Avidbank Holdings Inc (PK) (AVBH) ニュース

$AVBH Avidbank Holdings, Inc. Announces Successful Completion Of $28.6 Million Private OfferingPress Release | 05/11/2022

SAN JOSE, CA / ACCESSWIRE / May 11, 2022 / Avidbank Holdings, Inc. (OTC Pink:AVBH), the parent company of Avidbank, today reported the successful completion of a $28.6 million private offering of common shares at a purchase price of $22.50 per share.

Mark D. Mordell, Chairman and CEO of Avidbank Holdings, Inc. stated, "We believe the successful completion of this offering is a significant step forward for our Company, providing the capital we need to continue our growth."

"I want to thank our investors who participated in the offering," Mr. Mordell added. "This support, along with the continued commitment and investment by our Board of Directors and company management will allow us to continue to build a great foundation for the execution of our strategic plan. I appreciate the confidence from our stakeholders in the future of our company."

Piper Sandler & Co. acted as financial advisor for Avidbank Holdings in connection with the offering. Manatt, Phelps & Phillips, LLP, San Francisco, CA acted as legal counsel to Avidbank Holdings. The securities referenced in this press release have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold absent registration or an exemption from registration under applicable law. Such securities have not been approved or disapproved by the Securities and Exchange Commission, any state securities commission or any regulatory authority, nor have any of the foregoing authorities passed upon or endorsed the merits of the offering or sale of these securities. Any representation to the contrary is a criminal offense.

Contact:

Patrick Oakes, Chief Financial Officer
(408) 831-5653
www.avidbank.com

About Avidbank

Avidbank Holdings, Inc. (OTC Pink:AVBH), headquartered in Palo Alto, California, offers innovative financial solutions and services. We specialize in commercial & industrial lending, technology and asset-based lending, specialty finance, real estate construction and commercial real estate lending. Avidbank provides a different approach to banking. We do what we say.

Note Regarding 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 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 the impact of the Covid-19 pandemic and governmental responses thereto; 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; premature payoffs in our loan portfolio; a prolonged slowdown or decline in construction activity; changes in the financial performance and/or condition of our borrowers; changes in the level of non-performing 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; inflation, interest rates, 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 pandemic flu; destabilization in international economies; 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 attract and retain key management and personnel; changes in the competitive environment among financial and bank holding companies and other financial service providers; volatility in the credit and equity markets and its effect on the general economy; changes in interest rates; 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. The Company does not undertake, and specifically disclaims 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. 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.

SOURCE: Avidbank Holdings, Inc.


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$AVBH Avidbank Holdings, Inc. Announces Net Income for the First Quarter of 2022Press Release | 04/20/2022

%SAN JOSE, CA / ACCESSWIRE / April 20, 2022 / Avidbank Holdings, Inc., (OTC PINK:AVBH) announced income for the first quarter of 2022 of $4.3 million, or $0.71 per diluted share, compared to $2.5 million, or $0.42 per diluted share, for the first and fourth quarters of 2021.

First Quarter 2022 Financial Highlights

Diluted earnings per share of $0.71, an increase of $0.29, or 69%, compared to the first quarter of 2021 and an increase of $0.29, or 276% annualized, compared to the fourth quarter of 2021.
Total assets were $2.1 billion, compared to $1.5 billion on March 31, 2021 and $2.2 billion at December 31, 2021.
Return on average assets totaled 0.83% and return on average equity was 12.72% in the first quarter of 2022.
Quarterly average earning assets increased $621 million, or 44%, compared to the first quarter of 2021 and $69 million, or 14% annualized, compared to the fourth quarter of 2021.
Net interest income totaled $15.2 million, an increase of $3.3 million, or 28%, compared to the first quarter of 2021 and increased $919,000, or 26% annualized, compared to the fourth quarter of 2021.
Annualized net charge-offs to average loans totaled 0.00% for the first quarter of 2022. Non-performing assets to total assets were 0.15% on March 31, 2022, a decrease from 0.22% on March 31, 2021 and unchanged from December 31, 2021.

