AVBH Avidbank Holdings Inc (PK)

Avidbank Holdings, Inc., parent company of Avidbank, today announced its unaudited results for the second quarter of 2012.

“Our continued effort to gain greater market share and awareness by growing loans and deposits produced strong results in the second quarter. Our business development teams have done an excellent job generating more opportunities with quality credits and clients,” stated Chairman and Chief Executive Officer, Mark D. Mordell. “Unlike 2011, we are now a full taxpayer and therefore our net income was down slightly from a year ago. We increased our pretax income to almost $2.4 million for the first half of 2012 compared to $1.7 million for the same period of 2011.”

Financial Results

In thousands, except per share amounts (unaudited)

 

         

% vs.

 

 

6/30/12

   

6/30/11

 

% Change

   

12/31/11

   

12/31/11

   

Total Assets

$

387,965

$

307,995

26

%

$

342,204

13

%

Loans

$

237,341

$

182,415

30

%

$

207,964

14

%

Deposits

$

349,195

$

275,053

27

%

$

306,690

14

%

Classified Loans to

Capital and Reserves

24

%

36

%

-33

%

21

%

13

%

Net Interest Margin

4.41

%

4.12

%

7

%

4.09

%

8

%

Efficiency Ratio

68

%

73

%

-7

%

72

%

-6

%

ALLL to Loans

1.88

%

2.20

%

-15

%

2.10

%

-11

%

 

Shareholders' Equity

$

35,750

$

31,915

12

%

$

33,695

6

%

Common Shares

2,614

2,602

0

%

2,602

0

%

Book Value per Share

$

13.68

$

12.26

12

%

$

12.95

6

%

Book Value per Share

excluding TARP

$

11.38

$

9.96

14

%

$

10.64

7

%

Tier 1 Leverage Ratio

9.72

%

10.03

%

-3

%

10.37

%

-6

%

Total Risk Based Capital Ratio

12.09

%

13.85

%

-13

%

12.84

%

-6

%

 

 

Quarter Ending

Quarter Ending

Year-to-Date

Year-to-Date

 

 

6/30/12

   

6/30/11

 

% Change

   

6/30/12

   

6/30/11

   

Revenue

$

4,349

$

3,712

17

%

$

8,660

$

7,691

Interest Expense

$

500

$

591

-15

%

$

1,002

$

1,236

Loan Loss Provision

$

100

$

50

100

%

$

100

$

50

Non-interest Expense

$

2,639

$

2,283

16

%

$

5,179

$

4,713

Pretax Income

$

1,110

$

787

41

%

$

2,379

$

1,692

Income Tax Expense

$

457

$

90

408

%

$

956

$

180

Net Income

$

653

$

697

-6

%

$

1,424

$

1,512

Earnings Per Share

$

0.22

$

0.23

-8

%

$

0.48

$

0.42

“Our team is executing our plan at all levels,” said Kenneth D. Brenner, the Company's President. “We are looking for continued performance in all divisions in the second half of the year while continuing to maintain credit quality.”

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.