PALO ALTO, Calif.--(BUSINESS WIRE)--
Avidbank Holdings, Inc. ("the Company") (OTCBB:AVBH), a bank holding
company and the parent company of Avidbank ("the Bank"), an independent
full-service commercial bank serving businesses and consumers in
Northern California, announced unaudited consolidated net income of
$1,635,000 for the third quarter of 2016, a 29% increase compared to
$1,269,000 for the same period in 2015.
Year-to-Date and Third Quarter 2016 Financial
Highlights
-
Net income was $6,142,000 in the first nine months of 2016, compared
to $2,037,000 in the first nine months of 2015. Results for the first
nine months of 2016 included $1,473,000 of income from benefits on
bank owned life insurance and no loan loss provision. Results for the
first nine months of 2015 included a provision for loan losses of
$3,047,000. Net interest income was $17,822,000 in the first nine
months of 2016, an increase of $1,388,000 over the figure recorded in
the first nine months of 2015.
-
Diluted earnings per common share were $1.33 in the first nine months
of 2016, compared to $0.45 in the first nine months of 2015.
-
Net interest income was $5,980,000 for the third quarter of 2016, an
increase of $192,000 over the $5,788,000 we achieved in the third
quarter of 2015. The 3% increase over the prior year quarter reflects
the improved earnings potential resulting from our continued loan
growth in 2016 partially offset by subordinated debt borrowing costs.
-
Net income was $1,635,000 for the third quarter of 2016, compared to
$1,269,000 for the third quarter of 2015. Results for the third
quarter of 2016 included no loan loss provision compared to a $259,000
loan loss provision in the third quarter of 2015.
-
Diluted earnings per common share were $0.35 for the third quarter of
2016, compared to $0.28 for the third quarter of 2015.
-
Total assets grew by 13% in the first nine months of 2016, ending the
third quarter at $677 million.
-
Total loans outstanding grew by 11% in the first nine months of 2016,
ending the third quarter at $448 million.
-
Total deposits grew by 13% in the first nine months of 2016, ending
the third quarter at $599 million.
-
The Company continues to be well capitalized with a Tier 1 Leverage
Ratio of 9.4%, a Tier 1 Risk Based Capital and Common Equity Tier 1
Risk Based Capital Ratio of 10.1%, and a Total Risk Based Capital
Ratio of 12.9%.
Mark D. Mordell, Chairman and Chief Executive Officer, stated, "Our
strong third quarter performance is the result of our continued focus on
growing our loan and deposit portfolios with quality, relationship based
clients. Interest income increased to $6.5 million, a 7% increase over
the third quarter of 2015. This revenue growth was accomplished with
non-interest expenses of $3.6 million for the third quarter of 2016, a
decrease of 7% over the immediately preceding quarter and 6% over the
third quarter of 2015.”
"With this growth we are pleased that our non-performing loans declined
to the historically low level of 0.09% of total loans compared to 0.57%
one year ago. Cautious and realistic underwriting standards remain our
priority as real estate and business valuations in the Bay Area are at
or above historically high levels. Careful management of our expenses
has reduced our efficiency ratio excluding the impact of death benefits
from bank owned life insurance policies to 59.3% for the first nine
months of 2016 compared to 63.8% for the same period of the prior year.
The increased efficiencies from our growth and managed expenses allow us
to continue to invest in key lending personnel as well as needed
infrastructure as we expand our business and market franchise. The
Bank's total deposits increased by $33 million in the third quarter of
2016 and by $108 million from the same quarter in 2015 as we saw
dramatic increases in demand deposits from both new and existing
clients. As a result, our core deposits increased to 92.2% of total
deposits in September 2016 from 89.9% in June 2016. Our net interest
margin was 3.78% for the quarter ended September 2016 compared to 4.41%
for the immediately preceding quarter due to changes in the mix of
earning assets and the absence of non-recurring interest income received
from the payoff of non-performing loans in the second quarter of 2016."
Results for the nine months ended September 30,
2016
Net interest income before provision for loan losses was $17.8 million
in the first nine months of 2016, an increase of $1.4 million or 8% over
the same period from the prior year. Higher outstanding loan balances
were the primary reason for the increase. Average earning assets were
$590 million in the first nine months of 2016, a 20% increase over the
prior year. Net interest margin was 4.02% for 2016 year to date compared
to 4.46% for the same period in 2015. The decrease in net interest
margin was primarily caused by a decline in loan yields due to the
current competitive interest rate environment and by increased
subordinated debt borrowing costs. No loan loss provision was recorded
in the first nine months of 2016 and a $3,047,000 provision was taken in
the comparable period of 2015. We had no charge-offs and recoveries of
$37,000 in the first nine months of 2016 compared to charge-offs of
$2,554,000 and recoveries of $27,000 in the same period of 2015.
