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    American Riviera Bancorp Announces Results for the Fourth Quarter of 2024

    American Riviera Bancorp (“Company”) (OTCQX: ARBV), holding company of American Riviera Bank (“Bank”), announced today unaudited net income of $8.7 million ($1.50 per share) for the year ended December 31, 2024, compared to $10.5 million ($1.82 per share) earned in the same reporting period in the previous year. Unaudited net income was $2.0 million ($0.35 per share) for the three months ended December 31, 2024, compared to $2.1 million ($0.36 per share) in the previous quarter, and $2.2 million ($0.38 per share) earned in the same reporting period in the previous year.

    Total deposits were $1.11 billion at December 31, 2024, an increase of $63.7 million or 6.1% from December 31, 2023. At December 31, 2024, all deposits were “core deposits” from our clients, with no wholesale-funded certificates of deposit.

    Jeff DeVine, President and CEO of the Company and the Bank, stated, “The growth in our local deposits is a testament to our dedication to provide high-quality, relationship-based services and response to the needs of our community. Our Atascadero branch has been open less than six months and has already exceeded our expectations for new client relationships with $20 million in deposits. We believe there are opportunities to repeat our Atascadero success in neighboring communities by attracting experienced bankers to join the American Riviera Bank team.”

    Fourth Quarter Highlights

    • The Company was recognized by OTC Markets with the “OTCQX Best 50” distinction for equal weighted share trading volume and total return in 2024.
    • 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 September 30, 2024.
    • Total shareholders’ equity of $111.4 million at December 31, 2024, has increased $10.7 million or 10.7% from the same reporting period in the previous year.
    • Tangible book value per share of $18.31 at December 31, 2024, has increased $1.72 or 10.4% from the same reporting period in the previous year.
    • All Bank and Company capital ratios increased in the fourth quarter of 2024. The Bank’s regulatory capital ratios were all above “well-capitalized” standards. The Company’s tangible common equity ratio at December 31, 2024 was 8.35%, an increase from 7.60% at December 31, 2023.
    • Total loans were $989.9 million at December 31, 2024, an increase of $13.7 million or 1.4% from the prior quarter-end, and an increase of $43.5 million or 4.6% from December 31, 2023. The Bank’s loan-to-deposit ratio at December 31, 2024, was 88.9%.
    • Non-interest-bearing demand deposits were $431.0 million or 38.7% of total deposits at December 31, 2024. Total demand deposits were $548.0 million or 49.2% of total deposits at December 31, 2024.
    • Increased average core deposits in the fourth quarter of 2024 allowed the Bank to significantly reduce average wholesale-funded certificates of deposit and Federal Home Loan Bank (“FHLB”) advances. As a result of the favorable shift in funding mix, total cost of funds decreased to 1.63% for the fourth quarter of 2024, compared to 1.66% in the prior quarter, yet remain higher than the 1.23% for the same quarter in the prior year. Overall funding costs for the Company have increased from prior year due to Federal Reserve policy, but remain modest compared to industry averages based on our relationship banking focus and high percentage of demand deposits.
    • On-balance sheet liquidity continues to be substantial with $199.0 million of cash, due from banks, and available-for-sale (“AFS”) securities market value at December 31, 2024.
    • Access to available sources of liquidity including fed funds lines of credit with correspondent banks, unused secured borrowing capacity with the FHLB, and unused secured borrowing capacity with the Federal Reserve totaled $455.4 million at December 31, 2024.
    • At December 31, 2024, the Bank’s commercial real estate (“CRE”) portfolio is diverse, with only $83.3 million in the non-owner-occupied office category and weighted average loan-to-values of 30% to 54% depending on the individual CRE category. As of the most recent CRE stress test in July 2024, weighted average debt coverage ratios were between 1.86 and 3.16 depending on the individual CRE category.
    • The Bank maintained strong credit quality with no other real estate owned, no loans 90 days or more past due and still accruing, and $6.1 million or 0.62% of total loans on non-accrual status, which are well supported by collateral, borrower assets, SBA guarantees, or specific reserves.

    Earnings

    For the fourth quarter of 2024, unaudited net income was $2.0 million, slightly less than the $2.1 million in the third quarter of 2024, and the $2.2 million in the fourth quarter of 2023. However, unaudited net income pre-tax, pre-provision (non-GAAP) was $3.3 million in the fourth quarter of 2024, slightly more than the $2.9 million in the third quarter of 2024, and the $3.0 million in the fourth quarter of 2023.

