Avidbank Holdings, Inc. Announces Net Income for the Fourth Quarter of 2024
Avidbank Holdings (AVBH) reported strong Q4 2024 performance with net income of $6.5 million ($0.84 per diluted share), up from $5.8 million in Q3 2024 and $303,000 in Q4 2023. Key highlights include:
- Return on average assets improved to 1.14%
- Loans increased by $78.2 million (18% annualized) from Q3
- Net interest margin expanded to 3.49%
- Average deposits grew by $88.4 million (20% annualized) from Q3
The bank recorded a $4.3 million charge-off from a venture lending relationship, though overall credit quality remained strong with nonperforming assets at 0.06% of total assets. Total assets stood at $2.30 billion, with period-end loans at $1.86 billion and deposits at $1.89 billion. The bank's book value per share was $23.57, showing a slight decrease from $23.95 in Q3 2024.
Avidbank Holdings (AVBH) ha riportato una forte performance nel Q4 2024 con un reddito netto di $6,5 milioni ($0,84 per azione diluita), in aumento rispetto ai $5,8 milioni nel Q3 2024 e $303.000 nel Q4 2023. I punti salienti comprendono:
- Il rendimento medio degli attivi è migliorato all'1,14%
- I prestiti sono aumentati di $78,2 milioni (18% annualizzato) rispetto al Q3
- Il margine di interesse netto è aumentato al 3,49%
- I depositi medi sono cresciuti di $88,4 milioni (20% annualizzato) rispetto al Q3
La banca ha registrato un addebito di $4,3 milioni da una relazione di prestito a rischio, anche se la qualità del credito complessiva è rimasta solida con attivi non performanti allo 0,06% del totale degli attivi. Gli attivi totali ammontavano a $2,30 miliardi, con prestiti a fine periodo per $1,86 miliardi e depositi per $1,89 miliardi. Il valore contabile per azione della banca era di $23,57, mostrando una leggera diminuzione rispetto a $23,95 nel Q3 2024.
Avidbank Holdings (AVBH) reportó un sólido rendimiento en el Q4 2024 con un ingreso neto de $6.5 millones ($0.84 por acción diluida), un aumento desde los $5.8 millones en el Q3 2024 y $303,000 en el Q4 2023. Los aspectos destacados incluyen:
- El retorno sobre activos promedio mejoró al 1.14%
- Los préstamos aumentaron en $78.2 millones (18% anualizado) desde el Q3
- El margen de interés neto se expandió al 3.49%
- Los depósitos promedio crecieron en $88.4 millones (20% anualizado) desde el Q3
El banco registró una cancelación de $4.3 millones de una relación de préstamo de riesgo, aunque la calidad crediticia general permaneció fuerte con activos no productivos en el 0.06% de los activos totales. Los activos totales se situaron en $2.30 mil millones, con préstamos al final del período de $1.86 mil millones y depósitos de $1.89 mil millones. El valor contable por acción del banco fue de $23.57, mostrando una ligera disminución desde $23.95 en el Q3 2024.
Avidbank Holdings (AVBH)는 Q4 2024에서 순이익 $6.5 백만($0.84의 희석 주당 순이익)으로 강력한 성과를 보고했으며, 이는 Q3 2024의 $5.8 백만 및 Q4 2023의 $303,000에서 증가한 수치입니다. 주요 내용은 다음과 같습니다:
- 평균 자산 수익률이 1.14%로 개선됨
- 대출이 Q3 대비 $78.2 백만(연 18%) 증가함
- 순이자 마진이 3.49%로 확대됨
- 평균 예금이 Q3 대비 $88.4 백만(연 20%) 증가함
은행은 벤처 대출 관계에서 $4.3 백만의 대손상각을 기록했지만, 전체 신용 품질은 여전히 강력하여 비유동 자산이 총 자산의 0.06%에 불과했습니다. 총 자산은 $2.30억에 달하며, 기간 말 대출은 $1.86억, 예금은 $1.89억입니다. 은행의 주당 장부 가치는 $23.57로, Q3 2024의 $23.95에서 소폭 감소했습니다.
Avidbank Holdings (AVBH) a rapporté de bonnes performances au Q4 2024 avec un revenu net de 6,5 millions de dollars (0,84 $ par action diluée), en hausse par rapport à 5,8 millions de dollars au Q3 2024 et 303 000 dollars au Q4 2023. Les points forts incluent :
- Le retour sur actifs moyens s'est amélioré à 1,14%
- Les prêts ont augmenté de 78,2 millions de dollars (18% annualisé) par rapport au Q3
- La marge d'intérêt nette s'est élargie à 3,49%
- Les dépôts moyens ont crû de 88,4 millions de dollars (20% annualisé) par rapport au Q3
La banque a enregistré une perte de 4,3 millions de dollars liée à une relation de prêt à risque, bien que la qualité du crédit globale soit restée solide avec des actifs non performants à 0,06% des actifs totaux. Les actifs totaux s'élevaient à 2,30 milliards de dollars, avec des prêts à la fin de la période de 1,86 milliard de dollars et des dépôts de 1,89 milliard de dollars. La valeur comptable par action de la banque était de 23,57 dollars, marquant une légère baisse par rapport à 23,95 dollars au Q3 2024.
Avidbank Holdings (AVBH) berichtete im Q4 2024 über eine starke Leistung mit einem Nettogewinn von 6,5 Millionen USD (0,84 USD pro verwässerter Aktie), ein Anstieg von 5,8 Millionen USD im Q3 2024 und 303.000 USD im Q4 2023. Die wichtigsten Punkte sind:
- Die Rendite auf das durchschnittliche Vermögen verbesserte sich auf 1,14%
- Die Kredite stiegen um 78,2 Millionen USD (jährlich 18%) im Vergleich zum Q3
- Die Nettozinsmarge erweiterte sich auf 3,49%
- Die durchschnittlichen Einlagen wuchsen um 88,4 Millionen USD (jährlich 20%) im Vergleich zum Q3
Die Bank verzeichnete einen Ausfall von 4,3 Millionen USD aus einer Risikokreditpartnerschaft, obwohl die gesamte Kreditqualität stark blieb, mit notleidenden Vermögenswerten von 0,06% der Gesamtrentabilität. Die Gesamtaktiva beliefen sich auf 2,30 Milliarden USD, wobei die Kredite am Periodenende bei 1,86 Milliarden USD und die Einlagen bei 1,89 Milliarden USD lagen. Der Buchwert pro Aktie der Bank betrug 23,57 USD und wies einen leichten Rückgang von 23,95 USD im Q3 2024 auf.
- Net income increased to $6.5M in Q4 2024, up from $5.8M in Q3 2024
- Loan portfolio grew by $78.2M (18% annualized) from Q3 2024
- Net interest margin expanded to 3.49% from 3.35% in Q3 2024
- Average deposits increased by $88.4M (20% annualized) from Q3 2024
- Strong credit quality with nonperforming assets at only 0.06% of total assets
- $4.3M charge-off from venture lending relationship
- Book value per share decreased to $23.57 from $23.95 in Q3 2024
- Period-end deposits decreased by $10.2M (2% annualized) from Q3 2024
- Short-term borrowings increased by $25M (16%) compared to Q3 2024
SAN JOSE, CA / ACCESS Newswire / January 27, 2025 / Avidbank Holdings, Inc. (OTC PINK:AVBH) announced net income for the fourth quarter of 2024 of
Fourth Quarter 2024 Highlights
Return on average assets improved to
1.14% compared to1.02% in the third quarter of 2024 and0.05% in the fourth quarter of 2023 (or0.89% adjusted return on average assets (Non-GAAP) (1) ).Loans increased
$78.2 million , or18% annualized, from September 30, 2024, and$124.3 million , or7% , from December 31, 2023.Taxable equivalent net interest margin (1) expanded to
3.49% in the fourth quarter of 2024, compared to3.35% in the third quarter of 2024.Average deposits increased
$88.4 million , or20% annualized, from the third quarter of 2024 and$185.5 million , or11% , from the fourth quarter of 2023.Net charge-offs totaled
$4.3 million due to the charge-off of a venture lending relationship. This relationship consisted of two loans, including a$2.3 million loan that was placed on nonaccrual with a specific reserve of$2.3 million in the second quarter of 2024.As of December 31, 2024, nonperforming assets improved to
0.06% of total assets from September 30, 2024, and classified loans improved to0.22% of total loans, compared to the prior quarter end.
