Avidbank Holdings, Inc. Announces Financial Results for the Second Quarter of 2026
Rhea-AI Summary
Avidbank Holdings (NASDAQ: AVBH) reported second quarter 2026 net income of $7.6 million, or $0.71 per diluted share, versus $9.0 million ($0.84) in the first quarter 2026 and $5.8 million ($0.75) a year earlier. Results included a $2.6 million litigation settlement expense and about $1.3 million of bank-owned life insurance death benefit income; adjusted non-GAAP net income was $8.2 million, or $0.76 per diluted share.
Loans rose to $2.22 billion, up $51.3 million from March 31, 2026 and $312.4 million year-over-year, while deposits reached $2.32 billion, up $122.6 million sequentially and $319.2 million year-over-year. Net interest income grew to $26.7 million and net interest margin was 4.26%. Non-performing loans were 0.65% of total loans, book value per share was $26.97, and total assets were $2.66 billion.
Positive
- Net interest income $26.7 million, up 31% year-over-year in Q2 2026
- Loans $2.22 billion, up $312.4 million or 16% from June 30, 2025
- Deposits $2.32 billion, up $319.2 million or 16% from June 30, 2025
- Net interest margin 4.26% in Q2 2026, up 66 bps year-over-year
- Non-performing loans 0.65% of total loans, down 10 bps from March 31, 2026
- Book value per share $26.97, up $1.17 from June 30, 2025
Negative
- Net income $7.6 million in Q2 2026, down from $9.0 million in Q1 2026
- Provision for credit losses $2.8 million, up from $1.4 million in Q1 2026
- Litigation settlement expense $2.6 million recorded in Q2 2026
- Non-performing loans ratio 0.65%, up from 0.07% at June 30, 2025
- Net charge-offs 0.35% of average loans, including $1.9 million partial construction loan charge-off
- Non-interest expense $30.6 million for six months, up 20% year-over-year
News Explained
Ownership effects disclosed are tied to 2025 IPO shares; second-quarter repurchases were zero, while quarter-end liquidity improved.
Avidbank Holdings has reported completed second-quarter results and says its SBA Lending division has launched; it attributes the
Additional shares increase the total share count and reduce an existing holder’s percentage ownership absent offsetting changes, so the IPO-linked issuance is the ownership mechanism identified in this release rather than a newly described operating expense.
The company reports that no shares were repurchased during the second quarter, compared with 25,000 shares repurchased in the first quarter.
As of
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 27 | Q1 earnings report | Positive | -0.0% | Net income and core operating metrics increased year over year. |
| Jan 29 | Q4 earnings report | Positive | +5.5% | Quarterly profitability returned alongside loan and deposit growth. |
| Oct 23 | Q3 earnings report | Negative | +1.9% | A securities-sale loss drove a quarterly net loss. |
| Aug 25 | Q2 earnings report | Positive | +0.3% | Net income, margin, loans, and deposits increased year over year. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings history was evenly split between aligned and divergent reactions, with positive earnings news producing both positive and negative price responses.
Key Terms
bank-owned life insurance financial
non-gaap financial
net interest margin financial
non-performing loans financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
SAN JOSE, CA / ACCESS Newswire / July 23, 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 second quarter of 2026 of
Second Quarter 2026 Highlights
Period-end loans, net of deferred fees, increased
$51.3 million , or9% annualized, from March 31, 2026 and$312.4 million , or16% , from June 30, 2025.Average deposits increased
$59.2 million , or11% annualized, from the first quarter of 2026 and$238.1 million , or12% , from the second quarter of 2025. Period-end deposits increased$122.6 million , or22% annualized, from March 31, 2026 and$319.2 million , or16% , from June 30, 2025.Return on average assets was
1.20% compared to1.46% in the first quarter of 2026 and1.00% in the second quarter of 2025. Excluding the litigation settlement and the income on BOLI proceeds, adjusted return on average assets (1) was1.28% in the second quarter of 2026 compared to1.46% in the prior quarter.Net interest margin declined to
4.26% in the second quarter of 2026, compared to4.38% in the first quarter of 2026 and increased compared to3.60% in the second quarter of 2025.Book value per share was
$26.97 at June 30, 2026, an increase of$0.64 from March 31, 2026, and an increase of$1.17 from June 30, 2025.Non-performing loans to total loans decreased to
0.65% as of June 30, 2026 compared to0.75% at March 31, 2026 and increased compared to0.07% at June 30, 2025.Net charge-offs to average loans were
0.35% in the second quarter of 2026 compared to0.52% in the first quarter of 2026.
Mark Mordell, Chairman and Chief Executive Officer stated, "We are pleased to report another solid quarter of growth in loans and deposits. In regard to our income statement, our results included two non-recurring items - a charge to settle a previously disclosed litigation matter and income on a payment from bank-owned life insurance. If we exclude those items, our adjusted results reflect the continued strength of our core operating performance and the earning power of our franchise. Although criticized and classified loans increased, we are not seeing any systemic or broad-based deterioration across the portfolio. As I have often said, we never take credit for granted and believe we are focused on the appropriate areas."
Mordell concluded, "We also continued to invest in our franchise, adding several experienced bankers as well as launching our new SBA Lending division, which expands our commercial banking platform and deepens the relationship-driven service that defines Avidbank. With a growing, diversified balance sheet and strong capital, we remain focused on disciplined growth and building long-term value for our shareholders."
Results of Operations
Net interest income totaled
Net interest margin was
The increase in net interest margin compared to the second quarter of 2025 was primarily driven by higher yields on securities, lower cost of deposits and lower rates and balances on short-term borrowings. For the six months ended June 30, 2026, net interest margin was
The yield on loans in the second quarter of 2026 was
The yield on interest-earning assets increased 8 basis points during the second quarter of 2026 compared to the first quarter of 2026 and increased 5 basis points compared to the second quarter of 2025. The increase from the first quarter of 2026 was primarily driven by an increase in average loan balances and average interest-earning deposits as well as higher average balances of debt securities, offset by a lower FHLB dividend. The increase compared to the second quarter of 2025 was primarily due to higher average loan balances, higher average interest-earning deposits and higher yields on our debt securities portfolio following the balance sheet restructuring. For the six months ended June 30, 2026, the yield on interest-earning assets increased 11 basis points compared to the same period in the prior year.