    The Bank continues to grow interest and fees on loans sequentially over the last four quarters from $12.6 million in the fourth quarter of 2023 to $13.4 million in the fourth quarter of 2024, representing a $0.9 million or 6.9% increase. However, the cost of funding has also increased sequentially due to the Federal Reserve’s higher-rate policy. Total interest expense has increased from $3.6 million in the fourth quarter of 2023 to $4.8 million in the fourth quarter of 2024, a $1.2 million or 33.8% increase. Total interest expense has notably declined over the last two quarters due to the favorable shift in funding mix discussed previously.

    Non-Interest Income and Expense

    Total non-interest income was $0.8 million for the fourth quarter of 2024, compared to $0.9 million for the prior quarter and $0.3 million for the same quarter last year. The fourth quarter of 2023 included a discretionary $0.5 million pre-tax loss from fixed income security repositioning. Total non-interest income for 2024 of $4.1 million was $1.6 million or 66.5% better than total non-interest income in the prior year. 2024 non-interest income included a non-recurring $0.5 million pre-tax gain on the redemption of $1.5 million in subordinated debentures, as well as improved income from FHLB dividends, SBA loan sale premiums, and cash value life insurance. Variances between the quarters can also be attributed to mortgage broker fees, loan interest rate swap fees, and loan prepayment fees.

    Total non-interest expense was $8.1 million for the fourth quarter of 2024, a decrease from the $8.4 million reported for the prior quarter, and the $8.3 million reported for the same quarter of the prior year. Total non-interest expense for 2024 of $32.7 million was notably only $0.6 million or 1.8% higher than total non-interest expense in the prior year. Cost savings generated from our core and online banking vendor contract as well as other proactive cost reductions have allowed for targeted personnel increases in deposit generating roles including staffing and occupancy for our recently opened branch in Atascadero.

    Loans and Asset Quality

    Total loans were $989.9 million at December 31, 2024, an increase of $13.7 million or 1.4% from the prior quarter-end, and an increase of $43.5 million or 4.6% from December 31, 2023.

    The Bank’s Allowance for Credit Losses (“ACL”) was $11.6 million at December 31, 2024, with a resulting coverage ratio of 1.17%, as compared to $11.6 million or 1.23% at December 31, 2023. As of December 31, 2024, non-accrual loans totaled $6.1 million, an increase from the previous quarter-end, and an increase from the $0.6 million reported December 31, 2023. The loans on non-accrual are well supported by collateral, borrower assets, SBA guarantees, or specific reserves.

    Deposits & Borrowings

    Total deposits were $1.11 billion at December 31, 2024, representing a $19.4 million or 1.7% decrease from September 30, 2024. However, core deposits increased $13.1 million from September 30, 2024 to December 31, 2024. Core deposits increased $63.7 million or 6.1% since December 31, 2023.

    Non-interest-bearing demand deposits totaled $431.0 million at December 31, 2024, a decrease of $35.5 million or 7.6% from the prior quarter-end, and a decrease of $12.0 million or 2.7% from December 31, 2023. Non-interest-bearing demand deposits represent 38.7% of total deposits at December 31, 2024, compared to 41.2% at the prior quarter-end, and 42.2% at December 31, 2023.

    Interest-bearing demand deposits totaled $117.0 million at December 31, 2024, an increase of $0.4 million or 0.3% from the prior quarter-end, and a decrease of $6.7 million or 5.4% from December 31, 2023. Demand deposits represent 49.2% of total deposits at December 31, 2024, a decrease from 51.5% at the prior quarter-end, and from 54.0% at December 31, 2023.

    Other interest-bearing deposits totaled $565.3 million at December 31, 2024, an increase of $15.7 million or 2.9% from the prior quarter-end, and an increase of $82.4 million or 17.1% from December 31, 2023.

    The weighted average cost of deposits for the fourth quarter of 2024 was 1.58%, compared to 1.52% for the previous quarter, and 1.00% for the same quarter last year. The increase in the cost of deposits this quarter is related to higher rates on time deposits for local depositors.

    As a result of increased core deposits, the Bank was able to reduce more expensive wholesale-funded certificates of deposit to zero from the $32.5 million outstanding at September 30, 2024.