"We are pleased with what our team accomplished in 2024. After the events of 2023, strengthening our balance sheet was our top priority for 2024 and we made great progress. Additionally, we finished the year with strong loan growth, an expanding net interest margin and a meaningful improvement in fee income. Although deposits decreased slightly during the fourth quarter, we grew core deposits
"The
Income Statement
Net income totaled
Taxable equivalent net interest income (1) totaled
The yield on loans in the fourth quarter of 2024 was
The cost of deposits in the fourth quarter of 2024 was
The provision for credit losses was
Noninterest income was
Noninterest expense totaled
Balance Sheet
Total assets were
Period end loans on December 31, 2024, totaled
The allowance for credit losses on loans was
Investment securities were
Period end deposits were
Short-term borrowings on December 31, 2024, totaled
Book value per share was
(1) A Non-GAAP performance measure. We provide detailed reconciliations in the "Non-GAAP Performance and Financial Measures Reconciliation" table.
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, structured finance, asset-based lending, sponsor finance, fund finance, and real estate construction and commercial real estate lending. Avidbank provides a different approach to banking. We do what we say.
Non-GAAP Financial Measures
This news release contains certain non-GAAP (Generally Accepted Accounting Principles) financial measures in addition to results presented in accordance with GAAP. Management has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in the Company's current quarter and year-to-date results and facilitate comparison of our performance with the performance of our peers. Where applicable, the Company has also presented comparable earnings information using GAAP financial measures. These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.
Forward-Looking Statements
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 nonperforming 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 a pandemic; 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.
Contact: Patrick Oakes
Executive Vice President and Chief Financial Officer
408-200-7390
IR@avidbank.com
AVIDBANK HOLDINGS, INC.
Selected Financial Data (Unaudited)
(in thousands, except share and per share amounts)
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| Twelve months ended |
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| 2024 |
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| 2023 |
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| December 31, |
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| Fourth |
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| Third |
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| First |
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| Fourth |
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| Quarter |
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| Quarter |
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| 2024 |
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| 2023 |
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INCOME HIGHLIGHTS |
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Net income |
| $ | 6,457 |
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| $ | 5,846 |
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| $ | 3,466 |
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| $ | 5,246 |
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| $ | 303 |
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| $ | 21,015 |
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| $ | 16,801 |
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Loss on sale of securities, net of tax |
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| - |
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| - |
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| - |
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| - |
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| 3,888 |
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| - |
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| 4,483 |
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Severance, net of income tax |
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| - |
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| - |
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| - |
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| - |
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| 233 |
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| - |
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| 233 |
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BOLI surrender tax expense |
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| - |
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| - |
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| - |
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| - |
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| 478 |
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| - |
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| 478 |
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Adjusted net income(1) |
| $ | 6,457 |
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| $ | 5,846 |
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| $ | 3,466 |
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| $ | 5,246 |
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| $ | 4,902 |
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| $ | 21,015 |
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| $ | 21,995 |
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PER SHARE DATA |
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Basic earnings per share |
| $ | 0.87 |
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| $ | 0.79 |
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| $ | 0.47 |
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| $ | 0.71 |
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| $ | 0.04 |
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| $ | 2.83 |
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| $ | 2.29 |
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Diluted earnings per share |
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| 0.84 |
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| 0.77 |
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| 0.46 |
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| 0.69 |
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| 0.04 |
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| 2.76 |
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| 2.24 |
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Adjusted diluted earnings per share(1) |
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| 0.84 |
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| 0.77 |
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| 0.46 |
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| 0.69 |
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| 0.65 |
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| 2.76 |
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| 2.94 |
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Book value per share |
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| 23.57 |
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| 23.95 |
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| 21.77 |
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| 21.41 |
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| 21.27 |
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| 23.57 |
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| 21.27 |
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PERFORMANCE MEASURES |
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Return on average assets(2) |
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| 1.14 | % |
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| 1.02 | % |
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| 0.62 | % |
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| 0.95 | % |
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| 0.05 | % |
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| 0.93 | % |
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| 0.77 | % |
Adjusted return on average assets(1)(2) |
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| 1.14 | % |
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| 1.02 | % |
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| 0.62 | % |
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| 0.95 | % |
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| 0.89 | % |
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| 0.93 | % |
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| 1.01 | % |
Return on average equity(2) |
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| 13.65 | % |
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| 12.97 | % |
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| 8.35 | % |
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| 12.64 | % |
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| 0.81 | % |
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| 11.98 | % |
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| 11.20 | % |
Net interest margin |
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| 3.49 | % |
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| 3.35 | % |
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| 3.39 | % |
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| 3.54 | % |
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| 3.49 | % |
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| 3.44 | % |
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| 3.53 | % |
Efficiency ratio |
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| 52.53 | % |
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| 59.29 | % |
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| 59.92 | % |
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| 61.62 | % |
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| 83.68 | % |
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| 58.27 | % |
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| 61.90 | % |
Average loans to average deposits |
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| 95.86 | % |
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| 99.90 | % |
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| 103.19 | % |
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| 101.85 | % |
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| 99.41 | % |
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| 100.10 | % |
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| 95.75 | % |
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CAPITAL |
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Tier 1 leverage ratio |
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| 10.35 | % |
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| 9.93 | % |
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| 9.64 | % |
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| 9.88 | % |
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| 9.77 | % |
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| 10.35 | % |
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| 9.77 | % |
Common equity tier 1 capital ratio |
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| 10.59 | % |
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| 10.75 | % |
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| 10.08 | % |
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| 10.03 | % |
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| 9.88 | % |
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| 10.59 | % |
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| 9.88 | % |
Tier 1 risk-based capital ratio |
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| 10.59 | % |
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| 10.75 | % |
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| 10.08 | % |
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| 10.03 | % |
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| 9.88 | % |
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| 10.59 | % |
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| 9.88 | % |
Total risk-based capital ratio |
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| 12.30 | % |
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| 12.92 | % |
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| 12.17 | % |
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| 12.01 | % |
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| 11.86 | % |
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| 12.30 | % |
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| 11.86 | % |
Tangible common equity ratio |
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| 8.09 | % |
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| 8.21 | % |
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| 7.50 | % |
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| 7.40 | % |
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| 7.41 | % |
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| 8.09 | % |
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| 7.41 | % |
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SHARES OUTSTANDING |
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Number of common shares outstanding |
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| 7,906,761 |
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| 7,871,818 |
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| 7,876,082 |
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| 7,803,900 |
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| 7,770,439 |
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| 7,906,761 |
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| 7,770,439 |
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Average common shares outstanding - basic |
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| 7,455,650 |
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| 7,434,726 |
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| 7,426,949 |
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| 7,386,639 |
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| 7,344,693 |
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| 7,426,096 |
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| 7,323,172 |
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Average common shares outstanding - diluted |
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| 7,661,711 |
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| 7,622,428 |
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| 7,578,613 |
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| 7,551,406 |
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| 7,543,616 |
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| 7,604,442 |
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| 7,490,779 |
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ASSET QUALITY |
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Allowance for credit losses to total loans |
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| 1.12 | % |
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| 1.37 | % |
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| 1.36 | % |
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| 1.21 | % |
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| 1.22 | % |
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| 1.12 | % |
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| 1.22 | % |
Nonperforming assets to total assets |
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| 0.06 | % |
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| 0.16 | % |
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| 0.16 | % |
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| 0.06 | % |
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| 0.06 | % |
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| 0.06 | % |
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| 0.06 | % |
Nonperforming loans to total loans |
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| 0.07 | % |
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| 0.20 | % |
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| 0.20 | % |
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| 0.08 | % |
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| 0.08 | % |
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| 0.07 | % |
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| 0.08 | % |
Net charge-offs to average loans(2) |
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| 0.93 | % |
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| 0.02 | % |
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| 0.00 | % |
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| 0.00 | % |
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| 0.00 | % |
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| 0.24 | % |
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| 0.01 | % |
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AVERAGE BALANCES |
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Loans, net of deferred loan fees |
| $ | 1,815,933 |
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| $ | 1,804,107 |
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| $ | 1,813,422 |
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| $ | 1,756,770 |
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| $ | 1,698,690 |
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| $ | 1,797,626 |
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| $ | 1,621,283 |
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Investment securities |
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| 308,502 |
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| 311,450 |
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| 307,294 |
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| 319,440 |
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| 337,808 |
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| 311,662 |
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| 382,108 |
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Total assets |
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| 2,250,086 |
|
|
| 2,272,623 |
|
|
| 2,265,583 |
|
|
| 2,222,778 |
|
|
| 2,191,198 |
|
|
| 2,252,814 |
|
|
| 2,173,969 |
|
Deposits |
|
| 1,894,321 |
|
|
| 1,805,935 |
|
|
| 1,757,320 |
|
|
| 1,724,845 |
|
|
| 1,708,789 |
|
|
| 1,795,904 |
|
|
| 1,693,195 |
|
Shareholders' equity |
|
| 188,170 |
|
|
| 179,260 |
|
|
| 166,874 |
|
|
| 166,907 |
|
|
| 148,723 |
|
|
| 175,348 |
|
|
| 150,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(1) A Non-GAAP performance measure. We provide detailed reconciliations in the "Non-GAAP Performance and Financial Measures Reconciliation" table. | ||||||||||||||||||||||||||||
AVIDBANK HOLDINGS, INC.
