AVBH 8-K

Avidbank Holdings, Inc. (AVBH)

8-K 2025-10-23 For: 2025-10-23

View Original

Added on April 06, 2026


California	001-42792	26-1731009
(State or other jurisdiction ‎of incorporation)	(Commission ‎File Number)	(I.R.S. Employer ‎Identification No.)


¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


		Name of each exchange on
Title of each class	Trading Symbol	which registered
Common Stock, no par value per share	AVBH	The Nasdaq Stock Market LLC


Dated: October 23, 2025	AVIDBANK HOLDINGS, INC.

	By:	/s/ Patrick Oakes
	Name:	Patrick Oakes
	Title:	Executive Vice President and Chief Financial Officer


AVIDBANK HOLDINGS, INC.
Selected Financial Data (Unaudited)
(In thousands, except share and per share amounts)											For the Nine
	For the Three Months Ended										Months Ended
		Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		Sept. 30,		Sept. 30,
		2025		2025		2025		2024		2024		2025		2024
INCOME HIGHLIGHTS
Net (loss) / income	$	(37,735)	$	5,797	$	5,436	$	6,457	$	5,846	$	(26,502)	$	14,558
Net income-adjusted (2)	$	6,707	$	5,797	$	5,436	$	6,457	$	5,846	$	17,940	$	14,558
PER SHARE DATA
Basic (loss) / earnings per share	$	(4.12)	$	0.77	$	0.73	$	0.87	$	0.79	$	(3.28)	$	1.96
Diluted (loss) / earnings per share		(4.12)		0.75		0.71		0.84		0.77		(3.28)		1.92
Diluted earnings per share-adjusted (2)		0.72		0.75		0.71		0.84		0.77		2.18		1.92
Book value per share		25.00		25.80		24.85		23.57		23.95		25.00		23.95
PERFORMANCE MEASURES
Return on average assets (1)		(6.35)%		1.00%		0.96%		1.14%		1.02%		(1.53)%		0.86%
Return on average assets-adjusted (1) (2)		1.13%		1.00%		0.96%		1.14%		1.02%		1.03%		0.86%
Return on average equity (1)		(63.19)%		11.59%		11.49%		13.65%		12.97%		(16.88)%		11.37%
Return on average equity-adjusted (1) (2)		11.23%		11.59%		11.49%		13.65%		12.97%		11.42%		11.37%
Net interest margin (1)		3.90%		3.60%		3.52%		3.48%		3.35%		3.68%		3.42%
Net interest margin - taxable equivalent (1) (2)		3.90%		3.60%		3.52%		3.49%		3.35%		3.68%		3.42%
Efficiency ratio		(35.28)%		57.77%		62.57%		52.53%		59.29%		938.30%		60.27%
Efficiency ratio-adjusted (2)		55.72%		57.77%		62.57%		52.53%		59.29%		58.51%		60.27%
Average loans to average deposits		94.14%		95.69%		98.55%		95.86%		99.90%		96.05%		101.62%
CAPITAL
Tier 1 leverage ratio (3)		11.10%		10.53%		10.39%		10.35%		9.93%		11.10%		9.93%
Common equity tier 1 capital ratio (3)		11.68%		11.02%		11.10%		10.59%		10.75%		11.68%		10.75%
Tier 1 risk-based capital ratio (3)		11.68%		11.02%		11.10%		10.59%		10.75%		11.68%		10.75%
Total risk-based capital ratio (3)		13.48%		12.76%		12.86%		12.30%		12.92%		13.48%		12.92%
Common equity ratio		11.56%		8.55%		8.48%		8.09%		8.21%		11.56%		8.21%
SHARES OUTSTANDING
Number of common shares outstanding		10,925,102		7,923,946		7,912,184		7,906,761		7,871,818		10,925,102		7,871,818
Average common shares outstanding - basic		9,168,707		7,534,264		7,488,051		7,455,650		7,434,726		8,069,830		7,416,173
Average common shares outstanding - diluted		9,168,707		7,686,385		7,682,884		7,661,711		7,622,428		8,069,830		7,584,349
ASSET QUALITY
Total allowance for credit losses-loans and unfunded commitments		1.19%		1.15%		1.14%		1.12%		1.37%		1.19%		1.37%
Nonperforming assets to total assets		0.12%		0.06%		0.06%		0.06%		0.16%		0.12%		0.16%
Nonperforming loans to total loans		0.14%		0.07%		0.07%		0.07%		0.20%		0.14%		0.20%
Net charge-offs to average loans (1)		(0.01)%		0.00%		(0.01)%		0.93%		0.02%		(0.01)%		0.01%
AVERAGE BALANCES
Loans, net of deferred loan fees	$	1,924,537	$	1,887,263	$	1,858,716	$	1,815,933	$	1,804,107	$	1,890,413	$	1,791,479
Investment securities		181,154		293,640		296,422		308,502		311,450		256,650		312,723
Total assets		2,357,158		2,322,264		2,289,935		2,250,086		2,272,623		2,323,365		2,253,729
Deposits		2,044,228		1,972,215		1,885,993		1,894,321		1,805,935		1,968,059		1,762,857
Shareholders' equity		236,903		200,608		191,891		188,170		179,260		209,965		171,043
(1) Annualized for the periods presented.
(2) A non-GAAP performance measure. We provide detailed reconciliations in the "Non-GAAP Performance and Financial Measures Reconciliation" table.
(3) Ratios presented are for Avidbank Holdings, Inc. and are estimated for the three and nine months ended September 30, 2025.


