American Riviera Bank’s core loans rose 20% during the past year and the bank continues to experience “tremendous” deposit growth, the company said in its Oct. 25 earnings release.
The Santa Barbara-based bank reported that its core loans, not counting federal Paycheck Protection Program loans, grew to $124 million by Sept. 30, the end of its third fiscal quarter. PPP loans totaled $51 million on Sept. 30, with $102 million in those loans processed by the bank and approved for forgiveness by the U.S. Small Business Administration during the nine months ended Sept. 30.
American Riviera Bank reported $2.95 million in net income for the third quarter, or 58 cents per share, up from $2.26 million, or 45 cents per share, in the same quarter of 2020.
American Riviera released its third quarter earnings late in the day on Oct. 25. Its shares closed at $19.70 before the earnings release and were trading around $19.80 the next day.
For the first nine months of 2021, the bank’s net income was $9.08 million, or $1.77 per share, an increase of 81% over the $5 million in earnings it reported for the first nine months of 2020.
American Riviera said it maintained strong credit quality with no other real estate owned, no loans 90 days or more past due, and $3.3 million of total loans excluding PPP on non-accrual status, or 0.46% of its loans.
Deposits grew 35%, or $287 million, over the year ended Sept. 30. The bank’s total assets were $1.2 billion as of Sept. 30, a 31% increase from a year earlier and the second largest asset total of any bank based in the tri-county region.
“Each day clients throughout the Central Coast entrust us with more of their business,” American Riviera President and CEO Jeff DeVine said in a news release. “This is reflected in our strong organic loan and deposit growth. I am proud of our team who have partnered with our communities, supported our clients and made new relationships despite challenges presented by the pandemic.”
American Riviera Bank opened in 2006 and has branches in Santa Barbara, Montecito, Goleta, San Luis Obispo and Paso Robles.