American Riviera Bank Reports First Quarter
April 20, 2010 06:33 PM Eastern Daylight Time
SANTA BARBARA, Calif.--(EON: Enhanced Online News)--American Riviera Bank (OTCBB: ARBV)
announced today that the Bank reported unaudited net income of $228,000 for the quarter ending March 31, 2010,
while reducing non-accrual loans by 45% from December 31, 2009.
Jeff DeVine, President and Chief Executive Officer, stated, “With the highest capital ratio of any bank in Santa
Barbara, we will be here for a long time to serve the loan and deposit needs of our community. We continue to see a
flight to safety as evidenced in the growth of our deposits. Our strong net interest margin will serve to further
strengthen our Bank today and into the future.”
The Bank’s deposits reached $108 million at March 31, 2010, a 2.6% increase from December 31, 2009. Although
loan balances declined to $100 million at March 31, 2010 from $106 million at December 31, 2009, the Bank
continues to generate new loans and originated almost $3 million in new loans during the first three months of 2010.
The Bank’s net interest margin continues to increase, reaching 4.46% for the quarter ended March 31, 2010, up
from 4.35% for the quarter ended December 31, 2009.
During the first quarter of 2010, the Bank made significant improvements in loan quality, reducing total non-accrual
loans to $4.7 million, a 45% reduction compared to December 31, 2009. The Bank recorded $53,000 in loan loss
provision for the quarter, net of $187,000 in recoveries. Despite these improvements in the loan portfolio, the Bank
continues to maintain a strong 2.82% loan loss allowance as a percentage of loans. Due to our heightened awareness
of economic factors, 66% of the $2.8 million reserve is general and unrelated to specific loans. All carrying values for
non-accrual loans and other real estate owned are supported by recent appraisals and impairment, if any, has
already been charged-off in conformity with the Bank’s accounting policies.