American Riviera Bancorp (“Company”) (OTCQX: ARBV), holding company of American Riviera Bank (“Bank”), announced today unaudited net income of $5.7 million ($1.10 per share) for the six months ended June 30, 2022 compared to the $6.1 million ($1.19 per share) earned in the same reporting period in the previous year. Unaudited net income was $2.5 million ($0.49 per share) for the three months ended June 30, 2022 compared to the $3.6 million ($0.70 per share) earned in the same reporting period in the previous year. The decline in year to date net income in 2022 compared to 2021 is primarily attributable to higher amounts of non-recurring SBA PPP loan fee income in 2021. PPP fee income recognized was $1.2 million lower in the six months ending June 30, 2022 than recognized in the same reporting period in the previous year.
The Bank has generated substantial loan growth, deploying liquidity into “core loans” which exclude SBA PPP loans. Core loans have grown 22% or $153.2 million over the last year since June 30, 2021, 13% or $101.1 million year to date since December 31, 2021, and 10% or $78.2 million in the last quarter since March 31, 2022. PPP loan forgiveness has been efficiently handled for our small business clients, and only $6.2 million of these 1.00% interest rate loans remained outstanding at June 30, 2022. The $0.9 million addition to allowance for loan and lease loss in 2022 was necessary based on the core loan growth reported above. The Bank maintained strong credit quality with no other real estate owned, no loans 90 days or more past due, and only $3.5 million or 0.41% of total loans excluding PPP on non-accrual status, which are well supported by collateral and reserves.
The Bank continues to experience substantial deposit growth with a 19% or $203.7 million increase in total deposits over the last year since June 30, 2021. Non-interest-bearing demand deposits increased 14% or $58.6 million over the last year. Deposit inflows from our clients have been the driving factor in the total assets of the Company increasing 19% or $212.9 million since June 30, 2021 to a total of $1.4 billion at June 30, 2022. The Company’s overall cost of funds has increased slightly to 0.12% as of June 30, 2022, primarily attributable to interest on the subordinated notes issued in February 2022.
Jeff DeVine, President and Chief Executive Officer noted, “The Bank continues to respond to the needs of our community by deploying the deposits that our clients have entrusted us with into loans right here on the Central Coast! This is the value proposition of the community banking model. We know that the financial strength of our Bank and the dedication and experience of our team will allow American Riviera Bank to continue to support the economic growth and vitality of our businesses and consumers.”