    The Bank’s total borrowings increased slightly to $41.5 million at December 31, 2024, from $36.5 million at September 30, 2024. At December 31, 2024, the Bank had a short-term FHLB advance of $15.0 million, $10.0 million drawn on a correspondent bank line of credit at a rate of 3.85%, and $16.5 million of subordinated notes outstanding at a rate of 3.75%. The weighted average cost on all borrowings for the fourth quarter of 2024 was 3.70%, resulting in $0.3 million in interest expense, comparing very favorably to the $0.6 million of borrowing expense for the previous quarter, and $0.9 million for the same quarter last year.

    As a result of the increased core deposits and decreased use of non-core wholesale funding, the Company was able to reduce overall cost of funds to 1.63% for the fourth quarter of 2024, compared to 1.66% for the previous quarter. The Company’s net interest margin was stable at 3.32% for the fourth quarter of 2024, compared to 3.33% for the prior quarter.

    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 13.7% at December 31, 2024, compared to 15.8% at September 30, 2024. As of December 31, 2024, the Bank had available and unused, secured borrowing capacity with the FHLB of San Francisco of $272.1 million, and had available and unused, secured borrowing capacity with the Federal Reserve of $40.4 million. In addition, the Bank had $142.9 million of unused fed funds lines of credit with correspondent banks at December 31, 2024. Available contingent funding sources of $455.4 million remain robust.

    Overall uninsured deposits, excluding public agency deposits that are collateralized, are conservatively estimated to be $390.2 million, or 35.0% of total deposit balances as of December 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 $111.4 million at December 31, 2024, a $0.7 million or 0.7% decrease since September 30, 2024, and an increase of $10.7 million or 10.7% 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 $3.1 million or 18.4% from $16.6 million at September 30, 2024, to $19.7 million at December 31, 2024. However, negative AOCI decreased $1.2 million or 6.0% from December 31, 2023 to December 31, 2024. The Bank fully expects to receive all principal when the investments mature. As of December 31, 2024, the Company had not repurchased any shares under the share repurchase program and had $5.0 million available for repurchase.

    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, Atascadero, 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. The Company was named to the “OTCQX Best 50” list for equal weighted share trading volume and total return in 2024.

    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)
     

    December 31,

    December 31,

    One Year

    One Year

    2024

    2023

    $ Change

    % Change

    Assets
    Cash & Due From Banks

    $

    20,948

     

    $

    19,683

     

    $

    1,265

     

    6

    %

    Available-for-sale securities

     

    178,082

     

     

    207,271

     

     

    (29,189

    )

    -14

    %

    Held-to-maturity securities, net

     

    41,393

     

     

    41,326

     

     

    67

     

    0

    %

     
    Loans

     

    989,941

     

     

    946,411

     

     

    43,530

     

    5

    %

    Allowance For Credit Losses

     

    (11,572

    )

     

    (11,648

    )

     

    76

     

    -1

    %

    Net Loans

     

    978,369

     

     

    934,763

     

     

    43,606

     

    5

    %

     
    Premise & Equipment

     

    8,221

     

     

    8,801

     

     

    (580

    )

    -7

    %

    Operating Lease Right-of-Use Asset

     

    4,841

     

     

    5,193

     

     

    (352

    )

    -7

    %

    Bank Owned Life Insurance

     

    12,131

     

     

    11,738

     

     

    393

     

    3

    %

    Stock in Other Banks

     

    6,786

     

     

    6,699

     

     

    87

     

    1

    %

    Goodwill and Other Intangibles

     

    4,911

     

     

    4,930

     

     

    (19

    )

    0

    %

    Other Assets

     

    23,629

     

     

    24,632

     

     

    (1,003

    )

    -4

    %

    Total Assets

    $

    1,279,312

     

    $

    1,265,036

     

    $

    14,276

     

    1

    %

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

    $

    431,031

     

    $

    443,070

     

    $

    (12,039

    )

    -3

    %

    Interest-bearing Demand Deposits

     

    116,996

     

     

    123,686

     

     

    (6,690

    )

    -5

    %

    Other Interest-bearing Deposits

     

    565,312

     

     

    482,926

     

     

    82,386

     

    17

    %

    Total Deposits

     

    1,113,338

     

     

    1,049,682

     

     

    63,656

     

    6

    %

     
    Borrowed Funds

     

    41,500

     

     

    103,000

     

     

    (61,500

    )

    -60

    %

    Other Liabilities

     

    13,091

     

     

    11,715

     

     

    1,376

     

    12

    %

    Total Liabilities

     

    1,167,929

     

     

    1,164,397

     

