American Riviera Bank more than doubled its net income from the second quarter of 2020 to the same quarter of 2021, buoyed by Paycheck Protection Program fee income.
The Santa Barbara-based bank reported $3.57 million in net income in the most recent quarter, or 70 cents per share, compared to $1.57 million, or 31 cents per share, a year before. American Riviera Bank attributed the higher income to additional loan interest recovery and PPP fee income from the U.S. Small Business Administration.
The bank fared well in other areas as well. Core loans, not counting PPP loans, grew 14% — by $86 million — during the year. Deposits grew 33%, or $258 million, during the same time.
“The bank has been working closely with our clients to process and obtain prompt forgiveness decisions from the SBA, which has contributed to strong PPP fee income recognition this year,” American Riviera CEO Jeff DeVine said in a news release. “We will continue to make significant investments in people, products and technology to support our clients and the communities of the Central Coast.”