American Riviera Bank Reports Assets Exceeding $1 Billion
American Riviera Bank (OTC Markets: ARBV) reported a significant milestone with assets surpassing $1 billion, totaling $1,083,326,000 as of March 31, 2021. The bank achieved a record net income of $2,560,000 ($0.50 per share), marking a 119% year-over-year increase. Loan growth reached 29%, with total loans at $662 million, driven by demand for real estate. Deposits surged by 52% to $983 million, with strong credit quality and a Tier 1 Capital Ratio of 11%, well above regulatory requirements. The bank continues to support local businesses through PPP loans.
- Assets exceeded $1 billion, totaling $1,083,326,000.
- Record net income of $2,560,000 ($0.50 per share), a 119% increase year-over-year.
- 29% growth in loans reaching $662 million, driven by real estate demand.
- 52% increase in deposits, totaling $983 million.
- Strong credit quality: no loans 90 days or more past due, only $3.6 million on non-accrual status.
- Well-capitalized with a Tier 1 Capital Ratio of 11%.
- Increased regulatory compliance expectations associated with reaching $1 billion in assets.
American Riviera Bank (OTC Markets: ARBV) announced today that assets exceeded
Larry Koppelman, Chair of the Board of Directors of the Bank stated, “Reaching
American Riviera Bank continues to experience tremendous loan and deposit growth, reporting
Jeff DeVine, President and Chief Executive Officer noted, “We funded
As of March 31, 2021, American Riviera Bank continues to be well capitalized with a Tier 1 Capital Ratio of
Company Profile
American Riviera Bank is a full-service community bank focused on serving the lending and deposit needs of businesses and consumers on the Central Coast of California. The state-chartered bank opened for business on July 18, 2006, with the support of local shareholders. Full-service branches are located in Santa Barbara, Montecito, Goleta, San Luis Obispo and Paso Robles. The Bank provides commercial, residential mortgage, construction and Small Business Administration lending services as well as convenient online and mobile technology. For eleven consecutive years the Bank has been recognized for strong financial performance by the Findley Reports, and has received the highest “Super Premier” rating from Findley every year since 2016. As of December 31, 2020, the Bank was rated five stars by BauerFinancial. The Bank was rated “Outstanding” by the Federal Deposit Insurance Corporation in 2020 for its performance under the Community Reinvestment Act.
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.
| Balance Sheets (unaudited) | |||||||||||
| (dollars in thousands) | |||||||||||
Mar 31, |
|
Mar 31, |
|
One Year |
|||||||
2021 |
|
2020 |
|
Change |
|||||||
| Assets | |||||||||||
| Cash & Due From Banks | $ |
187,886 |
|
$ |
59,793 |
|
214 |
% |
|||
| Securities |
|
86,587 |
|
|
50,518 |
|
71 |
% |
|||
| Loans (excluding PPP) |
|
661,520 |
|
|
603,631 |
|
10 |
% |
|||
| PPP Loans |
|
119,429 |
|
|
- |
|
n/a |
|
|||
| Allowance For Loan Losses |
|
(8,817 |
) |
|
(7,171 |
) |
23 |
% |
|||
| Net Loans |
|
772,132 |
|
|
596,460 |
|
29 |
% |
|||
| Premise & Equipment |
