Avidbank Holdings, Inc. Releases Third Quarter Results

PALO ALTO, Calif.--(BUSINESS WIRE)--Avidbank Holdings, Inc., parent company of Avidbank, today announced its unaudited results for the third quarter of 2012.

“We are pleased that our focus on business development and the quality management of our loan portfolio continue to generate solid results”

“We are pleased that our focus on business development and the quality management of our loan portfolio continue to generate solid results,” stated Mark D. Mordell, Chairman & CEO. “Although our pre-tax income is up 13% from a year ago, net income is down 28% due to becoming a full tax payer. Our credit quality continues to improve with our classified loans to capital and loan loss reserves dropping 64% giving us the platform required for our growth.”

Financial Results
In thousands except per share amounts (unaudited)
	9/30/12			9/30/11			% Change	12/31/11			% vs. 12/31/11
Total Assets	$	415,459		$	328,629		26%	$	342,204		21%
Loans	$	233,352		$	185,067		26%	$	207,964		12%
Deposits	$	373,849		$	295,489		27%	$	306,690		22%
Classified Loans to Capital and Reserves		12	%		34	%	-64%		21	%	-42%
Net Interest Margin		4.21	%		4.06	%	4%		4.09	%	3%
Efficiency Ratio		68	%		72	%	-5%		72	%	-5%
ALLL to Loans		1.84	%		2.09	%	-12%		2.10	%	-13%
Shareholders' Equity	$	37,356		$	32,223		16%	$	33,695		11%
Common Shares		2,614			2,602		0%		2,602		0%
Book Value per Share	$	14.29		$	12.38		15%	$	12.95		10%
Book Value per Share excluding TARP	$	12.00		$	10.08		19%	$	10.64		13%
Tier 1 Leverage Ratio		8.86	%		9.78	%	-9%		10.37	%	-15%
Total Risk Based Capital Ratio		12.00	%		13.29	%	-10%		12.84	%	-7%
	Quarter Ending			Quarter Ending				Year-to-Date			Year-to-Date
	9/30/12			9/30/11			% Change	9/30/12			9/30/11
Revenue	$	4,301		$	3,930		9%	$	12,960		$	11,620
Interest Expense	$	449		$	547		-18%	$	1,451		$	1,783
Loan Loss Provision	$	0		$	0		0%	$	100		$	50
Non-interest Expense	$	2,653		$	2,354		13%	$	7,832		$	7,067
Pretax Income	$	1,198		$	1,029		16%	$	3,578		$	2,721
Income Tax Expense	$	542		$	120		352%	$	1,498		$	300
Net Income	$	656		$	909		-28%	$	2,080		$	2,421
Earnings Per Share	$	0.22		$	0.32		-31%	$	0.70		$	0.74

“Our business development officers have been doing an excellent job in this competitive market,” said Kenneth D. Brenner, President. “We are excited about the additional production and synergy we are experiencing with our expansion into two new markets with the opening of loan production offices in San Jose and Redwood City.”

About the Bank

Our goal at Avidbank is to advance our clients' success by offering innovative financial solutions and service. Our exceptional people provide a unique and individualized banking experience based on mutual effort, ingenuity and trust, creating long-term banking relationships. Avidbank specializes in the following markets: commercial and industrial, corporate finance, technology and asset-based lending, real estate construction, commercial real estate lending and real estate bridge financing.