SAN JOSE, 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
$3,481,000 for the fourth quarter of 2018 compared to $1,009,000 for the
same period in 2017.
Full Year and Fourth Quarter 2018 Financial
Highlights
-
Net income was $11,120,000 in 2018 compared to $5,654,000 in 2017. Net
income in 2017 included a $1.1 million charge to income tax expense as
a result of the Tax Cuts and Jobs Act of 2017 while net income in 2018
benefited from a lower federal tax rate. Net interest income was
$37,866,000 in 2018, an increase of $7,338,000 or 24% over the figure
recorded in 2017.
-
Diluted earnings per common share were $1.90 in 2018, compared to
$1.08 in 2017. Weighted average common shares outstanding were
5,751,400 and 5,138,604 in 2018 and 2017, respectively. The increase
was primarily the result of a $20,000,000 capital raise completed
during the third quarter of 2017.
-
Net interest income was $10,735,000 for the fourth quarter of 2018, an
increase of $2,553,000 over the $8,182,000 we recorded in the fourth
quarter of 2017. The 31% increase over the prior year quarter reflects
the impact of our loan growth over the past twelve months.
-
Net income was $3,481,000 for the fourth quarter of 2018, compared to
$1,009,000 for the fourth quarter of 2017. Results for the fourth
quarter of 2018 reflected a loan loss provision of $947,000 compared
to a loan loss provision of $106,000 in the fourth quarter of 2017.
Results for the fourth quarter of 2017 included a $1.1 million charge
to income tax expense as a result of the Tax Cuts and Jobs Act.
-
Diluted earnings per common share were $0.59 for the fourth quarter of
2018, compared to $0.17 for the fourth quarter of 2017.
-
Total assets grew by 17% in 2018, ending the fourth quarter at $917
million.
-
Total loans net of deferred fees grew by 25% in 2018, ending the
fourth quarter at $807 million.
-
Total deposits grew by 23% in 2018, ending the fourth quarter at $797
million.
-
The Company continues to be well capitalized for regulatory purposes
with a Tier 1 Leverage Ratio of 10.82%, a Tier 1 Risk Based Capital
and Common Equity Tier 1 Risk Based Capital Ratio of 10.38%, and a
Total Risk Based Capital Ratio of 12.61%.
Mark D. Mordell, Chairman and Chief Executive Officer, stated, “Net
interest income increased to $10.7 million in the fourth quarter of
2018, a 31% increase over the fourth quarter of 2017 due to our loan
growth over the past twelve months. Loans grew $50.2 million in the
fourth quarter primarily as a result of increased Specialty Finance and
C&I lending. We are committed to a strong growth strategy to achieve
optimal profitability and continue to make substantial investments in
personnel and infrastructure to help realize that goal responsibly. We
grew by eight staff positions in 2018 with the majority of the hires in
loan production and support positions. We are well positioned to
continue our franchise growth strategy to scale our balance sheet and
operations to serve our markets.”
Mr. Mordell continued, “Our investments in increased staffing and
expanded infrastructure over the last 24 to 36 months are generating the
results for which we have planned as our robust loan and deposit growth
provide increased economies of scale. Non-interest expenses increased by
$644,000 to $5,876,000 in the fourth quarter of 2018, up from $5,232,000
in the fourth quarter of 2017 primarily due to these increased
investments. Our efficiency ratio decreased to 50.4% in the fourth
quarter of 2018, down from 60.4% in the fourth quarter of 2017 as a
result of increased earnings due to significant loan growth. Total
deposits increased by $7 million in the fourth quarter of 2018 compared
to the third quarter of 2018 and increased by $150 million from the
fourth quarter of 2017. The increase in deposits for 2018 was primarily
due to the efforts our team has made to increase demand deposits. Our
net interest margin grew to 4.71% in the fourth quarter of 2018,
compared to 4.33% in the fourth quarter of 2017 due to changes in the
mix of earning assets in favor of higher yielding loans and the
favorable impact of interest rate increases. Return on assets was 1.46%
in the fourth quarter of 2018 compared to 0.51% in the fourth quarter of
2017.”
