American Riviera Bancorp Announces Results for the Third Quarter of 2024
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 (ARBV) ha riportato un reddito netto non verificato di 6,7 milioni di dollari (1,15 dollari per azione) per i nove mesi terminati il 30 settembre 2024, in calo rispetto agli 8,3 milioni di dollari (1,44 dollari per azione) nello stesso periodo dell'anno scorso. Il reddito netto del terzo trimestre 2024 è stato di 2,1 milioni di dollari (0,36 dollari per azione), rispetto ai 2,5 milioni di dollari del trimestre precedente. Le depositi totali sono aumentati del 6,1% a 1,13 miliardi di dollari, mentre i prestiti totali sono cresciuti dell'1,3% a 976,3 milioni di dollari. Il costo dei fondi della banca è diminuito all'1,66% nel Q3 2024, rispetto all'1,70% nel Q2, sebbene superiore all'1,06% su base annua. Il capitale degli azionisti è aumentato del 21,4% su base annua, raggiungendo i 112,1 milioni di dollari.
American Riviera Bancorp (ARBV) reportó un ingreso neto no auditado de 6.7 millones de dólares (1.15 dólares por acción) para los nueve meses que culminaron el 30 de septiembre de 2024, lo que representa una disminución respecto a los 8.3 millones de dólares (1.44 dólares por acción) en el mismo periodo del año pasado. El ingreso neto del tercer trimestre de 2024 fue de 2.1 millones de dólares (0.36 dólares por acción), en comparación con 2.5 millones de dólares en el trimestre anterior. Los depósitos totales aumentaron un 6.1% a 1.13 mil millones de dólares, mientras que los préstamos totales crecieron un 1.3% a 976.3 millones de dólares. El costo de los fondos del banco disminuyó al 1.66% en el Q3 2024 desde el 1.70% en el Q2, aunque es superior al 1.06% interanual. El patrimonio de los accionistas aumentó un 21.4% interanual, alcanzando los 112.1 millones de dólares.
American Riviera Bancorp (ARBV)는 2024년 9월 30일자로 종료된 9개월 동안 감사되지 않은 순이익이 670만 달러(주당 1.15달러)라고 보고했으며, 이는 작년 같은 기간의 830만 달러(주당 1.44달러)에서 감소한 수치입니다. 2024년 3분기 순이익은 210만 달러(주당 0.36달러)로, 이전 분기의 250만 달러와 비교됩니다. 총 예금은 6.1% 증가하여 11억 3천만 달러에 달하며, 총 대출은 1.3% 증가하여 9억 7천6백30만 달러가 되었습니다. 은행의 자금 조달 비용은 2024년 3분기에서 1.70%에서 1.66%로 감소했지만, 전년 대비 1.06%보다 높은 수치입니다. 주주 자본은 전년 대비 21.4% 증가하여 1억 1천2백10만 달러에 도달했습니다.
American Riviera Bancorp (ARBV) a déclaré un revenu net non audité de 6,7 millions de dollars (1,15 dollar par action) pour les neuf mois se terminant le 30 septembre 2024, en baisse par rapport à 8,3 millions de dollars (1,44 dollar par action) pour la même période l'année dernière. Le revenu net du troisième trimestre 2024 était de 2,1 millions de dollars (0,36 dollar par action), comparé à 2,5 millions de dollars au trimestre précédent. Les dépôts totaux ont augmenté de 6,1 % pour atteindre 1,13 milliard de dollars, tandis que les prêts totaux ont crû de 1,3 % pour atteindre 976,3 millions de dollars. Le coût des fonds de la banque a diminué à 1,66 % au Q3 2024, contre 1,70 % au Q2, bien qu'il soit supérieur à 1,06 % par rapport à l'année précédente. L'équité des actionnaires a augmenté de 21,4 % par rapport à l'année précédente, atteignant 112,1 millions de dollars.