Non-interest income was $2,679,000 in the first nine months of 2016, an
increase of $1,442,000 or 117% over 2015 which was directly attributable
to $1,473,000 in life insurance benefits received in the second quarter
of 2016.
Non-interest expense of $11.3 million remained flat in the first nine
months of 2016 compared to the first nine months of 2015 as investments
in loan production personnel were offset by increased deferred costs on
new loan originations and loan renewals.
Results for the quarter ended September 30, 2016
For the three months ended September 30, 2016, net interest income
before provision for loan losses was $6 million, an increase of $0.2
million or 3% compared to the third quarter of 2015. The increase was
primarily the result of higher average loans outstanding partially
offset by an increase in interest expense from subordinated debt
borrowing costs. Average gross loans outstanding for the quarter ended
September 30, 2016 were $436.7 million, compared to $415.7 million for
the same quarter in 2015, an increase of $21 million or 5%. Average
earning assets were $630 million in the third quarter of 2016, a 21%
increase over the third quarter of the prior year. Loans made up 69% of
average earning assets at the end of the third quarter of 2016 compared
to 80% at the end of the third quarter of 2015. Net interest margin was
3.78% for the third quarter of 2016, compared to 4.40% for the third
quarter of 2015. No loan loss provision was taken in the third quarter
of 2016 and a loan loss provision of $259,000 was taken in the third
quarter of 2015.
Non-interest income was $362,000 in the third quarter of 2016, a
decrease of $5,000 or 1% compared to the third quarter of 2015. The
decrease was due to an FHLB special dividend in 2015 partially offset by
income from an SBIC fund investment. There were losses on sales of
securities in the third quarter of 2016 and 2015 of $4,000 and $33,000,
respectively.
Non-interest expense declined by $215,000 in the third quarter of 2016
to $3,551,000 compared to $3,766,000 for the third quarter of 2015. This
decrease was primarily due to increased deferrals of loan origination
costs and the recovery of expenses associated with the payoff of
non-performing loans, and was partially offset by hiring additional loan
production personnel. The Bank's full time equivalent employees at
September 30, 2016 and 2015 were 68 and 63, respectively. The Bank's
efficiency ratio improved from 61% in the third quarter of 2015 to 56%
in the third quarter of 2016.
Balance Sheet
Total assets increased to $677 million as of September 30, 2016,
compared to $641 million at June 30, 2016 and $577 million on the same
date one year ago. The increase in total assets of $36 million, or 6%,
from June 30, 2016 was primarily due to our increase in demand deposits,
which funded the increases in our loans, investments and federal funds
sold in the third quarter of 2016. The Company reported gross loans
outstanding at September 30, 2016 of $448 million, which represented an
increase of $29 million, or 7%, from $419 million at June 30, 2016, and
an increase of $23 million, or 5%, over $425 million at September 30,
2015. The increase in total gross loans from June 30, 2016 was primarily
attributable to increased multi-family and Corporate Finance loans. The
increase in loans from September 30, 2015 was also attributable to
growth in multi-family and Corporate Finance loans.
Non-accrual loans totaled $0.4 million or 0.09% of total loans on
September 30, 2016 compared to $2.4 million or 0.57% of total loans at
the end of the third quarter of the prior year. "Credit quality remains
the primary consideration in our lending decisions and our
non-performing loans category currently represents a single loan,"
observed Mr. Mordell.
The Company’s total deposits were $599 million as of September 30, 2016,
which represented an increase of $33 million, or 6%, compared to $566
million at June 30, 2016 and an increase of $108 million, or 22%,
compared to $491 million at September 30, 2015. The increases in
deposits from June 30, 2016 and from September 30, 2015 were both
primarily attributable to increases in demand deposits.
Demand and transaction deposits represented 53.1% of total deposits at
September 30, 2016, compared to 48.9% at June 30, 2016 and 39.4% for the
same period one year ago. Core deposits represented 92.2% of total
deposits at September 30, 2016, compared to 89.9% at June 30, 2016 and
89.4% at September 30, 2015.
