SAN JOSE, CA / ACCESSWIRE / July 20, 2023 / Avidbank Holdings, Inc. (OTC PINK:AVBH) announced net income for the second quarter of 2023 of $4.7 million, or $0.63 per diluted share, compared to $6.4 million, or $0.85 per diluted share, for the first quarter of 2023 and $5.2 million, or $0.76 per diluted share, for the second quarter of 2022.
Second Quarter 2023 Highlights
- Total deposits were $1.75 billion on June 30, 2023, an increase of $131 million, or 8%, compared to March 31, 2023. Venture lending accounted for $49 million of this quarter's deposit growth with the balance from our other four divisions.
- Uninsured deposits represented 40% of total deposits on June 30, 2023, compared to 59% on March 31, 2023, and 85% at December 31, 2022. This decrease in uninsured deposits included a total of $692 million in ICS reciprocal deposits, an increase of $384 million since March 31, 2023.
- Loans increased $86 million, or 6% from March 31, 2023, and $313 million, or 23% from June 30, 2022.
- Borrowings decreased by $95 million to $264 million as of June 30, 2023. Net available borrowing capacity totaled approximately $1.3 billion as of June 30, 2023.
- In June 2023, we unwound $125 million in receive-fixed interest rate swaps used to hedge our Prime loan portfolio with an average fixed swap rate of 7.01%. These contracts had an impact to interest income of ($353,000) and ($209,000) in the second quarter and first quarter of 2023, respectively.
- Annualized net charge-offs to average loans totaled 0.03% for the second quarter of 2023, compared to 0.00% for the first quarter of 2023.
"We are pleased with the growth in deposits and improved liquidity position this quarter. Since May 1st, deposits have increased $195 million generated from all five of our banking divisions. In the second quarter, we also decreased uninsured deposits to 40% of total deposits, reduced borrowings by $95 million, and lowered our loan-to-deposit ratio to 94%. These accomplishments are due to the efforts of our Avidbank team capitalizing on their exceptional relationships doing what is necessary in the midst of this challenging banking environment," said Mark Mordell, Chairman and Chief Executive Officer.
"Credit quality remains solid with stable trends in the loan portfolio. Nonperforming loans total $15.5 million and include the $14.1 million construction loan that was downgraded in December 2022. The borrower filed for bankruptcy in March, and we are working towards a positive outcome in the third or fourth quarter," added Mr. Mordell.
Income Statement
Taxable equivalent net interest income(1) totaled $17.5 million for the second quarter of 2023, a decrease of $2.4 million, or 12%, from the first quarter of 2023, and remained flat from the second quarter of 2022. The taxable equivalent net interest margin was 3.39% in the second quarter of 2023, a decrease of 53 basis points compared to the first quarter of 2023, and a decrease of 23 basis points compared to the second quarter of 2022. The decrease in taxable equivalent net interest income and net interest margin compared to the prior quarter was primarily driven by an overall increase in deposit costs. The decrease in taxable equivalent net interest margin compared to the same period one year ago was primarily driven by an increase in high-cost short-term borrowings replacing lower-cost deposits, interest bearing deposits replacing no-cost demand deposits, and an overall increase in deposit costs, partially offset by an increase in loan yields and average loan balances.
The yield on loans in the second quarter of 2023 was 6.74%, an increase of 7 basis points from the first quarter of 2023 and an increase of 177 basis points from the second quarter of 2022. The overall increase in loan yields compared to prior periods was primarily due to increases in the Prime rate.
The cost of deposits in the second quarter of 2023 was 1.97%, an increase of 58 basis points from the first quarter of 2023 and an increase of 183 basis points from the second quarter of 2022. The cost of interest-bearing deposits in the second quarter of 2023 was 3.18% compared to 2.38% in the first quarter of 2023 and 0.26% in the second quarter of 2022.
The provision for credit losses was $1.5 million in the second quarter of 2023, compared to $185,000 in the first quarter of 2023 and $1.6 million in the second quarter of 2022. The provision increased in the current quarter primarily due to loan growth of $85.8 million in the second quarter of 2023, compared to $10.3 million in the first quarter of 2023. The provision for credit losses in the second quarter of 2023 included a $1.3 million provision for loan losses and a $124,000 provision for unfunded commitments.
Non-interest income was $1.1 million in the second quarter of 2023 compared to $168,000 in the first quarter of 2023 and $1.2 million in the second quarter of 2022. The first quarter of 2023 included a loss on sale of securities of $815,000 related to the sale of $57 million in investment securities. The second quarter of 2022 included $65,000 in warrant and success fee income.
Non-interest expense totaled $10.4 million in the second quarter of 2023, a decrease of $621,000 compared to the first quarter of 2023. This linked quarter decrease included a $933,000 decrease in salaries and benefits expense, primarily due to a reduction in incentive compensation expense. There were 145 full-time equivalent employees on June 30, 2023, compared to 142 on March 31, 2023.
Balance Sheet
Total assets were $2.21 billion as of June 30, 2023, compared to $2.17 billion on March 31, 2023, and $2.01 billion at June 30, 2022. Cash and cash equivalents were $104 million on June 30, 2023, compared to $134 million on March 31, 2023, and $87 million on June 30, 2022.
Period end loans on June 30, 2023, totaled $1.65 billion, which represented an increase of $86 million from March 31, 2023, and an increase of $313 million, or 23%, from $1.34 billion at June 30, 2022. The growth in loans during the second quarter of 2023 included an increase of $74 million in commercial loans and $25 million in commercial real estate loans, partially offset by a decrease of $17 million in construction loans. Quarterly average loans for the second quarter of 2023 increased $34 million, or 2%, from the first quarter of 2023 and $328 million, or 26%, from the second quarter of 2022.
