Santa Barbara-based American Riviera Bank showed strong growth for the first quarter of 2017, posting an unaudited net income of $956,000 or 22 cents per share.
The rise represents a 426 percent increase from the $182,000 or 4 cents per share reported for the first quarter ended March 31, 2016.
The growth is the latest sign of good fortune for American Riviera Bank, which merged with Bank of Santa Barbara in 2016. The bank reported net income of $4.1 million in 2016, up from $1.3 million in 2015.
The bank experienced strong loan demand in the first quarter, with loans increasing 8 percent from Dec. 31, 2016, reaching $384 million in total loans as of March 31, 2017.
The bank also opened 500 new accounts at its three locations in Santa Barbara, Montecito and Goleta and increased its total deposits by 12 percent.
“American Riviera Bank started 2017 strong, with significant loan and deposit origination this quarter,” said Jeff DeVine, president and chief executive officer. “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.”
American Riviera Bank has $467 million in total assets.
• Contact Joshua Molina at [email protected]