Consolidated Balance Sheets (Unaudited)
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| December 31, |
|
| September 30, |
|
| June 30, |
|
| March 31, |
|
| December 31, |
| ||||||
Assets |
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2023 |
| |||||
Cash and due from banks |
| $ | 8,662 |
|
| $ | 15,172 |
|
| $ | 13,750 |
|
| $ | 9,971 |
|
| $ | 9,546 |
|
Due from Federal Reserve Bank |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and interest-bearing deposits in banks |
|
| 74,039 |
|
|
| 121,361 |
|
|
| 97,974 |
|
|
| 80,208 |
|
|
| 71,850 |
|
Total cash and cash equivalents |
|
| 82,701 |
|
|
| 136,533 |
|
|
| 111,724 |
|
|
| 90,179 |
|
|
| 81,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment securities - available for sale |
|
| 296,556 |
|
|
| 316,741 |
|
|
| 308,661 |
|
|
| 314,793 |
|
|
| 325,320 |
|
Total investment securities |
|
| 296,556 |
|
|
| 316,741 |
|
|
| 308,661 |
|
|
| 314,793 |
|
|
| 325,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Loans, net of deferred loan fees |
|
| 1,864,942 |
|
|
| 1,786,756 |
|
|
| 1,806,607 |
|
|
| 1,783,024 |
|
|
| 1,740,647 |
|
Allowance for credit losses on loans |
|
| (18,679 | ) |
|
| (22,315 | ) |
|
| (22,410 | ) |
|
| (19,342 | ) |
|
| (19,131 | ) |
Loans, net of allowance for credit losses on loans |
|
| 1,846,263 |
|
|
| 1,764,441 |
|
|
| 1,784,197 |
|
|
| 1,763,682 |
|
|
| 1,721,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Bank owned life insurance |
|
| 12,674 |
|
|
| 12,580 |
|
|
| 12,490 |
|
|
| 12,401 |
|
|
| 12,315 |
|
Premises and equipment, net |
|
| 2,331 |
|
|
| 2,549 |
|
|
| 2,810 |
|
|
| 3,061 |
|
|
| 3,297 |
|
Other real estate owned |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Accrued interest receivable and other assets |
|
| 63,963 |
|
|
| 62,625 |
|
|
| 67,139 |
|
|
| 72,395 |
|
|
| 86,992 |
|
Total assets |
| $ | 2,304,488 |
|
| $ | 2,295,469 |
|
| $ | 2,287,021 |
|
| $ | 2,256,511 |
|
| $ | 2,230,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing demand |
| $ | 414,327 |
|
| $ | 405,528 |
|
| $ | 405,644 |
|
| $ | 477,728 |
|
| $ | 472,517 |
|
Interest-bearing checking |
|
| 993,219 |
|
|
| 1,026,898 |
|
|
| 840,839 |
|
|
| 764,766 |
|
|
| 740,902 |
|
Money market and savings |
|
| 338,578 |
|
|
| 336,166 |
|
|
| 312,162 |
|
|
| 319,692 |
|
|
| 298,117 |
|
Time |
|
| 74,468 |
|
|
| 75,033 |
|
|
| 99,239 |
|
|
| 56,140 |
|
|
| 46,676 |
|
Brokered |
|
| 70,763 |
|
|
| 57,903 |
|
|
| 80,608 |
|
|
| 139,532 |
|
|
| 96,117 |
|
Total deposits |
|
| 1,891,355 |
|
|
| 1,901,528 |
|
|
| 1,738,492 |
|
|
| 1,757,858 |
|
|
| 1,654,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Subordinated debt, net |
|
| 22,000 |
|
|
| 21,982 |
|
|
| 21,957 |
|
|
| 21,931 |
|
|
| 21,906 |
|
Short-term borrowings |
|
| 185,000 |
|
|
| 160,000 |
|
|
| 330,000 |
|
|
| 290,000 |
|
|
| 360,000 |
|
Accrued interest payable and other liabilities |
|
| 19,771 |
|
|
| 23,438 |
|
|
| 25,123 |
|
|
| 19,638 |
|
|
| 29,289 |
|
Total liabilities |
|
| 2,118,126 |
|
|
| 2,106,948 |
|
|
| 2,115,572 |
|
|
| 2,089,427 |
|
|
| 2,065,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
| 106,997 |
|
|
| 106,169 |
|
|
| 105,487 |
|
|
| 104,771 |
|
|
| 104,499 |
|
Retained earnings |
|
| 130,703 |
|
|
| 124,246 |
|
|
| 118,400 |
|
|
| 114,934 |
|
|
| 109,688 |
|
Accumulated other comprehensive (loss) |
|
| (51,338 | ) |
|
| (41,894 | ) |
|
| (52,438 | ) |
|
| (52,621 | ) |
|
| (48,875 | ) |
Total shareholders' equity |
|
| 186,362 |
|
|
| 188,521 |
|
|
| 171,449 |
|
|
| 167,084 |
|
|
| 165,312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total liabilities and shareholders' equity |
| $ | 2,304,488 |
|
| $ | 2,295,469 |
|
| $ | 2,287,021 |
|
| $ | 2,256,511 |
|
| $ | 2,230,836 |
|
AVIDBANK HOLDINGS, INC.
