American Riviera Bank Reports Increased Profit and Customer Growth
April 21 2011 - 4:36PM
Business Wire
American Riviera Bank (OTCBB: ARBV) announced today unaudited
net income of $364,000 ($0.14 per share) for the quarter ended
March 31, 2011. This represents a 59% increase in profit from the
$228,000 ($0.09 per share) for the comparable 2010 quarter.
American Riviera Bank has now reported six consecutive quarters of
profitability.
The Bank has experienced consistent growth in core deposits,
reporting $93 million in core deposits at March 31, 2011, a 10%
increase since March 31, 2010. The Bank continues to attract new
customers with a 22% increase in the number of non-time accounts
since March 31, 2010 and nearly 150 new deposit accounts opened in
the first quarter of 2011. Non-interest bearing checking accounts
averaged $18 million for the quarter ending March 31, 2011, an
increase of $5 million or 36% from the comparable 2010 quarter.
Jeff DeVine, President and Chief
Executive Officer stated, “The customer growth is directly
attributable to our dedication to personal service and quality
products delivered with state-of-the art technology. With our
recent recognition by The Findley Reports as the only bank in Santa
Barbara to be commended for financial performance in 2010, clients
know their money is safe.”
The Bank’s net interest margin remains strong and has benefitted
from the increased core deposit mix. The Bank reported a 4.25% net
interest margin for the quarter ended March 31, 2011. 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 March 31, 2011 were $90 million, a $4
million decrease from December 31, 2010. Management and the Board
of Directors believe the allowance for loan losses at 2.89% percent
of total loans is adequate at March 31, 2011, and therefore, did
not record any loan loss provision in the first quarter of
2011.
The Bank has $139 million in total assets and maintains a strong
capital position with Tier 1 Capital to total assets exceeding 13%
as of March 31, 2011; 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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