PALO ALTO, Calif.--(BUSINESS WIRE)--
Avidbank Holdings, Inc. ("the Company") (OTC Pink: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
$1,430,000 for the second quarter of 2017 compared to $3,299,000 for the
same period in 2016. Net income for the second quarter of 2016 excluding
the impact of life insurance proceeds was $1,827,000.
Year-to-Date and Second Quarter 2017 Financial
Highlights
-
Net income was $2,984,000 for the first six months of 2017, compared
to $3,035,000 for the same period in 2016 excluding life insurance
proceeds. Net income in the first six months of 2017 included a loan
loss provision of $1,806,000 while no loan loss provision was
recognized in the first six months of 2016. Net interest income was
$14,575,000 in the first six months of 2017, an increase of $2,734,000
or 23% over the figure recorded in the first six months of 2016.
-
Diluted earnings per common share were $0.63 in the first six months
of 2017, compared to $0.98 in the first six months of 2016.
-
Net interest income was $7,606,000 for the second quarter of 2017, an
increase of $1,335,000 over the $6,271,000 we achieved in the second
quarter of 2016. The 21% increase over the prior year quarter reflects
the results of our continued loan growth.
-
Net income was $1,430,000 for the second quarter of 2017, compared to
$3,299,000 for the second quarter of 2016. Results for the second
quarter of 2017 included a $1,085,000 loan loss provision compared to
no loan loss provision in the second quarter of 2016. Results for the
second quarter of 2016 included $1,472,000 of additional net income
from life insurance proceeds.
-
Diluted earnings per common share were $0.30 for the second quarter of
2017, compared to $0.71 for the second quarter of 2016.
-
Total assets grew by 13% in the first six months of 2017, ending the
second quarter at $731 million.
-
Total loans net of deferred fees grew by 14% and 40% in the six and
twelve months ended June 30, 2017, ending the second quarter at $584
million.
-
Total deposits grew by 9% in the first six months of 2017, ending the
second quarter at $619 million.
-
The Company continues to be well capitalized with a Tier 1 Leverage
Ratio of 9.3%, a Tier 1 Risk Based Capital and Common Equity Tier 1
Risk Based Capital Ratio of 8.9%, and a Total Risk Based Capital Ratio
of 11.6%.
Mark D. Mordell, Chairman and Chief Executive Officer, stated, "Net
interest income increased to $7.6 million in the second quarter of 2017,
a 21% increase over the second quarter of 2016 as our strong loan growth
continues. Loans grew $27 million in the second quarter of 2017 on top
of our $42 million of growth in the first quarter of 2017. As a result
of this significant growth and credit rating migrations primarily caused
by project delays in our construction loan portfolio due to the
significant winter rains, we recorded a $1.1 million loan loss provision
in the second quarter, increasing our loan loss reserve to $8.1 million.
Also due to the weather this past winter, because many of our
construction loans have experienced delays in completion, we did not
experience the level of payoffs we normally expect. Since the spring and
summer weather is allowing these projects to be completed, we anticipate
our construction concentrations will be reduced organically through
payoffs over the third and fourth quarters.”
Mr. Mordell continued, "We have added business development and support
staff to accelerate and manage our growth. Non-interest expenses
increased by $0.9 million to $4.7 million in the second quarter of 2017
from $3.8 million in the second quarter of 2016, primarily due to these
increased investments in staffing. Our efficiency ratio excluding the
impact of life insurance proceeds increased to 59.1% in the second
quarter of 2017 from 56.5% in the second quarter 2016 due to increased
staffing expense. Total deposits increased by $26 million in the second
quarter of 2017 and increased by $53 million from the same quarter in
2016. The change from 2016 was primarily due to growth in brokered
deposits and CD's greater than $100,000. Our net interest margin grew to
4.32% for the first six months of 2017 compared to 4.17% for the same
period of the prior year due to changes in the mix of earning assets in
favor of higher yielding loans."