Consolidated Statements of Income (Unaudited)
(in thousands, except share and per share amounts)
| Three months ended |
|
| Twelve months ended |
| |||||||||||||||||||||||
| Dec. 31, |
|
| Sept. 30, |
|
| June 30, |
|
| March 31, |
|
| Dec. 31, |
|
|
|
|
|
|
| ||||||||
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||||||
Interest and fees on loans |
| $ | 32,308 |
|
| $ | 33,488 |
|
| $ | 33,255 |
|
| $ | 31,828 |
|
| $ | 31,078 |
|
| $ | 130,878 |
|
| $ | 112,494 |
|
Interest on investment securities |
|
| 1,770 |
|
|
| 1,767 |
|
|
| 1,801 |
|
|
| 1,824 |
|
|
| 1,979 |
|
|
| 7,162 |
|
|
| 8,658 |
|
Federal Home Loan Bank dividends(1) |
|
| 185 |
|
|
| 183 |
|
|
| 193 |
|
|
| 190 |
|
|
| 172 |
|
|
| 752 |
|
|
| 690 |
|
Other interest income |
|
| 681 |
|
|
| 1,198 |
|
|
| 951 |
|
|
| 819 |
|
|
| 654 |
|
|
| 3,649 |
|
|
| 3,140 |
|
Total interest income |
|
| 34,944 |
|
|
| 36,636 |
|
|
| 36,200 |
|
|
| 34,661 |
|
|
| 33,883 |
|
|
| 142,441 |
|
|
| 124,982 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Deposit interest expense |
|
| 14,015 |
|
|
| 14,602 |
|
|
| 13,494 |
|
|
| 12,034 |
|
|
| 11,692 |
|
|
| 54,146 |
|
|
| 36,414 |
|
Interest on short-term borrowings |
|
| 1,437 |
|
|
| 3,121 |
|
|
| 3,880 |
|
|
| 3,442 |
|
|
| 3,467 |
|
|
| 11,879 |
|
|
| 13,808 |
|
Interest on subordinated debt |
|
| 293 |
|
|
| 300 |
|
|
| 300 |
|
|
| 300 |
|
|
| 300 |
|
|
| 1,194 |
|
|
| 1,201 |
|
Total interest expense |
|
| 15,745 |
|
|
| 18,023 |
|
|
| 17,674 |
|
|
| 15,776 |
|
|
| 15,459 |
|
|
| 67,219 |
|
|
| 51,423 |
|
Net interest income |
|
| 19,199 |
|
|
| 18,613 |
|
|
| 18,526 |
|
|
| 18,885 |
|
|
| 18,424 |
|
|
| 75,222 |
|
|
| 73,559 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Provision for credit losses |
|
| 779 |
|
|
| - |
|
|
| 2,998 |
|
|
| 319 |
|
|
| 1,266 |
|
|
| 4,096 |
|
|
| 3,042 |
|
Net interest income after provision for credit losses |
|
| 18,420 |
|
|
| 18,613 |
|
|
| 15,528 |
|
|
| 18,566 |
|
|
| 17,158 |
|
|
| 71,126 |
|
|
| 70,517 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Service charges and bank fees |
|
| 649 |
|
|
| 675 |
|
|
| 658 |
|
|
| 618 |
|
|
| 613 |
|
|
| 2,600 |
|
|
| 2,209 |
|
Foreign exchange income |
|
| 191 |
|
|
| 246 |
|
|
| 208 |
|
|
| 251 |
|
|
| 210 |
|
|
| 896 |
|
|
| 411 |
|
Income from bank owned life insurance |
|
| 93 |
|
|
| 90 |
|
|
| 137 |
|
|
| 187 |
|
|
| 201 |
|
|
| 508 |
|
|
| 894 |
|
Gain/(loss) on sale of securities |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (5,399 | ) |
|
| - |
|
|
| (6,214 | ) |
Warrant and success fee income |
|
| 65 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 15 |
|
|
| 65 |
|
|
| 23 |
|
Other investment income |
|
| 637 |
|
|
| 240 |
|
|
| 59 |
|
|
| 155 |
|
|
| (116 | ) |
|
| 1,092 |
|
|
| 56 |
|
Loss on sale of ORE |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (165 | ) |
|
| - |
|
|
| (165 | ) |
Other income |
|
| 205 |
|
|
| 539 |
|
|
| 36 |
|
|
| 72 |
|
|
| 19 |
|
|
| 849 |
|
|
| 134 |
|
Total noninterest income |
|
| 1,840 |
|
|
| 1,790 |
|
|
| 1,098 |
|
|
| 1,283 |
|
|
| (4,622 | ) |
|
| 6,010 |
|
|
| (2,652 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Salaries and benefit expenses |
|
| 7,389 |
|
|
| 8,336 |
|
|
| 7,980 |
|
|
| 8,794 |
|
|
| 8,137 |
|
|
| 32,499 |
|
|
| 30,572 |
|
Occupancy and equipment expenses |
|
| 919 |
|
|
| 1,033 |
|
|
| 1,039 |
|
|
| 1,028 |
|
|
| 986 |
|
|
| 4,019 |
|
|
| 3,954 |
|
Data processing |
|
| 613 |
|
|
| 638 |
|
|
| 597 |
|
|
| 564 |
|
|
| 499 |
|
|
| 2,412 |
|
|
| 2,041 |
|
Regulatory assessments |
|
| 541 |
|
|
| 528 |
|
|
| 568 |
|
|
| 446 |
|
|
| 403 |
|
|
| 2,083 |
|
|
| 1,663 |
|
Legal and professional fees |
|
| 452 |
|
|
| 534 |
|
|
| 541 |
|
|
| 611 |
|
|
| 531 |
|
|
| 2,139 |
|
|
| 1,839 |
|
Other operating expenses |
|
| 1,138 |
|
|
| 1,028 |
|
|
| 1,033 |
|
|
| 984 |
|
|
| 994 |
|
|
| 4,181 |
|
|
| 3,824 |
|
Total noninterest expense |
|
| 11,052 |
|
|
| 12,097 |
|
|
| 11,758 |
|
|
| 12,427 |
|
|
| 11,550 |
|
|
| 47,333 |
|
|
| 43,893 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income before income taxes |
|
| 9,208 |
|
|
| 8,306 |
|
|
| 4,868 |
|
|
| 7,422 |
|
|
| 986 |
|
|
| 29,803 |
|
|
| 23,972 |
|
Provision for income taxes |
|
| 2,751 |
|
|
| 2,460 |
|
|
| 1,402 |
|
|
| 2,176 |
|
|
| 683 |
|
|
| 8,788 |
|
|
| 7,171 |
|
Net income |
| $ | 6,457 |
|
| $ | 5,846 |
|
| $ | 3,466 |
|
| $ | 5,246 |
|
| $ | 303 |
|
| $ | 21,015 |
|
| $ | 16,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Basic earnings per common share |
| $ | 0.87 |
|
| $ | 0.79 |
|
| $ | 0.47 |
|
| $ | 0.71 |
|
| $ | 0.04 |
|
| $ | 2.83 |
|
| $ | 2.29 |
|
Diluted earnings per common share |
|
| 0.84 |
|
|
| 0.77 |
|
|
| 0.46 |
|
|
| 0.69 |
|
|
| 0.04 |
|
|
| 2.76 |
|
|
| 2.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Weighted average shares - basic |
|
| 7,455,650 |
|
|
| 7,434,726 |
|
|
| 7,426,949 |
|
|
| 7,386,639 |
|
|
| 7,344,693 |
|
|
| 7,426,096 |
|
|
| 7,323,172 |
|
Weighted average shares - diluted |
|
| 7,661,711 |
|
|
| 7,622,428 |
|
|
| 7,578,613 |
|
|
| 7,551,406 |
|
|
| 7,543,616 |
|
|
| 7,604,442 |
|
|
| 7,490,779 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(1) Federal Home Loan Bank dividends have been reclassified from total noninterest income to total interest income for all periods presented. | ||||||||||||||||||||||||||||
AVIDBANK HOLDINGS, INC.
Average Balance Sheets and Net Interest Margin Analysis (Unaudited)
(dollars in thousands)
| Three months ended |
| ||||||||||||||||||
| December 31, 2024 |
|
| September 30, 2024 |
| |||||||||||||||
|
|
| Interest |
| Yields |
|
|
|
| Interest |
| Yields |
| |||||||
| Average |
| Income/ |
| or |
|
| Average |
| Income/ |
| or |
| |||||||
| Balance |
| Expense |
| Rates(6) |
|
| Balance |
| Expense |
| Rates(6) |
| |||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Loans(1) |
| $ | 1,817,101 |
| $ | 32,308 |
|
| 7.07 | % |
| $ | 1,805,430 |
| $ | 33,488 |
|
| 7.38 | % |
Fed funds sold/interest bearing deposits |
|
| 57,698 |
|
| 681 |
|
| 4.70 | % |
|
| 87,228 |
|
| 1,198 |
|
| 5.46 | % |
Investment securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities |
|
| 305,963 |
|
| 1,741 |
|
| 2.26 | % |
|
| 309,624 |
|
| 1,745 |
|
| 2.24 | % |
Non-taxable investment securities(2) |
|
| 2,539 |
|
| 36 |
|
| 5.64 | % |
|
| 1,826 |
|
| 28 |
|
| 6.10 | % |
Total investment securities |
|
| 308,502 |
|
| 1,777 |
|
| 2.29 | % |
|
| 311,450 |
|
| 1,773 |
|
| 2.26 | % |
FHLB stock(3) |
|
| 8,409 |
|
| 185 |
|
| 8.75 | % |
|
| 8,409 |
|
| 183 |
|
| 8.66 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total interest-earning assets |
|
| 2,191,710 |
|
| 34,951 |
|
| 6.34 | % |
|
| 2,212,517 |
|
| 36,642 |
|
| 6.59 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
| 14,016 |
|
|
|
|
|
|
|
|
| 12,943 |
|
|
|
|
|
|
|
All other assets(4) |
|
| 44,360 |
|
|
|
|
|
|
|
|
| 47,163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total assets |
| $ | 2,250,086 |
|
|
|
|
|
|
|
| $ | 2,272,623 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
| $ | 994,121 |
| $ | 9,840 |
|
| 3.94 | % |
| $ | 903,542 |
| $ | 9,801 |
|
| 4.32 | % |
Money market and savings |
|
| 351,126 |
|
| 2,794 |
|
| 3.17 | % |
|
| 348,125 |
|
| 3,067 |
|
| 3.50 | % |
