American Riviera Bancorp did better in 2022 than the previous year.
The company this week announced an unaudited income of $13.5 million ($2.37 per share) for 2022.
That’s up from $11.8 million ($2.09 per share) in 2021.
American Riviera Bancorp is the holding company of American Riviera Bank, a Santa Barbara-based bank with branches in Santa Barbara, Montecito, Goleta, San Luis Obispo and Paso Robles.
The company’s unaudited net income was $4 million ($0.70 per share) for the three months that ended Dec. 31. That’s up from $2.7 million ($0.49 per share) earned during the same period in 2021.
American Riviera Bancorp said the increase is primarily because of loan growth, increased interest income on liquid assets and a strong deposit base.
“We are pleased to report improved profitability, continued loan growth, expanding capital ratios, strong credit quality, and a balance sheet supported by local deposits from relationship clients,” said Jeff DeVine, president and CEO of the company and bank.
“The Federal Reserve’s actions to date to increase rates and remove excess liquidity from the financial system have only modestly decelerated loan growth and increased funding costs,” Mr. DeVine said in a news release.