The cost of interest-bearing deposits in the second quarter of 2026 was
The provision for credit losses was
Non-interest income was
Non-interest expense totaled
The effective tax rate for the second quarter of 2026 was
Financial Condition
Total assets were
Loans, net of deferred fees, on June 30, 2026, totaled
The allowance for credit losses on loans was
The available-for-sale securities portfolio totaled
Deposits were
Short-term borrowings outstanding at June 30, 2026 were
Book value per share was
Other Information
The Company will host a conference call on July 24, 2026, at 11:00 a.m. (Eastern Time) / 8:00 a.m. (Pacific Time) to discuss the earnings results for the second quarter of 2026. Investors may call in by dialing (833) 461-5787 within the US and +1(585) 542-9983 for all other locations (Conference ID: 599 992 664). Participants may also pre-register for the conference by navigating to https://events.q4inc.com/attendee/599992664.
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 July 24, 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.
(1) A non-GAAP performance measure. We provide detailed reconciliations in the "Non-GAAP Performance and Financial Measures Reconciliation" table.
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 (which we define as the counties of Alameda, Contra Costa, Marin, Monterey, Napa, San Francisco, San Mateo, Santa Clara, Santa Cruz, Solano and Sonoma) 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; 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; the effects of 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, including their client and community relationships; our ability to successfully manage any chief executive officer transition; 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 and effects 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 completed public offering; and our success at managing any of the risks involved in 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 | For the Six Months Ended | |||||||||||||||||||||
June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | June 30, | June 30, | ||||||||||||||||
(In thousands, except share and per share amounts) | 2026 | 2026 | 2025 | 2025 | 2025 | 2026 | 2025 | |||||||||||||||
INCOME HIGHLIGHTS | ||||||||||||||||||||||
Net income / (loss) | $ | 7,647 | $ | 9,021 | $ | 6,949 | $ | (37,735 | ) | $ | 5,797 | $ | 16,668 | $ | 11,233 | |||||||
Net income - adjusted (2) | 8,197 | 9,021 | 6,949 | 6,707 | 5,797 | 17,218 | 11,233 | |||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||
Basic earnings / (loss) per share | $ | 0.72 | $ | 0.85 | $ | 0.66 | $ | (4.12 | ) | $ | 0.77 | $ | 1.57 | $ | 1.50 | |||||||
Diluted earnings / (loss) per share | 0.71 | 0.84 | 0.65 | (4.12 | ) | 0.75 | 1.55 | 1.46 | ||||||||||||||
Diluted earnings per share - adjusted (2) | 0.76 | 0.84 | 0.65 | 0.72 | 0.75 | 1.60 | 1.46 | |||||||||||||||
Book value per share | 26.97 | 26.33 | 25.66 | 25.00 | 25.80 | 26.97 | 25.80 | |||||||||||||||
PERFORMANCE MEASURES | ||||||||||||||||||||||
Return on average assets (1) | 1.20 | % | 1.46 | % | 1.12 | % | (6.35 | )% | 1.00 | % | 1.33 | % | 0.98 | % | ||||||||
Return on average assets - adjusted (1)(2) | 1.28 | % | 1.46 | % | 1.12 | % | 1.13 | % | 1.00 | % | 1.37 | % | 0.98 | % | ||||||||
Return on average equity (1) | 10.40 | % | 12.74 | % | 9.90 | % | (63.19 | )% | 11.59 | % | 11.55 | % | 11.54 | % | ||||||||
Return on average equity - adjusted (1) (2) | 11.15 | % | 12.74 | % | 9.90 | % | 11.23 | % | 11.59 | % | 11.93 | % | 11.54 | % | ||||||||
Net interest margin (1) | 4.26 | % | 4.38 | % | 4.13 | % | 3.90 | % | 3.60 | % | 4.32 | % | 3.56 | % | ||||||||
Efficiency ratio | 55.41 | % | 50.35 | % | 51.72 | % | (35.28 | )% | 57.77 | % | 52.96 | % | 60.10 | % | ||||||||
Efficiency ratio - adjusted (2) | 48.73 | % | 50.35 | % | 51.72 | % | 55.72 | % | 57.77 | % | 49.54 | % | 60.10 | % | ||||||||
Average loans to average deposits | 99.32 | % | 99.98 | % | 94.78 | % | 94.14 | % | 95.69 | % | 99.64 | % | 97.08 | % | ||||||||
CAPITAL | ||||||||||||||||||||||
Tier 1 leverage ratio (3) | 11.50 | % | 11.39 | % | 11.23 | % | 11.14 | % | 10.53 | % | 11.50 | % | 10.53 | % | ||||||||
Common equity tier 1 capital ratio (3) | 11.35 | % | 11.39 | % | 11.05 | % | 11.68 | % | 11.02 | % | 11.35 | % | 11.02 | % | ||||||||
Tier 1 risk-based capital ratio (3) | 11.35 | % | 11.39 | % | 11.05 | % | 11.68 | % | 11.02 | % | 11.35 | % | 11.02 | % | ||||||||
Total risk-based capital ratio (3) | 12.79 | % | 12.85 | % | 12.57 | % | 13.48 | % | 12.76 | % | 12.79 | % | 12.76 | % | ||||||||
Common equity ratio | 11.13 | % | 11.18 | % | 10.93 | % | 11.56 | % | 8.55 | % | 11.13 | % | 8.55 | % | ||||||||
SHARES OUTSTANDING | ||||||||||||||||||||||
Number of common shares outstanding | 10,982,764 | 10,955,167 | 10,947,967 | 10,925,102 | 7,923,946 | 10,982,764 | 7,923,946 | |||||||||||||||
Average common shares outstanding - basic | 10,607,949 | 10,600,902 | 10,579,753 | 9,168,707 | 7,534,264 | 10,604,445 | 7,511,285 | |||||||||||||||
Average common shares outstanding - diluted | 10,776,924 | 10,773,884 | 10,754,488 | 9,168,707 | 7,686,385 | 10,775,066 | 7,684,976 | |||||||||||||||
Average common shares outstanding - diluted - adjusted (2) | 10,776,924 | 10,773,884 | 10,754,488 | 9,353,444 | 7,686,385 | 10,775,066 | 7,684,976 | |||||||||||||||
ASSET QUALITY | ||||||||||||||||||||||
Total allowance for credit losses-loans and unfunded commitments to total loans | 1.09 | % | 1.07 | % | 1.15 | % | 1.19 | % | 1.15 | % | 1.09 | % | 1.15 | % | ||||||||
Non-performing assets to total assets | 0.54 | % | 0.63 | % | 0.95 | % | 0.12 | % | 0.06 | % | 0.54 | % | 0.06 | % | ||||||||
Non-performing loans to total loans | 0.65 | % | 0.75 | % | 1.14 | % | 0.14 | % | 0.07 | % | 0.65 | % | 0.07 | % | ||||||||
Net charge-offs to average loans (1) | 0.35 | % | 0.52 | % | 0.30 | % | (0.01 | )% | 0.00 | % | 0.43 | % | (0.01 | )% | ||||||||
AVERAGE BALANCES | ||||||||||||||||||||||
Loans, net of deferred fees | $ | 2,195,164 | $ | 2,150,688 | $ | 2,024,325 | $ | 1,924,537 | $ | 1,887,263 | $ | 2,173,049 | $ | 1,873,068 | ||||||||
Debt securities available-for-sale | 219,942 | 216,507 | 196,462 | 181,154 | 293,640 | 218,234 | 295,024 | |||||||||||||||
Total assets | 2,565,538 | 2,504,616 | 2,459,110 | 2,357,158 | 2,322,264 | 2,535,245 | 2,306,188 | |||||||||||||||
Deposits | 2,210,267 | 2,151,059 | 2,135,876 | 2,044,228 | 1,972,215 | 2,180,827 | 1,929,342 | |||||||||||||||
Shareholders' equity | 294,826 | 287,191 | 278,382 | 236,903 | 200,608 | 291,030 | 196,273 | |||||||||||||||
PERIOD-END BALANCES | ||||||||||||||||||||||
Loans, net of deferred fees | $ | 2,224,119 | $ | 2,172,846 | $ | 2,148,439 | $ | 1,958,585 | $ | 1,911,718 | $ | 2,224,119 | $ | 1,911,718 | ||||||||
Debt securities available-for-sale | 232,196 | 210,583 | 218,160 | 173,588 | 292,808 | 232,196 | 292,808 | |||||||||||||||
Total assets | 2,660,440 | 2,579,554 | 2,569,643 | 2,362,454 | 2,392,129 | 2,660,440 | 2,392,129 | |||||||||||||||
Deposits | 2,321,948 | 2,199,319 | 2,186,073 | 2,049,158 | 2,002,781 | 2,321,948 | 2,002,781 | |||||||||||||||
Shareholders' equity | 296,185 | 288,438 | 280,979 | 273,113 | 204,419 | 296,185 | 204,419 | |||||||||||||||
(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 and six months ended June 30, 2026.