Our non-owner occupied commercial real estate portfolio is broadly diversified by property type with office loans totaling 9% of the total loan portfolio and an average loan size of $2.9 million as of June 30, 2023. Our office loans are all located in the San Francisco Bay Area with ten loans in the City of San Francisco totaling $26.3 million.
The allowance for credit losses on loans was $17.6 million on June 30, 2023, representing an increase of $1.2 million from March 31, 2023. The allowance for credit losses on loans to total loans was 1.07% on June 30, 2023, compared to 1.05% on March 31, 2023. Nonperforming loans to total loans was 0.94% on June 30, 2023, compared to 0.91% on March 31, 2023.
Investment securities were $371.8 million as of June 30, 2023, compared to $386.9 million on March 31, 2023, and $507.8 million at June 30, 2022. In the first quarter of 2023, we sold $57 million of securities for a loss of $815,000. This included the sale of $25 million in available for sale mortgage-backed securities and the sale of all $32 million in held to maturity municipal securities.
Period end deposits were $1.75 billion on June 30, 2023, an increase of $131 million, or 8%, from March 31, 2023. This included a $49 million increase, or 9%, in Venture Lending deposits. Deposits in our Venture Lending division totaled $606 million at June 30, 2023 and included $419 million in reciprocal deposits.
Short-term borrowings on June 30, 2023 totaled $264 million, a decrease of $95 million compared to March 31, 2023. The short-term borrowings on June 30th included $35 million in FHLB borrowings and $224 million in borrowings from the Bank Term Funding Program (BTFP). The average rate on the BTFP on June 30, 2023 was 4.64%.
Book value per share was $19.55 on June 30, 2023, a decrease of $0.02 compared to $19.57 on March 31, 2023. Total shareholders' equity totaled $150.8 million on June 30, 2023, an increase of $66,000 compared to March 31, 2023. This included an increase in retained earnings of $4.7 million and an increase in accumulated other comprehensive loss of $5.4 million.
(1) A Non-GAAP performance measure. We provide detailed reconciliations in the "Non-GAAP Performance and Financial Measures Reconciliation" table.
About Avidbank
Avidbank Holdings, Inc. (OTC Pink: 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.
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 nonperforming 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
408-200-7390
IR@avidbank.com
AVIDBANK HOLDINGS, INC. Selected Financial Data (Unaudited) (in thousands, except share and per share amounts) |
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
For the six months ended | |||||||||||||||
| 2023 | 2022 | June 30, | ||||||||||||||||||
| Second | First | Fourth | Third | Second |
|
|
||||||||||||||
| Quarter | Quarter | Quarter | Quarter | Quarter | 2023 | 2022 | ||||||||||||||
INCOME HIGHLIGHTS |
|
|
|
|
|
|
|
|||||||||||||
Net income |
$ | 4,726 | $ | 6,364 | $ | 8,415 | $ | 7,046 | $ | 5,214 | $ | 11,090 | $ | 9,563 | ||||||
Loss on sale of securities, net of tax |
- | 595 | 295 | - | - | 595 | - | |||||||||||||
Operating net income (1)
|
$ | 4,726 | $ | 6,959 | $ | 8,710 | $ | 7,046 | $ | 5,214 | $ | 11,685 | $ | 9,563 | ||||||
PER SHARE DATA |
||||||||||||||||||||
Basic earnings per share |
$ | 0.65 | $ | 0.87 | $ | 1.16 | $ | 0.97 | $ | 0.78 | $ | 1.52 | $ | 1.51 | ||||||
Diluted earnings per share |
0.63 | 0.85 | 1.13 | 0.95 | 0.76 | 1.49 | 1.47 | |||||||||||||
Diluted earnings per share - operating (1)
|
0.63 | 0.93 | 1.17 | 0.95 | 0.76 | 1.57 | 1.47 | |||||||||||||
Book value per share |
19.55 | 19.57 | 17.99 | 16.58 | 18.27 | 19.55 | 18.27 | |||||||||||||
PERFORMANCE MEASURES |
||||||||||||||||||||
Return on average assets |
0.87% | 1.19% | 1.61% | 1.38% | 1.02% | 1.03% | 0.92% | |||||||||||||
Return on average equity |
12.32% | 17.87% | 25.48% | 19.36% | 16.18% | 14.99% | 14.40% | |||||||||||||
Taxable equivalent net interest margin |
3.39% | 3.92% | 4.41% | 4.07% | 3.62% | 3.66% | 3.33% | |||||||||||||
Efficiency ratio |
56.05% | 55.21% | 45.42% | 48.00% | 53.43% | 55.62% | 58.22% | |||||||||||||
Average loans to average deposits |
97.57% | 88.70% | 76.98% | 74.61% | 66.88% | 93.00% | 64.62% | |||||||||||||
CAPITAL |
||||||||||||||||||||
Tier 1 leverage ratio |
9.55% | 9.33% | 9.46% | 9.22% | 8.72% | 9.55% | 8.72% | |||||||||||||
Common equity tier 1 capital ratio |
