American Riviera Bancorp: Quarterly Report

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FOR IMMEDIATE RELEASE

American Riviera Bancorp publishes its quarterly results

Santa Barbara, California (April 22, 2022) – American Riviera Bancorp (“Company”) (OTCQX: ARBV), holding company of American Riviera Bank (“Bank”), today announced unaudited net income of $3.2 million ($0.61 per share) for the three months ended March 31, 2022. This represents a 23% increase in net income from the $2.6 million ($0.50 per share) earned during the same reporting period. ‘last year.

Core loans, excluding PPP SBA loans, increased 17% or $114.9 million in the past year since March 31, 2021. Core loans increased 3% or 22, $9 million in the last quarter since Dec. 31, 2021. The forgiveness of PPP loans was effectively managed for our small business customers, and only $11.6 million of those 1.00% interest rate loans remained outstanding as of March 31, 2022. Over the past year, the Bank has issued higher-yielding core loans at a volume that exceeded discounts and PPP repayments. The Bank maintained excellent credit quality with no other real estate property, no loans 90 days or more past due and only $2.8 million or 0.36% of total non-PPP loans in unearned status, which are well backed by guarantees.

The Bank continues to experience phenomenal deposit growth with a 27% or $263.2 million increase in total deposits in the past year since March 31, 2021. Non-interest bearing demand deposits increased by 19% or $76.4 million over the past year. Inflows of deposits from our clients have been the driving force behind the Company’s total assets, which have increased by 26% or $278.7 million since March 31, 2021 to reach a total of $1.4 billion. as of March 31, 2022.

Jeff DeVine, President and CEO, said, “2022 is off to a great start! The formation of American Riviera Bancorp this quarter and its issuance of $18.0 million of 3.75% fixed to floating rate subordinated notes will strengthen capital ratios at the Bank. and support our continued growth. SBA PPP loans have been replaced with higher yielding core loans, and our strong on-balance sheet liquidity will generate increased interest income in a rising rate environment.

As of March 31, 2022, the Company and the Bank continue to be well capitalized with Tier 1 capital ratios of 11% and 13%, respectively. The tangible book value per share of American Riviera Bancorp common stock is $16.33 as of March 31, 2022.

Company profile

American Riviera Bancorp (OTCQX: ARBV) is a registered bank holding company headquartered in Santa Barbara, California. American Riviera Bank, a wholly owned subsidiary of American Riviera Bancorp, is a full-service community bank focused on the lending and deposit needs of businesses and consumers on the Central Coast of California. The state-chartered bank opened on July 18, 2006, with support from local shareholders. Full service branches are located in Santa Barbara, Montecito, Goleta, San Luis Obispo and Paso Robles. The Bank provides commercial business lending, commercial real estate, residential mortgages, construction and small business administration, as well as convenient online and mobile technology. For twelve consecutive years, the Bank has been recognized for its strong financial performance by Findley Reports and has received Findley’s highest “Super Premier” rating each year since 2016. The Bank has been rated “Outstanding” by the Federal Deposit Insurance Corporation in 2020 for its performance under the Community Reinvestment Act.

American Riviera Bank www.americanriviera.bank 805-965-5942 Michelle Martinich

Statements regarding future performance, developments or events regarding market growth expectations and forecasts, and any other indications of future periods, are forward-looking statements subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, the effects of changes in interest rates, the ability to control costs and expenses, the impact of consolidation in the banking industry, U.S. government financial policies and general economic conditions.

Balance sheets (unaudited)

(dollars in thousands)

Assets

Cash and bank receivables

Securities

Loans (non-PPP) PPP loans

Allowance for loan losses Net loans

March 31, 2022

$

  • $320,683 220,364 776,395 11,633 (9,394) 778,634

March 31, 2021

Change of $ over a year% change over one year

132,797 71%

133,777 155%

661,520 119,429 (8,817) 772,132

114,875 17%

(107,796) -90%

(577) 7%

6,502 1%Premises and equipment Goodwill and other intangible assets Other assets

Total assets

Liabilities and equity

Sight deposits

NOW Accounts

Other interest-bearing deposits Total deposits

9,948 5,080 27,327

$

1,362,036

$

11,760 5,191 19,770

1,083,326

(1,812) -15%

(111) -2%

7,557 38%

$

278,710 26%

$

  • $481,619 193,178 571,595 1,246,392

  • $405,264 144,591,433 310,983,165

76,355 19%

48,587 34%

138,285 32%

263 227 27%

Borrowed funds Other liabilities Total responsibilities

18,000 7,971 1,272 363

5,000 8,705 996,870

13,000 260%

(734) -8%

275,493 28%Ordinary shares Retained earnings Other capital

Total equity

56,554 43,370 (10,251) 89,673

55,821 31,163

(528) 86 456

733 1%

12,207 39%

(9,723) 1,841%

3,217 4%

Total Liabilities and Equity

$

1,362,036

$

1,083,326

$

278,710 26%

Balance sheets (unaudited)

