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
$3,299,000 for the second quarter of 2016 compared to $394,000 for the
same period in 2015.
Year-to-Date and Second Quarter 2016 Financial
Highlights
-
Net income was $4,507,000 in the first six months of 2016, compared to
$768,000 in the first six months of 2015. Results for the first six
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
six months of 2015 included a provision for loan losses of $2,787,000.
Net interest income was $11,841,000 in the first six months of 2016,
an increase of $1,196,000 over the figure recorded in the first six
months of 2015.
-
Diluted earnings per common share were $0.98 in the first six months
of 2016, compared to $0.17 in the first six months of 2015.
-
Net interest income was $6,271,000 for the second quarter of 2016, an
increase of $682,000 over the $5,589,000 we achieved in the second
quarter of 2015. The 12% increase over the prior year quarter reflects
the improved revenue resulting from our continued loan growth in 2016.
-
Net income was $3,299,000 for the second quarter of 2016, compared to
$394,000 for the second quarter of 2015. Results for the second
quarter of 2016 included a $1,473,000 life insurance benefit and no
loan loss provision compared to a $1,756,000 loan loss provision in
the second quarter of 2015.
-
Diluted earnings per common share were $0.71 for the second quarter of
2016, compared to $0.09 for the second quarter of 2015.
-
Total assets grew by 7% in the first six months of 2016, ending the
second quarter at $641 million.
-
Total loans outstanding grew by 4% in the first six months of 2016,
ending the second quarter at $419 million.
-
Total deposits grew by 6% in the first six months of 2016, ending the
second quarter at $566 million.
-
The Company continues to be well capitalized with a Tier 1 Leverage
Ratio of 9.8%, a Tier 1 Risk Based Capital and Common Equity Tier 1
Risk Based Capital Ratio of 10.7%, and a Total Risk Based Capital
Ratio of 13.8%.
Mark D. Mordell, Chairman and Chief Executive Officer, stated, "Our
second quarter of 2016 core earnings showed strength as net interest
income increased to $6.3 million, a 13% increase over the previous
quarter and a 12% increase over the second quarter of 2015. This revenue
growth was accomplished while non-interest expenses of $3.8 million for
the second quarter of 2016 decreased by 3% over the immediately
preceding quarter and increased by only 1% over the second quarter of
2015. Our second quarter results also reflect $1.5 million in income
from life insurance policies held on one of the Bank’s co-founders who
unfortunately passed away earlier this year.
"We are pleased that our non-performing loans have dropped to 0.09% of
total loans compared to 0.97% one year ago. Continuing to maintain high
underwriting standards is critical as real estate and company valuations
in the Bay Area are at the top of the market at this point in time. We
continue to manage our expenses and our efficiency ratio excluding the
impact of the income from bank owned life insurance policies has dropped
into the low 60% range for the first six months of 2016. The increased
efficiencies from our growth and managed expenses allow us to continue
to invest in key lending personnel as we expand our business development
efforts. The Bank's total deposits increased by $24 million in the
second quarter of 2016 and by $103 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 89.9% of
total deposits in June 2016 from 85.3% in March 2016. Our net interest
margin improved to 4.42% in June compared to 3.93% for the previous
quarter due to our loan growth and the recognition of interest from
non-accrual loans that have paid off. Our business fundamentals provide
us with a solid foundation heading into the remainder of the year."
Results for the six months ended June 30, 2016
Net interest income before provision for loan losses was $11.8 million
in the first six months of 2016, an increase of $1,196,000 or 11% over
the same period from the prior year. Higher outstanding average loan
balances were the primary reason for the increase. Average earning
assets were $562 million in the first six months of 2016, a 20% increase
over the prior year. Net interest margin was 4.21% for 2016 year to date
compared to 4.49% for 2015. The decrease in net interest margin was
primarily caused by a decline in loan yields due to the current interest
rate environment and increased subordinated debt borrowing costs. No
loan loss provision was recorded in the first six months of 2016 and a
$2,787,000 provision was taken in 2015. We had net recoveries of $37,000
in the first six months of 2016 compared to net charge-offs of
$2,540,000 in the same period of 2015.
