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Avidbank Holdings, Inc. Announces Net Income for the Second Quarter of 2022

SAN JOSE, CA / ACCESSWIRE / July 20, 2022 / Avidbank Holdings, Inc. (OTC PINK:AVBH) announced income for the second quarter of 2022 of $5.2 million, or $0.76 per diluted share, compared to $3.6 million, or $0.60 per diluted share, for the second quarter of 2021 and $4.3 million, or $0.71 per diluted share, for the first quarter of 2022.

Second Quarter 2022 Financial Highlights

  • Diluted earnings per share of $0.76, an increase of $0.16, or 27%, compared to the second quarter of 2021, and increased $0.05, or 28% annualized, compared to the first quarter of 2022.
  • Return on average assets was 1.02%, compared to 0.94% in the second quarter of 2021 and 0.83% in the first quarter of 2022.
  • Return on average equity was 16.18%, compared to 11.15% in the second quarter of 2021 and 12.72% in the first quarter of 2022.
  • Taxable equivalent net interest margin was 3.62% in the second quarter of 2022, compared to 3.28% in the second quarter of 2021 and 3.05% in the first quarter of 2022.
  • Loans increased $322 million, or 32%, from June 30, 2021 and increased $135 million, or 45% annualized, from March 31,2022.
  • Annualized net charge-offs to average loans totaled 0.00% for the second quarter and year-to-date 2022. Non-performing assets to total assets were 0.01% on June 30, 2022, a decrease from 0.22% on June 30, 2021 and 0.15% on March 31, 2022.
  • On May 11, 2022, completed a $28.6 million private offering of 1.27 million common shares at $22.50 per share bringing total common shares outstanding to 7,585,924.

"We continued our solid performance in the second quarter with earnings of $0.76 per diluted share including strong loan growth from a combination of less payoffs, an increase in line utilization, and another quarter of solid new originations," said Mark Mordell, Chairman and Chief Executive Officer. "We are cautiously optimistic about the remainder of 2022 as our pipeline for new business is very encouraging along with the additional benefits we will see from each increase in the fed funds rate," added Mr. Mordell.

Income Statement

Taxable equivalent net interest income totaled $17.5 million for the second quarter of 2022, an increase of $5.4 million, or 44%, from the second quarter of 2021, and an increase of $2.3 million, or 60% annualized, from the first quarter of 2022. This was primarily driven by an increase in interest income from higher interest rates and the growth in average balance of loans and investment securities.

The yield on loans in the second quarter of 2022 was 4.97%, an increase of 17 basis points from the second quarter of 2021 and an increase of 24 basis points from the first quarter of 2022. The linked quarter increase was primarily due to increases in the Prime rate. Approximately 53% of loans are Prime-based floating rate loans.

The cost of deposits in the second quarter of 2022 was 0.14%, a decrease of 5 basis points from the second quarter of 2021 and an increase of 1 basis point from the first quarter of 2022. The cost of interest-bearing deposits in the second quarter of 2022 was 0.26%, remaining flat from the first quarter of 2022.

In the second quarter of 2022, we recorded a provision for loan losses of $1.6 million. No loan provision was required in the first quarter of 2022 and the second quarter of 2021. The second quarter provision was primarily attributable to the $135 million increase in loan balances.

Non-interest income was $1.2 million in the second quarter of 2022 compared to $1.5 million in the second quarter of 2021 and $1.1 million in the first quarter of 2022. Service charge income totaled $681,000 in the second quarter of 2022, an increase of $159,000, or 30% from the second quarter of 2021, and an increase of $45,000, or 28% annualized, compared to the first quarter of 2022.

Non-interest expense totaled $10.0 million in the second quarter of 2022 compared to $8.6 million in the second quarter of 2021 and $10.4 million in the first quarter of 2022. This linked quarter decrease was primarily due to higher capitalized loan origination costs and a decrease in the FDIC regulatory assessment. The number of full-time equivalent employees on June 30, 2022 totaled 132 compared to 130 on March 31, 2022.

