PALO ALTO, Calif.--(BUSINESS WIRE)--
Avidbank Holdings, Inc., parent company of Avidbank, today announced its
unaudited results for the first quarter of 2012.
"We are pleased with our continued solid financial performance in the
first quarter of 2012,” stated Chairman and Chief Executive Officer,
Mark D. Mordell. “Our pretax income of $1.27 million was up 40% compared
to the same period of 2011. Due to our strong earnings over the past 12
quarters, we are now recording federal income tax expense on our
operations which has caused our net income to decline 5% compared to the
first quarter of 2011. The credit quality of our portfolio continues to
improve while our totals are growing at the same time. Additionally, the
significant decline in classified assets and specifically non-performing
loans has been a very positive trend.”
Financial Results
In thousands, except per share amounts (unaudited)
|
|
| |
| | 3/31/12 |
| 3/31/11 |
| % Change |
| 12/31/11 |
| % vs. 12/31/11 |
|
Total Assets
| | $340,676 | | $313,141 | |
9%
| | $342,204 | |
0%
|
|
Loans
| | $221,564 | | $188,796 | |
17%
| | $207,964 | |
7%
|
|
Deposits
| | $300,159 | | $280,873 | |
7%
| | $306,690 | |
-2%
|
|
Classified Loans to Capital and Reserves
| |
19%
| |
35%
| |
-46%
| |
21%
| |
-11%
|
|
Net Interest Margin
| |
4.48%
| |
4.27%
| |
5%
| |
4.09%
| |
10%
|
|
Efficiency Ratio
| |
67%
| |
73%
| |
-9%
| |
72%
| |
-7%
|
|
ALLL to Loans
| |
1.96%
| |
2.33%
| |
-16%
| |
2.10%
| |
-7%
|
| | | | | | | | | |
|
|
Shareholders' Equity
| | $35,088 | | $30,977 | |
13%
| | $33,695 | |
4%
|
|
Common Shares
| |
2,611
| |
2,602
| |
0%
| |
2,602
| |
0%
|
|
Book Value per Share
| | $13.44 | | $11.90 | |
13%
| | $12.95 | |
4%
|
|
Book Value per Share excluding TARP
| | $11.14 | | $9.60 | |
16%
| | $10.64 | |
5%
|
| | | | | | | | | |
|
|
Tier 1 Leverage Ratio
| |
9.96%
| |
9.88%
| |
1%
| |
10.37%
| |
-4%
|
|
Total Risk Based Capital Ratio
| |
12.68%
| |
13.68%
| |
-7%
| |
12.84%
| |
-1%
|
|
| Quarter Ending 3/31/12 |
| Quarter Ending 3/31/11 |
| % Change |
|
Revenue
| | $4,310 | | $3,979 | |
8%
|
|
Interest Expense
| | $501 | | $645 | |
-22%
|
|
Loan Loss Provision
| | $0 | | $0 | |
0%
|
| | | | | |
|
|
Non-Interest Expense
| | $2,539 | | $2,430 | |
5%
|
|
Pretax Income
| | $1,270 | | $905 | |
40%
|
|
Income Tax Expense
| | $499 | | $90 | |
454%
|
|
Net Income
| | $771 | | $815 | |
-5%
|
|
Earnings Per Share
| | $0.26 | | $0.19 | |
39%
|
“The first quarter of 2012 extended our trend of healthy loan growth
with an emphasis on quality credits,” said Kenneth D. Brenner, the
Company's President. “Our increased focus on commercial lending is
producing results and helping us balance our loan concentrations.”
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.