|
6,365 |
|
|
6,832 |
|
-7 |
% |
|||
| Goodwill and Other Intangibles |
|
5,114 |
|
|
5,293 |
|
-3 |
% |
|||
| Other Assets |
|
25,242 |
|
|
24,514 |
|
3 |
% |
|||
| Total Assets | $ |
1,083,326 |
|
$ |
743,410 |
|
46 |
% |
|||
| Liabilities & Shareholders' Equity | |||||||||||
| Demand Deposits | $ |
405,264 |
|
$ |
219,331 |
|
85 |
% |
|||
| NOW Accounts |
|
144,591 |
|
|
117,453 |
|
23 |
% |
|||
| Other Interest Bearing Deposits |
|
433,310 |
|
|
308,666 |
|
40 |
% |
|||
| Total Deposits |
|
983,165 |
|
|
645,450 |
|
52 |
% |
|||
| Borrowed Funds |
|
5,000 |
|
|
10,000 |
|
-50 |
% |
|||
| Other Liabilities |
|
8,705 |
|
|
10,723 |
|
-19 |
% |
|||
| Total Liabilities |
|
996,870 |
|
|
666,173 |
|
50 |
% |
|||
| Common Stock |
|
55,821 |
|
|
55,084 |
|
1 |
% |
|||
| Retained Earnings |
|
31,163 |
|
|
22,395 |
|
39 |
% |
|||
| Other Capital |
|
(528 |
) |
|
(242 |
) |
118 |
% |
|||
| Total Shareholders' Equity |
|
86,456 |
|
|
77,237 |
|
12 |
% |
|||
| Total Liabilities & Shareholders' Equity | $ |
1,083,326 |
|
$ |
743,410 |
|
46 |
% |
|||
| Balance Sheets (unaudited) | ||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
||||||||||||
2021 |
|
2020 |
|
2020 |
|
2020 |
|
2020 |
||||||||||||
| Assets | ||||||||||||||||||||
| Cash & Due From Banks | $ |
187,886 |
|
$ |
129,732 |
|
$ |
105,157 |
|
$ |
84,722 |
|
$ |
59,793 |
|
|||||
| Securities |
|
86,587 |
|
|
86,942 |
|
|
73,886 |
|
|
57,099 |
|
|
50,518 |
|
|||||
| Loans (excluding PPP) |
|
661,520 |
|
|
641,603 |
|
|
604,728 |
|
|
615,367 |
|
|
603,631 |
|
|||||
| PPP Loans |
|
119,429 |
|
|
84,464 |
|
|
117,361 |
|
|
116,531 |
|
|
- |
|
|||||
| Allowance For Loan Losses |
|
(8,817 |
) |
|
(8,467 |
) |
|
(8,040 |
) |
|
(7,890 |
) |
|
(7,171 |
) |
|||||
| Net Loans |
|
772,132 |
|
|
717,600 |
|
|
714,049 |
|
|
724,008 |
|
|
596,460 |
|
|||||
| Premise & Equipment |
|
6,365 |
|
|
6,458 |
|
|
6,634 |
|
|
6,731 |
|
|
6,832 |
|
|||||
| Goodwill and Other Intangibles |
|
5,114 |
|
|
5,158 |
|
|
5,203 |
|
|
5,248 |
|
|
5,293 |
|
|||||
| Other Assets |
|
25,242 |
|
|
25,733 |
|
|
25,287 |
|
|
24,846 |
|
|
24,514 |
|
|||||
| Total Assets | $ |
1,083,326 |
|
$ |
971,623 |
|
$ |
930,216 |
|
$ |
902,654 |
|
$ |
743,410 |
|
|||||
| Liabilities & Shareholders' Equity | ||||||||||||||||||||
| Demand Deposits | $ |
405,264 |
|
$ |
332,995 |
|
$ |
331,035 |
|
$ |
328,748 |
|
$ |
219,331 |
|
|||||
| NOW Accounts |
|
144,591 |
|
|
128,266 |
|
|
110,476 |
|
|
121,741 |
|
|
117,453 |
|
|||||
| Other Interest Bearing Deposits |
|
433,310 |
|
|
410,837 |
|
|
387,293 |
|
|
342,668 |
|
|
308,666 |
|
|||||
| Total Deposits |
|
983,165 |
|
|
872,098 |
|
|
828,804 |
|
|
793,157 |
|
|
645,450 |
|
|||||
| Borrowed Funds |
|
5,000 |
|
|
5,000 |
|
|
10,000 |
|
|
20,000 |
|
|
10,000 |
|
|||||
| Other Liabilities |
|
8,705 |
|
|
9,606 |
|
|
9,311 |
|
|
9,772 |
|
|
10,723 |
|
|||||
| Total Liabilities |
|
996,870 |
|
|
886,704 |
|
|
848,115 |
|
|
822,929 |
|
|
666,173 |
|
|||||
| Common Stock |
|
55,821 |
|
|
55,738 |
|
|
55,571 |
|
|
55,418 |
|
|
55,084 |
|
|||||
| Retained Earnings |
|
31,163 |
|
|
28,603 |
|
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| |||||||||||||
