Avidbank Holdings, Inc. Announces Financial Results for the Second Quarter of 2025
Avidbank Holdings (NASDAQ:AVBH) reported strong Q2 2025 financial results with net income of $5.8 million ($0.75 per diluted share), up from $5.4 million in Q1 2025 and $3.5 million in Q2 2024. The company completed an IPO in August 2025, raising $62 million through the issuance of 3,001,500 shares at $23.00 per share.
Key highlights include: net interest margin expansion to 3.60%, loan growth of $70.5 million (15% annualized), and deposit growth of $73.3 million (15% annualized). Book value per share increased to $25.80, representing a 15% annualized growth. The bank maintained strong asset quality with nonperforming assets at just 0.06% of total assets.
Avidbank Holdings (NASDAQ:AVBH) ha annunciato solidi risultati finanziari nel secondo trimestre 2025, con un utile netto di $5,8 milioni (0,75$ per azione diluita), in aumento rispetto ai $5,4 milioni del primo trimestre 2025 e ai $3,5 milioni del secondo trimestre 2024. La società ha completato un'IPO nell'agosto 2025 raccogliendo $62 milioni tramite l'emissione di 3.001.500 azioni a $23,00 ciascuna.
Punti salienti: l'indice di interesse netto si è ampliato al 3,60%, i prestiti sono cresciuti di $70,5 milioni (15% su base annua) e i depositi sono aumentati di $73,3 milioni (15% annuo). Il valore contabile per azione è salito a $25,80, pari a una crescita annua del 15%. La banca ha mantenuto una solida qualità degli attivi, con attività non performanti pari a solo lo 0,06% del totale attivo.
Avidbank Holdings (NASDAQ:AVBH) informó sólidos resultados financieros en el segundo trimestre de 2025, con un beneficio neto de $5,8 millones (0,75$ por acción diluida), frente a $5,4 millones en el primer trimestre de 2025 y $3,5 millones en el segundo trimestre de 2024. La compañía completó una OPV en agosto de 2025, recaudando $62 millones mediante la emisión de 3.001.500 acciones a $23,00 por acción.
Puntos clave: la margen de interés neto se amplió al 3,60%, el crédito creció en $70,5 millones (15% anualizado) y los depósitos aumentaron $73,3 millones (15% anualizado). El valor contable por acción subió a $25,80, lo que representa un crecimiento anualizado del 15%. El banco mantuvo una sólida calidad de activos, con activos no productivos de solo el 0,06% del total de activos.
Avidbank Holdings (NASDAQ:AVBH)는 2025년 2분기 견조한 실적을 발표했습니다. 당기순이익은 $580만(주당 희석 기준 $0.75)으로 2025년 1분기의 $540만 및 2024년 2분기의 $350만에서 증가했습니다. 회사는 2025년 8월 IPO를 완료하여 3,001,500주를 주당 $23.00에 발행해 $6200만을 조달했습니다.
주요 사항: 순이자마진이 3.60%로 확대되었고, 대출은 $7050만(연율 15%) 증가했으며, 예금은 $7330만(연율 15%) 늘었습니다. 주당 장부가는 $25.80로 상승해 연율 기준 15% 성장을 기록했습니다. 은행은 총자산 대비 부실자산 비율이 단지 0.06%에 불과해 자산 건전성을 유지했습니다.
Avidbank Holdings (NASDAQ:AVBH) a publié de solides résultats pour le deuxième trimestre 2025, avec un bénéfice net de 5,8 M$ (0,75$ par action diluée), en hausse par rapport à 5,4 M$ au premier trimestre 2025 et 3,5 M$ au deuxième trimestre 2024. La société a finalisé une introduction en bourse en août 2025, levant 62 M$ grâce à l'émission de 3 001 500 actions à 23,00$ chacune.
Faits marquants : la marge nette d'intérêt s'est élargie à 3,60%, les prêts ont augmenté de 70,5 M$ (15% annualisé) et les dépôts ont progressé de 73,3 M$ (15% annualisé). La valeur comptable par action est passée à 25,80$, soit une croissance annualisée de 15%. La banque a maintenu une qualité d'actifs solide, avec des actifs non performants représentant seulement 0,06% du total des actifs.
Avidbank Holdings (NASDAQ:AVBH) meldete starke Finanzergebnisse für das 2. Quartal 2025 mit einem Nettoergebnis von $5,8 Millionen (0,75$ je verwässerter Aktie), gegenüber $5,4 Millionen im 1. Quartal 2025 und $3,5 Millionen im 2. Quartal 2024. Das Unternehmen schloss im August 2025 seinen Börsengang ab und nahm durch die Ausgabe von 3.001.500 Aktien zu je $23,00 $62 Millionen ein.
Wesentliche Punkte: Die Nettozinsmarge weitete sich auf 3,60% aus, die Kreditportfolios wuchsen um $70,5 Millionen (15% annualisiert) und die Einlagen stiegen um $73,3 Millionen (15% annualisiert). Der Buchwert je Aktie erhöhte sich auf $25,80, was einem annualisierten Wachstum von 15% entspricht. Die Bank behielt eine starke Asset-Qualität mit notleidenden Forderungen von lediglich 0,06% der Gesamtaktiva bei.
- Net income increased 67% year-over-year to $5.8 million
- Successful IPO completion raising $62 million in net proceeds
- Strong loan growth of 15% annualized from Q1 2025
- Deposit growth of 15% annualized with $73.3 million increase
- Net interest margin expanded to 3.60%, up 8 basis points from Q1
- Excellent asset quality with nonperforming assets at only 0.06%
- Book value per share grew 19% year-over-year to $25.80
- Provision for credit losses increased to $925,000 from $0 in Q1 2025
- $63.4 million net unrealized loss in available-for-sale securities portfolio
- Loan yields decreased 36 basis points year-over-year
Insights
Avidbank reports strong Q2 2025 with rising profits, successful IPO, expanding margins, and solid loan/deposit growth.