Non-interest income, excluding gains on sales of securities, was
$2,317,000 in the first six months of 2016, an increase of $1,446,000 or
166% over 2015. The increase in non-interest income was primarily due to
the previously mentioned benefit from bank owned life insurance policies
and was partially offset by changes in service charges and other fee
generation activities.
Non-interest expense grew by $225,000 or 3% in the first six months of
2016 to $7.7 million compared to $7.5 million in 2015. This growth was
primarily due to investments in loan production personnel as we continue
to expand our footprint and grow our loan portfolio.
Results for the quarter ended June 30, 2016
For the three months ended June 30, 2016, net interest income before
provision for loan losses was $6.3 million, an increase of $0.7 million
or 12% compared to the second quarter of 2015. The increase was
primarily the result of higher average loans outstanding partially
offset by an increase in interest expense. Average gross loans
outstanding for the quarter ended June 30, 2016 were $429.8 million,
compared to $400.8 million for the same quarter in 2015, an increase of
$29 million or 7%. Average earning assets were $570.4 million in the
second quarter of 2016, a 20% increase over the second quarter of the
prior year. The mix of average earning assets was comprised of 75% loans
at the end of the second quarter 2016 compared to 79% loans at the end
of the second quarter of 2015. Net interest margin was 4.42% for the
second quarter of 2016, compared to 4.43% for the second quarter of
2015. No loan loss provision was taken in the second quarter of 2016 and
a loan loss provision of $1,756,000 was taken in the second quarter of
2015.
Non-interest income was $1,932,000 in the second quarter of 2016, an
increase of $1,393,000 or 258% over the second quarter of 2015. The
increase was due to the previously mentioned benefit from bank owned
life insurance policies. There were no gains or losses on sales of
securities in the second quarter of 2016 or 2015.
Non-interest expense grew by $53,000 in the second quarter of 2016 to
$3,804,000 compared to $3,751,000 for the second quarter of 2015. This
increase was primarily due to hiring additional loan production
personnel and was partially offset by an increased deferral of loan
origination costs from increased loan fundings. The Bank's full time
equivalent employees at June 30, 2016 and 2015 were 67 and 61,
respectively. The Bank's efficiency ratio improved from 61% in the
second quarter of 2015 to 46% in the second quarter of 2016.
Balance Sheet
Total assets increased to $641 million as of June 30, 2016, compared to
$613 million at March 31, 2016 and $556 million on the same date one
year ago. The increase in total assets of $28 million, or 5%, from March
31, 2016 was primarily due to our increase in demand deposits, which
were used to purchase investment securities during the second quarter of
2016. The Company reported gross loans outstanding at June 30, 2016 of
$419 million, which represented a decrease of $4 million, or 1%, from
$423 million at March 31, 2016, and an increase of $15 million, or 4%,
over $404 million at June 30, 2015. The decrease in total gross loans
from March 31, 2016 was primarily attributable to decreased utilization
and payoffs of commercial and asset-based lending loans. The increase in
loans from June 30, 2015 was attributable to growth in the construction,
multi-family and commercial real estate lending categories.
Non-accrual loans totaled $0.4 million or 0.09% of total loans on June
30, 2016 compared to $3.9 million or 0.97% of total loans at the end of
the second quarter of the prior year. "Credit quality remains the
primary consideration in our lending decisions and our non-performing
loans currently represent a single relationship," observed Mr. Mordell.
The Company’s total deposits were $566 million as of June 30, 2016,
which represented an increase of $24 million, or 4%, compared to $542
million at March 31, 2016 and an increase of $103 million, or 22%,
compared to $463 million at June 30, 2015. The increases in deposits
from March 31, 2016 and from June 30, 2015 were both primarily
attributable to an increase in demand deposits.
