Avidbank Holdings, Inc. Announces Net Income for the Second Quarter of 2024
Avidbank Holdings (OTC Pink: AVBH) reported net income of $3.5 million for Q2 2024, down from $5.2 million in Q1 2024 and $4.7 million in Q2 2023. Key highlights include:
- Book value per share increased 2% to $21.77
- Loans grew 5% annualized to $1.81 billion
- Average deposits rose 8% annualized
- Efficiency ratio improved to 59.92%
- Net charge-offs remained at 0%
The decrease in net income was primarily due to a $3.0 million increase in credit loss provisions. Despite this, the bank reported solid progress in strengthening its balance sheet, with core deposit growth outpacing loan growth. Credit quality remains strong, with criticized and classified loans at 2.0% of total loans.
Avidbank Holdings (OTC Pink: AVBH) ha riportato un utile netto di 3,5 milioni di dollari per il secondo trimestre del 2024, in calo rispetto ai 5,2 milioni di dollari del primo trimestre del 2024 e ai 4,7 milioni di dollari del secondo trimestre del 2023. I punti salienti includono:
- Il valore contabile per azione è aumentato del 2% a 21,77 dollari
- I prestiti sono cresciuti del 5% annualizzato, raggiungendo 1,81 miliardi di dollari
- I depositi medi sono aumentati dell'8% annualizzato
- Il rapporto di efficienza è migliorato, arrivando a 59,92%
- Le perdite nette su prestiti sono rimaste a 0%
La diminuzione dell'utile netto è stata principalmente dovuta a un aumento di 3,0 milioni di dollari nelle dotazioni per perdite su crediti. Nonostante ciò, la banca ha riportato progressi solidi nel rafforzare il proprio bilancio, con una crescita dei depositi core che ha superato quella dei prestiti. La qualità del credito rimane forte, con prestiti criticati e classificati al 2,0% del totale dei prestiti.
Avidbank Holdings (OTC Pink: AVBH) reportó un ingreso neto de 3,5 millones de dólares para el segundo trimestre de 2024, una disminución desde los 5,2 millones de dólares en el primer trimestre de 2024 y 4,7 millones de dólares en el segundo trimestre de 2023. Los aspectos más destacados incluyen:
- El valor contable por acción aumentó un 2% a 21,77 dólares
- Los préstamos crecieron un 5% anualizado, alcanzando 1,81 mil millones de dólares
- Los depósitos promedio aumentaron un 8% anualizado
- El ratio de eficiencia mejoró a 59,92%
- Las pérdidas netas se mantuvieron en 0%
La disminución en el ingreso neto se debió principalmente a un aumento de 3,0 millones de dólares en las provisiones para pérdidas crediticias. A pesar de esto, el banco reportó un progreso sólido en el fortalecimiento de su balance, con un crecimiento de los depósitos básicos que superó el crecimiento de los préstamos. La calidad crediticia sigue siendo fuerte, con préstamos criticados y clasificados en el 2,0% del total de los préstamos.
Avidbank Holdings (OTC Pink: AVBH)는 2024년 2분기에 350만 달러의 순이익을 보고했으며, 이는 2024년 1분기의 520만 달러 및 2023년 2분기의 470만 달러에서 감소한 수치입니다. 주요 하이라이트는 다음과 같습니다:
- 주당 장부 가치는 2% 증가하여 21.77 달러에 달했습니다.
- 대출은 연율 5% 증가하여 18.1억 달러에 달했습니다.
- 평균 예금은 연율 8% 증가했습니다.
- 효율성 비율은 59.92%로 개선되었습니다.
- 순 대손충당금은 0%로 유지되었습니다.
순이익 감소는 주로 300만 달러의 신용 손실 충당금 증가 때문입니다. 그럼에도 불구하고, 은행은 자산을 강화하는 데 있어 확실한 진전을 보고했으며, 기본 예금의 성장이 대출 성장률을 초과했습니다. 신용 품질은 여전히 강력하며, 비판받고 분류된 대출은 총 대출의 2.0%입니다.
Avidbank Holdings (OTC Pink: AVBH) a rapporté un revenu net de 3,5 millions de dollars pour le deuxième trimestre de 2024, en baisse par rapport à 5,2 millions de dollars au premier trimestre de 2024 et 4,7 millions de dollars au deuxième trimestre de 2023. Les points saillants incluent :
- La valeur comptable par action a augmenté de 2% pour atteindre 21,77 dollars
- Les prêts ont crû de 5% annualisés pour atteindre 1,81 milliard de dollars
- Les dépôts moyens ont augmenté de 8% annualisés
- Le ratio d'efficacité s'est amélioré pour atteindre 59,92%
- Les pertes nettes ont été maintenues à 0%
La diminution du revenu net est principalement due à une augmentation de 3,0 millions de dollars des provisions pour pertes sur créances. Malgré cela, la banque a signalé des progrès solides dans le renforcement de son bilan, avec une croissance des dépôts de base dépassant celle des prêts. La qualité du crédit reste solide, avec des prêts critiqués et classés représentant 2,0% du total des prêts.
Avidbank Holdings (OTC Pink: AVBH) meldete ein Nettoergebnis von 3,5 Millionen Dollar für das 2. Quartal 2024, ein Rückgang von 5,2 Millionen Dollar im 1. Quartal 2024 und von 4,7 Millionen Dollar im 2. Quartal 2023. Zu den wichtigsten Highlights gehören:
- Der Buchwert pro Aktie stieg um 2% auf 21,77 Dollar
- Die Kredite wuchsen um 5% annualisiert auf 1,81 Milliarden Dollar
- Die durchschnittlichen Einlagen stiegen um 8% annualisiert
- Die Effizienzquote verbesserte sich auf 59,92%
- Die Nettoabschreibungen blieben bei 0%
Der Rückgang des Nettoergebnisses war hauptsächlich auf einen Anstieg der Rückstellungen für Kreditverluste um 3,0 Millionen Dollar zurückzuführen. Trotz dessen berichtete die Bank von soliden Fortschritten bei der Stärkung ihrer Bilanz, wobei das Wachstum der Kern-Einlagen das Wachstum der Kredite übertraf. Die Kreditqualität bleibt stark, mit kritisierten und klassifizierten Krediten bei 2,0% der Gesamtkredite.
- Book value per share increased 2% to $21.77
- Loans grew 5% annualized to $1.81 billion
- Average deposits rose 8% annualized
- Efficiency ratio improved to 59.92%
- Net charge-offs remained at 0%
- Core deposit growth outpaced loan growth
- Credit quality remains strong with criticized and classified loans at 2.0% of total loans
- Net income decreased to $3.5 million from $5.2 million in Q1 2024
- Provision for credit losses increased to $3.0 million from $319,000 in Q1 2024
- Net interest margin decreased by 15 basis points to 3.39%
- Cost of deposits increased by 28 basis points to 3.09%
- Nonperforming loans to total loans increased to 0.20% from 0.08% in Q1 2024
SAN JOSE, CA / ACCESSWIRE / July 22, 2024 / Avidbank Holdings, Inc. (OTC Pink:AVBH) announced net income for the second quarter of 2024 of
Second Quarter 2024 Highlights
Book value per share was
$21.77 , an increase of$0.36 , or2% , from March 31, 2024, and an increase of$2.22 , or11% , from June 30, 2024.Loans increased
$23.6 million , or5% annualized, from March 31, 2024, and$66.0 million , or4% , from December 31, 2023.Average deposits increased
$32.5 million , or8% annualized, from the first quarter of 2024, and$128.3 million , or8% , from the second quarter of 2023.Period end deposits (excluding brokered deposits)(1) increased
$39.6 million , or10% annualized, from March 31, 2024, and$99.7 million , or6% , from December 31, 2023.The efficiency ratio improved to
59.92% from61.62% in the first quarter of 2024.Annualized net charge-offs to average loans totaled
0.0% for the second quarter and first quarter of 2024. Nonperforming assets to total assets was0.16% as of June 30, 2024, compared to0.06% as of March 31, 2024.Net income totaled
$3.5 million , a decrease of$1.8 million from the first quarter of 2024, and a decrease of$1.3 million from the second quarter of 2023. A$3.0 million increase in the provision for credit losses was a primary contributor to the decrease.
