Company Website:
http://americanrivierabank.com
SANTA BARBARA, Calif. -- (Business Wire)
American Riviera Bank (OTC Markets: ARBV) announced today unaudited net
income of $1,409,000 ($0.32 per share) for the third quarter ended
September 30, 2016, compared to the $133,000 ($0.05 per share) reported
September 30, 2015. For the nine months ended September 30, 2016
unaudited net income was $3,015,000 ($0.69 per share), as compared to
the $938,000 ($0.35 per share) achieved for the same reporting period
last year prior to the merger.
As of September 30, 2016, the Bank reported $347 million in total loans
with no other real estate owned. Non-interest bearing demand deposits
have increased to 35% of the $392 million in total deposits at September
30, 2016, an increase from 32% one year ago.
Jeff DeVine, President and Chief Executive Officer stated, “It has
only been 9 months since we completed the merger with The Bank of Santa
Barbara and our financial results are already reflecting the synergies
from that merger.Common share count is up 63% from one year ago
as a result of the merger, however earnings per share are up 98%.”
As of September 30, 2016 American Riviera Bank had $464 million in total
assets, and maintained a strong capital position with a Tier 1 Capital
Ratio of 12%; well above the regulatory guideline of 8% for well
capitalized institutions. For the first nine months of 2016, the Bank
recorded a return on average assets of 0.95% and a return on average
equity of 8.69%. The tangible book value per share of American Riviera
Bank’s common stock is $10.24 and the book value is $11.40 at September
30, 2016, an increase from the $10.47 book value at September 30, 2015.
Company Profile
American Riviera Bank is a full-service community bank focused on
serving the lending and deposit needs of businesses and consumers in
Santa Barbara and the surrounding communities. The state-chartered bank
opened for business on July 18, 2006, with the support of local
shareholders. Offices are located at 1033 Anacapa Street in Santa
Barbara, 525 San Ysidro Road in Montecito, and 5880 Calle Real in
Goleta. As a result of the merger, American Riviera Bank became the
second-largest community bank based in the city of Santa Barbara. For
six consecutive years the Bank has been recognized for strong financial
performance by the Findley Reports. As of June 30, 2016, the Bank was
rated five stars by BauerFinancial.
Statements concerning future performance, developments or events
concerning expectations for growth and market forecasts, and any other
guidance on future periods, constitute forward looking statements that
are subject to a number of risks and uncertainties. Actual results may
differ materially from stated expectations. Specific factors include,
but are not limited to, effects of interest rate changes, ability to
control costs and expenses, impact of consolidation in the banking
industry, financial policies of the US government, and general economic
conditions.
|
|
| |
|
| |
|
| |