American Riviera Bancorp (ARBV) meldete ein nicht geprüfter Nettogewinn von 6,7 Millionen Dollar (1,15 Dollar pro Aktie) für die neun Monate bis zum 30. September 2024, ein Rückgang gegenüber 8,3 Millionen Dollar (1,44 Dollar pro Aktie) im gleichen Zeitraum des Vorjahres. Der Nettogewinn im dritten Quartal 2024 betrug 2,1 Millionen Dollar (0,36 Dollar pro Aktie), im Vergleich zu 2,5 Millionen Dollar im vorherigen Quartal. Die Gesamteinlagen stiegen um 6,1 % auf 1,13 Milliarden Dollar, während die Gesamtkredite um 1,3 % auf 976,3 Millionen Dollar wuchsen. Die Kosten der Mittel der Bank sanken im Q3 2024 auf 1,66 % von 1,70 % im Q2, obwohl sie im Vergleich zum Vorjahr von 1,06 % höher sind. Das Eigenkapital der Aktionäre stieg im Vergleich zum Vorjahr um 21,4 % auf 112,1 Millionen Dollar.
- Total deposits increased by $64.8 million (6.1%) quarter-over-quarter
- Non-interest-bearing demand deposits grew 9.8% to $466.5 million
- Total loans increased by $35.1 million (3.7%) year-over-year
- Strong credit quality with only 0.05% of total loans on non-accrual status
- Shareholders' equity increased 21.4% year-over-year to $112.1 million
- Net income decreased to $6.7 million from $8.3 million year-over-year
- Q3 2024 earnings per share declined to $0.36 from $0.46 year-over-year
- Cost of funds increased to 1.66% from 1.06% year-over-year
- Interest expense increased 54.9% year-over-year to $4.8 million
Jeff DeVine, President and CEO of the Company and the Bank stated, “Our strong relationship deposit growth from every branch this quarter has allowed the Bank to reduce non-core, wholesale funding. Our new branch in
Third Quarter Highlights
- The Bank has the highest “Super Premier” rating for financial performance from the Findley Reports and maintained a “5 Star - Superior” rating from Bauer Financial as of June 30, 2024.
- The Bank was rated “Outstanding” by the Federal Deposit Insurance Corporation in 2023 for its performance under the Community Reinvestment Act.
-
Total shareholders’ equity of
$112.1 million $6.7 million 6.4% from the prior quarter-end, and$19.8 million 21.4% from the same reporting period in the previous year. -
Tangible book value per share of
$18.37 $1.11 6.4% from the prior quarter-end, and$3.22 21.3% from the same reporting period in the previous year. -
All Bank and Company capital ratios increased in the third quarter of 2024. The Bank’s regulatory capital ratios were all above “well-capitalized” standards. The Company’s tangible common equity ratio at September 30, 2024 was
8.31% , an increase from6.92% at September 30, 2023. -
Return on average assets for the third quarter ended September 30, 2024, was
0.65% , and return on average equity was7.73% . -
Total loans were
$976.3 million $12.6 million 1.3% from the prior quarter-end, and an increase of$35.1 million 3.7% from September 30, 2023. The Bank’s loan-to-deposit ratio at September 30, 2024, was86.2% . -
Total deposits were
$1.13 billion $64.8 million 6.1% from the$1.07 billion $31.3 million 2.8% from September 30, 2023. -
Non-interest-bearing demand deposits were
$466.5 million $41.5 million 9.8% from the prior quarter-end. Non-interest-bearing demand deposits represent41.2% of total deposits, and total demand deposits represent51.5% of total deposits, respectively, at September 30, 2024. -
As a result of increased core deposits, borrowed funds were
$36.5 million $50.0 million 57.8% from the amount carried at the prior quarter-end. -
As a result of decreased use of non-core, wholesale funds, total cost of funds decreased to
1.66% for the third quarter of 2024, compared to1.70% in the prior quarter, yet remain higher than the1.06% for the same quarter in the prior year. Overall funding costs for the Company have increased from prior year due to Federal Reserve policy but remain modest compared to industry averages based on our relationship banking focus and high percentage of demand deposits. -
On-balance sheet liquidity continues to be substantial with
$228.7 million -
Access to available sources of liquidity including fed funds lines of credit with correspondent banks, unused secured borrowing capacity with the Federal Home Loan Bank (“FHLB”), and unused secured borrowing capacity with the Federal Reserve totaled
$450.6 million -
Allowance for Credit Losses (“ACL”) was
1.20% of total loans at September 30, 2024, slightly decreased from1.21% at June 30, 2024, and1.24% at September 30, 2023. -
The Bank’s commercial real estate (“CRE”) portfolio is diverse, with only
$83.4 million 31% to53% and weighted average debt coverage ratios between 1.86 and 3.16 depending on the individual CRE category. -
The Bank maintained strong credit quality with no other real estate owned, no loans 90 days or more past due, and only
$0.5 million 0.05% of total loans on non-accrual status, which are well supported by collateral or reserves.
