PALO ALTO, Calif.--(BUSINESS WIRE)--
Peninsula Bank Holding Co., parent company of Avidbank, formerly The
Private Bank of the Peninsula, today announced its unaudited results for
the first quarter of 2011.
“We are pleased to announce our seventh consecutive profitable quarter,”
stated Chairman Mark
D. Mordell. “Although our loan totals decreased modestly, our focus
on consistent profitability and strengthening our balance sheet
continues to show results.”
|
Financial Results
|
|
In thousands (unaudited)
|
|
| |
| |
| |
| |
3/31/11
| |
3/31/10
| |
% Change
|
|
Total Assets
| |
$313,141
| |
$312,518
| |
0%
|
|
Loans
| |
$188,796
| |
$201,139
| |
-6%
|
|
Deposits
| |
$280,873
| |
$282,132
| |
0%
|
|
Loans to Deposits
| |
67%
| |
71%
| |
-6%
|
|
Efficiency Ratio
| |
73%
| |
83%
| |
-12%
|
|
ALLL to Loans
| |
2.33%
| |
2.14%
| |
9%
|
| | | | | |
|
|
Shareholders’ Equity
| |
$30,977
| |
$28,540
| |
9%
|
|
Common Shares
| |
2,602
| |
2,602
| |
0%
|
|
Book Value per Share
| |
$11.90
| |
$10.97
| |
9%
|
|
Book Value per Share, excluding TARP
| |
$9.60
| |
$8.66
| |
11%
|
| | | | | |
|
|
Tier 1 Leverage Ratio
| |
9.92%
| |
9.17%
| |
8%
|
|
Total Risk Based Capital Ratio
| |
13.68%
| |
12.83%
| |
7%
|
| | | | | |
|
| |
Quarter Ending
| |
Quarter Ending
| | |
| |
3/31/11
| |
3/31/10
| |
% Change
|
|
Revenue
| |
$3,979
| |
$3,976
| |
0%
|
|
Interest Expense
| |
$645
| |
$940
| |
-31%
|
|
Loan Loss Provision
| |
$0
| |
$0
| |
0%
|
|
Total Operating Expenses
| |
$2,430
| |
$2,584
| |
-6%
|
|
Net Income
| |
$815
| |
$429
| |
90%
|
|
Earnings Per Share
| |
$0.28
| |
$0.13
| |
115%
|
| | | | | |
|
“Due to the improving economy, we experienced an extraordinary amount of
payoffs in the first quarter of 2011,” said Kenneth
D. Brenner, the Company's Chief Executive Officer. “However, at the
same time, we are investing in our infrastructure to take advantage of
lending opportunities as conditions continue to improve.”
About the Bank
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.
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Source: Peninsula Bank Holding Co.
Contact:
Avidbank
Steve Leen, 650-843-2204
Chief Financial Officer
avidbank.com