About Avidbank
Avidbank Holdings, Inc., headquartered in Palo Alto, California,
offers innovative financial solutions and services. We specialize in the
following markets:commercial & industrial, corporate finance,
asset-based lending, real estate construction and commercial real estate
lending, and real estate bridge financing. Avidbank advances the success
of our clients by providing them with financial opportunities and
serving them as we wish to be served – with mutual effort, ingenuity and
trust – creating long-term banking relationships.
Forward-Looking Statement:
This news release contains statements that are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements are based on current expectations,
estimates and projections about Avidbank's business based, in part, on
assumptions made by management. These statements are not guarantees of
future performance and involve risks, uncertainties and assumptions that
are difficult to predict. Therefore, actual outcomes and results may
differ materially from what is expressed or forecasted in such
forward-looking statements due to numerous factors, including those
described above and the following: Avidbank's timely implementation of
new products and services, technological changes, changes in consumer
spending and savings habits and other risks discussed from time to time
in Avidbank's reports and filings with banking regulatory agencies. In
addition, such statements could be affected by general industry and
market conditions and growth rates, and general domestic and
international economic conditions. Such forward- looking statements
speak only as of the date on which they are made, and Avidbank does not
undertake any obligation to update any forward-looking statement to
reflect events or circumstances after the date of this release.
|
| |
| |
| |
| |
| |
Avidbank Holdings, Inc. | | | | | | | | | | |
Consolidated Balance Sheets | | | | | | | | | | |
|
($000, except share and per share amounts) (Unaudited)
| | | | | | | | | |
| | | | | | | | | |
|
Assets | | 9/30/16 | | 6/30/16 | | 3/31/16 | | 12/31/15 | | 9/30/15 |
|
Cash and due from banks
| |
$
|
15,363
| | |
$
|
23,797
| | |
$
|
27,125
| | |
$
|
21,277
| | |
$
|
21,674
| |
|
Fed funds sold
| |
|
92,950
|
|
|
|
80,775
|
|
|
|
73,885
|
|
|
|
89,045
|
|
|
|
36,220
|
|
|
Total cash and cash equivalents
| | |
108,313
| | | |
104,572
| | | |
101,010
| | | |
110,322
| | | |
57,894
| |
| | | | | | | | | |
|
|
Investment securities - available for sale
| | |
100,350
| | | |
94,853
| | | |
68,541
| | | |
69,766
| | | |
71,723
| |
| | | | | | | | | |
|
|
Loans, net of deferred loan fees
| | |
447,852
| | | |
418,809
| | | |
422,855
| | | |
402,658
| | | |
425,224
| |
|
Allowance for loan losses
| |
|
(5,431
|
)
|
|
|
(5,431
|
)
|
|
|
(5,406
|
)
|
|
|
(5,394
|
)
|
|
|
(5,394
|
)
|
|
Loans, net of allowance for loan losses
| | |
442,421
| | | |
413,378
| | | |
417,449
| | | |
397,264
| | | |
419,830
| |
| | | | | | | | | |
|
|
Bank owned life insurance
| | |
10,261
| | | |
10,186
| | | |
12,380
| | | |
12,293
| | | |
12,204
| |
|
Premises and equipment, net
| | |
640
| | | |
704
| | | |
795
| | | |
862
| | | |
901
| |
|
Accrued interest receivable & other assets
