PALO ALTO, Calif.--(BUSINESS WIRE)--
Avidbank Holdings, Inc., parent company of Avidbank, today announced its
unaudited results for the second quarter of 2012.
“Our continued effort to gain greater market share and awareness by
growing loans and deposits produced strong results in the second
quarter. Our business development teams have done an excellent job
generating more opportunities with quality credits and clients,” stated
Chairman and Chief Executive Officer, Mark D. Mordell. “Unlike 2011, we
are now a full taxpayer and therefore our net income was down slightly
from a year ago. We increased our pretax income to almost $2.4 million
for the first half of 2012 compared to $1.7 million for the same period
of 2011.”
Financial Results
|
In thousands, except per share amounts (unaudited)
|
|
| |
| |
| |
| |
|
% vs.
|
| |
| 6/30/12 |
| |
| 6/30/11 |
| |
% Change
|
| |
| 12/31/11 |
| |
| 12/31/11 |
|
| | | | | | | | | | | | | | | | | | |
|
Total Assets
| |
$
|
387,965
| | |
$
|
307,995
| | |
26
|
%
| |
$
|
342,204
| | | |
13
|
%
|
Loans
| |
$
|
237,341
| | |
$
|
182,415
| | |
30
|
%
| |
$
|
207,964
| | | |
14
|
%
|
Deposits
| |
$
|
349,195
| | |
$
|
275,053
| | |
27
|
%
| |
$
|
306,690
| | | |
14
|
%
|
|
Classified Loans to
| | | | | | | | | | |
Capital and Reserves
| | |
24
|
%
| | |
36
|
%
| |
-33
|
%
| | |
21
|
%
| | |
13
|
%
|
Net Interest Margin
| | |
4.41
|
%
| | |
4.12
|
%
| |
7
|
%
| | |
4.09
|
%
| | |
8
|
%
|
Efficiency Ratio
| | |
68
|
%
| | |
73
|
%
| |
-7
|
%
| | |
72
|
%
| | |
-6
|
%
|
ALLL to Loans
| | |
1.88
|
%
| | |
2.20
|
%
| |
-15
|
%
| | |
2.10
|
%
| | |
-11
|
%
|
| | | | | | | | | | | | | | | | | | |
|
Shareholders' Equity
| |
$
|
35,750
| | |
$
|
31,915
| | |
12
|
%
| |
$
|
33,695
| | | |
6
|
%
|
Common Shares
| | |
2,614
| | | |
2,602
| | |
0
|
%
| | |
2,602
| | | |
0
|
%
|
Book Value per Share
| |
$
|
13.68
| | |
$
|
12.26
| | |
12
|
%
| |
$
|
12.95
| | | |
6
|
%
|
|
Book Value per Share
| | | | | | | | | | |
excluding TARP
| |
$
|
11.38
| | |
$
|
9.96
| | |
14
|
%
| |
$
|
10.64
| | | |
7
|
%
|
Tier 1 Leverage Ratio
| | |
9.72
|
%
| | |
10.03
|
%
| |
-3
|
%
| | |
10.37
|
%
| | |
-6
|
%
|
Total Risk Based Capital Ratio
| | |
12.09
|
%
| | |
13.85
|
%
| |
-13
|
%
| | |
12.84
|
%
| | |
-6
|
%
|
| | | | | | | | | |
|
| |
Quarter Ending
| |
Quarter Ending
| | | |
Year-to-Date
| |
Year-to-Date
|
| |
| 6/30/12 |
| |
| 6/30/11 |
| |
% Change
|
| |
| 6/30/12 |
| |
| 6/30/11 |
|
| | | | | | | | | | | | | | | | | | |
|
Revenue
| |
$
|
4,349
| | |
$
|
3,712
| | |
17
|
%
| |
$
|
8,660
| | |
$
|
7,691
| |
Interest Expense
| |
$
|
500
| | |
$
|
591
| | |
-15
|
%
| |
$
|
1,002
| | |
$
|
1,236
| |
Loan Loss Provision
| |
$
|
100
| | |
$
|
50
| | |
100
|
%
| |
$
|
100
| | |
$
|
50
| |
Non-interest Expense
| |
$
|
2,639
| | |
$
|
2,283
| | |
16
|
%
| |
$
|
5,179
| | |
$
|
4,713
| |
Pretax Income
| |
$
|
1,110
| | |
$
|
787
| | |
41
|
%
| |
$
|
2,379
| | |
$
|
1,692
| |
Income Tax Expense
| |
$
|
457
| | |
$
|
90
| | |
408
|
%
| |
$
|
956
| | |
$
|
180
| |
Net Income
| |
$
|
653
| | |
$
|
697
| | |
-6
|
%
| |
$
|
1,424
| | |
$
|
1,512
| |
Earnings Per Share
| |
$
|
0.22
| | |
$
|
0.23
| | |
-8
|
%
| |
$
|
0.48
| | |
$
|
0.42
| |
“Our team is executing our plan at all levels,” said Kenneth D. Brenner,
the Company's President. “We are looking for continued performance in
all divisions in the second half of the year while continuing to
maintain credit quality.”
About the Bank
Our goal at Avidbank is to advance our clients' success by offering
innovative financial solutions and service. Our exceptional 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
Steve Leen, Chief Financial Officer
650-843-2204
www.avidbank.com
Source: Avidbank Holdings, Inc.