As of June 30, 2022, the Company and Bank continue to be well capitalized with Tier 1 Capital ratios of 10% and 12%, respectively. The tangible book value per share of American Riviera Bancorp common stock is $15.17 at June 30, 2022.
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, 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 twelve 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 2020 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.
| Balance Sheets (unaudited) | |||||||||||||||
| (dollars in thousands) | |||||||||||||||
Jun 30,
|
Jun 30,
|
One Year
|
One Year
|
||||||||||||
| Assets | |||||||||||||||
| Cash & Due From Banks | $ |
212,675 |
|
$ |
233,502 |
|
$ |
(20,827 |
) |
-9 |
% |
||||
| Securities |
|
250,132 |
|
|
110,403 |
|
|
139,729 |
|
127 |
% |
||||
| Loans (excluding PPP) |
|
854,593 |
|
|
701,399 |
|
|
153,194 |
|
22 |
% |
||||
| PPP Loans |
|
6,169 |
|
|
76,093 |
|
|
(69,924 |
) |
-92 |
% |
||||
| Allowance For Loan Losses |
|
(10,367 |
) |
|
(9,373 |
) |
|
(994 |
) |
11 |
% |
||||
| Net Loans |
|
850,395 |
|
|
768,119 |
|
|
82,276 |
|
11 |
% |
||||
| Premise & Equipment |
|
9,491 |
|
|
11,330 |
|
|
(1,839 |
) |
-16 |
% |
||||
| Goodwill and Other Intangibles |
|
5,025 |
|
|
5,166 |
|
|
(141 |
) |
-3 |
% |
||||
| Other Assets |
|
35,470 |
|
|
21,749 |
|
|
13,721 |
|
63 |
% |
||||
| Total Assets | $ |
1,363,188 |
|
$ |
1,150,269 |
|
$ |
212,919 |
|
19 |
% |
||||
| Liabilities & Shareholders' Equity | |||||||||||||||
| Demand Deposits | $ |
487,187 |
|
$ |
428,577 |
|
$ |
58,610 |
|
14 |
% |
||||
| NOW Accounts |
|
196,485 |
|
|
170,029 |
|
|
26,456 |
|
16 |
% |
||||
| Other Interest Bearing Deposits |
|
571,544 |
|
|
452,867 |
|
|
118,677 |
|
26 |
% |
||||
| Total Deposits |
|
1,255,216 |
|
|
1,051,473 |
|
|
203,743 |
|
19 |
% |
||||
| Borrowed Funds |
|
18,000 |
|
|
- |
|
|
18,000 |
|
100 |
% |
||||
| Other Liabilities |
|
6,460 |
|
|
7,986 |
|
|
(1,526 |
) |
-19 |
% |
||||
| Total Liabilities |
|
1,279,676 |
|
|
1,059,459 |
|
|
220,217 |
|
21 |
% |
||||
| Common Stock |
|
56,897 |
|
|
56,146 |
|
|
751 |
|
1 |
% |
||||
| Retained Earnings |
|
45,922 |
|
|
34,735 |
|
|
11,187 |
|
32 |
% |
||||
| Other Capital |
|
(19,307 |
) |
|
(71 |
) |
|
(19,236 |
) |
27,093 |
% |
||||
| Total Shareholders' Equity |
|
83,512 |
|
|
90,810 |
|
|
(7,298 |
) |
-8 |
% |
||||
| Total Liabilities & Shareholders' Equity | $ |
1,363,188 |
|
$ |
1,150,269 |
|
$ |
212,919 |
|
19 |
% |
||||
| Balance Sheets (unaudited) | ||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||
| June 30, 2022 |
March 31, 2022 |
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
||||||||||||||||
| Assets | ||||||||||||||||||||
| Cash & Due From Banks | $ |
212,675 |
|
$ |
320,683 |
|
$ |
292,111 |
|
$ |
262,965 |
|
$ |
233,502 |
|
|||||
| Securities |
|
250,132 |
|
|
220,364 |
|
|
191,543 |
|
|
146,937 |
|
|
110,403 |
|
|||||
| Loans (excluding PPP) |
|
854,593 |
|
|
776,395 |
|
|
753,494 |
|
|
728,316 |
|
|
701,399 |
|
|||||
| PPP Loans |
|
6,169 |
|
|
11,633 |
|
|
