Avidbank Holdings, Inc. Releases Third Quarter Results

Business Wirevia The Motley Fool
Updated

Avidbank Holdings, Inc. Releases Third Quarter Results

PALO ALTO, Calif.--(BUSINESS WIRE)-- Avidbank Holdings, Inc., parent company of Avidbank, today announced its unaudited results for the third quarter of 2012.

"We are pleased that our focus on business development and the quality management of our loan portfolio continue to generate solid results," stated Mark D. Mordell, Chairman & CEO. "Although our pre-tax income is up 13% from a year ago, net income is down 28% due to becoming a full tax payer. Our credit quality continues to improve with our classified loans to capital and loan loss reserves dropping 64% giving us the platform required for our growth."

Financial Results

In thousands except per share amounts (unaudited)

9/30/12

9/30/11

% Change

12/31/11

% vs. 12/31/11

Total Assets

$

415,459

$

328,629

26%

$

342,204

21%

Loans

$

233,352

$

185,067

26%

$

207,964

12%

Deposits

$

373,849

$

295,489

27%

$

306,690

22%

Classified Loans to Capital and Reserves

12

%

34

%

-64%

21

%

-42%

Net Interest Margin

4.21

%

4.06

%

4%

4.09

%

3%

Efficiency Ratio

68

%

72

%

-5%

72

%

-5%

ALLL to Loans

1.84

%

2.09

%

-12%

2.10

%

-13%

Shareholders' Equity

$

37,356

$

32,223

16%

$

33,695

11%

Common Shares

2,614

2,602

0%

2,602

0%

Book Value per Share

$

14.29

$

12.38

15%

$

12.95

10%

Book Value per Share excluding TARP

$

12.00

$

10.08

19%

$

10.64

13%

Tier 1 Leverage Ratio

8.86

%

9.78

%

-9%

10.37

%

-15%

Total Risk Based Capital Ratio

12.00

%

13.29

%

-10%

12.84

%

-7%

Quarter Ending

Quarter Ending

Year-to-Date

Year-to-Date

9/30/12

9/30/11

% Change

9/30/12

9/30/11

Revenue

$

4,301

$

3,930

9%

$

12,960

$

11,620

Interest Expense

$

449

$

547

-18%

$

1,451

$

1,783

Loan Loss Provision

$

0

$

0

0%

$

100

$

50

Non-interest Expense

$

2,653

$

2,354

13%

$

7,832

$

7,067

Pretax Income

$

1,198

$

1,029

16%

$

3,578

$

2,721

Income Tax Expense

$

542

$

120

352%

$

1,498

$

300

Net Income

$

656

$

909

-28%

$

2,080

$

2,421

Earnings Per Share

$

0.22

$

0.32

-31%

$

0.70

$

0.74


"Our business development officers have been doing an excellent job in this competitive market," said Kenneth D. Brenner, President. "We are excited about the additional production and synergy we are experiencing with our expansion into two new markets with the opening of loan production offices in San Jose and Redwood City."

About the Bank

Our goal at Avidbank is to advance our clients' success by offering innovative financial solutions and service. Our exceptional people provide a unique and individualized banking experience based on mutual effort, ingenuity and trust, creating long-term banking relationships. Avidbank specializes in the following markets: commercial and industrial, corporate finance, technology and asset-based lending, real estate construction, commercial real estate lending and real estate bridge financing.



Avidbank Holdings, Inc.
Steve Leen, 650-843-2204
Chief Financial Officer
www.avidbank.com

KEYWORDS: United States North America California

INDUSTRY KEYWORDS:

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