Mr. Mordell, stated, "Additionally, we are pleased to report the closing
of a $20 million private offering of common shares at a purchase price
of $19.00 per share on July 13, 2017 as a subsequent event to our second
quarter results. The completion of this offering is a significant step
forward for our Company, providing the capital we need to continue our
growth and strengthen our balance sheet. We have also strengthened the
governance and risk management of our Board with the addition of Marc
Verissimo, a 40-year veteran of the banking industry with 24 years of
experience at Silicon Valley Bank."
Results for the six months ended June 30, 2017
Net interest income before provision for loan losses was $14.6 million
in the first six months of 2017, an increase of $2.7 million or 23% over
the same period of the prior year. Higher outstanding average loan
balances were the primary reason for the increase. Average loans net of
deferred fees were $556 million for 2017 compared to $421 million for
2016. Average earning assets were $681 million in the first six months
of 2017, a 19% increase over the prior year. Net interest margin was
4.32% in the first six months of 2017 compared to 4.17% for the same
period in 2016. The increase in net interest margin was primarily caused
by an increase of higher yielding loans in the mix of earning assets. A
loan loss provision of $1,806,000 was recorded in the first six months
of 2017 and no provision was taken in the same period of 2016. We had no
charge-offs and recoveries of $26,000 in the first six months of 2017
compared to no charge-offs and recoveries of $37,000 for the same period
in 2016.
Non-interest income was $937,000 in the first six months of 2017, a
decrease of $1,380,000 or 60% over 2016 which was primarily attributable
to $1,472,000 in life insurance proceeds received in the second quarter
of 2016.
Non-interest expense increased by $1.4 million to $9.1 million in the
first six months of 2017 compared to $7.7 million in 2016 due primarily
to increased investments in loan production and support personnel.
The effective tax rate was 34.8% in the first six months of 2017
compared to 29.8% for the same period in 2016. The unusually low
effective tax rate in 2016 was due to proceeds from life insurance
benefits.
Results for the quarter ended June 30, 2017
For the three months ended June 30, 2017, net interest income before
provision for loan losses was $7.6 million, an increase of $1.3 million
or 21% compared to the second quarter of 2016. The increase was
primarily the result of higher average loans outstanding. Average gross
loans outstanding for the quarter ended June 30, 2017 were $571.8
million, compared to $429.8 million for the same quarter in 2016, an
increase of $142.1 million or 33%. Average earning assets were $698.6
million in the second quarter of 2017, a 22% increase over the second
quarter of the prior year. Loans made up 82% of average earning assets
at the end of the second quarter of 2017 compared to 75% at the end of
the second quarter of 2016. Net interest margin was 4.37% for the second
quarter of 2017, compared to 4.41% for the second quarter of 2016. A
loan loss provision of $1,085,000 was taken in the second quarter of
2017 and no loan loss provision was taken in the second quarter of 2016.
Non-interest income was $416,000 in the second quarter of 2017, a
decrease of $1,516,000 or 78% compared to the second quarter of 2016.
The decrease was primarily due to $1,472,000 from life insurance
proceeds in the second quarter of 2016.
Non-interest expense increased by $933,000 in the second quarter of 2017
to $4,737,000 compared to $3,804,000 for the second quarter of 2016.
This increase was primarily due to higher compensation costs related to
increased staffing. The Bank's full time equivalent employees at June
30, 2017 and 2016 were 77 and 67, respectively. The Bank's efficiency
ratio excluding the benefit of life insurance proceeds increased from
56.5% in the second quarter of 2016 to 59.1% in the second quarter of
2017 due to increased staffing expense.
