American Riviera Bank recorded more than $1 billion in assets for the first time when it reported its financial results for the first quarter of 2021.
The Santa Barbara-based bank saw its net income rise during the quarter to $2.56 million, or 50 cents per share, compared to net income of $1.2 million, or 23 cents per share, in the same quarter of 2020. Total assets as of March 31, 2021 were $1.08 billion.
“Reaching $1 billion in assets is a significant milestone for the bank and is a reflection of our growing and loyal client base on the Central Coast,” Larry Koppelman, the chairman of the bank’s board of directors, said in an April 27 news release. “It does present increased regulatory compliance expectations, but we have made the necessary investments in advance of reaching that milestone.”
The bank is also seeing strong successes in other areas. American Riviera had a 29% increase in loans and a 52% increase in deposits between March 2020 and March 2021. Continued demand for residential real estate and commercial real estate loans meant that the bank’s loans grew more than 10%, excluding federal Paycheck Protection Program loans.
American Riviera originated $118 million in PPP loans in 2020, and those loans went to 614 businesses. More than half of those clients have already received forgiveness. The bank has also helped create another 420 PPP loans during the 2021 PPP period, for a total of $68 million.
“It has been an honor to support local businesses and jobs through the pandemic,” Jeff DeVine, the president and CEO of American Riviera Bank, said in the bank’s news release.