Balance Sheet

Total assets were $2.01 billion as of June 30, 2022, compared to $2.11 billion on March 31, 2022 and $1.60 billion at June 30, 2021. Cash balances held at the Federal Reserve decreased $284 million in the second quarter of 2022 while investments increased $39 million due to the purchase of tax-exempt municipal and mortgage-backed securities.

Period end loans on June 30, 2022 totaled $1.34 billion, which represented an increase of $135 million, or 45% annualized, from March 31, 2022, and an increase of $322 million, or 32%, from $1.01 billion at June 30, 2021. Quarterly average loans for the second quarter of 2022 increased $239 million, or 23%, from the second quarter of 2021 and $48 million, or 16% annualized, from the first quarter of 2022.

The allowance for loan losses on June 30, 2022 was $14.6 million, representing an increase of $1.6 million from March 31, 2022. The Allowance for Loan Losses to total loans was 1.09% on June 30, 2022, compared to 1.08% on March 31, 2022. Nonperforming loans to total loans was 0.01% on June 30, 2022, a decrease from 0.27% on March 31, 2022. The decrease was primarily attributable to the payoff of a single relationship of approximately $3 million.

Period end deposits were $1.83 billion on June 30, 2022 compared to $1.95 billion at March 31, 2022 and an increase of $402 million, or 28%, compared to $1.43 billion at June 30, 2021. Quarterly average deposits for the second quarter of 2022 increased $512 million, or 37%, compared to the second quarter of 2021 and decreased $59 million, or 12% annualized, from the first quarter of 2022.

Noninterest bearing deposits represented 45.9% of total deposits on June 30, 2022, compared to 48.9% on March 31, 2022 and 51.0% at June 30, 2021. The loan to deposit ratio was 73.1% on June 30, 2022 compared to 61.7% at March 31, 2022 and 71.1% at June 30, 2021.

About Avidbank

Avidbank Holdings, Inc. (OTC Pink: AVBH), headquartered in Palo Alto, California, offers innovative financial solutions and services. We specialize in commercial & industrial lending, technology and asset-based lending, specialty finance, real estate construction and commercial real estate lending. Avidbank provides a different approach to banking. We do what we say.

Forward-Looking Statement:

This news release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts, and generally include the words "believes," "plans," "intends," "expects," "opportunity," "anticipates," "targeted," "continue," "remain," "will," "should," "may," or words of similar meaning. While we believe that our forward-looking statements and the assumptions underlying them are reasonably based, such statements and assumptions, are, by their nature subject to risks and uncertainties, and thus could later prove to be inaccurate or incorrect. Accordingly, actual results could materially differ from forward-looking statements for a variety of reasons, including, but not limited to local, regional, national and international economic conditions and events and the impact they may have on us and our customers, and in particular in our market areas; ability to attract deposits and other sources of liquidity; oversupply of property inventory and deterioration in values of California real estate, both residential and commercial; a prolonged slowdown or decline in construction activity; changes in the financial performance and/or condition of our borrowers; changes in the level of non-performing assets and charge-offs; the cost or effect of acquisitions we may make; the effect of changes in laws and regulations (including laws, regulations and judicial decisions concerning financial reform, capital requirements, taxes, banking, securities, employment, executive compensation, insurance, and information security) with which we and our subsidiaries must comply; changes in estimates of future reserve requirements and minimum capital requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; ability to adequately underwrite for our asset based and corporate finance lending business lines; our ability to raise capital; inflation, interest rate, securities market and monetary fluctuations; cyber-security threats including loss of system functionality or theft or loss of data; political instability; acts of war or terrorism, or natural disasters, such as earthquakes, or the effects of a pandemic; destabilization in international economies resulting from the European sovereign debt crisis; the effects of the Tax Cuts and Jobs Act; the timely development and acceptance of new banking products and services and perceived overall value of these products and services by users; changes in consumer spending, borrowing and savings habits; technological changes; the ability to increase market share, retain customers and control expenses; ability to retain and attract key management and personnel; changes in the competitive environment among financial and bank holding companies and other financial service providers; continued volatility in the credit and equity markets and its effect on the general economy; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; changes in our organization, management, compensation and benefit plans, and our ability to retain or expand our management team; the costs and effects of legal and regulatory developments including the resolution of legal proceedings or regulatory or other governmental inquiries and the results of regulatory examinations or reviews; our success at managing the risks involved in the foregoing items. We do not undertake, and specifically disclaim any obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law.