Balance Sheet
Total assets increased to $731.1 million as of June 30, 2017, compared
to $701.9 million at March 31, 2017 and $641.2 million on the same day
one year ago. The increase in total assets of $29.2 million, or 4%, from
March 31, 2017 was primarily due to increased loans in the second
quarter of 2017. The Company reported loans net of deferred fees at June
30, 2017 of $584.3 million, which represented an increase of $27.4
million, or 5%, from $556.9 million at March 31, 2017, and an increase
of $165.5 million, or 40%, over $418.8 million at June 30, 2016. The
increase in total gross loans from March 31, 2017 was primarily
attributable to increased Construction and Commercial Real Estate loans.
The increase in loans from June 30, 2016 was primarily attributable to
growth in Construction, CRE and Sponsor Finance loans.
“We had $5.2 million in non-accrual loans comprising 0.89% of total
loans from one relationship on June 30, 2017 compared to $0.4 million of
non-accrual loans comprising 0.09% of total loans at the end of the
second quarter of the prior year. We take a conservative approach when
placing loans on nonaccrual and make every effort to minimize any
potential loss,” observed Mr. Mordell.
The Company’s total deposits were $618.9 million as of June 30, 2017,
which represented an increase of $26.2 million, or 4%, compared to
$592.7.0 million at March 31, 2017 and an increase of $52.7 million, or
9%, compared to $566.2 million at June 30, 2016. The increase in
deposits from March 31, 2017 was due to an increase in money market
accounts and CD's over $100,000 partially offset by a decrease in
interest checking accounts. The increase from June 30, 2016 was caused
by an increase in brokered deposits, demand deposits and money market
accounts. In addition to this deposit growth, the Company utilized $30
million in short term Federal Home Loan Bank advances to fund loan
growth as of June 30, 2017.
Demand and interest bearing transaction deposits represented 45.6% of
total deposits at June 30, 2017, compared to 47.6% at March 31, 2017 and
48.9% for the same period one year ago. Core deposits represented 86.0%
of total deposits at June 30, 2017, compared to 86.6% at March 31, 2017
and 89.9% at June 30, 2016. The Company’s loan to deposit ratio was 94%
at June 30, 2017 compared to 91% at December 31, 2016 and 74% at June
30, 2016.
About Avidbank
Avidbank Holdings, Inc. (OTC Pink: AVBH), headquartered in Palo Alto,
California, offers innovative financial solutions and services. We
specialize in commercial & industrial lending, technology and
asset-based lending, specialty finance, real estate construction and
commercial real estate lending. Avidbank provides a different approach
to banking. We do what we say.
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. Forward-looking statements can be identified by the
fact that they do not relate strictly to historical or current facts,
and generally include the words “believes,” “plans,” “intends,”
“expects,” “opportunity,” “anticipates,” “targeted,” “continue,”
“remain,” “will,” “should,” “may,” or words of similar meaning. While we
believe that our forward-looking statements and the assumptions
underlying them are reasonably based, such statements and assumptions,