Time |
|
| 77,203 |
|
| 744 |
|
| 3.83 | % |
|
| 75,972 |
|
| 810 |
|
| 4.24 | % |
Brokered |
|
| 49,064 |
|
| 637 |
|
| 5.16 | % |
|
| 69,670 |
|
| 924 |
|
| 5.28 | % |
Total interest-bearing deposits |
|
| 1,471,514 |
|
| 14,015 |
|
| 3.79 | % |
|
| 1,397,309 |
|
| 14,602 |
|
| 4.16 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Short-term borrowings |
|
| 119,707 |
|
| 1,437 |
|
| 4.78 | % |
|
| 237,370 |
|
| 3,121 |
|
| 5.23 | % |
Subordinated debt |
|
| 21,993 |
|
| 293 |
|
| 5.30 | % |
|
| 21,970 |
|
| 300 |
|
| 5.44 | % |
Total interest-bearing liabilities |
|
| 1,613,214 |
|
| 15,745 |
|
| 3.88 | % |
|
| 1,656,649 |
|
| 18,023 |
|
| 4.33 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
| 422,807 |
|
|
|
|
|
|
|
|
| 408,626 |
|
|
|
|
|
|
|
Accrued expenses and other liabilities |
|
| 25,895 |
|
|
|
|
|
|
|
|
| 28,088 |
|
|
|
|
|
|
|
Shareholders' equity |
|
| 188,170 |
|
|
|
|
|
|
|
|
| 179,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total liabilities and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders' equity |
| $ | 2,250,086 |
|
|
|
|
|
|
|
| $ | 2,272,623 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net interest spread |
|
|
|
|
|
|
|
| 2.46 | % |
|
|
|
|
|
|
|
| 2.26 | % |
Net interest income and margin(5) |
|
|
|
| $ | 19,206 |
|
| 3.49 | % |
|
|
|
| $ | 18,619 |
|
| 3.35 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-taxable equivalent net interest margin |
|
|
|
|
|
|
|
| 3.48 | % |
|
|
|
|
|
|
|
| 3.35 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cost of deposits |
| $ | 1,894,321 |
| $ | 14,015 |
|
| 2.94 | % |
| $ | 1,805,935 |
| $ | 14,602 |
|
| 3.22 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(1) Nonperforming loans are included in average loan balances. No adjustment has been made for these loans in the calculation of yields. Interest income on loans includes net amortization of deferred loan fees / (costs) of | ||||||||||||||||||||
(2) Interest income on tax-exempt securities has been increased to reflect comparable interest on taxable securities. The rate used was | ||||||||||||||||||||
(3) Federal Home Loan Bank dividends have been reclassified from total noninterest income to total interest income for all periods presented. | ||||||||||||||||||||
(4) Average allowance for credit losses on loans of | ||||||||||||||||||||
(5) Net interest margin is net interest income divided by total interest-earning assets. | ||||||||||||||||||||
(6) Annualized | ||||||||||||||||||||
AVIDBANK HOLDINGS, INC
Average Balance Sheets and Net Interest Margin Analysis (Unaudited)
(dollars in thousands)
| Three months ended |
| ||||||||||||||||||||||
| December 31, 2024 |
|
| December 31, 2023 |
| |||||||||||||||||||
|
|
|
| Interest |
|
| Yields |
|
|
|
|
| Interest |
|
| Yields |
| |||||||
| Average |
|
| Income/ |
|
| or |
|
| Average |
|
| Income/ |
|
| or |
| |||||||
| Balance |
|
| Expense |
|
| Rates(6) |
|
| Balance |
|
| Expense |
|
| Rates(6) |
| |||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Loans(1) |
| $ | 1,817,101 |
|
| $ | 32,308 |
|
|
| 7.07 | % |
| $ | 1,700,094 |
|
| $ | 31,078 |
|
|
| 7.25 | % |
Fed funds sold/interest bearing deposits |
|
| 57,698 |
|
|
| 681 |
|
|
| 4.70 | % |
|
| 47,906 |
|
|
| 654 |
|
|
| 5.34 | % |
Investment securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities |
|
| 305,963 |
|
|
| 1,741 |
|
|
| 2.26 | % |
|
| 337,021 |
|
|
| 1,971 |
|
|
| 2.32 | % |
Non-taxable investment securities(2) |
|
| 2,539 |
|
|
| 36 |
|
|
| 5.64 | % |
|
| 787 |
|
|
| 10 |
|
|
| 5.04 | % |
Total investment securities |
|
| 308,502 |
|
|
| 1,777 |
|
|
| 2.29 | % |
|
| 337,808 |
|
|
| 1,981 |
|
|
| 2.33 | % |
FHLB stock(3) |
|
| 8,409 |
|
|
| 185 |
|
|
| 8.75 | % |
|
| 8,409 |
|
|
| 172 |
|
|
| 8.12 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total interest-earning assets |
|
| 2,191,710 |
|
|
| 34,951 |
|
|
| 6.34 | % |
|
| 2,094,217 |
|
|
| 33,885 |
|
|
| 6.42 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cash and due from banks |
|
| 14,016 |
|
|
|
|
|
|
|
|
|
|
| 12,528 |
|
|
|
|
|
|
|
| |
All other assets(4) |
|
| 44,360 |
|
|
|
|
|
|
|
|
|
|
| 84,453 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total assets |
| $ | 2,250,086 |
|
|
|
|
|
|
|
|
|
| $ | 2,191,198 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
| $ | 994,121 |
|
| $ | 9,840 |
|
|
| 3.94 | % |
| $ | 766,856 |
|
| $ | 7,650 |
|
|
| 3.96 | % |
Money market and savings |
|
| 351,126 |
|
|
| 2,794 |
|
|
| 3.17 | % |
|
| 305,240 |
|
|
| 2,218 |
|
|
| 2.88 | % |
Time |
|
| 77,203 |
|
|
| 744 |
|
|
| 3.83 | % |
|
| 29,787 |
|
|
| 252 |
|
|
| 3.36 | % |
Brokered |
|
| 49,064 |
|
|
| 637 |
|
|
| 5.16 | % |
|
| 119,605 |
|
|
| 1,572 |
|
|
| 5.21 | % |
Total interest-bearing deposits |
|
| 1,471,514 |
|
|
| 14,015 |
|
|
| 3.79 | % |
|
| 1,221,488 |
|
|
| 11,692 |
|
|
| 3.80 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Short-term borrowings |
|
| 119,707 |
|
|
| 1,437 |
|
|
| 4.78 | % |
|
| 281,457 |
|
|
| 3,467 |
|
|
| 4.89 | % |
Subordinated debt |
|
| 21,993 |
|
|
| 293 |
|
|
| 5.30 | % |
|
| 21,893 |
|
|
| 300 |
|
|
| 5.44 | % |
Total interest-bearing liabilities |
|
| 1,613,214 |
|
|
| 15,745 |
|
|
| 3.88 | % |
|
| 1,524,838 |
|
|
| 15,459 |
|
|
| 4.02 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Demand deposits |
|
| 422,807 |
|
|
|
|
|
|
|
|
|
|
| 487,301 |
|
|
|
|
|
|
|
| |
Accrued expenses and other liabilities |
|
| 25,895 |
|
|
|
|
|
|
|
|
|
|
| 30,336 |
|
|
|
|
|
|
|
| |
Shareholders' equity |
|
| 188,170 |
|
|
|
|
|
|
|
|
|
|
| 148,723 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total liabilities and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
shareholders' equity |
| $ | 2,250,086 |
|
|
|
|
|
|
|
|
|
| $ | 2,191,198 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net interest spread |
|
|
|
|
|
|
|
|
|
| 2.46 | % |
|
|
|
|
|
|
|
|
| 2.40 | % | |
Net interest income and margin(5) |
|
|
|
|
| $ | 19,206 |
|
|
| 3.49 | % |
|
|
|
|
| $ | 18,426 |
|
|
| 3.49 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Non-taxable equivalent net interest margin |
|
|
|
|
|
|
|
|
|
| 3.48 | % |
|
|
|
|
|
|
|
|
| 3.49 | % | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Cost of deposits |
| $ | 1,894,321 |
|
| $ | 14,015 |
|
|
| 2.94 | % |
| $ | 1,708,789 |
|
| $ | 11,692 |
|
|
| 2.71 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
(1) Nonperforming loans are included in average loan balances. No adjustment has been made for these loans in the calculation of yields. Interest income on loan includes net amortization of deferred loan fees / (costs) of | ||||||||||||||||||||||||
(2) Interest income on tax-exempt securities has been increased to reflect comparable interest on taxable securities. The rate used was | ||||||||||||||||||||||||
(3) Federal Home Loan Bank dividends have been reclassified from total noninterest income to total interest income for all periods presented. | ||||||||||||||||||||||||
(4) Average allowance for credit losses on loans of | ||||||||||||||||||||||||
(5) Net interest margin is net interest income divided by total interest-earning assets. | ||||||||||||||||||||||||
(6) Annualized | ||||||||||||||||||||||||
AVIDBANK HOLDINGS, INC.