| |
|
14,895
|
|
|
|
17,521
|
|
|
|
13,169
|
|
|
|
11,129
|
|
|
|
14,197
|
|
|
Total assets
| |
$
|
676,880
|
|
|
$
|
641,214
|
|
|
$
|
613,344
|
|
|
$
|
601,636
|
|
|
$
|
576,749
|
|
| | | | | | | | | |
|
Liabilities | | | | | | | | | | |
|
Non-interest-bearing demand deposits
| |
$
|
298,275
| | |
$
|
258,978
| | |
$
|
199,630
| | |
$
|
207,296
| | |
$
|
173,600
| |
|
Interest bearing transaction accounts
| | |
20,034
| | | |
17,717
| | | |
20,391
| | | |
22,068
| | | |
19,771
| |
|
Money market and savings accounts
| | |
219,203
| | | |
216,564
| | | |
229,031
| | | |
227,089
| | | |
230,865
| |
|
Time deposits
| |
|
61,793
|
|
|
|
72,917
|
|
|
|
93,273
|
|
|
|
75,291
|
|
|
|
67,054
|
|
|
Total deposits
| | |
599,305
| | | |
566,176
| | | |
542,325
| | | |
531,744
| | | |
491,290
| |
| | | | | | | | | |
|
|
FHLB advances
| | |
-
| | | |
-
| | | |
-
| | | |
-
| | | |
25,000
| |
|
Subordinated debt
| | |
12,000
| | | |
12,000
| | | |
12,000
| | | |
-
| | | |
-
| |
|
Other liabilities
| |
|
2,538
|
|
|
|
2,026
|
|
|
|
1,912
|
|
|
|
2,267
|
|
|
|
6,192
|
|
|
Total liabilities
| | |
613,843
| | | |
580,202
| | | |
556,237
| | | |
546,011
| | | |
522,482
| |
| | | | | | | | | |
|
Shareholders' equity | | | | | | | | | | |
|
Common stock/additional paid-in capital
| | |
46,539
| | | |
46,082
| | | |
45,610
| | | |
45,950
| | | |
47,032
| |
|
Retained earnings
| | |
16,036
| | | |
14,401
| | | |
11,102
| | | |
9,724
| | | |
6,981
| |
|
Accumulated other comprehensive income (loss)
| |
|
462
|
|
|
|
529
|
|
|
|
395
|
|
|
|
(49
|
)
|
|
|
254
|
|
|
Total shareholders' equity
| | |
63,037
| | | |
61,012
| | | |
57,107
| | | |
55,625
| | | |
54,267
| |
| | | | | | | | | |
|
|
Total liabilities and shareholders' equity
| |
$
|
676,880
|
|
|
$
|
641,214
|
|
|
$
|
613,344
|
|
|
$
|
601,636
|
|
|
$
|
576,749
|
|
| | | | | | | | | |
|
Capital ratios | | | | | | | | | | |
|
Tier 1 leverage ratio
| | |
9.42
|
%
| | |
9.83
|
%
| | |
9.30
|
%
| | |
9.41
|
%
| | |
9.52
|
%
|
|
Tier 1 and Common Equity Tier 1 RBC ratio
| | |
10.12
|
%
| | |
10.37
|
%
| | |
9.91
|
%
| | |
10.21
|
%
| | |
9.57
|
%
|
|
Total risk-based capital (RBC) ratio
| | |
12.94
|
%
| | |
13.36
|
%
| | |
12.94
|
%
| | |
13.40
|
%
| | |
10.60
|
%
|
| | | | | | | | | |
|
|
Book value per common share
| |
$
|
13.46
| | |
$
|
13.27
| | |
$
|
12.59
| | |
$
|
12.49
| | |
$
|
12.20
| |
|
Total common shares outstanding
| | |
4,682,851
| | | |
4,596,200
| | | |
4,537,577
| | | |
4,452,853
| | | |
4,448,898
| |
| | | | | | | | | |
|
Other Ratios | | | | | | | | | | |
|
Non-interest bearing/total deposits
| | |
49.8
|
%
| | |
45.7
|
%
| | |
36.8
|
%
| | |
39.0
|
%
| | |
35.3
|
%
|
|
Loan to deposit ratio
| | |
74.7
|
%
| | |
74.0
|
%
| | |
78.0
|
%
| | |
75.7
|
%
| | |
86.6
|
%
|
|
Allowance for loan losses/total loans
| | |
1.21
|
%
| | |
1.30
|
%
| | |
1.28
|
%
| | |
1.34
|
%
| | |
1.27
|
%
|
| | | | | | | | | | | | | | | | | | | |
|
|
| |
| |
| |
| |
| |
| Avidbank Holdings, Inc. | | | | | | | | | | |
| Condensed Consolidated Statements of Income | | | | | | | | | | |
|
($000, except share and per share amounts) (Unaudited)
| | | | | | | | | | |
| | | | | | | | | |
|
| |
Quarter Ended
| |
Year-to-Date