"We continue to make solid progress on our overall goal for this year of strengthening our balance sheet. This included another quarter of the growth in core deposits outpacing our growth in loans. Total deposits, excluding brokered, increased approximately
"Our new clients as well as existing clients continue to move deposits from noninterest bearing accounts to interest earning accounts. This shift was elevated in the second quarter, which negatively impacted our net interest margin," added Mr. Mordell.
Income Statement
Taxable equivalent net interest income(1) totaled
The yield on loans in the second quarter of 2024 was
The cost of deposits in the second 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 June 30, 2024, totaled
The allowance for credit losses on loans was
Investment securities were
Period end deposits were
Short-term borrowings on June 30, 2024, totaled
Book value per share was
(1) A Non-GAAP performance measure. We provide detailed reconciliation 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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| For the six months ended |
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| 2024 |
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| 2023 |
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| June 30, |
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| Second |
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| First |
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| Fourth |
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| 2024 |
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| 2023 |
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INCOME HIGHLIGHTS |
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Net income |
| $ | 3,466 |
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| $ | 5,246 |
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| $ | 303 |
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| $ | 5,408 |
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| $ | 4,726 |
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| $ | 8,712 |
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| $ | 11,090 |
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Loss on sale of securities, net of tax |
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| - |
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| - |
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| 3,888 |
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| - |
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| - |
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| - |
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| 595 |
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Severance, net of income tax |
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| - |
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| - |
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| 233 |
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| - |
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| - |
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| - |
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| - |
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BOLI surrender tax expense |
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| - |
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| - |
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| 478 |
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| - |
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| - |
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| - |
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| - |
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Adjusted net income (1) |
| $ | 3,466 |
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| $ | 5,246 |
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| $ | 4,902 |
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| $ | 5,408 |
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| $ | 4,726 |
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| $ | 8,712 |
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| $ | 11,685 |
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PER SHARE DATA |
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Basic earnings per share |
| $ | 0.47 |
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| $ | 0.71 |
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| $ | 0.04 |
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| $ | 0.74 |
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| $ | 0.65 |
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| $ | 1.18 |
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| $ | 1.52 |
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Diluted earnings per share |
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| 0.46 |
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| 0.69 |
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| 0.04 |
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| 0.72 |
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| 0.63 |
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| 1.15 |
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| 1.49 |
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Diluted earnings per share - adjusted (1) |
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| 0.46 |
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| 0.69 |
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| 0.65 |
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| 0.72 |
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| 0.63 |
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| 1.15 |
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| 1.57 |
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Book value per share |
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| 21.77 |
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| 21.41 |
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| 21.27 |
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| 18.83 |
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| 19.55 |
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| 21.77 |
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| 19.55 |
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PERFORMANCE MEASURES |
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Return on average assets |
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| 0.62 | % |
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| 0.95 | % |
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| 0.05 | % |
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| 0.99 | % |
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| 0.87 | % |
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| 0.78 | % |
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| 1.03 | % |
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Return on average assets - adjusted (1) |
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| 0.62 | % |
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| 0.95 | % |
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| 0.89 | % |
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| 0.99 | % |
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| 0.87 | % |
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| 0.78 | % |
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| 1.09 | % |
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Return on average equity |
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| 8.35 | % |
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| 12.64 | % |
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| 0.81 | % |
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| 14.01 | % |
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| 12.32 | % |
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| 10.50 | % |
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| 14.99 | % |
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Taxable equivalent net interest margin |
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| 3.39 | % |
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| 3.54 | % |
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| 3.49 | % |
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| 3.36 | % |
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| 3.42 | % |
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| 3.46 | % |
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| 3.68 | % |
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Efficiency ratio |
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| 59.92 | % |
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| 61.62 | % |
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| 83.68 | % |
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| 58.75 | % |
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| 56.05 | % |
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| 60.78 | % |
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| 55.62 | % |
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Average loans to average deposits |
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| 103.19 | % |
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| 101.85 | % |
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| 99.41 | % |
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| 97.49 | % |
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| 97.57 | % |
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| 102.53 | % |
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| 93.00 | % |
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CAPITAL |
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Tier 1 leverage ratio |
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| 9.64 | % |
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| 9.88 | % |
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| 9.77 | % |
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| 9.84 | % |
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| 9.55 | % |
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| 9.64 | % |
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| 9.55 | % |
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Common equity tier 1 capital ratio |
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| 10.08 | % |
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| 10.03 | % |
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| 9.88 | % |
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| 9.95 | % |
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| 9.88 | % |
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| 10.08 | % |
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| 9.88 | % |
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Tier 1 risk-based capital ratio |
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| 10.08 | % |
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| 10.03 | % |
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| 9.88 | % |
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| 9.95 | % |
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| 9.88 | % |
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| 10.08 | % |
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| 9.88 | % |
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Total risk-based capital ratio |
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| 12.17 | % |
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| 12.01 | % |
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| 11.86 | % |
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| 11.89 | % |
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| 11.87 | % |
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| 12.17 | % |
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| 11.87 | % |
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Tangible common equity ratio |
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| 7.50 | % |
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| 7.40 | % |
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| 7.41 | % |
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| 6.61 | % |
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| 6.83 | % |
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| 7.50 | % |
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| 6.83 | % |
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SHARES OUTSTANDING |
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Number of common shares outstanding |
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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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| 7,731,404 |
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| 7,712,278 |
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| 7,876,082 |
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| 7,712,278 |
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Average common shares outstanding - basic |
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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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| 7,327,197 |
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| 7,321,246 |
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| 7,406,794 |
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| 7,310,188 |
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Average common shares outstanding - diluted |
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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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| 7,511,373 |
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| 7,457,906 |
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| 7,565,065 |
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| 7,454,643 |
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ASSET QUALITY |
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Allowance for credit losses to total loans |
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| 1.36 | % |
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| 1.21 | % |
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| 1.22 | % |
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| 1.19 | % |
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| 1.20 | % |
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| 1.36 | % |
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| 1.20 | % |
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Nonperforming assets to total assets |
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| 0.16 | % |
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| 0.06 | % |
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| 0.06 | % |
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| 0.70 | % |
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| 0.70 | % |
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| 0.16 | % |
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| 0.70 | % |
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Nonperforming loans to total loans |
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| 0.20 | % |
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| 0.08 | % |
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| 0.08 | % |
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| 0.08 | % |
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| 0.94 | % |
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| 0.20 | % |
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| 0.94 | % |
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Net charge-offs to average loans (2) |
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| 0.00 | % |
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| 0.00 | % |
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| 0.00 | % |
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| 0.00 | % |
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| 0.03 | % |
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| 0.00 | % |
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| 0.01 | % |
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AVERAGE BALANCES |
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Loans, net of deferred loan fees |
| $ | 1,813,422 |
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| $ | 1,756,770 |
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| $ | 1,698,690 |
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| $ | 1,640,080 |
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| $ | 1,589,372 |
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| $ | 1,785,096 |
|
| $ | 1,572,384 |
|
|
Investment securities |
|
| 307,294 |
|
|
| 319,440 |
|
|
| 337,808 |
|
|
| 365,244 |
|
|
| 382,860 |
|
|
| 313,367 |
|
|
| 413,197 |
|
|
Total assets |
|
| 2,265,583 |
|
|
| 2,222,778 |
|
|
| 2,191,198 |
|
|
| 2,168,443 |
|
|
| 2,171,559 |
|
|
| 2,244,180 |
|
|
| 2,168,020 |
|
|
Deposits |
|
| 1,757,320 |
|
|
| 1,724,845 |
|
|
| 1,708,789 |
|
|
| 1,682,329 |
|
|
| 1,628,975 |
|
|
| 1,741,082 |
|
|
| 1,690,792 |
|
|
Shareholders' equity |
|
| 166,874 |
|
|
| 166,907 |
|
|
| 148,723 |
|
|
| 153,099 |
|
|
| 153,877 |
|
|
| 166,890 |
|
|
| 149,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) A Non-GAAP performance measure. We provide detailed reconciliations in the "Non-GAAP Performance and Financial Measures Reconciliation" table.