Average Balance Sheets and Net Interest Margin Analysis (Unaudited)
(dollars in thousands)
| Twelve months ended |
| ||||||||||||||||||||||
| December 31, 2024 |
|
| December 31, 2023 |
| |||||||||||||||||||
|
|
|
| Interest |
|
| Yields |
|
|
|
|
| Interest |
|
| Yields |
| |||||||
| Average |
|
| Income/ |
|
| or |
|
| Average |
|
| Income/ |
|
| or |
| |||||||
| Balance |
|
| Expense |
|
| Rates(6) |
|
| Balance |
|
| Expense |
|
| Rates(6) |
| |||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Loans(1) |
| $ | 1,798,951 |
|
| $ | 130,878 |
|
|
| 7.28 | % |
| $ | 1,622,731 |
|
| $ | 112,494 |
|
|
| 6.93 | % |
Fed funds sold/interest bearing deposits |
|
| 68,722 |
|
|
| 3,649 |
|
|
| 5.31 | % |
|
| 61,331 |
|
|
| 3,140 |
|
|
| 5.12 | % |
Investment securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities |
|
| 309,652 |
|
|
| 7,067 |
|
|
| 2.28 | % |
|
| 374,638 |
|
|
| 8,387 |
|
|
| 2.24 | % |
Non-taxable investment securities(2) |
|
| 2,010 |
|
|
| 120 |
|
|
| 5.97 | % |
|
| 7,470 |
|
|
| 343 |
|
|
| 4.59 | % |
Total investment securities |
|
| 311,662 |
|
|
| 7,187 |
|
|
| 2.31 | % |
|
| 382,108 |
|
|
| 8,730 |
|
|
| 2.28 | % |
FHLB stock(3) |
|
| 8,409 |
|
|
| 752 |
|
|
| 8.94 | % |
|
| 8,199 |
|
|
| 690 |
|
|
| 8.42 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total interest-earning assets |
|
| 2,187,744 |
|
|
| 142,466 |
|
|
| 6.51 | % |
|
| 2,074,369 |
|
|
| 125,054 |
|
|
| 6.03 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
| 13,048 |
|
|
|
|
|
|
|
|
|
|
| 20,375 |
|
|
|
|
|
|
|
|
|
All other assets(4) |
|
| 52,022 |
|
|
|
|
|
|
|
|
|
|
| 79,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total assets |
| $ | 2,252,814 |
|
|
|
|
|
|
|
|
|
| $ | 2,173,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
| $ | 857,409 |
|
| $ | 35,112 |
|
|
| 4.10 | % |
| $ | 524,591 |
|
| $ | 19,548 |
|
|
| 3.73 | % |
Money market and savings |
|
| 326,934 |
|
|
| 10,729 |
|
|
| 3.28 | % |
|
| 461,352 |
|
|
| 12,226 |
|
|
| 2.65 | % |
Time |
|
| 76,846 |
|
|
| 3,144 |
|
|
| 4.09 | % |
|
| 46,318 |
|
|
| 937 |
|
|
| 2.02 | % |
Brokered |
|
| 97,078 |
|
|
| 5,161 |
|
|
| 5.32 | % |
|
| 73,179 |
|
|
| 3,703 |
|
|
| 5.06 | % |
Total interest-bearing deposits |
|
| 1,358,267 |
|
|
| 54,146 |
|
|
| 3.99 | % |
|
| 1,105,440 |
|
|
| 36,414 |
|
|
| 3.29 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Short-term borrowings |
|
| 233,290 |
|
|
| 11,879 |
|
|
| 5.09 | % |
|
| 282,596 |
|
|
| 13,808 |
|
|
| 4.89 | % |
Subordinated debt |
|
| 21,956 |
|
|
| 1,194 |
|
|
| 5.44 | % |
|
| 21,855 |
|
|
| 1,201 |
|
|
| 5.50 | % |
Total interest-bearing liabilities |
|
| 1,613,513 |
|
|
| 67,219 |
|
|
| 4.17 | % |
|
| 1,409,891 |
|
|
| 51,423 |
|
|
| 3.65 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
| 437,637 |
|
|
|
|
|
|
|
|
|
|
| 587,755 |
|
|
|
|
|
|
|
|
|
Accrued expenses and other liabilities |
|
| 26,316 |
|
|
|
|
|
|
|
|
|
|
| 26,278 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
| 175,348 |
|
|
|
|
|
|
|
|
|
|
| 150,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total liabilities and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders' equity |
| $ | 2,252,814 |
|
|
|
|
|
|
|
|
|
| $ | 2,173,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net interest spread |
|
|
|
|
|
|
|
|
|
| 2.34 | % |
|
|
|
|
|
|
|
|
|
| 2.38 | % |
Net interest income and margin(5) |
|
|
|
|
| $ | 75,247 |
|
|
| 3.44 | % |
|
|
|
|
| $ | 73,631 |
|
|
| 3.55 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-taxable equivalent net interest margin |
|
|
|
|
|
|
|
|
|
| 3.44 | % |
|
|
|
|
|
|
|
|
|
| 3.55 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cost of deposits |
| $ | 1,795,904 |
|
| $ | 54,146 |
|
|
| 3.01 | % |
| $ | 1,693,195 |
|
| $ | 36,414 |
|
|
| 2.15 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(1) Nonperforming loans are included in average loan balances. No adjustment has been made for these loans in the calculation of yields. Interest income on loans includes amortization of deferred loan fees / (costs) of | ||||||||||||||||||||||||
(2) Interest income on tax-exempt securities has been increased to reflect comparable interest on taxable securities. The rate used was | ||||||||||||||||||||||||
(3) Federal Home Loan Bank dividends have been reclassified from total noninterest income to total interest income for all periods presented. | ||||||||||||||||||||||||
(4) Average allowance for credit losses on loans of | ||||||||||||||||||||||||
(5) Tax equivalent net interest income divided by total interest-earning assets. |
|
| ||||||||||||||||||||||
(6) Annualized |
|
| ||||||||||||||||||||||
AVIDBANK HOLDINGS, INC.