are, by their nature subject to risks and uncertainties, and thus could
later prove to be inaccurate or incorrect. Accordingly, actual results
could materially differ from forward-looking statements for a variety of
reasons, including, but not limited to local, regional, national and
international economic conditions and events and the impact they may
have on us and our customers, and in particular in our market areas;
ability to attract deposits and other sources of liquidity; oversupply
of property inventory and deterioration in values of California real
estate, both residential and commercial; a prolonged slowdown or decline
in construction activity; changes in the financial performance and/or
condition of our borrowers; changes in the level of non-performing
assets and charge-offs; the cost or effect of acquisitions we may make;
the effect of changes in laws and regulations (including laws,
regulations and judicial decisions concerning financial reform, capital
requirements, taxes, banking, securities, employment, executive
compensation, insurance, and information security) with which we and our
subsidiaries must comply; changes in estimates of future reserve
requirements and minimum capital requirements based upon the periodic
review thereof under relevant regulatory and accounting requirements;
ability to adequately underwrite for our asset based and corporate
finance lending business lines; our ability to raise capital; inflation,
interest rate, securities market and monetary fluctuations;
cyber-security threats including loss of system functionality or theft
or loss of data; political instability; acts of war or terrorism, or
natural disasters, such as earthquakes, or the effects of pandemic flu;
destabilization in international economies resulting from the European
sovereign debt crisis; the timely development and acceptance of new
banking products and services and perceived overall value of these
products and services by users; changes in consumer spending, borrowing
and savings habits; technological changes; the ability to increase
market share, retain customers and control expenses; ability to retain
and attract key management and personnel; changes in the competitive
environment among financial and bank holding companies and other
financial service providers; continued volatility in the credit and
equity markets and its effect on the general economy; the effect of
changes in accounting policies and practices, as may be adopted by the
regulatory agencies, as well as the Public Company Accounting Oversight
Board, the Financial Accounting Standards Board and other accounting
standard setters; changes in our organization, management, compensation
and benefit plans, and our ability to retain or expand our management
team; the costs and effects of legal and regulatory developments
including the resolution of legal proceedings or regulatory or other
governmental inquiries and the results of regulatory examinations or
reviews; our success at managing the risks involved in the foregoing
items. We do not undertake, and specifically disclaim any obligation to
update any forward-looking statements to reflect occurrences or
unanticipated events or circumstances after the date of such statements
except as required by law.
|
|
| Avidbank Holdings, Inc. |
