American Riviera Bank Celebrates Five Year Anniversary with Continued Profit
July 21 2011 - 1:51PM
Business Wire
American Riviera Bank (OTCBB: ARBV) announced unaudited net
income of $702,000 ($0.28 per share) for the six months ending June
30, 2011, which represents a 40% increase in profit from the
$502,000 ($0.20 per share) for the same period last year. The Bank
has now reported seven consecutive quarters of profitability.
Jeff DeVine, President and Chief Executive
Officer, stated, “We are very proud to reach our milestone five
year anniversary with solid profitability to report, and a rapidly
growing base of relationship clients. We have ample capital and
liquidity to lend within our community, and look forward to serving
our clients for many years to come.”
American Riviera Bank continues to experience significant growth
in relationships, with a 13% increase in core deposits and 22%
increase in the number of non-time deposit accounts compared to one
year ago. The Bank reported $107 million in deposits at June 30,
2011, with $20 million in non-interest bearing checking accounts.
As of June 30, 2011, the Bank reported total loans outstanding of
$97 million, an 8% increase from the previous quarter end.
The combined effect of increased loan balances and repayment of
$6 million of fixed-rate FHLB advances during this quarter;
resulted in net interest margin increasing from 4.25% at the
previous quarter to 4.55% for the quarter ended June 30, 2011.
Management and the Board of Directors believe the allowance for
loan losses at 2.64% of total loans is adequate at June 30, 2011,
and therefore, did not record any loan loss provision in the second
quarter of 2011.
The Bank reported unaudited net income for the quarter ended
June 30, 2011 of $338,000, a 23% increase compared to the $274,000
reported for the same quarter last year. The Bank continues to
maintain a strong capital position with Tier 1 capital to total
assets of 15% as of June 30, 2011, well above the regulatory
guideline of 5% for well capitalized institutions. The tangible
book value of one share of American Riviera Bank stock is $7.81 as
of June 30, 2011.
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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