AVIDBANK HOLDINGS, INC.
Consolidated Statements of Financial Condition (Unaudited)
(In thousands)
	September 30,		June 30,		March 31,		December 31,		September 30,
	2025		2025		2025		2024		2024
Assets
Cash and due from banks	$	12,006	$	2,800	$	18,866	$	8,662	$	15,172
Due from Federal Reserve Bank and interest-bearing deposits in banks		165,313		127,123		106,135		74,039		121,361
Total cash and cash equivalents		177,319		129,923		125,001		82,701		136,533
Investment securities available-for-sale		173,588		292,808		296,617		296,556		316,741
Loans, net of deferred loan fees		1,958,585		1,911,718		1,841,187		1,864,942		1,786,756
Allowance for credit losses on loans		(21,025)		(19,624)		(18,722)		(18,679)		(22,315)
Loans, net of allowance for credit losses on loans		1,937,560		1,892,094		1,822,465		1,846,263		1,764,441
Bank owned life insurance		12,953		12,857		12,764		12,674		12,580
Premises and equipment, net		1,739		1,927		2,118		2,331		2,549
Accrued interest receivable and other assets		59,295		62,520		60,957		63,963		62,625
Total assets	$	2,362,454	$	2,392,129	$	2,319,922	$	2,304,488	$	2,295,469

Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing demand	$	471,770	$	443,540	$	419,823	$	414,327	$	405,528
Interest-bearing checking		1,069,344		1,087,621		965,467		993,219		1,026,898
Money market and savings		465,198		399,849		399,010		338,578		336,166
Time		42,846		46,770		58,273		74,468		75,033
Non-reciprocal brokered (1)		–		25,001		86,915		70,763		57,903
Total deposits		2,049,158		2,002,781		1,929,488		1,891,355		1,901,528
Subordinated debt, net		22,000		22,000		22,000		22,000		21,982
Short-term borrowings		–		145,000		155,000		185,000		160,000
Accrued interest payable and other liabilities		18,183		17,929		16,815		19,771		23,438
Total liabilities		2,089,341		2,187,710		2,123,303		2,118,126		2,106,948

