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American Riviera Bancorp Announces Results for the Second Quarter of 2023

SANTA BARBARA, Calif., July 27, 2023--(BUSINESS WIRE)--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.

Jeff DeVine, President and CEO of the Company and the Bank, stated, "American Riviera Bank reported stable earnings, continued loan growth, and increased capital ratios despite the elevated interest rate environment. Our clients appreciate the Bank’s relationship business model of providing friendly service to depositors and customized loans on the Central Coast of California as we have for the past 17 years. We experienced stable deposit levels this quarter, and the Bank has paid more interest to our local depositors while maintaining profitability year-over-year."

Second Quarter Highlights

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  • The Bank has the highest "Super Premier" rating for financial performance from the Findley Reports and has maintained a "5 Star - Superior" rating from Bauer Financial as of March 31, 2023.

  • The Bank was rated "Outstanding" by the Federal Deposit Insurance Corporation in 2023 for its performance under the Community Reinvestment Act.

  • Return on average assets for the second quarter ended June 30, 2023, was 0.85%, and return on average equity was 11.84%.

  • Total loans reached $945.4 million at June 30, 2023, an increase of $20.6 million or 2.2% from the prior quarter-end, and $84.6 million or 9.8% from June 30, 2022. The Bank’s loan-to-deposit ratio at June 30, 2023, was 87.3%.

  • Non-interest-bearing demand deposits totaled $442.1 million at June 30, 2023, a decrease of $18.6 million or 4.0% from the prior quarter-end, and a decrease of $45.1 million or 9.3% from June 30, 2022. Non-interest-bearing demand deposits at June 30, 2023 represent 40.8% of total deposits, an increase from 38.8% one year ago.

  • Interest-bearing deposits totaled $640.4 million at June 30, 2023, an increase of $1.4 million or 0.2% from the prior quarter-end, and a decrease of $127.7 million or 16.6% from June 30, 2022. The Federal Reserve’s actions over the last year to rapidly increase interest rates have caused a shift in interest-bearing depositor behavior as some clients have decided to reinvest their excess cash in non-FDIC insured, external investment products.

  • As of July 24, 2023, total deposits have increased $16.5 million or 1.5% subsequent to the most recent June 30, 2023 quarter-end and are at approximately the same level as reported at March 31, 2023.

  • During the second quarter of 2023, the Bank opened 802 new deposit accounts, compared to 784 in the last quarter, and 585 in the same quarter last year.

  • All of the Bank’s deposits are local, retail deposits. At June 30, 2023, the Bank had no wholesale brokered deposits.

  • The Bank maintains a diversified deposit base with no significant industry concentrations and does not engage in cryptocurrency transactions or service cryptocurrency related companies.

  • Interest income in the second quarter of 2023 increased by $2.6 million from the same quarter last year and was offset by a $2.6 million increase in interest expense. Interest income for the first six months of 2023 increased by $5.3 million from the same period last year and was offset by a $4.0 million increase in interest expense. The increase in interest expense is due to higher rates paid on deposits and an increase in borrowed funds.

  • Total cost of funding sources increased to 1.02% for the second quarter of 2023, compared to 0.59% in the prior quarter, and 0.12% for the same quarter in the prior year. Overall funding costs for the Company have increased due to Federal Reserve policy but remain modest compared to industry averages based on our relationship banking focus.

  • On-balance sheet liquidity continues to be substantial with $246.4 million of cash, due from banks, and available-for-sale ("AFS") securities market value at June 30, 2023.

  • Access to available sources of liquidity including fed funds lines of credit with correspondent banks, unused secured borrowing capacity with the Federal Home Loan Bank, and unused secured borrowing capacity with the Federal Reserve totaled $310.2 million at June 30, 2023, an increase from $211.7 million at March 31, 2023.

  • Allowance for Credit Losses ("ACL") was 1.23% of total loans at June 30, 2023, compared with 1.24% at March 31, 2023, and 1.20% at June 30, 2022. Provision for credit losses for the second quarter of 2023 was $0.2 million, compared to zero last quarter, and $0.9 million for the same quarter last year.