9.88% | 10.14% | 9.82% | 10.24% | 10.17% | 9.88% | 10.17% | |||||||||||||
Tier 1 risk-based capital ratio |
9.88% | 10.14% | 9.82% | 10.24% | 10.17% | 9.88% | 10.17% | |||||||||||||
Total risk-based capital ratio |
11.87% | 12.16% | 11.76% | 12.31% | 12.25% | 11.87% | 12.25% | |||||||||||||
Tangible common equity ratio |
6.83% | 6.95% | 6.45% | 6.38% | 6.90% | 6.83% | 6.90% | |||||||||||||
SHARES OUTSTANDING |
||||||||||||||||||||
Number of common shares outstanding |
7,712,278 | 7,703,748 | 7,645,428 | 7,629,767 | 7,585,924 | 7,712,278 | 7,585,924 | |||||||||||||
Average common shares |
||||||||||||||||||||
outstanding - basic |
7,321,246 | 7,299,006 | 7,281,343 | 7,274,617 | 6,687,448 | 7,310,188 | 6,316,780 | |||||||||||||
Average common shares |
||||||||||||||||||||
outstanding - diluted |
7,457,906 | 7,452,254 | 7,432,670 | 7,410,062 | 6,821,245 | 7,454,643 | 6,474,959 | |||||||||||||
ASSET QUALITY |
||||||||||||||||||||
Allowance for credit losses to total loans |
1.20% | 1.18% | 1.09% | 1.14% | 1.13% | 1.20% | 1.13% | |||||||||||||
Nonperforming assets to total assets |
0.70% | 0.66% | 0.67% | 0.01% | 0.01% | 0.70% | 0.01% | |||||||||||||
Nonperforming loans to total loans |
0.94% | 0.91% | 0.92% | 0.01% | 0.01% | 0.94% | 0.01% | |||||||||||||
Net charge-offs to average loans (2)
|
0.03% | 0.00% | 0.00% | 0.01% | 0.00% | 0.01% | 0.00% | |||||||||||||
AVERAGE BALANCES |
||||||||||||||||||||
Loans, net of deferred loan fees |
$ | 1,589,372 | $ | 1,555,207 | $ | 1,450,014 | $ | 1,357,090 | $ | 1,261,255 | $ | 1,572,384 | $ | 1,237,437 | ||||||
Investment securities |
382,860 | 443,870 | 459,057 | 505,849 | 487,535 | 413,197 | 462,122 | |||||||||||||
Total assets |
2,171,559 | 2,164,441 | 2,072,887 | 2,028,320 | 2,060,297 | 2,168,020 | 2,095,245 | |||||||||||||
Deposits |
1,628,975 | 1,753,295 | 1,883,640 | 1,819,008 | 1,888,494 | 1,690,792 | 1,917,687 | |||||||||||||
Shareholders' equity |
153,877 | 144,402 | 131,046 | 144,402 | 129,235 | 149,166 | 133,925 | |||||||||||||
| (1) A Non-GAAP performance measure. We provide detailed reconciliations in the "Non-GAAP Performance and Financial Measures Reconciliation" table. (2) Annualized | ||||||||||||||||||||
|
AVIDBANK HOLDINGS, INC. Consolidated Balance Sheets (Unaudited) (in thousands) |
|
|
|
|||||||||||
|
|
|
|
|
|
||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||
Assets |
2023 | 2022 | 2022 | 2022 | 2022 | |||||||||
Cash and due from banks |
$ | 33,849 | $ | 19,452 | $ | 17,435 | $ | 23,766 | $ | 50,907 | ||||
Due from Federal Reserve Bank and fed funds sold |
70,364 | 114,615 | 29,853 | 13,476 | 35,913 | |||||||||
Total cash and cash equivalents |
104,213 | 134,067 | 47,288 | 37,242 | 86,820 | |||||||||
Investment securities - available for sale |
371,753 | 386,947 | 412,993 | 436,535 | 477,646 | |||||||||
Investment securities - held to maturity |
- | - | 31,671 | 31,704 | 30,180 | |||||||||
Total investment securities |
371,753 | 386,947 | 444,664 | 468,239 | 507,826 | |||||||||
Loans, net of deferred loan fees |
1,650,265 | 1,564,501 | 1,554,222 | 1,392,546 | 1,336,786 | |||||||||
Allowance for loan losses |
(17,636) | (16,389) | (16,481) | (15,488) | (14,646) | |||||||||
Loans, net of allowance for loan losses |
1,632,629 | 1,548,112 | 1,537,741 | 1,377,058 | 1,322,140 | |||||||||
Bank owned life insurance |
33,202 | 32,972 | 32,747 | 32,522 | 32,303 | |||||||||
Premises and equipment, net |
3,774 | 4,037 | 4,163 | 4,318 | 4,314 | |||||||||
Accrued interest receivable and other assets |
62,234 | 63,916 | 66,665 | 64,443 | 56,853 | |||||||||
Total assets |
$ | 2,207,805 | $ | 2,170,051 | $ | 2,133,268 | $ | 1,983,822 | $ | 2,010,256 | ||||
Liabilities and Shareholders' Equity |
||||||||||||||
Deposits: |
||||||||||||||
Non-interest-bearing demand |
$ | 593,246 | $ | 605,093 | $ | 765,079 | $ | 804,383 | $ | 838,666 | ||||
Interest bearing checking |
25,391 | 27,150 | 41,701 | 46,852 | 45,179 | |||||||||
Money market and savings |
1,008,716 | 871,357 | 948,731 | 890,836 | 848,748 | |||||||||
Time |
46,794 | 61,645 | 67,724 | 72,301 | 96,159 | |||||||||
Brokered |
74,566 | 52,823 | - | - | - | |||||||||
Total deposits |
1,748,713 | 1,618,068 | 1,823,235 | 1,814,372 | 1,828,752 | |||||||||
Subordinated debt, net |
21,855 | 21,830 | 21,805 | 21,779 | 21,754 | |||||||||
FHLB, FRB and other short-term borrowings |
264,000 | 359,000 | 130,000 | - | - | |||||||||
Accrued interest payable and other liabilities |
22,432 | 20,414 | 20,690 | 21,188 | 21,139 | |||||||||