Third Quarter Earnings
For the third quarter of 2024, unaudited net income was
The Bank continues to grow interest and fees on loans sequentially over the last four quarters from
Non-Interest Income and Expense
Total non-interest income was
Non-interest expense was
Loans and Asset Quality
Total loans were
The Bank’s ACL was
Deposits & Borrowings
Total deposits were
Non-interest-bearing demand deposits totaled
Interest-bearing demand deposits totaled
Other interest-bearing deposits totaled
The weighted average cost of deposits for the third quarter of 2024 was
As a result of increased core deposits, the Bank was able to reduce more expensive wholesale-funded certificates of deposit by
As a result of the increased core deposits and decreased use of non-core wholesale funding, the Company was able to reduce the overall cost of funds to
The Bank’s liquidity position remained strong with a primary liquidity ratio (cash and cash equivalents, deposits held in other banks and unpledged AFS securities as a percentage of total assets) of
As of September 30, 2024, the Bank had available and unused, secured borrowing capacity with the FHLB of
Overall uninsured deposits, excluding public agency deposits that are collateralized, are conservatively estimated to be
Shareholders’ Equity
Total shareholders’ equity was
Company Profile
American Riviera Bancorp (OTCQX: ARBV) is a registered bank holding company headquartered in
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 Bancorp and Subsidiaries | |||||||||||||||
| Balance Sheets (unaudited) | |||||||||||||||
| (dollars in thousands) | |||||||||||||||
September 30, |
|
September 30, |
|
One Year |
|
One Year |
|||||||||
2024 |
|
2023 |
|
$ Change |
|
% Change |
|||||||||
| Assets | |||||||||||||||
| Cash & Due From Banks | $ |
40,549 |
|
$ |
26,905 |
|
$ |
13,644 |
|
51 |
% |
||||
| Available-for-sale securities |
|
188,173 |
|
|
206,842 |
|
|
(18,669 |
) |
-9 |
% |
||||
| Held-to-maturity securities, net |
|
41,377 |
|
|
41,309 |
|
|
68 |
|
0 |
% |
||||
| Loans |
|
976,257 |
|
|
941,124 |
|
|
35,133 |
|
4 |
% |
||||
| Allowance For Credit Losses |
|
(11,694 |
) |
|
(11,647 |
) |
|
(47 |
) |
0 |
% |
||||
| Net Loans |
|
964,563 |
|
|
929,477 |
|
|
35,086 |
|
4 |
% |
||||
| Premise & Equipment |
|
8,477 |
|
|
9,452 |
|
|
(975 |
) |
-10 |
% |
||||
| Operating Lease Right-of-Use Asset |
|
5,153 |
|
|
5,234 |
|
|
(81 |
) |
-2 |
% |
||||
| Bank Owned Life Insurance |
|
12,027 |
|
|
11,613 |
|
|
414 |
|
4 |
% |
||||
| Stock in Other Banks |
|
6,786 |
|
|
6,699 |
|
|
87 |
|
1 |
% |
||||
| Goodwill and Other Intangibles |
|
4,939 |
|
|
4,934 |
|
|
5 |
|
0 |
% |
||||
| Other Assets |
|
22,716 |
|
|
26,341 |
|
|
(3,625 |
) |
-14 |
% |
||||
| Total Assets | $ |
1,294,758 |
|
$ |
1,268,806 |
|
$ |
25,952 |
|
2 |
% |
||||
| Liabilities & Shareholders' Equity | |||||||||||||||
| Non-interest-bearing Demand Deposits | $ |
466,537 |
|
$ |
457,723 |
|
