Posted on October 26, 2021
American Riviera Bank reported unaudited net income of $ 9,082,000 ($ 1.77 per share) for the nine months ended September 30, 2021. This represents an 82% increase in net income from $ 5 million ($ 0.99 per share) earned during the same period. in the previous year. In 2021, the bank achieved an annualized return on average assets of 1.12% and a return on average equity of 13.64%.
Unaudited net income was $ 2,950,000 ($ 0.58 per share) for the third quarter ended September 30, 2021, compared to $ 2,264,000 ($ 0.45 per share) earned during the same period of the previous year.
Core loans, excluding PPP SBA loans, have increased by 20% or $ 124 million in the last year since September 30, 2020. Since the start of the year, core loans excluding PPP loans have increased by 14% or $ 87 million since December 31, 2020.
PPP loans totaled $ 51 million as of September 30, 2021, including $ 102 million processed by the bank and approved for remittance by the SBA in the nine months ended September 30, 2021.
The bank has maintained strong credit standing with no other real estate, no loans in arrears for 90 days or more, and only $ 3.3 million or 0.46% of total non-PPP loans on unaccounted status, which are well backed by guarantees.
American Riviera Bank continues to experience significant growth in deposits with a 35% or $ 287 million increase in total deposits over the past year since September 30, 2020.
Non-interest-bearing demand deposits increased 32% or $ 104 million since September 30, 2020. Customer deposit inflows were the driving force behind the increase in the bank’s total assets by $ 288 million. dollars since September 30, 2020 for a total of $ 1.2 billion as of September 30, 2021.
“Every day, customers from all over the Central Coast tell us more about their business. This is reflected in our strong organic growth in loans and deposits, ”said Jeff DeVine, President / CEO. “I am proud of our team who have partnered with our communities, supported our clients and forged new relationships despite the challenges posed by the pandemic. “
As of September 30, 2021, American Riviera Bank continues to be well capitalized with a Tier 1 capital ratio of 11% (above the regulatory guideline of 8% for well capitalized institutions). The tangible book value per share of American Riviera Bank common stock has increased to $ 17.34 as of September 30, 2021.
American Riviera Bank is a full-service community bank focused on the lending and depositing needs of Central Coast businesses and consumers.