Total liabilities |
2,057,000 | 2,019,312 | 1,995,730 | 1,857,339 | 1,871,645 | |||||||||
Shareholders' Equity |
||||||||||||||
Common stock |
103,420 | 102,718 | 102,359 | 101,679 | 101,244 | |||||||||
Retained earnings |
103,979 | 99,252 | 93,824 | 85,409 | 78,364 | |||||||||
Accumulated other comprehensive (loss) |
(56,594) | (51,231) | (58,645) | (60,605) | (40,997) | |||||||||
Total shareholders' equity |
150,805 | 150,739 | 137,538 | 126,483 | 138,611 | |||||||||
Total liabilities and shareholders' equity |
$ | 2,207,805 | $ | 2,170,051 | $ | 2,133,268 | $ | 1,983,822 | $ | 2,010,256 | ||||
AVIDBANK HOLDINGS, INC. Consolidated Statements of Income (Unaudited) (in thousands, except share and per share amounts) |
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
| Three Months Ended | Year-to-Date | |||||||||||||||||||
| June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, |
|
|
||||||||||||||
| 2023 | 2023 | 2022 | 2022 | 2022 | 2023 | 2022 | ||||||||||||||
Interest and fees on loans |
$ | 26,713 | $ | 25,577 | $ | 23,160 | $ | 18,853 | $ | 15,639 | $ | 52,290 | $ | 29,802 | ||||||
Interest on investment securities |
2,058 | 2,612 | 2,751 | 2,794 | 2,477 | 4,670 | 4,332 | |||||||||||||
Other interest income |
1,196 | 628 | 526 | 307 | 356 | 1,824 | 509 | |||||||||||||
Total interest income |
29,967 | 28,817 | 26,437 | 21,954 | 18,472 | 58,784 | 34,643 | |||||||||||||
Deposit interest expense |
7,989 | 6,030 | 4,269 | 1,948 | 657 | 14,019 | 1,297 | |||||||||||||
Interest on short-term borrowings |
4,189 | 2,673 | 114 | 126 | - | 6,862 | - | |||||||||||||
Interest on long-term debt |
300 | 300 | 300 | 300 | 300 | 600 | 600 | |||||||||||||
Total interest expense |
12,478 | 9,003 | 4,683 | 2,374 | 957 | 21,481 | 1,897 | |||||||||||||
Net interest income |
17,489 | 19,814 | 21,754 | 19,580 | 17,515 | 37,303 | 32,746 | |||||||||||||
Provision for credit losses |
1,471 | 185 | 993 | 925 | 1,592 | 1,656 | 1,592 | |||||||||||||
Net interest income after |
||||||||||||||||||||
provision for credit losses |
16,018 | 19,629 | 20,761 | 18,655 | 15,923 | 35,647 | 31,154 | |||||||||||||
Service charges and bank fees |
611 | 573 | 660 | 725 | 761 | 1,185 | 1,486 | |||||||||||||
Federal Home Loan Bank dividends |
185 | 163 | 118 | 91 | 81 | 348 | 159 | |||||||||||||
Income from bank owned life insurance |
230 | 225 | 224 | 219 | 215 | 455 | 427 | |||||||||||||
Gain/(loss) on sale of securities |
- | (815) | (404) | - | - | (815) | - | |||||||||||||
Warrant and success fee income |
- | - | 119 | 12 | 65 | - | 150 | |||||||||||||
Other investment income |
37 | (6) | 521 | (1) | 90 | 30 | 84 | |||||||||||||
Other income |
24 | 28 | 17 | 30 | 15 | 51 | 34 | |||||||||||||
Total non-interest income |
1,087 | 168 | 1,255 | 1,076 | 1,227 | 1,254 | 2,340 | |||||||||||||
Salaries and benefit expenses |
7,021 | 7,954 | 7,592 | 7,069 | 7,129 | 14,975 | 14,441 | |||||||||||||
Occupancy and equipment expenses |
1,005 | 961 | 911 | 946 | 901 | 1,965 | 1,795 | |||||||||||||
Data processing |
477 | 528 | 456 | 447 | 423 | 1,004 | 834 | |||||||||||||
Regulatory assessments |
555 | 226 | 221 | 421 | 509 | 781 | 1,173 | |||||||||||||
Legal and professional fees |
394 | 431 | 364 | 269 | 192 | 825 | 387 | |||||||||||||
Other operating expenses |
960 | 933 | 906 | 761 | 859 | 1,894 | 1,798 | |||||||||||||
Total non-interest expense |
10,412 | 11,033 | 10,450 | 9,913 | 10,013 | 21,444 | 20,428 | |||||||||||||
Income before income taxes |
6,693 | 8,764 | 11,566 | 9,818 | 7,137 | 15,457 | 13,066 | |||||||||||||
Provision for income taxes |
1,967 | 2,400 | 3,151 | 2,772 | 1,923 | 4,367 | 3,503 | |||||||||||||
Net income |
$ | 4,726 | $ | 6,364 | $ | 8,415 | $ | 7,046 | $ | 5,214 | $ | 11,090 | $ | 9,563 | ||||||
Basic earnings per common share |
$ | 0.65 | $ | 0.87 | $ | 1.16 | $ | 0.97 | $ | 0.78 | $ | 1.52 | $ | 1.51 | ||||||
Diluted earnings per common share |
0.63 | 0.85 | 1.13 | 0.95 | 0.76 | 1.49 | 1.47 | |||||||||||||
Weighted average shares - basic |
7,321,246 | 7,299,006 | 7,281,343 | 7,274,617 | 6,687,448 | 7,310,188 | 6,316,780 | |||||||||||||
Weighted average shares - diluted |
7,457,906 | 7,452,254 | 7,432,670 | 7,410,062 | 6,821,245 | 7,454,643 | 6,474,959 | |||||||||||||
|
AVIDBANK HOLDINGS, INC. Average Balance Sheets and Net Interest Margin Analysis (Unaudited) (dollars in thousands; taxable equivalent) |
|
|
|||||||||||||
|
|
|
|
|
|
|
||||||||||
| Three months ended | |||||||||||||||
