American Riviera Bancorp Announces Results for the Third Quarter of 2024

SANTA BARBARA, Calif.--()--American Riviera Bancorp (“Company”) (OTCQX: ARBV), holding company of American Riviera Bank (“Bank”), announced today unaudited net income of $6.7 million ($1.15 per share) for the nine months ended September 30, 2024, compared to $8.3 million ($1.44 per share) earned in the same reporting period in the previous year. Unaudited net income was $2.1 million ($0.36 per share) for the three months ended September 30, 2024, compared to $2.5 million ($0.42 per share) in the previous quarter, and $2.6 million ($0.46 per share) earned in the same reporting period in the previous year.

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 Atascadero has been well received by the community and has already reached $9.6 million in deposits since opening in June. Loan demand noticeably increased in the latter portion of this quarter which will allow us to further serve client needs, support the growth of our communities and enhance shareholder return.”

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 at September 30, 2024, has increased $6.7 million or 6.4% from the prior quarter-end, and $19.8 million or 21.4% from the same reporting period in the previous year.
  • Tangible book value per share of $18.37 at September 30, 2024, has increased $1.11 or 6.4% from the prior quarter-end, and $3.22 or 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 from 6.92% at September 30, 2023.
  • Return on average assets for the third quarter ended September 30, 2024, was 0.65%, and return on average equity was 7.73%.
  • Total loans were $976.3 million at September 30, 2024, an increase of $12.6 million or 1.3% from the prior quarter-end, and an increase of $35.1 million or 3.7% from September 30, 2023. The Bank’s loan-to-deposit ratio at September 30, 2024, was 86.2%.
  • Total deposits were $1.13 billion at September 30, 2024, an increase of $64.8 million or 6.1% from the $1.07 billion at June 30, 2024, and an increase of $31.3 million or 2.8% from September 30, 2023.
  • Non-interest-bearing demand deposits were $466.5 million at September 30, 2024, an increase of $41.5 million or 9.8% from the prior quarter-end. Non-interest-bearing demand deposits represent 41.2% of total deposits, and total demand deposits represent 51.5% of total deposits, respectively, at September 30, 2024.
  • As a result of increased core deposits, borrowed funds were $36.5 million at September 30, 2024, a reduction of $50.0 million or 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 to 1.70% in the prior quarter, yet remain higher than the 1.06% 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 of cash, due from banks, and available-for-sale (“AFS”) securities market value at September 30, 2024.
  • 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 at September 30, 2024.
  • Allowance for Credit Losses (“ACL”) was 1.20% of total loans at September 30, 2024, slightly decreased from 1.21% at June 30, 2024, and 1.24% at September 30, 2023.
  • The Bank’s commercial real estate (“CRE”) portfolio is diverse, with only $83.4 million in the non-owner-occupied office category. Credit underwriting is strong with weighted average loan-to-values of 31% to 53% 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 or 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 $2.1 million, stable from the $2.1 million in the second quarter of 2024 (adjusted for the $0.5 million non-recurring gain on early redemption of a subordinated note), and less than the $2.7 million in the third quarter of 2023. The decrease in earnings compared to the third quarter of the previous year is primarily attributable to increased interest expense on deposits and borrowings.

The Bank continues to grow interest and fees on loans sequentially over the last four quarters from $12.1 million in the third quarter of 2023 to $13.4 million in the third quarter of 2024, representing a $1.3 million or 10.4% increase. However, the cost of funding has also increased sequentially due to the Federal Reserve’s higher-rate policy. Total interest expense has increased from $3.1 million in the third quarter of 2023 to $4.8 million in the third quarter of 2024, a $1.7 million or 54.9% increase.

Non-Interest Income and Expense

Total non-interest income was $0.9 million for the third quarter of 2024, compared to $1.5 million for the prior quarter including the $0.5 million non-recurring gain on subordinated note redemption, and $0.7 million for the same quarter last year. Total non-interest income for the quarter has grown 27% over the same quarter of the prior year and has increased 49% year-to-date compared to September 30, 2023. Variances between the quarters relate primarily to SBA loan sale premiums, mortgage broker fees, loan interest rate swap fees, and loan prepayment fees.

Non-interest expense was $8.4 million for the third quarter of 2024, a slight increase from the $8.1 million reported for the prior quarter, and more than the $7.9 million reported for the same quarter of the prior year. Non-recurring expenses related to counterfeit check fraud losses were $0.2 million higher in the third quarter of 2024 compared to the prior quarter. Cost savings generated from our core and online banking vendor contract have allowed for targeted personnel increases in deposit generating roles including staffing and occupancy for our recently opened branch in Atascadero.

Loans and Asset Quality

Total loans were $976.3 million at September 30, 2024, an increase of $12.6 million or 1.3% from the prior quarter-end, and an increase of $35.1 million or 3.7% from September 30, 2023.

The Bank’s ACL was $11.7 million at September 30, 2024, with a resulting coverage ratio of 1.20%, as compared to $11.6 million or 1.24% at September 30, 2023. As of September 30, 2024, non-accrual loans totaled $0.5 million, a slight decrease from the previous quarter-end, and a reduction of $2.2 million from September 30, 2023. Credit quality remains strong.