(2) Annualized
AVIDBANK HOLDINGS, INC.
Consolidated Balance Sheets (Unaudited)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| June 30, |
|
| March 31, |
|
| December 31, |
|
| September 30, |
|
| June 30, |
| ||||||
Assets |
| 2024 |
|
| 2024 |
|
| 2023 |
|
| 2023 |
|
| 2023 |
| |||||
Cash and due from banks |
| $ | 14,062 |
|
| $ | 10,268 |
|
| $ | 9,754 |
|
| $ | 21,157 |
|
| $ | 33,849 |
|
Due from Federal Reserve Bank |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and interest-bearing deposits in banks |
|
| 97,662 |
|
|
| 79,911 |
|
|
| 71,642 |
|
|
| 58,885 |
|
|
| 70,364 |
|
Total cash and cash equivalents |
|
| 111,724 |
|
|
| 90,179 |
|
|
| 81,396 |
|
|
| 80,042 |
|
|
| 104,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment securities - available for sale |
|
| 308,661 |
|
|
| 314,793 |
|
|
| 325,320 |
|
|
| 345,547 |
|
|
| 371,753 |
|
Total investment securities |
|
| 308,661 |
|
|
| 314,793 |
|
|
| 325,320 |
|
|
| 345,547 |
|
|
| 371,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Loans, net of deferred loan fees |
|
| 1,806,607 |
|
|
| 1,783,024 |
|
|
| 1,740,647 |
|
|
| 1,669,914 |
|
|
| 1,650,265 |
|
Allowance for credit losses on loans |
|
| (22,410 | ) |
|
| (19,342 | ) |
|
| (19,131 | ) |
|
| (17,800 | ) |
|
| (17,636 | ) |
Loans, net of allowance for credit losses on loans |
|
| 1,784,197 |
|
|
| 1,763,682 |
|
|
| 1,721,516 |
|
|
| 1,652,114 |
|
|
| 1,632,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Bank owned life insurance |
|
| 12,490 |
|
|
| 12,401 |
|
|
| 12,315 |
|
|
| 33,440 |
|
|
| 33,202 |
|
Premises and equipment, net |
|
| 2,810 |
|
|
| 3,061 |
|
|
| 3,297 |
|
|
| 3,558 |
|
|
| 3,774 |
|
Other real estate owned |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 14,095 |
|
|
| - |
|
Accrued interest receivable and other assets |
|
| 67,139 |
|
|
| 72,395 |
|
|
| 86,992 |
|
|
| 73,104 |
|
|
| 62,234 |
|
Total assets |
| $ | 2,287,021 |
|
| $ | 2,256,511 |
|
| $ | 2,230,836 |
|
| $ | 2,201,900 |
|
| $ | 2,207,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing demand |
| $ | 405,644 |
|
| $ | 477,728 |
|
| $ | 472,517 |
|
| $ | 490,289 |
|
| $ | 593,246 |
|
Interest-bearing checking |
|
| 840,839 |
|
|
| 764,766 |
|
|
| 740,902 |
|
|
| 784,757 |
|
|
| 717,116 |
|
Money market and savings |
|
| 312,162 |
|
|
| 319,692 |
|
|
| 298,117 |
|
|
| 322,983 |
|
|
| 316,991 |
|
Time |
|
| 99,239 |
|
|
| 56,140 |
|
|
| 46,676 |
|
|
| 30,880 |
|
|
| 46,794 |
|
Brokered |
|
| 80,608 |
|
|
| 139,532 |
|
|
| 96,117 |
|
|
| 79,291 |
|
|
| 74,566 |
|
Total deposits |
|
| 1,738,492 |
|
|
| 1,757,858 |
|
|
| 1,654,329 |
|
|
| 1,708,200 |
|
|
| 1,748,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Subordinated debt, net |
|
| 21,957 |
|
|
| 21,931 |
|
|
| 21,906 |
|
|
| 21,881 |
|
|
| 21,855 |
|
Short-term borrowings |
|
| 330,000 |
|
|
| 290,000 |
|
|
| 360,000 |
|
|
| 300,000 |
|
|
| 264,000 |
|
Accrued interest payable and other liabilities |
|
| 25,123 |
|
|
| 19,638 |
|
|
| 29,289 |
|
|
| 26,250 |
|
|
| 22,432 |
|
Total liabilities |
|
| 2,115,572 |
|
|
| 2,089,427 |
|
|
| 2,065,524 |
|
|
| 2,056,331 |
|
|
| 2,057,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
| 105,487 |
|
|
| 104,771 |
|
|
| 104,499 |
|
|
| 104,018 |
|
|
| 103,420 |
|
Retained earnings |
|
| 118,400 |
|
|
| 114,934 |
|
|
| 109,688 |
|
|
| 109,386 |
|
|
| 103,979 |
|
Accumulated other comprehensive (loss) |
|
| (52,438 | ) |
|
| (52,621 | ) |
|
| (48,875 | ) |
|
| (67,835 | ) |
|
| (56,594 | ) |
Total shareholders' equity |
|
| 171,449 |
|
|
| 167,084 |
|
|
| 165,312 |
|
|
| 145,569 |
|
|
| 150,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total liabilities and shareholders' equity |
| $ | 2,287,021 |
|
| $ | 2,256,511 |
|
| $ | 2,230,836 |
|
| $ | 2,201,900 |
|
| $ | 2,207,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
AVIDBANK HOLDINGS, INC.
