American Riviera Bancorp Announces Results for the First Quarter of 2024

American Riviera Bancorp Announces Results for the First Quarter of 2024

SANTA BARBARA, Calif.–(BUSINESS WIRE)–#BankonBetter–American Riviera Bancorp (“Company”) (OTCQX: ARBV), holding company of American Riviera Bank (“Bank”), announced today unaudited net income was $2.2 million ($0.37 per share) for the quarter ended March 31, 2024, compared to $2.2 million ($0.38 per share) in the previous quarter, and $3.0 million ($0.52 per share) earned in the same reporting period in the previous year. Earnings for the last two quarters have remained stable despite the continued high-rate environment.


Jeff DeVine, President and CEO of the Company and the Bank, stated, “With our newly enhanced online banking technology we have been able to launch new products and services to meet the needs of our existing and prospective clients. We are serving additional communities and industries within our geographic footprint that are benefiting from what American Riviera Bank has to offer. Competitor consolidation has provided attractive opportunities to hire relationship bankers, and we look forward to announcing continued expansion on the Central Coast of California.”

First Quarter Highlights

  • The Bank has the highest “Super Premier” rating for financial performance from the Findley Reports and maintained a “5 Star – Superior” rating from Bauer Financial as of December 31, 2023.
  • The Bank was rated “Outstanding” by the Federal Deposit Insurance Corporation in 2023 for its performance under the Community Reinvestment Act.
  • Total shareholders’ equity of $101.7 million at March 31, 2024, has increased $1.1 million or 1.0% from the prior quarter-end, and $10.1 million or 11.1% from the same reporting period in the previous year.
  • Tangible book value per share of $16.62 at March 31, 2024, has increased $0.03 or 0.2% from the prior quarter-end, and $1.59 or 10.6% from the same reporting period in the previous year.
  • All Bank and Company capital ratios increased in the first quarter of 2024. The Bank’s regulatory capital ratios were all above “well-capitalized” standards.
  • Return on average assets for the first quarter ended March 31, 2024, was 0.69%, and return on average equity was 8.65%.
  • Total loans were $950.8 million at March 31, 2024, an increase of $4.4 million or 0.5% from the prior quarter-end, and an increase of $26.1 million or 2.8% from March 31, 2023. The Bank’s loan-to-deposit ratio at March 31, 2024, was 90.6%.
  • Total deposits were $1.05 billion at March 31, 2024, representing no change from the $1.05 billion at December 31, 2023, and a modest decrease of $50.2 million or 4.6% from March 31, 2023.
  • Non-interest-bearing demand deposits represent 39.6% of total deposits, and total demand deposits represent 52.4% of total deposits, respectively, at March 31, 2024.
  • Total cost of deposits increased to 1.09% for the first quarter of 2024, compared to 1.00% in the prior quarter, and 0.45% for the same quarter in the prior year. Total cost of funding sources increased to 1.51% for the first quarter of 2024, compared to 1.23% in the prior quarter, and 0.59% for the same quarter in the prior year. Overall funding costs for the Company have increased due to Federal Reserve policy but remain modest compared to industry averages based on our relationship banking focus.
  • Non-interest expenses have remained tightly controlled at $8.1 million for the first quarter of 2024, compared to $8.2 million in the prior quarter, and $8.0 million for the same quarter of the prior year.
  • On-balance sheet liquidity continues to be substantial with $233.9 million of cash, due from banks, and available-for-sale (“AFS”) securities market value at March 31, 2024.
  • Access to available sources of liquidity including fed funds lines of credit with correspondent banks, unused secured borrowing capacity with the Federal Home Loan Bank (“FHLB”), and unused secured borrowing capacity with the Federal Reserve totaled $386.2 million at March 31, 2024.
  • Allowance for Credit Losses (“ACL”) was 1.23% of total loans at March 31, 2024, unchanged from December 31, 2023, and 1.24% at March 31, 2023. Provision for credit losses related to securities for the first quarter of 2024 was a $2,000 reversal of previous expense, compared to zero in the prior quarter and the same quarter in the prior year.
  • The Bank maintained strong credit quality with no other real estate owned, no loans 90 days or more past due, and only $0.6 million or 0.07% of total loans on non-accrual status, which are well supported by collateral or reserves.