  • The Bank maintained strong credit quality with no other real estate owned, no loans 90 days or more past due, and only $2.8 million or 0.30% of total loans on non-accrual status, which are well supported by collateral and reserves.

  • Tangible book value per share increased by 1.3% to $15.22 at June 30, 2023, up from $15.03 at March 31, 2023, due to a profitable second quarter of 2023.

  • All Bank and Company capital ratios increased in the second quarter of 2023. The Bank’s regulatory capital ratios were all above "well-capitalized" standards. The Company’s tangible common equity ratio has increased to 6.86% at June 30, 2023, from 6.68% at March 31, 2023, and 5.78% at June 30, 2022.

Second Quarter Earnings

For the second quarter of 2023, unaudited net income pre-tax, pre-provision, pre-PPP fees (a non-GAAP measure) was $3.9 million, compared to $4.1 million in the first quarter of 2023 and second quarter of 2022. For the second quarter of 2023, unaudited net income was $2.7 million, compared to $3.0 million in the first quarter of 2023, and $2.6 million in the second quarter of 2022.

The Bank continues to grow interest and fees on loans sequentially over the last four quarters from $9.4 million in the second quarter of 2022 to $11.8 million in the second quarter of 2023, representing a $2.4 million or 26.2% increase. However, the cost of funding has also increased sequentially from the historically low levels that existed prior to the Federal Reserve’s aggressive rate increase policy. Interest expense on deposits has increased approximately nine-fold from $0.2 million in the second quarter of 2022 to $2.0 million in the second quarter of 2023.

At the same time, excess cash and due from banks has moved back to a more normalized level as the Federal Reserve has tightened economic conditions, resulting in a decline in interest on cash and due from which was at elevated levels for most of 2022. Interest on cash and due from peaked at $1.3 million for the fourth quarter of 2022, compared to a more normalized level of $0.3 million in the second quarter of 2023 and $0.5 million in the second quarter of 2022.

Non-Interest Income and Expense

Non-interest income was $1.0 million for the second quarter of 2023, compared to $0.5 million for the first quarter of 2023, and $0.7 million for the same quarter last year. Variances between the quarters relate primarily to SBA loan sale premiums, mortgage broker fees, loan swap fees, and loan prepayment fees. Loan swap fees totaled $0.3 million in the second quarter of 2023 as borrowers continue to request fixed-rate loans and the Company can choose to diversify its interest-rate risk profile by offering floating rate loan swaps.

Non-interest expense was $8.0 million for the second quarter of 2023, compared to $8.0 million in the first quarter of 2023, and $7.2 million for the same quarter last year. The increase in non-interest expense in the second quarter of 2023 compared to the same quarter last year is primarily attributable to occupancy expenses, investment in technology projects, and timing of advertising and annual sponsorships. Occupancy expenses were temporarily elevated in the first half of 2023 as the Company was in the process of consolidating Santa Barbara office space which was recently completed, allowing for the termination of two leases, and is expected to decrease occupancy expenses by approximately $70 thousand for the third quarter of 2023 compared to the second quarter of 2023. Additionally, accrual of non-recurring expense for technology upgrades was $80 thousand per month in the second quarter of 2023 and is expected to continue at this level only through October 2023.

Loans and Asset Quality

Total loans reached $945.4 million at June 30, 2023, an increase of $20.6 million or 2.2% from the prior quarter-end, and $84.6 million or 9.8% from June 30, 2022.

The Bank adopted the Current Expected Credit Losses ("CECL") accounting standard as of January 1, 2023, and recorded a $1.3 million pre-tax reduction to retained earnings upon adoption, including $0.5 million of additional reserve for unfunded loans recorded in other liabilities. The ACL increased $0.2 million to $11.6 million at June 30, 2023, with a resulting coverage ratio of 1.23% of total loans, as compared to $11.5 million or 1.24% at March 31, 2023, and $10.4 million or 1.20% at June 30, 2022.

Loan charge-offs totaled zero and loan recoveries totaled $3 thousand for the second quarter of 2023. As of June 30, 2023, non-accrual loans totaled $2.8 million, down $0.2 million compared to the previous quarter. $2.1 million of the non-accrual total at June 30, 2023, is comprised of one loan which is real estate secured at a 27% loan-to-value based upon a recent appraisal and is paying full principal and interest payments monthly. Credit quality remains strong.

