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Avidbank Holdings, Inc. Announces Net Income for the Third Quarter of 2024

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Avidbank Holdings, Inc. (OTC PINK:AVBH) reported net income of $5.8 million for the third quarter of 2024, or $0.77 per diluted share. This represents an increase from both the previous quarter and the same period last year. Key highlights include:

- Return on average assets improved to 1.02%
- Book value per share increased by 10% to $23.95
- Loan to deposit ratio improved to 94.0%
- Period end deposits increased by $163.0 million, or 38% annualized
- Consolidated total risk-based capital improved to 12.92%

The company made progress in strengthening its balance sheet, with strong growth in core deposits and improved capital ratios. Loan growth was slightly impacted by decreased new originations and increased payoffs. The provision for credit losses decreased significantly compared to the previous quarter.

Avidbank Holdings, Inc. (OTC PINK:AVBH) ha riportato un utile netto di 5,8 milioni di dollari per il terzo trimestre del 2024, equivalenti a $0,77 per azione diluita. Questo rappresenta un aumento sia rispetto al trimestre precedente sia rispetto allo stesso periodo dell'anno scorso. I punti salienti includono:

- Il ritorno sugli attivi medi è migliorato al 1,02%
- Il valore contabile per azione è aumentato del 10% a 23,95 dollari
- Il rapporto prestiti/depositi è migliorato al 94,0%
- I depositi alla fine del periodo sono aumentati di 163,0 milioni di dollari, con un incremento annualizzato del 38%
- Il capitale totale consolidato basato sul rischio è migliorato al 12,92%

L'azienda ha compiuto progressi nel rafforzare il proprio bilancio, con una forte crescita nei depositi fondamentali e un miglioramento dei rapporti di capitale. La crescita dei prestiti è stata leggermente influenzata da un calo nelle nuove originazioni e da un aumento delle estinzioni. La disponibilità per le perdite da credito è diminuita significativamente rispetto al trimestre precedente.

Avidbank Holdings, Inc. (OTC PINK:AVBH) reportó un ingreso neto de 5.8 millones de dólares para el tercer trimestre de 2024, equivalentes a $0.77 por acción diluida. Esto representa un aumento tanto respecto al trimestre anterior como al mismo período del año pasado. Los aspectos destacados incluyen:

- El retorno sobre activos promedios mejoró al 1.02%
- El valor contable por acción aumentó un 10% a 23.95 dólares
- La relación préstamos/depositos mejoró al 94.0%
- Los depósitos al final del período aumentaron en 163.0 millones de dólares, o un 38% anualizado
- El capital total consolidado basado en riesgos mejoró al 12.92%

La empresa avanzó en el fortalecimiento de su balance general, con un sólido crecimiento en los depósitos principales y una mejora en las proporciones de capital. El crecimiento de préstamos se vio ligeramente afectado por la disminución de nuevas originaciones y el aumento de pagos. La provisión para pérdidas crediticias disminuyó significativamente en comparación con el trimestre anterior.

Avidbank Holdings, Inc. (OTC PINK:AVBH)은 2024년 3분기 580만 달러의 순이익을 보고했으며, 이는 희석주당 0.77달러에 해당합니다. 이는 이전 분기와 작년 같은 기간보다 증가한 수치입니다. 주요 하이라이트는 다음과 같습니다:

- 평균 자산 수익률이 1.02%로 향상됨
- 주당 장부가치가 10% 증가하여 23.95달러에 도달
- 대출 대비 예금 비율이 94.0%로 개선됨
- 기간 말 예금이 1억 6300만 달러 증가하여 연율 38% 증가
- 통합 총 위험 기반 자본이 12.92%로 개선됨

회사는 기본 예금의 강력한 성장과 자본 비율 개선을 통해 재무 상태를 강화하는 데 진전을 이루었습니다. 대출 성장은 신규 발행 감소와 상환 증가로 인해 다소 영향을 받았습니다. 신용 손실 적립금은 이전 분기와 비교하여 크게 감소했습니다.

Avidbank Holdings, Inc. (OTC PINK:AVBH) a déclaré un revenu net de 5,8 millions de dollars pour le troisième trimestre de 2024, soit 0,77 dollar par action diluée. Cela représente une augmentation par rapport au trimestre précédent et à la même période de l'année dernière. Les points clés comprennent :

- Le retour sur actifs moyens s'est amélioré pour atteindre 1,02%
- La valeur comptable par action a augmenté de 10 % pour atteindre 23,95 dollars
- Le ratio prêts/dépôts s'est amélioré pour atteindre 94,0%
- Les dépôts à la fin de la période ont augmenté de 163,0 millions de dollars, soit une augmentation annualisée de 38 %
- Le capital total consolidé basé sur le risque s'est amélioré pour atteindre 12,92%

L'entreprise a progressé dans le renforcement de son bilan, avec une forte croissance des dépôts de base et une amélioration des ratios de capital. La croissance des prêts a été légèrement affectée par une diminution des nouvelles émissions et une augmentation des remboursements. La provision pour pertes sur crédit a diminué de manière significative par rapport au trimestre précédent.

