American Riviera Bank, headquartered in Santa Barbara, had an unaudited net income of $1,383,000, or 31 cents per share, for the third quarter of 2017, the company announced in its earnings report on Oct. 24.
The bank reported $518 million in total assets as of the third quarter of 2017. The growth was driven by total deposits increasing 18 percent from Sept. 30, 2016, reaching $462 million by Sept. 30, 2017.
Non-interest bearing demand deposits went up 20 percent from the same reporting period last year and now represent 35 percent of all deposits. The bank opened more than 1,400 new accounts during the first nine months of 2017.
Total loans increased 17 percent from Sept. 30, 2016 and reached $406 million by Sept. 30, 2017. The bank reported an annualized net interest margin of 4.67 percent for the nine months ending Sept. 30, 2017.
Return on average assets was 1.06 percent while return on average equity was 9.9 percent for the quarter.
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