First Quarter Earnings

For the first quarter of 2024, unaudited net income was $2.2 million, compared to $2.2 million in the fourth quarter of 2023, and $3.0 million in the first quarter of 2023. The decrease in earnings compared to the first quarter of the previous year is primarily attributable to increased interest expense and decreased interest income on cash and due from banks.

The Bank continues to grow interest and fees on loans sequentially over the last four quarters from $11.2 million in the first quarter of 2023 to $12.7 million in the first quarter of 2024, representing a $1.5 million or 13.1% increase. However, the cost of funding has also increased sequentially from the historically low levels that existed prior to the Federal Reserve’s aggressive rate increase policy. Total interest expense has increased from $1.7 million in the first quarter of 2023 to $4.3 million in the first quarter of 2024, a $2.6 million or 156.3% increase.

Non-Interest Income and Expense

Total non-interest income was $0.9 million for the first quarter of 2024, compared to $0.3 million for the prior quarter, and $0.5 million for the same quarter last year. The fourth quarter of 2023 included a non-recurring $0.5 million pre-tax loss on the sale of $15.6 million in AFS securities. Variances between the quarters relate primarily to SBA loan sale premiums, mortgage broker fees, loan swap fees and loan prepayment fees.

Non-interest expense was $8.1 million for the first quarter of 2024, compared to $8.2 million in the prior quarter, and $8.0 million for the same quarter of the prior year. Expenses in the second, third, and fourth quarters of 2023 were elevated due to non-recurring expenses related to technology upgrades that were completed in the fourth quarter of 2023.

Loans and Asset Quality

Total loans were $950.8 million at March 31, 2024, an increase of $4.4 million or 0.5% from the prior quarter-end, and an increase of $26.1 million or 2.8% from March 31, 2023.

The Bank’s ACL was $11.6 million at March 31, 2024, with a resulting coverage ratio of 1.23%, as compared to $11.5 million or 1.24% at March 31, 2023. As of March 31, 2024, non-accrual loans totaled $0.6 million, resulting in no change from previous quarter-end, and a reduction of $2.3 million from March 31, 2023. Credit quality remains strong.

Deposits & Borrowings

Total deposits were $1.05 billion at March 31, 2024, representing no change from December 31, 2023, and a decrease of $50.2 million or 4.6% since March 31, 2023.

Non-interest-bearing demand deposits totaled $415.6 million at March 31, 2024, a decrease of $27.4 million or 6.2% from the prior quarter-end, and a decrease of $45.0 million or 9.8% from March 31, 2023. Non-interest-bearing demand deposits represent 39.6% of total deposits at March 31, 2024, a decrease from 42.2% at the prior quarter-end, and 41.9% at March 31, 2023.

Interest-bearing demand deposits totaled $134.5 million at March 31, 2024, an increase of $10.8 million or 8.8% from the prior quarter-end, and a decrease of $3.9 million or 2.8% from March 31, 2023. Demand deposits represent 52.4% of total deposits at March 31, 2024, a decrease from 54.0% at the prior quarter-end, and 54.5% at March 31, 2023.

Other interest-bearing deposits totaled $499.2 million at March 31, 2024, an increase of $16.3 million or 3.4% from the prior quarter-end, and a decrease of $1.4 million or 0.3% from March 31, 2023.

Although the Bank continues to maintain core deposit relationships, consistent with industry trends in this higher-rate environment, certain depositors are reinvesting their excess cash in non-FDIC insured, external investment products resulting in a deposit mix shift from non-interest-bearing to interest-bearing.