Avidbank Holdings, Inc. (OTC PINK:AVBH) berichtete über einen Nettoertrag von 5,8 Millionen US-Dollar im dritten Quartal 2024, was 0,77 US-Dollar pro verwässerter Aktie entspricht. Dies stellt eine Steigerung im Vergleich zum vorherigen Quartal und zum gleichen Zeitraum des Vorjahres dar. Wichtige Punkte sind:

- Die Rendite auf das durchschnittliche Vermögen verbesserte sich auf 1,02%
- Der Buchwert pro Aktie stieg um 10 % auf 23,95 US-Dollar
- Das Verhältnis von Krediten zu Einlagen verbesserte sich auf 94,0%
- Die Einlagen am Ende des Berichtszeitraums stiegen um 163,0 Millionen US-Dollar, was annualisiert 38 % entspricht
- Das konsolidierte Gesamtrisiko-basiertes Kapital verbesserte sich auf 12,92%

Das Unternehmen hat Fortschritte bei der Stärkung seiner Bilanz gemacht, mit starkem Wachstum bei den Kern-Einlagen und verbesserten Kapitalquoten. Das Wachstum der Kredite wurde leicht durch einen Rückgang der neuen Kreditvergabe und einen Anstieg der Rückzahlungen beeinträchtigt. Die Rückstellungen für Kreditverluste sind im Vergleich zum vorherigen Quartal deutlich gesunken.

Positive
  • Net income increased to $5.8 million, up from $3.5 million in Q2 2024 and $5.4 million in Q3 2023
  • Book value per share rose 10% to $23.95 from June 30, 2024
  • Period end deposits increased $163.0 million, or 38% annualized, from June 30, 2024
  • Consolidated total risk-based capital improved to 12.92% from 12.17% at June 30, 2024
  • Short-term borrowings decreased by $170.0 million compared to June 20, 2024
  • Taxable equivalent net interest income increased by $1.1 million, or 6%, from Q3 2023
  • Noninterest income increased to $1.8 million from $1.1 million in Q2 2024
Negative
  • Loan growth decreased slightly due to lower new originations and higher payoffs
  • Net interest margin decreased by 4 basis points compared to Q2 2024
  • Cost of deposits increased to 3.22%, up 13 basis points from Q2 2024 and 70 basis points from Q3 2023
  • Noninterest expense increased by $339,000 compared to Q2 2024

SAN JOSE, CA / ACCESSWIRE / October 21, 2024 / Avidbank Holdings, Inc. (OTC PINK:AVBH) announced net income for the third quarter of 2024 of $5.8 million, or $0.77 per diluted share, compared to $3.5 million, or $0.46 per diluted share, for the second quarter of 2024 and $5.4 million, or $0.72 per diluted share, for the third quarter of 2023.

Third Quarter 2024 Highlights

  • Return on average assets was 1.02% compared to 0.62% in the second quarter of 2024 and 0.99% in the third quarter of 2023.

  • Book value per share was $23.95, an increase of $2.18, or 10%, from June 30, 2024, and an increase of $5.12, or 27%, from September 30, 2023.

  • The loan to deposit ratio improved to 94.0%, from 103.9% at June 30, 2024 and 97.8% at September 30, 2023.

  • Period end deposits increased $163.0 million, or 38% annualized, from June 30, 2024, and $247.2 million, or 15%, from December 31, 2023. Brokered deposits decreased $22.7 million from June 30, 2024 and $21.3 million from September 30, 2023.

  • Annualized net charge-offs to average loans totaled 0.02% for the third quarter of 2024 and 0.0% for the second quarter of 2024. Nonperforming assets to total assets totaled 0.16% as of September 30, 2024, compared to 0.16% as of June 30, 2024.

  • Consolidated total risk-based capital improved to 12.92% from 12.17% at June 30, 2024. This improvement included the benefit from a portion of our multifamily loan portfolio that qualifies for a reduced risk-weighted asset treatment.

  • Short-term borrowings were down $170.0 million compared to June 20, 2024, as increased core deposits enabled paydowns of more expensive sources of funds.

"During the third quarter, we continued to make solid progress on our overall goal for this year of strengthening our balance sheet. This included another quarter of strong growth in core deposits and significant improvement in our capital ratios. Total deposits, excluding brokered, increased approximately $186 million compared to the second quarter. Our capital position continues to improve, with a tangible common equity ratio of 8.21% and a total risk-based capital ratio of 12.92%. We also experienced a 10% increase in our tangible book value per share during the third quarter to $23.95 due to improved profitability and a lower unrealized loss on the investment portfolio," said Mark D. Mordell, Chairman and Chief Executive Officer.

"Loan growth in the third quarter was impacted by a slight decrease in the amount of new originations along with an elevated level of loan payoffs and paydowns on lines of credit. We are optimistic regarding both our loan and deposit pipelines as we enter the fourth quarter," added Mr. Mordell.

Income Statement

Net income totaled $5.8 million for the third quarter of 2024, an increase of $2.4 million from the second quarter of 2024, and an increase of $438,000 from the third quarter of 2023. A $3.0 million decrease in the provision for credit losses was a primary contributor to the increase compared to the second quarter of 2024.

Taxable equivalent net interest income(1) totaled $18.6 million for the third quarter of 2024, an increase of $88,000 from the second quarter of 2024, and an increase of $1.1 million, or 6%, from the third quarter of 2023. The taxable equivalent net interest margin was 3.35% in the third quarter of 2024, a decrease of 4 basis points compared to the second quarter of 2024, and a decrease of 1 basis point compared to the third quarter of 2023. The decrease in taxable equivalent net interest margin compared to the prior quarter was primarily driven by a decrease in noninterest bearing deposits and an overall increase in the cost of deposits.

The yield on loans in the third quarter of 2024 was 7.38%, an increase of 1 basis point from the second quarter of 2024 and an increase of 64 basis points from the third quarter of 2023. The overall increase in loan yields compared to prior periods was primarily due to higher rates on new loans.

