Santa Barbara, California (April 20, 2017) – American Riviera Bank (OTC Markets: ARBV) announced today unaudited net income of $956,000 ($0.22 per share) for the first quarter ended March 31, 2017, which represents a 426% increase from the $182,000 ($0.04 per share) reported for the first quarter ended March 31, 2016. The Bank reported an annualized return on average assets of 0.91% and return on average equity of 7.88%, which represents an increase from the 0.20% and 1.88%, respectively, achieved for the same reporting period prior year.
The Bank experienced strong loan demand in the first quarter, with loans increasing 8% from December 31, 2016, reaching $384 million in total loans at March 31, 2017 with no other real estate owned. Deposit growth was also substantial, with the Bank opening almost 500 new accounts at our three locations during the first quarter of 2017 and growing total deposits by 12% and demand accounts by 20% since one year ago. Non-interest bearing demand deposits have increased to 36% of the $412 million in total deposits at March 31, 2017, an increase from 33% at March 31, 2016.
Jeff DeVine, President and Chief Executive Officer stated, “American Riviera Bank started 2017 strong, with significant loan and deposit origination this quarter. Last year, the merger required significant internal focus, but now that successful integration is behind us we’ve been able to shift our focus to expanding existing relationships and developing new customers.”
As of March 31, 2017, American Riviera Bank had $467 million in total assets, and maintained a strong capital position with a Tier 1 Capital Ratio of 11%; well above the regulatory guideline of 8% for well capitalized institutions. The tangible book value per share of American Riviera Bank’s common stock is $10.51 at March 31, 2017, an increase from $9.75 at March 31, 2016.
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