39,996 |
|
|
50,966 |
|
|
76,093 |
|
|||||
| Allowance For Loan Losses |
|
(10,367 |
) |
|
(9,394 |
) |
|
(9,383 |
) |
|
(9,376 |
) |
|
(9,373 |
) |
|||||
| Net Loans |
|
850,395 |
|
|
778,634 |
|
|
784,107 |
|
|
769,906 |
|
|
768,119 |
|
|||||
| Premise & Equipment |
|
9,491 |
|
|
9,948 |
|
|
10,429 |
|
|
10,848 |
|
|
11,330 |
|
|||||
| Goodwill and Other Intangibles |
|
5,025 |
|
|
5,080 |
|
|
5,075 |
|
|
5,135 |
|
|
5,166 |
|
|||||
| Other Assets |
|
35,470 |
|
|
27,327 |
|
|
23,275 |
|
|
22,371 |
|
|
21,749 |
|
|||||
| Total Assets | $ |
1,363,188 |
|
$ |
1,362,036 |
|
$ |
1,306,540 |
|
$ |
1,218,162 |
|
$ |
1,150,269 |
|
|||||
| Liabilities & Shareholders' Equity | ||||||||||||||||||||
| Demand Deposits | $ |
487,187 |
|
$ |
481,619 |
|
$ |
470,763 |
|
$ |
435,489 |
|
$ |
428,577 |
|
|||||
| NOW Accounts |
|
196,485 |
|
|
193,178 |
|
|
181,546 |
|
|
177,952 |
|
|
170,029 |
|
|||||
| Other Interest Bearing Deposits |
|
571,544 |
|
|
571,595 |
|
|
549,781 |
|
|
502,237 |
|
|
452,867 |
|
|||||
| Total Deposits |
|
1,255,216 |
|
|
1,246,392 |
|
|
1,202,090 |
|
|
1,115,678 |
|
|
1,051,473 |
|
|||||
| Borrowed Funds |
|
18,000 |
|
|
18,000 |
|
|
- |
|
|
- |
|
|
- |
|
|||||
| Other Liabilities |
|
6,460 |
|
|
7,971 |
|
|
8,177 |
|
|
8,665 |
|
|
7,986 |
|
|||||
| Total Liabilities |
|
1,279,676 |
|
|
1,272,363 |
|
|
1,210,267 |
|
|
1,124,343 |
|
|
1,059,459 |
|
|||||
| Common Stock |
|
56,897 |
|
|
56,554 |
|
|
56,564 |
|
|
56,302 |
|
|
56,146 |
|
|||||
| Retained Earnings |
|
45,922 |
|
|
43,370 |
|
|
40,432 |
|
|
37,685 |
|
|
34,735 |
|
|||||
| Other Capital |
|
(19,307 |
) |
|
(10,251 |
) |
|
(723 |
) |
|
(168 |
) |
|
(71 |
) |
|||||
| Total Shareholders' Equity |
|
83,512 |
|
|
89,673 |
|
|
96,273 |
|
|
93,819 |
|
|
90,810 |
|
|||||
| Total Liabilities & Shareholders' Equity | $ |
1,363,188 |
|
$ |
1,362,036 |
|
$ |
1,306,540 |
|
$ |
1,218,162 |
|
$ |
1,150,269 |
|
|||||
| Statement of Income (unaudited) | ||||||||||||||||||||||
| (dollars in thousands, except per share data) | ||||||||||||||||||||||
| Quarter Ended | Six Months Ended | |||||||||||||||||||||
| Jun 30, 2022 |
Jun 30, 2021 |
Change | Jun 30, 2022 |
Jun 30, 2021 |
Change | |||||||||||||||||
| Interest Income | ||||||||||||||||||||||
| Interest and Fees on Loans | $ |
9,356 |
|
$ |
8,840 |
|
6 |
% |
$ |
17,956 |
|
$ |
16,714 |
|
7 |
% |
||||||
| Fees on PPP Loans |
|
209 |
|
|
1,412 |
|
-85 |
% |
$ |
1,122 |
|
|
2,358 |
|
-52 |
% |
||||||
| Net Fair Value Amortization Income |
|
(9 |
) |
|
19 |
|
-147 |
% |
$ |
(2 |
) |
|
62 |
|
-103 |
% |
||||||
| Interest on Securities |
|
1,116 |
|
|
311 |
|
259 |
% |
|
1,957 |
|
|
583 |
|
236 |
% |
||||||
| Interest on Due From Banks |
|
512 |
|
|
72 |
|
611 |
% |
|
654 |
|
|
132 |
|
395 |
% |
||||||
| Total Interest Income |
|
11,184 |
|
|
10,654 |
|
5 |
% |
|
21,687 |
|
|
19,849 |
|
9 |
% |
||||||
| Interest Expense | ||||||||||||||||||||||
| Interest Expense on Deposits |
|
216 |