The cost of deposits in the third quarter of 2024 was 3.22%, an increase of 13 basis points from the second quarter of 2024 and an increase of 70 basis points from the third quarter of 2023. The cost of interest-bearing deposits in the third quarter of 2024 was 4.16% compared to 4.11% in the second quarter of 2024 and 3.66% in the third quarter of 2023.

The provision for credit losses was $0 in the third quarter of 2024, compared to $3.0 million in the second quarter of 2024 and $120,000 in the third quarter of 2023. The provision was higher in the second quarter of 2024 primarily due to the addition of a $2.3 million nonaccrual loan.

Noninterest income was $1.8 million in the third quarter of 2024 compared to $1.1 million in the second quarter of 2024 and $1.1 million in the third quarter of 2023. The increase in other income was primarily driven by $475,000 in proceeds received from a settlement related to a previously sold foreclosed property.

Noninterest expense totaled $12.1 million for the third quarter of 2024, an increase of $339,000 compared to the second quarter of 2024 and an increase of $1.2 million from the third quarter of 2023. The increase from the second quarter was primarily due to a higher personnel expense. There were 146 full-time equivalent employees on September 30, 2024, compared to 144 on June 30, 2024.

Balance Sheet

Total assets were $2.30 billion as of September 30, 2024, compared to $2.29 billion as of June 30, 2024, and $2.20 billion at September 30, 2023. Cash and cash equivalents were $136.5 million on September 30, 2024, compared to $111.7 million on June 30, 2024, and $80.0 million on September 30, 2023.

Period end loans on September 30, 2024, totaled $1.79 billion, a decrease of $19.9 million, or 4% annualized, from June 30, 2024, and an increase of $116.8 million, or 7%, from September 30, 2023. The reduction in loans during the third quarter of 2024 included a decrease of $15.2 million in commercial loans and a decrease of $16.2 million in owner occupied commercial real estate loans, partially offset by an increase of $10.4 million and $10.1 million in construction and residential loans, respectively. Quarterly average loans for the third quarter of 2024 decreased $9.3 million, or 1%, from the second quarter of 2024 and increased $164.0 million, or 10%, from the third quarter of 2023.

The allowance for credit losses on loans was $22.3 million on September 30, 2024, representing a decrease of $95,000 from June 30, 2024. The allowance for credit losses on loans to total loans was 1.25% on September 30, 2024, compared to 1.24% on June 30, 2024. Nonperforming loans to total loans was 0.20% on September 30, 3024 and June 30, 2024.

Investment securities were $316.7 million as of September 30, 2024, compared to $308.7 million on June 30, 2024, and $345.5 million at September 30, 2023.

Period end deposits were $1.90 billion on September 30, 2024, an increase of $163.0 million, or 38% annualized, from June 30, 2024. The change in deposits during the third quarter of 2024 included a $186 million increase in interest-bearing checking, offset by a $24.2 million decrease in time deposits and a $22.7 million decrease in brokered deposits. Quarterly average deposits for the third quarter of 2024 were $1.81 billion, an increase of $48.6 million from the second quarter of 2024, and an increase of $123.6 million from the third quarter of 2023.

Short-term borrowings on September 30, 2024, totaled $160.0 million, a decrease of $170.0 million, or 52%, compared to June 30, 2024. The short-term borrowings on September 30, 2024 included $70.0 million in borrowings from the Bank Term Funding Program (BTFP).

Book value per share was $23.95 on September 30, 2024, an increase of $2.18 compared to $21.77 on June 30, 2024. Total shareholders' equity was $188.5 million on September 30, 2024, an increase of $17.1 million compared to June 30, 2024. This included an increase in retained earnings of $5.8 million and a decrease in accumulated other comprehensive loss of $10.5 million compared to June 30, 2024.

(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)

Nine months ended

2024

2023

September 30,

Third

Second

First

Fourth

Third

Quarter

Quarter

Quarter

Quarter

Quarter

2024

2023

INCOME HIGHLIGHTS

Net income

$

5,846

$

3,466

$

5,246

$

303

$

5,408

$

14,558

$

16,498

Loss on sale of securities, net of tax

-

-

-

3,888

-

-

595

Severance, net of income tax

-

-

-

233

-

-

-

BOLI surrender tax expense

-

-

-

478

-

-

-

Adjusted net income (1)

$

5,846

$

3,466

$

5,246

$

4,902

$

5,408

$

14,558

$

17,093

PER SHARE DATA

Basic earnings per share

$

0.79

$

0.47

$

0.71

$

0.04

$

0.74

$

1.96

$

2.26

Diluted earnings per share

0.77

0.46

0.69

0.04

0.72

1.92

2.21

Diluted earnings per share - adjusted (1)

0.77

0.46

0.69

0.65

0.72

1.92

2.29

Book value per share

23.95

21.77

21.41

21.27

18.83

23.95

18.83

PERFORMANCE MEASURES

Return on average assets (2)

1.02

%

0.62

%

0.95

%

0.05

%

0.99

%

0.86

%

1.02

%

Return on average assets - adjusted (1)(2)

1.02

%

0.62

%

0.95

%

0.89

%

0.99

%

0.86

%

1.05

%

Return on average equity (2)

