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 net income of $696,000
for the second quarter of 2014 compared to $922,000 for the same
period in 2013.
Year-to-Date and Second Quarter 2014
Financial Highlights
- Net income was $1,105,000 for the first
six months of 2014, compared to $1,436,000 for the first six months
of 2013. Results for the 2013 period included $681,000 in gains
from the sale of investment securities compared to none in the 2014
period.
- Diluted earnings per common share were
$0.25 for the first six months of 2014, compared to $0.47 for the
first six months of 2013.
- Net income was $696,000 for the second
quarter of 2014, compared to $922,000 for the second quarter of
2013. Results for the 2013 period included $681,000 in gains from
the sale of investment securities compared to none in the 2014
period.
- Diluted earnings per common share were
$0.16 for the second quarter of 2014, compared to $0.30 for the
second quarter of 2013.
- Total assets grew by 2% over the past
six months, ending the second quarter at $483 million.
- Total loans outstanding grew by 9%,
ending the second quarter at $278 million.
- Total deposits grew by 1%, ending the
second quarter at $427 million.
- The Bank continues to be well
capitalized with a Tier 1 Leverage Ratio of 10.4% and a Total Risk
Based Capital Ratio of 13.2%.
Mark D. Mordell, Chairman and Chief Executive Officer, stated,
"The Bank's efforts to build lending infrastructure by increasing
loan production staff and facilities yielded positive results in
the second quarter of 2014. Loans outstanding increased more than
$23 million in the quarter, the largest quarterly loan growth in
the Bank's history. These results confirm our progress as we focus
on our plan of sustained and prudent growth in our loan portfolio.
Net income for the second quarter of 2014 grew by 71% over the
first quarter of 2014 primarily due to higher loans outstanding. We
will continue with our plan to grow our loan portfolio and leverage
the investments in personnel and infrastructure we have made. Our
Corporate Finance division, which includes asset-based and
technology lending, has demonstrated solid growth in 2014."
"The Bank's total deposits increased by $4.5 million in the
second quarter of 2014, in spite of the fact that we continue to
reduce our cost of funds. In addition, core deposits make up over
90% of total deposits and our non-interest bearing deposits have
grown to over 40% of total deposits," noted Mr. Mordell. "We have
expanded the size of our San Jose loan production office and are
very excited about the potential of that market. We have added
experienced loan officers in both Palo Alto and San Jose. Our high
level of capital and the high quality of our loan portfolio provide
us with ample capacity for growth.”
Results for the six months ended June 30,
2014
Net interest income before provision for loan losses was $7.8
million in 2014, an increase of $108,000 or 1.4% over the prior
year. Higher outstanding loan balances and reductions in the rates
paid on deposits were offset by lower loan yields. Average earning
assets were $442 million in 2014, a 10% increase over the prior
year. Net interest margin was 3.62% for 2014, compared to 3.88% in
2013. The decline in net interest margin was primarily caused by a
decline in loan yields due to the current interest rate environment
and a change in the mix of earning assets due to a significant
increase in liquid funds. No loan loss provision was recorded in
the first six months of either 2014 or 2013. We have experienced
net recoveries of $21,000 in 2014 compared to net recoveries of
$285,000 in 2013. Non-accrual loans totaled $2.3 million or 0.8% of
total loans on June 30, 2014 compared to $2.0 million or 0.8% of
total loans for the previous year-end. "Our high credit standards
have led to a low level of problem loans and to net recoveries in
2014 and 2013," observed Mr. Mordell.
Non-interest income, excluding gains on sales of securities, was
$608,000 in the first six months of 2014, an increase of $324,000
or 114% over 2013. The increase in non-interest income was due to
an increase in service charges and other fee generation activities
as well as an increase in earnings on bank owned life insurance.
There were no gains on sales of securities in 2014 and $681,000 of
gains on securities sales in 2013.
Non-interest expense grew by $374,000 or 6% in the first six
months of 2014 to $6.5 million compared to $6.2 million in 2013.
This growth was due to investments in loan production personnel and
facilities as we continue to expand our footprint and grow our loan
portfolio.
Results for the quarter ended June 30,
2014
For the three months ended June 30, 2014, net interest income
before provision for loan losses was $4.2 million, an increase of
$338,000 or 9% compared to the second quarter of 2013. The increase
was primarily the result of higher average loans outstanding.
Average earning assets were $429 million in the second quarter of
2014, a 7% increase over the second quarter of the prior year.
Earning assets increased due to growth in the loan portfolio. Net
interest margin was 3.98% for the second quarter of 2014, compared
to 3.82% for the second quarter of 2013. Net interest margin
increased due to growth in loans for the quarter and prepayment
penalties on early payoffs. No loan loss provision was taken in the
second quarter of 2014 or in the second quarter of 2013.
Non-interest income, excluding gains on sales of securities, was
$330,000 in the second quarter of 2014, an increase of $171,000 or
108% over the second quarter of 2013. The increase was due to
increases in service charges and other fee generation activities as
well as an increase in earnings on bank owned life insurance. There
were no gains on sales of securities in the second quarter of 2014
and $681,000 of gains on securities sales in the second quarter of
2013.
Non-interest expense grew by $240,000 in the second quarter of
2014 to $3.3 million compared to $3.1 million for the second
quarter of 2013. This growth was due to the investments in loan
production personnel and facilities mentioned previously.
About Avidbank
Avidbank Holdings, Inc., headquartered in Palo Alto, California,
offers innovative financial solutions and services. We specialize
in the following markets: commercial & industrial, corporate
finance, asset-based lending, real estate construction and
commercial real estate lending, and real estate bridge financing.
Avidbank advances the success of our clients by providing them with
financial opportunities and serving them as we wish to be served –
with mutual effort, ingenuity and trust – creating long-term
banking relationships.