| June 30, 2023 | March 31, 2023 | ||||||||||||||
|
|
Interest | Yields |
|
Interest | Yields | ||||||||||
| Average | Income/ | or | Average | Income/ | or | ||||||||||
| Balance | Expense | Rates | Balance | Expense | Rates | ||||||||||
Assets |
|
|
|
|
|
|
|||||||||
Interest earning assets: |
|
|
|
|
|
|
|||||||||
Loans (1) |
$ | 1,590,758 | $ | 26,713 | 6.74% | $ | 1,555,207 | $ | 25,577 | 6.67% | |||||
Fed funds sold/interest bearing deposits |
93,001 | 1,196 | 5.09% | 56,303 | 628 | 4.52% | |||||||||
Investment securities |
|||||||||||||||
Taxable investment securities |
382,860 | 2,058 | 2.16% | 414,380 | 2,348 | 2.30% | |||||||||
Non-taxable investment securities (2) |
- | - | 0.00% | 29,490 | 334 | 4.59% | |||||||||
Total investment securities |
382,860 | 2,058 | 2.16% | 443,870 | 2,682 | 2.45% | |||||||||
Total interest-earning assets |
2,066,619 | 29,967 | 5.82% | 2,055,380 | 28,887 | 5.70% | |||||||||
Noninterest-earning assets: |
|||||||||||||||
Cash and due from banks |
23,515 | 22,992 | |||||||||||||
All other assets (3) |
81,425 | 86,069 | |||||||||||||
Total assets |
$ | 2,171,559 | $ | 2,164,441 | |||||||||||
Liabilities and Shareholders' Equity |
|||||||||||||||
Interest-bearing liabilities: |
|||||||||||||||
Deposits |
|||||||||||||||
Demand |
$ | 25,854 | $ | 60 | 0.93% | $ | 30,101 | $ | 56 | 0.75% | |||||
Money market and savings |
849,549 | 6,699 | 3.16% | 919,292 | 5,593 | 2.47% | |||||||||
Time |
48,650 | 198 | 1.63% | 65,830 | 223 | 1.37% | |||||||||
Brokered |
83,319 | 1,032 | 4.97% | 13,178 | 158 | 4.86% | |||||||||
Total interest-bearing deposits |
1,007,372 | 7,989 | 3.18% | 1,028,401 | 6,030 | 2.38% | |||||||||
Short-term borrowings |
343,341 | 4,189 | 4.89% | 219,550 | 2,673 | 4.94% | |||||||||
Subordinated debt |
21,842 | 300 | 5.51% | 21,816 | 300 | 5.58% | |||||||||
Total interest-bearing liabilities |
1,372,555 | 12,478 | 3.65% | 1,269,767 | 9,003 | 2.88% | |||||||||
Noninterest-bearing liabilities: |
|||||||||||||||
Demand deposits |
621,603 | 724,894 | |||||||||||||
Accrued expenses and other liabilities |
23,524 | 25,378 | |||||||||||||
Shareholders' equity |
153,877 | 144,402 | |||||||||||||
Total liabilities and |
|||||||||||||||
shareholders' equity |
$ | 2,171,559 | $ | 2,164,441 | |||||||||||
Net interest spread |
2.17% | 2.82% | |||||||||||||
Net interest income and margin (4) |
$ | 17,489 | 3.39% | $ | 19,884 | 3.92% | |||||||||
Non-taxable equivalent net interest margin |
3.39% | 3.91% | |||||||||||||
Cost of deposits |
$ | 1,628,975 | $ | 7,989 | 1.97% | $ | 1,753,295 | $ | 6,030 | 1.39% | |||||
| (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 $347 thousand and $530 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) Average allowance for loan losses of $16.8 million and $16.2 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) (dollars in thousands; taxable equivalent) |
|
|
|||||||||||||
| Three months ended | |||||||||||||||
| June 30, 2023 | June 30, 2022 | ||||||||||||||
|
|
Interest | Yields |
|
Interest | Yields | ||||||||||
| Average | Income/ | or | Average | Income/ | or | ||||||||||
| Balance | Expense | Rates | Balance | Expense | Rates | ||||||||||
Assets |
|
|
|
|
|
|
|||||||||
Interest earning assets: |
|
|
|
|
|
|
|||||||||
Loans (1) |
$ | 1,590,758 | $ | 26,713 | 6.74% | $ | 1,263,071 | $ | 15,638 | 4.97% | |||||
Fed funds sold/interest bearing deposits |
93,001 | 1,196 | 5.09% | 191,861 | 353 | 0.74% | |||||||||
Investment securities |
|||||||||||||||
Taxable investment securities |
382,860 | 2,058 | 2.16% | 475,039 | 2,364 | 2.00% | |||||||||
Non-taxable investment securities (2) |
- | - | 0.00% | 12,496 | 143 | 4.59% | |||||||||
Total investment securities |
382,860 | 2,058 | 2.16% | 487,535 | 2,507 | 2.06% | |||||||||
Total interest-earning assets |
2,066,619 | 29,967 | 5.82% | 1,942,467 | 18,498 | 3.82% | |||||||||
Noninterest-earning assets: |
|||||||||||||||
Cash and due from banks |
23,515 | 46,334 | |||||||||||||
All other assets (3) |
81,425 | 71,496 | |||||||||||||
Total assets |
$ | 2,171,559 | $ | 2,060,297 | |||||||||||
Liabilities and Shareholders' Equity |
|||||||||||||||
Interest-bearing liabilities: |
|||||||||||||||
Deposits |
|||||||||||||||
Demand |
$ | 25,854 | $ | 60 | 0.93% | $ | 46,242 | $ | 15 | 0.13% | |||||
Money market and savings |
849,549 | 6,699 | 3.16% | 835,058 | 440 | 0.21% | |||||||||
Time |
48,650 | 198 | 1.63% | 121,923 | 202 | 0.66% | |||||||||
Brokered |