     

    3,532

     

    0

    %

     
    Common Stock

     

    68,134

     

     

    67,388

     

     

    746

     

    1

    %

    Retained Earnings

     

    62,919

     

     

    54,177

     

     

    8,742

     

    16

    %

    Other Capital

     

    (19,670

    )

     

    (20,926

    )

     

    1,256

     

    6

    %

    Total Shareholders' Equity

     

    111,383

     

     

    100,639

     

     

    10,744

     

    11

    %

     
    Total Liabilities & Shareholders' Equity

    $

    1,279,312

     

    $

    1,265,036

     

    $

    14,276

     

    1

    %

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

    December 31,

    September 30,

    June 30,

    March 31,

    December 31,

    2024

    2024

    2024

    2024

    2023

    Assets
    Cash & Due From Banks

    $

    20,948

     

    $

    40,549

     

    $

    28,557

     

    $

    33,029

     

    $

    19,683

     

    Available-for-sale securities

     

    178,082

     

     

    188,173

     

     

    189,514

     

     

    200,905

     

     

    207,271

     

    Held-to-maturity securities

     

    41,393

     

     

    41,377

     

     

    41,360

     

     

    41,343

     

     

    41,326

     

     
    Loans

     

    989,941

     

     

    976,257

     

     

    963,701

     

     

    950,820

     

     

    946,411

     

    Allowance for Credit Losses

     

    (11,572

    )

     

    (11,694

    )

     

    (11,694

    )

     

    (11,648

    )

     

    (11,648

    )

    Net Loans

     

    978,369

     

     

    964,563

     

     

    952,008

     

     

    939,172

     

     

    934,763

     

     
    Premise & Equipment

     

    8,221

     

     

    8,477

     

     

    8,527

     

     

    8,529

     

     

    8,801

     

    Operating Lease Right-of-Use Asset

     

    4,841

     

     

    5,153

     

     

    4,636

     

     

    4,931

     

     

    5,193

     

    Bank Owned Life Insurance

     

    12,131

     

     

    12,027

     

     

    11,930

     

     

    11,839

     

     

    11,738

     

    Stock in Other Banks

     

    6,786

     

     

    6,786

     

     

    6,786

     

     

    6,699

     

     

    6,699

     

    Goodwill and Other Intangibles

     

    4,911

     

     

    4,939

     

     

    4,956

     

     

    4,955

     

     

    4,930

     

    Other Assets

     

    23,629

     

     

    22,716

     

     

    24,932

     

     

    24,828

     

     

    24,632

     

    Total Assets

    $

    1,279,312

     

    $

    1,294,758

     

    $

    1,273,206

     

    $

    1,276,230

     

    $

    1,265,036

     

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

    $

    431,031

     

    $

    466,537

     

    $

    424,991

     

    $

    415,648

     

    $

    443,070

     

    Interest-bearing Demand Deposits

     

    116,996

     

     

    116,624

     

     

    110,323

     

     

    134,532

     

     

    123,686

     

    Other Interest-bearing Deposits

     

    565,312

     

     

    549,601

     

     

    532,656

     

     

    499,236

     

     

    482,926

     

    Total Deposits

     

    1,113,338

     

     

    1,132,762

     

     

    1,067,970

     

     

    1,049,416

     

     

    1,049,682

     

     
    Borrowed Funds

     

    41,500

     

     

    36,500

     

     

    86,500

     

     

    113,000

     

     

    103,000

     

    Other Liabilities

     

    13,091

     

     

    13,372

     

     

    13,342

     

     

    12,120

     

     

    11,715

     

    Total Liabilities

     

    1,167,929

     

     

    1,182,634

     

     

    1,167,812

     

     

    1,174,535

     

     

    1,164,397

     

     
    Common Stock

     

    68,134

     

     

    67,841

     

     

    67,509

     

     

    67,198

     

     

    67,388

     

    Retained Earnings

     

    62,919

     

     

    60,901

     

     

    58,812

     

     

    56,357

     

     

    54,177

     

    Other Capital

     

    (19,670

    )

     

    (16,617

    )

     

    (20,927

    )

     

    (21,860

    )

     

    (20,926

    )

    Total Shareholders' Equity

     

    111,383

     

     

    112,125

     

     

    105,394

     

     

    101,695

     

     

    100,639

     

     
    Total Liabilities & Shareholders' Equity

    $

    1,279,312

     

    $

    1,294,758

     

    $

    1,273,206

     