Balance Sheets (unaudited) |
(dollars in thousands) |
| | | | | | | | |
|
| | | Sept 30, | | | Sept 30, | | | One Year |
| | | 2016 | | | 2015 | | | Change |
Assets | | | | | | | | | |
Cash & Due From Banks
| | |
$
|
52,996
| | | |
$
|
18,551
| | | |
186
|
%
|
Fed Funds Sold
| | | |
38,458
| | | | |
5,415
| | | |
610
|
%
|
Securities
| | | |
6,581
| | | | |
6,184
| | | |
6
|
%
|
| | | | | | | | |
|
Loans
| | | |
347,345
| | | | |
191,372
| | | |
82
|
%
|
Allowance For Loan Losses
| | |
|
(3,226
|
)
| | |
|
(2,374
|
)
| | |
36
|
%
|
Net Loans | | | |
344,119
| | | | |
188,998
| | | |
82
|
%
|
| | | | | | | | |
|
Fixed Assets
| | | |
1,351
| | | | |
893
| | | |
51
|
%
|
Goodwill
| | | |
5,071
| | | | |
-
| | | |
N/A
| |
Other Assets
| | |
|
14,996
|
| | |
|
6,964
|
| | |
115
|
%
|
Total Assets | | |
|
463,572
|
| | |
|
227,005
|
| | |
104
|
%
|
| | | | | | | | |
|
| | | | | | | | |
|
Liabilities & Shareholders' Equity | | | | | | | | | |
Demand Deposits
| | | |
135,757
| | | | |
62,558
| | | |
117
|
%
|
Interest Bearing Deposits
| | |
|
256,418
|
| | |
|
135,478
|
| | |
89
|
%
|
Total Deposits | | | |
392,175
| | | | |
198,036
| | | |
98
|
%
|
| | | | | | | | |
|
Borrowed Funds
| | | |
20,000
| | | | |
-
| | | |
N/A
| |
Other Liabilities
| | |
|
1,643
|
| | |
|
891
|
| | |
84
|
%
|
Total Liabilities | | | |
413,818
| | | | |
198,927
| | | |
108
|
%
|
| | | | | | | | |
|
Common Stock
| | | |
42,946
| | | | |
24,735
| | | |
74
|
%
|
Retained Earnings
| | | |
6,810
| | | | |
3,357
| | | |
103
|
%
|
Other Capital
| | |
|
(2
|
)
| | |
|
(14
|
)
| | |
-86
|
%
|
Total Shareholders' Equity | | |
|
49,754
|
| | |
|
28,078
|
| | |
77
|
%
|
| | |
| | |
| | |
|
Total Liabilities & Shareholders' Equity | | |
$
|
463,572
|
| | |
$
|
227,005
|
| | |
104
|
%
|
| | | | | | | | |
|
Book Value Per Share
| | |
$
|
11.40
| | | |
$
|
10.47
| | | | |
Tangible Book Value Per Share
| | |
$
|
10.24
| | | |
$
|
10.47
| | | | |
| | | | | | | | |
|
|
|
| |
| |
| |
|
| |
| |
| |
Statements of Income (unaudited) |
(dollars in thousands) |
| | | | | |
|
| | | Quarter Ended | | | 9 Months Ended |
| | | Sept 30, | | Sept 30, | | | | | Sept 30, | | Sept 30, | | |
| | | 2016 | | 2015 | | Change | | | 2016 | | 2015 | | Change |
Interest Income | | | | | | | | | | | | | | |
Interest and Fees on Loans
| | |
$
|
4,780
| | |
$
|
2,472
| | |
93
|
%
| | |
$
|
14,237
| | |
$
|
7,061
| | |
102
|
%
|
Loan Fair Value Accretion, net
| | | |
194
| | | |
-
| | |
N/A
| | | | |
771
| | | |
-
| | |
N/A
| |
Interest on Securities
| | | |
23
| | | |
23
| | |
0
|
%
| | | |
80
| | | |
75
| | |
7
|
%
|
Interest on Fed Funds
| | | |
36
| | | |
3
| | |
1330
|
%
| | | |
52
| | | |
13
| | |
295
|
%
|
Interest on Due From Banks
| | |
|
44
|
| |
|
31
|
| |
42
|
%
| | |
|
123
|
| |
|
109
|
| |
12
|
%
|
Total Interest Income | | | |
5,077
| | | |
2,529
| | |
101
|
%
| | | |
15,263
| | | |
7,258
| | |
110
|
%
|
| | | | | | | | | | | | | |
|
Interest Expense | | | | | | | | | | | | | | |
Interest Expense on Deposits
| | | |
190
| | | |
92
| | |