Deposits & Borrowings

Total deposits were $1.1 billion at June 30, 2023, representing a decrease of $17.2 million or 1.6% from March 31, 2023, and a decrease of $172.8 million or 13.8% since June 30, 2022. As a result of the current rate environment, the reduction in deposit balances is primarily due to some clients deciding to reinvest their excess cash in non-FDIC insured, external investment products. The weighted average cost of deposits for the second quarter of 2023 was 0.73%, compared to 0.45% for the previous quarter, and 0.07% for the same quarter last year. Non-interest-bearing demand deposits represent 40.8% of total deposits at June 30, 2023, a decrease from 41.9% at the prior quarter-end, and an increase from 38.8% at June 30, 2022.

At June 30, 2023, the Bank had $60.0 million of short-term, 30 days or less, FHLB advances and another $10.0 million of long-term FHLB advances outstanding. At June 30, 2023, the Company also had $10.0 million drawn on a correspondent bank line of credit at a favorable rate of 3.85% and $18.0 million of subordinated notes outstanding at a favorable rate of 3.75%. The weighted average cost on all borrowings for the quarter was 4.93%, resulting in $1.0 million in interest expense. The $98.0 million level of wholesale funding was consistent at the first and second quarter of 2023.

The Bank’s liquidity position remained strong with a primary liquidity ratio (cash and cash equivalents, deposits held in other banks and unpledged AFS securities as a percentage of total assets) of 19.2% at June 30, 2023, compared to 22.1% at March 31, 2023.

As of June 30, 2023, the Bank had no brokered deposits and no borrowings outstanding from the Federal Reserve’s discount window or its new Bank Term Funding Program. Available and unused, secured borrowing capacity with the Federal Home Loan Bank of San Francisco ("FHLB") totaled $167.6 million as of June 30, 2023. The Bank also had $100.0 million of unused fed funds lines of credit with correspondent banks at June 30, 2023. Available contingent funding sources remain robust.

Overall uninsured deposits, excluding public agency deposits that are collateralized, are conservatively estimated to be $428.8 million, or 39.6% of total deposit balances as of June 30, 2023. The actual level of uninsured deposits is lower than the percentage stated above, as our knowledgeable bankers have helped clients obtain more than $250 thousand of FDIC insurance with vesting structures such as joint accounts, payable upon death accounts, and revocable trust accounts with multiple beneficiaries. In addition, the Bank can offer up to $50 million of FDIC pass-through insurance to clients via the IntraFi network Insured Cash Sweep ("ICS") or Certificate of Deposit Account Registry System ("CDARS") products.

Shareholders’ Equity

Total shareholders’ equity was $92.8 million at June 30, 2023, a $1.2 million or 1.4% increase since March 31, 2023, and an increase of $9.3 million or 11.1% over the prior year. The tax adjusted unrealized loss on securities, which is a component of equity (accumulated other comprehensive income or "AOCI"), increased slightly from $21.1 million at the end of the first quarter of 2023 to $23.4 million at the end of the second quarter of 2023, resulting in a reduction of $2.3 million of shareholders’ equity. The Bank fully expects to receive all principal when the investments mature.

Company Profile

American Riviera Bancorp (OTCQX: ARBV) is a registered bank holding company headquartered in Santa Barbara, California. American Riviera Bank, the 100% owned subsidiary of American Riviera Bancorp, 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, Santa Maria, San Luis Obispo, and Paso Robles. The Bank provides commercial business, commercial real estate, residential mortgage, construction, and Small Business Administration lending services as well as convenient online and mobile technology. For thirteen 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 2023 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.