| Consolidated Balance Sheets |
|
($000, except share and per share amounts) (Unaudited)
|
|
|
Assets |
|
| 6/30/17 |
|
| 3/31/17 |
|
| 12/31/16 |
|
| 9/30/16 |
|
| 6/30/16 |
|
Cash and due from banks
| | | $10,845 | | | $17,431 | | | $12,458 | | | $15,363 | | | $23,797 |
|
Fed funds sold
| | |
32,510
|
|
|
21,265
|
|
|
7,841
|
|
|
92,950
|
|
|
80,775
|
|
Total cash and cash equivalents
| | |
43,355
| | |
38,696
| | |
20,299
| | |
108,313
| | |
104,572
|
| | | | | | | | | | | | | | |
|
|
Investment securities - available for sale
| | |
82,986
| | |
86,905
| | |
89,686
| | |
100,350
| | |
94,853
|
| | | | | | | | | | | | | | |
|
|
Loans, net of deferred loan fees
| | |
584,342
| | |
556,969
| | |
514,769
| | |
447,852
| | |
418,809
|
|
Allowance for loan losses
| | |
(8,076)
|
|
|
(6,991)
|
|
|
(6,244)
|
|
|
(5,431)
|
|
|
(5,431)
|
|
Loans, net of allowance for loan losses
| | |
576,266
| | |
549,978
| | |
508,525
| | |
442,421
| | |
413,378
|
| | | | | | | | | | | | | | |
|
|
Bank owned life insurance
| | |
10,479
| | |
10,406
| | |
10,334
| | |
10,261
| | |
10,186
|
|
Premises and equipment, net
| | |
1,155
| | |
668
| | |
600
| | |
640
| | |
704
|
|
Accrued interest receivable & other assets
| | |
16,818
|
|
|
15,205
|
|
|
17,211
|
|
|
14,895
|
|
|
17,521
|
|
Total assets
| | | $731,059 |
|
| $701,858 |
|
| $646,655 |
|
| $676,880 |
|
| $641,214 |
|
|
Liabilities | | | | | | | | | | | | | | | |
|
Non-interest-bearing demand deposits
| | | $264,514 | | | $261,172 | | | $241,362 | | | $298,275 | | | $258,978 |
|
Interest bearing transaction accounts
| | |
17,642
| | |
20,786
| | |
19,420
| | |
20,034
| | |
17,717
|
|
Money market and savings accounts
| | |
220,474
| | |
207,106
| | |
215,656
| | |
219,203
| | |
216,564
|
|
Time deposits
| | |
116,282
|
|
|
103,616
|
|
|
91,560
|
|
|
61,793
|
|
|
72,917
|
|
Total deposits
| | |
618,912
| | |
592,680
| | |
567,998
| | |
599,305
| | |
566,176
|
| | | | | | | | | | | | | | |
|
|
FHLB advances
| | |
30,000
| | |
30,000
| | |
-
| | |
-
| | |
-
|
|
Subordinated debt, net
| | |
11,719
| | |
11,698
| | |
11,677
| | |
11,655
| | |
11,631
|
|
Other liabilities
| | |
3,572
|
|
|
2,425
|
|
|
3,471
|
|
|
2,883
|
|
|
2,396
|
|
Total liabilities
| | |
664,203
| | |
636,803
| | |
583,146
| | |
613,843
| | |
580,202
|
| | | | | | | | | | | | | | |
|
Shareholders' equity | | | | | | | | | | | | | | | |
|
Common stock/additional paid-in capital
| | |
47,421
| | |
47,259
| | |
47,289
| | |
46,539
| | |
46,082
|
|
Retained earnings
| | |
20,142
| | |
18,711
| | |
17,157
| | |
16,036
| | |
14,401
|
|
Accumulated other comprehensive income (loss)
| | |
(707)
|
|
|
(915)
|
|
|
(937)
|
|
|
462
|
|
|
529
|
|
Total shareholders' equity
| | |
66,856
| | |
65,055
| | |
63,509
| | |
63,037
| | |
61,012
|
| | | | | | | | | | | | | | |
|
|
Total liabilities and shareholders' equity
| | | $731,059 |
|
| $701,858 |
|
| $646,655 |
|
| $676,880 |
|
| $641,214 |
|
|
Capital ratios | | | | | | | | | | | | | | | |
|
Tier 1 leverage ratio
| | |
9.28%
| | |
9.52%
| | |
9.96%
| | |
9.42%
| | |
9.83%
|
|
Tier 1 and Common Equity Tier 1 RBC ratio
| | |
8.94%
| | |
9.24%
| | |
9.67%
| | |
10.12%
| | |
10.37%
|
|
Total risk-based capital (RBC) ratio
| | |
11.61%
| | |
11.91%
| | |
12.41%
| | |
12.94%
| | |
13.36%