Avidbank delivered robust Q2 2025 results with net income of
The bank's core banking metrics show meaningful improvement. Net interest margin expanded to
Deposit growth remained strong at
The quarterly provision for credit losses of
SAN JOSE, CA / ACCESS Newswire / August 25, 2025 / Avidbank Holdings, Inc. (NASDAQ:AVBH) announced net income for the second quarter of 2025 of
Initial Public Offering
Subsequent to the end of the second quarter, in August 2025 the Company completed an initial public offering of its common stock, issuing an aggregate total of 3,001,500 shares of common stock at the public offering price of
Second Quarter 2025 Highlights
Book value per share was
$25.80 at June 30, 2025, an increase of$0.95 , or15% annualized, from March 31, 2025, and an increase of$4.03 , or19% , from June 30, 2024.Net interest margin expanded to
3.60% in the second quarter of 2025, compared to3.52% in the first quarter of 2025.Return on average assets improved to
1.00% compared to0.96% in the first quarter of 2025 and0.62% in the second quarter of 2024.Loans increased
$70.5 million , or15% annualized, from March 31, 2025 and$105.1 million , or6% , from June 30, 2024.Average deposits increased
$86.2 million , or18% annualized, from the first quarter of 2025 and$214.9 million , or12% , from the second quarter of 2024.Nonperforming assets to total assets totaled
0.06% as of June 30, 2025 and March 31, 2025.
"Our second quarter results reflect the continued strength of our business model, with solid loan and deposit growth, further expansion in our net interest margin, and improved profitability," said Mark D. Mordell, Chairman and Chief Executive Officer. "We are pleased to have successfully completed our initial public offering in August, which further strengthens our capital position to support our long-term strategy and provides the regulatory capital to potentially reposition a substantial portion of our available-for-sale securities portfolio. With a strong balance sheet, disciplined credit culture, and a growing client base, we believe we are well positioned to continue delivering value for our shareholders."
"Our results are a testament to the trust our clients place in us and the dedication of our employees, who deliver exceptional service every day. As we look ahead, we remain focused on maintaining our disciplined approach to growth while continuing to invest in the relationships, people, and innovative solutions that differentiate Avidbank in the marketplace," added Mr. Mordell.
Income Statement
Net income totaled
Net interest income totaled
The yield on loans in the second quarter of 2025 was
The cost of interest-bearing deposits in the second quarter of 2025 was
The provision for credit losses was
Noninterest income was
Noninterest expense totaled
Balance Sheet
Total assets were
Loans on June 30, 2025, totaled
The allowance for credit losses on loans was
Nonperforming loans to total loans was
The available-for-sale securities portfolio totaled
Deposits were
Short-term borrowings on June 30, 2025, totaled
Book value per share was
About Avidbank
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 news release contains certain non-GAAP (Generally Accepted Accounting Principles) financial measures in addition to results presented 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 taxable equivalent net interest income and taxable equivalent net interest margin are reasonable measures to understand the Company's core operating performance and are important to many investors in the marketplace 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.
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. Forward-looking statements include information concerning our possible or assumed future results of operations, including descriptions of our business strategy and expectations. 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; our inability to successfully reposition our available-for-sale securities portfolio utilizing the proceeds from our recent public offering; incurrence of any losses in connection with any repositioning of our available-for-sale securities portfolio utilizing the proceeds from our recently completed public offering; the occurrence of significant natural disasters, including fires and earthquakes, 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 customer 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 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 nonperforming 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 acquisitions or dispositions we may make or evaluate, and the costs associated with any potential or actual acquisition or disposition; 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 under the heading "Risk Factors" 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) | ||||||||||||||||||||||||||||||
(In thousands, except share and per share amounts) | ||||||||||||||||||||||||||||||
Quarter Ended | Year-to-Date | |||||||||||||||||||||||||||||
June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||
2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||