The weighted average cost of deposits for the first quarter of 2024 was 1.09%, compared to 1.00% for the previous quarter, and 0.45% for the same quarter last year. The increase in the cost of deposits this quarter is partially due to the Bank acquiring $29.0 million in short-term brokered CD’s at rates higher than our average cost of deposits, but at a favorable spread to FHLB borrowings.

The Bank increased its FHLB advances to $85.0 million at March 31, 2024 from $75.0 million at December 31, 2023. At March 31, 2024, the Bank had $75.0 million of short-term, 30 days or less, FHLB advances and another $10.0 million of long-term FHLB advances outstanding. At March 31, 2024, the Company also had $10.0 million drawn on a correspondent bank line of credit at a favorable rate of 3.85% and $18.0 million of subordinated notes outstanding at a favorable rate of 3.75%. The weighted average cost on all borrowings for the quarter was 5.06%, resulting in $1.5 million in interest expense. The $113.0 million of total borrowings at March 31, 2024, was a $10.0 million increase from the level carried at the end of the fourth quarter of 2023.

The Bank’s liquidity position remained strong with a primary liquidity ratio (cash and cash equivalents, deposits held in other banks and unpledged AFS securities as a percentage of total assets) of 16.7% at March 31, 2024, compared to 16.4% at December 31, 2023.

As of March 31, 2024, the Bank had available and unused, secured borrowing capacity with the FHLB of San Francisco of $199.2 million, and had available and unused, secured borrowing capacity with the Federal Reserve of $42.0 million. In addition, the Bank also had $145.0 million of unused fed funds lines of credit with correspondent banks at March 31, 2024. Available contingent funding sources of $386.2 million remain robust.

Overall uninsured deposits, excluding public agency deposits that are collateralized, are conservatively estimated to be $373.1 million, or 35.5% of total deposit balances as of March 31, 2024. The actual level of uninsured deposits is lower than the percentage stated above, as our knowledgeable bankers have helped clients obtain more than $250,000 of FDIC insurance with vesting structures such as joint accounts, payable upon death accounts, and revocable trust accounts with multiple beneficiaries. In addition, the Bank can offer up to $50 million of FDIC pass-through insurance to clients via the IntraFi network Insured Cash Sweep (“ICS”) or Certificate of Deposit Account Registry System (“CDARS”) products.

Shareholders’ Equity

Total shareholders’ equity was $101.7 million at March 31, 2024, a $1.1 million or 1.0% increase since December 31, 2023, and an increase of $10.1 million or 11.1% over the same period of the prior year. The tax adjusted unrealized loss on securities, which is a component of equity (accumulated other comprehensive income or “AOCI”), increased $0.9 million or 4.5% from $20.9 million at the end of 2023 to $21.9 million at the end of the first quarter of 2024. The Bank fully expects to receive all principal when the investments mature.

Company Profile

American Riviera Bancorp (OTCQX: ARBV) is a registered bank holding company headquartered in Santa Barbara, California. American Riviera Bank, the 100% owned subsidiary of American Riviera Bancorp, is a full-service community bank focused on serving the lending and deposit needs of businesses and consumers on the Central Coast of California. The state-chartered bank opened for business on July 18, 2006, with the support of local shareholders. Full-service branches are located in Santa Barbara, Montecito, Goleta, Santa Maria, San Luis Obispo, and Paso Robles. The Bank provides commercial business, commercial real estate, residential mortgage, construction, and Small Business Administration lending services as well as convenient online and mobile technology. For thirteen consecutive years, the Bank has been recognized for strong financial performance by the Findley Reports and has received the highest “Super Premier” rating from Findley every year since 2016. The Bank was rated “Outstanding” by the Federal Deposit Insurance Corporation in 2023 for its performance under the Community Reinvestment Act.

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.