12.97

%

8.35

%

12.64

%

0.81

%

14.01

%

11.37

%

14.66

%

Net interest margin

3.35

%

3.39

%

3.54

%

3.49

%

3.36

%

3.42

%

3.55

%

Efficiency ratio

59.29

%

59.92

%

61.62

%

83.68

%

58.75

%

60.27

%

56.64

%

Average loans to average deposits

99.90

%

103.19

%

101.85

%

99.41

%

97.49

%

101.62

%

94.51

%

CAPITAL

Tier 1 leverage ratio

9.93

%

9.64

%

9.88

%

9.77

%

9.84

%

9.93

%

9.84

%

Common equity tier 1 capital ratio

10.75

%

10.08

%

10.03

%

9.88

%

9.95

%

10.75

%

9.95

%

Tier 1 risk-based capital ratio

10.75

%

10.08

%

10.03

%

9.88

%

9.95

%

10.75

%

9.95

%

Total risk-based capital ratio

12.92

%

12.17

%

12.01

%

11.86

%

11.89

%

12.92

%

11.89

%

Tangible common equity ratio

8.21

%

7.50

%

7.40

%

7.41

%

6.61

%

8.21

%

6.61

%

SHARES OUTSTANDING

Number of common shares outstanding

7,871,818

7,876,082

7,803,900

7,770,439

7,731,404

7,871,818

7,731,404

Average common shares outstanding - basic

7,434,726

7,426,949

7,386,639

7,344,693

7,327,197

7,416,173

7,315,920

Average common shares outstanding - diluted

7,622,428

7,578,613

7,551,406

7,543,616

7,511,373

7,584,349

7,472,158

ASSET QUALITY

Allowance for credit losses to total loans

1.37

%

1.36

%

1.21

%

1.22

%

1.19

%

1.37

%

1.19

%

Nonperforming assets to total assets

0.16

%

0.16

%

0.06

%

0.06

%

0.70

%

0.16

%

0.70

%

Nonperforming loans to total loans

0.20

%

0.20

%

0.08

%

0.08

%

0.08

%

0.20

%

0.08

%

Net charge-offs to average loans (2)

0.02

%

0.00

%

0.00

%

0.00

%

0.00

%

0.01

%

0.01

%

AVERAGE BALANCES

Loans, net of deferred loan fees

$

1,804,107

$

1,813,422

$

1,756,770

$

1,698,690

$

1,640,080

$

1,791,479

$

1,595,197

Investment securities

311,450

307,294

319,440

337,808

365,244

312,723

397,037

Total assets

2,272,623

2,265,583

2,222,778

2,191,198

2,168,443

2,253,729

2,168,162

Deposits

1,805,935

1,757,320

1,724,845

1,708,789

1,682,329

1,762,857

1,687,940

Shareholders' equity

179,260

166,874

166,907

148,723

153,099

171,043

150,491

(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)

September 30,

June 30,

March 31,

December 31,

September 30,

Assets

2024

2024

2024

2023

2023

Cash and due from banks

$

15,172

$

13,750

$

9,971

$

9,546

$

20,456

Due from Federal Reserve Bank

and interest-bearing deposits in banks

121,361

97,974

80,208

71,850

59,586

Total cash and cash equivalents

136,533

111,724

90,179

81,396

80,042

Investment securities - available for sale

316,741

308,661

314,793

325,320

345,547

Total investment securities

316,741

308,661

314,793

325,320

345,547

Loans, net of deferred loan fees

1,786,756

1,806,607

1,783,024

1,740,647

1,669,914

Allowance for credit losses on loans

(22,315

)

(22,410

)

(19,342

)

(19,131

)

(17,800

)

Loans, net of allowance for credit losses on loans

1,764,441

1,784,197

1,763,682

1,721,516

1,652,114

Bank owned life insurance

12,580

12,490

12,401

12,315

33,440

Premises and equipment, net

2,549

2,810

3,061

3,297

3,558

Other real estate owned

-

-

-

-

14,095

Accrued interest receivable and other assets

62,625

67,139

72,395

86,992

73,104

Total assets

$

2,295,469

$

2,287,021

$

2,256,511

$

2,230,836

$

2,201,900

Liabilities and Shareholders' Equity

Deposits:

Non-interest-bearing demand

$

405,528

$

405,644

$

477,728

$

472,517

$

490,289

Interest-bearing checking

1,026,898

840,839

764,766

740,902

784,757

Money market and savings

336,166

312,162

319,692

298,117

322,983

Time

75,033

99,239

56,140

46,676

30,880

Brokered

57,903

80,608

139,532

96,117

79,291

Total deposits

1,901,528

1,738,492

1,757,858

1,654,329

1,708,200

Subordinated debt, net

21,982

21,957

21,931

21,906

21,881

Short-term borrowings

160,000

330,000

290,000

360,000

300,000

Accrued interest payable and other liabilities

23,438

25,123

19,638

29,289

26,250

Total liabilities

2,106,948

2,115,572

2,089,427

2,065,524

2,056,331

Shareholders' Equity

Common stock

106,169

105,487

104,771

104,499

104,018

Retained earnings

124,246

118,400

114,934

109,688

109,386

Accumulated other comprehensive (loss)

(41,894

)

(52,438

)

(52,621

)

(48,875

)

(67,835

)

Total shareholders' equity

188,521

171,449

167,084

165,312

145,569

Total liabilities and shareholders' equity

$

2,295,469

$

2,287,021

$

2,256,511

$

2,230,836

$

2,201,900

AVIDBANK HOLDINGS, INC.
Consolidated Statements of Income (Unaudited)
(in thousands, except share and per share amounts)