INCOME HIGHLIGHTS | ||||||||||||||||||||||||||||||
Net income | $ | 5,797 | $ | 5,436 | $ | 6,457 | $ | 5,846 | $ | 3,466 | $ | 11,233 | $ | 8,712 | ||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||
Basic earnings per share | $ | 0.77 | $ | 0.73 | $ | 0.87 | $ | 0.79 | $ | 0.47 | $ | 1.50 | $ | 1.18 | ||||||||||||||||
Diluted earnings per share | 0.75 | 0.71 | 0.84 | 0.77 | 0.46 | 1.46 | 1.15 | |||||||||||||||||||||||
Book value per share | 25.80 | 24.85 | 23.57 | 23.95 | 21.77 | 25.80 | 21.77 | |||||||||||||||||||||||
PERFORMANCE MEASURES | ||||||||||||||||||||||||||||||
Return on average assets (1) | 1.00 | % | 0.96 | % | 1.14 | % | 1.02 | % | 0.62 | % | 0.98 | % | 0.78 | % | ||||||||||||||||
Return on average equity (1) | 11.59 | % | 11.49 | % | 13.65 | % | 12.97 | % | 8.35 | % | 11.54 | % | 10.50 | % | ||||||||||||||||
Net interest margin | 3.60 | % | 3.52 | % | 3.48 | % | 3.35 | % | 3.39 | % | 3.56 | % | 3.46 | % | ||||||||||||||||
Taxable equivalent net interest margin (2) | 3.60 | % | 3.52 | % | 3.49 | % | 3.35 | % | 3.39 | % | 3.56 | % | 3.47 | % | ||||||||||||||||
Efficiency ratio | 57.77 | % | 62.57 | % | 52.53 | % | 59.29 | % | 59.92 | % | 60.10 | % | 60.78 | % | ||||||||||||||||
Average loans to average deposits | 95.69 | % | 98.55 | % | 95.86 | % | 99.90 | % | 103.19 | % | 97.08 | % | 102.53 | % | ||||||||||||||||
CAPITAL | ||||||||||||||||||||||||||||||
Tier 1 leverage ratio | 10.53 | % | 10.39 | % | 10.35 | % | 9.93 | % | 9.64 | % | 10.53 | % | 9.64 | % | ||||||||||||||||
Common equity tier 1 capital ratio | 11.02 | % | 11.10 | % | 10.59 | % | 10.75 | % | 10.08 | % | 11.02 | % | 10.08 | % | ||||||||||||||||
Tier 1 risk-based capital ratio | 11.02 | % | 11.10 | % | 10.59 | % | 10.75 | % | 10.08 | % | 11.02 | % | 10.08 | % | ||||||||||||||||
Total risk-based capital ratio | 12.76 | % | 12.86 | % | 12.30 | % | 12.92 | % | 12.17 | % | 12.76 | % | 12.17 | % | ||||||||||||||||
Common equity ratio | 8.55 | % | 8.48 | % | 8.09 | % | 8.21 | % | 7.50 | % | 8.55 | % | 7.50 | % | ||||||||||||||||
SHARES OUTSTANDING | ||||||||||||||||||||||||||||||
Number of common shares outstanding | 7,923,946 | 7,912,184 | 7,906,761 | 7,871,818 | 7,876,082 | 7,923,946 | 7,876,082 | |||||||||||||||||||||||
Average common shares outstanding - basic | 7,534,264 | 7,488,051 | 7,455,650 | 7,434,726 | 7,426,949 | 7,511,285 | 7,406,794 | |||||||||||||||||||||||
Average common shares outstanding - diluted | 7,686,385 | 7,682,884 | 7,661,711 | 7,622,428 | 7,578,613 | 7,684,976 | 7,565,065 | |||||||||||||||||||||||
ASSET QUALITY | ||||||||||||||||||||||||||||||
Total allowance for credit losses-loans | ||||||||||||||||||||||||||||||
and unfunded commitments | 1.15 | % | 1.14 | % | 1.12 | % | 1.37 | % | 1.36 | % | 1.15 | % | 1.36 | % | ||||||||||||||||
Nonperforming assets to total assets | 0.06 | % | 0.06 | % | 0.06 | % | 0.16 | % | 0.16 | % | 0.06 | % | 0.16 | % | ||||||||||||||||
Nonperforming loans to total loans | 0.07 | % | 0.07 | % | 0.07 | % | 0.20 | % | 0.20 | % | 0.07 | % | 0.20 | % | ||||||||||||||||
Net charge-offs to average loans (1) | 0.00 | % | -0.01 | % | 0.93 | % | 0.02 | % | 0.00 | % | -0.01 | % | 0.00 | % | ||||||||||||||||
AVERAGE BALANCES | ||||||||||||||||||||||||||||||
Loans, net of deferred loan fees | $ | 1,887,263 | $ | 1,858,716 | $ | 1,815,933 | $ | 1,804,107 | $ | 1,813,422 | $ | 1,873,068 | $ | 1,785,096 | ||||||||||||||||
Investment securities | 293,640 | 296,422 | 308,502 | 311,450 | 307,294 | 295,024 | 313,367 | |||||||||||||||||||||||
Total assets | 2,322,264 | 2,289,935 | 2,250,086 | 2,272,623 | 2,265,583 | 2,306,188 | 2,244,180 | |||||||||||||||||||||||
Deposits | 1,972,215 | 1,885,993 | 1,894,321 | 1,805,935 | 1,757,320 | 1,929,342 | 1,741,082 | |||||||||||||||||||||||
Shareholders' equity | 200,608 | 191,891 | 188,170 | 179,260 | 166,874 | 196,273 | 166,890 | |||||||||||||||||||||||
(1) Annualized | ||||||||||||||||||||||||||||||
(2) A non-GAAP performance measure. We provide detailed reconciliations in the "Non-GAAP Performance and Financial Measures Reconciliation" table. | ||||||||||||||||||||||||||||||
AVIDBANK HOLDINGS, INC. | ||||||||||||||||||||||
Consolidated Balance Sheets (Unaudited) | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | ||||||||||||||||||
2025 | 2025 | 2024 | 2024 | 2024 | ||||||||||||||||||
Assets | ||||||||||||||||||||||
Cash and due from banks | $ | 2,800 | $ | 18,866 | $ | 8,662 | $ | 15,172 | $ | 13,750 | ||||||||||||
Due from Federal Reserve Bank and | ||||||||||||||||||||||
interest-bearing deposits in banks | 127,123 | 106,135 | 74,039 | 121,361 | 97,974 | |||||||||||||||||
Total cash and cash equivalents | 129,923 | 125,001 | 82,701 | 136,533 | 111,724 | |||||||||||||||||
Investment securities available-for-sale | 292,808 | 296,617 | 296,556 | 316,741 | 308,661 | |||||||||||||||||
Loans, net of deferred loan fees | 1,911,718 | 1,841,187 | 1,864,942 | 1,786,756 | 1,806,607 | |||||||||||||||||
Allowance for credit losses on loans | (19,624 | ) | (18,722 | ) | (18,679 | ) | (22,315 | ) | (22,410 | ) | ||||||||||||