Results for the twelve months ended December 31,
2018
Net interest income before provision for loan losses was $37.9 million
in 2018, an increase of $7.3 million or 24% over the prior year. Higher
outstanding average loan balances were the primary reason for the
increase. Average total loans were $707 million in 2018 compared to $573
million in 2017. Average earning assets were $827 million in 2018, a 17%
increase over the prior year. Net interest margin was 4.58% in 2018
compared to 4.32% for the year ended 2017. The increase in net interest
margin was primarily caused by an increase in higher yielding loans in
the mix of earning assets. A loan loss provision of $1.6 million was
recorded in 2018 and a loan loss provision of $2.0 million was taken in
2017. We had $151,000 of charge-offs and minimal recoveries in 2018
compared to no charge-offs and recoveries of $68,000 for the year ended
2017.
Non-interest income was $2,719,000 in 2018, an increase of $832,000 or
44% over 2017. Non-interest income in 2018 included a $288,000 gain on
the sale of an Other Real Estate Owned (OREO) property and $281,000 of
earnings from an investment in an SBIC fund, while non-interest income
in 2017 included $112,000 from the exercise of common stock warrants
related to a Specialty Finance loan.
Non-interest expense increased by $3.9 million to $23.5 million in 2018,
compared to $19.6 million in 2017 due primarily to increased investments
in personnel and expanded facilities to accommodate the growth in staff.
The effective tax rate was 28.0% in 2018 compared to 47.8% for the same
period in 2017. The rate declined in 2018 due to the Tax Cuts and Jobs
Act federal income tax rate reduction becoming effective for the 2018
tax year. The rate in 2017 included a $1.1 million charge to income tax
expense as a result of the Tax Cuts and Jobs Act.
Results for the quarter ended December 31, 2018
For the three months ended December 31, 2018, net interest income before
provision for loan losses was $10.7 million, an increase of $2.6 million
or 31% compared to the fourth quarter of 2017. The increase was
primarily the result of higher average loans outstanding. Average total
loans outstanding for the quarter ended December 31, 2018 were $777
million, compared to $599 million for the same quarter in 2017, an
increase of 30%. Average earning assets were $904 million in the fourth
quarter of 2018, a 20% increase over the fourth quarter of the prior
year. Loans made up 86% of average earning assets at the end of the
fourth quarter of 2018 compared to 80% at the end of the fourth quarter
of 2017. Net interest margin was 4.71% for the fourth quarter of 2018,
compared to 4.33% for the fourth quarter of 2017. A loan loss provision
of $0.9 million was taken in the fourth quarter of 2018 compared with a
loan loss provision of $0.1 million taken in the fourth quarter of 2017.
Non-interest income was $923,000 in the fourth quarter of 2018, an
increase of $448,000 or 94% compared to the fourth quarter of 2017. The
increase was primarily the result of a gain of $288,000 from the sale of
an OREO property and a $49,232 special dividend from the Federal Home
Loan Bank (FHLB), in addition to increased service charges on deposit
accounts as a result of our growth.
Non-interest expense increased by $644,000 in the fourth quarter of 2018
to $5,876,000 compared to $5,232,000 for the fourth quarter of 2017.
This increase was primarily due to higher compensation costs related to
increased staffing. The Bank's full-time equivalent employees at
December 31, 2018 and 2017 were 92 and 84, respectively. The Bank's
efficiency ratio decreased from 60.4% in the fourth quarter of 2017 to
50.4% in the fourth quarter of 2018 due to increased revenue and
deferred loan origination costs from higher loan activity. The 2017
efficiency ratio reflected higher one-time occupancy costs due to our
relocations to new facilities.
Balance Sheet
Total assets were $917 million as of December 31, 2018, compared to $935
million at September 30, 2018 and $783 million on the same day one year
ago. The decrease in total assets of $18 million, or 2%, from September
30, 2018 was primarily due to a $30 million reduction in FHLB borrowings
in the fourth quarter of 2018. The Company reported loans net of
deferred fees at December 31, 2018 of $807 million, which represented an
increase of $50 million, or 7%, from $757 million at September 30, 2018,
and an increase of $159 million, or 25%, over $648 million at December
31, 2017. The increase in total loans from September 30, 2018 was
primarily attributable to growth in Specialty Finance and C&I loans. The
increase in loans from December 31, 2017 was due to higher Specialty
Finance, commercial real estate and multi-family loans.
