American Riviera Bancorp, the holding company of American Riviera Bank, announced unaudited net income for the 12 months ended December 31, 2022 of $13.5 million, or $2.37 per share. period of the previous year.
Unaudited net income for the three months ended December 31, 2022 was $4.0 million ($0.70 per share), compared with $2.7 million ($0.49 per share) in the same period last year.Year-to-date increase in unaudited net income
2022 compared to 2021 is primarily due to loan growth, higher interest income on liquid assets, and a strong deposit base.
President and CEO Jeff DeVine said:
“Previous actions by the Federal Reserve to raise interest rates and remove excess liquidity from the financial system have only slightly slowed loan growth and increased funding costs,” he said. Told.
Fourth Quarter Highlights:
Return on average assets was 1.14% for the fourth quarter ended December 31, 2022, up from 1.08% in the prior quarter and 0.84% in the same period last year.
Total loans, excluding Paycheck Protection Program (PPP) loans, reached $907.6 million on December 31, 2022, up $21.5 million or 2.4% from the end of the previous quarter and down 1 from December 31, 2021 $54.1 million, or an increase of 20.4%.
Interest-free demand deposits totaled $478.5 million as of December 31, 2022, down $41.3 million or 7.9% from the end of the prior quarter and up $7.8 million or 1.6% from December 31, 2021 . Demand deposits now account for 41.1% of total deposits. This reduction in deposit balances occurred late in the fourth quarter of 2022. This is because some of the bank’s customers decided to reinvest their surplus funds in his non-FDIC-insured external investment products.
For more information about American Riviera Bank, visit www.americanriviera.bank or call Michelle Martinich at 805-965-5942.