107
|
%
| | | |
591
| | | |
284
| | |
108
|
%
|
Interest Expense on Borrowings
| | |
|
30
|
| |
|
-
|
| |
N/A
|
| | |
|
66
|
| |
|
22
|
| |
198
|
%
|
Total Interest Expense | | |
|
220
|
| |
|
92
|
| |
-140
|
%
| | |
|
657
|
| |
|
306
|
| |
-115
|
%
|
| | | | | | | | | | | | | |
|
Net Interest Income | | | |
4,857
| | | |
2,437
| | |
99
|
%
| | | |
14,606
| | | |
6,952
| | |
110
|
%
|
Provision for Loan Losses
| | |
|
137
|
| |
|
163
|
| |
-16
|
%
| | |
|
388
|
| |
|
163
|
| |
138
|
%
|
Net Interest Income After Provision | | | |
4,720
| | | |
2,274
| | |
108
|
%
| | | |
14,218
| | | |
6,789
| | |
109
|
%
|
| | | | | | | | | | | | | |
|
Non-Interest Income | | | | | | | | | | | | | | |
Service Charges, Commissions and Fees
| | | |
295
| | | |
149
| | |
97
|
%
| | | |
927
| | | |
430
| | |
115
|
%
|
Other Non-Interest Income
| | |
|
103
|
| |
|
48
|
| |
113
|
%
| | |
|
254
|
| |
|
163
|
| |
56
|
%
|
Total Non-Interest Income | | | |
398
| | | |
197
| | |
102
|
%
| | | |
1,181
| | | |
593
| | |
99
|
%
|
| | | | | | | | | | | | | |
|
Non-Interest Expense | | | | | | | | | | | | | | |
Salaries and Employee Benefits
| | | |
1,823
| | | |
1,047
| | |
74
|
%
| | | |
5,780
| | | |
2,957
| | |
95
|
%
|
Occupancy and Equipment
| | | |
395
| | | |
262
| | |
51
|
%
| | | |
1,161
| | | |
798
| | |
45
|
%
|
Merger Related Expenses (non recurring) | | | |
(81
|
)
| | |
255
| | |
-132
|
%
| | | |
938
| | | |
421
| | |
123
|
%
|
Other Non-Interest Expense
| | |
|
1,015
|
| |
|
460
|
| |
121
|
%
| | |
|
2,561
|
| |
|
1,422
|
| |
80
|
%
|
Total Non-Interest Expense | | | |
3,152
| | | |
2,024
| | |
56
|
%
| | | |
10,440
| | | |
5,598
| | |
86
|
%
|
| | | | | | | | | | | | | |
|
Net Income Before Provision for Taxes
| | | |
1,966
| | | |
447
| | |
339
|
%
| | | |
4,959
| | | |
1,784
| | |
178
|
%
|
Provision for Taxes
| | |
|
557
|
| |
|
314
|
| |
77
|
%
| | |
|
1,944
|
| |
|
846
|
| |
130
|
%
|
Net Income | | |
|
1,409
|
| |
|
133
|
| |
957
|
%
| | |
|
3,015
|
| |
|
938
|
| |
222
|
%
|
| | | | | | | | | | | | | |
|
Shares (end of period)
| | | |
4,362,930
| | | |
2,683,254
| | |
63
|
%
| | | |
4,362,930
| | | |
2,683,254
| | |
63
|
%
|
Earnings Per Share - Basic
| | |
$
|
0.32
| | |
$
|
0.05
| | |
550
|
%
| | |
$
|
0.69
| | |
$
|
0.35
| | |
98
|
%
|
| | | | | | | | | | | | | |
|
Return on Average Assets (annualized)
| | | |
1.23
|
%
| | |
0.20
|
%
| | | | | |
0.95
|
%
| | |
0.55
|
%
| | |
Return on Average Equity (annualized)
| | | |
11.25
|
%
| | |
1.64
|
%
| | | | | |
8.69
|
%
| | |
4.59
|
%
| | |
Net Interest Margin (annualized)
| | | |
4.57
|
%
| | |
4.52
|
%
| | | | | |
4.84
|
%
| | |
4.24
|
%
| | |
Net Interest Margin (excluding FV amortization)
| | | |
4.37
|
%
| | |
4.52
|
%
| | | | | |
4.57
|
%
| | |
4.24
|
%
| | |
| | | | | | | | | | | | | |
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20161025006881/en/
Contacts:
American Riviera Bank
Michelle Martinich
805-965-5942
www.americanrivierabank.com
Source: American Riviera Bank
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