$ |
8,814 |
|
2 |
% |
||||
| Interest-bearing Demand Deposits |
|
116,624 |
|
|
129,484 |
|
|
(12,860 |
) |
-10 |
% |
||||
| Other Interest-bearing Deposits |
|
549,601 |
|
|
514,266 |
|
|
35,335 |
|
7 |
% |
||||
| Total Deposits |
|
1,132,762 |
|
|
1,101,473 |
|
|
31,289 |
|
3 |
% |
||||
| Borrowed Funds |
|
36,500 |
|
|
63,000 |
|
|
(26,500 |
) |
-42 |
% |
||||
| Other Liabilities |
|
13,372 |
|
|
11,976 |
|
|
1,396 |
|
12 |
% |
||||
| Total Liabilities |
|
1,182,634 |
|
|
1,176,449 |
|
|
6,185 |
|
1 |
% |
||||
| Common Stock |
|
67,841 |
|
|
67,108 |
|
|
733 |
|
1 |
% |
||||
| Retained Earnings |
|
60,901 |
|
|
51,972 |
|
|
8,929 |
|
17 |
% |
||||
| Other Capital |
|
(16,617 |
) |
|
(26,723 |
) |
|
10,106 |
|
-38 |
% |
||||
| Total Shareholders' Equity |
|
112,125 |
|
|
92,357 |
|
|
19,768 |
|
21 |
% |
||||
| Total Liabilities & Shareholders' Equity | $ |
1,294,758 |
|
$ |
1,268,806 |
|
$ |
25,952 |
|
2 |
% |
||||
| American Riviera Bancorp and Subsidiaries | ||||||||||||||||||||
| Balance Sheets (unaudited) | ||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||
2024 |
2024 |
2024 |
2023 |
2023 |
||||||||||||||||
| Assets | ||||||||||||||||||||
| Cash & Due From Banks | $ |
40,549 |
|
$ |
28,557 |
|
$ |
33,029 |
|
$ |
19,683 |
|
$ |
26,905 |
|
|||||
| Available-for-sale securities |
|
188,173 |
|
|
189,514 |
|
|
200,905 |
|
|
207,271 |
|
|
206,842 |
|
|||||
| Held-to-maturity securities |
|
41,377 |
|
|
41,360 |
|
|
41,343 |
|
|
41,326 |
|
|
41,309 |
|
|||||
| Loans |
|
976,257 |
|
|
963,701 |
|
|
950,820 |
|
|
946,411 |
|
|
941,124 |
|
|||||
| Allowance for Credit Losses |
|
(11,694 |
) |
|
(11,694 |
) |
|
(11,648 |
) |
|
(11,648 |
) |
|
(11,647 |
) |
|||||
| Net Loans |
|
964,563 |
|
|
952,008 |
|
|
939,172 |
|
|
934,763 |
|
|
929,477 |
|
|||||
| Premise & Equipment |
|
8,477 |
|
|
8,527 |
|
|
8,529 |
|
|
8,801 |
|
|
9,452 |
|
|||||
| Operating Lease Right-of-Use Asset |
|
5,153 |
|
|
4,636 |
|
|
4,931 |
|
|
5,193 |
|
|
5,234 |
|
|||||
| Bank Owned Life Insurance |
|
12,027 |
|
|
11,930 |
|
|
11,839 |
|
|
11,738 |
|
|
11,613 |
|
|||||
| Stock in Other Banks |
|
6,786 |
|
|
6,786 |
|
|
6,699 |
|
|
6,699 |
|
|
6,699 |
|
|||||
| Goodwill and Other Intangibles |
|
4,939 |
|
|
4,956 |
|
|
4,955 |
|
|
4,930 |
|
|
4,934 |
|
|||||
| Other Assets |
|
22,716 |
|
|
24,932 |
|
|
24,828 |
|
|
24,632 |
|
|
26,341 |
|
|||||
| Total Assets | $ |
1,294,758 |
|
$ |
1,273,206 |
|
$ |
1,276,230 |
|
$ |
1,265,036 |
|
$ |
1,268,806 |
|
|||||
| Liabilities & Shareholders' Equity | ||||||||||||||||||||
| Non-interest-bearing Demand Deposits | $ |
466,537 |
|
$ |
424,991 |
|
$ |
415,648 |
|
$ |
443,070 |
|
$ |
457,723 |
|
|||||
| Interest-bearing Demand Deposits |
|
116,624 |
|
|
110,323 |
|
|
134,532 |
|
|
123,686 |
|
|
129,484 |
|
|||||
| Other Interest-bearing Deposits |
|
549,601 |
|
|
532,656 |
|
|
499,236 |
|
|
482,926 |
|
|
514,266 |
|
|||||
| Total Deposits |
|
1,132,762 |
|
|