Shareholders' Equity
Common stock		169,342		107,608		106,839		106,997		106,169
Retained earnings		104,201		141,936		136,139		130,703		124,246
Accumulated other comprehensive loss		(430)		(45,125)		(46,359)		(51,338)		(41,894)
Total shareholders' equity		273,113		204,419		196,619		186,362		188,521
Total liabilities and shareholders' equity	$	2,362,454	$	2,392,129	$	2,319,922	$	2,304,488	$	2,295,469

(1) FDIC regulations impose a general cap on reciprocal deposits that may be exempt from brokered deposits classification equal to 20% of the Bank’s total liabilities. As of September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, an additional $522.5 million, $495.4 million, $447.8 million, $470.0 million and $509.3 million of our deposits were considered brokered deposits by the FDIC due to being in excess of the general cap, respectively.


AVIDBANK HOLDINGS, INC.
Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per share amounts)
											For the Nine
	For the Three Months Ended										Months Ended
		Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		Sept. 30,		Sept. 30,
		2025		2025		2025		2024		2024		2025		2024
Interest and fees on loans	$	33,880	$	32,967	$	31,885	$	32,308	$	33,488	$	98,732	$	98,570
Interest on investment securities		1,157		1,703		1,749		1,770		1,767		4,609		5,392
Federal Home Loan Bank dividends		184		181		185		185		183		550		567
Other interest income		2,033		793		706		681		1,198		3,532		2,968
Total interest income		37,254		35,644		34,525		34,944		36,636		107,423		107,497
Deposit interest expense		13,776		13,669		12,827		14,015		14,602		40,272		40,130
Interest on short-term borrowings		385		1,242		1,911		1,437		3,121		3,538		10,443
Interest on subordinated debt		443		443		435		293		300		1,321		901
Total interest expense		14,604		15,354		15,173		15,745		18,023		45,131		51,474
Net interest income		22,650		20,290		19,352		19,199		18,613		62,292		56,023
Provision for credit losses		1,355		925		–		779		–		2,280		3,317
Net interest income after provision for credit losses		21,295		19,365		19,352		18,420		18,613		60,012		52,706
Service charges and bank fees		779		840		762		649		675		2,381		1,951
Foreign exchange income		267		196		220		191		246		683		706
Income from bank owned life insurance		96		93		90		93		90		279		415
Warrant and success fee income		–		273		–		65		–		273		–
Loss on sale of securities		(62,391)		–		–		–		–		(62,391)		–
Other investment income		315		(23)		47		637		240		339		454
Other income		82		159		52		205		539		293		644
Total noninterest income		(60,852)		1,538		1,171		1,840		1,790		(58,143)		4,170
Salaries and benefit expenses		9,766		8,978		9,097		7,389		8,336		27,841		25,111
Occupancy and equipment expenses		723		759		996		919		1,033		2,478		3,099
Data processing		792		759		615		613		638		2,166		1,799
Regulatory assessments		445		420		544		541		528		1,409		1,542
Legal and professional fees		591		715		511		452		534		1,817		1,686
Other operating expenses		1,162		978		1,079		1,138		1,028		3,219		3,043
Total noninterest expense		13,479		12,609		12,842		11,052		12,097		38,930		36,280
Income before income taxes		(53,036)		8,294		7,681		9,208		8,306		(37,061)		20,596
(Benefit) / provision for income taxes		(15,301)		2,497		2,245		2,751		2,460		(10,559)		6,038
Net (loss) / income	$	(37,735)	$	5,797	$	5,436	$	6,457	$	5,846	$	(26,502)	$	14,558

Basic (loss) / earnings per common share	$	(4.12)	$	0.77	$	0.73	$	0.87	$	0.79	$	(3.28)	$	1.96
Diluted (loss) / earnings per common share		(4.12)		0.75		0.71		0.84		0.77		(3.28)		1.92

Weighted average shares - basic		9,168,707		7,534,264		7,488,051		7,455,650		7,434,726		8,069,830		7,416,173
Weighted average shares - diluted		9,168,707		7,686,385		7,682,884		7,661,711		7,622,428		8,069,830		7,584,349


