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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 (OTCQX: ARBV) announced a 10% stock dividend payable on November 24, 2022, to shareholders of record as of November 10, 2022. This initiative aims to boost stock liquidity and enhance shareholder value, according to Chairman Lawrence Koppelman. The company reported record net income of
American Riviera Bancorp (OTCQX: ARBV) reported unaudited net income of $9.5 million ($1.84 per share) for the nine months ending September 30, 2022, an increase from $9.1 million ($1.77 per share) in the previous year. For Q3 2022, net income was $3.8 million compared to $3.0 million in Q3 2021. Key drivers included loan growth and higher interest income. Total loans reached $886 million, a 21.7% increase year-over-year. Despite an increase in non-accrual loans, overall credit quality remained strong. The tangible book value per share was $14.90 as of September 30, 2022, reflecting market volatility.
American Riviera Bancorp (OTCQX: ARBV) reported unaudited net income of $5.7 million ($1.10 per share) for the first half of 2022, down from $6.1 million ($1.19 per share) in 2021. For Q2 2022, net income was $2.5 million ($0.49 per share), decreasing from $3.6 million ($0.70 per share) in 2021. The drop is attributed to $1.2 million less in PPP loan fee income. Core loans increased 22% year-over-year, and total deposits rose 19%, reaching $1.4 billion. Capital ratios remained strong, with Tier 1 Capital at 10%.
American Riviera Bancorp (OTCQX: ARBV) reported unaudited net income of $3.2 million ($0.61 per share) for Q1 2022, marking a 23% increase from $2.6 million ($0.50 per share) in Q1 2021. Core loans grew 17% to $114.9 million year-over-year, with a 3% increase over the last quarter. The Bank's total deposits surged 27%, reaching $263.2 million since March 2021. The formation of American Riviera Bancorp and issuance of $18.0 million in subordinated notes aim to enhance capital ratios. As of March 31, the Tier 1 Capital ratios stood at 11% for the Company and 13% for the Bank.
American Riviera Bancorp (OTCQX: ARBV) has completed a private placement of $18 million in subordinated notes due March 1, 2032. The proceeds will support corporate purposes and regulatory capital requirements at American Riviera Bank. The notes initially have a fixed interest rate of 3.75% until March 1, 2027, after which they will switch to a floating rate. This move is seen as a way to bolster the company's balance sheet growth. The offering was well-received in the market, signaling confidence in the bank's financial standing.
American Riviera Bank has successfully completed its reorganization into a bank holding company structure, forming American Riviera Bancorp. Following shareholder approval on January 10, 2022 and obtaining necessary regulatory approvals, the transition is now finalized. The bank remains under the same directors and officers, with shares trading under the ticker symbol ARBV. The reorganization aims to provide shareholder benefits and enhance corporate flexibility for serving Central Coast communities.
American Riviera Bank (OTCQX: ARBV) reported unaudited net income of $11.83 million for the year ending December 31, 2021, marking a 60% increase from the previous year. The Bank's fourth quarter net income was $2.75 million, up from $2.38 million in 2020. Core loans grew by 17%, totaling $112 million, and deposits rose by 38% to $1.3 billion. The Tier 1 Capital Ratio stands at 11%, indicating strong capitalization. The tangible book value per share increased to $17.92.
American Riviera Bank (OTCQX: ARBV) reported unaudited net income of $9,082,000 ($1.77 per share) for the nine months ending September 30, 2021, marking an 82% increase from $5,000,000 in the prior year. The bank's annualized return on average assets stands at 1.12% and return on average equity at 13.64%. Core loans grew 20% or $124 million year-over-year, while total deposits increased 35% or $287 million. As of September 30, 2021, the bank maintained a strong credit quality with a Tier 1 Capital Ratio of 11%.
American Riviera Bank (OTCQX: ARBV) will participate in a live presentation at VirtualInvestorConferences.com on September 21, 2021, from 12:00 to 12:30 PM ET. Michelle Martinich, Executive Vice President, will lead the session where investors can ask questions in real-time. The event will also provide an archived webcast for those unable to attend live. It is advised that investors pre-register and conduct an online system check for smooth participation. For more details, visit www.virtualinvestorconferences.com.
American Riviera Bank (OTCQX: ARBV) reported an unaudited net income of $6,132,000 ($1.19 per share) for the first half of 2021, marking a 124% increase from $2,736,000 ($0.54 per share) in 2020. The bank achieved an annualized return on average assets of 1.20% and return on average equity of 14.26%. Second quarter net income reached $3,572,000 ($0.70 per share), boosted by a $751,000 loan interest recovery. Core loans grew by 14% or $86 million year-over-year, with total assets increasing to $1.15 billion.
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