“We had non-accrual loans of $1.7 million on December 31, 2018 compared
to $5.2 million in non-accrual loans at the end of the prior year. The
non-accrual loans represent a single relationship,” observed Mr. Mordell.
The Company’s total deposits were $797 million as of December 31, 2018,
which represented an increase of $7 million, or 1%, compared to $790
million at September 30, 2018 and an increase of $151 million, or 23%,
compared to $646 million at December 31, 2017. The increase in deposits
from September 30, 2018 was due to an increase in money market accounts
and brokered deposits. The increase from December 31, 2017 was primarily
due to an increase in demand deposits and brokered deposits. The Company
had no FHLB advances outstanding as of December 31, 2018 compared to $30
million at September 30, 2018 and December 31, 2017.
Demand and interest bearing transaction deposits represented 49% of
total deposits at December 31, 2018, compared to 52% at September 30,
2018 and 45% for the same period one year ago. Core deposits, which
include transaction deposits, money market accounts and CDs below
$250,000, represented 85% of total deposits at December 31, 2018,
compared to 86% at September 30, 2018 and 87% at December 31, 2017. The
Company’s loan to deposit ratio was 101% at December 31, 2018 compared
to 96% at September 30, 2018 and 100% at December 31, 2017.
About Avidbank
Avidbank Holdings, Inc. (OTC Pink: AVBH), headquartered in San Jose,
California, offers innovative financial solutions and services. We
specialize in commercial & industrial lending, venture lending,
asset-based lending, sponsor 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 effects of the Tax Cuts and Jobs Act; 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 |
|
| 12/31/18 |
|
| 9/30/18 |
|
| 6/30/18 |
|
| 3/31/18 |
|
| 12/31/17 |
|
Cash and due from banks
| | | $19,252 | | | $13,256 | | | $10,767 | | | $15,729 | | | $10,650 |
|
Due from Federal Reserve Bank | | |
8,400
|
|
|
79,670
|
|
|
57,070
|
|
|
48,475
|
|
|
22,710
|
|
Total cash and cash equivalents
| | |
27,652
| | |
92,926
| | |
67,837
| | |
64,204
| | |
33,360
|
| | | | | | | | | | | | | | |
|
|
Investment securities - available for sale
| | |
56,491
| | |
57,401
| | |
60,362
| | |
70,797
| | |
74,364
|
| | | | | | | | | | | | | | |
|
|
Loans, net of deferred loan fees
| | |
807,339
| | |
757,115
| | |
691,011
| | |
662,005
| | |
648,273
|
|
Allowance for loan losses
| | |
(9,758)
|
|
|
(8,811)
|
|
|
(8,297)
|
|
|
(8,297)
|
|
|
(8,297)
|
|
Loans, net of allowance for loan losses
| | |
797,581
| | |
748,304
| | |
682,714
| | |
653,708
| | |
639,976
|
| | | | | | | | | | | | | | |
|
|
Bank owned life insurance
| | |
10,890
| | |
10,822
| | |
10,754
| | |
10,686
| | |
10,619
|
|
Premises and equipment, net
| | |
5,723
| | |
5,951
| | |
6,165
| | |
6,349
| | |
5,946
|
|
Other real estate owned
| | |
-
| | |
2,094
| | |
-
| | |
-
| | |
-
|
|
Accrued interest receivable & other assets
| | |
18,807
|
|
|
17,776
|
|
|
17,212
|
|
|
16,749
|
|
|
18,728