|
| | | | | | | | | | | | | | |
|
|
Book value per common share
| | | $13.91 | | | $13.57 | | | $13.50 | | | $13.46 | | | $13.27 |
|
Total common shares outstanding
| | |
4,806,377
| | |
4,793,827
| | |
4,704,297
| | |
4,682,851
| | |
4,596,200
|
| | | | | | | | | | | | | | |
|
Other Ratios | | | | | | | | | | | | | | | |
|
Non-interest bearing/total deposits
| | |
42.7%
| | |
44.1%
| | |
42.5%
| | |
49.8%
| | |
45.7%
|
|
Loan to deposit ratio
| | |
94.4%
| | |
94.0%
| | |
90.6%
| | |
74.7%
| | |
74.0%
|
|
Allowance for loan losses/total loans
| | |
1.38%
| | |
1.26%
| | |
1.21%
| | |
1.21%
| | |
1.30%
|
|
|
|
|
| Avidbank Holdings, Inc. |
| Condensed Consolidated Statements of Income |
|
($000, except share and per share amounts) (Unaudited)
|
|
|
|
|
|
Quarter Ended
|
|
|
Year-to-Date
|
| | | 6/30/17 |
|
| 3/31/17 | | | 6/30/16 |
|
| 6/30/17 |
|
| 6/30/16 |
|
Interest and fees on loans and leases
| | | $7,721 | | | $6,978 | | | $6,260 | | | $14,699 | | | $11,779 |
|
Interest on investment securities
| | |
516
| | |
529
| | |
420
| | |
1,045
| | |
852
|
|
Other interest income
| | |
107
|
|
|
69
|
|
|
86
|
|
|
176
|
|
|
193
|
|
Total interest income
| | |
8,344
| | |
7,576
| | |
6,766
| | |
15,920
| | |
12,825
|
| | | | | | | | | | | | | | |
|
|
Deposit interest expense
| | |
423
| | |
334
| | |
277
| | |
756
| | |
555
|
|
Other interest expense
| | |
315
|
|
|
274
|
|
|
217
|
|
|
589
|
|
|
428
|
|
Total interest expense
| | |
738
|
|
|
608
|
|
|
495
|
|
|
1,345
|
|
|
984
|
|
Net interest income
| | |
7,606
| | |
6,968
| | |
6,271
| | |
14,575
| | |
11,841
|
| | | | | | | | | | | | | | |
|
|
Provision for loan losses
| | |
1,085
|
|
|
721
|
|
|
-
|
|
|
1,806
|
|
|
-
|
Net interest income after provision for loan losses
| | |
6,521
| | |
6,247
| | |
6,271
| | |
12,769
| | |
11,841
|
| | | | | | | | | | | | | | |
|
|
Service charges, fees and other income
| | |
343
| | |
449
| | |
381
| | |
793
| | |
679
|
|
Income from bank owned life insurance
| | |
73
|
|
|
72
|
|
|
1,551
|
|
|
144
|
|
|
1,638
|
|
Total non-interest income
| | |
416
| | |
521
| | |
1,932
| | |
937
| | |
2,317
|
| | | | | | | | | | | | | | |
|
|
Compensation and benefit expenses
| | |
3,020
| | |
2,868
| | |
2,274
| | |
5,888
| | |
4,889
|
|
Occupancy and equipment expenses
| | |
676
| | |
584
| | |
515
| | |
1,260
| | |
1,080
|
|
Other operating expenses
| | |
1,041
|
|
|
943
|
|
|
1,015
|
|
|
1,983
|
|
|
1,767
|
|
Total non-interest expense
| | |
4,737
| | |
4,395
| | |
3,804
| | |
9,132
| | |
7,736
|
| | | | | | | | | | | | | | |
|
|
Income before income taxes
| | |
2,200
| | |
2,373
| | |
4,399
| | |
4,574
| | |
6,422
|
|
Provision for income taxes
| | |
770
|
|
|
819
|
|
|
1,100
|
|
|
1,590
|
|
|
1,916
|
|
Net income
| | | $1,430 |
|
| $1,554 |
|
| $3,299 |
|
| $2,984 |
|
| $4,507 |
| | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | |
|
|
Basic earnings per common share
| | | $0.31 | | | $0.34 | | | $0.73 | | | $0.64 | | | $1.00 |
|
Diluted earnings per common share
| | | $0.30 | | | $0.33 | | | $0.71 | | | $0.63 | | | $0.98 |
| | | | | | | | | | | | | | |
|
|
Average common shares outstanding
| | |
4,645,091
| | |
4,627,271
| | |
4,548,056
| | |
4,636,230
| | |
4,526,598
|
|
Average common fully diluted shares
| | |
4,740,832
| | |
4,728,967
| | |