1,067,970 |
|
|
1,049,416 |
|
|
1,049,682 |
|
|
1,101,473 |
|
|||||
| Borrowed Funds |
|
36,500 |
|
|
86,500 |
|
|
113,000 |
|
|
103,000 |
|
|
63,000 |
|
|||||
| Other Liabilities |
|
13,372 |
|
|
13,342 |
|
|
12,120 |
|
|
11,715 |
|
|
11,976 |
|
|||||
| Total Liabilities |
|
1,182,634 |
|
|
1,167,812 |
|
|
1,174,535 |
|
|
1,164,397 |
|
|
1,176,449 |
|
|||||
| Common Stock |
|
67,841 |
|
|
67,509 |
|
|
67,198 |
|
|
67,388 |
|
|
67,108 |
|
|||||
| Retained Earnings |
|
60,901 |
|
|
58,812 |
|
|
56,357 |
|
|
54,177 |
|
|
51,972 |
|
|||||
| Other Capital |
|
(16,617 |
) |
|
(20,927 |
) |
|
(21,860 |
) |
|
(20,926 |
) |
|
(26,723 |
) |
|||||
| Total Shareholders' Equity |
|
112,125 |
|
|
105,394 |
|
|
101,695 |
|
|
100,639 |
|
|
92,357 |
|
|||||
| Total Liabilities & Shareholders' Equity | $ |
1,294,758 |
|
$ |
1,273,206 |
|
$ |
1,276,230 |
|
$ |
1,265,036 |
|
$ |
1,268,806 |
|
|||||
| American Riviera Bancorp and Subsidiaries | ||||||||||||||||||||||
| Statement of Income (unaudited) | ||||||||||||||||||||||
| (dollars in thousands, except per share data) | ||||||||||||||||||||||
| Quarter Ended | Nine Months Ended | |||||||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2024 |
2023 |
Change | 2024 |
2023 |
Change | |||||||||||||||||
| Interest Income | ||||||||||||||||||||||
| Interest and Fees on Loans | $ |
13,395 |
|
$ |
12,134 |
|
10 |
% |
$ |
39,110 |
|
$ |
35,130 |
|
11 |
% |
||||||
| Interest on Securities |
|
1,577 |
|
|
1,664 |
|
-5 |
% |
|
4,884 |
|
|
5,189 |
|
-6 |
% |
||||||
| Interest on Due From Banks |
|
305 |
|
|
221 |
|
38 |
% |
|
748 |
|
|
761 |
|
-2 |
% |
||||||
| Total Interest Income |
|
15,277 |
|
|
14,019 |
|
9 |
% |
|
44,742 |
|
|
41,080 |
|
9 |
% |
||||||
| Interest Expense | ||||||||||||||||||||||
| Interest Expense on Deposits |
|
4,225 |
|
|
2,514 |
|
68 |
% |
|
10,565 |
|
|
5,753 |
|
84 |
% |
||||||
| Interest Expense on Borrowings |
|
624 |
|
|
618 |
|
1 |
% |
|
3,532 |
|
|
2,044 |
|
73 |
% |
||||||
| Total Interest Expense |
|
4,849 |
|
|
3,131 |
|
55 |
% |
|
14,097 |
|
|
7,797 |
|
81 |
% |
||||||
| Net Interest Income |
|
10,428 |
|
|
10,888 |
|
-4 |
% |
|
30,645 |
|
|
33,283 |
|
-8 |
% |
||||||
| Provision for Credit Losses |
|
(0 |
) |
|
9 |
|
-101 |
% |
|
111 |
|
|
171 |
|
-35 |
% |
||||||
| Net Interest Income After Provision |
|
10,428 |
|
|
10,879 |
|
-4 |
% |
|
30,534 |
|
|
33,112 |
|
-8 |
% |
||||||
| Non-Interest Income | ||||||||||||||||||||||
| Service Charges, Commissions and Fees |
|
606 |
|
|
467 |
|
30 |
% |
|
1,857 |
|
|
1,694 |
|
10 |
% |
||||||
| Other Non-Interest Income |
|
272 |
|
|
225 |
|
21 |
% |
|
1,438 |
|
|
514 |
|
180 |
% |
||||||
| Total Non-Interest Income |
|
878 |
|
|
692 |
|
27 |
% |
|
3,295 |
|
|
2,208 |
|
49 |
% |
||||||
| Non-Interest Expense | ||||||||||||||||||||||
| Salaries and Employee Benefits |
|
4,965 |
|
|
4,599 |
|
8 |
% |
|
15,292 |
|
|
14,128 |
|
8 |
% |
||||||
| Occupancy and Equipment |
|
978 |