Loans and Credit Data (Unaudited)
(dollars in thousands)
| Dec. 31, |
|
| Sept. 30, |
|
| June 30, |
|
| March 31, |
|
| Dec. 31, |
|
| Current Quarter |
|
| Year over Year |
| ||||||||
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2023 |
|
| Change |
|
| Change |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Commercial loans |
| $ | 816,963 |
|
| $ | 759,492 |
|
| $ | 774,666 |
|
| $ | 736,068 |
|
| $ | 716,075 |
|
| $ | 57,471 |
|
| $ | 100,888 |
|
Commercial real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-family |
|
| 216,018 |
|
|
| 199,929 |
|
|
| 202,292 |
|
|
| 203,170 |
|
|
| 200,152 |
|
|
| 16,089 |
|
|
| 15,866 |
|
Owner Occupied |
|
| 142,650 |
|
|
| 141,139 |
|
|
| 157,376 |
|
|
| 158,759 |
|
|
| 158,728 |
|
|
| 1,511 |
|
|
| (16,078 | ) |
Non-Owner Occupied |
|
| 414,551 |
|
|
| 406,007 |
|
|
| 412,473 |
|
|
| 408,758 |
|
|
| 411,446 |
|
|
| 8,544 |
|
|
| 3,105 |
|
Construction and land |
|
| 246,301 |
|
|
| 253,325 |
|
|
| 242,966 |
|
|
| 259,562 |
|
|
| 237,124 |
|
|
| (7,024 | ) |
|
| 9,177 |
|
Residential |
|
| 27,494 |
|
|
| 25,799 |
|
|
| 15,717 |
|
|
| 16,187 |
|
|
| 16,816 |
|
|
| 1,695 |
|
|
| 10,678 |
|
Total real estate loans |
|
| 1,047,014 |
|
|
| 1,026,199 |
|
|
| 1,030,824 |
|
|
| 1,046,436 |
|
|
| 1,024,266 |
|
|
| 20,815 |
|
|
| 22,748 |
|
Other loans |
|
| 965 |
|
|
| 1,065 |
|
|
| 1,117 |
|
|
| 520 |
|
|
| 306 |
|
|
| (100 | ) |
|
| 659 |
|
Total loans |
| $ | 1,864,942 |
|
| $ | 1,786,756 |
|
| $ | 1,806,607 |
|
| $ | 1,783,024 |
|
| $ | 1,740,647 |
|
| $ | 78,186 |
|
| $ | 124,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Allowance for Credit Losses on Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of quarter |
| $ | 22,315 |
|
| $ | 22,410 |
|
| $ | 19,342 |
|
| $ | 19,131 |
|
| $ | 17,800 |
|
|
|
|
|
|
|
|
|
Provision for credit losses on loans |
|
| 630 |
|
|
| - |
|
|
| 3,068 |
|
|
| 211 |
|
|
| 1,331 |
|
|
|
|
|
|
|
|
|
Charge-offs |
|
| (4,266 | ) |
|
| (95 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
|
|
|
|
|
|
|
Recoveries |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
|
|
|
|
|
|
|
Balance, end of quarter |
| $ | 18,679 |
|
| $ | 22,315 |
|
| $ | 22,410 |
|
| $ | 19,342 |
|
| $ | 19,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Allowance for Credit Losses on Unfunded Commitments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of quarter |
| $ | 2,098 |
|
| $ | 2,098 |
|
| $ | 2,168 |
|
| $ | 2,060 |
|
| $ | 2,125 |
|
|
|
|
|
|
|
|
|
Provision for unfunded commitments |
|
| 149 |
|
|
| - |
|
|
| (70 | ) |
|
| 108 |
|
|
| (65 | ) |
|
|
|
|
|
|
|
|
Balance, end of quarter |
| $ | 2,247 |
|
| $ | 2,098 |
|
| $ | 2,098 |
|
| $ | 2,168 |
|
| $ | 2,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total allowance for credit losses - loans and unfunded commitments |
| $ | 20,926 |
|
| $ | 24,413 |
|
| $ | 24,508 |
|
| $ | 21,510 |
|
| $ | 21,191 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Provision for credit losses under CECL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses on loans |
| $ | 630 |
|
| $ | - |
|
| $ | 3,068 |
|
| $ | 211 |
|
| $ | 1,331 |
|
|
|
|
|
|
|
|
|
Provision for unfunded commitments |
|
| 149 |
|
|
| - |
|
|
| (70 | ) |
|
| 108 |
|
|
| (65 | ) |
|
|
|
|
|
|
|
|
Total provision for credit losses |
| $ | 779 |
|
| $ | - |
|
| $ | 2,998 |
|
| $ | 319 |
|
| $ | 1,266 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Nonperforming Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans accounted for on a non-accrual basis |
| $ | 1,347 |
|
| $ | 3,621 |
|
| $ | 3,686 |
|
| $ | 1,370 |
|
| $ | 1,378 |
|
|
|
|
|
|
|
|
|
Loans past due 90 days or more and still accruing |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
|
|
|
|
|
|
|
Nonperforming loans |
|
| 1,347 |
|
|
| 3,621 |
|
|
| 3,686 |
|
|
| 1,370 |
|
|
| 1,378 |
|
|
|
|
|
|
|
|
|
Other real estate owned |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
|
|
|
|
|
|
|
Nonperforming assets |
| $ | 1,347 |
|
| $ | 3,621 |
|
| $ | 3,686 |
|
| $ | 1,370 |
|
| $ | 1,378 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Nonperforming Loans by Type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
| $ | 1,347 |
|
| $ | 3,621 |
|
| $ | 3,686 |
|
| $ | 1,370 |
|
| $ | 1,378 |
|
|
|
|
|
|
|
|
|
Total Nonperforming loans |
| $ | 1,347 |
|
| $ | 3,621 |
|
| $ | 3,686 |
|
| $ | 1,370 |
|
| $ | 1,378 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Asset Quality Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses on loans to total loans |
|
| 1.00 | % |
|
| 1.25 | % |
|
| 1.24 | % |
|
| 1.08 | % |
|
| 1.10 | % |
|
|
|
|
|
|
|
|
Allowance for credit losses to total loans |
|
| 1.12 | % |
|
| 1.37 | % |
|
| 1.36 | % |
|
| 1.21 | % |
|
| 1.22 | % |
|
|
|
|
|
|
|
|
Allowance for credit losses on loans to nonperforming loans |
|
| 1386.71 | % |
|
| 616.27 | % |
|
| 607.98 | % |
|
| 1411.82 | % |
|
| 1388.32 | % |
|
|
|
|
|
|
|
|
Nonperforming assets to total assets |
|
| 0.06 | % |
|
| 0.16 | % |
|
| 0.16 | % |
|
| 0.06 | % |
|
| 0.06 | % |
|
|
|
|
|
|
|
|
Nonperforming loans to total loans |
|
| 0.07 | % |
|
| 0.20 | % |
|
| 0.20 | % |
|
| 0.08 | % |
|
| 0.08 | % |
|
|
|
|
|
|
|
|
Net quarterly charge-offs to average loans(1) |
|
| 0.93 | % |
|
| 0.02 | % |
|
| 0.00 | % |
|
| 0.00 | % |
|
| 0.00 | % |
|
|
|
|
|
|
|
|
Criticized loans to total loans |
|
| 2.27 | % |
|
| 1.62 | % |
|
| 1.49 | % |
|
| 1.40 | % |
|
| 1.25 | % |
|
|
|
|
|
|
|
|
Classified loans to total loans |
|
| 0.22 | % |
|
| 0.51 | % |
|
| 0.52 | % |
|
| 0.39 | % |
|
| 0.47 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(1) Annualized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVIDBANK HOLDINGS, INC.
Deposits (Unaudited)
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current |
|
| Year over |
| ||||||||
| Dec. 31, |
|
| Sept. 30, |
|
| June 30, |
|
| March 31, |
|
| Dec. 31, |
|
| Quarter |
|
| Year |
| ||||||||
Period End Deposits |
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2023 |
|
| Change |
|
| Change |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Non-interest-bearing demand |
| $ | 414,327 |
|
| $ | 405,528 |
|
| $ | 405,644 |
|
| $ | 477,728 |
|
| $ | 472,517 |
|
| $ | 8,799 |
|
| $ | (58,190 | ) |
Interest-bearing checking |
|
| 993,219 |
|
|
| 1,026,898 |
|
|
| 840,839 |
|
|
| 764,766 |
|
|
| 740,902 |
|
|
| (33,679 | ) |
|
| 252,317 |
|
Money market and savings |
|
| 338,578 |
|
|
| 336,166 |
|
|
| 312,162 |
|
|
| 319,692 |
|
|
| 298,117 |
|
|
| 2,412 |
|
|
| 40,461 |
|
Time |
|
| 74,468 |
|
|
| 75,033 |
|
|
| 99,239 |
|
|
| 56,140 |
|
|
| 46,676 |
|
|
| (565 | ) |
|
| 27,792 |
|
Brokered |
|
| 70,763 |
|
|
| 57,903 |
|
|
| 80,608 |
|
|
| 139,532 |
|
|
| 96,117 |
|
|
| 12,860 |
|
|
| (25,354 | ) |
Total deposits |
| $ | 1,891,355 |
|
| $ | 1,901,528 |
|
| $ | 1,738,492 |
|
| $ | 1,757,858 |
|
| $ | 1,654,329 |
|
| $ | (10,173 | ) |
| $ | 237,026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Average Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-interest-bearing demand |
| $ | 422,807 |
|
| $ | 408,626 |
|
| $ | 436,498 |
|
| $ | 483,100 |
|
| $ | 487,301 |
|
| $ | 14,181 |
|
| $ | (64,494 | ) |
Interest-bearing checking |
|
| 994,121 |
|
|
| 903,542 |
|
|
| 783,048 |
|
|
| 746,916 |
|
|
| 766,856 |
|
|
| 90,579 |
|
|
| 227,265 |
|
Money market and savings |
|
| 351,126 |
|
|
| 348,125 |
|
|
| 304,392 |
|
|
| 303,593 |
|
|
| 305,240 |
|
|
| 3,001 |
|
|
| 45,886 |
|
Time |
|
| 77,203 |
|
|
| 75,972 |
|
|
| 97,430 |
|
|
| 56,783 |
|
|
| 29,787 |
|
|
| 1,231 |
|
|
| 47,416 |
|
Brokered |
|
| 49,064 |
|
|
| 69,670 |
|
|
| 135,952 |
|
|
| 134,453 |
|
|
| 119,605 |
|
|
| (20,606 | ) |
|
| (70,541 | ) |
Total deposits |
| $ | 1,894,321 |
|
| $ | 1,805,935 |
|
| $ | 1,757,320 |
|
| $ | 1,724,845 |
|
| $ | 1,708,789 |
|
| $ | 88,386 |
|
| $ | 185,532 |
|
AVIDBANK HOLDINGS, INC.
