Avidbank Holdings, Inc. Announces Financial Results for the First Quarter of 2026
Rhea-AI Summary
Avidbank Holdings (NASDAQ:AVBH) reported Q1 2026 net income of $9.0 million, or $0.84 per diluted share, versus $6.9M ($0.65) in Q4 2025 and $5.4M ($0.71) in Q1 2025. Key metrics: ROAA 1.46%, net interest margin 4.38%, efficiency ratio 50.35%, and book value per share $26.33 as of March 31, 2026.
Loans rose to $2.17B, deposits to $2.2B, allowance for credit losses $20.9M, and the company repurchased 25,000 shares for $693K.
Positive
- Net income $9.0M in Q1 2026
- Net interest margin expanded to 4.38%
- Loans increased to $2.17B (+18% YoY)
- Deposits rose to $2.2B (+14% YoY)
- Book value per share $26.33
Negative
- Net charge-offs rose to 0.52% of average loans
- Non-performing assets at 0.63% of total assets
- Available-for-sale securities unrealized loss of $1.8M
- Provision for credit losses $1.4M
News Market Reaction – AVBH
In the Apr 28 session, AVBH declined 0.03%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jan 29 | Q4/FY 2025 earnings | Positive | +5.5% | Return to quarterly profitability and explanation of full-year loss from securities sale. |
| Oct 23 | Q3 2025 earnings | Negative | +1.9% | Large reported loss tied to sale of available-for-sale securities, offset by adjusted profit. |
| Aug 25 | Q2 2025 earnings | Positive | +0.3% | Strong net income growth, NIM expansion, healthy loan and deposit growth, solid asset quality. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings headlines have generally been received positively, with one notable divergence when the stock rose despite a reported loss.
Recent earnings-related news shows Avidbank using capital from its 2025 IPO to reposition the balance sheet while growing loans and deposits. Q2 and Q4 2025 results highlighted expanding net interest margin and solid net income, whereas Q3 2025 featured a large reported loss driven by securities repositioning. Despite that loss, the stock reacted positively, similar to the favorable reaction to Q4 2025 results. Today’s Q1 2026 report continues the focus on profitability, asset quality and balance sheet optimization.
Key Terms
net interest margin financial
efficiency ratio financial
non-performing assets financial
net charge-offs financial
allowance for credit losses financial
available-for-sale securities financial
short-term borrowings financial
non-GAAP financial measures financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
SAN JOSE, CA / ACCESS Newswire / April 27, 2026 / Avidbank Holdings, Inc. (NASDAQ:AVBH) (the "Company" or "Avidbank Holdings"), the holding company for Avidbank, a California state-chartered bank (the "Bank"), announced net income for the first quarter of 2026 of
First Quarter 2026 Highlights
Return on average assets was
1.46% compared to1.12% in the fourth quarter of 2025 and0.96% in the first quarter of 2025.Net interest margin expanded to
4.38% in the first quarter of 2026, compared to4.13% in the fourth quarter of 2025 and3.52% in the first quarter of 2025.The efficiency ratio was
50.35% compared to51.72% in the fourth quarter of 2025 and62.57% in the first quarter of 2025.Book value per share was
$26.33 at March 31, 2026, an increase of$0.67 from December 31, 2025, and an increase of$1.48 from March 31, 2025.Repurchased 25,000 shares of our common stock for
$693 thousand and an average price of$27.69 per share as part of our share repurchase program.Period-end loans, net of deferred fees, increased
$24.4 million , or5% annualized, from December 31, 2025 and$331.7 million , or18% , from March 31, 2025.Average deposits increased
$15.2 million , or3% annualized, from the fourth quarter of 2025 and$265.1 million , or14% , from the first quarter of 2025. Period-end deposits increased$13.2 million , or2% annualized, from December 31, 2025 and$269.8 million , or14% , from March 31, 2025.Non-performing assets to total assets decreased to
0.63% as of March 31, 2026 compared to0.95% at December 31, 2025 and increased compared to0.06% at March 31, 2025.Net charge-offs to average loans totaled
0.52% in the first quarter of 2026 compared to0.30% in the fourth quarter of 2025 due to the charge-off of two commercial and industrial loans.
Mark Mordell, Chairman and Chief Executive Officer stated, "We are pleased to see that the work we did in 2025 with our successful IPO and the restructuring of our balance sheet, along with the dedicated work of our employees, is being demonstrated by our improved profitability metrics."
Mordell added, "We believe the strong profitability in the first quarter reflects the strength of our business model and the continued execution of our overall strategy. This is a direct result of the dedication and teamwork of our employees, whose commitment to serving our clients and managing the balance sheet thoughtfully continues to drive meaningful value for our shareholders."
Mordell concluded, "During the quarter, overall asset quality improved with the resolution of three non-performing loans, including the charge-off of two commercial and industrial loans and the payoff of one construction loan. We remain focused on proactive credit management and remain confident in the credit quality of our overall loan portfolio."
Results of Operations
Net interest income totaled
The yield on loans in the first quarter of 2026 was
The yield on interest-earning assets increased 13 basis points during the first quarter of 2026 compared to the fourth quarter of 2025 and increased 16 basis points compared to the first quarter of 2025. The increase from the fourth quarter of 2025 was primarily driven by an increase in average loan balances and higher average balances of debt securities, partially offset by a decrease in interest-bearing deposits. The increase compared to the first quarter of 2025 was primarily due to higher average loan balances and higher yields on the average balances of our debt securities portfolio.
The cost of interest-bearing deposits in the first quarter of 2026 was
The provision for credit losses was
Non-interest income was
Non-interest expense totaled
The effective tax rate for the first quarter of 2026 was
Financial Condition
Total assets were
Loans, net of deferred fees, on March 31, 2026, totaled
The allowance for credit losses on loans was
The available-for-sale securities portfolio totaled
Deposits were
Short-term borrowings outstanding at March 31, 2026 were
Book value per share was
Other Information
The Company will host a conference call on April 28, 2026, at 11:00 a.m. (Eastern Time) / 8:00 a.m. (Pacific Time) to discuss the earnings results for the first quarter of 2026. Investors may call in by dialing (800) 715-9871 within the US and +1(646) 307-1963 for all other locations (Conference ID: 1715743). Participants may also pre-register for the conference by navigating https://events.q4inc.com/attendee/983702195.
