American Riviera Bancorp publishes its quarterly results
The President and CEO said, “2022 is off to a great start!”
– American Riviera Bancorp, a holding company of American Riviera Bank with a location in Paso Robles, today reported unaudited net income of $3.2 million ($0.61 per share) for the three months ended March 31, 2022. This represents an increase of 23%. in net income from the $2.6 million ($0.50 per share) earned in the same reporting period of the prior year.
Core loans, excluding SBA PPP 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 December 31, 2021. PPP loan cancellation was effectively managed for our small business customers, and only $11.6 million of these 1% 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 PPP discount and repayments. The bank maintained strong credit quality with no other real estate held, no loans 90 days or more past due, and only $2.8 million or 0.36% of total non-PPP loans in unexpired status, which are well backed by guarantees.
The bank continues to experience considerable 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. Customer deposit inflows were the driving factor in the company’s total assets increasing by 26% or $278.7 million since March 31, 2021 to a total of $1.4 billion as of March 31, 2022.
“2022 is off to a good 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% fixed to floating rate subordinated notes will strengthen the capital at the bank level and will support our continued growth. SBA PPP loans have been replaced with higher yielding core loans, and our strong 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.
The American Riviera Bank in Paso Robles is located at 1601 Spring St.