"We are off to a solid start in 2022 with record earnings of $0.71 per diluted share," said Mark Mordell, Chairman and Chief Executive Officer. "Our pipeline for new business has been strong for the past several quarters and although the numbers do not reflect the activity, we originated over $80 million of new loans in the first quarter, we also had over $90 million in payoffs primarily due to our Construction and Specialty Finance divisions. We continue to be optimistic about the remainder of 2022 as our pipeline for new business is very encouraging along with the additional benefits we will see from each increase in the fed funds rate," added Mr. Mordell.

Income Statement

Net interest income totaled $15.2 million for the first quarter of 2022, an increase of $3.3 million, or 28%, from the first quarter of 2021, and an increase of $919,000, or 26% annualized, from the fourth quarter of 2021. This was primarily driven by an increase in interest income from the growth in average balance of loans and investment securities.

The net interest margin was 3.05% in the first quarter of 2022, compared to 3.44% in the first quarter of 2021 and 2.90% in the fourth quarter of 2021. The linked quarter increase in net interest margin was primarily due to the purchase of investment securities and corresponding reduction in excess cash balances.

The yield on loans in the first quarter of 2022 was 4.73%, a decrease of 14 basis points from the first quarter of 2021 and a decrease of 0.06% from the fourth quarter of 2021. The linked quarter decrease was primarily due to a decrease in loan fees.

The cost of deposits in the first quarter of 2022 was 0.13%, a decrease of 7 basis points from the first quarter of 2021 and a decrease of 1 basis point from the fourth quarter of 2021. The cost of interest-bearing deposits in the first quarter of 2022 was 0.26%, a decrease of 5 basis points from the fourth quarter of 2021.

There was no required loan loss provision for the first quarter of 2022 compared with a $75,000 loan loss provision taken in the first quarter of 2021 and $3.3 million for the fourth quarter of 2021.

Non-interest income was $1.1 million in the first quarter of 2022 compared to $711,000 in the first quarter of 2021 and $2.1 million in the fourth quarter of 2021. Service charge income totaled $636,000 in the first quarter of 2022, an increase of $166,000, or 35% from the first quarter of 2021, and an increase of $59,000, or 41% annualized, compared to the fourth quarter of 2021. The fourth quarter of 2021 included a gain on fund investments of $711,000 and $455,000 in warrant income.

Non-interest expense totaled $10.4 million in the first quarter of 2022 compared to $9.0 million in the first quarter of 2021 and $9.5 million in the fourth quarter of 2021. This increase was primarily due to higher compensation costs. The number of full-time equivalent employees on March 31, 2022 totaled 130 compared to 126 on December 31, 2021. Regulatory assessments also increased to $664,000 in the first quarter of 2022 primarily as a result of the strong growth in deposits over the last several quarters.

Balance Sheet

Total assets were $2.11 billion as of March 31, 2022, compared to $2.16 billion on December 31, 2021 and $1.54 billion at March 31, 2021. Cash balances held at the Federal Reserve decreased $143 million in the first quarter of 2022 while investments increased $89.0 million due to the purchase of additional mortgage-backed securities.

Period end loans on March 31, 2022 totaled $1.20 billion, which represented a decrease of $21.4 million from December 31, 2021, and an increase of $174.6 million, or 17%, from $1.03 billion at March 31, 2021. Quarterly average loans for the first quarter of 2022 increased $205.6 million, or 20%, from the first quarter of 2021 and $60.9 million, or 21% annualized, from the fourth quarter of 2021.

The allowance for loan losses on March 31, 2022 was $13.1 million, unchanged from December 31, 2021. The Allowance for Loan Losses to total loans was 1.08% on March 31, 2022, compared to 1.07% on December 31, 2021. Nonperforming loans to total loans was 0.27% on March 31, 2022, unchanged from December 31, 2021.

