Avidbank Holdings, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 31, 2017 at 11:00 am
Share
Avidbank Holdings, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company's total interest income was $6,953,000 compared to $6,220,000 a year ago. Net interest income was $6,440,000 compared to $5,821,000 a year ago. The increase was primarily the result of higher average loans outstanding partially offset by an increase in interest expense from subordinated debt borrowing costs. Net interest income after provision for loan losses was $5,627,000 compared to $5,821,000 a year ago. Income before income taxes was $1,662,000 compared to $2,530,000 a year ago. Net income was $1,122,000 compared to $1,645,000 a year ago. Diluted earnings per common share was $0.24 compared to $0.36 a year ago. Return on average assets was 0.69% compared to 1.12% a year ago. Return on average common equity was 7.01% compared to 11.92% a year ago. Book value per common share was 13.50 compared to $12.49 a year ago.
For the year, the company's total interest income was $26,250,000 compared to $23,367,000 a year ago. Net interest income was $24,261,000 compared to $22,253,000 a year ago. The 11% increase over the prior year quarter reflects the improved revenue resulting from continued loan growth in 2016 partially offset by subordinated debt borrowing costs. Net interest income after provision for loan losses was $23,448,000 compared to $19,206,000 a year ago. Income before income taxes was $10,875,000 compared to $5,877,000 a year ago. Net income was $7,263,000 compared to $3,681,000 a year ago. Diluted earnings per common share was $1.56 compared to $0.81 a year ago. Return on average assets was 1.14% compared to 0.67% a year ago. Return on average common equity was 12.06% compared to 6.87% a year ago.
Avidbank Holdings, Inc. is a bank holding company of Avidbank (the Bank). The Bank is a California state-chartered institution, which provides financial solutions and services. The Company specializes in commercial and industrial lending, venture lending, structured finance, asset-based lending, sponsor finance, real estate construction and commercial real estate lending. It offers real estate mortgage, real estate construction, commercial and consumer loans primarily to customers in the California counties of San Mateo, San Francisco and Santa Clara. Its products and services include Deposits, Lending, Cash Management and Online & Mobile. Its corporate banking provides working capital and equipment financing for privately held companies in the Bay Area; mergers and acquisition financing; employee stock ownership plan (ESOP) financing; owner-occupied real estate; and shareholder buyouts. Its specialty finance provides financing solutions to emerging growth companies across the country.