Alternatively, individuals may listen to a live webcast of the presentation by visiting the link on the Company's website at www.avidbank.com under About Us, Investor Relations. An audio replay of the live webcast is expected to be available by the evening of April 28, 2026, through the Investor Relations section of the Company's website. The recording will be available for one year from the day of posting. Information which may be discussed on the conference call is provided in an earnings supplement presentation available on the Company's website and furnished with the SEC and available at www.sec.gov.
About Avidbank Holdings
Avidbank Holdings, Inc. (NASDAQ: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 press release includes financial information prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). This press release also includes non-GAAP financial information, which should be considered supplemental to, not a substitute for, or superior to, the financial measure calculated in accordance with GAAP. Management has presented these non-GAAP financial measures because we believe that these measures provide useful information to management and investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with GAAP. Management believes that adjusted net income, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average equity, adjusted efficiency ratio and taxable equivalent net interest income are reasonable measures to understand the Company's core operating performance and are important to many investors who are interested in understanding our profitability prospects from our core operations.
However, we acknowledge that our non-GAAP financial measures have a number of limitations. As such, you should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other banking companies use. Other banking companies may use names similar to those we use for the non-GAAP financial measures we disclose but may calculate them differently. You should understand how we and other companies each calculate their non-GAAP financial measures when making comparisons. For a description of the non-GAAP financial information included herein and reconciliations to the most directly comparable GAAP measure, see the "Non-GAAP Performance and Financial Measures Reconciliation" table.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of U.S. federal securities laws, which involve risks and uncertainties. You should not place undue reliance on forward-looking statements because they are subject to numerous uncertainties and factors relating to our operations and business, all of which are difficult to predict and many of which are beyond our control. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements include statements concerning our possible or assumed financial condition, results of operations, including descriptions of our business plans, strategy and expectations, capital and financing needs and liquidity and regulatory and competitive outlook. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other variations or comparable terminology and expressions. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements. We caution that the forward-looking information and statements are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control. Such forward-looking statements are based on various assumptions (some of which may be beyond our control) and are subject to risks and uncertainties, which change over time, and other factors which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to: uncertain market conditions and economic trends nationally, regionally and particularly in the Bay Area and California; economic conditions affecting the venture capital and private equity industries, including any decline in overall portfolio company investment, merger and acquisition activity and other liquidity events affecting venture and private equity fund and their portfolio companies; risks related to the concentration of our business in California, and specifically within the Bay Area, including risks associated with any downturn in the real estate sector; incurrence of losses in connection with the repositioning of our available-for-sale securities portfolio utilizing the proceeds from our recently completed public offering; the effects of a prolonged government shutdown; the occurrence of significant natural disasters, including fires and earthquakes, geopolitical events, and acts of war or terrorism; our ability to conduct our business could be disrupted by natural or man-made disasters, including the effects of pandemic viruses; changes in market interest rates that affect the pricing of our loans and deposits and our net interest income; risks related to our strategic focus on lending to small to medium-sized businesses; the sufficiency of the assumptions and estimates we make in establishing reserves for potential loan losses and the value of loan collateral and securities; our ability to attract and retain executive officers and key employees and their client and community relationships; adverse changes in the financial performance and/or condition of our borrowers and, as a result, increased loan delinquency rates, deterioration in asset quality and losses in our loan portfolio; the costs of effects and results of legal and regulatory developments, including legal proceedings and lawsuits we are or may become subject to; the results of regulatory examinations or reviews and the effect of and our ability to comply with, any regulations or regulatory orders or actions we are or may become subject to; our level of non-performing assets and the costs associated with resolving problem loans; our ability to maintain adequate liquidity and to raise necessary capital to fund our growth strategy and operations or to meet increased minimum regulatory capital levels; the effects of increased competition from a wide variety of local, regional, national and other providers of financial services; technological changes and developments; negative trends in our market capitalization and adverse changes in the price of our common stock; risks associated with unauthorized access, cyber-crime and other threats to data security; the effects of any strategic transactions we may make or evaluate, and the costs associated with any potential or actual strategic transaction; our ability to comply with various governmental and regulatory requirements applicable to financial institutions, including supervisory actions by federal and state banking agencies; the impact of recent and future legislative and regulatory changes, including changes in banking, accounting, securities and tax laws and regulations and their application by our regulators, and economic stimulus programs; governmental monetary and fiscal policies, including the policies of the Federal Reserve and policies related to tariffs; our ability to implement, maintain and improve effective internal controls; our use of the net proceeds from our recent public offering; and our success at managing any of the risks involved any of the foregoing items. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company's filings with the SEC, including the Company's most recent annual report on Form 10-K and quarterly reports on Form 10-Q under the heading "Risk Factors" therein and available at the SEC's Internet site www.sec.gov. The foregoing factors should not be considered exhaustive. New risks and uncertainties may emerge from time to time, and it is not possible for us to predict their occurrence or how they will affect us. If one or more of the factors affecting our forward-looking information and statements proves incorrect, then our actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information. Therefore, we caution you not to place undue reliance on our forward-looking information and statements. We disclaim any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law.
Contact:
Patrick Oakes
Executive Vice President and Chief Financial Officer
408-200-7390
IR@avidbank.com
AVIDBANK HOLDINGS, INC.