Period end deposits were $1.95 billion on March 31, 2022 compared to $1.98 billion at December 31, 2021 and an increase of $584 million, or 43%, compared to $1.36 billion at March 31, 2021. Quarterly average deposits for the first quarter of 2022 increased $655.4 million, or 51%, compared to the first quarter of 2021 and $80.5 million, or 17% annualized, from the fourth quarter of 2021.

Noninterest bearing deposits represented 48.9% of total deposits on March 31, 2022, compared to 50.2% on December 31, 2021 and 51.5% at March 31, 2021. The loan to deposit ratio was 62.3% on March 31, 2022 compared to 61.8% at December 31, 2021 and 75.5% at March 31, 2021.

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, real estate construction and commercial real estate lending. Avidbank provides a different approach to banking. We do what we say.

Forward-Looking Statement:

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 non-performing 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 effects of the Tax Cuts and Jobs Act; 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
408-831-5653
poakes@avidbank.com

AVIDBANK HOLDINGS, INC.
Selected Financial Data
($000, except share and per share amounts)


2022 2021

First Fourth Third Second First

Quarter Quarter Quarter Quarter Quarter
INCOME AND PER SHARE HIGHLIGHTS






Net income
$ 4,349 $ 2,534 $ 3,574 $ 3,649 $ 2,507
Basic earnings per share
0.73 0.43 0.60 0.62 0.43
Diluted earnings per share
0.71 0.42 0.59 0.60 0.42
Book value per share
19.20 21.91 21.55 21.26 20.42


PERFORMANCE MEASURES

Return on average assets
0.83 % 0.49 % 0.80 % 0.94 % 0.69 %
Return on average equity
12.72 % 7.25 % 10.45 % 11.15 % 7.89 %
Net interest margin
3.05 % 2.90 % 2.98 % 3.28 % 3.44 %
Efficiency ratio
63.72 % 58.31 % 61.91 % 62.61 % 71.64 %
Average loans to average deposits
62.40 % 61.83 % 64.69 % 74.37 % 78.15 %


CAPITAL

Tier 1 leverage ratio
6.85 % 6.89 % 7.81 % 8.64 % 8.87 %
Common equity tier 1 capital ratio
9.09 % 8.90 % 9.94 % 10.57 % 10.38 %
Tier 1 risk-based capital ratio
9.09 % 8.90 % 9.94 % 10.57 % 10.38 %
Total risk-based capital ratio
11.28 % 11.11 % 12.44 % 13.30 % 13.14 %


SHARES OUTSTANDING

Number of common shares outstanding
6,316,573 6,256,682 6,255,752 6,220,872 6,236,392
Average number of common shares outstanding - basic
5,935,948 5,904,446 5,898,208 5,892,713 5,864,976
Average number of common shares outstanding - diluted
6,116,306 6,101,778 6,072,085 6,051,243 6,020,336


ASSET QUALITY

Allowance for loan losses (ALLL) to total loans
1.08 % 1.07 % 1.19 % 1.24 % 1.22 %
ALLL to nonperforming loans
407.43 % 402.40 % 388.89 % 377.59 % 373.03 %
Nonperforming assets to total assets
0.15 % 0.15 % 0.18 % 0.21 % 0.22 %
Nonperforming loans to total loans
0.27 % 0.27 % 0.31 % 0.33 % 0.33 %
Net quarterly charge-offs to total loans
0.00 % 0.25 % 0.00 % 0.00 % 0.01 %


AVERAGE BALANCES

Gross loans
$ 1,215,153 $ 1,154,254 $ 1,028,098 $ 1,023,932 $ 1,009,580
Investment securities
436,427 287,915 231,526 200,016 167,939
Total assets
2,131,587 2,054,545 1,771,292 1,554,049 1,468,597
Deposits
1,947,208 1,866,704 1,589,384 1,376,736 1,291,767
Shareholder's equity
138,668 138,589 135,721 131,300 128,844