Demand and transaction deposits represented 48.9% of total deposits at
June 30, 2016, compared to 40.6% at March 31, 2016 and 41.7% for the
same period one year ago. Core deposits represented 89.9% of total
deposits at June 30, 2016, compared to 85.3% at March 31, 2016 and 88.7%
at June 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, per share amounts and ratios) (Unaudited)
|
|
|
|
| |
|
| |
|
| |
|
| |
|
| |
Assets | | | | 6/30/16 | | | 3/31/16 | | | 12/31/15 | | | 9/30/15 | | | 6/30/15 |
|
Cash and due from banks
| | | |
$
|
23,797
| | | |
$
|
27,125
| | | |
$
|
21,277
| | | |
$
|
21,674
| | | |
$
|
19,773
| |
|
Fed funds sold
| | | |
|
80,775
|
|
|
|
|
73,885
|
|
|
|
|
89,045
|
|
|
|
|
36,220
|
|
|
|
|
35,875
|
|
|
Total cash and cash equivalents
| | | | |
104,572
| | | | |
101,010
| | | | |
110,322
| | | | |
57,894
| | | | |
55,648
| |
| | | | | | | | | | | | | | | |
|
|
Investment securities - available for sale
| | | | |
94,853
| | | | |
68,541
| | | | |
69,766
| | | | |
71,723
| | | | |
74,560
| |
| | | | | | | | | | | | | | | |
|
|
Loans, net of deferred loan fees
| | | | |
418,809
| | | | |
422,855
| | | | |
402,658
| | | | |
425,224
| | | | |
404,036
| |
|
Allowance for loan losses
| | | |
|
(5,431
|
)
|
|
|
|
(5,406
|
)
|
|
|
|
(5,394
|
)
|
|
|
|
(5,394
|
)
|
|
|
|
(5,122
|
)
|
|
Loans, net of allowance for loan losses
| | | | |
413,378
| | | | |
417,449
| | | | |
397,264
| | | | |
419,830
| | | | |
398,914
| |
| | | | | | | | | | | | | | | |
|
|
Bank owned life insurance
| | | | |
10,186
| | | | |
12,380
| | | | |
12,293
| | | | |
12,204
| | | | |
12,116
| |
|
Premises and equipment, net
| | | | |
704
| | | | |
795
| | | | |
862
| | | | |
901
| | | | |
989
| |
|
Accrued interest receivable & other assets
| | | |
|
17,521
|
|
|
|
|
13,169
|
|
|
|
|
11,129
|
|
|
|
|
14,197
|
|
|
|
|
13,995
|
|
|
Total assets
| | | |
$
|
641,214
|
|
|
|
$
|
613,344
|
|
|
|
$
|
601,636
|
|
|
|
$
|
576,749
|
|
|
|
$
|
556,222
|
|
| | | | | | | | | | | | | | | |
|
Liabilities | | | | | | | | | | | | | | | | |
|
Non-interest-bearing demand deposits
| | | |
$
|
258,978
| | | |
$
|
199,630
| | | |
$
|
207,296
| | | |
$
|
173,600
| | | |
$
|
174,265
| |
|
Interest bearing transaction accounts
| | | | |
17,717
| | | | |
20,391
| | | | |
22,068
| | | | |
19,771
| | | | |
18,647
| |
|
Money market and savings accounts
| | | | |
216,564
| | | | |
229,031
| | | | |
227,089
| | | | |
230,865
| | | | |
202,758
| |
|
Time deposits
| | | |
|
72,917
|
|
|
|
|
93,273
|
|
|
|
|
75,291
|
|
|
|
|
67,054
|
|
|
|
|
67,100
|
|
|
Total deposits
| | | | |
566,176
| | | | |
542,325
| | | | |
531,744
| | | | |
491,290
| | | | |
462,770
| |
| | | | | | | | | | | | | | | |
|
|
FHLB advances
| | | | |
-
| | | | |
-
| | | | |
-
| | | | |
25,000
| | | | |
35,000
| |
|
Subordinated debt
| | | | |
12,000
| | | | |
12,000
| | | | |
12,000
| | | | |
-
| | | | |
-
| |
|
Other liabilities
| | | |
|
2,026
|
|
|
|
|
1,912
|
|
|