AVIDBANK HOLDINGS, INC.
Consolidated Statements of Financial Condition (Unaudited)
June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | ||||||||||||||||
(In thousands) | 2026 | 2026 | 2025 | 2025 | 2025 | |||||||||||||||
Assets | ||||||||||||||||||||
Cash and due from financial institutions | $ | 13,897 | $ | 10,569 | $ | 7,942 | $ | 12,006 | $ | 2,800 | ||||||||||
Due from Federal Reserve Bank and interest-bearing deposits in other financial institutions | 146,012 | 138,473 | 146,627 | 165,313 | 127,123 | |||||||||||||||
Total cash and cash equivalents | 159,909 | 149,042 | 154,569 | 177,319 | 129,923 | |||||||||||||||
Debt securities available-for-sale | 232,196 | 210,583 | 218,160 | 173,588 | 292,808 | |||||||||||||||
Loans, net of deferred fees | 2,224,119 | 2,172,846 | 2,148,439 | 1,958,585 | 1,911,718 | |||||||||||||||
Allowance for credit losses on loans | (21,501 | ) | (20,938 | ) | (22,261 | ) | (21,025 | ) | (19,624 | ) | ||||||||||
Loans, net of allowance for credit losses on loans | 2,202,618 | 2,151,908 | 2,126,178 | 1,937,560 | 1,892,094 | |||||||||||||||
Cash surrender value of bank-owned life insurance policies | 11,443 | 13,151 | 13,045 | 12,953 | 12,857 | |||||||||||||||
Premises and equipment, net | 1,151 | 1,340 | 1,526 | 1,739 | 1,927 | |||||||||||||||
Accrued interest receivable and other assets | 53,123 | 53,530 | 56,165 | 59,295 | 62,520 | |||||||||||||||
Total assets | $ | 2,660,440 | $ | 2,579,554 | $ | 2,569,643 | $ | 2,362,454 | $ | 2,392,129 | ||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Non-interest-bearing | $ | 568,509 | $ | 577,101 | $ | 556,972 | $ | 471,770 | $ | 443,540 | ||||||||||
Interest-bearing checking | 1,115,263 | 1,036,178 | 1,069,272 | 1,069,344 | 1,087,621 | |||||||||||||||
Money market and savings | 538,399 | 519,059 | 532,149 | 465,198 | 399,849 | |||||||||||||||
Time | 34,311 | 28,521 | 27,680 | 42,846 | 46,770 | |||||||||||||||
Non-reciprocal brokered (1) | 65,466 | 38,460 | - | - | 25,001 | |||||||||||||||
Total deposits | 2,321,948 | 2,199,319 | 2,186,073 | 2,049,158 | 2,002,781 | |||||||||||||||
Short-term borrowings | - | 55,000 | 60,000 | - | 145,000 | |||||||||||||||
Subordinated debentures, net | 22,000 | 22,000 | 22,000 | 22,000 | 22,000 | |||||||||||||||
Accrued interest payable and other liabilities | 20,307 | 14,797 | 20,591 | 18,183 | 17,929 | |||||||||||||||
Total liabilities | 2,364,255 | 2,291,116 | 2,288,664 | 2,089,341 | 2,187,710 | |||||||||||||||
Shareholders' Equity | ||||||||||||||||||||
Common stock | 170,284 | 169,474 | 169,990 | 169,342 | 107,608 | |||||||||||||||
Retained earnings | 127,818 | 120,171 | 111,150 | 104,201 | 141,936 | |||||||||||||||
Accumulated other comprehensive loss, net of taxes | (1,917 | ) | (1,207 | ) | (161 | ) | (430 | ) | (45,125 | ) | ||||||||||
Total shareholders' equity | 296,185 | 288,438 | 280,979 | 273,113 | 204,419 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 2,660,440 | $ | 2,579,554 | $ | 2,569,643 | $ | 2,362,454 | $ | 2,392,129 | ||||||||||
(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 Six | ||||||||||||||||||||||
For the Three Months Ended | Months Ended | |||||||||||||||||||||
June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | June 30, | June 30, | ||||||||||||||||
(in thousands, except share and per share amounts) | 2026 | 2026 | 2025 | 2025 | 2025 | 2026 | 2025 | |||||||||||||||
Interest and fees on loans | $ | 36,484 | $ | 35,429 | 34,093 | $ | 33,880 | $ | 32,967 | $ | 71,913 | $ | 64,852 | |||||||||
Interest on debt securities | 2,559 | 2,467 | 2,274 | 1,157 | 1,703 | 5,025 | 3,452 | |||||||||||||||
Federal Home Loan Bank dividends | 20 | 426 | 185 | 184 | 181 | 446 | 366 | |||||||||||||||
Other interest income | 864 | 716 | 1,775 | 2,033 | 793 | 1,581 | 1,499 | |||||||||||||||
Total interest income | 39,927 | 39,038 | 38,327 | 37,254 | 35,644 | 78,965 | 70,169 | |||||||||||||||
Interest on deposits | 12,640 | 11,899 | 12,887 | 13,776 | 13,669 | 24,539 | 26,496 | |||||||||||||||
Interest on short-term borrowings | 196 | 240 | 6 | 385 | 1,242 | 436 | 3,153 | |||||||||||||||
Interest on subordinated debentures | 410 | 399 | 421 | 443 | 443 | 809 | 878 | |||||||||||||||
Total interest expense | 13,246 | 12,538 | 13,314 | 14,604 | 15,354 | 25,784 | 30,527 | |||||||||||||||
Net interest income | 26,681 | 26,500 | 25,013 | 22,650 | 20,290 | 53,181 | 39,642 | |||||||||||||||