Selected Financial Data (Unaudited)
For the Three Months Ended | ||||||||||||||||||||
March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | ||||||||||||||||
(In thousands, except share and per share amounts) | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||
INCOME HIGHLIGHTS | ||||||||||||||||||||
Net income / (loss) | $ | 9,021 | $ | 6,949 | $ | (37,735 | ) | $ | 5,797 | $ | 5,436 | |||||||||
Net income - adjusted (2) | 9,021 | 6,949 | 6,707 | 5,797 | 5,436 | |||||||||||||||
PER SHARE DATA | ||||||||||||||||||||
Basic earnings / (loss) per share | $ | 0.85 | $ | 0.66 | $ | (4.12 | ) | $ | 0.77 | $ | 0.73 | |||||||||
Diluted earnings / (loss) per share | 0.84 | 0.65 | (4.12 | ) | 0.75 | 0.71 | ||||||||||||||
Diluted earnings per share - adjusted (2) | 0.84 | 0.65 | 0.72 | 0.75 | 0.71 | |||||||||||||||
Book value per share | 26.33 | 25.66 | 25.00 | 25.80 | 24.85 | |||||||||||||||
PERFORMANCE MEASURES | ||||||||||||||||||||
Return on average assets (1) | 1.46 | % | 1.12 | % | (6.35 | )% | 1.00 | % | 0.96 | % | ||||||||||
Return on average assets - adjusted (1)(2) | 1.46 | % | 1.12 | % | 1.13 | % | 1.00 | % | 0.96 | % | ||||||||||
Return on average equity (1) | 12.74 | % | 9.90 | % | (63.19 | )% | 11.59 | % | 11.49 | % | ||||||||||
Return on average equity - adjusted (1) (2) | 12.74 | % | 9.90 | % | 11.23 | % | 11.59 | % | 11.49 | % | ||||||||||
Net interest margin (1) | 4.38 | % | 4.13 | % | 3.90 | % | 3.60 | % | 3.52 | % | ||||||||||
Efficiency ratio | 50.35 | % | 51.72 | % | (35.28 | )% | 57.77 | % | 62.57 | % | ||||||||||
Efficiency ratio - adjusted (2) | 50.35 | % | 51.72 | % | 55.72 | % | 57.77 | % | 62.57 | % | ||||||||||
Average loans to average deposits | 99.98 | % | 94.78 | % | 94.14 | % | 95.69 | % | 98.55 | % | ||||||||||
CAPITAL | ||||||||||||||||||||
Tier 1 leverage ratio (3) | 11.39 | % | 11.23 | % | 11.14 | % | 10.53 | % | 10.39 | % | ||||||||||
Common equity tier 1 capital ratio (3) | 11.39 | % | 11.05 | % | 11.68 | % | 11.02 | % | 11.10 | % | ||||||||||
Tier 1 risk-based capital ratio (3) | 11.39 | % | 11.05 | % | 11.68 | % | 11.02 | % | 11.10 | % | ||||||||||
Total risk-based capital ratio (3) | 12.85 | % | 12.57 | % | 13.48 | % | 12.76 | % | 12.86 | % | ||||||||||
Common equity ratio | 11.18 | % | 10.93 | % | 11.56 | % | 8.55 | % | 8.48 | % | ||||||||||
SHARES OUTSTANDING | ||||||||||||||||||||
Number of common shares outstanding | 10,955,167 | 10,947,967 | 10,925,102 | 7,923,946 | 7,912,184 | |||||||||||||||
Average common shares outstanding - basic | 10,600,902 | 10,579,753 | 9,168,707 | 7,534,264 | 7,488,051 | |||||||||||||||
Average common shares outstanding - diluted | 10,773,884 | 10,754,488 | 9,168,707 | 7,686,385 | 7,682,884 | |||||||||||||||
Average common shares outstanding - diluted - adjusted (2) | 10,773,884 | 10,754,488 | 9,353,444 | 7,686,385 | 7,682,884 | |||||||||||||||
ASSET QUALITY | ||||||||||||||||||||
Total allowance for credit losses-loans and unfunded commitments to total loans | 1.07 | % | 1.15 | % | 1.19 | % | 1.15 | % | 1.14 | % | ||||||||||
Non-performing assets to total assets | 0.63 | % | 0.95 | % | 0.12 | % | 0.06 | % | 0.06 | % | ||||||||||
Non-performing loans to total loans | 0.75 | % | 1.14 | % | 0.14 | % | 0.07 | % | 0.07 | % | ||||||||||
Net charge-offs to average loans (1) | 0.52 | % | 0.30 | % | (0.01 | )% | 0.00 | % | (0.01 | )% | ||||||||||
AVERAGE BALANCES | ||||||||||||||||||||
Loans, net of deferred fees | $ | 2,150,688 | $ | 2,024,325 | $ | 1,924,537 | $ | 1,887,263 | $ | 1,858,716 | ||||||||||
Debt securities available-for-sale | 216,507 | 196,462 | 181,154 | 293,640 | 296,422 | |||||||||||||||
Total assets | 2,504,616 | 2,459,110 | 2,357,158 | 2,322,264 | 2,289,935 | |||||||||||||||
Deposits | 2,151,059 | 2,135,876 | 2,044,228 | 1,972,215 | 1,885,993 | |||||||||||||||
Shareholders' equity | 287,191 | 278,382 | 236,903 | 200,608 | 191,891 | |||||||||||||||
PERIOD-END BALANCES | ||||||||||||||||||||
Loans, net of deferred fees | $ | 2,172,846 | $ | 2,148,439 | $ | 1,958,585 | $ | 1,911,718 | $ | 1,841,187 | ||||||||||
Debt securities available-for-sale | 210,583 | 218,160 | 173,588 | 292,808 | 296,617 | |||||||||||||||
Total assets | 2,579,554 | 2,569,643 | 2,362,454 | 2,392,129 | 2,319,922 | |||||||||||||||
Deposits | 2,199,319 | 2,186,073 | 2,049,158 | 2,002,781 | 1,929,488 | |||||||||||||||
Shareholders' equity | 288,438 | 280,979 | 273,113 | 204,419 | 196,619 | |||||||||||||||
(1) Annualized for the periods presented.
(2) A non-GAAP performance measure. We provide detailed reconciliations in the "Non-GAAP Performance and Financial Measures Reconciliation" table.
(3) Ratios presented are for Avidbank Holdings, Inc. and are estimated for the three months ended March 31, 2026.
AVIDBANK HOLDINGS, INC.