83,319 | 1,032 | 4.97% | - | - | - | |||||||||
Total interest-bearing deposits |
1,007,372 | 7,989 | 3.18% | 1,003,223 | 657 | 0.26% | |||||||||
Short-term borrowings |
343,341 | 4,189 | 4.89% | - | - | 0.00% | |||||||||
Subordinated debt |
21,842 | 300 | 5.51% | 21,518 | 300 | 5.59% | |||||||||
Total interest-bearing liabilities |
1,372,555 | 12,478 | 3.65% | 1,024,741 | 957 | 0.37% | |||||||||
Noninterest-bearing liabilities: |
|||||||||||||||
Demand deposits |
621,603 | 885,271 | |||||||||||||
Accrued expenses and other liabilities |
23,524 | 21,050 | |||||||||||||
Shareholders' equity |
153,877 | 129,235 | |||||||||||||
Total liabilities and |
|||||||||||||||
shareholders' equity |
$ | 2,171,559 | $ | 2,060,297 | |||||||||||
Net interest spread |
2.17% | 3.45% | |||||||||||||
Net interest income and margin (4) |
$ | 17,489 | 3.39% | $ | 17,541 | 3.62% | |||||||||
Non-taxable equivalent net interest margin |
3.39% | 3.62% | |||||||||||||
Cost of deposits |
$ | 1,628,975 | $ | 7,989 | 1.97% | $ | 1,888,494 | $ | 657 | 0.14% | |||||
| (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 $347 thousand and $460 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) Average allowance for loan losses of $16.8 million and $14.6 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 (Unaudited) (dollars in thousands; taxable equivalent) |
|
||||||||||||||
| Six months ended | |||||||||||||||
| June 30, 2023 | June 30, 2022 | ||||||||||||||
|
|
Interest | Yields |
|
Interest | Yields | ||||||||||
| Average | Income/ | or | Average | Income/ | or | ||||||||||
| Balance | Expense | Rates | Balance | Expense | Rates | ||||||||||
Assets |
|
|
|
|
|
|
|||||||||
Interest earning assets: |
|
|
|
|
|
|
|||||||||
Loans (1) |
$ | 1,573,881 | $ | 52,290 | 6.70% | $ | 1,239,245 | $ | 29,802 | 4.85% | |||||
Fed funds sold/interest bearing deposits |
74,753 | 1,824 | 4.85% | 282,750 | 509 | 0.36% | |||||||||
Investment securities |
|||||||||||||||
Taxable investment securities |
398,533 | 4,406 | 2.23% | 455,839 | 4,219 | 1.87% | |||||||||
Non-taxable investment securities (2) |
14,664 | 334 | 4.59% | 6,283 | 143 | 4.59% | |||||||||
Total investment securities |
413,197 | 4,740 | 2.31% | 462,122 | 4,362 | 1.90% | |||||||||
Total interest-earning assets |
2,061,831 | 58,854 | 5.76% | 1,984,117 | 34,673 | 3.52% | |||||||||
Noninterest-earning assets: |
|||||||||||||||
Cash and due from banks |
23,255 | 44,319 | |||||||||||||
All other assets (3) |
82,934 | 67,309 | |||||||||||||
Total assets |
$ | 2,168,020 | $ | 2,095,745 | |||||||||||
Liabilities and Shareholders' Equity |
|||||||||||||||
Interest-bearing liabilities: |
|||||||||||||||
Deposits |
|||||||||||||||
Demand |
$ | 27,966 | $ | 116 | 0.84% | $ | 47,712 | $ | 31 | 0.13% | |||||
Money market and savings |
884,228 | 12,292 | 2.80% | 823,736 | 862 | 0.21% | |||||||||
Time including brokered |
57,193 | 421 | 1.48% | 121,408 | 404 | 0.67% | |||||||||
Brokered |
48,442 | 1,190 | 4.95% | - | - | 0.00% | |||||||||
Total interest-bearing deposits |
1,017,829 | 14,019 | 2.78% | 992,856 | 1,297 | 0.26% | |||||||||
Short-term borrowings |
281,787 | 6,862 | 4.91% | - | - | 0.00% | |||||||||
Subordinated debt |
21,829 | 600 | 5.54% | 21,616 | 600 | 5.60% | |||||||||
Total interest-bearing liabilities |
1,321,445 | 21,481 | 3.28% | 1,014,472 | 1,897 | 0.38% | |||||||||
Noninterest-bearing liabilities: |
|||||||||||||||
Demand deposits |
672,963 | 924,833 | |||||||||||||
Accrued expenses and other liabilities |
24,446 | 22,515 | |||||||||||||
Shareholders' equity |
149,166 | 133,925 | |||||||||||||
Total liabilities and |
|||||||||||||||
shareholders' equity |
$ | 2,168,020 | $ | 2,095,745 | |||||||||||
Net interest spread |
2.48% | 3.14% | |||||||||||||
Net interest income and margin (4) |
$ | 37,373 | 3.66% | $ | 32,776 | 3.33% | |||||||||
Non-taxable equivalent net interest margin |
3.65% | 3.33% | |||||||||||||
Cost of deposits |
$ | 1,690,792 | $ | 14,019 | 1.67% | $ | 1,917,689 | $ | 1,297 | 0.14% | |||||
| (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 $877 thousand and $1.1 million, 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) Average allowance for loan losses of $16.5 million and $14.6 million, respectively, is included as a contra asset. (4) Tax equivalent net interest income divided by total interest-earning assets. | |||||||||||||||
|
AVIDBANK HOLDINGS, INC. Loans and Credit Data (Unaudited) (dollars in thousands) |