|
|
259 |
|
-17 |
% |
|
426 |
|
|
522 |
|
-18 |
% |
||||||
| Interest Expense on Borrowings |
|
166 |
|
|
- |
|
100 |
% |
|
233 |
|
|
- |
|
100 |
% |
||||||
| Total Interest Expense |
|
382 |
|
|
259 |
|
47 |
% |
|
659 |
|
|
522 |
|
26 |
% |
||||||
| Net Interest Income |
|
10,802 |
|
|
10,395 |
|
4 |
% |
|
21,028 |
|
|
19,327 |
|
9 |
% |
||||||
| Provision for Loan Losses |
|
916 |
|
|
- |
|
100 |
% |
|
916 |
|
|
338 |
|
171 |
% |
||||||
| Net Interest Income After Provision |
|
9,886 |
|
|
10,395 |
|
-5 |
% |
|
20,112 |
|
|
18,989 |
|
6 |
% |
||||||
| Non-Interest Income | ||||||||||||||||||||||
| Service Charges, Commissions and Fees |
|
672 |
|
|
664 |
|
1 |
% |
|
1,342 |
|
|
1,317 |
|
2 |
% |
||||||
| Other Non-Interest Income |
|
20 |
|
|
309 |
|
-94 |
% |
|
514 |
|
|
483 |
|
6 |
% |
||||||
| Total Non-Interest Income |
|
692 |
|
|
973 |
|
-29 |
% |
|
1,856 |
|
|
1,800 |
|
3 |
% |
||||||
| Non-Interest Expense | ||||||||||||||||||||||
| Salaries and Employee Benefits |
|
4,326 |
|
|
3,829 |
|
13 |
% |
|
8,636 |
|
|
7,535 |
|
15 |
% |
||||||
| Occupancy and Equipment |
|
766 |
|
|
778 |
|
-2 |
% |
|
1,521 |
|
|
1,368 |
|
11 |
% |
||||||
| Other Non-Interest Expense |
|
2,119 |
|
|
1,792 |
|
18 |
% |
|
4,014 |
|
|
3,323 |
|
21 |
% |
||||||
| Total Non-Interest Expense |
|
7,211 |
|
|
6,399 |
|
13 |
% |
|
14,171 |
|
|
12,226 |
|
16 |
% |
||||||
| Net Income Before Provision for Taxes |
|
3,367 |
|
|
4,969 |
|
-32 |
% |
|
7,797 |
|
|
8,563 |
|
-9 |
% |
||||||
| Provision for Taxes |
|
818 |
|
|
1,397 |
|
-41 |
% |
|
2,093 |
|
|
2,431 |
|
-14 |
% |
||||||
| Net Income | $ |
2,549 |
|
$ |
3,572 |
|
-29 |
% |
$ |
5,704 |
|
$ |
6,132 |
|
-7 |
% |
||||||
| Shares (end of period) |
|
5,173,373 |
|
|
5,132,809 |
|
1 |
% |
|
5,173,373 |
|
|
5,132,809 |
|
1 |
% |
||||||
| Earnings Per Share - Basic | $ |
0.49 |
|
$ |
0.70 |
|
-30 |
% |
$ |
1.10 |
|
$ |
1.19 |
|
-8 |
% |
||||||
| Return on Average Assets |
|
0.75 |
% |
|
1.31 |
% |
-43 |
% |
|
0.95 |
% |
|
1.20 |
% |
-21 |
% |
||||||
| Return on Average Equity |
|
11.40 |
% |
|
16.14 |
% |
-29 |
% |
|
13.41 |
% |
|
14.26 |
% |
-6 |
% |
||||||
| Net Interest Margin |
|
3.26 |
% |
|
3.97 |
% |
-18 |
% |
|
3.30 |
% |
|
3.88 |
% |
-15 |
% |
||||||
| Five Quarter Statements of Income (unaudited) | ||||||||||||||||
| (dollars in thousands, except per share data) | ||||||||||||||||
| Three Months Ended | ||||||||||||||||
| June 30, 2022 |
March 31, 2022 |
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
||||||||||||
| Interest Income | ||||||||||||||||
| Interest and Fees on Loans | $ |
9,356 |
|
$ |
8,600 |
$ |
8,557 |
$ |
8,342 |
$ |
8,840 |
|||||
| Fees on PPP Loans |
|
209 |
|
|
913 |
|
517 |
|
978 |
|
1,412 |
|||||
| Net Fair Value Amortization Income |
|
(9 |
) |
|
7 |
|
25 |
|
419 |
|
19 |
|||||
| Interest on Securities |
|
1,116 |
|
|
842 |
|
645 |
|
447 |
|
311 |
|||||
| Interest on Due From Banks |
|
512 |
|
|
142 |
|
139 |