Consolidated Statements of Financial Condition (Unaudited)
March 31, | Dec, 31, | Sept. 30, | June 30, | March 31, | ||||||||||||||||
(In thousands) | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||
Assets | ||||||||||||||||||||
Cash and due from financial institutions | $ | 10,569 | $ | 7,942 | $ | 12,006 | $ | 2,800 | $ | 18,866 | ||||||||||
Due from Federal Reserve Bank and interest- | ||||||||||||||||||||
bearing deposits in other financial institutions | 138,473 | 146,627 | 165,313 | 127,123 | 106,135 | |||||||||||||||
Total cash and cash equivalents | 149,042 | 154,569 | 177,319 | 129,923 | 125,001 | |||||||||||||||
Debt securities available-for-sale | 210,583 | 218,160 | 173,588 | 292,808 | 296,617 | |||||||||||||||
Loans, net of deferred fees | 2,172,846 | 2,148,439 | 1,958,585 | 1,911,718 | 1,841,187 | |||||||||||||||
Allowance for credit losses on loans | (20,938 | ) | (22,261 | ) | (21,025 | ) | (19,624 | ) | (18,722 | ) | ||||||||||
Loans, net of allowance for credit losses on loans | 2,151,908 | 2,126,178 | 1,937,560 | 1,892,094 | 1,822,465 | |||||||||||||||
Cash surrender value of bank-owned life insurance policies | 13,151 | 13,045 | 12,953 | 12,857 | 12,764 | |||||||||||||||
Premises and equipment, net | 1,340 | 1,526 | 1,739 | 1,927 | 2,118 | |||||||||||||||
Accrued interest receivable and other assets | 53,530 | 56,165 | 59,295 | 62,520 | 60,957 | |||||||||||||||
Total assets | $ | 2,579,554 | $ | 2,569,643 | $ | 2,362,454 | $ | 2,392,129 | $ | 2,319,922 | ||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Non-interest-bearing | $ | 577,101 | $ | 556,972 | $ | 471,770 | $ | 443,540 | $ | 419,823 | ||||||||||
Interest-bearing checking | 1,036,178 | 1,069,272 | 1,069,344 | 1,087,621 | 965,467 | |||||||||||||||
Money market and savings | 519,059 | 532,149 | 465,198 | 399,849 | 399,010 | |||||||||||||||
Time | 28,521 | 27,680 | 42,846 | 46,770 | 58,273 | |||||||||||||||
Non-reciprocal brokered (1) | 38,460 | - | - | 25,001 | 86,915 | |||||||||||||||
Total deposits | 2,199,319 | 2,186,073 | 2,049,158 | 2,002,781 | 1,929,488 | |||||||||||||||
Short-term borrowings | 55,000 | 60,000 | - | 145,000 | 155,000 | |||||||||||||||
Subordinated debentures, net | 22,000 | 22,000 | 22,000 | 22,000 | 22,000 | |||||||||||||||
Accrued interest payable and other liabilities | 14,797 | 20,591 | 18,183 | 17,929 | 16,815 | |||||||||||||||
Total liabilities | 2,291,116 | 2,288,664 | 2,089,341 | 2,187,710 | 2,123,303 | |||||||||||||||
Shareholders' Equity | ||||||||||||||||||||
Common stock | 169,474 | 169,990 | 169,342 | 107,608 | 106,839 | |||||||||||||||
Retained earnings | 120,171 | 111,150 | 104,201 | 141,936 | 136,139 | |||||||||||||||
Accumulated other comprehensive loss, net of taxes | (1,207 | ) | (161 | ) | (430 | ) | (45,125 | ) | (46,359 | ) | ||||||||||
Total shareholders' equity | 288,438 | 280,979 | 273,113 | 204,419 | 196,619 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 2,579,554 | $ | 2,569,643 | $ | 2,362,454 | $ | 2,392,129 | $ | 2,319,922 | ||||||||||
(1) FDIC regulations impose a general cap on reciprocal deposits that may be exempt from brokered deposits classification equal to
AVIDBANK HOLDINGS, INC.
Consolidated Statements of Operations (Unaudited)
For the Three Months Ended | ||||||||||||||||||||
March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | ||||||||||||||||
(in thousands, except share and per share amounts) | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||
Interest and fees on loans | $ | 35,429 | $ | 34,093 | $ | 33,880 | $ | 32,967 | $ | 31,885 | ||||||||||
Interest on debt securities | 2,467 | 2,274 | 1,157 | 1,703 | 1,749 | |||||||||||||||
Federal Home Loan Bank dividends | 426 | 185 | 184 | 181 | 185 | |||||||||||||||
Other interest income | 716 | 1,775 | 2,033 | 793 | 706 | |||||||||||||||
Total interest income | 39,038 | 38,327 | 37,254 | 35,644 | 34,525 | |||||||||||||||
Interest on deposits | 11,899 | 12,887 | 13,776 | 13,669 | 12,827 | |||||||||||||||
Interest on short-term borrowings | 240 | 6 | 385 | 1,242 | 1,911 | |||||||||||||||
Interest on subordinated debentures | 399 | 421 | 443 | 443 | 435 | |||||||||||||||
Total interest expense | 12,538 | 13,314 | 14,604 | 15,354 | 15,173 | |||||||||||||||
Net interest income | 26,500 | 25,013 | 22,650 | 20,290 | 19,352 | |||||||||||||||
Provision for credit losses | 1,445 | 2,838 | 1,355 | 925 | - | |||||||||||||||
Net interest income after | ||||||||||||||||||||
provision for credit losses | 25,055 | 22,175 | 21,295 | 19,365 | 19,352 | |||||||||||||||
Service charges and fees | 821 | 797 | 779 | 840 | 762 | |||||||||||||||
Foreign exchange income | 363 | 254 | 267 | 196 | 220 | |||||||||||||||
Bank-owned life insurance income | 106 | 93 | 96 | 93 | 90 | |||||||||||||||
Warrant and success fee income | 3 | 375 | - | 273 | - | |||||||||||||||
Other investment income | (22 | ) | 146 | 315 | (23 | ) | 47 | |||||||||||||
Net loss on sale of debt securities | - | - | (62,391 | ) | - | - | ||||||||||||||
Other income | 196 | 102 | 82 | 159 | 52 | |||||||||||||||
Total non-interest income | 1,467 | 1,767 | (60,852 | ) | 1,538 | 1,171 | ||||||||||||||
Salaries and employee benefits | 9,555 | 9,574 | 9,766 | 8,978 | 9,097 | |||||||||||||||
Legal and professional fees | 1,188 | 890 | 591 | 715 | 511 | |||||||||||||||
Data processing | 799 | 770 | 792 | 759 | 615 | |||||||||||||||
Occupancy and equipment | 790 | 730 | 723 | 759 | 996 | |||||||||||||||
Regulatory assessments | 566 | 521 | 445 | 420 | 544 | |||||||||||||||
Other operating expenses | 1,184 | 1,366 | 1,162 | 978 | 1,079 | |||||||||||||||
Total non-interest expense | 14,082 | 13,851 | 13,479 | 12,609 | 12,842 | |||||||||||||||
Income / (loss) before income taxes | 12,440 | 10,091 | (53,036 | ) | 8,294 | 7,681 | ||||||||||||||
Provision / (benefit) for income taxes | 3,419 | 3,142 | (15,301 | ) | 2,497 | 2,245 | ||||||||||||||
Net income / (loss) | $ | 9,021 | $ | 6,949 | $ | (37,735 | ) | $ | 5,797 | $ | 5,436 | |||||||||
Basic earnings / (loss) per common share | $ | 0.85 | $ | 0.66 | $ | (4.12 | ) | $ | 0.77 | $ | 0.73 | |||||||||
Diluted earnings / (loss) per common share | 0.84 | 0.65 | (4.12 | ) | 0.75 | 0.71 | ||||||||||||||
Weighted average shares - basic | 10,600,902 | 10,579,753 | 9,168,707 | 7,534,264 | 7,488,051 | |||||||||||||||
Weighted average shares - diluted | 10,773,884 | 10,754,488 | 9,168,707 | 7,686,385 | 7,682,884 | |||||||||||||||
AVIDBANK HOLDINGS, INC.