American Riviera Bancorp and Subsidiaries

Balance Sheets (unaudited)

(dollars in thousands)

Jun 30,

Jun 30,

One Year

One Year

2023

2022

$ Change

% Change

Assets

Cash & Due From Banks

$

30,428

$

212,675

$

(182,247

)

-86

%

Available-for-sale securities

215,951

250,132

(34,181

)

-14

%

Held-to-maturity securities, net

41,295

-

41,295

100

%

Loans

945,389

860,762

84,627

10

%

Allowance For Credit Losses

(11,638

)

(10,367

)

(1,271

)

12

%

Net Loans

933,751

850,395

83,356

10

%

Premise & Equipment

14,842

9,491

5,351

56

%

Goodwill and Other Intangibles

4,936

5,025

(89

)

-2

%

Other Assets

43,851

35,470

8,381

24

%

Total Assets

$

1,285,054

$

1,363,188

$

(78,134

)

-6

%

Liabilities & Shareholders' Equity

Non-interest-bearing Deposits

$

442,078

$

487,187

$

(45,109

)

-9

%

Interest-bearing Deposits

640,359

768,029

(127,670

)

-17

%

Total Deposits

1,082,437

1,255,216

(172,779

)

-14

%

Borrowed Funds

98,000

18,000

80,000

444

%

Other Liabilities

11,819

6,460

5,359

83

%

Total Liabilities

1,192,256

1,279,676

(87,420

)

-7

%

Common Stock

66,836

56,897

9,939

17

%

Retained Earnings

49,324

45,922

3,402

7

%

Other Capital

(23,362

)

(19,307

)

(4,055

)

21

%

Total Shareholders' Equity

92,798

83,512

9,286

11

%

Total Liabilities & Shareholders' Equity

$

1,285,054

$

1,363,188

$

(78,134

)

-6

%

American Riviera Bancorp and Subsidiaries

Balance Sheets (unaudited)

(dollars in thousands)

June 30,

March 31,

December 31,

September 30,

June 30,

2023

2023

2022

2022

2022

Assets

Cash & Due From Banks

$

30,428

$

64,252

$

61,801

$

178,882

$

212,675

Available-for-sale securities

215,951

223,547

223,281

222,910

250,132

Held-to-maturity securities

41,295

41,274

41,293

41,241

-

Loans

945,389

924,761

907,685

886,208

860,762

Allowance for Credit Losses (a)

(11,638

)

(11,468

)

(10,626

)

(10,500

)

(10,367

)

Net Loans

933,751

913,293

897,059

875,708

850,395

Premise & Equipment

14,842

14,098

12,347

9,649

9,491

Goodwill and Other Intangibles

4,936

4,942

4,947

4,984

5,025

Other Assets

43,851

40,588

40,931

38,033

35,470

Total Assets

$

1,285,054

$

1,301,994

$

1,281,659

$

1,371,407

$

1,363,188

Liabilities & Shareholders' Equity

Non-interest-bearing Deposits

$

442,078

$

460,667

$

478,519

$

519,796

$

487,187

Interest-bearing Deposits

640,359

638,986

685,008

744,052

768,029

Total Deposits

1,082,437

1,099,653

1,163,527

1,263,848

1,255,216

Borrowed Funds

98,000

98,000

18,000

18,000

18,000

Other Liabilities

11,819

12,785

13,036

7,425

6,460

Total Liabilities

1,192,256

1,210,438

1,194,563

1,289,273

1,279,676

Common Stock

66,836

67,411

66,346

57,123

56,897

Retained Earnings

49,324

46,251

44,672

49,722

45,922

Other Capital

(23,362

)

(21,075

)

(23,922

)

(24,711

)

(19,307

)

Total Shareholders' Equity

92,798

91,556

87,096

82,134

83,512

Total Liabilities & Shareholders' Equity

$

1,285,054

$

1,301,994

$

1,281,659

$

1,371,407

$

1,363,188

Note:

(a) CECL was adopted using the modified retrospective method. Results of reporting periods beginning after 1/1/23 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP.

