Overview

* American Riviera Bancorp's Q3 net income rises 40% yr/yr to $2.9 mln

* The regional lender's deposits increase 11.3% yr/yr; net interest income up 17% to $12.2 mln

* American Riviera to expand into Ventura County with new loan production office

Outlook

* Company did not provide specific future guidance

Result Drivers

* CORE DEPOSITS - Total deposits up $128 mln, or 11.3%, yr/yr - all in core deposits, with no wholesale funding

* LOAN GROWTH - Loans increased 6.7% yr/yr

* NET INTEREST MARGIN - NIM improved to 3.7% due to steady improvement in loan yield and declining cost of funds

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Net $2.9 mln

Income

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)