Contact:

Patrick Oakes
Executive Vice President and Chief Financial Officer
408-831-5653
poakes@avidbank.com

AVIDBANK HOLDINGS, INC.
Selected Financial Data (Unaudited)
($000, except share and per share amounts)
For the six months ended
2022 2021 June 30,
Second First Fourth Third Second
Quarter Quarter Quarter Quarter Quarter 2022 2021
INCOME AND PER SHARE HIGHLIGHTS




Net income
$5,214 $4,349 $2,534 $3,574 $3,649 $9,563 $6,156
Basic earnings per share
0.78 0.73 0.43 0.60 0.62 1.51 1.05
Diluted earnings per share
0.76 0.71 0.42 0.59 0.60 1.47 1.02
Book value per share
18.27 19.20 21.91 21.55 21.26

PERFORMANCE MEASURES
Return on average assets
1.02% 0.83% 0.49% 0.80% 0.94% 0.92% 0.82%
Return on average equity
16.18% 12.72% 7.25% 10.45% 11.15% 14.40% 9.54%
Net interest margin
3.62% 3.05% 2.90% 2.98% 3.28% 3.33% 3.36%
Efficiency ratio
53.43% 63.72% 58.31% 61.91% 62.61% 58.22% 66.94%
Average loans to average deposits
66.88% 62.40% 61.83% 64.69% 74.37% 64.62% 76.19%

CAPITAL
Tier 1 leverage ratio
8.72% 6.85% 6.89% 7.81% 8.64%
Common equity tier 1 capital ratio
10.17% 9.09% 8.90% 9.94% 10.57%
Tier 1 risk-based capital ratio
10.17% 9.09% 8.90% 9.94% 10.57%
Total risk-based capital ratio
12.25% 11.28% 11.11% 12.44% 13.30%

SHARES OUTSTANDING
Number of common shares outstanding
7,585,924 6,316,573 6,256,682 6,255,752 6,220,872
Average common shares outstanding - basic
6,687,448 5,935,948 5,904,446 5,898,208 5,892,713 6,316,780 5,878,921
Average common shares outstanding - diluted
6,821,245 6,116,306 6,101,778 6,072,085 6,051,243 6,474,959 6,036,233

ASSET QUALITY
Allowance for loan losses (ALLL) to total loans
1.09% 1.08% 1.07% 1.19% 1.24%
ALLL to nonperforming loans
9211.32% 407.43% 402.40% 388.89% 377.59%
Nonperforming assets to total assets
0.01% 0.15% 0.15% 0.18% 0.21%
Nonperforming loans to total loans
0.01% 0.27% 0.27% 0.31% 0.33%
Net quarterly charge-offs to total loans
0.00% 0.00% 0.25% 0.00% 0.00%

AVERAGE BALANCES
Gross loans
$1,263,071 $1,215,153 $1,154,254 $1,028,098 $1,023,932 $1,239,245 $1,016,796
Investment securities
487,535 436,427 287,915 231,526 200,016 462,122 184,066
Total assets
2,060,297 2,131,587 2,054,545 1,771,292 1,554,049 2,095,745 1,511,559
Deposits
1,888,494 1,947,208 1,866,704 1,589,384 1,376,736 1,917,689 1,334,487
Shareholder's equity
129,235 138,668 138,589 135,721 131,300 133,925 130,079

