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American Riviera Bank’s second quarter net income up

By   /   Monday, July 25th, 2016  /   Comments Off on American Riviera Bank’s second quarter net income up

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Santa Barbara-based American Riviera Bank reported net income of $1.425 million, or 33 cents per share, for the second quarter of 2016. That was up from $362,000, or 13 cents per share, over the same period last year.

The bank finalized its merger with The Bank of Santa Barbara earlier this year.

“We are very pleased with our excellent second quarter as the bank has seen increasing operational and financial synergies from the merger,” President and CEO Jeff DeVine said in a news release. “This is highlighted by one of our best quarterly earnings per share and healthy account opening on a monthly basis.”

The bank reported $360 million in total loans and total deposits of $354 million for the second quarter.

The bank had a market capitalization of $46.7 million and $428 million in total assets as of June 30. It had a Tier 1 capital ratio of 11 percent.

American Riviera stock traded down 3 cents to $11 per share at the market’s close on July 25. Its stock had a tangible book value of $11.13 at the end of the second quarter, up from $10.40 last year.

• Contact Alex Kacik at [email protected]

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