Provision for credit losses | 2,789 | 1,445 | 2,838 | 1,355 | 925 | 4,234 | 925 | |||||||||||||||
Net interest income after provision for credit losses | 23,892 | 25,055 | 22,175 | 21,295 | 19,365 | 48,947 | 38,717 | |||||||||||||||
Service charges and fees | 851 | 821 | 797 | 779 | 840 | 1,672 | 1,602 | |||||||||||||||
Foreign exchange income | 340 | 363 | 254 | 267 | 196 | 703 | 416 | |||||||||||||||
Bank-owned life insurance income (1) | 1,497 | 106 | 93 | 96 | 93 | 1,603 | 183 | |||||||||||||||
Credit card income | 113 | 101 | 60 | 57 | 150 | 214 | 197 | |||||||||||||||
Warrant and success fee income | 64 | 3 | 375 | - | 273 | 67 | 273 | |||||||||||||||
Other investment income | 79 | (22 | ) | 146 | 315 | (23 | ) | 57 | 24 | |||||||||||||
Net loss on sale of debt securities | - | - | - | (62,391 | ) | - | - | - | ||||||||||||||
Other income | 106 | 95 | 42 | 25 | 9 | 201 | 14 | |||||||||||||||
Total non-interest income | 3,050 | 1,467 | 1,767 | (60,852 | ) | 1,538 | 4,517 | 2,709 | ||||||||||||||
Salaries and employee benefits | 9,563 | 9,555 | 9,574 | 9,766 | 8,978 | 19,117 | 18,075 | |||||||||||||||
Legal and professional fees | 897 | 1,188 | 890 | 591 | 715 | 2,086 | 1,226 | |||||||||||||||
Data processing | 787 | 799 | 770 | 792 | 759 | 1,586 | 1,374 | |||||||||||||||
Occupancy and equipment | 777 | 790 | 730 | 723 | 759 | 1,567 | 1,755 | |||||||||||||||
Regulatory assessments | 515 | 566 | 521 | 445 | 420 | 1,082 | 964 | |||||||||||||||
Other operating expenses | 3,934 | 1,184 | 1,366 | 1,162 | 978 | 5,118 | 2,057 | |||||||||||||||
Total non-interest expense | 16,473 | 14,082 | 13,851 | 13,479 | 12,609 | 30,556 | 25,451 | |||||||||||||||
Income / (loss) before income taxes | 10,469 | 12,440 | 10,091 | (53,036 | ) | 8,294 | 22,908 | 15,975 | ||||||||||||||
Provision / (benefit) for income taxes | 2,822 | 3,419 | 3,142 | (15,301 | ) | 2,497 | 6,240 | 4,742 | ||||||||||||||
Net income / (loss) | $ | 7,647 | $ | 9,021 | 6,949 | $ | (37,735 | ) | $ | 5,797 | $ | 16,668 | $ | 11,233 | ||||||||
Basic earnings / (loss) per common share | $ | 0.72 | $ | 0.85 | 0.66 | $ | (4.12 | ) | $ | 0.77 | $ | 1.57 | $ | 1.50 | ||||||||
Diluted earnings / (loss) per common share | 0.71 | 0.84 | 0.65 | (4.12 | ) | 0.75 | 1.55 | 1.46 | ||||||||||||||
Weighted average shares - basic | 10,607,949 | 10,600,902 | 10,579,753 | 9,168,707 | 7,534,264 | 10,604,445 | 7,511,285 | |||||||||||||||
Weighted average shares - diluted | 10,776,924 | 10,773,884 | 10,754,488 | 9,168,707 | 7,686,385 | 10,775,066 | 7,684,976 | |||||||||||||||
(1) Includes
AVIDBANK HOLDINGS, INC.
Average Balance Sheets and Net Interest Margin Analysis (Unaudited)
For the Three Months Ended | ||||||||||||||||||||||||
June 30, 2026 | March 31, 2026 | |||||||||||||||||||||||
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) | $ | 2,195,164 | $ | 36,484 | 6.67 | % | $ | 2,150,688 | $ | 35,429 | 6.68 | % | ||||||||||||
Interest-earning deposits | 91,304 | 864 | 3.80 | % | 78,859 | 716 | 3.68 | % | ||||||||||||||||
Debt securities | ||||||||||||||||||||||||
Taxable debt securities | 217,311 | 2,529 | 4.67 | % | 213,820 | 2,437 | 4.62 | % | ||||||||||||||||
Non-taxable debt securities (2) | 2,631 | 38 | 5.79 | % | 2,687 | 38 | 5.74 | % | ||||||||||||||||
Total debt securities | 219,942 | 2,567 | 4.68 | % | 216,507 | 2,475 | 4.64 | % | ||||||||||||||||
FHLB stock (5) | 8,409 | 20 | 0.95 | % | 8,409 | 426 | 20.55 | % | ||||||||||||||||
Total interest-earning assets | 2,514,819 | 39,935 | 6.37 | % | 2,454,463 | 39,046 | 6.45 | % | ||||||||||||||||
Non-interest-earning assets: | ||||||||||||||||||||||||
Cash and due from financial institutions | 16,004 | 13,058 | ||||||||||||||||||||||
All other assets (3) | 34,715 | 37,095 | ||||||||||||||||||||||
Total assets | $ | 2,565,538 | $ | 2,504,616 | ||||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,055,578 | $ | 8,368 | 3.18 | % | $ | 1,067,528 | $ | 8,260 | 3.14 | % | ||||||||||||
Money market and savings | 509,766 | 3,427 | 2.70 | % | 517,342 | 3,389 | 2.66 | % | ||||||||||||||||
Time deposits | 35,454 | 285 | 3.22 | % | 27,589 | 207 | 3.04 | % | ||||||||||||||||
Non-reciprocal brokered deposits | 56,810 | 560 | 3.95 | % | 4,567 | 43 | 3.82 | % | ||||||||||||||||
Total interest-bearing deposits | 1,657,608 | 12,640 | 3.06 | % | 1,617,026 | 11,899 | 2.98 | % | ||||||||||||||||