|
120 |
|
72 |
|||||
| Total Interest Income |
|
11,184 |
|
|
10,504 |
|
9,883 |
|
10,306 |
|
10,654 |
|||||
| Interest Expense | ||||||||||||||||
| Interest Expense on Deposits |
|
216 |
|
|
210 |
|
207 |
|
220 |
|
259 |
|||||
| Interest Expense on Borrowings |
|
166 |
|
|
67 |
|
- |
|
- |
|
- |
|||||
| Total Interest Expense |
|
382 |
|
|
277 |
|
207 |
|
220 |
|
259 |
|||||
| Net Interest Income |
|
10,802 |
|
|
10,227 |
|
9,676 |
|
10,086 |
|
10,395 |
|||||
| Provision for Loan Losses |
|
916 |
|
|
- |
|
- |
|
- |
|
- |
|||||
| Net Interest Income After Provision |
|
9,886 |
|
|
10,227 |
|
9,676 |
|
10,086 |
|
10,395 |
|||||
| Non-Interest Income | ||||||||||||||||
| Service Charges, Commissions and Fees |
|
672 |
|
|
670 |
|
705 |
|
601 |
|
664 |
|||||
| Other Non-Interest Income |
|
20 |
|
|
494 |
|
138 |
|
342 |
|
309 |
|||||
| Total Non-Interest Income |
|
692 |
|
|
1,164 |
|
843 |
|
943 |
|
973 |
|||||
| Non-Interest Expense | ||||||||||||||||
| Salaries and Employee Benefits |
|
4,326 |
|
|
4,310 |
|
4,003 |
|
4,469 |
|
3,829 |
|||||
| Occupancy and Equipment |
|
766 |
|
|
755 |
|
747 |
|
756 |
|
778 |
|||||
| Other Non-Interest Expense |
|
2,119 |
|
|
1,895 |
|
1,991 |
|
1,769 |
|
1,792 |
|||||
| Total Non-Interest Expense |
|
7,211 |
|
|
6,960 |
|
6,741 |
|
6,994 |
|
6,399 |
|||||
| Net Income Before Provision for Taxes |
|
3,367 |
|
|
4,431 |
|
3,778 |
|
4,035 |
|
4,969 |
|||||
| Provision for Taxes |
|
818 |
|
|
1,276 |
|
1,031 |
|
1,085 |
|
1,397 |
|||||
| Net Income | $ |
2,549 |
|
$ |
3,155 |
$ |
2,747 |
$ |
2,950 |
$ |
3,572 |
|||||
| Shares (end of period) |
|
5,173,373 |
|
|
5,178,965 |
|
5,134,993 |
|
5,130,937 |
|
5,132,809 |
|||||
| Earnings Per Share - Basic | $ |
0.49 |
|
$ |
0.61 |
$ |
0.53 |
$ |
0.58 |
$ |
0.70 |
|||||
| Selected Financial Highlights (unaudited) | ||||||||||||||||||||
| (dollars in thousands, except per share data) | ||||||||||||||||||||
| At or for the Three Months Ended | ||||||||||||||||||||
| June 30, 2022 |
March 31, 2022 |
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
||||||||||||||||
| Income and performance ratios: | ||||||||||||||||||||
| Net Income | $ |
2,549 |
|
$ |
3,155 |
|
$ |
2,747 |
|
$ |
2,950 |
|
$ |
3,572 |
|
|||||
| Earnings per share - basic |
|
0.49 |
|
|
0.61 |
|
|
0.53 |
|
|
0.58 |
|
|
0.70 |
|
|||||
| Return on average assets |
|
0.75 |
% |
|
1.00 |
% |
|
0.84 |
% |
|
0.98 |
% |
|
1.31 |
% |
|||||
| Return on average equity |
|
11.40 |
% |
|
15.58 |
% |
|
11.20 |
% |
|
12.45 |
% |
|
16.14 |
% |
|||||
| Cost of Funds |
|
0.12 |
% |
|
0.09 |
% |
|
0.07 |
% |
|
0.08 |
% |
|
0.10 |
% |
|||||
| Net interest margin |
|
3.26 |
% |
|
3.22 |
% |
|
3.12 |
% |
|
3.54 |
% |
|
3.97 |
% |
|||||
| Efficiency ratio (c) |
|
62.89 |
% |
|
60.48 |
% |
|
64.51 |
% |
|
63.80 |
% |
|
56.25 |
% |
|||||
| Asset quality: | ||||||||||||||||||||
| Allowance for loan and lease losses | $ |
10,367 |
|
$ |
9,394 |
|
$ |
9,383 |
|
$ |
