American Riviera Bancorp reports recurring developments for its role as the holding company of American Riviera Bank. Company updates center on unaudited quarterly and annual results, loan and deposit growth, core deposit funding, asset quality, liquidity held in cash, bank balances and available-for-sale securities, and capital measures such as tangible common equity and regulatory capital ratios.
ARBV news also includes corporate actions and governance matters tied to the bank holding company, including share repurchase authorization, stock dividends, board leadership changes and director appointments. These updates reflect the company's public reporting as an OTCQX-traded community banking issuer.
American Riviera Bancorp (OTCQX: ARBV) reported unaudited net income of $4.6 million ($0.80 per share) for the six months ended June 30, 2024, compared to $5.7 million ($0.98 per share) in the same period last year. For Q2 2024, net income was $2.5 million ($0.42 per share), up from $2.2 million in Q1 2024 but down from $2.7 million in Q2 2023.
Key highlights include:
- Total loans increased 1.4% to $963.7 million
- Total deposits grew 1.8% to $1.07 billion
- Shareholders' equity rose 3.6% to $105.4 million
- Tangible book value per share increased 3.9% to $17.26
- Non-interest-bearing deposits represent 39.8% of total deposits
- Cost of deposits increased to 1.35% in Q2 2024
The bank maintains strong liquidity and capital ratios, with a diverse loan portfolio and excellent credit quality. However, increased interest expenses have impacted earnings compared to the previous year.
American Riviera Bancorp (OTCQX: ARBV), the holding company of American Riviera Bank, announced a share repurchase program worth up to $5 million, representing about 5% of its outstanding shares. The company's Board of Directors approved this action, demonstrating confidence in its financial health and commitment to shareholder value. Jeff DeVine, President & CEO, emphasized that the buyback is anticipated to boost earnings per share and book value per share. Repurchases will be funded through available working capital and operational cash flow. The program has no set expiration date and may be adjusted based on various factors including market conditions and trading volume. American Riviera Bank operates several branches in California and has been recognized for its strong financial performance and community reinvestment.
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American Riviera Bancorp (OTCQX: ARBV) reported unaudited net income of $13.5 million ($2.37 per share) for the year ending December 31, 2022, up from $11.8 million ($2.09 per share) in 2021. For Q4 2022, net income increased to $4.0 million ($0.70 per share) from $2.7 million ($0.49 per share) in Q4 2021. Loan growth and higher interest income contributed to the performance, despite rising funding costs. Total loans reached $907.6 million, a 20.4% increase from the previous year. Asset quality remains strong with zero loan charge-offs. Capital ratios exceed regulatory requirements with a total risk-based capital ratio of 12.89% as of Q4 2022.
American Riviera Bancorp (OTCQX: ARBV) announced a 10% stock dividend payable on November 24, 2022, to shareholders of record as of November 10, 2022. This initiative aims to boost stock liquidity and enhance shareholder value, according to Chairman Lawrence Koppelman. The company reported record net income of $9.5 million for the first nine months of 2022, a 5% increase from $9.1 million in the prior year. Cash will be provided for fractional shares based on the closing price on the record date.