Three months ended

Nine months ended

Sept. 30,

June 30,

March 31,

Dec. 31,

Sept. 30,

2024

2024

2024

2023

2023

2024

2023

Interest and fees on loans

$

33,488

$

33,255

$

31,828

$

31,078

$

29,125

$

98,570

$

81,416

Interest on investment securities

1,767

1,801

1,824

1,979

2,009

5,392

6,679

Federal Home Loan Bank dividends (1)

183

193

190

172

171

567

519

Other interest income

1,198

951

819

654

662

2,968

2,486

Total interest income

36,636

36,200

34,661

33,883

31,967

107,497

91,100

Deposit interest expense

14,602

13,494

12,034

11,692

10,704

40,130

24,722

Interest on short-term borrowings

3,121

3,880

3,442

3,467

3,480

10,443

10,342

Interest on long-term debt

300

300

300

300

300

901

901

Total interest expense

18,023

17,674

15,776

15,459

14,484

51,474

35,965

Net interest income

18,613

18,526

18,885

18,424

17,483

56,023

55,135

Provision for credit losses

-

2,998

319

1,266

120

3,317

1,776

Net interest income after

provision for credit losses

18,613

15,528

18,566

17,158

17,363

52,706

53,359

Service charges and bank fees

675

658

618

613

560

1,951

1,597

Foreign exchange income

246

208

251

210

53

706

201

Income from bank owned life insurance

90

137

187

201

238

415

693

Gain/(loss) on sale of securities

-

-

-

(5,399

)

-

-

(815

)

Warrant and success fee income

-

-

-

15

8

-

8

Other investment income

240

59

155

(116

)

142

454

173

Loss on sale of ORE

-

-

-

(165

)

-

-

-

Other income

539

36

72

19

62

644

112

Total noninterest income

1,790

1,098

1,283

(4,622

)

1,063

4,170

1,969

Salaries and benefit expenses

8,336

7,980

8,794

8,137

7,460

25,111

22,435

Occupancy and equipment expenses

1,033

1,039

1,028

986

1,002

3,099

2,967

Data processing

638

597

564

499

538

1,799

1,542

Regulatory assessments

528

568

446

403

478

1,542

1,260

Legal and professional fees

534

541

611

531

483

1,686

1,308

Other operating expenses

1,028

1,033

984

994

935

3,043

2,829

Total noninterest expense

12,097

11,758

12,427

11,550

10,896

36,280

32,341

Income before income taxes

8,306

4,868

7,422

986

7,530

20,596

22,987

Provision for income taxes

2,460

1,402

2,176

683

2,122

6,038

6,489

Net income

$

5,846

$

3,466

$

5,246

$

303

$

5,408

$

14,558

$

16,498

Basic earnings per common share

$

0.79

$

0.47

$

0.71

$

0.04

$

0.74

$

1.96

$

2.26

Diluted earnings per common share

0.77

0.46

0.69

0.04

0.72

1.92

2.21

Weighted average shares - basic

7,434,726

7,426,949

7,386,639

7,344,693

7,327,197

7,416,173

7,315,920

Weighted average shares - diluted

7,622,428

7,578,613

7,551,406

7,543,616

7,511,373

7,584,349

7,472,158

(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

September 30, 2024

June 30, 2024

Average
Balance

Interest
Income/
Expense

Yields
or
Rates (6)

Average
Balance

Interest
Income/
Expense

Yields
or
Rates (6)

Assets

Interest earning assets:

Loans (1)

$

1,805,430

$

33,488

7.38

%

$

1,814,803

$

33,255

7.37

%

Fed funds sold/interest bearing deposits

87,228

1,198

5.46

%

70,491

951

5.43

%

Investment securities

Taxable investment securities

309,624

1,745

2.24

%

305,492

1,778

2.34

%

Non-taxable investment securities (2)

1,826

28

6.10

%

1,802

28

6.25

%

Total investment securities

311,450

1,773

2.26

%

307,294

1,806

2.36

%

FHLB stock (3)

8,409

183

8.66

%

8,409

193

9.23

%

Total interest-earning assets

2,212,517

36,642

6.59

%

2,200,997

36,205

6.62

%

Noninterest-earning assets:

Cash and due from banks

12,943

12,188

All other assets (4)

47,163

52,398

Total assets

$

2,272,623

$

2,265,583

Liabilities and Shareholders' Equity

Interest-bearing liabilities:

Deposits

Demand

$

903,542

$

9,801

4.32

%

$

783,048

$

8,031

4.12

%

Money market and savings

348,125

3,067

3.50

%

304,392

2,598

3.43

%

Time

75,972

810

4.24

%

97,430

1,035

4.27

%

Brokered

69,670

924

5.28

%

135,952

1,830

5.41

%

Total interest-bearing deposits

1,397,309

14,602

4.16

%

1,320,822

13,494

4.11

%

Short-term borrowings

237,370

3,121

5.23

%

295,220

3,880

5.29

%

Subordinated debt

21,970

300

5.44

%

21,944

300

5.50

%

Total interest-bearing liabilities

1,656,649

18,023

4.33

%

1,637,986

17,674

4.34

%

Noninterest-bearing liabilities:

Demand deposits

408,626

436,498

Accrued expenses and other liabilities

28,088

24,225

Shareholders' equity

179,260

166,874

Total liabilities and

shareholders' equity

$

2,272,623

$

2,265,583

Net interest spread

2.26

%

2.28

%

Net interest income and margin (5)