Consolidated Statements of Income (Unaudited)
(in thousands, except share and per share amounts)
| Three months ended |
|
| For the six months ended |
| |||||||||||||||||||||||
| June 30, |
|
| March 31, |
|
| Dec. 31, |
|
| Sept. 30, |
|
| June 30, |
|
|
|
|
|
|
| ||||||||
| 2024 |
|
| 2024 |
|
| 2023 |
|
| 2023 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||||||
Interest and fees on loans |
| $ | 33,255 |
|
| $ | 31,828 |
|
| $ | 31,078 |
|
| $ | 29,125 |
|
| $ | 26,713 |
|
| $ | 65,083 |
|
| $ | 52,290 |
|
Interest on investment securities |
|
| 1,801 |
|
|
| 1,824 |
|
|
| 1,979 |
|
|
| 2,009 |
|
|
| 2,058 |
|
|
| 3,624 |
|
|
| 4,670 |
|
Federal Home Loan Bank dividends (1) |
|
| 193 |
|
|
| 190 |
|
|
| 172 |
|
|
| 171 |
|
|
| 185 |
|
|
| 384 |
|
|
| 348 |
|
Other interest income |
|
| 951 |
|
|
| 819 |
|
|
| 654 |
|
|
| 662 |
|
|
| 1,196 |
|
|
| 1,770 |
|
|
| 1,824 |
|
Total interest income |
|
| 36,200 |
|
|
| 34,661 |
|
|
| 33,883 |
|
|
| 31,967 |
|
|
| 30,152 |
|
|
| 70,861 |
|
|
| 59,132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Deposit interest expense |
|
| 13,494 |
|
|
| 12,034 |
|
|
| 11,692 |
|
|
| 10,704 |
|
|
| 7,989 |
|
|
| 25,528 |
|
|
| 14,019 |
|
Interest on short-term borrowings |
|
| 3,880 |
|
|
| 3,442 |
|
|
| 3,467 |
|
|
| 3,480 |
|
|
| 4,189 |
|
|
| 7,322 |
|
|
| 6,862 |
|
Interest on long-term debt |
|
| 300 |
|
|
| 300 |
|
|
| 300 |
|
|
| 300 |
|
|
| 300 |
|
|
| 601 |
|
|
| 600 |
|
Total interest expense |
|
| 17,674 |
|
|
| 15,776 |
|
|
| 15,459 |
|
|
| 14,484 |
|
|
| 12,478 |
|
|
| 33,451 |
|
|
| 21,481 |
|
Net interest income |
|
| 18,526 |
|
|
| 18,885 |
|
|
| 18,424 |
|
|
| 17,483 |
|
|
| 17,674 |
|
|
| 37,410 |
|
|
| 37,651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Provision for credit losses |
|
| 2,998 |
|
|
| 319 |
|
|
| 1,266 |
|
|
| 120 |
|
|
| 1,471 |
|
|
| 3,317 |
|
|
| 1,656 |
|
Net interest income after |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
provision for credit losses |
|
| 15,528 |
|
|
| 18,566 |
|
|
| 17,158 |
|
|
| 17,363 |
|
|
| 16,203 |
|
|
| 34,093 |
|
|
| 35,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Service charges and bank fees |
|
| 658 |
|
|
| 618 |
|
|
| 613 |
|
|
| 560 |
|
|
| 545 |
|
|
| 1,275 |
|
|
| 1,036 |
|
Foreign exchange income |
|
| 208 |
|
|
| 251 |
|
|
| 210 |
|
|
| 53 |
|
|
| 66 |
|
|
| 460 |
|
|
| 149 |
|
Income from bank owned life insurance |
|
| 137 |
|
|
| 187 |
|
|
| 201 |
|
|
| 238 |
|
|
| 230 |
|
|
| 324 |
|
|
| 455 |
|
Gain/(loss) on sale of securities |
|
| - |
|
|
| - |
|
|
| (5,399 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (815 | ) |
Warrant and success fee income |
|
| - |
|
|
| - |
|
|
| 15 |
|
|
| 8 |
|
|
| - |
|
|
| - |
|
|
| - |
|
Other investment income |
|
| 59 |
|
|
| 155 |
|
|
| (116 | ) |
|
| 142 |
|
|
| 37 |
|
|
| 214 |
|
|
| 30 |
|
Loss on sale of ORE |
|
| - |
|
|
| - |
|
|
| (165 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Other income |
|
| 36 |
|
|
| 72 |
|
|
| 19 |
|
|
| 62 |
|
|
| 24 |
|
|
| 108 |
|
|
| 51 |
|
Total noninterest income |
|
| 1,098 |
|
|
| 1,283 |
|
|
| (4,622 | ) |
|
| 1,063 |
|
|
| 902 |
|
|
| 2,381 |
|
|
| 906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Salaries and benefit expenses |
|
| 7,980 |
|
|
| 8,794 |
|
|
| 8,137 |
|
|
| 7,460 |
|
|
| 7,021 |
|
|
| 16,774 |
|
|
| 14,975 |
|
Occupancy and equipment expenses |
|
| 1,039 |
|
|
| 1,028 |
|
|
| 986 |
|
|
| 1,002 |
|
|
| 1,005 |
|
|
| 2,067 |
|
|
| 1,965 |
|
Data processing |
|
| 597 |
|
|
| 564 |
|
|
| 499 |
|
|
| 538 |
|
|
| 477 |
|
|
| 1,161 |
|
|
| 1,004 |
|
Regulatory assessments |
|
| 568 |
|
|
| 446 |
|
|
| 403 |
|
|
| 478 |
|
|
| 555 |
|
|
| 1,014 |
|
|
| 781 |
|
Legal and professional fees |
|
| 541 |
|
|
| 611 |
|
|
| 531 |
|
|
| 483 |
|
|
| 394 |
|
|
| 1,152 |
|
|
| 825 |
|
Other operating expenses |
|
| 1,033 |
|
|
| 984 |
|
|
| 994 |
|
|
| 935 |
|
|
| 960 |
|
|
| 2,016 |
|
|
| 1,894 |
|
Total noninterest expense |
|
| 11,758 |
|
|
| 12,427 |
|
|
| 11,550 |
|
|
| 10,896 |
|
|
| 10,412 |
|
|
| 24,184 |
|
|
| 21,444 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income before income taxes |
|
| 4,868 |
|
|
| 7,422 |
|
|
| 986 |
|
|
| 7,530 |
|
|
| 6,693 |
|
|
| 12,290 |
|
|
| 15,457 |
|
Provision for income taxes |
|
| 1,402 |
|
|
| 2,176 |
|
|
| 683 |
|
|
| 2,122 |
|
|
| 1,967 |
|
|
| 3,578 |
|
|
| 4,367 |
|
Net income |
| $ | 3,466 |
|
| $ | 5,246 |
|
| $ | 303 |
|
| $ | 5,408 |
|
| $ | 4,726 |
|
| $ | 8,712 |
|
| $ | 11,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Basic earnings per common share |
| $ | 0.47 |
|
| $ | 0.71 |
|
| $ | 0.04 |
|
| $ | 0.74 |
|
| $ | 0.65 |
|
| $ | 1.18 |
|
| $ | 1.52 |
|
Diluted earnings per common share |
|
| 0.46 |
|
|
| 0.69 |
|
|
| 0.04 |
|
|
| 0.72 |
|
|
| 0.63 |
|
|
| 1.15 |
|
|
| 1.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Weighted average shares - basic |
|
| 7,426,949 |
|
|
| 7,386,639 |
|
|
| 7,344,693 |
|
|
| 7,327,197 |
|
|
| 7,321,246 |
|
|
| 7,406,794 |
|
|
| 7,310,188 |
|
Weighted average shares - diluted |
|
| 7,578,613 |
|
|
| 7,551,406 |
|
|
| 7,543,616 |
|
|
| 7,511,373 |
|
|
| 7,457,906 |
|
|
| 7,565,065 |
|
|
| 7,454,643 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(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; taxable equivalent)
|
| ||||||||||
| Three months ended | ||||||||||
| June 30, 2024 |
| March 31, 2024 | ||||||||
|
|
| Interest |
| Yields |
|
|
| Interest |
| Yields |
| Average |
| Income/ |
| or |
| Average |
| Income/ |
| or |
| Balance |
| Expense |
| Rates |
| Balance |
| Expense |
