American Riviera Bancorp Announces Results for the Fourth Quarter of 2024

SANTA BARBARA, Calif.--(BUSINESS WIRE)-- 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.

 

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American Riviera Bank

www.americanriviera.bank

805-965-5942

Michelle Martinich

Source: American Riviera Bancorp