets, and maintains a strong capital position with Tier 1 Capital to total average assets of 13 percent as of March 31, well above the regulatory guideline of 5 percent for well-capitalized institutions. The book value of one share of American Riviera Bank stock was $9.85 at March 31, an increase from $9.36 at March 31, 2013.
— Michelle Martinich is senior vice president and chief financial officer for American Riviera Bank.