$

18,619

3.35

%

$

18,531

3.39

%

Non-taxable equivalent net interest margin

3.35

%

3.39

%

Cost of deposits

$

1,805,935

$

14,602

3.22

%

$

1,757,320

$

13,494

3.09

%

(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 $383 thousand and $409 thousand, respectively.
(2) Interest income on tax-exempt securities has been increased to reflect comparable interest on taxable securities. The rate used was 21%, reflecting the statutory federal income tax rate.
(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 $22.4 million and $19.8 million, respectively, is included as a contra asset.
(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

September 30, 2024

September 30, 2023

Average
Balance

Interest
Income/
Expense

Yields
or
Rates (6)

Average
Balance

Interest
Income/
Expense

Yields
or
Rates (6)

Assets

Interest earning assets:

Loans (1)

$

1,805,430

$

33,488

7.38

%

$

1,641,475

$

29,125

7.04

%

Fed funds sold/interest bearing deposits

87,228

1,198

5.46

%

48,350

662

5.36

%

Investment securities

Taxable investment securities

309,624

1,745

2.24

%

365,244

2,009

2.18

%

Non-taxable investment securities (2)

1,826

28

6.10

%

-

-

0.00

%

Total investment securities

311,450

1,773

2.26

%

365,244

2,009

2.18

%

FHLB stock (3)

8,409

183

8.66

%

8,409

171

8.07

%

Total interest-earning assets

2,212,517

36,642

6.59

%

2,063,478

31,967

6.15

%

Noninterest-earning assets:

Cash and due from banks

12,943

22,556

All other assets (4)

47,163

82,409

Total assets

$

2,272,623

$

2,168,443

Liabilities and Shareholders' Equity

Interest-bearing liabilities:

Deposits

Demand

$

903,542

$

9,801

4.32

%

$

748,016

$

7,306

3.88

%

Money market and savings

348,125

3,067

3.50

%

296,865

2,193

2.93

%

Time

75,972

810

4.24

%

41,455

264

2.53

%

Brokered

69,670

924

5.28

%

75,420

941

4.95

%

Total interest-bearing deposits

1,397,309

14,602

4.16

%

1,161,756

10,704

3.66

%

Short-term borrowings

237,370

3,121

5.23

%

285,326

3,480

4.84

%

Subordinated debt

21,970

300

5.44

%

21,867

300

5.44

%

Total interest-bearing liabilities

1,656,649

18,023

4.33

%

1,468,949

14,484

3.91

%

Noninterest-bearing liabilities:

Demand deposits

408,626

520,573

Accrued expenses and other liabilities

28,088

25,822

Shareholders' equity

179,260

153,099

Total liabilities and

shareholders' equity

$

2,272,623

$

2,168,443

Net interest spread

2.26

%

2.24

%

Net interest income and margin (5)

$

18,619

3.35

%

$

17,483

3.36

%

Non-taxable equivalent net interest margin

3.35

%

3.36

%

Cost of deposits

$

1,805,935

$

14,602

3.22

%

$

1,682,329

$

10,704

2.52

%

(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 $383 thousand and $441 thousand, respectively.
(2) Interest income on tax-exempt securities has been increased to reflect comparable interest on taxable securities. The rate used was 21%, reflecting the statutory federal income tax rate.
(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 $22.4 million and $17.6 million, respectively, is included as a contra asset.
(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)

Nine months ended

September 30, 2024

September 30, 2023

Average
Balance

Interest
Income/
Expense

Yields
or
Rates (6)

Average
Balance

Interest
Income/
Expense

Yields
or
Rates (6)

Assets

Interest earning assets:

Loans (1)

$

1,792,857

$

98,570

7.34

%

$

1,596,660

$

81,416

6.82

%

Fed funds sold/interest bearing deposits

72,424

2,968

5.47

%

65,855

2,486

4.98

%

Investment securities

Taxable investment securities

310,891

5,325

2.29

%

387,315

6,415

2.21

%

Non-taxable investment securities (2)

1,832

84

6.12

%

9,722

334

4.59

%

Total investment securities

312,723

5,409

2.31

%

397,037

6,749

2.27

%

FHLB stock (3)

8,409

567

9.01

%

8,129

519

8.53

%

Total interest-earning assets

2,186,413

107,514

6.57

%

2,067,681

91,170

5.89

%

Noninterest-earning assets:

Cash and due from banks

12,723

23,019

All other assets (4)

54,593

77,462

Total assets

$

2,253,729

$

2,168,162

Liabilities and Shareholders' Equity

Interest-bearing liabilities:

Deposits

Demand

$

811,505

$

25,272

4.16

%

$

442,948

$

11,899

3.59

%

Money market and savings

318,811

7,935

3.32

%

513,961

10,008

2.60

%

Time

76,725

2,400

4.18

%

51,889

684

1.76

%

Brokered

113,199

4,523

5.34

%

57,534

2,131

4.95

%

Total interest-bearing deposits

1,320,240

40,130

4.06

%

1,066,332

24,722

3.10

%

Short-term borrowings

271,427

10,443

5.14

%

282,980

10,342

4.89

%

Subordinated debt

21,944

901

5.48

%

21,842

901

5.52

%

Total interest-bearing liabilities

1,613,611

51,474

4.26

%

1,371,154

35,965

3.51

%

Noninterest-bearing liabilities:

Demand deposits

442,617

621,608

Accrued expenses and other liabilities

26,458

24,909

Shareholders' equity

171,043

150,491

Total liabilities and

shareholders' equity

$

2,253,729

$

2,168,162

Net interest spread

2.31

%

2.38

%

Net interest income and margin (5)