AT PERIOD END
Gross loans
$1,338,687 $1,203,657 $1,225,187 $1,074,436 $1,016,200
Investment securities
507,826 468,917 380,170 276,670 208,482
Total assets
2,010,256 2,110,091 2,162,478 1,828,021 1,604,273
Deposits
1,828,752 1,947,278 1,979,410 1,647,613 1,427,177
Shareholder's equity
138,611 121,282 137,100 134,797 132,231

Avidbank Holdings, Inc.
Consolidated Balance Sheets (Unaudited)
($000)

June 30,

March 31,

Dec. 31,

Sept. 31,

June 30,

Assets

2022

2022

2021

2021

2021

Cash and due from banks $50,907 $47,091 $29,616 $34,864 $27,977
Due from Federal Reserve Bank 35,913 320,336 463,727 378,380 308,596
Total cash and cash equivalents 86,820 367,427 493,343 413,244 336,573

Investment securities - available for sale
477,646 468,917 308,170 276,670 208,482
Investment securities - held to maturity 30,180 - - - -
Total investment securities 507,826 468,917 380,170 276,670 208,482

Loans, net of deferred loan fees
1,336,786 1,201,934 1,223,344 1,073,132 1,014,750
Allowance for loan losses (14,646) (13,054) (13,054) (12,775) (12,558)
Loans, net of allowance for loan losses 1,322,140 1,188,880 1,210,290 1,060,357 1,002,192

Bank owned life insurance
32,303 32,087 31,875 31,663 11,559
Premises and equipment, net 4,314 4,331 4,565 4,913 5,138
Other real estate owned - - - - -
Accrued interest receivable & other assets 56,853 48,449 42,235 41,174 40,329
Total assets $2,010,256 $2,110,091 $2,162,478 $1,828,021 $1,604,273

Liabilities
Non-interest-bearing demand deposits $838,666 $952,035 $993,156 $872,972 $728,522
Interest bearing transaction accounts 45,179 47,711 50,674 49,722 30,538
Money market and savings accounts 848,748 812,701 845,718 614,992 541,145
Time deposits 96,159 134,831 89,862 109,927 126,972
Total deposits 1,828,752 1,947,278 1,979,410 1,647,613 1,427,177

FHLB advances
- - - - -
Subordinated debt, net 21,754 21,729 21,703 21,671 21,636
Other liabilities 21,139 19,802 24,265 23,940 23,229
Total liabilities 1,871,645 1,988,809 2,025,378 1,693,224 1,472,042

Shareholders' equity
Common stock/additional paid-in capital 101,244 72,920 72,799 72,124 71,542
Retained earnings 78,364 73,149 68,801 66,267 62,693
Accumulated other comprehensive (loss) (40,997) (24,787) (4,500) (3,594) (2,004)
Total shareholders' equity 138,611 121,282 137,100 134,797 132,231

Total liabilities and shareholders' equity
$2,010,256 $2,110,091 $2,162,478 $1,828,021 $1,604,273


Avidbank Holdings, Inc.
Consolidated Statements of Income (Unaudited)
($000, except share and per share amounts)

Three Months Ended Year-to-Date

June 30, March 31, June 30, June 30, June 30,

2022 2022 2021 2022 2021
Interest and fees on loans
$15,639 $14,163 $12,246 $29,802 $24,363
Interest on investment securities
2,477 1,855 808 4,332 1,507
Other interest income
356 153 59 509 107
Total interest income
18,472 16,171 13,113 34,643 25,977

Deposit interest expense
657 640 651 1,297 1,293
Other interest expense
300 300 310 600 621
Total interest expense
957 940 961 1,897 1,914
Net interest income
17,515 15,231 12,152 32,746 24,063

Provision for loan losses
1,592 - - 1,592 75
Net interest income after provision for
loan losses
15,923 15,231 12,152 31,154 23,988