|
|
Total assets
| | | $917,144 |
|
| $935,274 |
|
| $845,044 |
|
| $822,493 |
|
| $782,993 |
| | | | | | | | | | | | | | |
|
Liabilities | | | | | | | | | | | | | | | |
|
Non-interest-bearing demand deposits
| | | $366,851 | | | $384,731 | | | $313,143 | | | $281,967 | | | $275,925 |
|
Interest-bearing transaction accounts
| | |
25,378
| | |
22,793
| | |
23,302
| | |
23,228
| | |
16,554
|
|
Money market and savings accounts
| | |
267,185
| | |
249,580
| | |
219,869
| | |
250,218
| | |
243,198
|
|
Time deposits
| | |
137,183
|
|
|
132,439
|
|
|
122,321
|
|
|
110,906
|
|
|
110,730
|
|
Total deposits
| | |
796,597
| | |
789,543
| | |
678,635
| | |
666,319
| | |
646,407
|
| | | | | | | | | | | | | | |
|
|
FHLB advances
| | |
-
| | |
30,000
| | |
55,000
| | |
50,000
| | |
30,000
|
|
Subordinated debt, net
| | |
11,845
| | |
11,824
| | |
11,803
| | |
11,782
| | |
11,761
|
|
Other liabilities
| | |
7,947
|
|
|
7,286
|
|
|
5,879
|
|
|
3,578
|
|
|
5,718
|
|
Total liabilities
| | |
816,389
| | |
838,653
| | |
751,317
| | |
731,679
| | |
693,886
|
| | | | | | | | | | | | | | |
|
Shareholders’ equity | | | | | | | | | | | | | | | |
|
Common stock/additional paid-in capital
| | |
68,012
| | |
67,891
| | |
67,626
| | |
67,230
| | |
66,996
|
|
Retained earnings
| | |
34,062
| | |
30,581
| | |
27,716
| | |
25,050
| | |
22,811
|
Accumulated other comprehensive income (loss)
| | |
(1,319)
|
|
|
(1,851)
|
|
|
(1,615)
|
|
|
(1,466)
|
|
|
(700)
|
|
Total shareholders' equity
| | |
100,755
| | |
96,621
| | |
93,727
| | |
90,814
| | |
89,107
|
| | | | | | | | | | | | | | |
|
|
Total liabilities and shareholders' equity
| | | $917,144 |
|
| $935,274 |
|
| $845,044 |
|
| $822,493 |
|
| $782,993 |
| | | | | | | | | | | | | | |
|
Capital ratios | | | | | | | | | | | | | | | |
|
Tier 1 leverage ratio
| | |
10.82%
| | |
11.07%
| | |
11.59%
| | |
11.45%
| | |
11.43%
|
|
Common equity tier 1 capital ratio
| | |
10.38%
| | |
10.39%
| | |
10.84%
| | |
10.84%
| | |
10.70%
|
|
Tier 1 risk-based capital ratio
| | |
10.38%
| | |
10.39%
| | |
10.84%
| | |
10.84%
| | |
10.70%
|
|
Total risk-based capital ratio
| | |
12.61%
| | |
12.61%
| | |
13.20%
| | |
13.24%
| | |
13.13%
|
| | | | | | | | | | | | | | |
|
|
Book value per common share
| | | $16.88 | | | $16.17 | | | $15.66 | | | $15.25 | | | $15.12 |
|
Total common shares outstanding
| | |
5,968,148
| | |
5,974,645
| | |
5,983,390
| | |
5,956,609
| | |
5,893,144
|
| | | | | | | | | | | | | | |
|
Other Ratios | | | | | | | | | | | | | | | |
|
Non-interest bearing deposits to total deposits
| | |
46.1%
| | |
48.7%
| | |
46.1%
| | |
42.3%
| | |
42.7%
|
|
Core deposits to total deposits
| | |
85.4%
| | |
85.9%
| | |
85.1%
| | |
86.9%
| | |
87.4%
|
|
Loan to deposit ratio
| | |
101.3%
| | |
95.9%
| | |
101.8%
| | |
99.4%
| | |
100.3%
|
|
Allowance for loan losses to total loans
| | |
1.21%
| | |
1.16%
| | |
1.20%
| | |
1.25%
| | |
1.28%
|
|
|
|
|
Avidbank Holdings, Inc. |
| Condensed Consolidated Statements of Income |
|
($000, except share and per share amounts) (Unaudited)
|
|
|
