Avidbank, an independent full-service commercial bank serving businesses and individuals primarily in Northern California, saw unaudited consolidated net income of $3.183 million for the second quarter of 2019 compared to $2.666 million for the same period in 2018.
Other year-to-date and second quarter 2019 financial highlights included:
The company continues to be well capitalized for regulatory purposes with a tier 1 leverage ratio of 10.69%, a tier 1 risk based capital and common equity tier 1 risk based capital ratio of 10.28%, and a total risk based capital ratio of 12.49%.
Mark D. Mordell, Avidbank chairman and CEO, stated, “Loans grew $26.1 million in the second quarter primarily as a result of higher commercial real estate and C&I loans offsetting a significant amount of construction loan payoffs. We continue to be committed to a strong growth strategy to achieve scale and optimal profitability. We are also continuing to be opportunistic when identifying additional personnel and infrastructure that can be accretive to our cause. We have added several new employees in the second quarter of 2019 reflecting the expansion of our venture lending and structured finance divisions that are key areas for diversification and growth. The individuals we have in leadership and support roles position us well to continue our franchise growth strategy to scale our balance sheet and operations to serve our markets.”
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