AVIDBANK HOLDINGS, INC.
Average Balance Sheets and Net Interest Margin Analysis (Unaudited)
(In thousands)

	For the Three Months Ended
	September 30, 2025							June 30, 2025
					Interest	Yields				Interest	Yields
			Average		Income/	or		Average		Income/	or
			Balance		Expense	Rates (5)		Balance		Expense	Rates (5)
Assets
Interest-earning assets:
Loans, net of deferred fees (1)		$	1,924,537	$	33,880	6.98%	$	1,887,263	$	32,967	7.01%
Fed funds sold / interest-bearing deposits			189,921		2,033	4.25%		73,552		793	4.32%
Investment securities
Taxable investment securities			178,637		1,126	2.50%		291,074		1,672	2.30%
Non-taxable investment securities (2)			2,517		39	6.15%		2,566		39	6.10%
Total investment securities			181,154		1,165	2.55%		293,640		1,711	2.34%
FHLB stock			8,409		184	8.68%		8,409		181	8.63%
Total interest-earning assets			2,304,021		37,262	6.42%		2,262,864		35,652	6.32%
Noninterest-earning assets:
Cash and due from banks			7,019					10,120
All other assets (3)			46,118					49,280
Total assets		$	2,357,158				$	2,322,264
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits		$	1,074,064	$	9,961	3.68%	$	1,038,372	$	9,483	3.66%
Money market and savings			433,135		3,336	3.06%		398,438		3,094	3.11%
Time deposits			43,897		365	3.30%		47,398		400	3.38%
Non-reciprocal brokered deposits			10,283		114	4.40%		62,853		692	4.42%
Total interest-bearing deposits			1,561,379		13,776	3.50%		1,547,061		13,669	3.54%
Short-term borrowings			33,500		385	4.56%		108,374		1,242	4.60%
Subordinated debt			22,000		443	7.99%		22,000		443	8.08%
Total interest-bearing liabilities			1,616,879		14,604	3.58%		1,677,435		15,354	3.67%
Noninterest-bearing liabilities:
Demand deposits			482,849					425,154
Accrued expenses and other liabilities			20,527					19,067
Shareholders' equity			236,903					200,608
Total liabilities and shareholders' equity		$	2,357,158				$	2,322,264

Net interest spread						2.83%					2.65%
Net interest income and margin (4)				$	22,658	3.90%			$	20,298	3.60%
Non-taxable equivalent net interest margin						3.90%					3.60%
Cost of deposits		$	2,044,228	$	13,776	2.67%	$	1,972,215	$	13,669	2.78%
(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 $444 thousand and $314 thousand, for the three months ended September 30, 2025 and June 30, 2025, 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) Including negative balance on average allowance for credit losses on loans of $20.1 million and $19.1 million, respectively.
(4) Net interest margin is net interest income divided by total interest-earning assets.
(5) Annualized for the periods presented.


AVIDBANK HOLDINGS, INC.
Asset Quality Data (Unaudited)
(In thousands)

