American Riviera Bank Poised for Continued Growth
January 28 2013 - 6:14PM
Business Wire
American Riviera Bank (OTCBB: ARBV) announced record pre-tax
income for the year, which increased 113% to $1,971,000 at December
31, 2012, compared to $923,000 for the year ended December 31,
2011. The Bank had unaudited net income of $1,193,000 ($0.47 per
share) for the year ended December 31, 2012. Unaudited net income
for the quarter ending December 31, 2012 was $386,000 ($0.15 per
share) versus $353,000 ($0.14 per share) for the comparable quarter
of 2011.
American Riviera Bank provides a unique community banking
experience delivered through knowledgeable bankers and innovative
technology. Year over year, the Bank grew non-interest bearing
demand deposits by 85%, reaching $43 million or 31% of total
deposits as of December 31, 2012. Loans outstanding increased 18%
compared to one year ago, reaching $128 million at December 31,
2012. The combination of growth in non-interest bearing deposits
and active lending in our community enabled the Bank to increase
net interest income after provision by 29% in 2012 and to grow
average net interest margin to 5.13% compared to the average of
4.87% for 2011.
Jeff DeVine, President and Chief Executive
Officer, stated, “Our significant growth in loans, deposits, and
earnings proves that community banking with a commitment to
building relationships is the key to success. We look forward to
the March opening of our new branch in Montecito and continuing to
provide an unmatched brand of community banking.”
The Bank had no nonaccrual loans or loans past due 30 or more
days at December 31, 2012. Management and the Board of Directors
believe that the allowance for loan losses equating to 2.01% of
total loans is adequate at December 31, 2012.
The Bank has $172 million in total assets, and maintains a
strong capital position with Tier 1 Capital to total average assets
of 13% as of December 31, 2012; well above the regulatory guideline
of 5% for well capitalized institutions. The book value of one
share of American Riviera Bank stock is $9.29 at December 31, 2012,
an increase from $8.81 at December 31, 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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