|
|
|
Quarter Ended
|
|
|
Year-to-Date
|
| | | 12/31/18 |
|
| 9/30/18 |
|
| 12/31/17 | | | 12/31/18 |
|
| 12/31/17 |
|
Interest and fees on loans and leases
| | | $11,322 | | | $10,176 | | | $8,186 | | | $39,874 | | | $30,784 |
|
Interest on investment securities
| | |
369
| | |
350
| | |
477
| | |
1,578
| | |
1,988
|
Other interest income
| | |
402
|
|
|
349
|
|
|
245
|
|
|
1,132
|
|
|
580
|
Total interest income
| | |
12,093
| | |
10,875
| | |
8,908
| | |
42,584
| | |
33,352
|
| | | | | | | | | | | | | | |
|
|
Deposit interest expense
| | |
968
| | |
800
| | |
496
| | |
2,958
| | |
1,727
|
|
Other interest expense
| | |
390
|
|
|
479
|
|
|
230
|
|
|
1,760
|
|
|
1,097
|
|
Total interest expense
| | |
1,358
|
|
|
1,279
|
|
|
726
|
|
|
4,718
|
|
|
2,824
|
|
Net interest income
| | |
10,735
| | |
9,596
| | |
8,182
| | |
37,866
| | |
30,528
|
| | | | | | | | | | | | | | |
|
|
Provision for loan losses
| | |
947
|
|
|
665
|
|
|
106
|
|
|
1,612
|
|
|
1,985
|
Net interest income after provision for loan losses
| | |
9,788
| | |
8,931
| | |
8,076
| | |
36,254
| | |
28,543
|
| | | | | | | | | | | | | | |
|
|
Service charges, fees and other income
| | |
567
| | |
453
| | |
407
| | |
2,160
| | |
1,602
|
|
Income from bank owned life insurance
| | |
68
| | |
68
| | |
68
| | |
271
| | |
285
|
|
Gain on sale of other real estate owned
| | |
288
|
|
|
-
|
|
|
-
|
|
|
288
|
|
|
-
|
|
Total non-interest income
| | |
923
| | |
521
| | |
475
| | |
2,719
| | |
1,887
|
| | | | | | | | | | | | | | |
|
|
Compensation and benefit expenses
| | |
3,730
| | |
3,619
| | |
3,126
| | |
15,102
| | |
12,436
|
|
Occupancy and equipment expenses
| | |
798
| | |
842
| | |
1,038
| | |
3,436
| | |
3,029
|
|
Other operating expenses
| | |
1,348
|
|
|
1,201
|
|
|
1,068
|
|
|
4,991
|
|
|
4,132
|
|
Total non-interest expense
| | |
5,876
| | |
5,662
| | |
5,232
| | |
23,529
| | |
19,597
|
| | | | | | | | | | | | | | |
|
|
Income before income taxes
| | |
4,835
| | |
3,790
| | |
3,319
| | |
15,444
| | |
10,833
|
|
Provision for income taxes
| | |
1,354
|
|
|
925
|
|
|
2,310
|
|
|
4,324
|
|
|
5,179
|
|
Net income
| | | $3,481 |
|
| $2,865 |
|
| $1,009 |
|
| $11,120 |
|
| $5,654 |
| | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | |
|
|
Basic earnings per common share
| | | $0.60 | | | $0.50 | | | $0.18 | | | $1.93 | | | $1.10 |
|
Diluted earnings per common share
| | | $0.59 | | | $0.49 | | | $0.17 | | | $1.90 | | | $1.08 |
| | | | | | | | | | | | | | |
|
|
Average common shares outstanding
| | |
5,770,997
| | |
5,767,950
| | |
5,712,595
| | |
5,751,400
| | |
5,138,604
|
|
Average common fully diluted shares
| | |
5,888,460
| | |
5,879,337
| | |
5,825,747
| | |
5,866,401
| | |
5,243,045
|
| | | | | | | | | | | | | | |
|
|
Annualized returns:
| | | | | | | | | | | | | | | |
|
Return on average assets
| | |
1.46%
| | |
1.28%
| | |
0.51%
| | |
1.28%
| | |
0.77%
|
|
Return on average common equity
| | |
13.85%
| | |
11.82%
| | |
4.48%
| | |
11.72%
| | |
7.38%
|
| | | | | | | | | | | | | | |
|
|
Net interest margin
| | |
4.71%
| | |