    $

    1,276,230

     

    $

    1,265,036

     

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

    Quarter Ended

     

    Twelve Months Ended

    December 31,

     

    December 31,

     

     

     

    December 31,

     

    December 31,

     

     

    2024

     

    2023

     

    Change

     

    2024

     

    2023

     

    Change

    Interest Income
    Interest and Fees on Loans

    $

    13,426

     

    $

    12,557

     

    7

    %

    $

    52,536

     

    $

    47,686

     

    10

    %

    Interest on Securities

     

    1,518

     

     

    1,751

     

    -13

    %

     

    6,401

     

     

    6,940

     

    -8

    %

    Interest on Due From Banks

     

    445

     

     

    293

     

    52

    %

     

    1,194

     

     

    1,055

     

    13

    %

    Total Interest Income

     

    15,389

     

     

    14,601

     

    5

    %

     

    60,131

     

     

    55,681

     

    8

    %

     
    Interest Expense
    Interest Expense on Deposits

     

    4,555

     

     

    2,735

     

    67

    %

     

    15,120

     

     

    8,488

     

    78

    %

    Interest Expense on Borrowings

     

    258

     

     

    863

     

    -70

    %

     

    3,791

     

     

    2,907

     

    30

    %

    Total Interest Expense

     

    4,813

     

     

    3,598

     

    34

    %

     

    18,911

     

     

    11,395

     

    66

    %

     
    Net Interest Income

     

    10,576

     

     

    11,003

     

    -4

    %

     

    41,221

     

     

    44,286

     

    -7

    %

    Provision for Credit Losses

     

    282

     

     

    -

     

    0

    %

     

    393

     

     

    171

     

    130

    %

    Net Interest Income After Provision

     

    10,294

     

     

    11,003

     

    -6

    %

     

    40,828

     

     

    44,115

     

    -7

    %

     
    Non-Interest Income
    Service Charges, Commissions and Fees

     

    530

     

     

    525

     

    1

    %

     

    2,387

     

     

    2,219

     

    8

    %

    Other Non-Interest Income

     

    299

     

     

    (257

    )

    -216

    %

     

    1,736

     

     

    257

     

    576

    %

    Total Non-Interest Income

     

    828

     

     

    268

     

    209

    %

     

    4,123

     

     

    2,476

     

    67

    %

     
    Non-Interest Expense
    Salaries and Employee Benefits

     

    4,705

     

     

    4,838

     

    -3

    %

     

    19,997

     

     

    18,966

     

    5

    %

    Occupancy and Equipment

     

    981

     

     

    907

     

    8

    %

     

    3,726

     

     

    3,542

     

    5

    %

    Other Non-Interest Expense

     

    2,432

     

     

    2,485

     

    -2

    %

     

    8,927

     

     

    9,579

     

    -7

    %

    Total Non-Interest Expense

     

    8,118

     

     

    8,230

     

    -1

    %

     

    32,650

     

     

    32,087

     

    2

    %

     
    Net Income Before Provision for Taxes

     

    3,004

     

     

    3,041

     

    -1

    %

     

    12,301

     

     

    14,504

     

    -15

    %

    Provision for Taxes

     

    986

     

     

    838

     

    18

    %

     

    3,559

     

     

    3,991

     

    -11

    %

    Net Income

    $

    2,018

     

    $

    2,203

     

    -8

    %

    $

    8,742

     

    $

    10,513

     

    -17

    %

     
    Shares Outstanding

     

    5,815,818

     

     

    5,768,697

     

    1

    %

     

    5,815,818

     

     

    5,768,697

     

    1

    %

    Earnings Per Share - Basic

    $

    0.35

     

    $

    0.38

     

    -9

    %

    $

    1.50

     

    $

    1.82

     

    -18

    %

    Return on Average Assets

     

    0.62

    %

     

    0.69

    %

    -10

    %

     

    0.68

    %

     

    0.82

    %

    -17

    %

    Return on Average Equity

     

    7.27

    %

     

    9.36

    %

    -22

    %

     

    8.25

    %

     

    11.02

    %

    -25

    %

    Net Interest Margin

     

    3.32

    %

     

    3.61

    %

    -8

    %

     

    3.30

    %

     

    3.63

    %

    -9

    %

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

    Three Months Ended

    December 31,

     

    September 30,

     

    June 30,

     

    March 31,

     

    December 31,

    2024

     

    2024

     

    2024

     

