PALO ALTO, Calif.--(BUSINESS WIRE)--
Avidbank Holdings, Inc., parent company of Avidbank, today announced its
unaudited results for the third quarter of 2012.
“We are pleased that our focus on business development and the quality
management of our loan portfolio continue to generate solid results,”
stated Mark D. Mordell, Chairman & CEO. “Although our pre-tax income is
up 13% from a year ago, net income is down 28% due to becoming a full
tax payer. Our credit quality continues to improve with our classified
loans to capital and loan loss reserves dropping 64% giving us the
platform required for our growth.”
Financial Results
|
|
In thousands except per share amounts (unaudited)
|
|
|
| 9/30/12 | |
|
| 9/30/11 | |
|
| % Change |
|
| 12/31/11 | |
|
| % vs. 12/31/11 |
|
Total Assets
| | |
$
|
415,459
| | | |
$
|
328,629
| | | |
26%
| | |
$
|
342,204
| | | |
21%
|
|
Loans
| | |
$
|
233,352
| | | |
$
|
185,067
| | | |
26%
| | |
$
|
207,964
| | | |
12%
|
|
Deposits
| | |
$
|
373,849
| | | |
$
|
295,489
| | | |
27%
| | |
$
|
306,690
| | | |
22%
|
Classified Loans to Capital and Reserves
| | | |
12
|
%
| | | |
34
|
%
| | |
-64%
| | | |
21
|
%
| | |
-42%
|
|
Net Interest Margin
| | | |
4.21
|
%
| | | |
4.06
|
%
| | |
4%
| | | |
4.09
|
%
| | |
3%
|
|
Efficiency Ratio
| | | |
68
|
%
| | | |
72
|
%
| | |
-5%
| | | |
72
|
%
| | |
-5%
|
|
ALLL to Loans
| | | |
1.84
|
%
| | | |
2.09
|
%
| | |
-12%
| | | |
2.10
|
%
| | |
-13%
|
| | | | | | | | | | | | | | | | | |
|
|
Shareholders' Equity
| | |
$
|
37,356
| | | |
$
|
32,223
| | | |
16%
| | |
$
|
33,695
| | | |
11%
|
|
Common Shares
| | | |
2,614
| | | | |
2,602
| | | |
0%
| | | |
2,602
| | | |
0%
|
|
Book Value per Share
| | |
$
|
14.29
| | | |
$
|
12.38
| | | |
15%
| | |
$
|
12.95
| | | |
10%
|
Book Value per Share excluding TARP
| | |
$
|
12.00
| | | |
$
|
10.08
| | | |
19%
| | |
$
|
10.64
| | | |
13%
|
| | | | | | | | | | | | | | | | | |
|
|
Tier 1 Leverage Ratio
| | | |
8.86
|
%
| | | |
9.78
|
%
| | |
-9%
| | | |
10.37
|
%
| | |
-15%
|
|
Total Risk Based Capital Ratio
| | | |
12.00
|
%
| | | |
13.29
|
%
| | |
-10%
| | | |
12.84
|
%
| | |
-7%
|
| | | | | | | | | | | | | | | | | |
|
| | |
Quarter Ending
| | | |
Quarter Ending
| | | | | | |
Year-to-Date
| | | |
Year-to-Date
|
| | | 9/30/12 | | | | 9/30/11 | | | | % Change | | | 9/30/12 | | | | 9/30/11 |
|
Revenue
| | |
$
|
4,301
| | | |
$
|
3,930
| | | |
9%
| | |
$
|
12,960
| | | |
$
|
11,620
|
|
Interest Expense
| | |
$
|
449
| | | |
$
|
547
| | | |
-18%
| | |
$
|
1,451
| | | |
$
|
1,783
|
|
Loan Loss Provision
| | |
$
|
0
| | | |
$
|
0
| | | |
0%
| | |
$
|
100
| | | |
$
|
50
|
|
Non-interest Expense
| | |
$
|
2,653
| | | |
$
|
2,354
| | | |
13%
| | |
$
|
7,832
| | | |
$
|
7,067
|
|
Pretax Income
| | |
$
|
1,198
| | | |
$
|
1,029
| | | |
16%
| | |
$
|
3,578
| | | |
$
|
2,721
|
|
Income Tax Expense
| | |
$
|
542
| | | |
$
|
120
| | | |
352%
| | |
$
|
1,498
| | | |
$
|
300
|
|
Net Income
| | |
$
|
656
| | | |
$
|
909
| | | |
-28%
| | |
$
|
2,080
| | | |
$
|
2,421
|
|
Earnings Per Share
| | |
$
|
0.22
| | | |
$
|
0.32
| | | |
-31%
| | |
$
|
0.70
| | | |
$
|
0.74
|
| | | | | | | | | | | | | | | | | |
|
“Our business development officers have been doing an excellent job in
this competitive market,” said Kenneth D. Brenner, President. “We are
excited about the additional production and synergy we are experiencing
with our expansion into two new markets with the opening of loan
production offices in San Jose and Redwood City.”
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 Holdings, Inc.
Steve Leen, 650-843-2204
Chief
Financial Officer
www.avidbank.com
Source: Avidbank Holdings, Inc.