Average Balance Sheets and Net Interest Margin Analysis (Unaudited)
For the Three Months Ended | ||||||||||||||||||||||||
March 31, 2026 | December 31, 2025 | |||||||||||||||||||||||
Interest | Yields | Interest | Yields | |||||||||||||||||||||
Average | Income/ | or | Average | Income/ | or | |||||||||||||||||||
(In thousands) | Balance | Expense | Rates (6) | Balance | Expense | Rates (6) | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans, net of deferred fees (1) | $ | 2,150,688 | $ | 35,429 | 6.68 | % | $ | 2,024,325 | $ | 34,093 | 6.68 | % | ||||||||||||
Interest-bearing deposits | 78,859 | 716 | 3.68 | % | 175,590 | 1,775 | 4.01 | % | ||||||||||||||||
Debt securities | ||||||||||||||||||||||||
Taxable debt securities | 213,820 | 2,437 | 4.62 | % | 193,816 | 2,244 | 4.59 | % | ||||||||||||||||
Non-taxable debt securities (2) | 2,687 | 38 | 5.74 | % | 2,646 | 38 | 5.70 | % | ||||||||||||||||
Total debt securities | 216,507 | 2,475 | 4.64 | % | 196,462 | 2,282 | 4.61 | % | ||||||||||||||||
FHLB stock (5) | 8,409 | 426 | 20.55 | % | 8,409 | 185 | 8.73 | % | ||||||||||||||||
Total interest-earning assets | 2,454,463 | 39,046 | 6.45 | % | 2,404,786 | 38,335 | 6.32 | % | ||||||||||||||||
Non-interest-earning assets: | ||||||||||||||||||||||||
Cash and due from financial institutions | 13,058 | 13,506 | ||||||||||||||||||||||
All other assets (3) | 37,095 | 40,818 | ||||||||||||||||||||||
Total assets | $ | 2,504,616 | $ | 2,459,110 | ||||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,067,528 | $ | 8,260 | 3.14 | % | $ | 1,088,413 | $ | 9,186 | 3.35 | % | ||||||||||||
Money market and savings | 517,342 | 3,389 | 2.66 | % | 489,587 | 3,449 | 2.79 | % | ||||||||||||||||
Time deposits | 27,589 | 207 | 3.04 | % | 31,266 | 252 | 3.20 | % | ||||||||||||||||
Non-reciprocal brokered deposits | 4,567 | 43 | 3.82 | % | - | - | 0.00 | % | ||||||||||||||||
Total interest-bearing deposits | 1,617,026 | 11,899 | 2.98 | % | 1,609,266 | 12,887 | 3.18 | % | ||||||||||||||||
Short-term borrowings | 25,500 | 240 | 3.82 | % | 652 | 6 | 3.65 | % | ||||||||||||||||
Subordinated debentures, net | 21,997 | 399 | 7.36 | % | 22,000 | 421 | 7.59 | % | ||||||||||||||||
Total interest-bearing liabilities | 1,664,523 | 12,538 | 3.05 | % | 1,631,918 | 13,314 | 3.24 | % | ||||||||||||||||
Non-interest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 534,033 | 526,610 | ||||||||||||||||||||||
Accrued expenses and other liabilities | 18,869 | 22,200 | ||||||||||||||||||||||
Shareholders' equity | 287,191 | 278,382 | ||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,504,616 | $ | 2,459,110 | ||||||||||||||||||||
Net interest spread | 3.40 | % | 3.08 | % | ||||||||||||||||||||
Net interest income and margin (4) | $ | 26,508 | 4.38 | % | $ | 25,021 | 4.13 | % | ||||||||||||||||
Non-taxable equivalent net interest margin | 4.38 | % | 4.13 | % | ||||||||||||||||||||
Cost of deposits | $ | 2,151,059 | $ | 11,899 | 2.24 | % | $ | 2,135,876 | $ | 12,887 | 2.39 | % | ||||||||||||
(1) Non-performing 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 fees / (costs) of
(2) Interest income on tax-exempt securities has been increased to reflect comparable interest on taxable securities. The rate used was
(3) Including average allowance for credit losses on loans of
(4) Net interest margin is net interest income divided by total interest-earning assets.
(5) Includes a special FHLB dividend totaling
(6) Annualized for the periods presented.
AVIDBANK HOLDINGS, INC.