Loans, net of allowance for credit losses on loans | 1,892,094 | 1,822,465 | 1,846,263 | 1,764,441 | 1,784,197 | |||||||||||||||||
Bank owned life insurance | 12,857 | 12,764 | 12,674 | 12,580 | 12,490 | |||||||||||||||||
Premises and equipment, net | 1,927 | 2,118 | 2,331 | 2,549 | 2,810 | |||||||||||||||||
Accrued interest receivable and other assets | 62,520 | 60,957 | 63,963 | 62,625 | 67,139 | |||||||||||||||||
Total assets | $ | 2,392,129 | $ | 2,319,922 | $ | 2,304,488 | $ | 2,295,469 | $ | 2,287,021 | ||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||
Noninterest-bearing demand | $ | 443,540 | $ | 419,823 | $ | 414,327 | $ | 405,528 | $ | 405,644 | ||||||||||||
Interest-bearing checking | 1,087,621 | 965,467 | 993,219 | 1,026,898 | 840,839 | |||||||||||||||||
Money market and savings | 399,849 | 399,010 | 338,578 | 336,166 | 312,162 | |||||||||||||||||
Time | 46,770 | 58,273 | 74,468 | 75,033 | 99,239 | |||||||||||||||||
Non-reciprocal brokered (1) | 25,001 | 86,915 | 70,763 | 57,903 | 80,608 | |||||||||||||||||
Total deposits | 2,002,781 | 1,929,488 | 1,891,355 | 1,901,528 | 1,738,492 | |||||||||||||||||
Subordinated debt, net | 22,000 | 22,000 | 22,000 | 21,982 | 21,957 | |||||||||||||||||
Short-term borrowings | 145,000 | 155,000 | 185,000 | 160,000 | 330,000 | |||||||||||||||||
Accrued interest payable and other liabilities | 17,929 | 16,815 | 19,771 | 23,438 | 25,123 | |||||||||||||||||
Total liabilities | 2,187,710 | 2,123,303 | 2,118,126 | 2,106,948 | 2,115,572 | |||||||||||||||||
Shareholders' Equity | ||||||||||||||||||||||
Common stock | 107,608 | 106,839 | 106,997 | 106,169 | 105,487 | |||||||||||||||||
Retained earnings | 141,936 | 136,139 | 130,703 | 124,246 | 118,400 | |||||||||||||||||
Accumulated other comprehensive loss | (45,125 | ) | (46,359 | ) | (51,338 | ) | (41,894 | ) | (52,438 | ) | ||||||||||||
Total shareholders' equity | 204,419 | 196,619 | 186,362 | 188,521 | 171,449 | |||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,392,129 | $ | 2,319,922 | $ | 2,304,488 | $ | 2,295,469 | $ | 2,287,021 | ||||||||||||
(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 Income (Unaudited) | ||||||||||||||||||||||||||||
(in thousands, except share and per share amounts) | ||||||||||||||||||||||||||||
Quarter Ended | Year-to-Date | |||||||||||||||||||||||||||
June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||
2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
Interest and fees on loans | $ | 32,967 | $ | 31,885 | $ | 32,308 | $ | 33,488 | $ | 33,255 | $ | 64,852 | $ | 65,083 | ||||||||||||||
Interest on investment securities | 1,703 | 1,749 | 1,770 | 1,767 | 1,801 | 3,452 | 3,624 | |||||||||||||||||||||
Federal Home Loan Bank dividends | 181 | 185 | 185 | 183 | 193 | 366 | 384 | |||||||||||||||||||||
Other interest income | 793 | 706 | 681 | 1,198 | 951 | 1,499 | 1,770 | |||||||||||||||||||||
Total interest income | 35,644 | 34,525 | 34,944 | 36,636 | 36,200 | 70,169 | 70,861 | |||||||||||||||||||||
Deposit interest expense | 13,669 | 12,827 | 14,015 | 14,602 | 13,494 | 26,496 | 25,528 | |||||||||||||||||||||
Interest on short-term borrowings | 1,242 | 1,911 | 1,437 | 3,121 | 3,880 | 3,153 | 7,322 | |||||||||||||||||||||
Interest on subordinated debt | 443 | 435 | 293 | 300 | 300 | 878 | 601 | |||||||||||||||||||||
Total interest expense | 15,354 | 15,173 | 15,745 | 18,023 | 17,674 | 30,527 | 33,451 | |||||||||||||||||||||
Net interest income | 20,290 | 19,352 | 19,199 | 18,613 | 18,526 | 39,642 | 37,410 | |||||||||||||||||||||
Provision for credit losses | 925 | - | 779 | - | 2,998 | 925 | 3,317 | |||||||||||||||||||||
Net interest income after | ||||||||||||||||||||||||||||
provision for credit losses | 19,365 | 19,352 | 18,420 | 18,613 | 15,528 | 38,717 | 34,093 | |||||||||||||||||||||
Service charges and bank fees | 840 | 762 | 649 | 675 | 658 | 1,602 | 1,275 | |||||||||||||||||||||
Foreign exchange income | 196 | 220 | 191 | 246 | 208 | 416 | 460 | |||||||||||||||||||||
Income from bank owned life insurance | 93 | 90 | 93 | 90 | 137 | 183 | 324 | |||||||||||||||||||||
Warrant and success fee income | 273 | - | 65 | - | - | 273 | - | |||||||||||||||||||||
Other investment income | (23 | ) | 47 | 637 | 240 | 59 | 24 | 214 | ||||||||||||||||||||
Other income | 159 | 52 | 205 | 539 | 36 | 211 | 108 | |||||||||||||||||||||
Total noninterest income | 1,538 | 1,171 | 1,840 | 1,790 | 1,098 | 2,709 | 2,381 | |||||||||||||||||||||
Salaries and benefit expenses | 8,978 | 9,097 | 7,389 | 8,336 | 7,980 | 18,075 | 16,774 | |||||||||||||||||||||
Occupancy and equipment expenses | 759 | 996 | 919 | 1,033 | 1,039 | 1,755 | 2,067 | |||||||||||||||||||||
Data processing | 759 | 615 | 613 | 638 | 597 | 1,374 | 1,161 | |||||||||||||||||||||
Regulatory assessments | 420 | 544 | 541 | 528 | 568 | 964 | 1,014 | |||||||||||||||||||||
Legal and professional fees | 715 | 511 | 452 | 534 | 541 | 1,226 | 1,152 | |||||||||||||||||||||
Other operating expenses | 978 | 1,079 | 1,138 | 1,028 | 1,033 | 2,057 | 2,016 | |||||||||||||||||||||
Total noninterest expense | 12,609 | 12,842 | 11,052 | 12,097 | 11,758 | 25,451 | 24,184 | |||||||||||||||||||||