    2024

     

    2023

    Interest Income
    Interest and Fees on Loans

    $

    13,426

     

    $

    13,395

     

    $

    13,043

     

    $

    12,672

     

    $

    12,557

     

    Interest on Securities

     

    1,518

     

     

    1,577

     

     

    1,595

     

     

    1,712

     

     

    1,751

     

    Interest on Due From Banks

     

    445

     

     

    305

     

     

    291

     

     

    153

     

     

    293

     

    Total Interest Income

     

    15,389

     

     

    15,277

     

     

    14,928

     

     

    14,537

     

     

    14,601

     

     
    Interest Expense
    Interest Expense on Deposits

     

    4,555

     

     

    4,225

     

     

    3,534

     

     

    2,806

     

     

    2,735

     

    Interest Expense on Borrowings

     

    258

     

     

    624

     

     

    1,370

     

     

    1,538

     

     

    863

     

    Total Interest Expense

     

    4,813

     

     

    4,849

     

     

    4,903

     

     

    4,344

     

     

    3,598

     

     
    Net Interest Income

     

    10,576

     

     

    10,428

     

     

    10,025

     

     

    10,192

     

     

    11,003

     

    Provision for Credit Losses

     

    282

     

     

    (0

    )

     

    78

     

     

    33

     

     

    (84

    )

    Net Interest Income After Provision

     

    10,294

     

     

    10,428

     

     

    9,947

     

     

    10,159

     

     

    11,087

     

     
    Non-Interest Income
    Service Charges, Commissions and Fees

     

    530

     

     

    606

     

     

    731

     

     

    520

     

     

    525

     

    Other Non-Interest Income

     

    299

     

     

    272

     

     

    805

     

     

    361

     

     

    (257

    )

    Total Non-Interest Income

     

    828

     

     

    878

     

     

    1,536

     

     

    881

     

     

    268

     

     
    Non-Interest Expense
    Salaries and Employee Benefits

     

    4,705

     

     

    4,965

     

     

    5,104

     

     

    5,223

     

     

    4,838

     

    Occupancy and Equipment

     

    981

     

     

    978

     

     

    894

     

     

    873

     

     

    907

     

    Other Non-Interest Expense

     

    2,432

     

     

    2,429

     

     

    2,095

     

     

    1,971

     

     

    2,569

     

    Total Non-Interest Expense

     

    8,118

     

     

    8,372

     

     

    8,093

     

     

    8,067

     

     

    8,314

     

     
    Net Income Before Provision for Taxes

     

    3,004

     

     

    2,935

     

     

    3,389

     

     

    2,973

     

     

    3,041

     

    Provision for Taxes

     

    986

     

     

    845

     

     

    934

     

     

    793

     

     

    838

     

    Net Income

    $

    2,018

     

    $

    2,089

     

    $

    2,455

     

    $

    2,180

     

    $

    2,203

     

     
    Shares Outstanding

     

    5,815,818

     

     

    5,833,825

     

     

    5,819,759

     

     

    5,820,150

     

     

    5,768,697

     

    Earnings Per Share - Basic

    $

    0.35

     

    $

    0.36

     

    $

    0.42

     

    $

    0.37

     

    $

    0.38

     

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

    $

    3,286

     

    $

    2,935

     

    $

    3,434

     

    $

    2,972

     

    $

    3,039

     

     

     

     

    American Riviera Bancorp and Subsidiaries
    Selected Financial Highlights (unaudited)
    (dollars in thousands, except per share data)
     

    At or for the Three Months Ended

    December 31,

     

    September 30,

     

    June 30,

     

    March 31,

     

    December 31,

    2024

     

    2024

     

    2024

     

    2024

     

    2023

    Income and performance ratios:
    Net Income

    $

    2,018

     

    $

    2,089

     

    $

    2,455

     

    $

    2,180

     

    $

    2,203

     

    Earnings per share - basic

     

    0.35

     

     

    0.36

     

     

    0.42

     

     

    0.37

     

     

    0.38

     

    Return on average assets

     

    0.62

    %

     

    0.65

    %

     

    0.77

    %

     

    0.69

    %

     

    0.69

    %

    Return on average equity

     

    7.27

    %

     

    7.73

    %

     

    9.57

    %

     

    8.65

    %

     

    9.36

    %

    Loan yield

     

    5.45

    %

     

    5.52

    %

     

    5.48

    %

     

    5.37

    %

     