Average Balance Sheets and Net Interest Margin Analysis (Unaudited)
For the Three Months Ended | ||||||||||||||||||||||||
March 31, 2026 | March 31, 2025 | |||||||||||||||||||||||
Interest | Yields | Interest | Yields | |||||||||||||||||||||
Average | Income/ | or | Average | Income/ | or | |||||||||||||||||||
(In thousands) | Balance | Expense | Rates (6) | Balance | Expense | Rates (6) | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans, net of deferred fees (1) | $ | 2,150,688 | $ | 35,429 | 6.68 | % | $ | 1,858,716 | $ | 31,885 | 6.96 | % | ||||||||||||
Interest-bearing deposits | 78,859 | 716 | 3.68 | % | 64,376 | 706 | 4.45 | % | ||||||||||||||||
Debt securities | ||||||||||||||||||||||||
Taxable debt securities | 213,820 | 2,437 | 4.62 | % | 293,736 | 1,718 | 2.37 | % | ||||||||||||||||
Non-taxable debt securities (2) | 2,687 | 38 | 5.74 | % | 2,686 | 39 | 5.89 | % | ||||||||||||||||
Total debt securities | 216,507 | 2,475 | 4.64 | % | 296,422 | 1,757 | 2.40 | % | ||||||||||||||||
FHLB stock (5) | 8,409 | 426 | 20.55 | % | 8,409 | 185 | 8.92 | % | ||||||||||||||||
Total interest-earning assets | 2,454,463 | 39,046 | 6.45 | % | 2,227,923 | 34,533 | 6.29 | % | ||||||||||||||||
Non-interest-earning assets: | ||||||||||||||||||||||||
Cash and due from financial institutions | 13,058 | 12,851 | ||||||||||||||||||||||
All other assets (3) | 37,095 | 49,161 | ||||||||||||||||||||||
Total assets | $ | 2,504,616 | $ | 2,289,935 | ||||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,067,528 | $ | 8,260 | 3.14 | % | $ | 956,994 | $ | 8,530 | 3.61 | % | ||||||||||||
Money market and savings | 517,342 | 3,389 | 2.66 | % | 385,434 | 2,871 | 3.02 | % | ||||||||||||||||
Time deposits | 27,589 | 207 | 3.04 | % | 60,282 | 558 | 3.75 | % | ||||||||||||||||
Non-reciprocal brokered deposits | 4,567 | 43 | 3.82 | % | 77,537 | 868 | 4.54 | % | ||||||||||||||||
Total interest-bearing deposits | 1,617,026 | 11,899 | 2.98 | % | 1,480,247 | 12,827 | 3.51 | % | ||||||||||||||||
Short-term borrowings | 25,500 | 240 | 3.82 | % | 170,111 | 1,911 | 4.56 | % | ||||||||||||||||
Subordinated debentures, net | 21,997 | 399 | 7.36 | % | 22,000 | 435 | 8.02 | % | ||||||||||||||||
Total interest-bearing liabilities | 1,664,523 | 12,538 | 3.05 | % | 1,672,358 | 15,173 | 3.68 | % | ||||||||||||||||
Non-interest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 534,033 | 405,746 | ||||||||||||||||||||||
Accrued expenses and other liabilities | 18,869 | 19,940 | ||||||||||||||||||||||
Shareholders' equity | 287,191 | 191,891 | ||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,504,616 | $ | 2,289,935 | ||||||||||||||||||||
Net interest spread | 3.40 | % | 2.61 | % | ||||||||||||||||||||
Net interest income and margin (4) | $ | 26,508 | 4.38 | % | $ | 19,360 | 3.52 | % | ||||||||||||||||
Non-taxable equivalent net interest margin | 4.38 | % | 3.52 | % | ||||||||||||||||||||
Cost of deposits | $ | 2,151,059 | $ | 11,899 | 2.24 | % | $ | 1,885,993 | $ | 12,827 | 2.76 | % | ||||||||||||
(1) Non-performing 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 fees / (costs) of
(2) Interest income on tax-exempt securities has been increased to reflect comparable interest on taxable securities. The rate used was
(3) Including average allowance for credit losses on loans of
(4) Net interest margin is net interest income divided by total interest-earning assets.
(5) Includes a special FHLB dividend totaling
(6) Annualized for the periods presented.
AVIDBANK HOLDINGS, INC.
Asset Quality Data (Unaudited)
March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | ||||||||||||||||
(In thousands) | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||
Allowance for Credit Losses on Loans | ||||||||||||||||||||
Balance, beginning of period | $ | 22,261 | $ | 21,025 | $ | 19,624 | $ | 18,722 | $ | 18,679 | ||||||||||
Provision for credit losses on loans | 1,433 | 2,759 | 1,364 | 891 | - | |||||||||||||||
Charge-offs | (3,171 | ) | (1,523 | ) | - | - | - | |||||||||||||
Recoveries | 415 | - | 37 | 11 | 43 | |||||||||||||||
Balance, end of period | $ | 20,938 | $ | 22,261 | $ | 21,025 | $ | 19,624 | $ | 18,722 | ||||||||||
Allowance for Credit Losses on Unfunded Commitments | ||||||||||||||||||||
Balance, beginning of period | $ | 2,351 | $ | 2,272 | $ | 2,281 | $ | 2,247 | $ | 2,247 | ||||||||||
Provision for unfunded commitments | 12 | 79 | (9 | ) | 34 | - | ||||||||||||||
Balance, end of period | $ | 2,363 | $ | 2,351 | $ | 2,272 | $ | 2,281 | $ | 2,247 | ||||||||||
Total allowance for credit losses - | ||||||||||||||||||||
loans and unfunded commitments | $ | 23,301 | $ | 24,612 | $ | 23,297 | $ | 21,905 | $ | 20,969 | ||||||||||
Provision for credit losses | ||||||||||||||||||||
Provision for credit losses on loans | $ | 1,433 | $ | 2,759 | $ | 1,364 | $ | 891 | $ | - | ||||||||||
Provision for unfunded commitments | 12 | 79 | (9 | ) | 34 | - | ||||||||||||||
Total provision for credit losses | $ | 1,445 | $ | 2,838 | $ | 1,355 | $ | 925 | $ | - | ||||||||||
