PALO ALTO, Calif.--(BUSINESS WIRE)--
Avidbank Holdings, Inc., parent company of Avidbank, today announced its
unaudited results for the fourth quarter of 2011.
“Our profitability and the strength of our balance sheet improved
significantly in 2011. It is important to note that $962,000 of income
relating to a deferred tax asset recognition is included in the fourth
quarter. Our pre-tax earnings for the year were $3.3 million, which is
up approximately 36% over 2010,” stated Chairman Mark D. Mordell. “These
results are due to a healthier lending environment and strong management
of our balance sheet and net interest margin. We have an excellent
platform for 2012 and beyond.”
Financial Results
In thousands, except per share amounts (unaudited)
|
| | |
| |
| |
| | 12/31/11 | | 12/31/10 | | % Change |
|
Total Assets
| | $342,204 | | $316,789 | |
8%
|
|
Loans
| | $207,964 | | $208,542 | |
0%
|
|
Deposits
| | $306,690 | | $284,688 | |
8%
|
| | | | | |
|
|
Net Interest Margin
| |
4.09%
| |
4.01%
| |
2%
|
|
Efficiency Ratio
| |
72%
| |
75%
| |
-4%
|
|
ALLL to Loans
| |
2.10%
| |
2.12%
| |
-1%
|
| | | | | |
|
|
Shareholders' Equity
| $33,695 | | $30,354 | |
11%
|
|
Common Shares
| |
2,602
| |
2,602
| |
0%
|
|
Book Value per Share
| $12.95 | | $11.66 | |
11%
|
|
Book Value per Share excluding TARP
| $10.64 | | $9.36 | |
14%
|
|
| | | | | | |
|
Tier 1 Leverage Ratio
|
10.03%
| |
9.18%
| |
9%
|
|
Total Risk Based Capital Ratio
|
12.84%
| |
12.88%
| |
0%
|
|
Quarter Ending
|
|
Quarter Ending
|
| |
|
Year-to-Date
|
|
Year-to-Date
|
| 12/31/11 | | 12/31/10 | | % Change | | 12/31/11 | | 12/31/10 |
|
Revenue
| $3,874 | | $4,094 | |
-5%
| | $15,495 | | $15,685 |
|
Interest Expense
| $496 | | $752 | |
-34%
| | $2,279 | | $3,422 |
|
Loan Loss Provision
| $385 | | $241 | |
60%
| | $435 | | $824 |
|
Total Operating Expenses
| $2,450 | | $2,426 | |
1%
| | $9,516 | | $9,033 |
|
Net Income
| $1,416 | | $606 | |
134%
| | $3,837 | | $2,224 |
|
Earnings Per Share
| $0.51 | | $0.20 | |
156%
| | $1.26 | | $0.79 |
“The fourth quarter of 2011 was a strong one for loan growth as our
business development efforts of the past year have come to fruition,”
said Kenneth D. Brenner, the Company's Chief Executive Officer. “At the
same time, our ratio of problem loans to capital and reserves has
dropped to its lowest level since the beginning of the financial crisis.”
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.