Non-GAAP performance and Financial Measures Reconciliation (Unaudited)
(in thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Twelve months ended |
| |||||||||||
| 2024 |
|
| 2023 |
|
| December 31, |
| ||||||||||||||||||||
Non-GAAP adjusted net income reconciliation |
| Fourth |
|
| Third |
|
| Second |
|
| First |
|
| Fourth |
|
| 2024 |
|
| 2023 |
| |||||||
Net income - GAAP |
| $ | 6,457 |
|
| $ | 5,846 |
|
| $ | 3,466 |
|
| $ | 5,246 |
|
| $ | 303 |
|
| $ | 21,015 |
|
| $ | 16,801 |
|
Loss on sale of securities, net of income tax |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 3,888 |
|
|
| - |
|
|
| 4,483 |
|
Severance, net of income tax |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 233 |
|
|
| - |
|
|
| 233 |
|
BOLI surrender tax expense |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 478 |
|
|
| - |
|
|
| 478 |
|
Adjusted net income (non-GAAP) |
| $ | 6,457 |
|
| $ | 5,846 |
|
| $ | 3,466 |
|
| $ | 5,246 |
|
| $ | 4,902 |
|
| $ | 21,015 |
|
| $ | 21,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-GAAP adjusted net income reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income - GAAP |
| $ | 6,457 |
|
| $ | 5,846 |
|
| $ | 3,466 |
|
| $ | 5,246 |
|
| $ | 303 |
|
| $ | 21,015 |
|
| $ | 16,801 |
|
Loss on sale of securities |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 5,399 |
|
|
| - |
|
|
| 6,214 |
|
Tax impact of loss on sale of securities |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (1,511 | ) |
|
| - |
|
|
| (1,731 | ) |
Severance |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 324 |
|
|
| - |
|
|
| 324 |
|
Tax impact of severance |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (91 | ) |
|
| - |
|
|
| (91 | ) |
BOLI surrender tax expense |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 478 |
|
|
| - |
|
|
| 478 |
|
Adjusted net income (non-GAAP) |
| $ | 6,457 |
|
| $ | 5,846 |
|
| $ | 3,466 |
|
| $ | 5,246 |
|
| $ | 4,902 |
|
| $ | 21,015 |
|
| $ | 21,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-GAAP adjusted diluted earnings per share reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share - GAAP |
| $ | 0.84 |
|
| $ | 0.77 |
|
| $ | 0.46 |
|
| $ | 0.69 |
|
| $ | 0.04 |
|
| $ | 2.76 |
|
| $ | 2.24 |
|
Loss on sale of securities, net of income tax |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 0.52 |
|
|
| - |
|
|
| 0.60 |
|
Severance, net of income tax |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 0.03 |
|
|
| - |
|
|
| 0.03 |
|
BOLI surrender tax expense |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 0.06 |
|
|
| - |
|
|
| 0.06 |
|
Adjusted diluted earnings per share (non-GAAP) |
| $ | 0.84 |
|
| $ | 0.77 |
|
| $ | 0.46 |
|
| $ | 0.69 |
|
| $ | 0.65 |
|
| $ | 2.76 |
|
| $ | 2.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-GAAP adjusted return on average assets reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income - GAAP |
| $ | 6,457 |
|
| $ | 5,846 |
|
| $ | 3,466 |
|
| $ | 5,246 |
|
| $ | 303 |
|
| $ | 21,015 |
|
| $ | 16,801 |
|
Average total assets |
|
| 2,250,086 |
|
|
| 2,272,623 |
|
|
| 2,265,583 |
|
|
| 2,222,778 |
|
|
| 2,191,198 |
|
|
| 2,252,814 |
|
|
| 2,173,969 |
|
Return on average assets - GAAP |
|
| 1.14 | % |
|
| 1.02 | % |
|
| 0.62 | % |
|
| 0.95 | % |
|
| 0.05 | % |
|
| 0.93 | % |
|
| 0.77 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Adjusted net income (non-GAAP) |
| $ | 6,457 |
|
| $ | 5,846 |
|
| $ | 3,466 |
|
| $ | 5,246 |
|
| $ | 4,902 |
|
| $ | 21,015 |
|
| $ | 21,995 |
|
Average total assets |
|
| 2,250,086 |
|
|
| 2,272,623 |
|
|
| 2,265,583 |
|
|
| 2,222,778 |
|
|
| 2,191,198 |
|
|
| 2,252,814 |
|
|
| 2,173,969 |
|
Adjusted return on average assets (non-GAAP) |
|
| 1.14 | % |
|
| 1.02 | % |
|
| 0.62 | % |
|
| 0.95 | % |
|
| 0.89 | % |
|
| 0.93 | % |
|
| 1.01 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-GAAP taxable equivalent net interest income reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income - GAAP |
| $ | 19,199 |
|
| $ | 18,613 |
|
| $ | 18,526 |
|
| $ | 18,885 |
|
| $ | 18,424 |
|
| $ | 75,222 |
|
| $ | 73,559 |
|
Taxable equivalent adjustment |
|
| 7 |
|
|
| 6 |
|
|
| 5 |
|
|
| 6 |
|
|
| 2 |
|
|
| 25 |
|
|
| 72 |
|
Net interest income - taxable equivalent (non-GAAP) |
| $ | 19,206 |
|
| $ | 18,619 |
|
| $ | 18,531 |
|
| $ | 18,891 |
|
| $ | 18,426 |
|
| $ | 75,247 |
|
| $ | 73,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-GAAP taxable equivalent net interest margin reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin - GAAP |
|
| 3.49 | % |
|
| 3.35 | % |
|
| 3.39 | % |
|
| 3.54 | % |
|
| 3.49 | % |
|
| 3.44 | % |
|
| 3.55 | % |
Impact of taxable equivalent adjustment |
|
| (0.01 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Net interest margin - taxable equivalent (non-GAAP) |
|
| 3.48 | % |
|
| 3.35 | % |
|
| 3.39 | % |
|
| 3.54 | % |
|
| 3.49 | % |
|
| 3.44 | % |
|
| 3.55 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-GAAP total deposits, excluding brokered deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total period end deposits - GAAP |
| $ | 1,891,355 |
|
| $ | 1,901,528 |
|
| $ | 1,738,492 |
|
| $ | 1,757,858 |
|
| $ | 1,654,329 |
|
| $ | 1,891,355 |
|
| $ | 1,654,329 |
|
Brokered deposits |
|
| 70,763 |
|
|
| 57,903 |
|
|
| 80,608 |
|
|
| 139,532 |
|
|
| 96,117 |
|
|
| 70,763 |
|
|
| 96,117 |
|
Total deposits, excluding brokered (non-GAAP) |
| $ | 1,820,592 |
|
| $ | 1,843,625 |
|
| $ | 1,657,884 |
|
| $ | 1,618,326 |
|
| $ | 1,558,212 |
|
| $ | 1,820,592 |
|
| $ | 1,558,212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-GAAP pre-tax, pre-provision net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income - GAAP |
| $ | 6,457 |
|
| $ | 5,846 |
|
| $ | 3,466 |
|
| $ | 5,246 |
|
| $ | 303 |
|
| $ | 21,015 |
|
| $ | 16,801 |
|
Provision for credit losses |
|
| 779 |
|
|
| - |
|
|
| 2,998 |
|
|
| 319 |
|
|
| 1,266 |
|
|
| 4,096 |
|
|
| 3,042 |
|
Provision for income taxes |
|
| 2,751 |
|
|
| 2,460 |
|
|
| 1,402 |
|
|
| 2,176 |
|
|
| 683 |
|
|
| 8,788 |
|
|
| 7,171 |
|
Non-GAAP pre-tax, pre-provision net income |
| $ | 9,987 |
|
| $ | 8,306 |
|
| $ | 7,866 |
|
| $ | 7,741 |
|
| $ | 2,252 |
|
| $ | 33,899 |
|
| $ | 27,014 |
|
SOURCE: Avidbank Holdings, Inc.
View the original press release on ACCESS Newswire
FAQ
What was AVBH's net income for Q4 2024?
How much did AVBH's loans grow in Q4 2024?
What was AVBH's net interest margin in Q4 2024?
What was the size of AVBH's charge-off in Q4 2024?
How did AVBH's deposits perform in Q4 2024?