Non-Performing Assets | ||||||||||||||||||||
Loans accounted for on a non-accrual basis | $ | 16,323 | $ | 24,502 | $ | 2,761 | $ | 1,352 | $ | 1,360 | ||||||||||
Loans past due 90 days or more and still accruing | - | - | - | - | - | |||||||||||||||
Non-performing loans | 16,323 | 24,502 | 2,761 | 1,352 | 1,360 | |||||||||||||||
Other real estate owned | - | - | - | - | - | |||||||||||||||
Non-performing assets | $ | 16,323 | $ | 24,502 | $ | 2,761 | $ | 1,352 | $ | 1,360 | ||||||||||
Non-Performing Loans by Type | ||||||||||||||||||||
Commercial and industrial | $ | - | $ | 5,088 | $ | 2,761 | $ | 1,352 | $ | 1,360 | ||||||||||
Construction and land | 16,323 | 19,414 | - | - | - | |||||||||||||||
Total non-performing loans | $ | 16,323 | $ | 24,502 | $ | 2,761 | $ | 1,352 | $ | 1,360 | ||||||||||
Asset Quality Ratios | ||||||||||||||||||||
Allowance for credit losses on loans to total loans | 0.96 | % | 1.04 | % | 1.07 | % | 1.03 | % | 1.02 | % | ||||||||||
Total allowance for credit losses-loans | ||||||||||||||||||||
and unfunded commitments to total loans | 1.07 | % | 1.15 | % | 1.19 | % | 1.15 | % | 1.14 | % | ||||||||||
Allowance for credit losses on | ||||||||||||||||||||
loans to non-performing loans | 128.27 | % | 90.85 | % | 761.50 | % | 1451.48 | % | 1376.62 | % | ||||||||||
Non-performing assets to total assets | 0.63 | % | 0.95 | % | 0.12 | % | 0.06 | % | 0.06 | % | ||||||||||
Non-performing loans to total loans | 0.75 | % | 1.14 | % | 0.14 | % | 0.07 | % | 0.07 | % | ||||||||||
Net charge-offs to average loans (1) | 0.52 | % | 0.30 | % | (0.01 | )% | 0.00 | % | (0.01 | )% | ||||||||||
Criticized loans to total loans | 1.57 | % | 0.50 | % | 1.48 | % | 1.87 | % | 1.43 | % | ||||||||||
Classified loans to total loans | 0.92 | % | 1.22 | % | 0.44 | % | 0.38 | % | 0.20 | % | ||||||||||
(1) Annualized for the periods presented.
AVIDBANK HOLDINGS, INC.
Loans and Deposits (Unaudited)
Current | Year | |||||||||||||||||||||||||||
March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | Quarter | Over Year | ||||||||||||||||||||||
(In thousands) | 2026 | 2025 | 2025 | 2025 | 2025 | Change | Change | |||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||
Commercial and industrial loans | $ | 1,040,684 | $ | 1,049,530 | $ | 871,524 | $ | 855,049 | $ | 803,920 | $ | (8,846 | ) | $ | 236,764 | |||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Multi-family | 268,057 | 265,105 | 249,802 | 241,399 | 227,003 | 2,952 | 41,054 | |||||||||||||||||||||
Owner-Occupied | 164,191 | 165,130 | 176,171 | 168,393 | 142,764 | (939 | ) | 21,427 | ||||||||||||||||||||
Non-Owner-Occupied | 450,503 | 424,107 | 412,623 | 407,955 | 405,788 | 26,396 | 44,715 | |||||||||||||||||||||
Construction and land | 200,272 | 196,243 | 209,750 | 204,973 | 226,641 | 4,029 | (26,369 | ) | ||||||||||||||||||||
Residential | 48,726 | 45,669 | 36,399 | 31,560 | 32,985 | 3,057 | 15,741 | |||||||||||||||||||||
Total real estate loans | 1,131,749 | 1,096,254 | 1,084,745 | 1,054,280 | 1,035,181 | 35,495 | 96,568 | |||||||||||||||||||||
Consumer loans | 413 | 2,655 | 2,316 | 2,389 | 2,086 | (2,242 | ) | (1,673 | ) | |||||||||||||||||||
Total loans, net of deferred fees | $ | 2,172,846 | $ | 2,148,439 | $ | 1,958,585 | $ | 1,911,718 | $ | 1,841,187 | $ | 24,407 | $ | 331,659 | ||||||||||||||
Deposits | ||||||||||||||||||||||||||||
Non-interest-bearing demand | $ | 577,101 | $ | 556,972 | $ | 471,770 | $ | 443,540 | $ | 419,823 | $ | 20,129 | $ | 157,278 | ||||||||||||||
Interest-bearing checking | 1,036,178 | 1,069,272 | 1,069,344 | 1,087,621 | 965,467 | (33,094 | ) | 70,711 | ||||||||||||||||||||
Money market and savings | 519,059 | 532,149 | 465,198 | 399,849 | 399,010 | (13,090 | ) | 120,049 | ||||||||||||||||||||
Time | 28,521 | 27,680 | 42,846 | 46,770 | 58,273 | 841 | (29,752 | ) | ||||||||||||||||||||
Non-reciprocal brokered (1) | 38,460 | - | - | 25,001 | 86,915 | 38,460 | (48,455 | ) | ||||||||||||||||||||
Total deposits | $ | 2,199,319 | $ | 2,186,073 | $ | 2,049,158 | $ | 2,002,781 | $ | 1,929,488 | $ | 13,246 | $ | 269,831 | ||||||||||||||
Average Deposits | ||||||||||||||||||||||||||||
Non-interest-bearing demand | $ | 534,033 | $ | 526,610 | $ | 482,849 | $ | 425,154 | $ | 405,746 | $ | 7,423 | $ | 128,287 | ||||||||||||||
Interest-bearing checking | 1,067,528 | 1,088,413 | 1,074,064 | 1,038,372 | 956,994 | (20,885 | ) | 110,534 | ||||||||||||||||||||
Money market and savings | 517,342 | 489,587 | 433,135 | 398,438 | 385,434 | 27,755 | 131,908 | |||||||||||||||||||||
Time | 27,589 | 31,266 | 43,897 | 47,398 | 60,282 | (3,677 | ) | (32,693 | ) | |||||||||||||||||||
Non-reciprocal brokered | 4,567 | - | 10,283 | 62,853 | 77,537 | 4,567 | (72,970 | ) | ||||||||||||||||||||
Total deposits | $ | 2,151,059 | $ | 2,135,876 | $ | 2,044,228 | $ | 1,972,215 | $ | 1,885,993 | $ | 15,183 | $ | 265,066 | ||||||||||||||
(1) FDIC regulations impose a general cap on reciprocal deposits that may be exempt from brokered deposits classification equal to
AVIDBANK HOLDINGS, INC.
