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. | ||||||||||||||||||||||||||||
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| Nine months ended |
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| 2024 |
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| 2023 |
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| September 30, |
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INCOME HIGHLIGHTS |
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Net income |
| $ | 5,846 |
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| $ | 3,466 |
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| $ | 5,246 |
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| $ | 303 |
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| $ | 5,408 |
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| $ | 14,558 |
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| $ | 16,498 |
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Loss on sale of securities, net of tax |
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| - |
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| - |
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| - |
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| 3,888 |
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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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| - |
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| 233 |
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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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| - |
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| 478 |
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| - |
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Adjusted net income (1) |
| $ | 5,846 |
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| $ | 3,466 |
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| $ | 5,246 |
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| $ | 4,902 |
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| $ | 5,408 |
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| $ | 14,558 |
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| $ | 17,093 |
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PER SHARE DATA |
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Basic earnings per share |
| $ | 0.79 |
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| $ | 0.47 |
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| $ | 0.71 |
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| $ | 0.04 |
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| $ | 0.74 |
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| $ | 1.96 |
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| $ | 2.26 |
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Diluted earnings per share |
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| 0.77 |
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| 0.46 |
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| 0.69 |
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| 0.04 |
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| 0.72 |
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| 1.92 |
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| 2.21 |
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Diluted earnings per share - adjusted (1) |
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| 0.77 |
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| 0.46 |
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| 0.69 |
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| 0.65 |
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| 0.72 |
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| 1.92 |
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| 2.29 |
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Book value per share |
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| 23.95 |
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| 21.77 |
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| 21.41 |
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| 21.27 |
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| 18.83 |
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| 23.95 |
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| 18.83 |
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PERFORMANCE MEASURES |
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Return on average assets (2) |
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| 1.02 | % |
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| 0.62 | % |
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| 0.95 | % |
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| 0.05 | % |
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| 0.99 | % |
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| 0.86 | % |
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| 1.02 | % |
Return on average assets - adjusted (1)(2) |
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| 1.02 | % |
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| 0.62 | % |
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| 0.95 | % |
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| 0.89 | % |
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| 0.99 | % |
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| 0.86 | % |
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| 1.05 | % |
Return on average equity (2) |
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| 12.97 | % |
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| 8.35 | % |
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| 12.64 | % |
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| 0.81 | % |
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| 14.01 | % |
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| 11.37 | % |
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| 14.66 | % |
Net interest margin |
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| 3.35 | % |
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| 3.39 | % |
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| 3.54 | % |
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| 3.49 | % |
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| 3.36 | % |
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| 3.42 | % |
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| 3.55 | % |
Efficiency ratio |
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| 59.29 | % |
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| 59.92 | % |
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| 61.62 | % |
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| 83.68 | % |
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| 58.75 | % |
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| 60.27 | % |
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| 56.64 | % |
Average loans to average deposits |
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| 99.90 | % |
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| 103.19 | % |
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| 101.85 | % |
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| 99.41 | % |
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| 97.49 | % |
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| 101.62 | % |
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| 94.51 | % |
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CAPITAL |
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Tier 1 leverage ratio |
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| 9.93 | % |
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| 9.64 | % |
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| 9.88 | % |
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| 9.77 | % |
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| 9.84 | % |
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| 9.93 | % |
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| 9.84 | % |
Common equity tier 1 capital ratio |
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| 10.75 | % |
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| 10.08 | % |
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| 10.03 | % |
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| 9.88 | % |
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| 9.95 | % |
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| 10.75 | % |
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| 9.95 | % |
Tier 1 risk-based capital ratio |
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| 10.75 | % |
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| 10.08 | % |
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| 10.03 | % |
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| 9.88 | % |
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| 9.95 | % |
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| 10.75 | % |
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| 9.95 | % |
Total risk-based capital ratio |
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| 12.92 | % |
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| 12.17 | % |
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| 12.01 | % |
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| 11.86 | % |
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| 11.89 | % |
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| 12.92 | % |
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| 11.89 | % |
Tangible common equity ratio |
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| 8.21 | % |