9,376 |
|
$ |
9,373 |
|
|||||
| Nonperforming assets |
|
3,505 |
|
|
2,776 |
|
|
2,870 |
|
|
3,349 |
|
|
3,413 |
|
|||||
| Allowance for loan and lease losses / total loans and leases |
|
1.20 |
% |
|
1.19 |
% |
|
1.18 |
% |
|
1.20 |
% |
|
1.21 |
% |
|||||
| Allowance for loan and lease losses / total loans and leases (excluding PPP loans) (a) |
|
1.21 |
% |
|
1.21 |
% |
|
1.25 |
% |
|
1.29 |
% |
|
1.34 |
% |
|||||
| Net charge-offs / average loans and leases (annualized) |
|
-0.03 |
% |
|
-0.01 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
-0.28 |
% |
|||||
| Texas ratio (b) |
|
3.94 |
% |
|
2.95 |
% |
|
2.85 |
% |
|
3.41 |
% |
|
3.59 |
% |
|||||
| Capital ratios for American Riviera Bank (d): | ||||||||||||||||||||
| Tier 1 risk-based capital |
|
11.85 |
% |
|
12.53 |
% |
|
11.02 |
% |
|
11.09 |
% |
|
11.18 |
% |
|||||
| Total risk-based capital |
|
12.94 |
% |
|
13.59 |
% |
|
12.16 |
% |
|
12.28 |
% |
|
12.43 |
% |
|||||
| Tier 1 leverage ratio |
|
8.29 |
% |
|
8.75 |
% |
|
7.23 |
% |
|
7.59 |
% |
|
7.90 |
% |
|||||
| Capital ratios for American Riviera Bancorp (d): | ||||||||||||||||||||
| Tier 1 risk-based capital |
|
10.15 |
% |
|
10.82 |
% |
|
N/A |
|
|
N/A |
|
|
N/A |
|
|||||
| Total risk-based capital |
|
11.24 |
% |
|
11.91 |
% |
|
N/A |
|
|
N/A |
|
|
N/A |
|
|||||
| Tier 1 leverage ratio |
|
7.11 |
% |
|
7.27 |
% |
|
N/A |
|
|
N/A |
|
|
N/A |
|
|||||
| Equity and share related: | ||||||||||||||||||||
| Common equity | $ |
83,512 |
|
|
89,673 |
|
|
96,273 |
|
|
93,819 |
|
$ |
90,810 |
|
|||||
| Book value per share |
|
16.14 |
|
|
17.31 |
|
|
18.75 |
|
|
18.28 |
|
|
17.69 |
|
|||||
| Tangible book value per share |
|
15.17 |
|
|
16.33 |
|
|
17.76 |
|
|
17.28 |
|
|
16.69 |
|
|||||
| Tangible book value per share, excluding AOCI (e) |
|
18.90 |
|
|
18.31 |
|
|
17.90 |
|
|
17.34 |
|
|
16.72 |
|
|||||
| Stock closing price per share |
|
17.90 |
|
|
20.58 |
|
|
20.29 |
|
|
19.20 |
|
|
19.22 |
|
|||||
| Number of shares issued and outstanding |
|
5,173.37 |
|
|
5,178.97 |
|
|
5,134.99 |
|
|
5,130.94 |
|
|
5,132.81 |
|
|||||
| Notes: | |||||||||||
| (a) PPP loans are 100% guaranteed by the Small Business Administration. | |||||||||||
| (b) The sum of Nonperforming assets and Other Real Estate Owned, divided by the sum of Total Shareholder Equity and Total Allowance for Loan and Lease Losses (less Preferred Stock and Intangible Assets). | |||||||||||
| (c) Annualized Operating Expense excluding Loan Loss Provisions 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. | |||||||||||
| (d) Current period capital ratios are preliminary. | |||||||||||
| (e) Accumulated Other Comprehensive Income (AOCI), is comprised of the unrealized loss on securities and is presented as Other Capital on the Balance Sheet. | |||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20220721006091/en/
Contacts
American Riviera Bank
www.americanriviera.bank
805-965-5942
Michelle Martinich