| Rates |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
|
|
|
| ||||||
Fed funds sold/interest bearing deposits | 70,491 |
| 951 |
|
| 59,391 |
| 819 |
| ||
Investment securities |
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities | 305,492 |
| 1,778 |
|
| 317,572 |
| 1,802 |
| ||
Non-taxable investment securities (2) | 1,802 |
| 28 |
|
| 1,868 |
| 28 |
| ||
Total investment securities | 307,294 |
| 1,806 |
|
| 319,440 |
| 1,830 |
| ||
FHLB stock (3) | 8,409 |
| 193 |
|
| 8,409 |
| 190 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning assets | 2,200,997 |
| 36,205 |
|
| 2,145,441 |
| 34,667 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks | 12,188 |
|
|
|
|
| 13,038 |
|
|
|
|
All other assets (4) | 52,398 |
|
|
|
|
| 64,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
|
|
|
| ||||||
Money market and savings | 304,392 |
| 2,598 |
|
| 303,593 |
| 2,270 |
| ||
Time | 97,430 |
| 1,035 |
|
| 56,783 |
| 555 |
| ||
Brokered | 135,952 |
| 1,830 |
|
| 134,453 |
| 1,770 |
| ||
Total interest-bearing deposits | 1,320,822 |
| 13,494 |
|
| 1,241,745 |
| 12,034 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings | 295,220 |
| 3,880 |
|
| 282,066 |
| 3,442 |
| ||
Subordinated debt | 21,944 |
| 300 |
|
| 21,917 |
| 300 |
| ||
Total interest-bearing liabilities | 1,637,986 |
| 17,674 |
|
| 1,545,728 |
| 15,776 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Demand deposits | 436,498 |
|
|
|
|
| 483,100 |
|
|
|
|
Accrued expenses and other liabilities | 24,225 |
|
|
|
|
| 27,043 |
|
|
|
|
Shareholders' equity | 166,874 |
|
|
|
|
| 166,907 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and |
|
|
|
|
|
|
|
|
|
|
|
shareholders' equity |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
|
| ||
Net interest income and margin (5) |
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
Non-taxable equivalent net interest margin |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Cost of deposits |
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
|
|
|
|
|
|
| |||
AVIDBANK HOLDINGS, INC. |
|
|
|
|
|
|
|
|
|
|
|
Average Balance Sheets and Net Interest Margin Analysis (Unaudited) |
|
|
|
|
|
| |||||
(dollars in thousands; taxable equivalent) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Three months ended | ||||||||||
| June 30, 2024 |
| June 30, 2023 | ||||||||
|
|
| Interest |
| Yields |
|
|
| Interest |
| Yields |
| Average |
| Income/ |
| or |
| Average |
| Income/ |
| or |
| Balance |
| Expense |
| Rates |
| Balance |
| Expense |
| Rates |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
|
|
|
| ||||||
Fed funds sold/interest bearing deposits | 70,491 |
| 951 |
|
| 93,001 |
| 1,196 |
| ||
Investment securities |
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities | 305,492 |
| 1,778 |
|
| 382,860 |
| 2,058 |
| ||
Non-taxable investment securities (2) | 1,802 |
| 28 |
|
| - |
| - |
| ||
Total investment securities | 307,294 |
| 1,806 |
|
| 382,860 |
| 2,058 |
| ||
FHLB stock (3) | 8,409 |
| 193 |
|
| 8,361 |
| 185 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning assets | 2,200,997 |
| 36,205 |
|
| 2,074,980 |
| 30,152 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks | 12,188 |
|
|
|
|
| 23,515 |
|
|
|
|
All other assets (4) | 52,398 |
|
|
|
|
| 73,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
|
|
|
| ||||||
Money market and savings | 304,392 |
| 2,598 |
|
| 849,549 |
| 6,699 |
| ||
Time | 97,430 |
| 1,035 |
|
| 48,650 |
| 198 |
| ||
Brokered | 135,952 |
| 1,830 |
|
| 83,319 |
| 1,032 |
| ||
Total interest-bearing deposits | 1,320,822 |
| 13,494 |
|
| 1,007,372 |
| 7,989 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings | 295,220 |
| 3,880 |
|
| 343,341 |
| 4,189 |
| ||
Subordinated debt | 21,944 |
| 300 |
|
| 21,842 |
| 300 |
| ||
Total interest-bearing liabilities | 1,637,986 |
| 17,674 |
|
| 1,372,555 |
| 12,478 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Demand deposits | 436,498 |
|
|
|
|
| 621,603 |
|
|
|
|
Accrued expenses and other liabilities | 24,225 |
|
|
|
|
| 23,524 |
|
|
|
|
Shareholders' equity | 166,874 |
|
|
|
|
| 153,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and |
|
|
|
|
|
|
|
|
|
|
|
shareholders' equity |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
|
| ||
Net interest income and margin (5) |
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
Non-taxable equivalent net interest margin |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Cost of deposits |
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
|
|
|
|
|
|
| |||
AVIDBANK HOLDINGS, INC.
Average Balance Sheets and Net Interest Margin Analysis (Unaudited)
(dollars in thousands; taxable equivalent)
|
|
|
|
| |||||||||||||||||||||
| Six months ended |
|
| ||||||||||||||||||||||
| June 30, 2024 |
|
| June 30, 2023 |
|
| |||||||||||||||||||
|
|
|
| Interest |
|
| Yields |
|
|
|
|
| Interest |
|
| Yields |
|
| |||||||
| Average |
|
| Income/ |
|
| or |
|
| Average |
|
| Income/ |
|
| or |
|
| |||||||
| Balance |
|
| Expense |
|
| Rates |
|
| Balance |
|
| Expense |
|
| Rates |
|
| |||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Loans (1) |
| $ | 1,786,502 |
|
| $ | 65,083 |
|
|
| 7.33 | % |
| $ | 1,573,881 |
|
| $ | 52,290 |
|
|
| 6.70 | % |
|
Fed funds sold/interest bearing deposits |
|
| 64,941 |
|
|
| 1,770 |
|
|
| 5.48 | % |
|
| 74,753 |
|
|
| 1,824 |
|
|
| 4.85 | % |
|
Investment securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities |
|
| 311,532 |
|
|
| 3,580 |
|
|
| 2.31 | % |
|
| 398,533 |
|
|
| 4,406 |
|
|
| 2.23 | % |
|
Non-taxable investment securities (2) |
|
| 1,835 |
|