Short-term borrowings | 20,703 | 196 | 3.80 | % | 25,500 | 240 | 3.82 | % | ||||||||||||||||
Subordinated debentures, net | 22,000 | 410 | 7.48 | % | 21,997 | 399 | 7.36 | % | ||||||||||||||||
Total interest-bearing liabilities | 1,700,311 | 13,246 | 3.12 | % | 1,664,523 | 12,538 | 3.05 | % | ||||||||||||||||
Non-interest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 552,659 | 534,033 | ||||||||||||||||||||||
Accrued expenses and other liabilities | 17,742 | 18,869 | ||||||||||||||||||||||
Shareholders' equity | 294,826 | 287,191 | ||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,565,538 | $ | 2,504,616 | ||||||||||||||||||||
Net interest spread | 3.25 | % | 3.40 | % | ||||||||||||||||||||
Net interest income and margin (4) | $ | 26,689 | 4.26 | % | $ | 26,508 | 4.38 | % | ||||||||||||||||
Non-taxable equivalent net interest margin | 4.26 | % | 4.38 | % | ||||||||||||||||||||
Cost of deposits | $ | 2,210,267 | $ | 12,640 | 2.29 | % | $ | 2,151,059 | $ | 11,899 | 2.24 | % | ||||||||||||
(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 negative balance on 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 | ||||||||||||||||||||||||
June 30, 2026 | June 30, 2025 | |||||||||||||||||||||||
Interest | Yields | Interest | Yields | |||||||||||||||||||||
Average | Income/ | or | Average | Income/ | or | |||||||||||||||||||
(In thousands) | Balance | Expense | Rates (5) | Balance | Expense | Rates (5) | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans, net of deferred fees (1) | $ | 2,195,164 | $ | 36,484 | 6.67 | % | $ | 1,887,263 | $ | 32,967 | 7.01 | % | ||||||||||||
Interest-earning deposits | 91,304 | 864 | 3.80 | % | 73,552 | 793 | 4.32 | % | ||||||||||||||||
Debt securities | ||||||||||||||||||||||||
Taxable debt securities | 217,311 | 2,529 | 4.67 | % | 291,074 | 1,672 | 2.30 | % | ||||||||||||||||
Non-taxable debt securities (2) | 2,631 | 38 | 5.79 | % | 2,566 | 39 | 6.10 | % | ||||||||||||||||
Total debt securities | 219,942 | 2,567 | 4.68 | % | 293,640 | 1,711 | 2.34 | % | ||||||||||||||||
FHLB stock | 8,409 | 20 | 0.95 | % | 8,409 | 181 | 8.63 | % | ||||||||||||||||
Total interest-earning assets | 2,514,819 | 39,935 | 6.37 | % | 2,262,864 | 35,652 | 6.32 | % | ||||||||||||||||
Non-interest-earning assets: | ||||||||||||||||||||||||
Cash and due from financial institutions | 16,004 | 10,120 | ||||||||||||||||||||||
All other assets (3) | 34,715 | 49,280 | ||||||||||||||||||||||
Total assets | $ | 2,565,538 | $ | 2,322,264 | ||||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,055,578 | $ | 8,368 | 3.18 | % | $ | 1,038,372 | $ | 9,483 | 3.66 | % | ||||||||||||
Money market and savings | 509,766 | 3,427 | 2.70 | % | 398,438 | 3,094 | 3.11 | % | ||||||||||||||||
Time deposits | 35,454 | 285 | 3.22 | % | 47,398 | 400 | 3.38 | % | ||||||||||||||||
Non-reciprocal brokered deposits | 56,810 | 560 | 3.95 | % | 62,853 | 692 | 4.42 | % | ||||||||||||||||
Total interest-bearing deposits | 1,657,608 | 12,640 | 3.06 | % | 1,547,061 | 13,669 | 3.54 | % | ||||||||||||||||
Short-term borrowings | 20,703 | 196 | 3.80 | % | 108,374 | 1,242 | 4.60 | % | ||||||||||||||||
Subordinated debentures, net | 22,000 | 410 | 7.48 | % | 22,000 | 443 | 8.08 | % | ||||||||||||||||
Total interest-bearing liabilities | 1,700,311 | 13,246 | 3.12 | % | 1,677,435 | 15,354 | 3.67 | % | ||||||||||||||||
Non-interest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 552,659 | 425,154 | ||||||||||||||||||||||
Accrued expenses and other liabilities | 17,742 | 19,067 | ||||||||||||||||||||||
Shareholders' equity | 294,826 | 200,608 | ||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,565,538 | $ | 2,322,264 | ||||||||||||||||||||
Net interest spread | 3.25 | % | 2.65 | % | ||||||||||||||||||||
Net interest income and margin (4) | $ | 26,689 | 4.26 | % | $ | 20,298 | 3.60 | % | ||||||||||||||||
Non-taxable equivalent net interest margin | 4.26 | % | 3.60 | % | ||||||||||||||||||||
Cost of deposits | $ | 2,210,267 | $ | 12,640 | 2.29 | % | $ | 1,972,215 | $ | 13,669 | 2.78 | % | ||||||||||||
(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 negative balance on average allowance for credit losses on loans of
(4) Net interest margin is net interest income divided by total interest-earning assets.
(5) Annualized for the periods presented.
AVIDBANK HOLDINGS, INC.
