Breaking News Bar

Business News and Information

American Riviera Bank Reports Record Quarterly Net Income

American Riviera Bank (OTC Markets: ARBV) announced today unaudited net income of $1,768,000 ($0.35 per share) for the quarter ended March 31, 2019. This represents a 31% increase in net income from the $1,352,000 ($0.31 per share) for the same reporting period in the prior year. The annualized return on average assets of 1.19% and return on average equity of 11.90% represent an increase from the 1.09% and 10.27%, respectively, achieved for the same reporting period in the prior year.

The Bank experienced significant organic growth in the last year, reporting $639 million in total assets as of March 31, 2019. Asset growth was made possible by total deposits increasing 16% from March 31, 2018, reaching $546 million at March 31, 2019. Non-interest bearing demand deposit accounts increased $32 million, or 21% since the same reporting period last year, reaching $187 million at March 31, 2019.

The Bank reported strong loan growth, with loans increasing $89 million, or 20% from March 31, 2018, reaching $521 million at March 31, 2019 with no other real estate owned. The Bank reported an annualized net interest margin of 4.42% for the three months ended March 31, 2019.

Jeff DeVine, President and Chief Executive Officer, stated, The first quarter of 2019 has set the stage for an exciting year. With the completion of our stock offering, the anticipated opening of our full service San Luis Obispo branch and commercial banking center in the second quarter of 2019, and strong organic growth in both loans and deposits, American Riviera Bank is positioned to continue our commitment to our clients and shareholders as the Central Coast’s community bank.”

American Riviera Bank reported an increased capital position with a Tier 1 Capital Ratio of 12%, well above the regulatory guideline of 8% for well capitalized institutions. The increased capital position was due to strong earnings and the completion of an $8.5 million common stock offering in the first quarter of 2019. The tangible book value per share of American Riviera Bank common stock is $13.07 at March 31, 2019, a 14% increase from $11.44 at March 31, 2018.

Company Profile

American Riviera Bank is a full-service community bank focused on serving the lending and deposit needs of businesses and consumers on the Central Coast of California. The state-chartered bank opened for business on July 18, 2006, with the support of local shareholders. Full-service branches are located at 1033 Anacapa Street in Santa Barbara, 525 San Ysidro Road in Montecito, 5880 Calle Real in Goleta and 1601 Spring Street in Paso Robles. Commercial lending offices are located at 30 East Figueroa Street in Santa Barbara and 1085 Higuera Street in San Luis Obispo. Our residential loan production office is located at 18 East Figueroa Street in Santa Barbara. For nine consecutive years the Bank has been recognized for strong financial performance by the Findley Reports, and received the highest “Super Premier” rating from Findley for 2018 and 2017. As of December 31, 2018, the Bank was rated five stars by BauerFinancial.

Statements concerning future performance, developments or events concerning expectations for growth and market forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, effects of interest rate changes, ability to control costs and expenses, impact of consolidation in the banking industry, financial policies of the US government, and general economic conditions.

Balance Sheets (unaudited)
(dollars in thousands)
Mar 31,Mar 31,One Year
20192018Change
Assets
Cash & Due From Banks $ 48,835 $ 46,821 4 %
Fed Funds Sold - 616 -100 %
Securities 44,123 38,862 14 %
Loans 520,857 432,345 20 %
Allowance For Loan Losses (5,661 ) (4,529 ) 25 %
Net Loans 515,196 427,816 20 %
Fixed Assets 5,588 4,868 15 %
Goodwill and Other Intangibles 5,472 5,650 -3 %
Other Assets 19,524 15,152 29 %
Total Assets 638,738 539,785 18 %
Liabilities & Shareholders' Equity
Demand Deposits 187,048 154,865 21 %
NOW Accounts 76,370 94,113 -19 %
Other Interest Bearing Deposits 282,874 223,337 27 %
Total Deposits 546,292 472,315 16 %
Borrowed Funds 15,000 10,000 50 %
Other Liabilities 6,562 1,640 300 %
Total Liabilities 567,854 483,955 17 %
Common Stock 54,513 45,848 19 %
Retained Earnings 16,600 10,293 61 %
Other Capital (229 ) (311 ) -26 %
Total Shareholders' Equity 70,884 55,830 27 %
Total Liabilities & Shareholders' Equity $ 638,738 $ 539,785 18 %
Book Value Per Share $ 14.16 $ 12.72 11 %
Tangible Book Value Per Share $ 13.07 $ 11.44 14 %
Statements of Income (unaudited)
(dollars in thousands)
Quarter Ended
Mar 31,Mar 31,
20192018Change
Interest Income
Interest and Fees on Loans $ 6,680 $ 5,335 25 %
Net Fair Value Amortization Income 222 63 252 %
Interest on Securities 284 183 55 %
Interest on Fed Funds 1 11 -91 %
Interest on Due From Banks 198 147 35 %
Total Interest Income 7,385 5,739 29 %
Interest Expense
Interest Expense on Deposits 825 265 211 %
Interest Expense on Borrowings 141 23 513 %
Total Interest Expense 966 288 236 %
Net Interest Income 6,418 5,451 18 %
Provision for Loan Losses 175 268 -35 %
Net Interest Income After Provision 6,244 5,183 20 %
Non-Interest Income
Service Charges, Commissions and Fees 427 436 -2 %
Other Non-Interest Income 166 114 46 %
Total Non-Interest Income 593 550 8 %
Non-Interest Expense
Salaries and Employee Benefits 2,692 2,354 14 %
Occupancy and Equipment 494 391 26 %
Other Non-Interest Expense 1,313 1,149 14 %
Total Non-Interest Expense 4,499 3,894 16 %
Net Income Before Provision for Taxes 2,338 1,839 27 %
Provision for Taxes 570 487 17 %
Net Income $ 1,768 $ 1,352 31 %
Shares (end of period) 5,020,829 4,412,919 14 %
Earnings Per Share - Basic $ 0.35 $ 0.31 13 %
Return on Average Assets (annualized) 1.19 % 1.09 %
Return on Average Equity (annualized) 11.90 % 10.27 %
Net Interest Margin (annualized) 4.42 % 4.50 %

Contacts:

American Riviera Bank
Michelle Martinich, 805-965-5942
www.americanrivierabank.com

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
bottom clear