Company ProfileAmerican Riviera Bank is a full-service community bank focused on serving the lending and deposit needs of businesses and consumers in Santa Barbara and the surrounding communities. The state-chartered bank opened for business on July 18, 2006, with the support of local shareholders. Offices are located at 1033 Anacapa Street in Santa Barbara, 525 San Ysidro Road in Montecito, and 5880 Calle Real in Goleta. As a result of the merger, American Riviera Bank became the second-largest community bank based in the city of Santa Barbara. For six consecutive years the Bank has been recognized for strong financial performance by the Findley Reports. As of December 31, 2015, the Bank was rated five stars by BauerFinancial. 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 U.S. government, and general economic conditions.
American Riviera Bank (OTC Markets: ARBV) announced unaudited net income of $176,000 ($0.04 per share) for the quarter ended March 31, 2016, compared to $443,000 ($0.17 per share) for the quarter ended March 31, 2015. Pre-tax, unaudited, operating income excluding merger related costs for the quarter ended March 31, 2016 was $1,652,000 ($0.38 per share), which is 41% better on a share adjusted basis than the $734,000 ($0.27 per share) achieved for the same reporting period last year prior to the merger. As of March 31, 2016, total shares outstanding was 4,308,372 and market capitalization was $47.7 million. American Riviera Bank's merger with The Bank of Santa Barbara enabled the combined Bank to reach $361 million in total loans, with no other real estate owned and no loans more than 30 days past due at March 31, 2016. The Bank continues to grow lasting relationships throughout the community, with non-interest bearing demand deposits representing 33% of the $366 million in total deposits as of March 31, 2016. Jeff DeVine, President and Chief Executive Officer stated, "The Bank had a successful and exciting quarter with the completion of the merger, system conversion, and downtown Santa Barbara branch consolidation. We can now offer a broader selection of products and services in Santa Barbara, Montecito and Goleta. Our legal lending limit now exceeds $10 million per relationship and with a 99% loan to deposit ratio we are committed to making sure your deposits go to work in our community." As of March 31, 2016, American Riviera Bank has $416 million in total assets, and maintains a strong capital position with a Tier 1 Capital Ratio of 11%; well above the regulatory guideline of 8% for well capitalized institutions. For the first quarter of 2016, the Bank recorded a return on average assets of 0.19% and a return on average equity of 1.84% after non-recurring, merger related costs of $944,000. Based on our initial estimate of merger fair value accounting which remains subject to revision, the tangible book value of one share of American Riviera Bank stock is $9.81 and the book value is $10.81 at March 31, 2016, an increase from the $10.24 book value at March 31, 2015.