Average Balance Sheets and Net Interest Margin Analysis (Unaudited)
For the Six Months Ended | ||||||||||||||||||||||||
June 30, 2026 | June 30, 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) | $ | 2,173,049 | $ | 71,913 | 6.67 | % | $ | 1,873,068 | $ | 64,852 | 6.98 | % | ||||||||||||
Interest-earning deposits | 85,116 | 1,581 | 3.75 | % | 68,989 | 1,499 | 4.38 | % | ||||||||||||||||
Debt securities | ||||||||||||||||||||||||
Taxable debt securities | 215,575 | 4,964 | 4.64 | % | 292,398 | 3,391 | 2.34 | % | ||||||||||||||||
Non-taxable debt securities (2) | 2,659 | 77 | 5.84 | % | 2,626 | 77 | 5.91 | % | ||||||||||||||||
Total debt securities | 218,234 | 5,041 | 4.66 | % | 295,024 | 3,468 | 2.37 | % | ||||||||||||||||
FHLB stock (5) | 8,409 | 446 | 10.70 | % | 8,409 | 366 | 8.78 | % | ||||||||||||||||
Total interest-earning assets | 2,484,808 | 78,981 | 6.41 | % | 2,245,490 | 70,185 | 6.30 | % | ||||||||||||||||
Non-interest-earning assets: | ||||||||||||||||||||||||
Cash and due from financial institutions | 14,539 | 11,478 | ||||||||||||||||||||||
All other assets (3) | 35,898 | 49,220 | ||||||||||||||||||||||
Total assets | $ | 2,535,245 | $ | 2,306,188 | ||||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,061,520 | $ | 16,628 | 3.16 | % | $ | 997,907 | $ | 18,013 | 3.64 | % | ||||||||||||
Money market and savings | 513,533 | 6,816 | 2.68 | % | 391,972 | 5,965 | 3.07 | % | ||||||||||||||||
Time deposits | 31,543 | 492 | 3.15 | % | 53,805 | 958 | 3.59 | % | ||||||||||||||||
Non-reciprocal brokered deposits | 30,833 | 603 | 3.94 | % | 70,154 | 1,560 | 4.48 | % | ||||||||||||||||
Total interest-bearing deposits | 1,637,429 | 24,539 | 3.02 | % | 1,513,838 | 26,496 | 3.53 | % | ||||||||||||||||
Short-term borrowings | 23,088 | 436 | 3.81 | % | 139,072 | 3,153 | 4.57 | % | ||||||||||||||||
Subordinated debentures, net | 21,999 | 809 | 7.42 | % | 22,000 | 878 | 8.05 | % | ||||||||||||||||
Total interest-bearing liabilities | 1,682,516 | 25,784 | 3.09 | % | 1,674,910 | 30,527 | 3.68 | % | ||||||||||||||||
Non-interest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 543,398 | 415,504 | ||||||||||||||||||||||
Accrued expenses and other liabilities | 18,301 | 19,501 | ||||||||||||||||||||||
Shareholders' equity | 291,030 | 196,273 | ||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,535,245 | $ | 2,306,188 | ||||||||||||||||||||
Net interest spread | 3.32 | % | 2.62 | % | ||||||||||||||||||||
Net interest income and margin (4) | $ | 53,197 | 4.32 | % | $ | 39,658 | 3.56 | % | ||||||||||||||||
Non-taxable equivalent net interest margin | 4.32 | % | 3.56 | % | ||||||||||||||||||||
Cost of deposits | $ | 2,180,827 | $ | 24,539 | 2.27 | % | $ | 1,929,342 | $ | 26,496 | 2.77 | % | ||||||||||||
(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 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 negative balance on 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)
As of / For the Year-to-Date | ||||||||||||||||||||||
June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | Period Ended June 30, | |||||||||||||||||
(In thousands) | 2026 | 2026 | 2025 | 2025 | 2025 | 2026 | 2025 | |||||||||||||||
Allowance for Credit Losses on Loans | ||||||||||||||||||||||
Balance, beginning of period | $ | 20,938 | $ | 22,261 | $ | 21,025 | $ | 19,624 | $ | 18,722 | $ | 22,261 | $ | 18,679 | ||||||||
Provision for credit losses on loans | 2,461 | 1,433 | 2,759 | 1,364 | 891 | 3,894 | 891 | |||||||||||||||
Charge-offs | (1,901 | ) | (3,171 | ) | (1,523 | ) | - | - | (5,072 | ) | - | |||||||||||
Recoveries | 3 | 415 | - | 37 | 11 | 418 | 54 | |||||||||||||||
Balance, end of period | $ | 21,501 | $ | 20,938 | $ | 22,261 | $ | 21,025 | $ | 19,624 | $ | 21,501 | $ | 19,624 | ||||||||
Allowance for Credit Losses on Unfunded Commitments | ||||||||||||||||||||||
Balance, beginning of period | $ | 2,363 | $ | 2,351 | $ | 2,272 | $ | 2,281 | $ | 2,247 | $ | 2,351 | $ | 2,247 | ||||||||
Provision for unfunded commitments | 328 | 12 | 79 | (9 | ) | 34 | 340 | 34 | ||||||||||||||
Balance, end of period | $ | 2,691 | $ | 2,363 | $ | 2,351 | $ | 2,272 | $ | 2,281 | $ | 2,691 | $ | 2,281 | ||||||||
Total allowance for credit losses - | ||||||||||||||||||||||
loans and unfunded commitments | $ | 24,192 | $ | 23,301 | $ | 24,612 | $ | 23,297 | $ | 21,905 | $ | 24,192 | $ | 21,905 | ||||||||
Provision for credit losses | ||||||||||||||||||||||
Provision for credit losses on loans | $ | 2,461 | $ | 1,433 | $ | 2,759 | $ | 1,364 | $ | 891 | $ | 3,894 | $ | 891 | ||||||||
Provision for unfunded commitments | 328 | 12 | 79 | (9 | ) | 34 | 340 | 34 | ||||||||||||||
Total provision for credit losses | $ | 2,789 | $ | 1,445 | $ | 2,838 | $ | 1,355 | $ | 925 | $ | 4,234 | $ | 925 | ||||||||
Non-Performing Assets | ||||||||||||||||||||||
Loans accounted for on a non-accrual basis | $ | 14,448 | $ | 16,323 | $ | 24,502 | $ | 2,761 | $ | 1,352 | $ | 14,448 | $ | 1,352 | ||||||||
Loans past due 90 days or more and still accruing | - | - | - | - | - | - | - | |||||||||||||||
Non-performing loans | 14,448 | 16,323 | 24,502 | 2,761 | 1,352 | 14,448 | 1,352 | |||||||||||||||
Other real estate owned | - | - | - | - | - | - | - | |||||||||||||||
Non-performing assets | $ | 14,448 | $ | 16,323 | $ | 24,502 | $ | 2,761 | $ | 1,352 | $ | 14,448 | $ | 1,352 | ||||||||
Non-Performing Loans by Type | ||||||||||||||||||||||
Commercial and industrial | $ | - | $ | - | $ | 5,088 | $ | 2,761 | $ | 1,352 | $ | - | $ | 1,352 | ||||||||
Construction and land | 14,448 | 16,323 | 19,414 | - | - | 14,448 | - | |||||||||||||||
Total non-performing loans | $ | 14,448 | $ | 16,323 | $ | 24,502 | $ | 2,761 | $ | 1,352 | $ | 14,448 | $ | 1,352 | ||||||||
Asset Quality Ratios | ||||||||||||||||||||||
Allowance for credit losses on loans to total loans | 0.97 | % | 0.96 | % | 1.04 | % | 1.07 | % | 1.03 | % | 0.97 | % | 1.03 | % | ||||||||
Total allowance for credit losses-loans | ||||||||||||||||||||||
and unfunded commitments to total loans | 1.09 | % | 1.07 | % | 1.15 | % | 1.19 | % | 1.15 | % | 1.09 | % | 1.15 | % | ||||||||
Allowance for credit losses on | ||||||||||||||||||||||
loans to non-performing loans | 148.82 | % | 128.27 | % | 90.85 | % | 761.50 | % | 1451.48 | % | 148.82 | % | 1451.48 | % | ||||||||
Non-performing assets to total assets | 0.54 | % | 0.63 | % | 0.95 | % | 0.12 | % | 0.06 | % | 0.54 | % | 0.06 | % | ||||||||
Non-performing loans to total loans | 0.65 | % | 0.75 | % | 1.14 | % | 0.14 | % | 0.07 | % | 0.65 | % | 0.07 | % | ||||||||
Net charge-offs to average loans (1) | 0.35 | % | 0.52 | % | 0.30 | % | (0.01 | )% | 0.00 | % | 0.43 | % | (0.01 | )% | ||||||||
Criticized loans to total loans | 2.16 | % | 1.57 | % | 0.50 | % | 1.48 | % | 1.87 | % | 2.16 | % | 1.87 | % | ||||||||
Classified loans to total loans | 0.96 | % | 0.92 | % | 1.22 | % | 0.44 | % | 0.38 | % | 0.96 | % | 0.38 | % | ||||||||
(1) Annualized for the periods presented.