Service charges and bank fees
761 725 736 1,486 1,359
Income from bank owned life insurance
215 212 68 427 135
Gain/(loss) on sale of assets
- - 735 - 734
Warrant income
64 86 - 150 22
Other income
187 90 - 277 -
Total non-interest income
1,227 1,113 1,539 2,340 2,250

Compensation and benefit expenses
7,129 7,312 6,001 14,441 12,476
Occupancy and equipment expenses
901 894 1,017 1,795 2,088
Data processing
423 411 419 834 841
Regulatory assessments
509 664 279 1,173 558
Professional fees
192 195 179 387 331
Other operating expenses
859 939 677 1,798 1,320
Total non-interest expense
10,013 10,415 8,572 20,428 17,614

Income before income taxes
7,137 5,929 5,119 13,066 8,624
Provision for income taxes
1,923 1,580 1,470 3,503 2,468
Net income
$5,214.27 $4,348.67 $3,649.00 $9,562.94 $6,156.00

Basic earnings per common share
$0.78 $0.73 $0.62 $1.51 $1.05
Diluted earnings per common share
$0.76 $0.71 $0.60 $1.47 $1.02

Average common shares outstanding
6,687,448 5,935,948 5,892,713 6,316,780 5,878,921
Average common fully diluted shares
6,821,245 6,116,306 6,051,243 6,474,959 6,036,233

Avidbank Holdings, Inc.
Average Balance Sheets and Net Interest Margin Analysis
Selected Financial Information (Unaudited)
($000)

Three Months Ended
June 30, 2022 March 31, 2022
Average
Balance
Yields
or
Rates
Interest
Income/
Expense
Average
Balance
Yields
or
Rates
Interest
Income/
Expense
Assets
Interest earning assets:
Loans (1)
$1,263,071 4.97% $15,638 $1,215,153 4.73% $14,163
Fed funds sold
191,861 0.74% 353 374,648 0.17% 153
Investment securities
Taxable investment securities
475,039 2.00% 2,364 436,427 1.72% 1,855
Non-taxable investment securities (2)
12,496 4.59% 143 - 0.00% -
Total investment securities
487,535 2.06% 2,507 436,427 1.72% 1,855
Total interest-earning assets
1,942,467 3.82% 18,498 2,026,228 3.24% 16,171
Noninterest-earning assets:
Cash and due from banks
46,334 42,282
All other assets (3)
71,496 63,077
Total assets
$2,060,297 $2,131,587
Liabilities and Shareholder's Equity
Interest-bearing liabilities:
Deposits
Demand
$46,242 0.13% $15 $49,199 0.12% $15
Money market and savings
835,058 0.21% 440 812,289 0.21% 422
Time
121,923 0.66% 202 120,886 0.68% 203
Total interest-bearing deposits
1,003,223 0.26% 657 982,374 0.26% 640
Subordinated debt
21,518 5.59% 300 21,714 5.60% 300
Total interest-bearing liabilities
1,024,741 0.37% 957 1,004,088 0.38% 940
Noninterest-bearing liabilities:
Demand deposits
885,271 964,834
Accrued expenses and other liabilities
21,050 23,997
Shareholders' equity
129,235 138,668
Total liabilities and shareholders' equity
$2,060,297 $2,131,587
Net interest income and margin (4)
3.62% $17,541 3.05% $15,231
Non-taxable equivalent net interest margin
3.62% 3.05%


(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 $460 thousand and $628 thousand, respectively.
(2) Interest income on tax-exempt securities has been increased to reflect comparable interest on taxable securities. The rate used was 21%, reflecting the statutory federal income tax rate.
(3) Allowance for loan losses of $14.6 million and $13.1 million, respectively, is included as a contra asset.
(4) Net interest margin is net interest income divided by total interest-earning assets.