|
|
862 |
|
14 |
% |
|
2,744 |
|
|
2,635 |
|
4 |
% |
||||||
| Other Non-Interest Expense |
|
2,429 |
|
|
2,450 |
|
-1 |
% |
|
6,496 |
|
|
7,095 |
|
-8 |
% |
||||||
| Total Non-Interest Expense |
|
8,372 |
|
|
7,911 |
|
6 |
% |
|
24,532 |
|
|
23,858 |
|
3 |
% |
||||||
| Net Income Before Provision for Taxes |
|
2,934 |
|
|
3,660 |
|
-20 |
% |
|
9,297 |
|
|
11,462 |
|
-19 |
% |
||||||
| Provision for Taxes |
|
845 |
|
|
1,011 |
|
-16 |
% |
|
2,572 |
|
|
3,154 |
|
-18 |
% |
||||||
| Net Income | $ |
2,089 |
|
$ |
2,649 |
|
-21 |
% |
$ |
6,724 |
|
$ |
8,308 |
|
-19 |
% |
||||||
| Shares Outstanding |
|
5,833,825 |
|
|
5,771,679 |
|
1 |
% |
|
5,833,825 |
|
|
5,771,679 |
|
1 |
% |
||||||
| Earnings Per Share - Basic | $ |
0.36 |
|
$ |
0.46 |
|
-22 |
% |
$ |
1.15 |
|
$ |
1.44 |
|
-20 |
% |
||||||
| Return on Average Assets |
|
0.65 |
% |
|
0.80 |
% |
-19 |
% |
|
0.70 |
% |
|
0.88 |
% |
-20 |
% |
||||||
| Return on Average Equity |
|
7.73 |
% |
|
10.98 |
% |
-30 |
% |
|
8.64 |
% |
|
12.31 |
% |
-30 |
% |
||||||
| Net Interest Margin |
|
3.33 |
% |
|
3.47 |
% |
-4 |
% |
|
3.29 |
% |
|
3.58 |
% |
-8 |
% |
||||||
| American Riviera Bancorp and Subsidiaries | |||||||||||||||||
| Five Quarter Statements of Income (unaudited) | |||||||||||||||||
| (dollars in thousands, except per share data) | |||||||||||||||||
| Three Months Ended | |||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||
2024 |
2024 |
2024 |
2023 |
2023 |
|||||||||||||
| Interest Income | |||||||||||||||||
| Interest and Fees on Loans | $ |
13,395 |
|
$ |
13,043 |
$ |
12,672 |
$ |
12,557 |
|
$ |
12,134 |
|||||
| Interest on Securities |
|
1,577 |
|
|
1,595 |
|
1,712 |
|
1,751 |
|
|
1,664 |
|||||
| Interest on Due From Banks |
|
305 |
|
|
291 |
|
153 |
|
293 |
|
|
221 |
|||||
| Total Interest Income |
|
15,277 |
|
|
14,928 |
|
14,537 |
|
14,601 |
|
|
14,019 |
|||||
| Interest Expense | |||||||||||||||||
| Interest Expense on Deposits |
|
4,225 |
|
|
3,534 |
|
2,806 |
|
2,735 |
|
|
2,514 |
|||||
| Interest Expense on Borrowings |
|
624 |
|
|
1,370 |
|
1,538 |
|
863 |
|
|
618 |
|||||
| Total Interest Expense |
|
4,849 |
|
|
4,903 |
|
4,344 |
|
3,598 |
|
|
3,131 |
|||||
| Net Interest Income |
|
10,428 |
|
|
10,025 |
|
10,192 |
|
11,003 |
|
|
10,888 |
|||||
| Provision for Credit Losses |
|
(0 |
) |
|
78 |
|
33 |
|
(84 |
) |
|
9 |
|||||
| Net Interest Income After Provision |
|
10,428 |
|
|
9,947 |
|
10,159 |
|
11,087 |
|
|
10,879 |
|||||
| Non-Interest Income | |||||||||||||||||
| Service Charges, Commissions and Fees |
|
606 |
|
|
731 |
|
520 |
|
525 |
|
|
467 |
|||||
| Other Non-Interest Income |
|
272 |
|
|
805 |
|
361 |
|
(257 |
) |
|
225 |
|||||
| Total Non-Interest Income |
|
878 |
|
|
1,536 |
|
881 |
|
268 |
|
|
692 |
|||||
| Non-Interest Expense | |||||||||||||||||
| Salaries and Employee Benefits |
|
4,965 |
|
|
5,104 |
|
5,223 |
|
4,838 |
|
|
4,599 |
|||||
| Occupancy and Equipment |
|
978 |
|
|
893 |
|
873 |