$

56,040

3.42

%

$

55,205

3.57

%

Non-taxable equivalent net interest margin

3.42

%

3.57

%

Cost of deposits

$

1,762,857

$

40,130

3.04

%

$

1,687,940

$

24,722

1.96

%

(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 $1.2 million and $1.3 million, respectively.
(2) Interest income on tax-exempt securities has been increased to reflect comparable interest on taxable securities. The rate used was 21%, reflecting the statutory federal income tax rate.
(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 $20.5 million and $16.9 million, respectively, is included as a contra asset.
(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)

Sept. 30,

June 30,

March 31,

Dec. 31,

Sept. 30,

Current Quarter

Year over Year

2024

2024

2024

2023

2023

Change

Change

Commercial loans

$

759,492

$

774,666

$

736,068

$

716,075

$

687,501

$

(15,174

)

$

71,991

Commercial real estate

Multi-family

199,929

202,292

203,170

200,152

189,336

(2,363

)

10,593

Owner Occupied

141,139

157,376

158,759

158,728

157,143

(16,237

)

(16,004

)

Non-Owner Occupied

406,007

412,473

408,758

411,446

403,952

(6,466

)

2,055

Construction and land

253,325

242,966

259,562

237,124

214,474

10,359

38,851

Residential

25,799

15,717

16,187

16,816

17,311

10,082

8,488

Total real estate loans

1,026,199

1,030,824

1,046,436

1,024,266

982,216

(4,625

)

43,983

Other loans

1,065

1,117

520

306

197

(52

)

868

Total loans

$

1,786,756

$

1,806,607

$

1,783,024

$

1,740,647

$

1,669,914

$

(19,851

)

$

116,842

Allowance for Credit Losses on Loans

Balance, beginning of quarter

$

22,410

$

19,342

$

19,131

$

17,800

$

17,636

Provision for credit losses on loans

-

3,068

211

1,331

164

Charge-offs

(95

)

-

-

-

-

Recoveries

-

-

-

-

-

Balance, end of quarter

$

22,315

$

22,410

$

19,342

$

19,131

$

17,800

Allowance for Credit Losses

on Unfunded Commitments

Balance, beginning of quarter

$

2,098

$

2,168

$

2,060

$

2,125

$

2,169

Provision for unfunded commitments

-

(70

)

108

(65

)

(44

)

Balance, end of quarter

$

2,098

$

2,098

$

2,168

$

2,060

$

2,125

Total allowance for credit losses -

loans and unfunded commitments

$

24,413

$

24,508

$

21,510

$

21,191

$

19,925

Provision for credit losses under CECL

Provision for credit losses on loans

$

-

$

3,068

$

211

$

1,331

$

164

Provision for unfunded commitments

-

(70

)

108

(65

)

(44

)

Total provision for credit losses

$

-

$

2,998

$

319

$

1,266

$

120

Nonperforming Assets

Loans accounted for on a non-accrual basis

$

3,621

$

3,686

$

1,370

$

1,378

$

1,385

Loans past due 90 days or more and still accruing

-

-

-

-

-

Nonperforming loans

3,621

3,686

1,370

1,378

1,385

Other real estate owned

-

-

-

-

14,095

Nonperforming assets

$

3,621

$

3,686

$

1,370

$

1,378

$

15,480

Nonperforming Loans by Type:

Commercial

$

3,621

$

3,686

$

1,370

$

1,378

$

1,385

Construction and land

-

-

-

-

-

Total Nonperforming loans

$

3,621

$

3,686

$

1,370

$

1,378

$

1,385

Asset Quality Ratios

Allowance for credit losses on loans to total loans

1.25

%

1.24

%

1.08

%

1.10

%

1.07

%

Allowance for credit losses to total loans

1.37

%

1.36

%

1.21

%

1.22

%

1.19

%

Allowance for credit losses on loans

to nonperforming loans

616.27

%

607.98

%

1411.82

%

1388.32

%

1285.20

%

Nonperforming assets to total assets

0.16

%

0.16

%

0.06

%

0.06

%

0.70

%

Nonperforming loans to total loans

0.20

%

0.20

%

0.08

%

0.08

%

0.08

%

Net quarterly charge-offs to average loans (1)

0.02

%

0.00

%

0.00

%

0.00

%

0.00

%

Criticized and classified loans to total loans

2.13

%

2.00

%

1.78

%

1.72

%

1.70

%

(1) Annualized

AVIDBANK HOLDINGS, INC.
Deposits (Unaudited)
(dollars in thousands)

Current

Year over

Sept. 30,

June 30,

March 31,

Dec. 31,

Sept. 30,

Quarter

Year

Period End Deposits

2024

2024

2024

2023

2023

Change

Change

Non-interest-bearing demand

$

405,528

$

405,644

$

477,728

$

472,517

$

490,289

$

(116

)

$

(84,761

)

Interest-bearing checking

1,026,898

840,839

764,766

740,902

784,757

186,059

242,141

Money market and savings

336,166

312,162

319,692

298,117

322,983

24,003

13,183

Time

75,033

99,239

56,140

46,676

30,880

(24,205

)

44,153

Brokered

57,903

80,608

139,532

96,117

79,291

(22,705

)

(21,388

)

Total deposits

$

1,901,528

$

1,738,492

$

1,757,858

$

1,654,329

$

1,708,200

$

163,036

$

193,328

Average Deposits

Non-interest-bearing demand

$

408,626

$

436,498

$

483,100

$

487,301

$

520,573

$

(27,872

)

