Assets and earnings up at American Riviera Bank
American Riviera Bank, based in Santa Barbara, reported net income of $3.2 million for the quarter ended March 31, a 23% increase over the same period last year.
Net income for the first quarter totaled 61 cents per share, compared with 50 cents per share a year earlier, according to the earnings statement the bank released on April 23.
Core loans, excluding U.S. Small Business Administration Paycheck Protection Program loans, grew 17%, or $114.9 million, between the first quarter of 2021 and the first quarter of 2022, and core loans grew 3% between the fourth quarter of 2021 and the first quarter of 2022.
PPP loan forgiveness “has been efficiently handled for our small business clients,” and only $11.6 million of these 1 % interest rate loans remained outstanding as of March 31, the bank’s earnings statement said.
The bank saw deposit growth of 27%, or $263.2 million, increase in total deposits over the last year since March 31, 2021.
Deposit inflows from clients “have been the driving factor” in total assets of the company increasing 26% since March 31, 2021, to a total of $1.4 billion on March 31, the bank said in its earnings release.
This year is off to a great start, American Riviera CEO Jeff DeVine said in a news release. During the quarter, American Riveria Bancorp was organized as the bank’s new holding company.
The formation of the holding company and “its issuance of $18 million of 3.75% fixed to floating rate subordinated notes will bolster capital ratios at the bank level and support our continued growth,” DeVine said. “SBA PPP loans have been replaced by higher-yielding core loans, and our sizeable balance sheet liquidity will generate increased interest income in a rising rate environment.”