Income before income taxes | 8,294 | 7,681 | 9,208 | 8,306 | 4,868 | 15,975 | 12,290 | |||||||||||||||||||||
Provision for income taxes | 2,497 | 2,245 | 2,751 | 2,460 | 1,402 | 4,742 | 3,578 | |||||||||||||||||||||
Net income | $ | 5,797 | $ | 5,436 | $ | 6,457 | $ | 5,846 | $ | 3,466 | $ | 11,233 | $ | 8,712 | ||||||||||||||
Basic earnings per common share | $ | 0.77 | $ | 0.73 | $ | 0.87 | $ | 0.79 | $ | 0.47 | $ | 1.50 | $ | 1.18 | ||||||||||||||
Diluted earnings per common share | 0.75 | 0.71 | 0.84 | 0.77 | 0.46 | 1.46 | 1.15 | |||||||||||||||||||||
Weighted average shares - basic | 7,534,264 | 7,488,051 | 7,455,650 | 7,434,726 | 7,426,949 | 7,511,285 | 7,406,794 | |||||||||||||||||||||
Weighted average shares - diluted | 7,686,385 | 7,682,884 | 7,661,711 | 7,622,428 | 7,578,613 | 7,684,976 | 7,565,065 | |||||||||||||||||||||
AVIDBANK HOLDINGS, INC. | ||||||||||||||||||||||||||
Average Balance Sheets and Net Interest Margin Analysis (Unaudited) | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||||||
June 30, 2025 | March 31, 2025 | |||||||||||||||||||||||||
Interest | Yields | Interest | Yields | |||||||||||||||||||||||
Average | Income/ | or | Average | Income/ | or | |||||||||||||||||||||
Balance | Expense | Rates (5) | Balance | Expense | Rates (5) | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||
Loans, net of deferred fees (1) | $ | 1,887,263 | $ | 32,967 | 7.01 | % | $ | 1,858,716 | $ | 31,885 | 6.96 | % | ||||||||||||||
Fed funds sold/interest-bearing deposits | 73,552 | 793 | 4.32 | % | 64,376 | 706 | 4.45 | % | ||||||||||||||||||
Investment securities | ||||||||||||||||||||||||||
Taxable investment securities | 291,074 | 1,672 | 2.30 | % | 293,736 | 1,718 | 2.37 | % | ||||||||||||||||||
Non-taxable investment securities (2) | 2,566 | 39 | 6.10 | % | 2,686 | 39 | 5.84 | % | ||||||||||||||||||
Total investment securities | 293,640 | 1,711 | 2.34 | % | 296,422 | 1,757 | 2.40 | % | ||||||||||||||||||
FHLB stock | 8,409 | 181 | 8.63 | % | 8,409 | 185 | 8.92 | % | ||||||||||||||||||
Total interest-earning assets | 2,262,864 | 35,652 | 6.32 | % | 2,227,923 | 34,533 | 6.29 | % | ||||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||||
Cash and due from banks | 10,120 | 12,851 | ||||||||||||||||||||||||
All other assets (3) | 49,280 | 49,161 | ||||||||||||||||||||||||
Total assets | $ | 2,322,264 | $ | 2,289,935 | ||||||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,038,372 | $ | 9,483 | 3.66 | % | $ | 956,994 | $ | 8,530 | 3.61 | % | ||||||||||||||
Money market and savings | 398,438 | 3,094 | 3.11 | % | 385,434 | 2,871 | 3.02 | % | ||||||||||||||||||
Time deposits | 47,398 | 400 | 3.38 | % | 60,282 | 558 | 3.75 | % | ||||||||||||||||||
Non-reciprocal brokered deposits | 62,853 | 692 | 4.42 | % | 77,537 | 868 | 4.54 | % | ||||||||||||||||||
Total interest-bearing deposits | 1,547,061 | 13,669 | 3.54 | % | 1,480,247 | 12,827 | 3.51 | % | ||||||||||||||||||
Short-term borrowings | 108,374 | 1,242 | 4.60 | % | 170,111 | 1,911 | 4.56 | % | ||||||||||||||||||
Subordinated debt | 22,000 | 443 | 8.08 | % | 22,000 | 435 | 8.02 | % | ||||||||||||||||||
Total interest-bearing liabilities | 1,677,435 | 15,354 | 3.67 | % | 1,672,358 | 15,173 | 3.68 | % | ||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||
Demand deposits | 425,154 | 405,746 | ||||||||||||||||||||||||
Accrued expenses and other liabilities | 19,067 | 19,940 | ||||||||||||||||||||||||
Shareholders' equity | 200,608 | 191,891 | ||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,322,264 | $ | 2,289,935 | ||||||||||||||||||||||
Net interest spread | 2.65 | % | 2.61 | % | ||||||||||||||||||||||
Net interest income and margin (4) | $ | 20,298 | 3.60 | % | $ | 19,360 | 3.52 | % | ||||||||||||||||||
Non-taxable equivalent net interest margin | 3.60 | % | 3.52 | % | ||||||||||||||||||||||
Cost of deposits | $ | 1,972,215 | $ | 13,669 | 2.78 | % | $ | 1,885,993 | $ | 12,827 | 2.76 | % | ||||||||||||||
(1) Nonperforming loans are included in average loan balances. No adjustment has been made for these loans in the calculation of yields. Interest income on loans includes net amortization of deferred loan 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 $ million and | ||||||||||||||||||||||||||
(4) Net interest margin is net interest income divided by total interest-earning assets. | ||||||||||||||||||||||||||
(5) Annualized | ||||||||||||||||||||||||||
AVIDBANK HOLDINGS, INC. | ||||||||||||||||||||||||||
Average Balance Sheets and Net Interest Margin Analysis (Unaudited) | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||||||
June 30, 2025 | June 30, 2024 | |||||||||||||||||||||||||
Interest | Yields | Interest | Yields | |||||||||||||||||||||||
Average | Income/ | or | Average | Income/ | or | |||||||||||||||||||||
Balance | Expense | Rates (5) | Balance | Expense | Rates (5) | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||
Loans, net of deferred fees (1) | $ | 1,887,263 | $ | 32,967 | 7.01 | % | $ | 1,813,422 | $ | 33,255 | 7.38 | % | ||||||||||||||
Fed funds sold/interest-bearing deposits | 73,552 | 793 | 4.32 | % | 70,491 | 951 | 5.43 | % | ||||||||||||||||||