Avidbank Holdings, Inc.
Average Balance Sheets and Net Interest Margin Analysis
Selected Financial Information (Unaudited)
($000)

Three months ended
June 30, 2022 June 30, 2021
Average
Balance
Yields
or
Rates
Interest
Income/
Expense
Average
Balance
Yields
or
Rates
Interest
Income/
Expense
Assets

Interest earning assets:






Loans (1)
$1,263,071 4.97% $15,638 $1,023,932 4.80% $12,246
Fed funds sold
191,861 0.74% 353 261,159 0.09% 59
Investment securities
Taxable investment securities
475,039 2.00% 2,364 200,016 1.62% 808
Non-taxable investment securities (2)
12,496 4.59% 143 - 0.00% -
Total investment securities
487,535 2.06% 2,507 200,016 1.62% 808
Total interest-earning assets
1,942,467 3.82% 18,498 1,485,107 3.54% 13,113
Noninterest-earning assets:
Cash and due from banks
46,334 25,948
All other assets (3)
71,496 42,994
Total assets
$2,060,297 $1,554,049
Liabilities and Shareholder's Equity
Interest-bearing liabilities:
Deposits
Demand
$46,242 0.13% $15 $28,649 0.20% $14
Money market and savings
835,058 0.21% 440 518,508 0.31% 398
Time
121,923 0.66% 202 128,480 0.75% 239
Total interest-bearing deposits
1,003,223 0.26% 657 675,637 0.39% 651
Subordinated debt
21,518 5.59% 300 21,619 5.75% 310
Total interest-bearing liabilities
1,024,741 0.37% 957 697,256 0.55% 961
Noninterest-bearing liabilities:
Demand deposits
885,271 701,099
Accrued expenses and other liabilities
21,050 24,394
Shareholders' equity
129,235 131,300
Total liabilities and shareholders' equity
$2,060,297 $1,554,049
Net interest income and margin (4)
3.62% $17,541 3.28% $12,152
Non-taxable equivalent net interest margin
3.62% 3.28%


(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 $460 thousand and $514 thousand, respectively.
(2) Interest income on tax-exempt securities has been increased to reflect comparable interest on taxable securities. The rate used was 21%, reflecting the statutory federal income tax rate.
(3) Allowance for loan losses of $14.6 million and $12.6 million, respectively, is included as a contra asset.
(4) Net interest margin is net interest income divided by total interest-earning assets.

Avidbank Holdings, Inc.
Average Balance Sheets and Net Interest Margin Analysis
Selected Financial Information (Unaudited)
($000)

Six months ended
June 30, 2022 June 30, 2021
Average
Balance
Yields
or
Rates
Interest
Income/
Expense
Average
Balance
Yields
or
Rates
Interest
Income/
Expense
Assets
Interest earning assets:
Loans (1)
$1,239,245 4.85% $29,802 $1,016,796 4.83% $24,363
Fed funds sold
282,750 0.36% 509 244,289 0.09% 107
Investment securities
Taxable investment securities
455,839 1.87% 4,219 184,066 1.65% 1,507
Non-taxable investment securities (2)
6,283 4.59% 143 - 0.00% -
Total investment securities
462,122 1.90% 4,362 184,066 1.65% 1,507
Total interest-earning assets
1,984,117 3.52% 34,673 1,445,151 3.62% 25,977
Noninterest-earning assets:
Cash and due from banks
44,319 23,783
All other assets (3)
67,309 42,625
Total assets
$2,095,745 $1,511,559
Liabilities and Shareholder's Equity
Interest-bearing liabilities:
Deposits
Demand
$47,712 0.13% $31 $27,268 0.20% $27
Money market and savings
823,736 0.21% 862 482,168 0.31% 752
Time
121,408 0.67% 404 133,055 0.78% 514
Total interest-bearing deposits
992,856 0.26% 1,297 642,491 0.41% 1,293
Subordinated debt
21,616 5.60% 600 21,600 5.80% 621
Total interest-bearing liabilities
1,014,472 0.38% 1,897 664,091 0.58% 1,914
Noninterest-bearing liabilities:
Demand deposits
924,833 691,996
Accrued expenses and other liabilities
22,515 25,393
Shareholders' equity
133,925 130,079
Total liabilities and
shareholders' equity
$2,095,745 $1,511,559
Net interest income and margin (4)
3.33% $32,776 3.36% $24,063
Non-taxable equivalent net interest margin
3.33% 3.36%