$

(111,947

)

Interest-bearing checking

903,542

783,048

746,916

766,856

748,016

120,494

155,526

Money market and savings

348,125

304,392

303,593

305,240

296,865

43,733

51,260

Time

75,972

97,430

56,783

29,787

41,455

(21,458

)

34,517

Brokered

69,670

135,952

134,453

119,605

75,420

(66,282

)

(5,750

)

Total deposits

$

1,805,935

$

1,757,320

$

1,724,845

$

1,708,789

$

1,682,329

$

48,615

$

123,606

AVIDBANK HOLDINGS, INC.
Non-GAAP performance and Financial Measures Reconciliation (Unaudited)
(in thousands, except share and per share amounts)











For the nine months ended

2024

2023

September 30,

Non-GAAP adjusted net income reconciliation

Third
Quarter

Second
Quarter

First
Quarter

Fourth
Quarter

Third
Quarter

2024

2023

Net income - GAAP

$

5,846

$

3,466

$

5,246

$

303

$

5,408

$

14,558

$

16,498

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)

$

5,846

$

3,466

$

5,246

$

4,902

$

5,408

$

14,558

$

17,093

Non-GAAP adjusted net income reconciliation

Net income - GAAP

$

5,846

$

3,466

$

5,246

$

303

$

5,408

$

14,558

$

16,498

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)

$

5,846

$

3,466

$

5,246

$

4,902

$

5,408

$

14,558

$

17,093

Non-GAAP adjusted diluted earnings

per share reconciliation

Diluted earnings per share - GAAP

$

0.77

$

0.46

$

0.69

$

0.04

$

0.72

$

1.92

$

2.21

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)

$

0.77

$

0.46

$

0.69

$

0.65

$

0.72

$

1.92

$

2.29

Non-GAAP adjusted return on

average assets reconciliation

Net income - GAAP

$

5,846

$

3,466

$

5,246

$

303

$

5,408

$

14,558

$

16,498

Average total assets

2,272,623

2,265,583

2,222,778

2,191,198

2,168,443

2,253,729

2,168,162

Return on average assets - GAAP

1.02

%

0.62

%

0.95

%

0.05

%

0.99

%

0.86

%

1.02

%

Adjusted net income (non-GAAP)

$

5,846

$

3,466

$

5,246

$

4,902

$

5,408

$

14,558

$

17,093

Average total assets

2,272,623

2,265,583

2,222,778

2,191,198

2,168,443

2,253,729

2,168,162

Return on average assets - adjusted (non-GAAP)

1.02

%

0.62

%

0.95

%

0.89

%

0.99

%

0.86

%

1.05

%

Non-GAAP taxable equivalent net

interest income reconciliation

Net interest income - GAAP

$

18,613

$

18,526

$

18,885

$

18,424

$

17,483

$

56,023

$

55,135

Taxable equivalent adjustment

6

5

6

2

-

17

70

Net interest income - taxable equivalent (non-GAAP)

$

18,619

$

18,531

$

18,891

$

18,426

$

17,483

$

56,040

$

55,205

Non-GAAP taxable equivalent net

interest margin reconciliation

Net interest margin - GAAP

3.35

%

3.39

%

3.54

%

3.49

%

3.36

%

3.42

%

3.57

%

Impact of taxable equivalent adjustment

-

-

-

-

-

-

-

Net interest margin - taxable equivalent (non-GAAP)

3.35

%

3.39

%

3.54

%

3.49

%

3.36

%

3.42

%

3.57

%

Non-GAAP total deposits,

excluding brokered deposits

Total period end deposits - GAAP

$

1,901,528

$

1,738,492

$

1,757,858

$

1,654,329

$

1,708,200

$

1,901,528

$

1,708,200

Brokered deposits

57,903

80,608

139,532

96,117

79,291

57,903

79,291

Total deposits, excluding brokered (non-GAAP)

$

1,843,625

$

1,657,884

$

1,618,326

$

1,558,212

$

1,628,909

$

1,843,625

$

1,628,909

Non-GAAP pre-tax, pre-provision net income

Net income - GAAP

$

5,846

$

3,466

$

5,246

$

303

$

5,408

$

14,558

$

16,498

Provision for credit losses

-

2,998

319

1,266

120

3,317

1,776

Provision for income taxes

2,460

1,402

2,176

683

2,122

6,038

6,489

Non-GAAP pre-tax, pre-provision net income

$

8,306

$

7,866

$

7,741

$

2,252

$

7,650

$

23,913

$

24,763

SOURCE: Avidbank Holdings, Inc.



View the original press release on accesswire.com

FAQ

What was Avidbank Holdings' (AVBH) net income for Q3 2024?

Avidbank Holdings (AVBH) reported a net income of $5.8 million for the third quarter of 2024.

How did AVBH's book value per share change in Q3 2024?

AVBH's book value per share increased by $2.18, or 10%, to $23.95 from June 30, 2024.

What was the loan to deposit ratio for AVBH in Q3 2024?

The loan to deposit ratio for AVBH improved to 94.0% in Q3 2024, down from 103.9% at June 30, 2024.

How much did AVBH's deposits increase in Q3 2024?

AVBH's period end deposits increased by $163.0 million, or 38% annualized, from June 30, 2024.

What was AVBH's consolidated total risk-based capital ratio in Q3 2024?

AVBH's consolidated total risk-based capital improved to 12.92% in Q3 2024, up from 12.17% at June 30, 2024.

AVIDBANK HOLDINGS INC

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158.28M
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United States of America
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