Articles from American Riviera Bancorp

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.

American Riviera Bancorp (“Company”) (OTCQX: ARBV), holding company of American Riviera Bank (“Bank”), announced today unaudited net income of $6.7 million ($1.15 per share) for the nine months ended September 30, 2024, compared to $8.3 million ($1.44 per share) earned in the same reporting period in the previous year. Unaudited net income was $2.1 million ($0.36 per share) for the three months ended September 30, 2024, compared to $2.5 million ($0.42 per share) in the previous quarter, and $2.6 million ($0.46 per share) earned in the same reporting period in the previous year.

American Riviera Bancorp (“Company”) (OTCQX: ARBV), holding company of American Riviera Bank (“Bank”), announced today 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) earned in the same reporting period in the previous year. Unaudited net income was $2.5 million ($0.42 per share) for the three months ended June 30, 2024, compared to $2.2 million ($0.37 per share) in the previous quarter, and $2.7 million ($0.47 per share) earned in the same reporting period in the previous year.

American Riviera Bancorp (“Company”) (OTCQX: ARBV), holding company of American Riviera Bank (“Bank”), announced that its Board of Directors has authorized the adoption of a share repurchase program under which the Company may repurchase up to $5.0 million of its common stock, representing approximately 5% of the Company’s issued and outstanding shares.

American Riviera Bancorp (“Company”) (OTCQX: ARBV), holding company of American Riviera Bank (“Bank”), announced today unaudited net income was $2.2 million ($0.37 per share) for the quarter ended March 31, 2024, compared to $2.2 million ($0.38 per share) in the previous quarter, and $3.0 million ($0.52 per share) earned in the same reporting period in the previous year. Earnings for the last two quarters have remained stable despite the continued high-rate environment.

American Riviera Bancorp (“Company”) (OTCQX: ARBV), holding company of American Riviera Bank (“Bank”), announced today unaudited net income of $10.5 million ($1.82 per share) for the year ended December 31, 2023, compared to $13.5 million ($2.38 per share) earned in the same reporting period in the previous year. Unaudited net income was $2.2 million ($0.38 per share) for the quarter ended December 31, 2023, compared to $2.6 million ($0.46 per share) in the previous quarter and $4.0 million ($0.70 per share) earned in the same reporting period in the previous year. Earnings for the fourth quarter of 2023 were impacted by a decision to reposition $15.6 million of lower-yielding securities into new higher-yielding securities of similar duration, resulting in a $544,000 pre-tax loss on sale with an approximate 18 month earn back.

American Riviera Bancorp (“Company”) (OTCQX: ARBV), holding company of American Riviera Bank (“Bank”), announced today unaudited net income of $8.3 million ($1.44 per share) for the nine months ended September 30, 2023, compared to $9.5 million ($1.67 per share) earned in the same reporting period in the previous year. Unaudited net income was $2.6 million ($0.46 per share) for the three months ended September 30, 2023, compared to $3.8 million ($0.67 per share) earned in the same reporting period in the previous year.

American Riviera Bancorp (“Company”) (OTCQX: ARBV), holding company of American Riviera Bank (“Bank”), announced today unaudited net income of $5.7 million ($0.98 per share) for the six months ended June 30, 2023, consistent with the $5.7 million ($1.00 per share) earned in the same reporting period in the previous year. Unaudited net income was $2.7 million ($0.47 per share) for the three months ended June 30, 2023, compared to $2.6 million ($0.45 per share) earned in the same reporting period in the previous year.

American Riviera Bancorp (“Company”) (OTCQX: ARBV), holding company of American Riviera Bank (“Bank”), announced today changes in its Board leadership associated with normal succession planning. The changes were approved by the Board following the Company’s annual shareholder meeting and the Board’s organizational meeting on June 15, 2023, and were effective immediately. The appointments provide for continuity of leadership and fresh perspectives on the Company’s long-term performance and strategy.

American Riviera Bancorp (“Company”) (OTCQX: ARBV), holding company of American Riviera Bank (“Bank”), announced today unaudited net income of $3.0 million ($0.52 per share) for the three months ended March 31, 2023, compared to $3.2 million ($0.55 per share) earned in the same reporting period in the previous year. Adjusted for non-recurring SBA PPP loan fee income of $913 thousand in the first quarter of 2022, the Company reported a $544 thousand or 15.5% increase in pre-tax net income for the first quarter of 2023 compared to the same quarter last year.

American Riviera Bancorp (“Company”) (OTCQX: ARBV), holding company of American Riviera Bank (“Bank”), announced today unaudited net income of $13.5 million ($2.37 per share) for the twelve months ended December 31, 2022 compared to the $11.8 million ($2.09 per share) earned in the same reporting period in the previous year. Unaudited net income was $4.0 million ($0.70 per share) for the three months ended December 31, 2022, compared to the $2.7 million ($0.49 per share) earned in the same reporting period in the previous year. The increase in year-to-date unaudited net income in 2022 compared to 2021 is primarily attributable to loan growth, increased interest income on liquid assets, and a strong deposit base.

American Riviera Bancorp (“Company”) (OTCQX: ARBV), holding company of American Riviera Bank (“Bank”), today announced that the Board of Directors declared a 10% stock dividend payable on November 24, 2022 to shareholders of record as of the close of business on November 10, 2022. Cash will be paid in lieu of fractional shares based on the closing price on the record date.

American Riviera Bancorp (“Company”) (OTCQX: ARBV), holding company of American Riviera Bank (“Bank”), announced today unaudited net income of $9.5 million ($1.84 per share) for the nine months ended September 30, 2022 compared to the $9.1 million ($1.77 per share) earned in the same reporting period in the previous year. Unaudited net income was $3.8 million ($0.73 per share) for the three months ended September 30, 2022 compared to the $3.0 million ($0.58 per share) earned in the same reporting period in the previous year. The increase in year to date unaudited net income in 2022 compared to 2021 is primarily attributable to loan growth, increased interest income on liquid assets, and continued stability of the deposit portfolio.

American Riviera Bancorp (“Company”) (OTCQX: ARBV), holding company of American Riviera Bank (“Bank”), announced today unaudited net income of $5.7 million ($1.10 per share) for the six months ended June 30, 2022 compared to the $6.1 million ($1.19 per share) earned in the same reporting period in the previous year. Unaudited net income was $2.5 million ($0.49 per share) for the three months ended June 30, 2022 compared to the $3.6 million ($0.70 per share) earned in the same reporting period in the previous year. The decline in year to date net income in 2022 compared to 2021 is primarily attributable to higher amounts of non-recurring SBA PPP loan fee income in 2021. PPP fee income recognized was $1.2 million lower in the six months ending June 30, 2022 than recognized in the same reporting period in the previous year.

American Riviera Bancorp (“Company”) (OTCQX: ARBV), holding company of American Riviera Bank (“Bank”), announced today unaudited net income of $3.2 million ($0.61 per share) for the three months ended March 31, 2022. This represents a 23% increase in net income from the $2.6 million ($0.50 per share) earned in the same reporting period in the prior year.