Investment securities | ||||||||||||||||||||||||||
Taxable investment securities | 291,074 | 1,672 | 2.30 | % | 305,492 | 1,778 | 2.34 | % | ||||||||||||||||||
Non-taxable investment securities (2) | 2,566 | 39 | 6.10 | % | 1,802 | 28 | 6.25 | % | ||||||||||||||||||
Total investment securities | 293,640 | 1,711 | 2.34 | % | 307,294 | 1,806 | 2.36 | % | ||||||||||||||||||
FHLB stock | 8,409 | 181 | 8.63 | % | 8,409 | 193 | 9.23 | % | ||||||||||||||||||
Total interest-earning assets | 2,262,864 | 35,652 | 6.32 | % | 2,199,616 | 36,205 | 6.62 | % | ||||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||||
Cash and due from banks | 10,120 | 12,188 | ||||||||||||||||||||||||
All other assets (3) | 49,280 | 53,779 | ||||||||||||||||||||||||
Total assets | $ | 2,322,264 | $ | 2,265,583 | ||||||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,038,372 | $ | 9,483 | 3.66 | % | $ | 783,048 | $ | 8,031 | 4.12 | % | ||||||||||||||
Money market and savings | 398,438 | 3,094 | 3.11 | % | 304,392 | 2,598 | 3.43 | % | ||||||||||||||||||
Time deposits | 47,398 | 400 | 3.38 | % | 97,430 | 1,035 | 4.27 | % | ||||||||||||||||||
Non-reciprocal brokered deposits | 62,853 | 692 | 4.42 | % | 135,952 | 1,830 | 5.41 | % | ||||||||||||||||||
Total interest-bearing deposits | 1,547,061 | 13,669 | 3.54 | % | 1,320,822 | 13,494 | 4.11 | % | ||||||||||||||||||
Short-term borrowings | 108,374 | 1,242 | 4.60 | % | 295,220 | 3,880 | 5.29 | % | ||||||||||||||||||
Subordinated debt | 22,000 | 443 | 8.08 | % | 21,944 | 300 | 5.50 | % | ||||||||||||||||||
Total interest-bearing liabilities | 1,677,435 | 15,354 | 3.67 | % | 1,637,986 | 17,674 | 4.34 | % | ||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||
Demand deposits | 425,154 | 436,498 | ||||||||||||||||||||||||
Accrued expenses and other liabilities | 19,067 | 24,225 | ||||||||||||||||||||||||
Shareholders' equity | 200,608 | 166,874 | ||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,322,264 | $ | 2,265,583 | ||||||||||||||||||||||
Net interest spread | 2.65 | % | 2.28 | % | ||||||||||||||||||||||
Net interest income and margin (4) | $ | 20,298 | 3.60 | % | $ | 18,531 | 3.39 | % | ||||||||||||||||||
Non-taxable equivalent net interest margin | 3.60 | % | 3.39 | % | ||||||||||||||||||||||
Cost of deposits | $ | 1,972,215 | $ | 13,669 | 2.78 | % | $ | 1,757,320 | $ | 13,494 | 3.09 | % | ||||||||||||||
(1) Nonperforming loans are included in average loan balances. No adjustment has been made for these loans in the calculation of yields. Interest income on loans includes net amortization of deferred loan 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 | ||||||||||||||||||||||||||
AVIDBANK HOLDINGS, INC. | ||||||||||||||||||||||||||
Average Balance Sheets and Net Interest Margin Analysis (Unaudited) | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Year-to-Date | ||||||||||||||||||||||||||
June 30, 2025 | June 30, 2024 | |||||||||||||||||||||||||
Interest | Yields | Interest | Yields | |||||||||||||||||||||||
Average | Income/ | or | Average | Income/ | or | |||||||||||||||||||||
Balance | Expense | Rates (5) | Balance | Expense | Rates (5) | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Interest earning assets: | ||||||||||||||||||||||||||
Loans, net of deferred fees (1) | $ | 1,873,068 | $ | 64,852 | 6.98 | % | $ | 1,785,096 | $ | 65,083 | 7.33 | % | ||||||||||||||
Fed funds sold/interest bearing deposits | 68,989 | 1,499 | 4.38 | % | 64,941 | 1,770 | 5.48 | % | ||||||||||||||||||
Investment securities | ||||||||||||||||||||||||||
Taxable investment securities | 292,398 | 3,391 | 2.34 | % | 311,532 | 3,580 | 2.31 | % | ||||||||||||||||||
Non-taxable investment securities (2) | 2,626 | 77 | 5.91 | % | 1,835 | 56 | 6.14 | % | ||||||||||||||||||
Total investment securities | 295,024 | 3,468 | 2.37 | % | 313,367 | 3,636 | 2.33 | % | ||||||||||||||||||
FHLB stock | 8,409 | 366 | 8.78 | % | 8,409 | 384 | 9.18 | % | ||||||||||||||||||
Total interest-earning assets | 2,245,490 | 70,185 | 6.30 | % | 2,171,813 | 70,873 | 6.56 | % | ||||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||||
Cash and due from banks | 11,478 | 12,613 | ||||||||||||||||||||||||
All other assets (3) | 49,220 | 59,754 | ||||||||||||||||||||||||
Total assets | $ | 2,306,188 | $ | 2,244,180 | ||||||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 997,907 | $ | 18,013 | 3.64 | % | $ | 764,981 | $ | 15,470 | 4.07 | % | ||||||||||||||
Money market and savings | 391,972 | 5,965 | 3.07 | % | 303,992 | 4,868 | 3.22 | % | ||||||||||||||||||
Time deposits | 53,805 | 958 | 3.59 | % | 77,107 | 1,590 | 4.15 | % | ||||||||||||||||||
Non-reciprocal brokered deposits | 70,154 | 1,560 | 4.48 | % | 135,203 | 3,600 | 5.35 | % | ||||||||||||||||||
Total interest-bearing deposits | 1,513,838 | 26,496 | 3.53 | % | 1,281,283 | 25,528 | 4.01 | % | ||||||||||||||||||
Short-term borrowings | 139,072 | 3,153 | 4.57 | % | 288,643 | 7,322 | 5.10 | % | ||||||||||||||||||
Subordinated debt | 22,000 | 878 | 8.05 | % | 21,931 | 601 | 5.51 | % | ||||||||||||||||||