AT PERIOD END

Gross loans
$ 1,203,657 $ 1,225,187 $ 1,074,436 $ 1,016,200 $ 1,028,830
Investment securities
468,917 380,170 276,670 208,482 184,504
Total assets
2,110,091 2,162,478 1,828,021 1,604,273 1,535,683
Deposits
1,947,278 1,979,410 1,647,613 1,427,177 1,363,469
Shareholder's equity
121,282 137,100 134,797 132,231 127,319

Avidbank Holdings, Inc.
Consolidated Balance Sheets
($000, except share and per share amounts) (Unaudited)

3/31/22 12/31/21 9/30/21 6/30/21 3/31/21
Assets


Cash and due from banks
$ 47,091 $ 29,616 $ 34,864 $ 27,977 $ 21,870
Due from Federal Reserve Bank
320,336 463,727 378,380 308,596 258,921
Total cash and cash equivalents
367,427 493,343 413,244 336,573 280,791

Investment securities - available for sale
468,917 380,170 276,670 208,482 184,504

Loans, net of deferred loan fees
1,201,934 1,223,344 1,073,132 1,014,750 1,027,336
Allowance for loan losses
(13,054 ) (13,054 ) (12,775 ) (12,558 ) (12,558 )
Loans, net of allowance for loan losses
1,188,880 1,210,290 1,060,357 1,002,192 1,014,778

Bank owned life insurance
32,087 31,875 31,663 11,559 11,491
Premises and equipment, net
4,331 4,565 4,913 5,138 5,375
Accrued interest receivable & other assets
48,449 42,235 41,174 40,329 38,744
Total assets
$ 2,110,091 $ 2,162,478 $ 1,828,021 $ 1,604,273 $ 1,535,683

Liabilities

Non-interest-bearing demand deposits
$ 952,035 $ 993,156 $ 872,972 $ 728,522 $ 702,785
Interest bearing transaction accounts
47,711 50,674 49,722 30,538 27,863
Money market and savings accounts
812,701 845,718 614,992 541,145 499,507
Time deposits
134,831 89,862 109,927 126,972 133,314
Total deposits
1,947,278 1,979,410 1,647,613 1,427,177 1,363,469

Subordinated debt, net
21,729 21,703 21,671 21,636 21,601
Other liabilities
19,802 24,265 23,940 23,229 23,294
Total liabilities
1,988,809 2,025,378 1,693,224 1,472,042 1,408,364

Shareholders' equity

Common stock/additional paid-in capital
72,920 72,799 72,124 71,542 71,152
Retained earnings
73,150 68,801 66,267 62,693 59,044
Accumulated other comprehensive (loss)
(24,787 ) (4,500 ) (3,594 ) (2,004 ) (2,877 )
Total shareholders' equity
121,282 137,100 134,797 132,231 127,319

Total liabilities and shareholders' equity
$ 2,110,091 $ 2,162,478 $ 1,828,021 $ 1,604,273 $ 1,535,683

Avidbank Holdings, Inc.
Consolidated Statements of Income
($000, except share and per share amounts) (Unaudited)
Three months ended


March 31, December 31, March 31,


2022 2021 2021
Interest and fees on loans
$ 14,162 $ 13,927 $ 12,116
Interest on investment securities
1,855 1,154 699
Other interest income
153 193 48
Total interest income
16,171 15,274 12,863

Deposit interest expense
640 655 642
Other interest expense
300 307 310
Total interest expense
940 962 952
Net interest income
15,231 14,312 11,911

Provision for loan losses
- 3,279 75
Net interest income after provision for loan losses
15,231 11,033 11,836

Service charges and bank fees
725 671 507
Income from bank owned life insurance
212 213 67
Gain/(loss) on sale of assets
- (113 ) -
Warrant income
86 455 22
Other income
90 839 115
Total non-interest income
1,113 2,065 711