|
|
2,267
|
|
|
|
|
6,192
|
|
|
|
|
5,816
|
|
|
Total liabilities
| | | | |
580,202
| | | | |
556,237
| | | | |
546,011
| | | | |
522,482
| | | | |
503,586
| |
| | | | | | | | | | | | | | | |
|
Shareholders' equity | | | | | | | | | | | | | | | | |
|
Common stock/additional paid-in capital
| | | | |
46,082
| | | | |
45,610
| | | | |
45,950
| | | | |
47,032
| | | | |
46,891
| |
|
Retained earnings
| | | | |
14,401
| | | | |
11,102
| | | | |
9,724
| | | | |
6,981
| | | | |
5,712
| |
|
Accumulated other comprehensive income (loss)
| | | |
|
529
|
|
|
|
|
395
|
|
|
|
|
(49
|
)
|
|
|
|
254
|
|
|
|
|
33
|
|
|
Total shareholders' equity
| | | | |
61,012
| | | | |
57,107
| | | | |
55,625
| | | | |
54,267
| | | | |
52,636
| |
| | | | | | | | | | | | | | | |
|
|
Total liabilities and shareholders' equity
| | | |
$
|
641,214
|
|
|
|
$
|
613,344
|
|
|
|
$
|
601,636
|
|
|
|
$
|
576,749
|
|
|
|
$
|
556,222
|
|
| | | | | | | | | | | | | | | |
|
Capital ratios | | | | | | | | | | | | | | | | |
|
Tier 1 leverage ratio
| | | | |
9.83
|
%
| | | |
9.30
|
%
| | | |
9.41
|
%
| | | |
9.52
|
%
| | | |
9.58
|
%
|
|
Tier 1 and Common Equity Tier 1 RBC ratio
| | | | |
10.37
|
%
| | | |
9.91
|
%
| | | |
10.21
|
%
| | | |
9.57
|
%
| | | |
9.83
|
%
|
|
Total risk-based capital (RBC) ratio
| | | | |
13.36
|
%
| | | |
12.94
|
%
| | | |
13.40
|
%
| | | |
10.60
|
%
| | | |
10.86
|
%
|
| | | | | | | | | | | | | | | |
|
|
Book value per common share
| | | |
$
|
13.27
| | | |
$
|
12.59
| | | |
$
|
12.49
| | | |
$
|
12.20
| | | |
$
|
11.86
| |
|
Total common shares outstanding
| | | | |
4,597,128
| | | | |
4,537,577
| | | | |
4,452,853
| | | | |
4,448,898
| | | | |
4,439,743
| |
| | | | | | | | | | | | | | | |
|
Other Ratios | | | | | | | | | | | | | | | | |
|
Non-interest bearing/total deposits
| | | | |
45.7
|
%
| | | |
36.8
|
%
| | | |
39.0
|
%
| | | |
35.3
|
%
| | | |
37.7
|
%
|
|
Loan to deposit ratio
| | | | |
74.0
|
%
| | | |
78.0
|
%
| | | |
75.7
|
%
| | | |
86.6
|
%
| | | |
87.3
|
%
|
|
Allowance for loan losses/total loans
| | | | |
1.30
|
%
| | | |
1.28
|
%
| | | |
1.34
|
%
| | | |
1.27
|
%
| | | |
1.27
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
| Avidbank Holdings, Inc. |
| Condensed Consolidated Statements of Income |
|
($000, except share, per share amounts and ratios) (Unaudited)
|
|
|
|
| |
|
| |
|
| |
|
| |
|
| |
| | | |
Quarter Ended
| | |
Year-to-Date
|
| | | | 6/30/16 | | | 3/31/16 | | | 6/30/15 | | | 6/30/16 | | | 6/30/15 |
|
Interest and fees on loans and leases
| | | | $6,260 | | | $5,520 | | | $5,394 | | | $11,779 | | | $10,142 |
|
Interest on investment securities
| | | |
420
| | |
433
| | |
438
| | |
852
| | |
924
|
|
Other interest income
| | | |
86
|
|
|
107
|
|
|
15
|
|
|
193
|
|
|
26
|
|
Total interest income
| | | |
6,766
| | |
6,060
| | |
5,847
| | |
12,825
| | |
11,092
|
| | | | | | | | | | | | | | | |
|
|
Deposit interest expense
| | | |
277
| | |
278
| | |
227
| | |
555
| | |
391
