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American Riviera Bank Increases Earnings with Expansion

SANTA BARBARA, CALIFORNIA – American Riviera Bank (OTC Markets: ARBV) announced today unaudited net income of $1,352,000 ($0.31 per share) for the three months ended March 31, 2018. This represents a 41% increase in net income from the $956,000 ($0.22 per share) reported for the first three months of 2017. The annualized return on average assets of 1.09% and return on average equity of 10.27% represents an increase from the 0.91% and the 7.88%, respectively, achieved for the same reporting period prior year.

The Bank experienced significant organic growth in the last year, reporting $540 million in total assets as of March 31, 2018. Asset growth was made possible by total deposits increasing 15% from March 31, 2017, reaching $472 million at March 31, 2018. Checking accounts, comprised of non-interest bearing demand deposits and interest bearing NOW accounts, increased by 27% from the same reporting period last year. Deposit origination volume is noteworthy, with the Bank opening over 570 new accounts at our four locations year to date 2018.

Loan demand remained strong, with total loans increasing 13% from March 31, 2017, reaching $432 million at March 31, 2018 with no loans that were 90 days or more past due and no other real estate owned. The Bank reported an annualized net interest margin of 4.50% for the first three months ending March 31, 2018.

 Jeff DeVine, President and Chief Executive Officer stated, “American Riviera Bank started 2018 strong, with significant loan and deposit origination this quarter. Our expansion into San Luis Obispo County has significantly contributed to our growth. In the first quarter of 2018 we opened our full service branch in Paso Robles and we are dedicated to servicing the banking needs of the entire Central Coast.”

As of March 31, 2018, American Riviera Bank maintained a strong capital position with a Tier 1 Capital Ratio of 11%; well above the regulatory guideline of 8% for well capitalized institutions. The tangible book value per share of American Riviera Bank common stock is $11.44 at March 31, 2018, a 9% increase from $10.51 at March 31, 2017.