Compensation and benefit expenses
7,312 6,920 6,476
Occupancy and equipment expenses
894 924 1,071
Data processing
411 394 422
Regulatory assessments
664 384 279
Professional fees
195 272 152
Other operating expenses
938 655 643
Total non-interest expense
10,415 9,549 9,043

Income before income taxes
5,929 3,549 3,504
Provision for income taxes
1,580 1,015 997
Net income
$ 4,349 $ 2,534 $ 2,507

Basic earnings per common share
$ 0.73 $ 0.43 $ 0.43
Diluted earnings per common share
$ 0.71 $ 0.42 $ 0.42

Average common shares outstanding
5,935,948 5,904,446 5,864,976
Average common fully diluted shares
6,116,306 6,101,778 6,020,336

Avidbank Holdings, Inc.
Average Balance Sheets and Net Interest Margin Analysis
Selected Financial Information
($000) (Unaudited)


Three months ended

March 31, 2022 December 31, 2021


Yields Interest
Yields Interest

Average or Income/ Average or Income/

Balance Rates Expense Balance Rates Expense
Assets







Interest earning assets:







Loans (1)
$ 1,215,153 4.73% $ 14,163 $ 1,154,254 4.79% $ 13,927
Fed funds sold
374,648 0.17% 153 515,430 0.15% 193
Investment securities
436,427 1.72% 1,855 287,915 1.59% 1,154
Total interest-earning assets
2,026,228 3.24% 16,171 1,957,599 3.10% 15,274


Noninterest-earning assets:

Cash and due from banks
42,282 35,750
All other assets (2)
63,077 61,196


Total assets
$ 2,131,587 $ 2,054,545


Liabilities and Shareholder's Equity

Interest-bearing liabilities:

Deposits

Demand
$ 49,199 0.12% $ 15 $ 50,045 0.16% $ 20
Money market and savings
812,289 0.21% 422 715,540 0.26% 465
Time
120,886 0.68% 203 99,550 0.68% 170
Total interest-bearing deposits
982,374 0.26% 640 865,135 0.30% 655


Subordinated debt
21,714 5.60% 300 21,689 5.62% 307
Total interest-bearing liabilities
1,004,088 0.38% 940 886,824 0.43% 962




Noninterest-bearing liabilities:

Demand deposits
964,834 1,001,568
Accrued expenses and other liabilities
23,997 27,564
Shareholder's equity
138,668 138,589


Total liabilities and

shareholder's equity
$ 2,131,587 $ 2,054,545


Net interest income and margin (3)
3.05% $ 15,231 2.90% $ 14,312


(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 $628 thousand and $864 thousand, respectively.
(2) Allowance for loan losses of $13.1 million for both comparative periods is included as a contra asset.
(3) Net interest margin is net interest income divided by total interest-earning assets.

Avidbank Holdings, Inc.
Average Balance Sheets and Net Interest Margin Analysis
Selected Financial Information
($000) (Unaudited)


Three months ended

March 31, 2022 March 31, 2021


Yields Interest
Yields Interest

Average or Income/ Average or Income/

Balance Rates Expense Balance Rates Expense
Assets







Interest earning assets:







Loans (1)
$ 1,215,153 4.73% $ 14,163 $ 1,009,580 4.87% $ 12,116
Fed funds sold
374,648 0.17% 153 227,233 0.09% 48
Investment securities
436,427 1.72% 1,855 167,939 1.69% 699
Total interest-earning assets
2,026,228 3.24% 16,171 1,404,752 3.71% 12,863


Noninterest-earning assets:

Cash and due from banks
42,282 21,595
All other assets (2)
63,077 42,250


Total assets
$ 2,131,587 $ 1,468,597


Liabilities and Shareholder's Equity

Interest-bearing liabilities:

Deposits

Demand
$ 49,199 0.12% $ 15 $ 25,871 0.20% $ 13
Money market and savings
812,289 0.21% 422 445,423 0.32% 354
Time
120,886 0.68% 203 137,680 0.81% 275
Total interest-bearing deposits
982,374 0.26% 640 608,974 0.43% 642


