American Riviera Bancorp Announces Results for the Fourth Quarter of 2023
AMERICAN RIVIERA BANCORP (ARBV)
NASDAQ:AMEX Investor Relations:
americanrivierabank.com/investor-relations
Company Research
Source: Business Wire
SANTA BARBARA, Calif.--(BUSINESS WIRE)--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.Jeff DeVine, President and CEO of the Company and the Bank, stated, “Although 2023 net income was impacted by rising
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