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| 7.50 | % |
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| 7.40 | % |
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| 7.41 | % |
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| 6.61 | % |
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| 8.21 | % |
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| 6.61 | % |
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SHARES OUTSTANDING |
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Number of common shares outstanding |
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| 7,871,818 |
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| 7,876,082 |
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| 7,803,900 |
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| 7,770,439 |
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| 7,731,404 |
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| 7,871,818 |
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| 7,731,404 |
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Average common shares outstanding - basic |
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| 7,434,726 |
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| 7,426,949 |
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| 7,386,639 |
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| 7,344,693 |
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| 7,327,197 |
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| 7,416,173 |
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| 7,315,920 |
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Average common shares outstanding - diluted |
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| 7,622,428 |
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| 7,578,613 |
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| 7,551,406 |
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| 7,543,616 |
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| 7,511,373 |
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| 7,584,349 |
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| 7,472,158 |
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ASSET QUALITY |
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Allowance for credit losses to total loans |
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| 1.37 | % |
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| 1.36 | % |
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| 1.21 | % |
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| 1.22 | % |
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| 1.19 | % |
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| 1.37 | % |
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| 1.19 | % |
Nonperforming assets to total assets |
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| 0.16 | % |
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| 0.16 | % |
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| 0.06 | % |
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| 0.06 | % |
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| 0.70 | % |
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| 0.16 | % |
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| 0.70 | % |
Nonperforming loans to total loans |
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| 0.20 | % |
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| 0.20 | % |
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| 0.08 | % |
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| 0.08 | % |
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| 0.08 | % |
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| 0.20 | % |
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| 0.08 | % |
Net charge-offs to average loans (2) |
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| 0.02 | % |
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| 0.00 | % |
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| 0.00 | % |
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| 0.00 | % |
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| 0.00 | % |
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| 0.01 | % |
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| 0.01 | % |
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AVERAGE BALANCES |
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Loans, net of deferred loan fees |
| $ | 1,804,107 |
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| $ | 1,813,422 |
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| $ | 1,756,770 |
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| $ | 1,698,690 |
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| $ | 1,640,080 |
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| $ | 1,791,479 |
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| $ | 1,595,197 |
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Investment securities |
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| 311,450 |
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| 307,294 |
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| 319,440 |
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| 337,808 |
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| 365,244 |
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| 312,723 |
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| 397,037 |
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Total assets |
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| 2,272,623 |
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| 2,265,583 |
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| 2,222,778 |
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| 2,191,198 |
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| 2,168,443 |
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| 2,253,729 |
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| 2,168,162 |
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Deposits |
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| 1,805,935 |
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| 1,757,320 |
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| 1,724,845 |
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| 1,708,789 |
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| 1,682,329 |
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| 1,762,857 |
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| 1,687,940 |
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Shareholders' equity |
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| 179,260 |
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| 166,874 |
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| 166,907 |
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| 148,723 |
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| 153,099 |
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| 171,043 |
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| 150,491 |
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(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) | ||||||||||||||||||||
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| September 30, |
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| June 30, |
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| March 31, |
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| December 31, |
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| September 30, |
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Assets |
| 2024 |
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| 2024 |
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| 2024 |
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| 2023 |
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| 2023 |
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Cash and due from banks |
| $ | 15,172 |
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| $ | 13,750 |
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| $ | 9,971 |
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| $ | 9,546 |
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| $ | 20,456 |
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Due from Federal Reserve Bank |
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and interest-bearing deposits in banks |
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| 121,361 |
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| 97,974 |
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| 80,208 |
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| 71,850 |
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| 59,586 |
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Total cash and cash equivalents |
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| 136,533 |
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| 111,724 |
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| 90,179 |
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|
| 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 |
|
| Interest |
|
| Yields |
|
| Average |
|
| Interest |
|
| Yields |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
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 |
|
| Interest |
|
| Yields |
|
| Average |
|
| Interest |
|
| Yields |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
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 |
|
| Interest |
|
| Yields |
|
| Average |
|
| Interest |
|
| Yields |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
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 |
|
| Second |
|
| First |
|
| Fourth |
|
| Third |
|
| 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