Non-GAAP Performance and Financial Measures Reconciliation (Unaudited)
Management believes that adjusted net income, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average equity, adjusted efficiency ratio and taxable equivalent net interest income are reasonable measures to understand the Company's core operating performance and are important to many investors who are interested in understanding our profitability prospects from our core operations. In addition, management reviews yields on certain asset categories and the net interest margin of the Company on a fully taxable equivalent basis. The non-GAAP taxable equivalent net interest income adjustment facilitates performance comparisons between taxable and tax-free assets by increasing the tax-free income by an amount equivalent to the Federal income taxes that would have been paid if this income were taxable at the Company's
March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | ||||||||||||||||
(In thousands) | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||
Non-GAAP adjusted net income reconciliation | ||||||||||||||||||||
Net income / (loss) - GAAP | $ | 9,021 | $ | 6,949 | $ | (37,735 | ) | $ | 5,797 | $ | 5,436 | |||||||||
Loss on sale of securities | - | - | 62,391 | - | - | |||||||||||||||
Tax impact of loss on sale of securities | - | - | (17,949 | ) | - | - | ||||||||||||||
Net income - adjusted (non-GAAP) | $ | 9,021 | $ | 6,949 | $ | 6,707 | $ | 5,797 | $ | 5,436 | ||||||||||
Non-GAAP adjusted diluted earnings per share reconciliation | ||||||||||||||||||||
Diluted earnings / (loss) per share - GAAP | $ | 0.84 | $ | 0.65 | $ | (4.12 | ) | $ | 0.75 | $ | 0.71 | |||||||||
Loss on sale of securities, net of income tax | - | - | 4.84 | - | - | |||||||||||||||
Diluted earnings per share - adjusted (non-GAAP) | $ | 0.84 | $ | 0.65 | $ | 0.72 | $ | 0.75 | $ | 0.71 | ||||||||||
Average common shares - diluted - adjusted | 10,773,884 | 10,754,488 | 9,353,444 | 7,686,385 | 7,682,884 | |||||||||||||||
Non-GAAP adjusted return on average assets reconciliation | ||||||||||||||||||||
Net income / (loss) - GAAP | $ | 9,021 | $ | 6,949 | $ | (37,735 | ) | $ | 5,797 | $ | 5,436 | |||||||||
Average total assets | 2,504,616 | 2,459,110 | 2,357,158 | 2,322,264 | 2,289,935 | |||||||||||||||
Return on average assets - GAAP (1) | 1.46 | % | 1.12 | % | (6.35 | )% | 1.00 | % | 0.96 | % | ||||||||||
Net income - adjusted (non-GAAP) | $ | 9,021 | $ | 6,949 | $ | 6,707 | $ | 5,797 | $ | 5,436 | ||||||||||
Average total assets | 2,504,616 | 2,459,110 | 2,357,158 | 2,322,264 | 2,289,935 | |||||||||||||||
Return on average assets - adjusted (non-GAAP) (1) | 1.46 | % | 1.12 | % | 1.13 | % | 1.00 | % | 0.96 | % | ||||||||||
Non-GAAP adjusted return on average equity reconciliation | ||||||||||||||||||||
Net income / (loss) - GAAP | $ | 9,021 | $ | 6,949 | $ | (37,735 | ) | $ | 5,797 | $ | 5,436 | |||||||||
Average total equity | 287,191 | 278,382 | 236,903 | 200,608 | 191,891 | |||||||||||||||
Return on average equity - GAAP (1) | 12.74 | % | 9.90 | % | (63.19 | )% | 11.59 | % | 11.49 | % | ||||||||||
Net income - adjusted (non-GAAP) | $ | 9,021 | $ | 6,949 | $ | 6,707 | $ | 5,797 | $ | 5,436 | ||||||||||
Average total equity | 287,191 | 278,382 | 236,903 | 200,608 | 191,891 | |||||||||||||||
Return on average equity - adjusted (non-GAAP) (1) | 12.74 | % | 9.90 | % | 11.23 | % | 11.59 | % | 11.49 | % | ||||||||||
Non-GAAP adjusted efficiency ratio reconciliation | ||||||||||||||||||||
Non-interest expense | $ | 14,082 | $ | 13,851 | $ | 13,479 | $ | 12,609 | $ | 12,842 | ||||||||||
Net interest income | 26,500 | 25,013 | 22,650 | 20,290 | 19,352 | |||||||||||||||
Non-interest income | 1,467 | 1,767 | (60,852 | ) | 1,538 | 1,171 | ||||||||||||||
Efficiency ratio - GAAP | 50.35 | % | 51.72 | % | (35.28 | )% | 57.77 | % | 62.57 | % | ||||||||||
Non-interest expense | $ | 14,082 | $ | 13,851 | $ | 13,479 | $ | 12,609 | $ | 12,842 | ||||||||||
Net interest income | 26,500 | 25,013 | 22,650 | 20,290 | 19,352 | |||||||||||||||
Non-interest income | 1,467 | 1,767 | (60,852 | ) | 1,538 | 1,171 | ||||||||||||||
Loss on sale of securities | - | - | 62,391 | - | - | |||||||||||||||
Non-interest income - adjusted | 1,467 | 1,767 | 1,539 | 1,538 | 1,171 | |||||||||||||||
Efficiency ratio - adjusted (non-GAAP) | 50.35 | % | 51.72 | % | 55.72 | % | 57.77 | % | 62.57 | % | ||||||||||
Non-GAAP taxable equivalent net interest income reconciliation | ||||||||||||||||||||
Net interest income - GAAP | $ | 26,500 | $ | 25,013 | $ | 22,650 | $ | 20,290 | $ | 19,352 | ||||||||||
Taxable equivalent adjustment | 8 | 8 | 8 | 8 | 8 | |||||||||||||||
Net interest income - taxable equivalent (non-GAAP) | $ | 26,508 | $ | 25,021 | $ | 22,658 | $ | 20,298 | $ | 19,360 | ||||||||||
(1) Annualized for the periods presented.
SOURCE: Avidbank Holdings, Inc.
View the original press release on ACCESS Newswire