American Riviera sees net income fall in 2024
Santa Barbara-based American Riviera Bank saw net income take a slight dip to end the fiscal year.
Announced Jan. 24, ARB noted net income of $8.7 million for the year, down from net income of $10.2 million in 2023.
In the fourth quarter of 2024, American Riviera had $2 million in net income, down from $2.2 million in the same quarter a year ago.
The bank continues to grow interest and fees on loans sequentially over the last four quarters from $12.6 million in the fourth quarter of 2023 to $13.4 million in the fourth quarter of 2024, a 6.9% increase.
However, the cost of funding has also increased sequentially.
Total loans were $989.9 million at the end of the year, an increase of 4.6% from 2023. The Bank’s loan-to-deposit ratio was 88.9%.
Total deposits were $1.11 billion at the end of the year, a 6.1% increase from the prior year.
“The growth in our local deposits is a testament to our dedication to providing high-quality, relationship-based services and response to the needs of our community. Our Atascadero branch has been open less than six months and has already exceeded our expectations for new client relationships with $20 million in deposits,” CEO Jeff Devine said in a press release.