American Riviera Bancorp and Subsidiaries
Balance Sheets (unaudited)
(dollars in thousands)

March 31,

 

March 31,

 

One Year

 

One Year

2024

 

2023

 

$ Change

 

% Change

Assets
Cash & Due From Banks

$

33,029

 

$

64,252

 

$

(31,223

)

-49

%

Available-for-sale securities

 

200,905

 

 

223,547

 

 

(22,642

)

-10

%

Held-to-maturity securities, net

 

41,343

 

 

41,274

 

 

69

 

0

%

 
Loans

 

950,820

 

 

924,761

 

 

26,059

 

3

%

Allowance For Credit Losses

 

(11,648

)

 

(11,468

)

 

(180

)

2

%

Net Loans

 

939,172

 

 

913,293

 

 

25,879

 

3

%

 
Premise & Equipment

 

8,529

 

 

14,098

 

 

(5,569

)

-40

%

Goodwill and Other Intangibles

 

4,955

 

 

4,942

 

 

13

 

0

%

Other Assets

 

48,297

 

 

40,588

 

 

7,709

 

19

%

Total Assets

$

1,276,230

 

$

1,301,994

 

$

(25,764

)

-2

%

 
 
Liabilities & Shareholders’ Equity
Non-interest-bearing Demand Deposits

$

415,648

 

$

460,667

 

$

(45,019

)

-10

%

Interest-bearing Demand Deposits

 

134,532

 

$

138,384

 

 

(3,852

)

-3

%

Other Interest-bearing Deposits

 

499,236

 

 

500,602

 

 

(1,366

)

0

%

Total Deposits

 

1,049,416

 

 

1,099,653

 

 

(50,237

)

-5

%

 
Borrowed Funds

 

113,000

 

 

98,000

 

 

15,000

 

15

%

Other Liabilities

 

12,120

 

 

12,785

 

 

(665

)

-5

%

Total Liabilities

 

1,174,535

 

 

1,210,438

 

 

(35,903

)

-3

%

 
Common Stock

 

67,198

 

 

66,381

 

 

817

 

1

%

Retained Earnings

 

56,357

 

 

46,250

 

 

10,108

 

22

%

Other Capital

 

(21,860

)

 

(21,075

)

 

(785

)

04

%

Total Shareholders’ Equity

 

101,695

 

 

91,556

 

 

10,139

 

11

%

 
Total Liabilities & Shareholders’ Equity

$

1,276,230

 

$

1,301,994

 

$

(25,763

)

-2

%

American Riviera Bancorp and Subsidiaries
Balance Sheets (unaudited)
(dollars in thousands)

March 31,

 

December 31,

 

September 30,

 

June 30,

 

March 31,

2024

 

2023

 

2023

 

2023

 

2023

Assets
Cash & Due From Banks

$

33,029

 

$

19,683

 

$

26,905

 

$

30,428

 

$

64,252

 

Available-for-sale securities

 

200,905

 

 

207,271

 

 

206,842

 

 

215,951

 

 

223,547

 

Held-to-maturity securities

 

41,343

 

 

41,326

 

 

41,309

 

 

41,295

 

 

41,274

 

 
Loans

 

950,820

 

 

946,411

 

 

941,124

 

 

945,389

 

 

924,761

 

Allowance for Credit Losses

 

(11,648

)

 

(11,648

)

 

(11,647

)

 

(11,638

)

 

(11,468

)

Net Loans

 

939,172

 

 

934,763

 

 

929,477

 

 

933,751

 

 

913,293

 

 
Premise & Equipment

 

8,529

 

 

13,994

 

 

14,686

 

 

14,842

 

 

14,098

 

Goodwill and Other Intangibles

 

4,955

 

 

4,930

 

 

4,934

 

 

4,936

 

 

4,942

 

Other Assets

 

48,297

 

 

43,069

 

 

44,653

 

 

43,851

 

 

40,588

 

Total Assets

$

1,276,230

 

$

1,265,036

 

$

1,268,806

 

$

1,285,054

 

$

1,301,994

 

 
 