Deposits & Borrowings

Total deposits were $1.13 billion at September 30, 2024, representing a $64.8 million or 6.1% increase from June 30, 2024, and an increase of $31.3 million or 2.8% since September 30, 2023.

Non-interest-bearing demand deposits totaled $466.5 million at September 30, 2024, an increase of $41.5 million or 9.8% from the prior quarter-end, and an increase of $8.8 million or 1.9% from September 30, 2023. Non-interest-bearing demand deposits represent 41.2% of total deposits at September 30, 2024, compared to 39.8% at the prior quarter-end, and 41.6% at September 30, 2023.

Interest-bearing demand deposits totaled $116.6 million at September 30, 2024, an increase of $6.3 million or 5.7% from the prior quarter-end, and a decrease of $12.9 million or 9.9% from September 30, 2023. Demand deposits represent 51.5% of total deposits at September 30, 2024, an increase from 50.1% at the prior quarter-end, and decrease from 53.3% at September 30, 2023.

Other interest-bearing deposits totaled $549.6 million at September 30, 2024, an increase of $16.9 million or 3.2% from the prior quarter-end, and an increase of $35.3 million or 6.9% from September 30, 2023.

The weighted average cost of deposits for the third quarter of 2024 was 1.52%, compared to 1.35% for the previous quarter, and 0.90% for the same quarter last year. The increase in the cost of deposits this quarter is related to higher rates on time deposits for local depositors.

As a result of increased core deposits, the Bank was able to reduce more expensive wholesale-funded certificates of deposit by $11.8 million from the prior quarter. Additionally, the Bank decreased its FHLB advances to $10.0 million at September 30, 2024, from $60.0 million at June 30, 2024. At September 30, 2024, the Bank had a single $10.0 million long-term FHLB advance outstanding with a rate of 4.00%, $10.0 million drawn on a correspondent bank line of credit at a rate of 3.85%, and $16.5 million of subordinated notes outstanding at a rate of 3.75%. The weighted average cost on all borrowings for the quarter was 4.50%, resulting in $0.6 million in interest expense. The $36.5 million of borrowed funds at September 30, 2024, represents a $50.0 million or 57.8% decrease from the level carried at the prior quarter-end.

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 1.66% for the third quarter of 2024, compared to 1.70% for the previous quarter. Additionally, the Company’s net interest margin increased to 3.33% for the third quarter of 2024, compared to 3.24% for the prior quarter.

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 15.8% at September 30, 2024, compared to 15.3% at June 30, 2024.

As of September 30, 2024, the Bank had available and unused, secured borrowing capacity with the FHLB of San Francisco of $266.5 million, and had available and unused, secured borrowing capacity with the Federal Reserve of $41.2 million. In addition, the Bank had $142.9 million of unused fed funds lines of credit with correspondent banks at September 30, 2024. Available contingent funding sources of $450.6 million remain robust.

Overall uninsured deposits, excluding public agency deposits that are collateralized, are conservatively estimated to be $423.4 million, or 37.4% of total deposit balances as of September 30, 2024. The actual level of uninsured deposits is lower than the percentage stated above, as our knowledgeable bankers have helped clients obtain more than $250,000 of FDIC insurance with vesting structures such as joint accounts, payable upon death accounts, and revocable trust accounts with multiple beneficiaries. In addition, the Bank can offer up to $50 million of FDIC pass-through insurance to clients via the IntraFi network Insured Cash Sweep (“ICS”) or Certificate of Deposit Account Registry System (“CDARS”) products.

Shareholders’ Equity

Total shareholders’ equity was $112.1 million at September 30, 2024, a $6.7 million or 6.4% increase since June 30, 2024, and an increase of $19.8 million or 21.4% over the same period of the prior year. The tax adjusted unrealized loss on securities, which is a component of equity (accumulated other comprehensive income or “AOCI”), improved $4.3 million or 20.6% from $20.9 million at June 30, 2024, to $16.6 million at the end of the third quarter of 2024. The Bank fully expects to receive all principal when the investments mature. As of September 30, 2024, the Company has not repurchased any shares under the previously announced share repurchase program.

Company Profile

American Riviera Bancorp (OTCQX: ARBV) is a registered bank holding company headquartered in Santa Barbara, California. American Riviera Bank, the 100% owned subsidiary of American Riviera Bancorp, 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, Santa Maria, San Luis Obispo, Atascadero, and Paso Robles. The Bank provides commercial business, commercial real estate, residential mortgage, construction, and Small Business Administration lending services as well as convenient online and mobile technology. For thirteen 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. The Bank was rated “Outstanding” by the Federal Deposit Insurance Corporation in 2023 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.

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

%

Texas ratio (a)

 

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.

 

Contacts

American Riviera Bank
www.americanriviera.bank
805-965-5942
Michelle Martinich

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Contacts

American Riviera Bank
www.americanriviera.bank
805-965-5942
Michelle Martinich