Press Release

Avidbank Holdings, Inc. Releases Second Quarter Results

Company Release - 7/26/2011 10:21 AM ET

PALO ALTO, Calif.--(BUSINESS WIRE)-- Avidbank Holdings, Inc., parent company of Avidbank, today announced its unaudited results for the second quarter of 2011.

"Our continued focus on profitability and credit quality is generating a positive outcome as these results represent the Bank's eighth consecutive profitable quarter," stated Chairman Mark D. Mordell.

 

Financial Results

In thousands (unaudited)

         

vs. 6/30/11

6/30/11

6/30/10

% Change

12/31/10

% Change

Total Assets $307,995 $324,442 -5% $316,789 -3%
Loans $182,415 $207,070 -12% $208,542 -13%
Deposits $275,053 $292,774 -6% $284,688 -3%
 
Loans to Deposits 66% 71% -6% 73% -9%
Efficiency Ratio 73% 78% -6% 74% -2%
ALLL to Loans 2.20% 2.33% -6% 2.12% 4%
 
Shareholders' Equity $31,915 $29,738 7% $30,354 5%
Common Shares 2,602 2,602 0% 2,602 0%
Book Value per Share $12.26 $11.43 7% $11.66 5%
Book Value per Share
excluding TARP $9.96 $9.12 9% $9.36 6%
 
Tier 1 Leverage Ratio 10.03% 9.17% 9% 9.18% 9%
Total Risk Based Capital Ratio 13.85% 12.83% 8% 12.88% 7%
 

Quarter Ending

Quarter Ending

Year-to-Date

Year-to-Date

6/30/11

6/30/10

% Change

6/30/11

6/30/10

Revenue

$3,864

$3,594

8%

$7,691

$7,487

Interest Expense

$591

$910

-35%

$1,236

$1,850

Loan Loss Provision

$50

$200

-75%

$50

$200

Total Operating Expenses

$2,283

$2,191

4%

$4,713

$4,419

Net Income

$697

$526

33%

$1,512

$955

Earnings Per Share

$0.24

$0.17

41%

$0.43

$0.30

 

“Significant payoffs have caused a drop in our loan portfolio," said Kenneth D. Brenner, the Company's Chief Executive Officer. "Currently, we are investing in our loan generation capability to take advantage of lending opportunities as economic conditions continue to improve."

About Avidbank

Our goal at Avidbank is to advance our clients’ success by offering innovative financial solutions and service. Our experienced 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.

Source: Avidbank Holdings, Inc.

Contact:

Avidbank

Steve Leen, 650-843-2204

Chief Financial Officer

www.avidbank.com