Liabilities & Shareholders’ Equity
Non-interest-bearing Demand Deposits

$

415,648

 

$

443,070

 

$

457,723

 

$

442,078

 

$

460,667

 

Interest-bearing Demand Deposits

 

134,532

 

 

123,686

 

 

129,484

 

 

140,935

 

 

138,384

 

Other Interest-bearing Deposits

 

499,236

 

 

482,926

 

 

514,266

 

 

499,424

 

 

500,602

 

Total Deposits

 

1,049,416

 

 

1,049,682

 

 

1,101,473

 

 

1,082,437

 

 

1,099,653

 

 
Borrowed Funds

 

113,000

 

 

103,000

 

 

63,000

 

 

98,000

 

 

98,000

 

Other Liabilities

 

12,120

 

 

11,715

 

 

11,976

 

 

11,819

 

 

12,785

 

Total Liabilities

 

1,174,535

 

 

1,164,397

 

 

1,176,449

 

 

1,192,256

 

 

1,210,438

 

 
Common Stock

 

67,198

 

 

67,388

 

 

67,108

 

 

66,836

 

 

67,411

 

Retained Earnings

 

56,357

 

 

54,177

 

 

51,972

 

 

49,324

 

 

46,251

 

Other Capital

 

(21,860

)

 

(20,926

)

 

(26,723

)

 

(23,362

)

 

(21,075

)

Total Shareholders’ Equity

 

101,695

 

 

100,639

 

 

92,357

 

 

92,798

 

 

91,556

 

 
Total Liabilities & Shareholders’ Equity

$

1,276,230

 

$

1,265,036

 

$

1,268,806

 

$

1,285,054

 

$

1,301,994

 

American Riviera Bancorp and Subsidiaries
Statement of Income (unaudited)
(dollars in thousands, except per share data)

Quarter Ended

March 31,

 

March 31,

 

 

2024

 

2023

 

Change

Interest Income
Interest and Fees on Loans

$

12,672

 

$

11,201

 

13

%

Interest on Securities

 

1,712

 

 

1,733

 

-1

%

Interest on Due From Banks

 

153

 

 

276

 

-45

%

Total Interest Income

 

14,537

 

 

13,210

 

10

%

 
Interest Expense
Interest Expense on Deposits

 

2,806

 

 

1,274

 

120

%

Interest Expense on Borrowings

 

1,538

 

 

421

 

266

%

Total Interest Expense

 

4,344

 

 

1,695

 

156

%

 
Net Interest Income

 

10,192

 

 

11,515

 

-11

%

Provision for Credit Losses

 

(2

)

 

 

0

%

Net Interest Income After Provision

 

10,194

 

 

11,515

 

-11

%

 
Non-Interest Income
Service Charges, Commissions and Fees

 

520

 

 

463

 

12

%

Other Non-Interest Income

 

361

 

 

66

 

445

%

Total Non-Interest Income

 

881

 

 

529

 

66

%

 
Non-Interest Expense
Salaries and Employee Benefits

 

5,223

 

 

4,942

 

6

%

Occupancy and Equipment

 

873

 

 

905

 

-4

%

Other Non-Interest Expense

 

2,006

 

 

2,134

 

-6

%

Total Non-Interest Expense

 

8,101

 

 

7,981

 

2

%

 
Net Income Before Provision for Taxes

 

2,974

 

 

4,063

 

-27

%

Provision for Taxes

 

793

 

 

1,090

 

-27

%

Net Income

$

2,180

 

$

2,973

 

-27

%

 
Shares Outstanding

 

5,820,150

 

 

5,763,854

 

1

%

Earnings Per Share – Basic

$

0.37

 

$

0.52

 

-27

%

Return on Average Assets

 

0.69

%

 

0.98

%

-30

%

Return on Average Equity

 

8.65

%

 

14.22

%

-39

%

Net Interest Margin

 

3.34

%

 

