American Riviera Bank Reports Annual Results

American Riviera Bank (OTCQX: ARBV) announced today unaudited net income of $11,829,000 ($2.30 per share) for the twelve months ended December 31, 2021. This represents a 60% increase in net income from the $7,378,000 ($1.45 per share) earned in the same reporting period in the prior year. In 2021, the Bank achieved an annualized return on average assets of 1.04% and return on average equity of 13.02%. Unaudited net income was $2,747,000 ($0.53 per share) for the fourth quarter ended December 31, 2021, compared to the $2,379,000 ($0.47 per share) earned in the prior year.

Core loans, excluding SBA PPP loans, have grown 17% or $112 million over the last year since December 31, 2020. The Bank maintained strong credit quality with no other real estate owned, no loans 90 days or more past due, and only $2.9 million or 0.38% of total loans excluding PPP on non-accrual status, which are well supported by collateral.

American Riviera Bank continues to experience tremendous deposit growth with a 38% or $330 million increase in total deposits since December 31, 2020. Non-interest bearing demand deposits increased 41% or $138 million over the last year. Deposit inflows from our clients have been the driving factor in the total assets of the Bank increasing $335 million, or 34%, since December 31, 2020 to a total of $1.3 billion at December 31, 2021.

Jeff DeVine, President and Chief Executive Officer, noted, “We have our loyal clients and dedicated team members to thank for record earnings and strong balance sheet growth in 2021. The pandemic continued to disrupt our business and personal lives, yet our bankers worked tirelessly to respond to the deposit and lending needs of the communities we serve. In turn, the Bank was able to share its success by increasing wages and benefits for our hard-working team, increasing donations and sponsorships on the Central Coast, and reporting strong growth in earnings and tangible book value per share for our shareholders. This is the power of community banking!”

As of December 31, 2021, American Riviera Bank continues to be well capitalized with a Tier 1 Capital Ratio of 11% (well above the regulatory guideline of 8% for well capitalized institutions). The tangible book value per share of American Riviera Bank common stock increased to $17.92 at December 31, 2021.

Company Profile

American Riviera Bank 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, residential mortgage, construction and Small Business Administration lending services as well as convenient online and mobile technology. For eleven 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.

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