4,634,182
| | |
4,734,898
| | |
4,609,100
|
| | | | | | | | | | | | | | |
|
|
Annualized returns:
| | | | | | | | | | | | | | | |
|
Return on average assets
| | |
0.79%
| | |
0.91%
| | |
2.14%
| | |
0.85%
| | |
1.46%
|
|
Return on average common equity
| | |
8.61%
| | |
9.69%
| | |
22.65%
| | |
9.14%
| | |
15.60%
|
| | | | | | | | | | | | | | |
|
|
Net interest margin
| | |
4.37%
| | |
4.26%
| | |
4.41%
| | |
4.32%
| | |
4.17%
|
|
Cost of funds
| | |
0.45%
| | |
0.39%
| | |
0.36%
| | |
0.42%
| | |
0.36%
|
|
Efficiency ratio
| | |
59.05%
| | |
58.69%
| | |
46.37%
| | |
58.87%
| | |
54.64%
|
|
Efficiency ratio excluding life insurance proceeds
| | |
59.05%
| | |
58.69%
| | |
56.51%
| | |
58.87%
| | |
60.98%
|
|
|
|
|
| Avidbank Holdings, Inc. |
| Credit Trends |
|
($000) (Unaudited)
|
|
|
|
|
| 6/30/17 |
|
| 3/31/17 |
|
| 12/31/16 |
|
| 9/30/16 |
|
| 6/30/16 |
Allowance for Loan Losses | | | |
|
Balance, beginning of quarter
| | | $6,991 | | | $6,244 | | | $5,431 | | | $5,431 | | | $5,406 |
|
Provision for loan losses, quarterly
| | |
1,085
| | |
721
| | |
813
| | |
-
| | |
-
|
|
Charge-offs, quarterly
| | |
-
| | |
-
| | |
-
| | |
-
| | |
-
|
|
Recoveries, quarterly
| | |
-
|
|
|
26
|
|
|
-
|
|
|
-
|
|
|
25
|
|
Balance, end of quarter
| | | $8,076 |
|
| $6,991 |
|
| $6,244 |
|
| $5,431 |
|
| $5,431 |
|
|
|
|
Nonperforming Assets | | | | | | | | | | | | | | | |
|
Loans accounted for on a non-accrual basis
| | | $5,210 | | | $0 | | | $0 | | | $392 | | | $392 |
Loans with principal or interest contractually past due 90 days or
more and still accruing interest
| | |
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Nonperforming loans
| | |
5,210
| | |
-
| | |
-
| | |
392
| | |
392
|
|
Other real estate owned
| | |
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Nonperforming assets
| | | $5,210 |
|
| $0 |
|
| $0 |
|
| $392 |
|
| $392 |
Loans restructured and in compliance with modified terms
| | |
-
|
|
|
-
|
|
|
-
|
|
|
457
|
|
|
462
|
|
Nonperforming assets & restructured loans
| | | $5,210 |
|
| $0 |
|
| $0 |
|
| $849 |
|
| $854 |
| | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | |
|
|
Nonperforming Loans by Type:
| | | | | | | | | | | | | | | |
|
Commercial
| | | $4,377 | | | $0 | | | $0 | | | $392 | | | $392 |
|
Real Estate Loans
| | |
724
| | |
-
| | |
-
| | |
-
| | |
-
|
|
Consumer Loans
| | |
109
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total Nonperforming loans
| | | $5,210 |
|
| $0 |
|
| $0 |
|
| $392 |
|
| $392 |
|
|
|
|
Asset Quality Ratios | | | | | | | | | | | | | | | |
|
Allowance for loan losses (ALLL) / gross loans
| | |
1.38%
| | |
1.26%
| | |
1.21%
| | |
1.21%
| | |
1.30%
|
|
ALLL / nonperforming loans
| | |
155.01%
| | |
0.00%
| | |
0.00%
| | |
1385.46%
| | |
1385.46%
|
|
Nonperforming assets / total assets
| | |
0.71%
| | |
0.00%
| | |
0.00%
| | |
0.06%
| | |
0.06%
|
|
Nonperforming loans / gross loans
| | |
0.89%
| | |
0.00%
| | |
0.00%
| | |
0.09%
| | |
0.09%
|
|
Net quarterly charge-offs / gross loans
| | |
0.00%
| | |
0.00%
| | |
0.00%
| | |
0.00%
| | |
-0.01%
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170721005099/en/
Avidbank Holdings, Inc.
Steve Leen, 650-843-2204
Executive
Vice President and Chief Financial Officer
sleen@avidbank.com
Source: Avidbank Holdings, Inc.