3.76

%

-11

%

American Riviera Bancorp and Subsidiaries
Five Quarter Statements of Income (unaudited)
(dollars in thousands, except per share data)
Quarters Ended

March 31,

 

December 31,

 

September 30,

 

June 30,

 

March 31,

2024

 

2023

 

2023

 

2023

 

2023

Interest Income
Interest and Fees on Loans

$

12,672

 

$

12,557

 

$

12,134

$

11,794

$

11,201

Interest on Securities

 

1,712

 

 

1,751

 

 

1,664

 

1,792

 

1,733

Interest on Due From Banks

 

153

 

 

293

 

 

221

 

265

 

276

Total Interest Income

 

14,537

 

 

14,601

 

 

14,019

 

13,851

 

13,210

 
Interest Expense
Interest Expense on Deposits

 

2,806

 

 

2,735

 

 

2,514

 

1,965

 

1,274

Interest Expense on Borrowings

 

1,538

 

 

863

 

 

618

 

1,006

 

421

Total Interest Expense

 

4,344

 

 

3,598

 

 

3,131

 

2,971

 

1,695

 
Net Interest Income

 

10,192

 

 

11,003

 

 

10,888

 

10,880

 

11,515

Provision for Credit Losses

 

(2

)

 

 

 

8

 

163

 

Net Interest Income After Provision

 

10,194

 

 

11,003

 

 

10,880

 

10,717

 

11,515

 
Non-Interest Income
Service Charges, Commissions and Fees

 

520

 

 

525

 

 

467

 

764

 

463

Other Non-Interest Income

 

361

 

 

(257

)

 

225

 

222

 

66

Total Non-Interest Income

 

881

 

 

268

 

 

692

 

987

 

529

 
Non-Interest Expense
Salaries and Employee Benefits

 

5,223

 

 

4,838

 

 

4,599

 

4,588

 

4,942

Occupancy and Equipment

 

873

 

 

907

 

 

862

 

868

 

905

Other Non-Interest Expense

 

2,006

 

 

2,485

 

 

2,452

 

2,508

 

2,134

Total Non-Interest Expense

 

8,101

 

 

8,230

 

 

7,912

 

7,964

 

7,981

 
Net Income Before Provision for Taxes

 

2,974

 

 

3,041

 

 

3,660

 

3,740

 

4,063

Provision for Taxes

 

793

 

 

838

 

 

1,011

 

1,052

 

1,090

Net Income

$

2,180

 

$

2,203

 

$

2,649

$

2,688

$

2,973

 
Shares Outstanding

 

5,820,150

 

 

5,768,697

 

 

5,771,679

 

5,772,012

 

5,763,854

Earnings Per Share – Basic

$

0.37

 

$

0.38

 

$

0.46

$

0.47

$

0.52

 
Net Income pre-tax, pre-provision (Non-GAAP)

$

2,972

 

$

3,039

 

$

3,668

$

3,902

$

4,062

American Riviera Bancorp and Subsidiaries
Selected Financial Highlights (unaudited)
(dollars in thousands, except per share data)
At or for the Quarters Ended

March 31,

 

December 31,

 

September 30,

 

June 30,

 

March 31,

2024

 

2023

 

2023

 

2023

 

2023

Income and performance ratios:
Net Income

$

2,180

 

$

2,203

 

$

2,649

 

$

2,688

 

$

2,973

 

Earnings per share – basic

 

0.37

 

 

0.38

 

 

0.46

 

 

0.47

 

 

0.52

 

Return on average assets

 

0.69

%

 

0.69

%

 

0.80

%

 

0.85

%

 

0.98

%

Return on average equity

 

8.65

%

 

9.36

%

 

10.98

%

 

11.84

%

 

14.22

%

Cost of Funds

 

1.51

%

 

1.23

%

 

1.06

%

 

1.02

%

 

0.59

%

Cost of Deposits

 

1.09

%

 

1.00

%

 

0.90

%

 

0.73

%

 

0.45

%

Net interest margin

 

