American Riviera Bank Reports Annual Results

American Riviera Bank announced earlier this week unaudited net income of $11,829,000 for the 12 months ending December 31, 2021. This represents a 60% increase in net income from the $7,378,000 earned in the same reporting period in the prior year. In 2021, the bank achieved an annualized return on average assets of 1.04% and return on average equity of 13.02%. Unaudited net income was $2,747,000 for the fourth quarter ending December 31, 2021, compared to the $2,379,000 earned in the prior year.

Core loans, excluding SBA PPP loans, have grown 17% or $112 million over the last year since December 31, 2020. The bank maintained strong credit quality with no other real estate owned, no loans 90 days or more past due, and only $2.9 million or 0.38% of total loans excluding PPP on non-accrual status, which are well supported by collateral.

According to reps, American Riviera Bank continues to experience tremendous deposit growth with a 38% or $330 million increase in total deposits since December 31, 2020. Non-interest bearing demand deposits increased 41% or $138 million over the last year. Deposit inflows from clients have been the driving factor in the total assets of the bank, increasing $335 million, or 34%, since December 31, 2020 to a total of $1.3 billion at December 31, 2021.

President and Chief Executive Officer Jeff DeVine said in a statement, “We have our loyal clients and dedicated team members to thank for record earnings and strong balance sheet growth in 2021. The pandemic continued to disrupt our business and personal lives, yet our bankers worked tirelessly to respond to the deposit and lending needs of the communities we serve. In turn, the bank was able to share its success by increasing wages and benefits for our hard-working team, increasing donations and sponsorships on the Central Coast, and reporting strong growth in earnings and tangible book value per share for our shareholders. This is the power of community banking!”

As of December 31, 2021, American Riviera Bank continues to be well capitalized with a Tier 1 Capital Ratio of 11% (well above the regulatory guideline of 8% for well capitalized institutions). The tangible book value per share of American Riviera Bank common stock increased to $17.92 at December 31, 2021.

Full-service branches are located in Santa Barbara, Montecito, Goleta, San Luis Obispo, and Paso Robles. The bank provides commercial, residential mortgage, construction, and Small Business Administration lending services as well as online and mobile technology.  

For more information, visit www.americanriviera.bank.

Kelly, also a licensed realtor with Berkshire Hathaway Home Services, has been editor at large
for the Journal since 2007, reporting on news in Montecito and beyond.