American Riviera Bank Expands Market Share
October 16 2014 - 7:51PM
Business Wire
American Riviera Bank (OTC Markets: ARBV) announced today
unaudited net income of $365,000 ($0.14 per share) for the third
quarter ended September 30, 2014, a decrease from the $473,000
($0.19 per share) for the third quarter of 2013. For the nine
months ending September 30, 2014, the Bank reported unaudited net
income of $1,033,000 ($0.40 per share), down from the $1,203,000
($0.47 per share) for the same reporting period last year. The
decrease in net income is due to non-recurring events primarily
related to prepayment penalties and gain on sale of loans which
were $310,000 higher in the third quarter of 2013 and $350,000
higher for the first nine months of 2013 versus the same reporting
periods in 2014.
The Bank has achieved exceptional growth in loans, reporting
$162 million in total loans at September 30, 2014; which represents
$27 million (20%) growth from the third quarter of 2013. Average
total loan balances for the third quarter of 2014 were $159
million, 16% higher than the same reporting period last year. Loan
quality remains high with no other real estate owned and no loans
past due 30 or more days. The aforementioned loan growth enabled
the Bank to grow net interest income 9% compared to the same
quarter last year and 9% compared to the first nine months of
2013.
Deposits have also experienced significant growth reaching $183
million in total at September 30, 2014, which represents a $41
million (28%) increase from September 30, 2013. Average
non-interest bearing demand deposits were $49 million for the three
months ending September 30, 2014, 29% higher than the same
reporting period last year.
Jeff DeVine, President and Chief Executive
Officer stated, “The Bank has made significant strides in growing
its market share and is now the 3rd largest bank headquartered in
Santa Barbara County. The driving force behind the growth is our
ability to provide flexible loans and an unmatched level of service
combined with innovative technology.”
American Riviera Bank maintains a strong capital position with
Tier 1 Capital to total average assets of 12% as of September 30,
2014, well above the regulatory guideline of 5% for well
capitalized institutions. The book value of one share of American
Riviera Bank stock was $10.18 at September 30, 2014, an increase
from $9.73 at September 30, 2013.
Company
Profile
American Riviera Bank is a full-service community bank focused
on serving the lending and deposit needs of businesses and
consumers in Santa Barbara and surrounding communities. The
state-chartered bank opened for business on July 18, 2006, with the
support of 400 local shareholders. Offices are located at 1033
Anacapa Street in Santa Barbara and 525 San Ysidro Road in
Montecito. For 2013, the Bank was named a “Premier Performer” by
the Findley Reports. As of June 30, 2014, 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.
American Riviera BankMichelle Martinich,
805-965-5942www.americanrivierabank.com
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