|
|
Other interest expense
| | | |
217
|
|
|
211
|
|
|
31
|
|
|
428
|
|
|
56
|
|
Total interest expense
| | | |
495
|
|
|
489
|
|
|
258
|
|
|
984
|
|
|
447
|
|
Net interest income
| | | |
6,271
| | |
5,571
| | |
5,589
| | |
11,841
| | |
10,645
|
| | | | | | | | | | | | | | | |
|
|
Provision for loan losses
| | | |
-
|
|
|
-
|
|
|
1,756
|
|
|
-
|
|
|
2,787
|
|
Net interest income after provision for loan losses
| | | |
6,271
| | |
5,571
| | |
3,833
| | |
11,841
| | |
7,858
|
| | | | | | | | | | | | | | | |
|
|
Service charges, fees and other income
| | | |
381
| | |
298
| | |
452
| | |
679
| | |
700
|
|
Income from bank owned life insurance
| | | |
1,551
| | |
87
| | |
87
| | |
1,638
| | |
171
|
|
Gain (Loss) on sale of investment securities
| | | |
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total non-interest income
| | | |
1,932
| | |
385
| | |
539
| | |
2,317
| | |
871
|
| | | | | | | | | | | | | | | |
|
|
Compensation and benefit expenses
| | | |
2,274
| | |
2,615
| | |
2,361
| | |
4,889
| | |
4,794
|
|
Occupancy and equipment expenses
| | | |
515
| | |
566
| | |
628
| | |
1,080
| | |
1,239
|
|
Other operating expenses
| | | |
1,015
|
|
|
752
|
|
|
762
|
|
|
1,767
|
|
|
1,478
|
|
Total non-interest expense
| | | |
3,804
| | |
3,933
| | |
3,751
| | |
7,736
| | |
7,511
|
| | | | | | | | | | | | | | | |
|
|
Income before income taxes
| | | |
4,399
| | |
2,023
| | |
621
| | |
6,422
| | |
1,218
|
|
Provision for income taxes
| | | |
1,100
|
|
|
816
|
|
|
227
|
|
|
1,916
|
|
|
450
|
|
Net income
| | | | $3,299 |
|
| $1,207 |
|
| $394 |
|
| $4,507 |
|
| $768 |
| | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | |
|
|
Basic earnings per common share
| | | | $0.73 | | | $0.27 | | | $0.09 | | | $1.00 | | | $0.17 |
|
Diluted earnings per common share
| | | | $0.71 | | | $0.26 | | | $0.09 | | | $0.98 | | | $0.17 |
| | | | | | | | | | | | | | | |
|
|
Average common shares outstanding
| | | |
4,548,056
| | |
4,505,140
| | |
4,419,708
| | |
4,526,598
| | |
4,390,913
|
|
Average common fully diluted shares
| | | |
4,634,182
| | |
4,607,307
| | |
4,533,060
| | |
4,609,100
| | |
4,492,712
|
| | | | | | | | | | | | | | | |
|
|
Annualized returns:
| | | | | | | | | | | | | | | | |
|
Return on average assets
| | | |
2.14%
| | |
0.79%
| | |
0.29%
| | |
1.46%
| | |
0.29%
|
|
Return on average common equity
| | | |
22.65%
| | |
8.53%
| | |
2.98%
| | |
15.60%
| | |
2.92%
|
| | | | | | | | | | | | | | | |
|
|
Net interest margin
| | | |
4.42%
| | |
3.93%
| | |
4.43%
| | |
4.21%
| | |
4.49%
|
|
Cost of funds
| | | |
0.36%
| | |
0.35%
| | |
0.21%
| | |
0.36%
| | |
0.19%
|
|
Efficiency ratio
| | | |
46.37%
| | |
66.03%
| | |
61.21%
| | |
54.64%
| | |
65.22%
|
| | | | | | | | | | | | | | | |
|
|
|
|
| |
|
| |
|
| |
|
| |
|
| |
| Avidbank Holdings, Inc. |
| Credit Trends |
|
($000, except ratios) (Unaudited)
|
| | | | | | | | | | | | | | | |
|
| | | | 6/30/16 | | | 3/31/16 | | | 12/31/15 | | | 9/30/15 | | | 6/30/15 |