|
907 |
|
|
862 |
|||||
| Other Non-Interest Expense |
|
2,429 |
|
|
2,096 |
|
1,971 |
|
2,569 |
|
|
2,450 |
|||||
| Total Non-Interest Expense |
|
8,372 |
|
|
8,094 |
|
8,067 |
|
8,314 |
|
|
7,911 |
|||||
| Net Income Before Provision for Taxes |
|
2,935 |
|
|
3,389 |
|
2,973 |
|
3,041 |
|
|
3,660 |
|||||
| Provision for Taxes |
|
845 |
|
|
934 |
|
793 |
|
838 |
|
|
1,011 |
|||||
| Net Income | $ |
2,089 |
|
$ |
2,455 |
$ |
2,180 |
$ |
2,203 |
|
$ |
2,649 |
|||||
| Shares Outstanding |
|
5,833,825 |
|
|
5,819,759 |
|
5,820,150 |
|
5,768,697 |
|
|
5,771,679 |
|||||
| Earnings Per Share - Basic | $ |
0.36 |
|
$ |
0.42 |
$ |
0.37 |
$ |
0.38 |
|
$ |
0.46 |
|||||
| Net Income pre-tax, pre-provision (Non-GAAP) | $ |
2,935 |
|
$ |
3,434 |
$ |
2,972 |
$ |
3,039 |
|
$ |
3,668 |
|||||
| American Riviera Bancorp and Subsidiaries | |||||||||||||||||||||
| Selected Financial Highlights (unaudited) | |||||||||||||||||||||
| (dollars in thousands, except per share data) | |||||||||||||||||||||
| At or for the Three Months Ended | |||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||||
2024 |
2024 |
2024 |
2023 |
2023 |
|||||||||||||||||
| Income and performance ratios: | |||||||||||||||||||||
| Net Income | $ |
2,089 |
|
$ |
2,455 |
|
$ |
2,180 |
|
$ |
2,203 |
|
$ |
2,649 |
|
||||||
| Earnings per share - basic |
|
0.36 |
|
|
0.42 |
|
|
0.37 |
|
|
0.38 |
|
|
0.46 |
|
||||||
| Return on average assets |
|
0.65 |
% |
|
0.77 |
% |
|
0.69 |
% |
|
0.69 |
% |
|
0.80 |
% |
||||||
| Return on average equity |
|
7.73 |
% |
|
9.57 |
% |
|
8.65 |
% |
|
9.36 |
% |
|
10.98 |
% |
||||||
| Loan yield |
|
5.52 |
% |
|
5.48 |
% |
|
5.37 |
% |
|
5.26 |
% |
|
5.03 |
% |
||||||
| Cost of funds |
|
1.66 |
% |
|
1.70 |
% |
|
1.51 |
% |
|
1.23 |
% |
|
1.06 |
% |
||||||
| Cost of deposits |
|
1.52 |
% |
|
1.35 |
% |
|
1.09 |
% |
|
1.00 |
% |
|
0.90 |
% |
||||||
| Net interest margin |
|
3.33 |
% |
|
3.24 |
% |
|
3.34 |
% |
|
3.61 |
% |
|
3.47 |
% |
||||||
| Efficiency ratio (b) |
|
74.06 |
% |
|
70.30 |
% |
|
74.33 |
% |
|
73.01 |
% |
|
68.79 |
% |
||||||
| Balance Sheet ratios: | |||||||||||||||||||||
| Loan-to-deposit ratio |
|
86.18 |
% |
|
90.24 |
% |
|
90.60 |
% |
|
90.16 |
% |
|
85.44 |
% |
||||||
| Non-interest-bearing deposits / total deposits |
|
41.19 |
% |
|
39.79 |
% |
|
39.61 |
% |
|
42.21 |
% |
|
41.56 |
% |
||||||
| Demand deposits / total deposits |
|
51.48 |
% |
|
50.12 |
% |
|
52.43 |
% |
|
53.99 |
% |
|
53.31 |
% |
||||||
| Asset quality: | |||||||||||||||||||||
| Allowance for credit losses | $ |
11,694 |
|
$ |
11,694 |
|
$ |
11,648 |
|
$ |
11,648 |
|
$ |
11,647 |
|
||||||
| Nonperforming assets |
|
521 |
|
|
614 |
|
|
631 |
|
|
595 |
|
|
2,708 |
|
||||||
| Allowance for credit losses / total loans and leases |
|
1.20 |
% |
|
1.21 |
% |
|
1.23 |
% |
|
1.23 |
% |
|
1.24 |
% |
||||||
| Net charge-offs / average loans and leases (annualized) |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