American Riviera Bancorp and Subsidiaries

Statement of Income (unaudited)

(dollars in thousands, except per share data)

Quarter Ended

Six Months Ended

June 30,

Jun 30,

Jun 30,

Jun 30,

2023

2022

Change

2023

2022

Change

Interest Income

Interest and Fees on Loans

$

11,794

$

9,347

26

%

$

22,994

$

17,954

28

%

Fees on PPP Loans

-

209

-100

%

1

1,122

-100

%

Interest on Securities

1,792

1,116

61

%

3,525

1,957

80

%

Interest on Due From Banks

265

539

-51

%

541

681

-21

%

Total Interest Income

13,851

11,211

24

%

27,061

21,714

25

%

Interest Expense

Interest Expense on Deposits

1,965

216

808

%

3,239

426

660

%

Interest Expense on Borrowings

1,006

166

506

%

1,427

233

512

%

Total Interest Expense

2,971

382

677

%

4,666

659

608

%

Net Interest Income

10,880

10,829

0

%

22,395

21,055

6

%

Provision for Credit Losses

163

916

-82

%

163

916

-82

%

Net Interest Income After Provision

10,717

9,913

8

%

22,232

20,139

10

%

Non-Interest Income

Service Charges, Commissions and Fees

764

672

14

%

1,227

1,342

-9

%

Other Non-Interest Income

222

20

1012

%

289

514

-44

%

Total Non-Interest Income

987

692

43

%

1,516

1,856

-18

%

Non-Interest Expense

Salaries and Employee Benefits

4,588

4,326

6

%

9,529

8,636

10

%

Occupancy and Equipment

868

766

13

%

1,773

1,521

17

%

Other Non-Interest Expense

2,508

2,119

18

%

4,643

4,014

16

%

Total Non-Interest Expense

7,964

7,211

10

%

...

15,946

14,171

13

%

Net Income Before Provision for Taxes

3,740

3,394

10

%

7,803

7,824

0

%

Provision for Taxes

1,052

818

29

%

2,143

2,093

2

%

Net Income

$

2,687

$

2,576

4

%

$

5,660

$

5,731

-1

%

Shares Outstanding

5,772,012

5,690,710

1

%

5,772,012

5,690,710

1

%

Earnings Per Share - Basic

$

0.47

$

0.45

3

%

$

0.98

$

1.01

-3

%

Return on Average Assets

0.85

%

0.75

%

13

%

0.92

%

0.95

%

-3

%

Return on Average Equity

11.84

%

11.40

%

4

%

13.00

%

13.41

%

-3

%

Net Interest Margin

3.51

%

3.26

%

8

%

3.64

%

3.30

%

10

%

Note> Share data for prior periods has been adjusted to reflect stock dividends

American Riviera Bancorp and Subsidiaries

Five Quarter Statements of Income (unaudited)

(dollars in thousands, except per share data)

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2023

2023

2022

2022

2022

Interest Income

Interest and Fees on Loans

$

11,794

$

11,200

$

11,081

$

10,160

$

9,347

Fees on PPP Loans

-

1

-

199

209

Interest on Securities

1,792

1,733

1,716

1,539

1,116

Interest on Due From Banks

265

276

1,323

1,046

539

Total Interest Income

13,851

13,210

14,120

12,944

11,211

Interest Expense

Interest Expense on Deposits

1,965

1,274

669

266

216

Interest Expense on Borrowings

1,006

421

169

169

166

Total Interest Expense

2,971

1,695

838

435

382

Net Interest Income

10,880

11,515

13,282

12,509

10,829

Provision for Credit Losses

163

-

109

122

916

Net Interest Income After Provision

10,717

11,515

13,173

12,387

9,913

Non-Interest Income

Service Charges, Commissions and Fees

764

463

522

602

672

Other Non-Interest Income

222

66

157

210

20

Total Non-Interest Income

987

529

679

812

692

Non-Interest Expense

Salaries and Employee Benefits

4,588

4,942

4,948

4,717

4,326

Occupancy and Equipment

868

905

856

777

766

Other Non-Interest Expense

2,508

2,134

2,561

2,260

2,119

Total Non-Interest Expense

7,964

7,981

8,365

7,754

7,211

Net Income Before Provision for Taxes

3,740

4,063

5,487

5,446

3,394

Provision for Taxes

1,052

1,090

1,524

1,645

818

Net Income

$

2,687

$

2,973

$

3,963

$

3,800

$

2,576

Shares Outstanding

5,772,012

5,763,854

5,692,161

5,693,820

5,690,710

Earnings Per Share - Basic

$

0.47

$

0.52

$

0.70

$

0.67

$

0.45

Net Income pre-tax, pre-provision, pre-PPP fees (Non-GAAP)