Allowance for Loan Losses | | | | | | | | | | | | | | | | |
|
Balance, beginning of quarter
| | | |
$
|
5,406
| | | |
$
|
5,394
| | | |
$
|
5,394
| | | |
$
|
5,122
| | | |
$
|
5,912
| |
|
Provision for loan losses, quarterly
| | | | |
-
| | | | |
-
| | | | |
-
| | | | |
259
| | | | |
1,756
| |
|
Charge-offs, quarterly
| | | | |
-
| | | | |
-
| | | | |
-
| | | | |
-
| | | | |
(2,554
|
)
|
|
Recoveries, quarterly
| | | |
|
25
|
|
|
|
|
12
|
|
|
|
|
-
|
|
|
|
|
13
|
|
|
|
|
8
|
|
|
Balance, end of quarter
| | | |
$
|
5,431
|
|
|
|
$
|
5,406
|
|
|
|
$
|
5,394
|
|
|
|
$
|
5,394
|
|
|
|
$
|
5,122
|
|
| | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | |
|
Nonperforming Assets | | | | | | | | | | | | | | | | |
|
Loans accounted for on a non-accrual basis
| | | |
$
|
392
| | | |
$
|
1,898
| | | |
$
|
1,899
| | | |
$
|
2,409
| | | |
$
|
3,930
| |
Loans with principal or interest contractually past due 90 days or
more and still accruing interest
| | | | |
-
| | | | |
-
| | | | |
-
| | | | |
-
| | | | |
-
| |
|
Nonperforming loans
| | | | |
392
| | | | |
1,898
| | | | |
1,899
| | | | |
2,409
| | | | |
3,930
| |
|
Other real estate owned
| | | |
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
Nonperforming assets
| | | |
$
|
392
|
|
|
|
$
|
1,898
|
|
|
|
$
|
1,899
|
|
|
|
$
|
2,409
|
|
|
|
$
|
3,930
|
|
Loans restructured and in compliance with modified terms
| | | | |
462
| | | | |
466
| | | | |
470
| | | | |
474
| | | | |
477
| |
|
Nonperforming assets & restructured loans
| | | |
$
|
854
|
|
|
|
$
|
2,364
|
|
|
|
$
|
2,369
|
|
|
|
$
|
2,883
|
|
|
|
$
|
4,407
|
|
| | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | |
|
|
Nonperforming Loans by Type:
| | | | | | | | | | | | | | | | |
|
Commercial
| | | |
$
|
392
| | | |
$
|
1,898
| | | |
$
|
1,899
| | | |
$
|
2,409
| | | |
$
|
3,930
| |
|
Real Estate Loans
| | | |
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
Total Nonperforming loans
| | | |
$
|
392
|
|
|
|
$
|
1,898
|
|
|
|
$
|
1,899
|
|
|
|
$
|
2,409
|
|
|
|
$
|
3,930
|
|
| | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | |
|
Asset Quality Ratios | | | | | | | | | | | | | | | | |
|
Allowance for loan losses / gross loans
| | | | |
1.30
|
%
| | | |
1.28
|
%
| | | |
1.34
|
%
| | | |
1.27
|
%
| | | |
1.27
|
%
|
|
Allowance for loan losses / nonperforming loans
| | | | |
1385.46
|
%
| | | |
284.83
|
%
| | | |
284.04
|
%
| | | |
223.91
|
%
| | | |
130.33
|
%
|
|
Nonperforming assets / total assets
| | | | |
0.06
|
%
| | | |
0.31
|
%
| | | |
0.32
|
%
| | | |
0.42
|
%
| | | |
0.71
|
%
|
|
Nonperforming loans / gross loans
| | | | |
0.09
|
%
| | | |
0.45
|
%
| | | |
0.47
|
%
| | | |
0.57
|
%
| | | |
0.97
|
%
|
|
Net quarterly charge-offs / gross loans
| | | | |
-0.01
|
%
| | | |
0.00
|
%
| | | |
0.00
|
%
| | | |
0.00
|
%
| | | |
0.63
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160727005467/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.