(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 $1.1 million for both comparative periods.
(2) Interest income on tax-exempt securities has been increased to reflect comparable interest on taxable securities. The rate used was 21%, reflecting the statutory federal income tax rate.
(3) Allowance for loan losses of $14.6 million and $12.6 million, respectively, is included as a contra asset.
(4) Tax equivalent net interest income divided by total interest-earning assets.

Avidbank Holdings, Inc.
Period End Loans (Unaudited)
($000)


June 30,
2022
March 31,
2022
Dec. 31,
2021
Sept. 30,
2021
June 30,
2021
Current Quarter
Change
Year over Year
Change
Commercial loans
$558,908 $481,522 $517,747 $415,986 $401,584 $77,386 $157,324
Real Estate
Commercial real estate
Multi-family
165,818 141,954 139,646 128,672 116,259 23,864 49,559
CRE
Owner Occupied
108,045 109,502 99,728 89,832 90,626 (1,457) 17,419
Non-Owner Occupied
280,397 258,365 258,507 239,272 195,344 22,032 85,053
Construction and land
209,941 195,388 190,887 182,556 193,709 14,553 16,232
Residential
12,830 13,726 14,484 14,800 15,164 (896) (2,334)
Total real estate loans
777,031 718,935 703,252 655,132 611,102 58,096 165,929
Other loans
847 1,477 2,345 2,014 2,064 (630) (1,217)
Total loans
$1,336,786 $1,201,934 $1,223,344 $1,073,132 $1,014,750 $134,852 $322,036


Avidbank Holdings, Inc.
Credit Trends (Unaudited)
($000)

6/30/22 3/31/22 12/31/21 9/30/21 6/30/21
Allowance for Loan Losses
Balance, beginning of quarter
$13,054 $13,054 $12,775 $12,558 $12,558
Provision for loan losses, quarterly
1,592 - 3,279 217 -
Charge-offs, quarterly
- - (3,000) - -
Recoveries, quarterly
- - - - -
Balance, end of quarter
$14,646 $13,054 $13,054 $12,775 $12,558

Nonperforming Assets
Loans accounted for on a non-accrual basis
$159 $3,204 $3,244 $3,285 $3,326
Loans with principal or interest contractually past
due 90 days or more and still accruing interest
- - - - -
Nonperforming loans
159 3,204 3,244 3,285 3,326
Other real estate owned
- - - - -
Nonperforming assets
$159 $3,204 $3,244 $3,285 $3,326
Loans restructured and in compliance
with modified terms
- - - - -
Nonperforming assets & restructured loans
$159 $3,204 $3,244 $3,285 $3,326

Nonperforming Loans by Type:
Commercial
$159 $441 $448 $456 $463
Commercial Real Estate Loans
- 2,763 2,796 2,829 2,863
Total Nonperforming loans
$159 $3,204 $3,244 $3,285 $3,326

Asset Quality Ratios
Allowance for loan losses (ALLL) to total loans
1.09% 1.08% 1.07% 1.19% 1.24%
ALLL to nonperforming loans
9211.32% 407.43% 402.40% 388.89% 377.59%
Nonperforming assets to total assets
0.01% 0.15% 0.15% 0.18% 0.21%
Nonperforming loans to total loans
0.01% 0.27% 0.27% 0.31% 0.33%
Net quarterly charge-offs to total loans
0.00% 0.00% 0.25% 0.00% 0.00%

SOURCE: Avidbank Holdings, Inc.



View source version on accesswire.com:
https://www.accesswire.com/709156/Avidbank-Holdings-Inc-Announces-Net-Income-for-the-Second-Quarter-of-2022

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