PPP loans drove income growth at American Riviera Bank
Net income at American Riviera Bank increased in both the fourth quarter and full year of 2020, on the back of high loan growth and other positive factors, the bank announced Jan. 28.
The Santa Barbara-based bank said its annual unaudited net income was up 15% from the previous year. In 2019, American Riviera Bank had an unaudited net income of $6.4 million, or $1.27 per share, while in 2020 the bank had an unaudited net income of $7.4 million, or $1.45 per share.
American Riviera also reported a surge in unaudited net income for their fourth quarter. The bank reported an unaudited net income of $2.4 million, or 47 cents per share, which is a 51% increase year-over-year.
Jeff DeVine, the bank’s president and CEO, attributed the increase to loan growth, both for federal Paycheck Protection Program loans and non-PPP loans. The bank now has $642 million in non-PPP loans, an 11% increase from the previous year, and reported $972 million in total assets at the end of 2020, a 35% increase from the end of 2019.
The bank also did $84 million in PPP loans in the past year and will be reporting more in the coming quarters now that the program has been extended.