Subordinated debt
21,714 5.60% 300 21,582 5.83% 310
Total interest-bearing liabilities
1,004,088 0.38% 940 630,556 0.61% 952




Noninterest-bearing liabilities:

Demand deposits
964,834 682,793
Accrued expenses and other liabilities
23,997 26,404
Shareholder's equity
138,668 128,844


Total liabilities and

shareholder's equity
$ 2,131,587 $ 1,468,597


Net interest income and margin (3)
3.05% $ 15,231 3.44% $ 11,911


(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 $628 thousand and $561 thousand, respectively.
(2) Allowance for loan losses of $13.1 million and $12.6 million, respectively, is included as a contra asset.
(3) Net interest margin is net interest income divided by total interest-earning assets.

Avidbank Holdings, Inc.
Credit Trends
($000) (Unaudited)

3/31/22 12/31/21 9/30/21 6/30/21 3/31/21
Allowance for Loan Losses






Balance, beginning of quarter
$ 13,054 $ 12,775 $ 12,558 $ 12,558 $ 12,558
Provision for loan losses, quarterly
- 3,279 217 - 75
Charge-offs, quarterly
- (3,000 ) - - (75 )
Recoveries, quarterly
- - - - -
Balance, end of quarter
$ 13,054 $ 13,054 $ 12,775 $ 12,558 $ 12,558




Nonperforming Assets

Loans accounted for on a non-accrual basis
$ 3,204 $ 3,244 $ 3,285 $ 3,326 $ 3,367
Loans with principal or interest contractually past

due 90 days or more and still accruing interest
- - - - -
Nonperforming loans
3,204 3,244 3,285 3,326 3,367
Other real estate owned
- - - - -
Nonperforming assets
$ 3,204 $ 3,244 $ 3,285 $ 3,326 $ 3,367
Loans restructured and in compliance

with modified terms
- - - - -
Nonperforming assets & restructured loans
$ 3,204 $ 3,244 $ 3,285 $ 3,326 $ 3,367




Nonperforming Loans by Type:

Commercial
$ 441 $ 448 $ 456 $ 463 $ 470
Commercial Real Estate Loans
2,763 2,796 2,829 2,863 2,897
Total Nonperforming loans
$ 3,204 $ 3,244 $ 3,285 $ 3,326 $ 3,367




Asset Quality Ratios

Allowance for loan losses (ALLL) to total loans
1.08 % 1.07 % 1.19 % 1.24 % 1.22 %
ALLL to nonperforming loans
407.43 % 402.40 % 388.89 % 377.59 % 373.03 %
Nonperforming assets to total assets
0.15 % 0.15 % 0.18 % 0.21 % 0.22 %
Nonperforming loans to total loans
0.27 % 0.27 % 0.31 % 0.33 % 0.33 %
Net quarterly charge-offs to total loans
0.00 % 0.25 % 0.00 % 0.00 % 0.01 %

SOURCE: Avidbank Holdings, Inc.


View source version on accesswire.com:
https://www.accesswire.com/698123/Avidbank-Holdings-Inc-Announces-Net-Income-for-the-First-Quarter-of-2022

$AVBH Patrick Oakes Joins Avidbank As Chief Financial OfficerPress Release | 03/04/2022

SAN JOSE, CA / ACCESSWIRE / March 4, 2022 / Avidbank Holdings, Inc., (OTC PINK:AVBH), a bank holding company and the parent company of Avidbank, announced today the appointment of Patrick Oakes as Executive Vice President and Chief Financial Officer of the Bank and the Holding Company. Mr. Oakes joins Avidbank with a proven history of optimizing financial performance and maximizing growth and opportunity.