    5.26

    %

    Cost of funds

     

    1.63

    %

     

    1.66

    %

     

    1.70

    %

     

    1.51

    %

     

    1.23

    %

    Cost of deposits

     

    1.58

    %

     

    1.52

    %

     

    1.35

    %

     

    1.09

    %

     

    1.00

    %

    Net interest margin

     

    3.32

    %

     

    3.33

    %

     

    3.24

    %

     

    3.34

    %

     

    3.61

    %

    Efficiency ratio (b)

     

    71.18

    %

     

    74.06

    %

     

    70.30

    %

     

    74.33

    %

     

    73.01

    %

     
    Balance Sheet ratios:
    Loan-to-deposit ratio

     

    88.92

    %

     

    86.18

    %

     

    90.24

    %

     

    90.60

    %

     

    90.16

    %

    Non-interest-bearing deposits / total deposits

     

    38.72

    %

     

    41.19

    %

     

    39.79

    %

     

    39.61

    %

     

    42.21

    %

    Demand deposits / total deposits

     

    49.22

    %

     

    51.48

    %

     

    50.12

    %

     

    52.43

    %

     

    53.99

    %

     
    Asset quality:
    Allowance for credit losses

    $

    11,572

     

    $

    11,694

     

    $

    11,694

     

    $

    11,648

     

    $

    11,648

     

    Nonperforming assets

     

    6,098

     

     

    521

     

     

    614

     

     

    631

     

     

    595

     

    Allowance for credit losses / total loans and leases

     

    1.17

    %

     

    1.20

    %

     

    1.21

    %

     

    1.23

    %

     

    1.23

    %

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

     

    0.00

    %

     

    0.00

    %

     

    0.00

    %

     

    0.00

    %

     

    0.00

    %

    Texas ratio (a)

     

    5.47

    %

     

    0.54

    %

     

    0.69

    %

     

    0.74

    %

     

    0.71

    %

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

     

    13.21

    %

     

    12.93

    %

     

    12.85

    %

     

    12.76

    %

     

    12.62

    %

    Total risk-based capital

     

    14.36

    %

     

    14.05

    %

     

    13.99

    %

     

    13.90

    %

     

    13.77

    %

    Tier 1 leverage ratio

     

    11.17

    %

     

    11.15

    %

     

    11.00

    %

     

    10.82

    %

     

    10.62

    %

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

     

    11.49

    %

     

    11.24

    %

     

    11.17

    %

     

    11.07

    %

     

    10.94

    %

    Total risk-based capital

     

    14.05

    %

     

    13.80

    %

     

    13.77

    %

     

    13.84

    %

     

    13.72

    %

    Tier 1 leverage ratio

     

    9.72

    %

     

    9.70

    %

     

    9.56

    %

     

    9.39

    %

     

    9.21

    %

    Tangible common equity ratio

     

    8.35

    %

     

    8.31

    %

     

    7.92

    %

     

    7.61

    %

     

    7.60

    %

     
    Equity and share related:
    Common equity

    $

    111,383

     

    $

    112,125

     

    $

    105,394

     

    $

    101,695

     

    $

    100,639

     

    Book value per share

     

    19.15

     

     

    19.22

     

     

    18.11

     

     

    17.47

     

     

    17.45

     

    Tangible book value per share

     

    18.31

     

     

    18.37

     

     

    17.26

     

     

    16.62

     

     

    16.59

     

    Tangible book value per share, excluding AOCI (d)

     

    21.69

     

     

    21.22

     

     

    20.85

     

     

    20.38

     

     

    20.22

     

    Stock closing price per share

     

    20.00

     

     

    19.40

     

     

    16.60

     

     

    15.96

     

     

    16.50

     

    Number of shares issued and outstanding

     

    5,815.82

     

     

    5,833.83

     

     

    5,819.76

     

     

    5,820.15

     

     

    5,768.70

     

    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.

     


    The American Riviera Bancorp Stock at the time of publication of the news with a raise of 0,00 % to 19,30USD on Nasdaq OTC stock exchange (24. Januar 2025, 02:10 Uhr).



    Business Wire (engl.)
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    American Riviera Bancorp Announces Results for the Fourth Quarter of 2024 American Riviera Bancorp (“Company”) (OTCQX: ARBV), holding company of American Riviera Bank (“Bank”), announced today unaudited net income of $8.7 million ($1.50 per share) for the year ended December 31, 2024, compared to $10.5 million ($1.82 per …