PALO ALTO, Calif.--(BUSINESS WIRE)--
Avidbank Holdings, Inc., parent company of Avidbank, today announced its
unaudited results for the second quarter of 2011.
"Our continued focus on profitability and credit quality is generating a
positive outcome as these results represent the Bank's eighth
consecutive profitable quarter," stated Chairman Mark D. Mordell.
|
|
Financial Results |
In thousands (unaudited)
|
|
| |
| |
| |
| |
| |
| | | | | | | | | |
vs. 6/30/11
|
| |
6/30/11
| |
6/30/10
| |
% Change
| |
12/31/10
| |
% Change
|
|
Total Assets
| |
$307,995
| |
$324,442
| |
-5%
| |
$316,789
| |
-3%
|
|
Loans
| |
$182,415
| |
$207,070
| |
-12%
| |
$208,542
| |
-13%
|
|
Deposits
| |
$275,053
| |
$292,774
| |
-6%
| |
$284,688
| |
-3%
|
| | | | | | | | | |
|
|
Loans to Deposits
| |
66%
| |
71%
| |
-6%
| |
73%
| |
-9%
|
|
Efficiency Ratio
| |
73%
| |
78%
| |
-6%
| |
74%
| |
-2%
|
|
ALLL to Loans
| |
2.20%
| |
2.33%
| |
-6%
| |
2.12%
| |
4%
|
| | | | | | | | | |
|
|
Shareholders' Equity
| |
$31,915
| |
$29,738
| |
7%
| |
$30,354
| |
5%
|
|
Common Shares
| |
2,602
| |
2,602
| |
0%
| |
2,602
| |
0%
|
|
Book Value per Share
| |
$12.26
| |
$11.43
| |
7%
| |
$11.66
| |
5%
|
|
Book Value per Share
| | | | | | | | | | |
|
excluding TARP
| |
$9.96
| |
$9.12
| |
9%
| |
$9.36
| |
6%
|
| | | | | | | | | |
|
|
Tier 1 Leverage Ratio
| |
10.03%
| |
9.17%
| |
9%
| |
9.18%
| |
9%
|
|
Total Risk Based Capital Ratio
| |
13.85%
| |
12.83%
| |
8%
| |
12.88%
| |
7%
|
| | | | | | | | | |
|
| |
Quarter Ending
| |
Quarter Ending
| | | |
Year-to-Date
| |
Year-to-Date
|
| |
6/30/11
| |
6/30/10
| |
% Change
| |
6/30/11
| |
6/30/10
|
Revenue
| |
$3,864
| |
$3,594
| |
8%
| |
$7,691
| |
$7,487
|
Interest Expense
| |
$591
| |
$910
| |
-35%
| |
$1,236
| |
$1,850
|
Loan Loss Provision
| |
$50
| |
$200
| |
-75%
| |
$50
| |
$200
|
Total Operating Expenses
| |
$2,283
| |
$2,191
| |
4%
| |
$4,713
| |
$4,419
|
Net Income
| |
$697
| |
$526
| |
33%
| |
$1,512
| |
$955
|
Earnings Per Share
| |
$0.24
| |
$0.17
| |
41%
| |
$0.43
| |
$0.30
|
| | | | | | | | | |
|
“Significant payoffs have caused a drop in our loan portfolio," said
Kenneth D. Brenner, the Company's Chief Executive Officer. "Currently,
we are investing in our loan generation capability to take advantage of
lending opportunities as economic conditions continue to improve."
About Avidbank
Our goal at Avidbank is to advance our clients’ success by offering
innovative financial solutions and service. Our experienced people
provide a unique and individualized banking experience based on mutual
effort, ingenuity and trust, creating long-term banking relationships.
Avidbank specializes in the following markets: commercial and
industrial, corporate finance, technology and asset-based lending, real
estate construction, commercial real estate lending and real estate
bridge financing.
Source: Avidbank Holdings, Inc.
Contact:
Avidbank
Steve Leen, 650-843-2204
Chief Financial Officer
www.avidbank.com