||||||
|
0.54 |
% |
|
0.69 |
% |
|
0.74 |
% |
|
0.71 |
% |
|
2.73 |
% |
|||||||
| Capital ratios for American Riviera Bank (c): | |||||||||||||||||||||
| Tier 1 risk-based capital |
|
12.93 |
% |
|
12.85 |
% |
|
12.76 |
% |
|
12.62 |
% |
|
12.14 |
% |
||||||
| Total risk-based capital |
|
14.05 |
% |
|
13.99 |
% |
|
13.90 |
% |
|
13.77 |
% |
|
13.28 |
% |
||||||
| Tier 1 leverage ratio |
|
11.15 |
% |
|
11.00 |
% |
|
10.82 |
% |
|
10.62 |
% |
|
10.12 |
% |
||||||
| Capital ratios for American Riviera Bancorp (c): | |||||||||||||||||||||
| Tier 1 risk-based capital |
|
11.24 |
% |
|
11.17 |
% |
|
11.07 |
% |
|
10.94 |
% |
|
10.52 |
% |
||||||
| Total risk-based capital |
|
13.80 |
% |
|
13.77 |
% |
|
13.84 |
% |
|
13.72 |
% |
|
13.31 |
% |
||||||
| Tier 1 leverage ratio |
|
9.70 |
% |
|
9.56 |
% |
|
9.39 |
% |
|
9.21 |
% |
|
8.77 |
% |
||||||
| Tangible common equity ratio |
|
8.31 |
% |
|
7.92 |
% |
|
7.61 |
% |
|
7.60 |
% |
|
6.92 |
% |
||||||
| Equity and share related: | |||||||||||||||||||||
| Common equity | $ |
112,125 |
|
$ |
105,394 |
|
$ |
101,695 |
|
$ |
100,639 |
|
$ |
92,357 |
|
||||||
| Book value per share |
|
19.22 |
|
|
18.11 |
|
|
17.47 |
|
|
17.45 |
|
|
16.00 |
|
||||||
| Tangible book value per share |
|
18.37 |
|
|
17.26 |
|
|
16.62 |
|
|
16.59 |
|
|
15.15 |
|
||||||
| Tangible book value per share, excluding AOCI (d) |
|
21.22 |
|
|
20.85 |
|
|
20.38 |
|
|
20.22 |
|
|
19.78 |
|
||||||
| Stock closing price per share |
|
19.40 |
|
|
16.60 |
|
|
15.96 |
|
|
16.50 |
|
|
16.15 |
|
||||||
| Number of shares issued and outstanding |
|
5,833.83 |
|
|
5,819.76 |
|
|
5,820.15 |
|
|
5,768.70 |
|
|
5,771.68 |
|
||||||
| Notes: | |||||||||||||||||||||
| (a) The sum of Nonperforming assets and Other Real Estate Owned, divided by the sum of Total Shareholder Equity and Total Allowance for Credit Losses (less Preferred Stock and Intangible Assets). | |||||||||||||||||||||
| (b) Annualized Operating Expense excluding Provision for Credit Losses minus Annualized Extraordinary Expense, divided by Annualized Interest Income including Loan Fees minus Annualized Interest Expense plus Annualized Non-Interest Income minus Annualized Extraordinary Income, expressed as a percentage. | |||||||||||||||||||||
| (c) Current period capital ratios are preliminary. | |||||||||||||||||||||
| (d) Accumulated Other Comprehensive Income (AOCI), is comprised of the tax adjusted unrealized loss on securities and is presented as Other Capital on the Balance Sheet. | |||||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241023186254/en/
American Riviera Bank
www.americanriviera.bank
805-965-5942
Michelle Martinich
Source: American Riviera Bancorp
FAQ
What was American Riviera Bancorp's (ARBV) net income for Q3 2024?
How much did ARBV's total deposits grow in Q3 2024?
What was ARBV's loan-to-deposit ratio as of September 30, 2024?
How did ARBV's shareholders' equity change in Q3 2024?