	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		As of/For the Year-to-Date Period Ended September 30,
	2025		2025		2025		2024		2024		2025		2024
Allowance for Credit Losses on Loans
Balance, beginning of period	$	19,624	$	18,722	$	18,679	$	22,315	$	22,410	$	18,679	$	19,131
Provision for credit losses on loans		1,364		891		–		630		–		2,255		3,279
Charge-offs		–		–		–		(4,266)		(95)		–		(95)
Recoveries		37		11		43		–		–		91		–
Balance, end of period	$	21,025	$	19,624	$	18,722	$	18,679	$	22,315	$	21,025	$	22,315
Allowance for Credit Losses on Unfunded Commitments
Balance, beginning of period	$	2,281	$	2,247	$	2,247	$	2,098	$	2,098	$	2,247	$	2,060
Provision for unfunded commitments		(9)		34		–		149		–		25		38
Balance, end of period	$	2,272	$	2,281	$	2,247	$	2,247	$	2,098	$	2,272	$	2,098
Total allowance for credit losses - loans and unfunded commitments	$	23,297	$	21,905	$	20,969	$	20,926	$	24,413	$	23,297	$	24,413
Provision for credit losses
Provision for credit losses on loans	$	1,364	$	891	$	–	$	630	$	–	$	2,255	$	3,279
Provision for unfunded commitments		(9)		34		–		149		–		25		38
Total provision for credit losses	$	1,355	$	925	$	–	$	779	$	–	$	2,280	$	3,317
Nonperforming Assets
Loans accounted for on a non-accrual basis	$	2,748	$	1,332	$	1,340	$	1,347	$	3,621	$	2,748	$	3,621
Loans past due 90 days or more and still accruing		–		–		–		–		–		–		–
Nonperforming loans		2,748		1,332		1,340		1,347		3,621		2,748		3,621
Other real estate owned		–		–		–		–		–		–		–
Nonperforming assets	$	2,748	$	1,332	$	1,340	$	1,347	$	3,621	$	2,748	$	3,621
Nonperforming Loans by Type:
Commercial	$	2,748	$	1,332	$	1,340	$	1,347	$	3,621	$	2,748	$	3,621
Total Nonperforming loans	$	2,748	$	1,332	$	1,340	$	1,347	$	3,621	$	2,748	$	3,621

Asset Quality Ratios
Allowance for credit losses on loans to total loans		1.07%		1.03%		1.02%		1.00%		1.25%		1.07%		1.25%
Total allowance for credit losses-loans and unfunded commitments		1.19%		1.15%		1.14%		1.12%		1.37%		1.19%		1.37%
Allowance for credit losses on loans to nonperforming loans		765.10%		1473.27%		1397.16%		1386.71%		616.27%		765.10%		616.27%
Nonperforming assets to total assets		0.12%		0.06%		0.06%		0.06%		0.16%		0.12%		0.16%
Nonperforming loans to total loans		0.14%		0.07%		0.07%		0.07%		0.20%		0.14%		0.20%
Net charge-offs to average loans (1)		-0.01%		0.00%		-0.01%		0.93%		0.02%		-0.01%		0.01%
Criticized loans to total loans		1.48%		1.87%		1.43%		2.27%		1.62%		1.48%		1.62%
Classified loans to total loans		0.44%		0.38%		0.20%		0.22%		0.51%		0.44%		0.51%
(1) Annualized for the periods presented.

AVIDBANK HOLDINGS, INC.
Loans and Deposits (Unaudited)
(In thousands)
											Current		Year
		Sept. 30,	June 30,		March 31,		Dec. 31,			Sept. 30,	Quarter		Over Year
		2025		2025		2025		2024		2024	Change		Change
Loans
Commercial and industrial loans	$	871,524	$	855,049	$	803,920	$	816,963	$	759,492	$	16,475	$	112,032
Commercial real estate
Multi-family		249,802		241,399		227,003		216,018		199,929		8,403		49,873
Owner Occupied		176,171		168,393		142,764		142,650		141,139		7,778		35,032
Non-Owner Occupied		412,623		407,955		405,788		414,551		406,007		4,668		6,616
Construction and land		209,750		204,973		226,641		246,301		253,325		4,777		(43,575)
Residential		36,399		31,560		32,985		27,494		25,799		4,839		10,600
Total real estate loans		1,084,745		1,054,280		1,035,181		1,047,014		1,026,199		30,465		58,546
Other loans		2,316		2,389		2,086		965		1,065		(73)		1,251
Total loans, net of deferred fees	$	1,958,585	$	1,911,718	$	1,841,187	$	1,864,942	$	1,786,756	$	46,867	$	171,829