|
| | 9/30/16 | | 6/30/16 | | 9/30/15 | | 9/30/16 | | 9/30/15 |
|
Interest and fees on loans and leases
| |
$
|
5,856
| | |
$
|
6,260
| | |
$
|
5,658
| | |
$
|
17,635
| | |
$
|
15,799
| |
|
Interest on investment securities
| | |
495
| | | |
420
| | | |
380
| | | |
1,348
| | | |
1,304
| |
|
Other interest income
| |
|
121
|
|
|
|
86
|
|
|
|
19
|
|
|
|
314
|
|
|
|
46
|
|
|
Total interest income
| | |
6,472
| | | |
6,766
| | | |
6,057
| | | |
19,297
| | | |
17,149
| |
| | | | | | | | | |
|
|
Deposit interest expense
| | |
279
| | | |
277
| | | |
250
| | | |
835
| | | |
641
| |
|
Other interest expense
| |
|
213
|
|
|
|
217
|
|
|
|
19
|
|
|
|
641
|
|
|
|
74
|
|
|
Total interest expense
| |
|
492
|
|
|
|
495
|
|
|
|
269
|
|
|
|
1,476
|
|
|
|
715
|
|
|
Net interest income
| | |
5,980
| | | |
6,271
| | | |
5,788
| | | |
17,822
| | | |
16,434
| |
| | | | | | | | | |
|
|
Provision for loan losses
| |
|
-
|
|
|
|
-
|
|
|
|
259
|
|
|
|
-
|
|
|
|
3,047
|
|
Net interest income after provision for loan losses
| | |
5,980
| | | |
6,271
| | | |
5,529
| | | |
17,822
| | | |
13,387
| |
| | | | | | | | | |
|
|
Service charges, fees and other income
| | |
291
| | | |
381
| | | |
312
| | | |
970
| | | |
1,011
| |
|
Income from bank owned life insurance
| | |
75
| | | |
1,551
| | | |
88
| | | |
1,713
| | | |
259
| |
|
Gain (Loss) on sale of investment securities
| |
|
(4
|
)
|
|
|
-
|
|
|
|
(33
|
)
|
|
|
(4
|
)
|
|
|
(33
|
)
|
|
Total non-interest income
| | |
362
| | | |
1,932
| | | |
367
| | | |
2,679
| | | |
1,237
| |
| | | | | | | | | |
|
|
Compensation and benefit expenses
| | |
2,145
| | | |
2,274
| | | |
2,292
| | | |
7,034
| | | |
7,086
| |
|
Occupancy and equipment expenses
| | |
525
| | | |
515
| | | |
614
| | | |
1,606
| | | |
1,853
| |
|
Other operating expenses
| |
|
881
|
|
|
|
1,015
|
|
|
|
860
|
|
|
|
2,648
|
|
|
|
2,338
|
|
|
Total non-interest expense
| | |
3,551
| | | |
3,804
| | | |
3,766
| | | |
11,288
| | | |
11,277
| |
| | | | | | | | | |
|
|
Income before income taxes
| | |
2,791
| | | |
4,399
| | | |
2,130
| | | |
9,213
| | | |
3,347
| |
|
Provision for income taxes
| |
|
1,156
|
|
|
|
1,100
|
|
|
|
861
|
|
|
|
3,071
|
|
|
|
1,310
|
|
|
Net income
| |
$
|
1,635
|
|
|
$
|
3,299
|
|
|
$
|
1,269
|
|
|
$
|
6,142
|
|
|
$
|
2,037
|
|
| | | | | | | | | |
|
| | | | | | | | | |
|
| | | | | | | | | |
|
|
Basic earnings per common share
| |
$
|
0.36
| | |
$
|
0.73
| | |
$
|
0.29
| | |
$
|
1.37
| | |
$
|
0.46
| |
|
Diluted earnings per common share
| |
$
|
0.35
| | |
$
|
0.71
| | |
$
|
0.28
| | |
$
|
1.33
| | |
$
|
0.45
| |
| | | | | | | | | |
|
|
Average common shares outstanding
| | |
4,586,849
| | | |
4,550,066
| | | |
4,446,326
| | | |
4,496,101
| | | |
4,412,588
| |
|
Average common fully diluted shares
| | |
4,694,744
| | | |
4,636,192
| | | |
4,553,640
| | | |
4,635,011
| | | |
4,514,388
| |
| | | | | | | | | |
|
|
Annualized returns:
| | | | | | | | | | |
|
Return on average assets
| | |
0.98
|
%
| | |
2.14
|
%
| | |
0.89
|
%
| | |
1.29
|
%
| | |
0.50
|
%
|
|
Return on average common equity
| | |
10.50
|
%
| | |
22.65
|
%
| | |
9.44
|
%
| | |
13.89
|
%
| | |
5.12
|
%
|
| | | | | | | | | |
|
|
Net interest margin
| | |
3.78
|
%
| | |
4.41
|
%