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
| June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | Current Quarter | Year over Year | ||||||||||||||
| 2023 | 2023 | 2022 | 2022 | 2022 | Change | Change | ||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
Commercial loans |
$ | 716,355 | $ | 642,826 | $ | 700,022 | $ | 566,105 | $ | 558,908 | $ | 73,529 | $ | 157,447 | ||||||
Commercial real estate |
||||||||||||||||||||
Multi-family |
193,014 | 188,411 | 169,048 | 159,384 | 165,818 | 4,603 | 27,196 | |||||||||||||
Owner Occupied |
132,078 | 137,118 | 128,790 | 120,951 | 97,275 | (5,040) | 34,803 | |||||||||||||
Non-Owner Occupied |
376,467 | 350,730 | 314,284 | 299,176 | 291,167 | 25,737 | 85,300 | |||||||||||||
Construction and land |
215,865 | 233,162 | 227,869 | 234,157 | 209,941 | (17,297) | 5,924 | |||||||||||||
Residential |
16,220 | 11,969 | 13,394 | 11,991 | 12,830 | 4,251 | 3,390 | |||||||||||||
Total real estate loans |
933,644 | 921,390 | 853,385 | 825,659 | 777,031 | 12,254 | 156,613 | |||||||||||||
Other loans |
266 | 285 | 815 | 782 | 847 | (19) | (581) | |||||||||||||
Total loans |
$ | 1,650,265 | $ | 1,564,501 | $ | 1,554,222 | $ | 1,392,546 | $ | 1,336,786 | $ | 85,764 | $ | 313,479 | ||||||
Allowance for Loan Losses |
||||||||||||||||||||
Balance, beginning of quarter |
$ | 16,389 | $ | 16,481 | $ | 15,488 | $ | 14,646 | $ | 13,054 | ||||||||||
Adoption of ASU 2016-13 |
- | (249) | - | - | - | |||||||||||||||
Provision for loan losses |
1,347 | 157 | 993 | 925 | 1,592 | |||||||||||||||
Charge-offs |
(100) | - | - | (83) | - | |||||||||||||||
Recoveries |
- | - | - | - | - | |||||||||||||||
Balance, end of quarter |
$ | 17,636 | $ | 16,389 | $ | 16,481 | $ | 15,488 | $ | 14,646 | ||||||||||
Allowance for Credit Losses |
||||||||||||||||||||
on Unfunded Commitments |
||||||||||||||||||||
Balance, beginning of quarter |
$ | 2,045 | $ | 449 | $ | 422 | $ | 422 | $ | 392 | ||||||||||
Adoption of ASU 2016-13 |
- | 1,568 | - | - | - | |||||||||||||||
Provision for unfunded commitments |
124 | 28 | 27 | - | 30 | |||||||||||||||
Balance, end of quarter |
$ | 2,169 | $ | 2,045 | $ | 449 | $ | 422 | $ | 422 | ||||||||||
Total allowance for credit losses - |
||||||||||||||||||||
loans and unfunded commitments |
$ | 19,805 | $ | 18,434 | $ | 16,930 | $ | 15,910 | $ | 15,068 | ||||||||||
Provision for credit losses under CECL |
||||||||||||||||||||
Provision for loan losses |
$ | 1,347 | $ | 157 | $ | 993 | $ | 925 | $ | 1,592 | ||||||||||
Provision for unfunded commitments (1)
|
124 | 28 | - | - | - | |||||||||||||||
Total provision for credit losses |
$ | 1,471 | $ | 185 | $ | 993 | $ | 925 | $ | 1,592 | ||||||||||
Nonperforming Assets |
||||||||||||||||||||
Loans accounted for on a non-accrual basis |
$ | 15,485 | $ | 14,240 | $ | 14,245 | $ | 154 | $ | 159 | ||||||||||
Loans past due 90 days or more and still accruing |
- | - | - | - | - | |||||||||||||||
Nonperforming loans |
15,485 | 14,240 | 14,245 | 154 | 159 | |||||||||||||||
Other real estate owned |
- | - | - | - | - | |||||||||||||||
Nonperforming assets |
$ | 15,485 | $ | 14,240 | $ | 14,245 | $ | 154 | $ | 159 | ||||||||||
Nonperforming Loans by Type: |
||||||||||||||||||||
Commercial |
$ | 1,390 | $ | 145 | $ | 150 | $ | 154 | $ | 159 | ||||||||||
Commercial real estate loans |
- | - | - | - | - | |||||||||||||||
Construction and land |
14,095 | 14,095 | 14,095 | - | - | |||||||||||||||
Total Nonperforming loans |
$ | 15,485 | $ | 14,240 | $ | 14,245 | $ | 154 | $ | 159 | ||||||||||
Asset Quality Ratios |
||||||||||||||||||||
Allowance loan losses to total loans |
1.07% | 1.05% | 1.06% | 1.11% | 1.09% | |||||||||||||||
Allowance for credit losses to total loans |
1.20% | 1.18% | 1.09% | 1.14% | 1.13% | |||||||||||||||
Allowance for loan losses to nonperforming loans |
113.89% | 115.09% | 115.70% | 10057.14% | 9211.32% | |||||||||||||||
Nonperforming assets to total assets |
0.70% | 0.66% | 0.67% | 0.01% | 0.01% | |||||||||||||||
Nonperforming loans to total loans |
0.94% | 0.91% | 0.92% | 0.01% | 0.01% | |||||||||||||||
Net quarterly charge-offs to average loans (2)
|
0.03% | 0.00% | 0.00% | 0.01% | 0.00% | |||||||||||||||
| (1) Prior to the adoption of ASU 2016-13, the provision for unfunded commitments was included in other expense and totaled $27 thousand, $0, and $30 thousand for the fourth, third, and second quarters of 2022, respectively (2) Annualized | ||||||||||||||||||||
|
AVIDBANK HOLDINGS, INC.