|
| 56 |
|
|
| 6.14 | % |
|
| 14,664 |
|
|
| 334 |
|
|
| 4.59 | % |
|
Total investment securities |
|
| 313,367 |
|
|
| 3,636 |
|
|
| 2.33 | % |
|
| 413,197 |
|
|
| 4,740 |
|
|
| 2.31 | % |
|
FHLB stock (3) |
|
| 8,409 |
|
|
| 384 |
|
|
| 9.18 | % |
|
| 7,986 |
|
|
| 348 |
|
|
| 8.79 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total interest-earning assets |
|
| 2,173,219 |
|
|
| 70,873 |
|
|
| 6.56 | % |
|
| 2,069,817 |
|
|
| 59,202 |
|
|
| 5.77 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
| 12,613 |
|
|
|
|
|
|
|
|
|
|
| 23,255 |
|
|
|
|
|
|
|
|
|
|
All other assets (4) |
|
| 58,348 |
|
|
|
|
|
|
|
|
|
|
| 74,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total assets |
| $ | 2,244,180 |
|
|
|
|
|
|
|
|
|
| $ | 2,168,020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
| $ | 764,981 |
|
| $ | 15,470 |
|
|
| 4.07 | % |
| $ | 27,966 |
|
| $ | 116 |
|
|
| 0.84 | % |
|
Money market and savings |
|
| 303,992 |
|
|
| 4,868 |
|
|
| 3.22 | % |
|
| 884,228 |
|
|
| 12,292 |
|
|
| 2.80 | % |
|
Time |
|
| 77,107 |
|
|
| 1,590 |
|
|
| 4.15 | % |
|
| 57,193 |
|
|
| 421 |
|
|
| 1.48 | % |
|
Brokered |
|
| 135,203 |
|
|
| 3,600 |
|
|
| 5.35 | % |
|
| 48,442 |
|
|
| 1,190 |
|
|
| 4.95 | % |
|
Total interest-bearing deposits |
|
| 1,281,283 |
|
|
| 25,528 |
|
|
| 4.01 | % |
|
| 1,017,829 |
|
|
| 14,019 |
|
|
| 2.78 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Short-term borrowings |
|
| 288,643 |
|
|
| 7,322 |
|
|
| 5.10 | % |
|
| 281,787 |
|
|
| 6,862 |
|
|
| 4.91 | % |
|
Subordinated debt |
|
| 21,931 |
|
|
| 601 |
|
|
| 5.51 | % |
|
| 21,829 |
|
|
| 600 |
|
|
| 5.54 | % |
|
Total interest-bearing liabilities |
|
| 1,591,857 |
|
|
| 33,451 |
|
|
| 4.23 | % |
|
| 1,321,445 |
|
|
| 21,481 |
|
|
| 3.28 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
| 459,799 |
|
|
|
|
|
|
|
|
|
|
| 672,963 |
|
|
|
|
|
|
|
|
|
|
Accrued expenses and other liabilities |
|
| 25,634 |
|
|
|
|
|
|
|
|
|
|
| 24,446 |
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
| 166,890 |
|
|
|
|
|
|
|
|
|
|
| 149,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total liabilities and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders' equity |
| $ | 2,244,180 |
|
|
|
|
|
|
|
|
|
| $ | 2,168,020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net interest spread |
|
|
|
|
|
|
|
|
|
| 2.33 | % |
|
|
|
|
|
|
|
|
|
| 2.49 | % |
|
Net interest income and margin (5) |
|
|
|
|
| $ | 37,422 |
|
|
| 3.46 | % |
|
|
|
|
| $ | 37,721 |
|
|
| 3.68 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-taxable equivalent net interest margin |
|
|
|
|
|
|
|
|
|
| 3.46 | % |
|
|
|
|
|
|
|
|
|
| 3.67 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cost of deposits |
| $ | 1,741,082 |
|
| $ | 25,528 |
|
|
| 2.95 | % |
| $ | 1,690,792 |
|
| $ | 14,019 |
|
|
| 1.67 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(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 loan losses of | |||||||||||||||||||||||||
(5) Tax equivalent net interest income divided by total interest-earning assets. | |||||||||||||||||||||||||
AVIDBANK HOLDINGS, INC.
Loans and Credit Data (Unaudited)
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| June 30, |
|
| March 31, |
|
| Dec. 31, |
|
| Sept. 30, |
|
| June 30, |
|
| Current Quarter |
|
| Year over Year |
| ||||||||
| 2024 |
|
| 2024 |
|
| 2023 |
|
| 2023 |
|
| 2023 |
|
| Change |
|
| Change |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Commercial loans |
| $ | 821,623 |
|
| $ | 783,171 |
|
| $ | 758,552 |
|
| $ | 731,206 |
|
| $ | 716,355 |
|
| $ | 38,452 |
|
| $ | 105,268 |
|
Commercial real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-family |
|
| 198,366 |
|
|
| 198,017 |
|
|
| 194,981 |
|
|
| 184,147 |
|
|
| 193,014 |
|
|
| 349 |
|
|
| 5,352 |
|
Owner Occupied |
|
| 136,357 |
|
|
| 137,426 |
|
|
| 139,059 |
|
|
| 135,950 |
|
|
| 132,078 |
|
|
| (1,069 | ) |
|
| 4,279 |
|
Non-Owner Occupied |
|
| 390,461 |
|
|
| 388,141 |
|
|
| 393,809 |
|
|
| 386,629 |
|
|
| 376,467 |
|
|
| 2,320 |
|
|
| 13,994 |
|
Construction and land |
|
| 242,966 |
|
|
| 259,562 |
|
|
| 237,124 |
|
|
| 214,474 |
|
|
| 215,865 |
|
|
| (16,596 | ) |
|
| 27,101 |
|
Residential |
|
| 15,717 |
|
|
| 16,187 |
|
|
| 16,816 |
|
|
| 17,311 |
|
|
| 16,220 |
|
|
| (470 | ) |
|
| (503 | ) |
Total real estate loans |
|
| 983,867 |
|
|
| 999,333 |
|
|
| 981,789 |
|
|
| 938,511 |
|
|
| 933,644 |
|
|
| (15,466 | ) |
|
| 50,223 |
|
Other loans |
|
| 1,117 |
|
|
| 520 |
|
|
| 306 |
|
|
| 197 |
|
|
| 266 |
|
|
| 597 |
|
|
| 851 |
|
Total loans |
| $ | 1,806,607 |
|
| $ | 1,783,024 |
|
| $ | 1,740,647 |
|
| $ | 1,669,914 |
|
| $ | 1,650,265 |
|
| $ | 23,583 |
|
| $ | 156,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Allowance for Credit Losses on Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of quarter |
| $ | 19,342 |
|
| $ | 19,131 |
|
| $ | 17,800 |
|
| $ | 17,636 |
|
| $ | 16,389 |
|
|
|
|
|
|
|
|
|
Provision for credit losses on loans |
|
| 3,068 |
|
|
| 211 |
|
|
| 1,331 |
|
|
| 164 |
|
|
| 1,347 |
|
|
|
|
|
|
|
|
|
Charge-offs |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (100 | ) |
|
|
|
|
|
|
|
|
Recoveries |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
|
|
|
|
|
|
|
Balance, end of quarter |
| $ | 22,410 |
|
| $ | 19,342 |
|
| $ | 19,131 |
|
| $ | 17,800 |
|
| $ | 17,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Allowance for Credit Losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
on Unfunded Commitments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of quarter |
| $ | 2,168 |
|
| $ | 2,060 |
|
| $ | 2,125 |