$

3,902

$

4,062

$

5,596

$

5,369

$

4,101

Note> Share data for prior periods has been adjusted to reflect stock dividends

American Riviera Bancorp and Subsidiaries

Selected Financial Highlights (unaudited)

(dollars in thousands, except per share data)

At or for the Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2023

2023

2022

2022

2022

Income and performance ratios:

Net Income

$

2,687

$

2,973

$

3,963

$

3,800

$

2,576

Earnings per share - basic (f)

0.47

0.52

0.70

0.67

0.45

Return on average assets

0.85

%

0.98

%

1.14

%

1.08

%

0.75

%

Return on average equity

11.84

%

14.22

%

19.12

%

17.26

%

11.40

%

Cost of Funds

1.02

%

0.59

%

0.26

%

0.16

%

0.12

%

Cost of Deposits

0.73

%

0.45

%

0.21

%

0.08

%

0.07

%

Net interest margin

3.51

%

3.76

%

3.94

%

3.69

%

3.26

%

Efficiency ratio (b)

66.97

%

65.52

%

60.21

%

58.58

%

62.89

%

Asset quality:

Allowance for credit losses

$

11,638

$

11,468

$

10,626

$

10,500

$

10,367

Nonperforming assets

2,818

2,955

3,066

6,337

3,505

Allowance for credit losses / total loans and leases

1.23

%

1.24

%

1.17

%

1.18

%

1.20

%

Net charge-offs / average loans and leases (annualized)

0.00

%

0.00

%

0.00

%

-0.04

%

-0.03

%

Texas ratio (a)

2.83

%

3.01

%

3.30

%

6.07

%

3.94

%

Capital ratios for American Riviera Bank (c):

Tier 1 risk-based capital

12.02

%

11.96

%

11.85

%

11.68

%

11.85

%

Total risk-based capital

13.17

%

13.12

%

12.89

%

12.73

%

12.94

%

Tier 1 leverage ratio

9.95

%

9.67

%

8.83

%

8.48

%

8.29

%

Capital ratios for American Riviera Bancorp (c):

Tier 1 risk-based capital

10.39

%

10.32

%

10.22

%

10.05

%

10.15

%

Total risk-based capital

11.54

%

11.48

%

11.26

%

11.10

%

11.24

%

Tier 1 leverage ratio

8.60

%

8.32

%

7.62

%

7.29

%

7.11

%

Equity and share related (f):

Common equity

$

92,798

$

91,556

$

87,096

$

82,134

$

83,512

Book value per share

16.08

15.88

15.30

14.43

14.68

Tangible book value per share

15.22

15.03

14.43

13.55

13.79

Tangible book value per share, excluding AOCI (d)

19.27

18.68

18.63

17.89

17.18

Stock closing price per share

15.20

16.81

17.00

17.15

17.90

Number of shares issued and outstanding (e)

5,772.01

5,763.85

5,692.16

5,693.82

5,690.71

Notes:

(a) The sum of Nonperforming assets and Other Real Estate Owned, divided by the sum of Total Shareholder Equity and Total Allowance for Credit Losses (less Preferred Stock and Intangible Assets).

(b) Annualized Operating Expense excluding Provision for Credit Losses minus Annualized Extraordinary Expense, divided by Annualized Interest Income including Loan Fees minus Annualized Interest Expense plus Annualized Non-Interest Income minus Annualized Extraordinary Income, expressed as a percentage.

(c) Current period capital ratios are preliminary.

(d) Accumulated Other Comprehensive Income (AOCI), is comprised of the tax adjusted unrealized loss on securities and is presented as Other Capital on the Balance Sheet.

(e) Prior period number of shares issued and outstanding are adjusted for respective 10% stock dividend recorded as of November 24, 2022.

(f) Share data for prior periods has been adjusted to reflect stock dividends

View source version on businesswire.com: https://www.businesswire.com/news/home/20230727540248/en/

Contacts

American Riviera Bank
www.americanriviera.bank
805-965-5942
Michelle Martinich