PALO ALTO, Calif.--(BUSINESS WIRE)--
Avidbank Holdings, Inc., parent company of Avidbank, today announced its
unaudited results for the third quarter of 2011.
“Our continued profitability is derived from aggressively managing our
infrastructure and balance sheet in what continues to be a challenging
market for quality loans,” stated Chairman Mark D. Mordell. “Management
has done an excellent job improving the quality of our loan portfolio
while at the same time significantly reducing our cost of funds. This
stable platform is allowing the Bank to pursue quality relationships and
credits in an improving market.”
Financial Results
In thousands, except share and per share amounts (unaudited)
|
|
| |
| | |
| |
| |
| |
| % vs. |
| | 9/30/11 | | 9/30/10 | | % Change | | 12/31/10 | | 9/30/11 |
|
Total Assets
| | $328,629 | | $341,235 | |
-4%
| | $316,789 | |
4%
|
|
Loans
| | $185,067 | | $214,323 | |
-14%
| | $208,542 | |
-11%
|
|
Deposits
| | $295,489 | | $308,098 | |
-4%
| | $284,688 | |
4%
|
| | | | | | | | | |
|
|
Loans to Deposits
| |
63%
| |
70%
| |
-10%
| |
73%
| |
-15%
|
|
Net Interest Margin
| |
4.06%
| |
3.92%
| |
3%
| |
4.01%
| |
1%
|
|
Efficiency Ratio
| |
72%
| |
74%
| |
-3%
| |
74%
| |
-3%
|
|
ALLL to Loans
| |
2.09%
| |
1.85%
| |
13%
| |
2.12%
| |
-1%
|
| | | | | | | | | |
|
|
Shareholders' Equity
| | $32,223 | | $30,676 | |
5%
| | $30,354 | |
6%
|
|
Common Shares
| |
2,602
| |
2,602
| |
0%
| |
2,602
| |
0%
|
|
Book Value per Share
| | $12.38 | | $11.79 | |
5%
| | $11.66 | |
6%
|
Book Value per Share
| | | | | | | | | | |
excluding TARP
| | $10.08 | | $9.48 | |
6%
| | $9.36 | |
8%
|
| | | | | | | | | |
|
|
Tier 1 Leverage Ratio
| |
9.78%
| |
9.06%
| |
8%
| |
9.18%
| |
7%
|
|
Total Risk Based Capital Ratio
| |
13.29%
| |
12.62%
| |
5%
| |
12.88%
| |
3%
|
| | | | | | | | | |
|
| |
Quarter Ending
| |
Quarter Ending
| | | |
Year-to-Date
| |
Year-to-Date
|
| | 9/30/11 | | 9/30/10 | | % Change | | 9/30/11 | | 9/30/10 |
|
Revenue
| | $3,930 | | $4,104 | |
-4%
| | $11,620 | | $11,591 |
|
Interest Expense
| | $547 | | $819 | |
-33%
| | $1,783 | | $2,670 |
|
Loan Loss Provision
| | $0 | | $383 | |
-100%
| | $50 | | $583 |
|
Total Operating Expenses
| | $2,354 | | $2,188 | |
8%
| | $7,067 | | $6,607 |
|
Net Income
| | $909 | | $663 | |
37%
| | $2,421 | | $1,618 |
|
Earnings Per Share
| | $0.32 | | $0.23 | |
42%
| | $0.76 | | $0.57 |
“Over the past several months, we have invested in additional business
development officers as we have seen renewed confidence in our markets
and an increase in new lending activity,” said Kenneth D. Brenner, the
Company's Chief Executive Officer. “We plan to take advantage of
opportunities as conditions 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.
Avidbank Holdings, Inc.
Steve Leen, Chief Financial Officer,
650-843-2204
www.avidbank.com
Source: Avidbank Holdings, Inc.