4.47%
| | |
4.33%
| | |
4.58%
| | |
4.32%
|
|
Cost of funds
| | |
0.64%
| | |
0.65%
| | |
0.42%
| | |
0.62%
| | |
0.43%
|
|
Efficiency ratio
| | |
50.40%
| | |
55.97%
| | |
60.44%
| | |
57.97%
| | |
60.46%
|
| | | | | | | | | | | | | | |
|
|
|
| Avidbank Holdings, Inc. |
| Credit Trends |
|
($000) (Unaudited)
|
|
|
|
|
| 12/31/18 |
|
| 9/30/18 |
|
| 6/30/18 |
|
| 3/31/18 |
|
| 12/31/17 |
Allowance for Loan Losses | | | | | | | | | | | | | | | |
|
Balance, beginning of quarter
| | | $8,811 | | | $8,297 | | | $8,297 | | | $8,297 | | | $8,191 |
|
Provision for loan losses, quarterly
| | |
947
| | |
665
| | |
-
| | |
-
| | |
106
|
|
Charge-offs, quarterly
| | |
-
| | |
(151)
| | |
-
| | |
-
| | |
-
|
|
Recoveries, quarterly
| | |
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Balance, end of quarter
| | | $9,758 |
|
| $8,811 |
|
| $8,297 |
|
| $8,297 |
|
| $8,297 |
| | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | |
|
Nonperforming Assets | | | | | | | | | | | | | | | |
|
Loans accounted for on a non-accrual basis
| | | $1,689 | | | $0 | | | $2,245 | | | $2,256 | | | $5,151 |
Loans with principal or interest contractually past due 90 days or
more and still accruing interest
| | |
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Nonperforming loans
| | |
1,689
| | |
-
| | |
2,245
| | |
2,256
| | |
5,151
|
|
Other real estate owned
| | |
-
|
|
|
2,094
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Nonperforming assets
| | | $1,689 |
|
| $2,094 |
|
| $2,245 |
|
| $2,256 |
|
| $5,151 |
| | | | | | | | | | | | | | | |
Loans restructured and in compliance with modified terms
| | |
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Nonperforming assets & restructured loans
| | | $1,689 |
|
| $2,094 |
|
| $2,245 |
|
| $2,256 |
|
| $5,151 |
| | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | |
|
Nonperforming Loans by Type: | | | | | | | | | | | | | | | |
|
Commercial
| | | $1,689 | | | $0 | | | $2,245 | | | $2,256 | | | $4,353 |
|
Real Estate Loans
| | |
-
| | |
-
| | |
-
| | |
-
| | |
704
|
Consumer Loans
| | |
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
94
|
|
Total Nonperforming loans
| | | $1,689 |
|
| $0 |
|
| $2,245 |
|
| $2,256 |
|
| $5,151 |
| | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | |
|
Asset Quality Ratios | | | | | | | | | | | | | | | |
Allowance for loan losses (ALLL) to total loans
| | |
1.21%
| | |
1.16%
| | |
1.20%
| | |
1.25%
| | |
1.28%
|
|
ALLL to nonperforming loans
| | |
577.82%
| | |
0.00%
| | |
369.54%
| | |
367.81%
| | |
161.08%
|
|
Nonperforming assets to total assets
| | |
0.18%
| | |
0.22%
| | |
0.27%
| | |
0.27%
| | |
0.66%
|
|
Nonperforming loans to total loans
| | |
0.21%
| | |
0.00%
| | |
0.32%
| | |
0.34%
| | |
0.79%
|
|
Net quarterly charge-offs to total loans
| | |
0.00%
| | |
0.02%
| | |
0.00%
| | |
0.00%
| | |
0.00%
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20190124005176/en/
Steve Leen
Executive Vice President and Chief Financial Officer
408-831-5653
sleen@avidbank.com
Source: Avidbank Holdings, Inc.