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. These statements are based on current
expectations, estimates and projections about Avidbank's business
based, in part, on assumptions made by management. These statements
are not guarantees of future performance and involve risks,
uncertainties and assumptions that are difficult to predict.
Therefore, actual outcomes and results may differ materially from
what is expressed or forecasted in such forward-looking statements
due to numerous factors, including those described above and the
following: Avidbank's timely implementation of new products and
services, technological changes, changes in consumer spending and
savings habits and other risks discussed from time to time in
Avidbank's reports and filings with banking regulatory agencies. In
addition, such statements could be affected by general industry and
market conditions and growth rates, and general domestic and
international economic conditions. Such forward-looking statements
speak only as of the date on which they are made, and Avidbank does
not undertake any obligation to update any forward-looking
statement to reflect events or circumstances after the date of this
release.
Avidbank Holdings, Inc.
Balance Sheet ($000, except share and per
share amounts)
(Unaudited)
Assets
6/30/2014
3/31/2014
6/30/2013
Cash and due from banks $ 18,049 $ 15,427 $ 13,718 Fed funds sold
100,445 127,785
115,575 Total cash and cash equivalents
118,494 143,212 129,293 Investment securities - available
for sale 65,282 58,397 50,541 Loans, net of deferred loan
fees 277,822 254,375 247,964 Allowance for loan losses
(4,809 ) (4,795 )
(4,764 ) Loans, net of allowance for loan losses 273,013 249,580
243,200 Bank owned life insurance 11,783 11,694 3,471
Premises and equipment, net 1,210 1,287 1,269 Accrued interest
receivable & other assets 12,983
8,950 4,741 Total
assets $ 482,765 $ 473,120
$ 432,515
Liabilities
Non-interest-bearing demand deposits $ 173,394 $ 151,538 $ 115,115
Interest bearing transaction accounts 15,523 18,041 16,177 Money
market and savings accounts 194,892 205,237 186,885 Time deposits
42,777 47,250
58,901 Total deposits 426,586 422,066
377,078 Other liabilities 6,262
2,209 2,332 Total
liabilities 432,848 424,275 379,410
Shareholders'
equity
Preferred stock - - 5,974 Common stock/additional paid-in capital
44,985 44,774 44,579 Retained earnings 4,574 3,877 2,436
Accumulated other comprehensive income 358
194 116
Total shareholders' equity 49,917 48,845 53,105 Total
liabilities and shareholders' equity $ 482,765
$ 473,120 $ 432,515
Bank Capital
ratios
Tier 1 leverage ratio 10.36 % 9.72 % 10.98 % Tier 1 risk-based
capital ratio 11.89 % 12.89 % 13.79 % Total risk-based capital
ratio 13.14 % 14.14 % 15.04 % Book value per common share $
11.51 $ 11.34 $ 11.03 Total shares outstanding 4,336,292 4,308,756
4,274,014
Other
Ratios
Non-interest bearing/total deposits 40.6 % 35.9 % 30.5 % Loan to
deposit ratio 65.1 % 60.3 % 65.8 % Allowance for loan losses/Total
loans 1.73 % 1.88 % 1.92 %
Avidbank Holdings, Inc.
Condensed Statements of Income
($000, except share and per share amounts)
(Unaudited)
Quarter Ended
Year-to-Date
6/30/2014
6/30/2013
6/30/2014
6/30/2013
Interest and fees on loans $ 3,878 $ 3,661 $ 7,291 $ 7,383 Interest
on investment securities 437 399 812 803 Other interest income
60 57 148
111 Total interest income 4,375 4,117 8,251
8,297 Interest expense 209 289
453 607 Net interest
income 4,166 3,828 7,798 7,690 Provision for loan losses
- - -
-
Net interest income after provision for
loan losses
4,166 3,828 7,798 7,690 Service charges, fees and other
income 330 159 608 284 Gain on sale of investment securities
- 681 -
681 Total non-interest income 330 840 608 965
Compensation and benefit expenses 2,024 1,802 4,076 3,640 Occupancy
and equipment expenses 620 584 1,189 1,151 Other operating expenses
669 687 1,277
1,378 Total non-interest expense 3,313
3,073 6,542 6,169 Income before income taxes 1,183 1,595
1,864 2,486 Provision for income taxes 487
673 759 1,050
Net income $ 696 $ 922 $ 1,105
$ 1,436 Preferred dividends &
warrant amortization - 84
- 168
Net income applicable to common
shareholders
$ 696 $ 838 $ 1,105 $
1,268 Basic earnings per share $ 0.16 $
0.31 $ 0.26 $ 0.47 Diluted earnings per share $ 0.16 $ 0.30 $ 0.25
$ 0.47 Average shares outstanding 4,319,447 2,733,948
4,307,140 2,675,349 Average fully diluted shares 4,397,544
2,773,900 4,379,416 2,715,301
Annualized returns:
Return on average assets
0.60 % 0.88 % 0.46 % 0.69 %
Return on average common equity
5.62 % 9.86 % 4.51 % 8.25 % Net interest margin 3.98 % 3.82
% 3.62 % 3.88 % Cost of funds 0.20 % 0.31 % 0.21 % 0.33 %
Efficiency ratio 73.7 % 65.8 % 77.8 % 71.3 %
Avidbank Holdings, Inc.Steve Leen, 650-843-2204Executive Vice
President and Chief Financial
Officersleen@avidbank.comavidbank.com
Avidbank (PK) (USOTC:AVBH)
過去 株価チャート
から 11 2024 まで 12 2024
Avidbank (PK) (USOTC:AVBH)
過去 株価チャート
から 12 2023 まで 12 2024
