American Riviera Bank Reports Over $1 Million in Profit
January 20 2011 - 5:35PM
Business Wire
American Riviera Bank (OTC BB: ARBV.OB) announced today
unaudited net income of $1,024,000 for the year ended December 31,
2010.
Jeff DeVine, President and Chief Executive
Officer stated, “2010 was a significant year for the Bank. We had
substantial growth in our relationship customer base, while
achieving profitability despite a challenging banking environment.
We are pleased to share this news with our shareholders and our
community.”
The Bank’s net interest margin was 4.75% for the year ended
December 31, 2010, up from 3.97% for the same period last year, and
benefitted from an increased core deposit mix. In 2010, the number
of core deposit accounts increased 18% and the dollar amount of
core deposits increased 11% to $95 million, a figure which
represented 87% of total deposits as of December 31, 2010.
Non-interest bearing demand deposits have grown a notable 57% since
December 31, 2009.
Average loan balances for the year ended December 31, 2010
increased 5% to $103 million from the same period last year.
However, due to normal loan payment amortization and targeted
construction loan payoffs in conjunction with limited new loan
demand from qualified borrowers; loan balances outstanding at
December 31, 2010 were $94 million. American Riviera Bank had a
3.37% and 2.43% allowance for loan losses as a percentage of total
loans at December 31, 2010 and 2009, respectively. Management and
the Board of Directors believes the allowance for loan losses is
adequate at December 31, 2010. The Bank recorded $648,000 in loan
loss provision and $54,000 in net loan charge-offs for the year
ended December 31, 2010 compared to $2.7 million and $1.2 million
for the year ended December 31, 2009, respectively. Continued
improvements in loan quality have resulted in a 57% reduction in
non-performing loans and real estate owned since December 31, 2009.
As of December 31, 2010, the Bank was not carrying any real estate
owned.
The Bank has $140 million in total assets and maintains a strong
capital position with Tier 1 Capital to total assets exceeding 13%
as of December 31, 2010, well above the regulatory guideline of 5%
for well capitalized institutions.
Company
Profile
American Riviera Bank is a full service community bank, focused
on serving the lending and deposit needs of businesses and
consumers in our community. The Bank was founded in 2006 by over
400 local shareholders and has one branch located at 1033 Anacapa
Street in downtown Santa Barbara.
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.
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