(dollars in thousands)

Assets

Cash and bank receivables

Securities

Loans (excluding PPP)

PPP loans

Allowance for loan losses Net loans

March 31, 2022

December 31, September 30,2021

2021

$

  • 320,683 $ 220,364 776,395 11,633 (9,394) 778,634

  • $292,111 191,543 753,494 39,996 (9,383) 784,107

  • $262,965 146,937 728,316 50,966 (9,376) 769,906

June 30, 2021

$233,502,187,886

110 403 86 587

701 399 661 520

76 093 119 429

(9,373)March 31, 2021

(8,817)

768 119 772 132

Premises and equipment Goodwill and other intangible assets Other assets

Total assets

Liabilities and equity

Sight deposits

NOW Accounts

Other interest-bearing deposits Total deposits

9,948 5,080 27,327

$1,362,036

$1,306,540

$

  • 481 619 $ 193 178 571 595

10,429 5,075 23,275

  • $470,763 181,546 549,781

10,848 5,135 22,371

$1,218,162

$1,150,269

  • $435,489 177,952 502,237

11,330 11,760

5,166 5,191

21,749 19,770

$

1,083,326

$428,577,405,264

170 029 144 591

452 867 433 310

1,115,678

1,051,473,983,165

Borrowed funds Other liabilities Total responsibilities

18,000 7,971 1,272 363

– 8,177 1,210,267

– 8,665 1,124,343

– 5,000

7,986 8,705

1,059,459,996,870

Ordinary shares Retained earnings Other capital

Total equity

56,554 43,370 (10,251) 89,673

56,564 40,432

(723) 96 273

56,302 37,685

(168) 93 819

56,146 55,821

34,735 31,163

(71) (528)

90 810

86,456

Total Liabilities and Equity

$1,362,036

$1,306,540

$1,218,162

$1,150,269

$

1,083,326

Income statement (unaudited)

(in thousands of dollars, except per share data)

interest income

Interest and fees on loans

Fees on PPP Loans

Net fair value amortization income

Interest on securities

Interest on federal funds

Interest on bank receivables Total interest income

Interest charges

Debit interest on deposits Debit interest on borrowings Total interest expense

Net interest income

Allowance for loan losses

Net interest income after provision

Non-interest income

Service charges, commissions and fees

Other non-interest income

Total non-interest income

Non-interest charges

Salaries and benefits Occupancy and equipment Other non-interest expenses Total non-interest expense

Quarter endedMarch 31, 2022

$

913

7

842 –

142

10,504

210 67 277 10 227 – 10 227

670 494 1,164

March 31, 2021

Switch

  • 7,874 9%

  • 946 3%

  • 43 -84%

  • 271 211%

n / A

60 137%

9,194 14%

263 -20%

n / A

263 5%

  • 8,931 15% 338 -100%

  • 8,593 19%

  • 653 3%

  • 173 186%

  • 826 41%

    4,310 755 1,895 6,960

  • 3,706 16%

  • 590 28%

  • 1,530 24%

  • 5,826 19%

    Net profit before provision for taxes Provision for taxes

    Net revenue

    4,431 1,276

    $

    3,155

  • 3,593 23%

  • 1,033 24%

    $

  • 2,560 23%Shares (end of period) Earnings per share – Basic return on average assets Return on average equity Net interest margin

5,178,965

5,127,895 1%

$

  • 0.50 22%

    1.00%

  • 1.07% -7%

    15.58%

  • 12.34% 26%

    3.22%

  • 3.78% -15%

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American Riviera Bank published this content on April 22, 2022 and is solely responsible for the information contained therein. Distributed by Audienceunedited and unmodified, on Apr 22, 2022 11:48:04 PM UTC.

Public now 2022

All news about AMERICAN RIVIERA BANCORP

Sales 2021 42.3 million

Net income 2021 11.8 million

Net cash 2021 292M

PER 2021 ratio 8.81x
2021 performance
Capitalization 101M
101M
EV / Sales 2020 -1.09x
EV / Sales 2021 -4.51x
# of employees
Floating

Chart AMERICAN RIVIERA BANCORP


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Evolution of the income statement


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