Deposits (Unaudited)
(dollars in thousands) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
| June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | Current Quarter | Year over Year | |||||||||||||||
Period End Deposits |
2023 | 2023 | 2022 | 2022 | 2022 | Change | Change | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
Non-interest-bearing demand |
$ | 593,246 | $ | 605,093 | $ | 765,079 | $ | 804,383 | $ | 838,666 | $ | (11,847) | $ | (245,420) | |||||||
Interest bearing checking |
25,391 | 27,150 | 41,701 | 46,852 | 45,179 | (1,759) | (19,788) | ||||||||||||||
Money market and savings |
1,008,716 | 871,357 | 948,731 | 890,836 | 848,748 | 137,359 | 159,968 | ||||||||||||||
Time |
46,794 | 61,645 | 67,724 | 72,301 | 96,159 | (14,851) | (49,365) | ||||||||||||||
Brokered |
74,566 | 52,823 | - | - | - | 21,743 | 74,566 | ||||||||||||||
Total deposits |
$ | 1,748,713 | $ | 1,618,068 | $ | 1,823,235 | $ | 1,814,372 | $ | 1,828,752 | $ | 130,645 | $ | (80,039) | |||||||
| June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | Current Quarter | Year over Year | |||||||||||||||
Average Deposits |
2023 | 2023 | 2022 | 2022 | 2022 | Change | Change | ||||||||||||||
Non-interest-bearing demand |
$ | 621,603 | $ | 724,894 | $ | 815,222 | $ | 820,047 | $ | 885,271 | $ | (103,291) | $ | (263,668) | |||||||
Interest bearing checking |
25,854 | 30,101 | 44,344 | 46,145 | 46,242 | (4,247) | (20,388) | ||||||||||||||
Money market and savings |
849,549 | 919,292 | 953,665 | 867,113 | 835,058 | (69,743) | 14,491 | ||||||||||||||
Time |
48,650 | 65,830 | 70,409 | 85,703 | 121,923 | (17,180) | (73,273) | ||||||||||||||
Brokered |
83,319 | 13,178 | - | - | - | 70,141 | 83,319 | ||||||||||||||
Total deposits |
$ | 1,628,975 | $ | 1,753,295 | $ | 1,883,640 | $ | 1,819,008 | $ | 1,888,494 | $ | (124,320) | $ | (259,519) | |||||||
|
AVIDBANK HOLDINGS, INC. Non-GAAP performance and Financial Measures Reconciliation (Unaudited) (in thousands, except share and per share amounts) |
|
|||||||||||||||||||
|
|
|
|
|
|
For the six months ended | |||||||||||||||
| 2023 | 2022 | June 30, | ||||||||||||||||||
| Second | First | Fourth | Third | Second |
|
|
||||||||||||||
Operating net income reconciliation |
Quarter | Quarter | Quarter | Quarter | Quarter | 2023 | 2022 | |||||||||||||
Net income - GAAP |
$ | 4,726 | $ | 6,364 | $ | 8,415 | $ | 7,046 | $ | 5,214 | $ | 11,090 | $ | 9,563 | ||||||
Loss on sale of securities, net of income tax |
- | 595 | 295 | - | - | 595 | - | |||||||||||||
Operating net income |
$ | 4,726 | $ | 6,959 | $ | 8,710 | $ | 7,046 | $ | 5,214 | $ | 11,685 | $ | 9,563 | ||||||
Operating diluted earnings |
||||||||||||||||||||
per share reconciliation |
||||||||||||||||||||
Diluted earnings per share - GAAP |
$ | 0.63 | $ | 0.85 | $ | 1.13 | $ | 0.95 | $ | 0.76 | $ | 1.49 | $ | 1.47 | ||||||
Loss on sale of securities, net of income tax |
- | 0.08 | 0.04 | - | - | 0.08 | - | |||||||||||||
Diluted earnings per share - operating |
$ | 0.63 | $ | 0.93 | $ | 1.17 | $ | 0.95 | $ | 0.76 | $ | 1.57 | $ | 1.47 | ||||||
Venture lending deposits reconciliation |
||||||||||||||||||||
Total deposits |
$ | 1,748,713 | $ | 1,618,068 | $ | 1,823,235 | $ | 1,814,372 | $ | 1,828,752 | $ | 1,748,713 | $ | 1,828,752 | ||||||
Venture lending deposits |
606,022 | 557,479 | 754,997 | 800,930 | 778,953 | 606,022 | 778,953 | |||||||||||||
Total deposits excluding venture lending |
$ | 1,142,691 | $ | 1,060,589 | $ | 1,068,238 | $ | 1,013,442 | $ | 1,049,799 | $ | 1,142,691 | $ | 1,049,799 | ||||||
Taxable equivalent net |
||||||||||||||||||||
interest income reconciliation |
||||||||||||||||||||
Net interest income - GAAP |
$ | 17,489 | $ | 19,814 | $ | 21,754 | $ | 19,580 | $ | 17,515 | $ | 37,303 | $ | 32,746 | ||||||
Taxable equivalent adjustment |
- | 70 | 75 | 69 | 26 | 70 | 30 | |||||||||||||
Net interest income - taxable equivalent |
$ | 17,489 | $ | 19,884 | $ | 21,829 | $ | 19,649 | $ | 17,541 | $ | 37,373 | $ | 32,776 | ||||||
Taxable equivalent net |
||||||||||||||||||||
interest margin reconciliation |
||||||||||||||||||||
Net interest margin - GAAP |
3.39% | 3.91% | 4.40% | 4.05% | 3.62% | 3.65% | 3.33% | |||||||||||||
Impact of taxable equivalent adjustment |
- | 0.01 | 0.01 | 0.02 | - | 0.01 | - | |||||||||||||
Net interest margin - taxable equivalent |
3.39% | 3.92% | 4.41% | 4.07% | 3.62% | 3.66% | 3.33% | |||||||||||||
SOURCE: Avidbank Holdings, Inc.
View source version on accesswire.com:
https://www.accesswire.com/769263/Avidbank-Holdings-Inc-Announces-Net-Income-of-47-Million-for-the-Second-Quarter-of-2023