| | |
4.40
|
%
| | |
4.02
|
%
| | |
4.46
|
%
|
|
Cost of funds
| | |
0.33
|
%
| | |
0.36
|
%
| | |
0.21
|
%
| | |
0.35
|
%
| | |
0.20
|
%
|
|
Efficiency ratio
| | |
55.99
|
%
| | |
46.37
|
%
| | |
61.19
|
%
| | |
55.06
|
%
| | |
63.82
|
%
|
| | | | | | | | | |
|
|
| |
| |
| |
| |
| |
| Avidbank Holdings, Inc. | | | | | | | | | | |
| Credit Trends | | | | | | | | | | |
|
($000) (Unaudited)
| | | | | | | | | | |
| | | | | | | | | |
|
| | 9/30/16 | | 6/30/16 | | 3/31/16 | | 12/31/15 | | 9/30/15 |
Allowance for Loan Losses | | | | | | | | | | |
|
Balance, beginning of quarter
| |
$
|
5,431
| | |
$
|
5,406
| | |
$
|
5,394
| | |
$
|
5,394
| | |
$
|
5,122
| |
|
Provision for loan losses, quarterly
| | |
-
| | | |
-
| | | |
-
| | | |
-
| | | |
259
| |
|
Charge-offs, quarterly
| | |
-
| | | |
-
| | | |
-
| | | |
-
| | | |
-
| |
|
Recoveries, quarterly
| |
|
-
|
|
|
|
25
|
|
|
|
12
|
|
|
|
-
|
|
|
|
13
|
|
|
Balance, end of quarter
| |
$
|
5,431
|
|
|
$
|
5,431
|
|
|
$
|
5,406
|
|
|
$
|
5,394
|
|
|
$
|
5,394
|
|
| | | | | | | | | |
|
| | | | | | | | | |
|
Nonperforming Assets | | | | | | | | | | |
Loans accounted for on a non-accrual basis
| |
$
|
392
| | |
$
|
392
| | |
$
|
1,898
| | |
$
|
1,899
| | |
$
|
2,409
| |
Loans with principal or interest contractually past due 90 days or
more and still accruing interest
| |
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Nonperforming loans
| | |
392
| | | |
392
| | | |
1,898
| | | |
1,899
| | | |
2,409
| |
|
Other real estate owned
| |
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Nonperforming assets
| |
$
|
392
|
|
|
$
|
392
|
|
|
$
|
1,898
|
|
|
$
|
1,899
|
|
|
$
|
2,409
|
|
Loans restructured and in compliance with modified terms
| |
|
457
|
|
|
|
462
|
|
|
|
466
|
|
|
|
470
|
|
|
|
474
|
|
|
Nonperforming assets & restructured loans
| |
$
|
849
|
|
|
$
|
854
|
|
|
$
|
2,364
|
|
|
$
|
2,369
|
|
|
$
|
2,883
|
|
| | | | | | | | | |
|
| | | | | | | | | |
|
|
Nonperforming Loans by Type:
| | | | | | | | | | |
|
Commercial
| |
$
|
392
| | |
$
|
392
| | |
$
|
1,898
| | |
$
|
1,899
| | |
$
|
2,409
| |
|
Real Estate Loans
| |
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Nonperforming loans
| |
$
|
392
|
|
|
$
|
392
|
|
|
$
|
1,898
|
|
|
$
|
1,899
|
|
|
$
|
2,409
|
|
| | | | | | | | | |
|
| | | | | | | | | |
|
Asset Quality Ratios | | | | | | | | | | |
|
Allowance for loan losses / gross loans
| | |
1.21
|
%
| | |
1.30
|
%
| | |
1.28
|
%
| | |
1.34
|
%
| | |
1.27
|
%
|
|
Allowance for loan losses / nonperforming loans
| | |
1385.46
|
%
| | |
1385.46
|
%
| | |
284.83
|
%
| | |
284.04
|
%
| | |
223.91
|
%
|
|
Nonperforming assets / total assets
| | |
0.06
|
%
| | |
0.06
|
%
| | |
0.31
|
%
| | |
0.32
|
%
| | |
0.42
|
%
|
|
Nonperforming loans / gross loans
| | |
0.09
|
%
| | |
0.09
|
%
| | |
0.45
|
%
| | |
0.47
|
%
| | |
0.57
|
%
|
|
Net quarterly charge-offs / gross loans
| | |
0.00
|
%
| | |
-0.01
|
%
| | |
0.00
|
%
| | |
0.00
|
%
| | |
0.00
|
%
|
| | | | | | | | | |
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20161021005200/en/
Avidbank Holdings, Inc.
Steve Leen, 650-843-2204
Executive
Vice President and Chief Financial Officer
sleen@avidbank.com
avidbank.com
Source: Avidbank Holdings, Inc.