SANTA BARBARA American Riviera Bank announced Friday an unaudited net income of $3.3 million ($0.65 per share) for the six months ending June 30, a 16 percent increase for the same reporting period in the prior year.
The bank also reported unaudited net income of $1.5 million ($0.30 per share) for the second quarter that ended June 30, compared to $1.48 million for the same quarter last year, according to a news release.
The bank reported $662 million in total assets as of June 30. Total deposits, excluding wholesale deposits, increased 16 percent from June 30, 2018. The bank had $5 million in wholesale deposits as of June 30, down from the $49 million last year. The bank has replaced the wholesale deposits with local customer deposits, officials said.
The bank reported gross loans increased $64 million, or 13 percent over a year ago. In addition, the bank’s annualized net interest margin of 4.34 percent for the six months ended June 30 reflected a “modest compression” from the 4.52 percent report for the same period last year.