American Riviera Bancorp reports quarterly earnings
President and chief executive officer says, ‘2022 is off to a great start!’
– American Riviera Bancorp, a holding company of American Riviera Bank with a location in Paso Robles, announced today an unaudited net income of $3.2 million ($0.61 per share) for the three months ended March 31, 2022. This represents a 23-percent increase in net income from the $2.6 million ($0.50 per share) earned in the same reporting period in the prior year.
Core loans, excluding SBA PPP loans, have grown 17-percent or $114.9 million over the last year since March 31, 2021. Core loans have grown 3-percent or $22.9 million in the last quarter since Dec. 31, 2021. PPP loan forgiveness has been efficiently handled for our small business clients, and only $11.6 million of these 1-percent interest rate loans remained outstanding at March 31, 2022. In the last year, the bank originated higher-yielding core loans at a volume that exceeded PPP forgiveness and repayments. The bank maintained strong credit quality with no other real estate owned, no loans 90 days or more past due, and only $2.8 million or 0.36-percent of total loans excluding PPP on non-accrual status, which are well supported by collateral.
The bank continues to experience tremendous deposit growth with a 27-percent or $263.2 million increase in total deposits over the last year since March 31, 2021. Non-interest-bearing demand deposits increased 19-percent or $76.4 million over the last year. Deposit inflows from clients have been the driving factor in the total assets of the company increasing 26-percent or $278.7 million since March 31, 2021 to a total of $1.4 billion at March 31, 2022.
“2022 is off to a great start!” said Jeff DeVine, president, and chief executive officer, “The formation of American Riviera Bancorp this quarter and its issuance of $18.0 million of 3.75-percent fixed to floating rate subordinated notes will bolster capital ratios at the bank level and support our continued growth. SBA PPP loans have been replaced by higher-yielding core loans, and our sizeable balance sheet liquidity will generate increased interest income in a rising rate environment.”
As of March 31, 2022, the company and bank continue to be well-capitalized with Tier 1 Capital ratios of 11-percent and 13-percent, respectively. The tangible book value per share of American Riviera Bancorp common stock is $16.33 at March 31, 2022.
The American Riviera Bank in Paso Robles is located at 1601 Spring St.