Total interest-bearing liabilities | 1,674,910 | 30,527 | 3.68 | % | 1,591,857 | 33,451 | 4.23 | % | ||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||
Demand deposits | 415,504 | 459,799 | ||||||||||||||||||||||||
Accrued expenses and other liabilities | 19,501 | 25,634 | ||||||||||||||||||||||||
Shareholders' equity | 196,273 | 166,890 | ||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,306,188 | $ | 2,244,180 | ||||||||||||||||||||||
Net interest spread | 2.62 | % | 2.33 | % | ||||||||||||||||||||||
Net interest income and margin (4) | $ | 39,658 | 3.56 | % | $ | 37,422 | 3.47 | % | ||||||||||||||||||
Non-taxable equivalent net interest margin | 3.56 | % | 3.46 | % | ||||||||||||||||||||||
Cost of deposits | $ | 1,929,342 | $ | 26,496 | 2.77 | % | $ | 1,741,082 | $ | 25,528 | 2.95 | % | ||||||||||||||
(1) Nonperforming loans are included in average loan balances. No adjustment has been made for these loans in the calculation of yields. Interest income on loans includes amortization of deferred loan fees / (costs) of | ||||||||||||||||||||||||||
(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 million and | ||||||||||||||||||||||||||
(4) Net interest margin is net interest income divided by total interest-earning assets. | ||||||||||||||||||||||||||
(5) Annualized | ||||||||||||||||||||||||||
AVIDBANK HOLDINGS, INC. | ||||||||||||||||||||||||||||||
Asset Quality Data (Unaudited) | ||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||
As of/For the Year-to-Date | ||||||||||||||||||||||||||||||
Period Ended June 30, | ||||||||||||||||||||||||||||||
June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | ||||||||||||||||||||||||||
2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||
Allowance for Credit Losses on Loans | ||||||||||||||||||||||||||||||
Beginning balance | $ | 18,722 | $ | 18,679 | $ | 22,315 | $ | 22,410 | $ | 19,342 | $ | 18,679 | $ | 19,131 | ||||||||||||||||
Provision for credit losses on loans | 891 | - | 630 | - | 3,068 | 891 | 3,279 | |||||||||||||||||||||||
Charge-offs | - | - | (4,266 | ) | (95 | ) | - | - | - | |||||||||||||||||||||
Recoveries | 11 | 43 | - | - | - | 54 | - | |||||||||||||||||||||||
Ending balance | $ | 19,624 | $ | 18,722 | $ | 18,679 | $ | 22,315 | $ | 22,410 | $ | 19,624 | $ | 22,410 | ||||||||||||||||
Allowance for Credit Losses on | ||||||||||||||||||||||||||||||
Unfunded Commitments | ||||||||||||||||||||||||||||||
Beginning balance | $ | 2,247 | $ | 2,247 | $ | 2,098 | $ | 2,098 | $ | 2,168 | $ | 2,247 | $ | 2,060 | ||||||||||||||||
Provision for unfunded commitments | 34 | - | 149 | - | (70 | ) | 34 | 38 | ||||||||||||||||||||||
Ending balance | $ | 2,281 | $ | 2,247 | $ | 2,247 | $ | 2,098 | $ | 2,098 | $ | 2,281 | $ | 2,098 | ||||||||||||||||
Total allowance for credit losses- loans and unfunded commitments | $ | 21,905 | $ | 20,969 | $ | 20,926 | $ | 24,413 | $ | 24,508 | $ | 21,905 | $ | 24,508 | ||||||||||||||||
Provision for credit losses under CECL | ||||||||||||||||||||||||||||||
Provision for credit losses on loans | $ | 891 | $ | - | $ | 630 | $ | - | $ | 3,068 | $ | 891 | $ | 3,279 | ||||||||||||||||
Provision for unfunded commitments | 34 | - | 149 | - | (70 | ) | 34 | 38 | ||||||||||||||||||||||
Total provision for credit losses under CECL | $ | 925 | $ | - | $ | 779 | $ | - | $ | 2,998 | $ | 925 | $ | 3,317 | ||||||||||||||||
Nonperforming Assets | ||||||||||||||||||||||||||||||
Loans accounted for on a non-accrual basis | $ | 1,332 | $ | 1,340 | $ | 1,347 | $ | 3,621 | $ | 3,686 | $ | 1,332 | $ | 3,686 | ||||||||||||||||
Loans past due 90 days or more and still accruing | - | - | - | - | - | - | - | |||||||||||||||||||||||
Nonperforming loans | 1,332 | 1,340 | 1,347 | 3,621 | 3,686 | 1,332 | 3,686 | |||||||||||||||||||||||
Other real estate owned | - | - | - | - | - | - | - | |||||||||||||||||||||||
Nonperforming assets | $ | 1,332 | $ | 1,340 | $ | 1,347 | $ | 3,621 | $ | 3,686 | $ | 1,332 | $ | 3,686 | ||||||||||||||||
Nonperforming Loans by Type: | ||||||||||||||||||||||||||||||
Commercial | $ | 1,332 | $ | 1,340 | $ | 1,347 | $ | 3,621 | $ | 3,686 | $ | 1,332 | $ | 3,686 | ||||||||||||||||
Total Nonperforming loans | $ | 1,332 | $ | 1,340 | $ | 1,347 | $ | 3,621 | $ | 3,686 | $ | 1,332 | $ | 3,686 | ||||||||||||||||
Asset Quality Ratios | ||||||||||||||||||||||||||||||
Allowance for credit losses on loans to total loans | 1.03 | % | 1.02 | % | 1.00 | % | 1.25 | % | 1.24 | % | 1.03 | % | 1.24 | % | ||||||||||||||||
Total allowance for credit losses-loans and unfunded commitments | 1.15 | % | 1.14 | % | 1.12 | % | 1.37 | % | 1.36 | % | 1.15 | % | 1.36 | % | ||||||||||||||||
Allowance for credit losses on loans to nonperforming loans | 1473.27 | % | 1397.16 | % | 1386.71 | % | 616.27 | % | 607.98 | % | 1473.27 | % | 607.98 | % | ||||||||||||||||
Nonperforming assets to total assets | 0.06 | % | 0.06 | % | 0.06 | % | 0.16 | % | 0.16 | % | 0.06 | % | 0.16 | % | ||||||||||||||||
Nonperforming loans to total loans | 0.07 | % | 0.07 | % | 0.07 | % | 0.20 | % | 0.20 | % | 0.07 | % | 0.20 | % | ||||||||||||||||
Net charge-offs to average loans (1) | 0.00 | % | -0.01 | % | 0.93 | % | 0.02 | % | 0.00 | % | -0.01 | % | 0.00 | % | ||||||||||||||||
