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American Riviera Bancorp (symbol: ARBV) is a prominent financial holding company that focuses on providing a wide range of banking and financial services through its subsidiary, American Riviera Bank. Headquartered in Santa Barbara, California, the bank serves the coastal communities of Central California with a commitment to personalized banking and community engagement.
American Riviera Bank offers an array of products and services including personal banking, business banking, loans, mortgages, and wealth management. The bank prides itself on its local decision-making process, which allows for tailored solutions that cater to the unique needs of its clientele. With a strong emphasis on relationship banking, the institution aims to foster long-term partnerships with individuals, businesses, and non-profit organizations in the community.
Recent achievements of American Riviera Bancorp include a solid financial performance characterized by consistent earnings growth and a robust balance sheet. The bank continues to expand its market presence and has recently enhanced its digital banking platforms to provide customers with seamless online and mobile banking experiences. These efforts are part of the company's strategic initiatives to adapt to the evolving financial landscape and improve customer satisfaction.
Partnerships and collaborations form a key part of American Riviera Bancorp’s growth strategy. The bank actively participates in community development programs and supports local businesses through various lending and financial assistance programs. These initiatives underscore the company's dedication to fostering economic growth and community development.
Looking ahead, American Riviera Bancorp is focused on sustainable growth by maintaining strong asset quality, expanding its customer base, and leveraging technology to enhance operational efficiency. The company remains committed to delivering exceptional banking services while upholding its values of integrity, service, and community involvement.
American Riviera Bancorp (ARBV) reported unaudited net income of $6.7 million ($1.15 per share) for the nine months ended September 30, 2024, down from $8.3 million ($1.44 per share) in the same period last year. Third quarter 2024 net income was $2.1 million ($0.36 per share), compared to $2.5 million in the previous quarter. Total deposits increased 6.1% to $1.13 billion, while total loans grew 1.3% to $976.3 million. The bank's cost of funds decreased to 1.66% in Q3 2024 from 1.70% in Q2, though higher than 1.06% year-over-year. Shareholders' equity increased 21.4% year-over-year to $112.1 million.
American Riviera Bancorp (OTCQX: ARBV) reported unaudited net income of $4.6 million ($0.80 per share) for the six months ended June 30, 2024, compared to $5.7 million ($0.98 per share) in the same period last year. For Q2 2024, net income was $2.5 million ($0.42 per share), up from $2.2 million in Q1 2024 but down from $2.7 million in Q2 2023.
Key highlights include:
- Total loans increased 1.4% to $963.7 million
- Total deposits grew 1.8% to $1.07 billion
- Shareholders' equity rose 3.6% to $105.4 million
- Tangible book value per share increased 3.9% to $17.26
- Non-interest-bearing deposits represent 39.8% of total deposits
- Cost of deposits increased to 1.35% in Q2 2024
The bank maintains strong liquidity and capital ratios, with a diverse loan portfolio and excellent credit quality. However, increased interest expenses have impacted earnings compared to the previous year.
American Riviera Bancorp (OTCQX: ARBV), the holding company of American Riviera Bank, announced a share repurchase program worth up to $5 million, representing about 5% of its outstanding shares. The company's Board of Directors approved this action, demonstrating confidence in its financial health and commitment to shareholder value. Jeff DeVine, President & CEO, emphasized that the buyback is anticipated to boost earnings per share and book value per share. Repurchases will be funded through available working capital and operational cash flow. The program has no set expiration date and may be adjusted based on various factors including market conditions and trading volume. American Riviera Bank operates several branches in California and has been recognized for its strong financial performance and community reinvestment.
American Riviera Bancorp (OTCQX: ARBV) reported unaudited net income of $13.5 million ($2.37 per share) for the year ending December 31, 2022, up from $11.8 million ($2.09 per share) in 2021. For Q4 2022, net income increased to $4.0 million ($0.70 per share) from $2.7 million ($0.49 per share) in Q4 2021. Loan growth and higher interest income contributed to the performance, despite rising funding costs. Total loans reached $907.6 million, a 20.4% increase from the previous year. Asset quality remains strong with zero loan charge-offs. Capital ratios exceed regulatory requirements with a total risk-based capital ratio of 12.89% as of Q4 2022.
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