Welcome to our dedicated page for American Riviera news (Ticker: ARBV), a resource for investors and traders seeking the latest updates and insights on American Riviera stock.
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.
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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.
American Riviera Bancorp (OTCQX: ARBV) reported unaudited net income of $9.5 million ($1.84 per share) for the nine months ending September 30, 2022, an increase from $9.1 million ($1.77 per share) in the previous year. For Q3 2022, net income was $3.8 million compared to $3.0 million in Q3 2021. Key drivers included loan growth and higher interest income. Total loans reached $886 million, a 21.7% increase year-over-year. Despite an increase in non-accrual loans, overall credit quality remained strong. The tangible book value per share was $14.90 as of September 30, 2022, reflecting market volatility.
American Riviera Bancorp (OTCQX: ARBV) reported unaudited net income of $5.7 million ($1.10 per share) for the first half of 2022, down from $6.1 million ($1.19 per share) in 2021. For Q2 2022, net income was $2.5 million ($0.49 per share), decreasing from $3.6 million ($0.70 per share) in 2021. The drop is attributed to $1.2 million less in PPP loan fee income. Core loans increased 22% year-over-year, and total deposits rose 19%, reaching $1.4 billion. Capital ratios remained strong, with Tier 1 Capital at 10%.