|
| $ | 2,169 |
|
| $ | 2,045 |
|
|
|
|
|
|
|
|
|
Provision for unfunded commitments |
|
| (70 | ) |
|
| 108 |
|
|
| (65 | ) |
|
| (44 | ) |
|
| 124 |
|
|
|
|
|
|
|
|
|
Balance, end of quarter |
| $ | 2,098 |
|
| $ | 2,168 |
|
| $ | 2,060 |
|
| $ | 2,125 |
|
| $ | 2,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total allowance for credit losses - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
loans and unfunded commitments |
| $ | 24,508 |
|
| $ | 21,510 |
|
| $ | 21,191 |
|
| $ | 19,925 |
|
| $ | 19,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Provision for credit losses under CECL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses on loans |
| $ | 3,068 |
|
| $ | 211 |
|
| $ | 1,331 |
|
| $ | 164 |
|
| $ | 1,347 |
|
|
|
|
|
|
|
|
|
Provision for unfunded commitments |
|
| (70 | ) |
|
| 108 |
|
|
| (65 | ) |
|
| (44 | ) |
|
| 124 |
|
|
|
|
|
|
|
|
|
Total provision for credit losses |
| $ | 2,998 |
|
| $ | 319 |
|
| $ | 1,266 |
|
| $ | 120 |
|
| $ | 1,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Nonperforming Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans accounted for on a non-accrual basis |
| $ | 3,686 |
|
| $ | 1,370 |
|
| $ | 1,378 |
|
| $ | 1,385 |
|
| $ | 15,485 |
|
|
|
|
|
|
|
|
|
Loans past due 90 days or more and still accruing |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
|
|
|
|
|
|
|
Nonperforming loans |
|
| 3,686 |
|
|
| 1,370 |
|
|
| 1,378 |
|
|
| 1,385 |
|
|
| 15,485 |
|
|
|
|
|
|
|
|
|
Other real estate owned |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 14,095 |
|
|
| - |
|
|
|
|
|
|
|
|
|
Nonperforming assets |
| $ | 3,686 |
|
| $ | 1,370 |
|
| $ | 1,378 |
|
| $ | 15,480 |
|
| $ | 15,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Nonperforming Loans by Type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
| $ | 3,686 |
|
| $ | 1,370 |
|
| $ | 1,378 |
|
| $ | 1,385 |
|
| $ | 1,390 |
|
|
|
|
|
|
|
|
|
Construction and land |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 14,095 |
|
|
|
|
|
|
|
|
|
Total Nonperforming loans |
| $ | 3,686 |
|
| $ | 1,370 |
|
| $ | 1,378 |
|
| $ | 1,385 |
|
| $ | 15,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Asset Quality Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses on loans to total loans |
|
| 1.24 | % |
|
| 1.08 | % |
|
| 1.10 | % |
|
| 1.07 | % |
|
| 1.07 | % |
|
|
|
|
|
|
|
|
Allowance for credit losses to total loans |
|
| 1.36 | % |
|
| 1.21 | % |
|
| 1.22 | % |
|
| 1.19 | % |
|
| 1.20 | % |
|
|
|
|
|
|
|
|
Allowance for credit losses on loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to nonperforming loans |
|
| 607.98 | % |
|
| 1411.82 | % |
|
| 1388.32 | % |
|
| 1285.20 | % |
|
| 113.89 | % |
|
|
|
|
|
|
|
|
Nonperforming assets to total assets |
|
| 0.16 | % |
|
| 0.06 | % |
|
| 0.06 | % |
|
| 0.70 | % |
|
| 0.70 | % |
|
|
|
|
|
|
|
|
Nonperforming loans to total loans |
|
| 0.20 | % |
|
| 0.08 | % |
|
| 0.08 | % |
|
| 0.08 | % |
|
| 0.94 | % |
|
|
|
|
|
|
|
|
Net quarterly charge-offs to average loans (1) |
|
| 0.00 | % |
|
| 0.00 | % |
|
| 0.00 | % |
|
| 0.00 | % |
|
| 0.03 | % |
|
|
|
|
|
|
|
|
Criticized and classified loans to total loans |
|
| 2.00 | % |
|
| 1.78 | % |
|
| 1.72 | % |
|
| 1.70 | % |
|
| 1.83 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(1) Annualized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVIDBANK HOLDINGS, INC.
Deposits (Unaudited)
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current |
|
| Year over |
| ||||||||
| June 30, |
|
| March 31, |
|
| Dec. 31, |
|
| Sept. 30, |
|
| June 30, |
|
| Quarter |
|
| Year |
| ||||||||
Period End Deposits |
| 2024 |
|
| 2024 |
|
| 2023 |
|
| 2023 |
|
| 2023 |
|
| Change |
|
| Change |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Non-interest-bearing demand |
| $ | 405,644 |
|
| $ | 477,728 |
|
| $ | 472,517 |
|
| $ | 490,289 |
|
| $ | 593,246 |
|
| $ | (72,084 | ) |
| $ | (187,602 | ) |
Interest-bearing checking |
|
| 840,839 |
|
|
| 764,766 |
|
|
| 740,902 |
|
|
| 784,757 |
|
|
| 717,116 |
|
|
| 76,073 |
|
|
| 123,723 |
|
Money market and savings |
|
| 312,162 |
|
|
| 319,692 |
|
|
| 298,117 |
|
|
| 322,983 |
|
|
| 316,991 |
|
|
| (7,530 | ) |
|
| (4,829 | ) |
Time |
|
| 99,239 |
|
|
| 56,140 |
|
|
| 46,676 |
|
|
| 30,880 |
|
|
| 46,794 |
|
|
| 43,099 |
|
|
| 52,445 |
|
Brokered |
|
| 80,608 |
|
|
| 139,532 |
|
|
| 96,117 |
|
|
| 79,291 |
|
|
| 74,566 |
|
|
| (58,924 | ) |
|
| 6,042 |
|
Total deposits |
| $ | 1,738,492 |
|
| $ | 1,757,858 |
|
| $ | 1,654,329 |
|
| $ | 1,708,200 |
|
| $ | 1,748,713 |
|
| $ | (19,366 | ) |
| $ | (10,221 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Average Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-interest-bearing demand |
| $ | 436,498 |
|
| $ | 483,100 |
|
| $ | 487,301 |
|
| $ | 520,573 |
|
| $ | 621,603 |
|
| $ | (46,602 | ) |
| $ | (185,105 | ) |
Interest-bearing checking |
|
| 783,048 |
|
|
| 746,916 |
|
|
| 766,856 |
|
|
| 748,016 |
|
|
| 486,367 |
|
|
| 36,132 |
|
|
| 296,681 |
|
Money market and savings |
|
| 304,392 |
|
|
| 303,593 |
|
|
| 305,240 |
|
|
| 296,865 |
|
|
| 389,036 |
|
|
| 799 |
|
|
| (84,644 | ) |
Time |
|
| 97,430 |
|
|
| 56,783 |
|
|
| 29,787 |
|
|
| 41,455 |
|
|
| 48,650 |
|
|
| 40,647 |
|
|
| 48,780 |
|
Brokered |
|
| 135,952 |
|
|
| 134,453 |
|
|
| 119,605 |
|
|
| 75,420 |
|
|
| 83,319 |
|
|
| 1,499 |
|
|
| 52,633 |
|
Total deposits |
| $ | 1,757,320 |
|
| $ | 1,724,845 |
|
| $ | 1,708,789 |
|
| $ | 1,682,329 |
|
| $ | 1,628,975 |
|
| $ | 32,475 |
|
| $ | 128,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
AVIDBANK HOLDINGS, INC.