AVIDBANK HOLDINGS, INC.
Loans and Deposits (Unaudited)
Current | Year | |||||||||||||||||||||
June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | Quarter | Over Year | ||||||||||||||||
(In thousands) | 2026 | 2026 | 2025 | 2025 | 2025 | Change | Change | |||||||||||||||
Loans | ||||||||||||||||||||||
Commercial and industrial loans | $ | 1,111,610 | $ | 1,040,684 | $ | 1,049,530 | $ | 871,524 | $ | 855,049 | $ | 70,926 | $ | 256,561 | ||||||||
Commercial real estate | ||||||||||||||||||||||
Multi-family | 280,787 | 268,057 | 265,105 | 249,802 | 241,399 | 12,730 | 39,388 | |||||||||||||||
Owner-Occupied | 197,371 | 164,191 | 165,130 | 176,171 | 168,393 | 33,180 | 28,978 | |||||||||||||||
Non-Owner-Occupied | 431,774 | 450,503 | 424,107 | 412,623 | 407,955 | (18,729 | ) | 23,819 | ||||||||||||||
Construction and land | 164,200 | 200,272 | 196,243 | 209,750 | 204,973 | (36,072 | ) | (40,773 | ) | |||||||||||||
Residential | 38,007 | 48,726 | 45,669 | 36,399 | 31,560 | (10,719 | ) | 6,447 | ||||||||||||||
Total real estate loans | 1,112,139 | 1,131,749 | 1,096,254 | 1,084,745 | 1,054,280 | (19,610 | ) | 57,859 | ||||||||||||||
Consumer loans | 370 | 413 | 2,655 | 2,316 | 2,389 | (43 | ) | (2,019 | ) | |||||||||||||
Total loans, net of deferred fees | $ | 2,224,119 | $ | 2,172,846 | $ | 2,148,439 | $ | 1,958,585 | $ | 1,911,718 | $ | 51,273 | $ | 312,401 | ||||||||
Deposits | ||||||||||||||||||||||
Non-interest-bearing demand | $ | 568,509 | $ | 577,101 | $ | 556,972 | $ | 471,770 | $ | 443,540 | $ | (8,592 | ) | $ | 124,969 | |||||||
Interest-bearing checking | 1,115,263 | 1,036,178 | 1,069,272 | 1,069,344 | 1,087,621 | 79,085 | 27,642 | |||||||||||||||
Money market and savings | 538,399 | 519,059 | 532,149 | 465,198 | 399,849 | 19,340 | 138,550 | |||||||||||||||
Time | 34,311 | 28,521 | 27,680 | 42,846 | 46,770 | 5,790 | (12,459 | ) | ||||||||||||||
Non-reciprocal brokered (1) | 65,466 | 38,460 | - | - | 25,001 | 27,006 | 40,465 | |||||||||||||||
Total deposits | $ | 2,321,948 | $ | 2,199,319 | $ | 2,186,073 | $ | 2,049,158 | $ | 2,002,781 | $ | 122,629 | $ | 319,167 | ||||||||
Average Deposits | ||||||||||||||||||||||
Non-interest-bearing demand | $ | 552,659 | $ | 534,033 | $ | 526,610 | $ | 482,849 | $ | 425,154 | $ | 18,626 | $ | 127,505 | ||||||||
Interest-bearing checking | 1,055,578 | 1,067,528 | 1,088,413 | 1,074,064 | 1,038,372 | (11,950 | ) | 17,206 | ||||||||||||||
Money market and savings | 509,766 | 517,342 | 489,587 | 433,135 | 398,438 | (7,576 | ) | 111,328 | ||||||||||||||
Time | 35,454 | 27,589 | 31,266 | 43,897 | 47,398 | 7,865 | (11,944 | ) | ||||||||||||||
Non-reciprocal brokered | 56,810 | 4,567 | - | 10,283 | 62,853 | 52,243 | (6,043 | ) | ||||||||||||||
Total deposits | $ | 2,210,267 | $ | 2,151,059 | $ | 2,135,876 | $ | 2,044,228 | $ | 1,972,215 | $ | 59,208 | $ | 238,052 | ||||||||
(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
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||
June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | June 30, | June 30, | |||||||||||||||||
(In thousands) | 2026 | 2026 | 2025 | 2025 | 2025 | 2026 | 2025 | ||||||||||||||||
Non-GAAP adjusted net income reconciliation | |||||||||||||||||||||||
Net income / (loss) - GAAP | $ | 7,647 | $ | 9,021 | $ | 6,949 | $ | (37,735 | ) | $ | 5,797 | $ | 16,668 | $ | 11,233 | ||||||||
Settlement of litigation | 2,637 | - | - | - | - | 2,637 | - | ||||||||||||||||
BOLI death benefit income | (1,338 | ) | - | - | - | - | (1,338 | ) | - | ||||||||||||||
Loss on sale of securities | - | - | - | 62,391 | - | - | - | ||||||||||||||||
Tax effect of adjustments | (749 | ) | - | - | (17,949 | ) | - | (749 | ) | - | |||||||||||||
Net income - adjusted (non-GAAP) | $ | 8,197 | $ | 9,021 | $ | 6,949 | $ | 6,707 | $ | 5,797 | $ | 17,218 | $ | 11,233 | |||||||||
Non-GAAP adjusted diluted earnings per share reconciliation | |||||||||||||||||||||||
Diluted earnings / (loss) per share - GAAP | $ | 0.71 | $ | 0.84 | $ | 0.65 | $ | (4.12 | ) | $ | 0.75 | $ | 1.55 | $ | 1.46 | ||||||||
Settlement of litigation, net of income tax | 0.17 | - | - | - | - | 0.17 | - | ||||||||||||||||
BOLI death benefit income | (0.12 | ) | - | - | - | - | (0.12 | ) | - | ||||||||||||||
Loss on sale of securities, net of income tax | - | - | - | 4.84 | - | - | - | ||||||||||||||||