Mr. Oakes comes to Avidbank from Atlantic Capital Bank where he served as Executive Vice President, Chief Financial Officer and Secretary of the Bank and the Holding Company. Prior to Atlantic Capital, he served as Executive Vice President and Chief Financial Officer of Square 1 Financial Inc. He also held these same leadership roles at Encore Bancshares, Inc. before joining Square 1. For the ten years previous, he served as Senior Vice President and Treasurer at Sterling Bank. Mr. Oakes is a Chartered Financial Analyst, and holds a Bachelor of Science, EET degree from Texas A&M University and an MBA, International Finance from Richmond, The American International University in London. He was also named the Atlanta Business Chronicle's 2021 CFO of the Year among Small Public Company CFOs.

"With his diverse experience and atypical banker mentality, Pat will complement our culture and build strength within the executive team as we continue to maximize shareholder value and pursue our strategic business growth goals," stated Mark D. Mordell, Chairman and CEO of Avidbank. "His knowledge of capital markets and treasury management expertise will strengthen our depth and adaptability as we position the Bank to capitalize on continued growth opportunities in a rising interest rate environment."

"I am excited to join Avidbank," said Oakes. "Mark and his team have built an impressive business with a great culture, and I look forward to helping execute Avidbank's strategic goals."

Contact:
Alison Peters, Vice President, Executive Administration
apeters@avidbank.com
408-831-5656

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, real estate construction and commercial real estate lending. Avidbank provides a different approach to banking. We do what we say.

Well I don't know about legs but it's not leaving a trail like a snail...

Avidbank Holdings, Inc. Announces Unaudited Net Income of $996,000 for the Fourth Quarter of 2014

Avidbank Holdings, Inc. ("the Company") (OTCBB:AVBH), a bank holding company and the parent company of Avidbank ("the Bank"), an independent full-service commercial bank serving businesses and consumers in Northern California, announced unaudited consolidated net income of $996,000 for the fourth quarter of 2014 compared to $635,000 for the same period in 2013.

Full Year and Fourth Quarter 2014 Financial Highlights;

• Net income was $2,744,000 in 2014, compared to $2,508,000 in 2013. Results for the 2013 period included $748,000 in gains from the sale of investment securities compared to $261,000 in the 2014 period.

• Diluted earnings per common share were $0.62 for the year ended 2014, compared to $0.64 in 2013. Diluted earnings per common share were $0.22 for the fourth quarter of 2014, compared to $0.15 for the fourth quarter of 2013.

• Net income was $996,000 for the fourth quarter of 2014, compared to $635,000 for the fourth quarter of 2013. Results for the fourth quarter of 2013 included no gains from the sale of investment securities compared to $239,000 in the fourth quarter of 2014.

• Total assets decreased by 6% over the past twelve months, ending the fourth quarter at $469 million.

• Total loans outstanding grew by 33% in 2014, ending the fourth quarter at $342 million.

• Total deposits decreased by 14% over the past twelve months, ending the fourth quarter at $386 million.

• The Bank continues to be well capitalized with a Tier 1 Leverage Ratio of 10.5% and a Total Risk Based Capital Ratio of 12.2%.

[....]

http://ih.advfn.com/p.php?pid=nmona&article=65638100

Marker:
Avidbank Holdings, I (AVBH)
$12.30 0.0 (0.00%)
Volume: 0

HOW HEALTHY IS THIS BANK?

Very!

http://banktracker.investigativereportingworkshop.org/banks/california/palo-alto/the-private-bank-of-the-peninsula/

The bank is growing in assets, deposits and loans.

Well capitalized. No TARP debts. Profitable. Geographically serving in one of the Country's strongest areas for well paying tech jobs.

http://www.usbanklocations.com/avidbank-map.html

Avidbank Holdings, I (AVBH)

$11.514 down -0.006 (-0.05%)
Volume: 6,836

*Palo Alto, CA. Bank is located between San Jose and San Francisco serving the Silicon Valley area.

Book Value is $11.51

P/B is exactly 1.0