Non-GAAP performance and Financial Measures Reconciliation (Unaudited)
(in thousands, except share and per share amounts)
| 2024 |
|
| 2023 |
|
| For the six months ended |
| ||||||||||||||||||||
| Second |
|
| First |
|
| Fourth |
|
| Third |
|
| Second |
|
| June 30, |
| |||||||||||
Non-GAAP adjusted net income reconciliation |
| Quarter |
|
| Quarter |
|
| Quarter |
|
| Quarter |
|
| Quarter |
|
| 2024 |
|
| 2023 |
| |||||||
Net income - GAAP |
| $ | 3,466 |
|
| $ | 5,246 |
|
| $ | 303 |
|
| $ | 5,408 |
|
| $ | 4,726 |
|
| $ | 8,712 |
|
| $ | 11,090 |
|
Loss on sale of securities, net of income tax |
|
| - |
|
|
| - |
|
|
| 3,888 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 595 |
|
Severance, net of income tax |
|
| - |
|
|
| - |
|
|
| 233 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
BOLI surrender tax expense |
|
| - |
|
|
| - |
|
|
| 478 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Adjusted net income (non-GAAP) |
| $ | 3,466 |
|
| $ | 5,246 |
|
| $ | 4,902 |
|
| $ | 5,408 |
|
| $ | 4,726 |
|
| $ | 8,712 |
|
| $ | 11,685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-GAAP adjusted net income reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income - GAAP |
| $ | 3,466 |
|
| $ | 5,246 |
|
| $ | 303 |
|
| $ | 5,408 |
|
| $ | 4,726 |
|
| $ | 8,712 |
|
| $ | 11,090 |
|
Loss on sale of securities |
|
| - |
|
|
| - |
|
|
| 5,399 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 815 |
|
Tax impact of loss on sale of securities |
|
| - |
|
|
| - |
|
|
| (1,511 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (220 | ) |
Severance |
|
| - |
|
|
| - |
|
|
| 324 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Tax impact of severance |
|
| - |
|
|
| - |
|
|
| (91 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
BOLI surrender tax expense |
|
| - |
|
|
| - |
|
|
| 478 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Adjusted net income (non-GAAP) |
| $ | 3,466 |
|
| $ | 5,246 |
|
| $ | 4,902 |
|
| $ | 5,408 |
|
| $ | 4,726 |
|
| $ | 8,712 |
|
| $ | 11,685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-GAAP adjusted diluted earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
per share reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share - GAAP |
| $ | 0.46 |
|
| $ | 0.69 |
|
| $ | 0.04 |
|
| $ | 0.72 |
|
| $ | 0.63 |
|
| $ | 1.15 |
|
| $ | 1.49 |
|
Loss on sale of securities, net of income tax |
|
| - |
|
|
| - |
|
|
| 0.52 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 0.08 |
|
Severance, net of income tax |
|
| - |
|
|
| - |
|
|
| 0.03 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
BOLI surrender tax expense |
|
| - |
|
|
| - |
|
|
| 0.06 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Diluted earnings per share - adjusted (non-GAAP) |
| $ | 0.46 |
|
| $ | 0.69 |
|
| $ | 0.65 |
|
| $ | 0.72 |
|
| $ | 0.63 |
|
| $ | 1.15 |
|
| $ | 1.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-GAAP adjusted return on |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average assets reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income - GAAP |
| $ | 3,466 |
|
| $ | 5,246 |
|
| $ | 303 |
|
| $ | 5,408 |
|
| $ | 4,726 |
|
| $ | 8,712 |
|
| $ | 11,090 |
|
Average total assets |
|
| 2,265,583 |
|
|
| 2,222,778 |
|
|
| 2,191,198 |
|
|
| 2,168,443 |
|
|
| 2,171,559 |
|
|
| 2,244,180 |
|
|
| 2,171,559 |
|
Return on average assets - GAAP |
|
| 0.62 | % |
|
| 0.95 | % |
|
| 0.05 | % |
|
| 0.99 | % |
|
| 0.87 | % |
|
| 0.78 | % |
|
| 1.03 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Adjusted net income (non-GAAP) |
| $ | 3,466 |
|
| $ | 5,246 |
|
| $ | 4,902 |
|
| $ | 5,408 |
|
| $ | 4,726 |
|
| $ | 8,712 |
|
| $ | 11,685 |
|
Average total assets |
|
| 2,265,583 |
|
|
| 2,222,778 |
|
|
| 2,191,198 |
|
|
| 2,168,443 |
|
|
| 2,171,559 |
|
|
| 2,244,180 |
|
|
| 2,171,559 |
|
Return on average assets - adjusted (non-GAAP) |
|
| 0.62 | % |
|
| 0.95 | % |
|
| 0.89 | % |
|
| 0.99 | % |
|
| 0.87 | % |
|
| 0.78 | % |
|
| 1.09 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-GAAP taxable equivalent net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interest income reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income - GAAP |
| $ | 18,526 |
|
| $ | 18,885 |
|
| $ | 18,424 |
|
| $ | 17,483 |
|
| $ | 17,674 |
|
| $ | 37,410 |
|
| $ | 37,651 |
|
Taxable equivalent adjustment |
|
| 5 |
|
|
| 6 |
|
|
| 2 |
|
|
| - |
|
|
| - |
|
|
| 12 |
|
|
| 70 |
|
Net interest income - taxable equivalent (non-GAAP) |
| $ | 18,531 |
|
| $ | 18,891 |
|
| $ | 18,426 |
|
| $ | 17,483 |
|
| $ | 17,674 |
|
| $ | 37,422 |
|
| $ | 37,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-GAAP taxable equivalent net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interest margin reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin - GAAP |
|
| 3.39 | % |
|
| 3.54 | % |
|
| 3.49 | % |
|
| 3.36 | % |
|
| 3.42 | % |
|
| 3.46 | % |
|
| 3.67 | % |
Impact of taxable equivalent adjustment |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 0.01 |
|
Net interest margin - taxable equivalent (non-GAAP) |
|
| 3.39 | % |
|
| 3.54 | % |
|
| 3.49 | % |
|
| 3.36 | % |
|
| 3.42 | % |
|
| 3.46 | % |
|
| 3.68 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-GAAP total deposits, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
excluding brokered deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total period end deposits - GAAP |
| $ | 1,738,492 |
|
| $ | 1,757,858 |
|
| $ | 1,654,329 |
|
| $ | 1,708,200 |
|
| $ | 1,748,713 |
|
| $ | 1,738,492 |
|
| $ | 1,748,713 |
|
Brokered deposits |
|
| 80,608 |
|
|
| 139,532 |
|
|
| 96,117 |
|
|
| 79,291 |
|
|
| 74,566 |
|
|
| 80,608 |
|
|
| 74,566 |
|
Total deposits, excluding brokered (non-GAAP) |
| $ | 1,657,884 |
|
| $ | 1,618,326 |
|
| $ | 1,558,212 |
|
| $ | 1,628,909 |
|
| $ | 1,674,147 |
|
| $ | 1,657,884 |
|
| $ | 1,674,147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-GAAP pre-tax, pre-provision net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income - GAAP |
| $ | 3,466 |
|
| $ | 5,246 |
|
| $ | 303 |
|
| $ | 5,408 |
|
| $ | 4,726 |
|
| $ | 8,712 |
|
| $ | 11,090 |
|
Provision for credit losses |
|
| 2,998 |
|
|
| 319 |
|
|
| 1,266 |
|
|
| 120 |
|
|
| 1,471 |
|
|
| 3,317 |
|
|
| 1,656 |
|
Provision for income taxes |
|
| 1,402 |
|
|
| 2,176 |
|
|
| 683 |
|
|
| 2,122 |
|
|
| 1,967 |
|
|
| 3,578 |
|
|
| 4,367 |
|
Non-GAAP pre-tax, pre-provision net income |
| $ | 7,866 |
|
| $ | 7,741 |
|
| $ | 2,252 |
|
| $ | 7,650 |
|
| $ | 8,164 |
|
| $ | 15,607 |
|
| $ | 17,113 |
|
SOURCE: Avidbank Holdings, Inc.
View the original press release on accesswire.com
FAQ
What was Avidbank Holdings' (AVBH) net income for Q2 2024?
How did AVBH's Q2 2024 net income compare to previous quarters?
What was the book value per share for AVBH as of June 30, 2024?
How much did AVBH's loans grow in Q2 2024?
What was AVBH's efficiency ratio in Q2 2024?