Diluted earnings per share - adjusted (non-GAAP) | $ | 0.76 | $ | 0.84 | $ | 0.65 | $ | 0.72 | $ | 0.75 | $ | 1.60 | $ | 1.46 | |||||||||
Average common shares - diluted - adjusted | 10,776,924 | 10,773,884 | 10,754,488 | 9,353,444 | 7,686,385 | 10,775,066 | 7,684,976 | ||||||||||||||||
Non-GAAP adjusted return on average assets reconciliation | |||||||||||||||||||||||
Net income / (loss) - GAAP | $ | 7,647 | $ | 9,021 | $ | 6,949 | $ | (37,735 | ) | $ | 5,797 | $ | 16,668 | $ | 11,233 | ||||||||
Average total assets | 2,565,538 | 2,504,616 | 2,459,110 | 2,357,158 | 2,322,264 | 2,535,245 | 2,306,188 | ||||||||||||||||
Return on average assets - GAAP (1) | 1.20 | % | 1.46 | % | 1.12 | % | (6.35 | )% | 1.00 | % | 1.33 | % | 0.98 | % | |||||||||
Net income - adjusted (non-GAAP) | $ | 8,197 | $ | 9,021 | $ | 6,949 | $ | 6,707 | $ | 5,797 | $ | 17,218 | $ | 11,233 | |||||||||
Average total assets | 2,565,538 | 2,504,616 | 2,459,110 | 2,357,158 | 2,322,264 | 2,535,245 | 2,306,188 | ||||||||||||||||
Return on average assets - adjusted (non-GAAP) (1) | 1.28 | % | 1.46 | % | 1.12 | % | 1.13 | % | 1.00 | % | 1.37 | % | 0.98 | % | |||||||||
Non-GAAP adjusted return on average equity reconciliation | |||||||||||||||||||||||
Net income / (loss) - GAAP | $ | 7,647 | $ | 9,021 | $ | 6,949 | $ | (37,735 | ) | $ | 5,797 | $ | 16,668 | $ | 11,233 | ||||||||
Average total equity | 294,826 | 287,191 | 278,382 | 236,903 | 200,608 | 291,030 | 196,273 | ||||||||||||||||
Return on average equity - GAAP (1) | 10.40 | % | 12.74 | % | 9.90 | % | (63.19 | )% | 11.59 | % | 11.55 | % | 11.54 | % | |||||||||
Net income - adjusted (non-GAAP) | $ | 8,197 | $ | 9,021 | $ | 6,949 | $ | 6,707 | $ | 5,797 | $ | 17,218 | $ | 11,233 | |||||||||
Average total equity | 294,826 | 287,191 | 278,382 | 236,903 | 200,608 | 291,030 | 196,273 | ||||||||||||||||
Return on average equity - adjusted (non-GAAP) (1) | 11.15 | % | 12.74 | % | 9.90 | % | 11.23 | % | 11.59 | % | 11.93 | % | 11.54 | % | |||||||||
Non-GAAP adjusted efficiency ratio reconciliation | |||||||||||||||||||||||
Non-interest expense | $ | 16,473 | $ | 14,082 | $ | 13,851 | $ | 13,479 | $ | 12,609 | $ | 30,556 | $ | 25,451 | |||||||||
Net interest income | 26,681 | 26,500 | 25,013 | 22,650 | 20,290 | 53,181 | 39,642 | ||||||||||||||||
Non-interest income | 3,050 | 1,467 | 1,767 | (60,852 | ) | 1,538 | 4,517 | 2,709 | |||||||||||||||
Efficiency ratio - GAAP | 55.41 | % | 50.35 | % | 51.72 | % | (35.28 | )% | 57.77 | % | 52.96 | % | 60.10 | % | |||||||||
Non-interest expense | $ | 16,473 | $ | 14,082 | $ | 13,851 | $ | 13,479 | $ | 12,609 | $ | 30,556 | $ | 25,451 | |||||||||
Settlement of litigation | 2,637 | - | - | - | - | 2,637 | - | ||||||||||||||||
Non-interest expense - adjusted | 13,836 | 14,082 | 13,851 | 13,479 | 12,609 | 27,919 | 25,451 | ||||||||||||||||
Net interest income | 26,681 | 26,500 | 25,013 | 22,650 | 20,290 | 53,181 | 39,642 | ||||||||||||||||
Non-interest income | 3,050 | 1,467 | 1,767 | (60,852 | ) | 1,538 | 4,517 | 2,709 | |||||||||||||||
BOLI death benefit income | (1,338 | ) | - | - | - | - | (1,338 | ) | - | ||||||||||||||
Loss on sale of securities | - | - | - | 62,391 | - | - | - | ||||||||||||||||
Non-interest income - adjusted | 1,712 | 1,467 | 1,767 | 1,539 | 1,538 | 3,179 | 2,709 | ||||||||||||||||
Efficiency ratio - adjusted (non-GAAP) | 48.73 | % | 50.35 | % | 51.72 | % | 55.72 | % | 57.77 | % | 49.54 | % | 60.10 | % | |||||||||
Non-GAAP taxable equivalent net interest income reconciliation | |||||||||||||||||||||||
Net interest income - GAAP | $ | 26,681 | $ | 26,500 | $ | 25,013 | $ | 22,650 | $ | 20,290 | $ | 53,181 | $ | 39,642 | |||||||||
Taxable equivalent adjustment | 8 | 8 | 8 | 8 | 8 | 16 | 16 | ||||||||||||||||
Net interest income - taxable equivalent (non-GAAP) | $ | 26,689 | $ | 26,508 | $ | 25,021 | $ | 22,658 | $ | 20,298 | $ | 53,197 | $ | 39,658 | |||||||||
Non-GAAP taxable equivalent net interest margin reconciliation | |||||||||||||||||||||||
Net interest margin - GAAP (1) | 4.26 | % | 4.38 | % | 4.13 | % | 3.90 | % | 3.60 | % | 4.32 | % | 3.56 | % | |||||||||
Impact of taxable equivalent adjustment | - | - | - | - | - | - | - | ||||||||||||||||
Net interest margin - taxable equivalent (non-GAAP) (1) | 4.26 | % | 4.38 | % | 4.13 | % | 3.90 | % | 3.60 | % | 4.32 | % | 3.56 | % | |||||||||
(1) Annualized for the periods presented.
SOURCE: Avidbank Holdings, Inc.
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