3.34

%

 

3.61

%

 

3.47

%

 

3.51

%

 

3.76

%

Efficiency ratio (b)

 

74.33

%

 

73.01

%

 

68.79

%

 

66.97

%

 

65.52

%

 
Balance Sheet ratios:
Loan-to-deposit ratio

 

90.60

%

 

90.16

%

 

85.44

%

 

87.34

%

 

84.10

%

Non-interest-bearing deposits / total deposits

 

39.61

%

 

42.21

%

 

41.56

%

 

40.84

%

 

41.89

%

Demand deposits / total deposits

 

52.43

%

 

53.99

%

 

53.31

%

 

53.86

%

 

54.48

%

 
Asset quality:
Allowance for credit losses

$

11,648

 

$

11,648

 

$

11,647

 

$

11,638

 

$

11,468

 

Nonperforming assets

 

631

 

 

595

 

 

2,708

 

 

2,818

 

 

2,955

 

Allowance for credit losses / total loans and leases

 

1.23

%

 

1.23

%

 

1.24

%

 

1.23

%

 

1.24

%

Net charge-offs / average loans and leases (annualized)

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

Texas ratio (a)

 

0.74

%

 

0.71

%

 

2.73

%

 

2.83

%

 

3.01

%

 
Capital ratios for American Riviera Bank (c):
Tier 1 risk-based capital

 

12.76

%

 

12.62

%

 

12.14

%

 

12.02

%

 

11.96

%

Total risk-based capital

 

13.90

%

 

13.77

%

 

13.28

%

 

13.17

%

 

13.12

%

Tier 1 leverage ratio

 

10.82

%

 

10.62

%

 

10.12

%

 

9.95

%

 

9.67

%

 
Capital ratios for American Riviera Bancorp (c):
Tier 1 risk-based capital

 

11.07

%

 

10.94

%

 

10.52

%

 

10.39

%

 

10.32

%

Total risk-based capital

 

13.84

%

 

13.72

%

 

13.31

%

 

13.22

%

 

13.21

%

Tier 1 leverage ratio

 

9.39

%

 

9.21

%

 

8.77

%

 

8.60

%

 

8.32

%

Tangible common equity ratio

 

7.61

%

 

7.60

%

 

6.92

%

 

6.86

%

 

6.68

%

 
Equity and share related:
Common equity

$

101,695

 

$

100,639

 

$

92,357

 

$

92,798

 

$

91,556

 

Book value per share

 

17.47

 

 

17.45

 

 

16.00

 

 

16.08

 

 

15.88

 

Tangible book value per share

 

16.62

 

 

16.59

 

 

15.15

 

 

15.22

 

 

15.03

 

Tangible book value per share, excluding AOCI (d)

 

20.38

 

 

20.22

 

 

19.78

 

 

19.27

 

 

18.68

 

Stock closing price per share

 

15.96

 

 

16.50

 

 

16.15

 

 

15.20

 

 

16.81

 

Number of shares issued and outstanding

 

5,820.15

 

 

5,768.70

 

 

5,771.68

 

 

5,772.01

 

 

5,763.85

 

Notes:
(a) The sum of Nonperforming assets and Other Real Estate Owned, divided by the sum of Total Shareholder Equity and Total Allowance for Credit Losses (less Preferred Stock and Intangible Assets).
(b) Annualized Operating Expense excluding Provision for Credit Losses minus Annualized Extraordinary Expense, divided by Annualized Interest Income including Loan Fees minus Annualized Interest Expense plus Annualized Non-Interest Income minus Annualized Extraordinary Income, expressed as a percentage.
(c) Current period capital ratios are preliminary.
(d) Accumulated Other Comprehensive Income (AOCI), is comprised of the tax adjusted unrealized loss on securities and is presented as Other Capital on the Balance Sheet.

 

Contacts

American Riviera Bank

www.americanriviera.bank
805-965-5942

Michelle Martinich