Criticized loans to total loans | 1.87 | % | 1.43 | % | 2.27 | % | 1.62 | % | 1.49 | % | 1.87 | % | 1.49 | % | ||||||||||||||||
Classified loans to total loans | 0.38 | % | 0.20 | % | 0.22 | % | 0.51 | % | 0.52 | % | 0.38 | % | 0.52 | % | ||||||||||||||||
(1) Charge-off ratios are annualized for the quarterly presentation. | ||||||||||||||||||||||||||||||
AVIDBANK HOLDINGS, INC. | ||||||||||||||||||||||||||||||
Loans and Deposits (Unaudited) | ||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||
Current | Year | |||||||||||||||||||||||||||||
June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | Quarter | Over Year | ||||||||||||||||||||||||
2025 | 2025 | 2024 | 2024 | 2024 | Change | Change | ||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||
Commercial and industrial loans | $ | 855,049 | $ | 803,920 | $ | 816,963 | $ | 759,492 | $ | 774,666 | $ | 51,129 | $ | 80,383 | ||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||
Multi-family | 241,399 | 227,003 | 216,018 | 199,929 | 202,292 | 14,396 | 39,107 | |||||||||||||||||||||||
Owner Occupied | 168,393 | 142,764 | 142,650 | 141,139 | 157,376 | 25,629 | 11,017 | |||||||||||||||||||||||
Non-Owner Occupied | 407,955 | 405,788 | 414,551 | 406,007 | 412,473 | 2,167 | (4,518 | ) | ||||||||||||||||||||||
Construction and land | 204,973 | 226,641 | 246,301 | 253,325 | 242,966 | (21,668 | ) | (37,993 | ) | |||||||||||||||||||||
Residential | 31,560 | 32,985 | 27,494 | 25,799 | 15,717 | (1,425 | ) | 15,843 | ||||||||||||||||||||||
Total real estate loans | 1,054,280 | 1,035,181 | 1,047,014 | 1,026,199 | 1,030,824 | 19,099 | 23,456 | |||||||||||||||||||||||
Other loans | 2,389 | 2,086 | 965 | 1,065 | 1,117 | 303 | 1,272 | |||||||||||||||||||||||
Total loans, net of deferred fees | $ | 1,911,718 | $ | 1,841,187 | $ | 1,864,942 | $ | 1,786,756 | $ | 1,806,607 | $ | 70,531 | $ | 105,111 | ||||||||||||||||
Deposits | ||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 443,540 | $ | 419,823 | $ | 414,327 | $ | 405,528 | $ | 405,644 | $ | 23,717 | $ | 37,896 | ||||||||||||||||
Interest-bearing checking | 1,087,621 | 965,467 | 993,219 | 1,026,898 | 840,839 | 122,154 | 246,782 | |||||||||||||||||||||||
Money market and savings | 399,849 | 399,010 | 338,578 | 336,166 | 312,162 | 839 | 87,687 | |||||||||||||||||||||||
Time | 46,770 | 58,273 | 74,468 | 75,033 | 99,239 | (11,503 | ) | (52,469 | ) | |||||||||||||||||||||
Non-reciprocal brokered (1) | 25,001 | 86,915 | 70,763 | 57,903 | 80,608 | (61,914 | ) | (55,607 | ) | |||||||||||||||||||||
Total deposits | $ | 2,002,781 | $ | 1,929,488 | $ | 1,891,355 | $ | 1,901,528 | $ | 1,738,492 | $ | 73,293 | $ | 264,289 | ||||||||||||||||
Average Deposits | ||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 425,154 | $ | 405,746 | $ | 422,807 | $ | 408,626 | $ | 436,498 | $ | 19,408 | $ | (11,344 | ) | |||||||||||||||
Interest-bearing checking | 1,038,372 | 956,994 | 994,121 | 903,542 | 783,048 | 81,378 | 255,324 | |||||||||||||||||||||||
Money market and savings | 398,438 | 385,434 | 351,126 | 348,125 | 304,392 | 13,004 | 94,046 | |||||||||||||||||||||||
Time | 47,398 | 60,282 | 77,203 | 75,972 | 97,430 | (12,884 | ) | (50,032 | ) | |||||||||||||||||||||
Non-reciprocal brokered | 62,853 | 77,537 | 49,064 | 69,670 | 135,952 | (14,684 | ) | (73,099 | ) | |||||||||||||||||||||
Total deposits | $ | 1,972,215 | $ | 1,885,993 | $ | 1,894,321 | $ | 1,805,935 | $ | 1,757,320 | $ | 86,222 | $ | 214,895 | ||||||||||||||||
(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) | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
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 and net interest margin adjustments facilitate 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 | ||||||||||||||||||||||||||||
Quarter Ended | Year-to-Date | |||||||||||||||||||||||||||
June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||
2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
Non-GAAP taxable equivalent | ||||||||||||||||||||||||||||
net interest income reconciliation | ||||||||||||||||||||||||||||
Net interest income - GAAP | $ | 20,290 | $ | 19,352 | $ | 19,199 | $ | 18,613 | $ | 18,526 | $ | 39,642 | $ | 37,410 | ||||||||||||||
Taxable equivalent adjustment | 8 | 8 | 7 | 6 | 5 | 16 | 12 | |||||||||||||||||||||
Net interest income - taxable equivalent (non-GAAP) | $ | 20,298 | $ | 19,360 | $ | 19,206 | $ | 18,619 | $ | 18,531 | $ | 39,658 | $ | 37,422 | ||||||||||||||
Non-GAAP taxable equivalent | ||||||||||||||||||||||||||||
net interest margin reconciliation | ||||||||||||||||||||||||||||
Net interest margin - GAAP | 3.60 | % | 3.52 | % | 3.48 | % | 3.35 | % | 3.39 | % | 3.56 | % | 3.46 | % | ||||||||||||||
Impact of taxable equivalent adjustment | - | - | 0.01 | - | - | - | 0.01 | |||||||||||||||||||||
Net interest margin - taxable equivalent (non-GAAP) | 3.60 | % | 3.52 | % | 3.49 | % | 3.35 | % | 3.39 | % | 3.56 | % | 3.47 | % | ||||||||||||||
SOURCE: Avidbank Holdings, Inc.
View the original press release on ACCESS Newswire
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