Deposits
Noninterest-bearing demand	$	471,770	$	443,540	$	419,823	$	414,327	$	405,528	$	28,230	$	66,242
Interest-bearing checking		1,069,344		1,087,621		965,467		993,219		1,026,898		(18,277)		42,446
Money market and savings		465,198		399,849		399,010		338,578		336,166		65,349		129,032
Time		42,846		46,770		58,273		74,468		75,033		(3,924)		(32,187)
Non-reciprocal brokered (1)		–		25,001		86,915		70,763		57,903		(25,001)		(57,903)
Total deposits	$	2,049,158	$	2,002,781	$	1,929,488	$	1,891,355	$	1,901,528	$	46,377	$	147,630

Average Deposits
Noninterest-bearing demand	$	482,849	$	425,154	$	405,746	$	422,807	$	408,626	$	57,695	$	74,223
Interest-bearing checking		1,074,064		1,038,372		956,994		994,121		903,542		35,692		170,522
Money market and savings		433,135		398,438		385,434		351,126		348,125		34,697		85,010
Time		43,897		47,398		60,282		77,203		75,972		(3,501)		(32,075)
Non-reciprocal brokered		10,283		62,853		77,537		49,064		69,670		(52,570)		(59,387)
Total deposits	$	2,044,228	$	1,972,215	$	1,885,993	$	1,894,321	$	1,805,935	$	72,013	$	238,293

(1) FDIC regulations impose a general cap on reciprocal deposits that may be exempt from brokered deposits classification equal to 20% of the Bank’s total liabilities. As of September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, an additional $522.5 million, $495.4 million, $447.8 million, $470.0 million and $509.3 million of our deposits were considered brokered deposits by the FDIC due to being in excess of the general cap, respectively.


AVIDBANK HOLDINGS, INC.
Non-GAAP Performance and Financial Measures Reconciliation (Unaudited)
(In thousands)

Management believes that adjusted net income, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average equity, adjusted efficiency ratio, taxable equivalent net interest income and taxable equivalent net interest margin are reasonable measures to understand the Company’s core operating performance and are important to many investors who are interested in understanding our profitability prospects from our core operations. In addition, management reviews yields on certain asset categories and the net interest margin of the Company on a fully taxable equivalent basis. The non-GAAP taxable equivalent net interest income and net interest margin adjustments facilitate performance comparisons between taxable and tax-free assets by increasing the tax-free income by an amount equivalent to the Federal income taxes that would have been paid if this income were taxable at the Company's 21% Federal statutory rate.

	For the Three Months Ended															For the Nine Months Ended
		Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,		Sept. 30,			Sept. 30,
		2025			2025			2025			2024			2024		2025			2024
Non-GAAP adjusted net income reconciliation
Net income - GAAP	$	(37,735)		$	5,797		$	5,436		$	6,457		$	5,846		$	(26,502)		$	14,558
Loss on sale of securities		62,391			–			–			–			–			62,391			–
Tax impact of loss on sale of securities		(17,949)			–			–			–			–			(17,949)			–
Net income - adjusted (non-GAAP)	$	6,707		$	5,797		$	5,436		$	6,457		$	5,846		$	17,940		$	14,558

Non-GAAP adjusted diluted earnings per share reconciliation
Diluted earnings per share - GAAP	$	(4.12)		$	0.75		$	0.71		$	0.84		$	0.77		$	(3.28)		$	1.92
Loss on sale of securities, net of income tax		4.84			–			–			–			–			5.46			–
Diluted earnings per share - adjusted (non-GAAP)	$	0.72		$	0.75		$	0.71		$	0.84		$	0.77		$	2.18		$	1.92

Non-GAAP adjusted return on average assets reconciliation
Net income - GAAP	$	(37,735)		$	5,797		$	5,436		$	6,457		$	5,846		$	(26,502)		$	14,558
Average total assets		2,357,158			2,322,264			2,289,935			2,250,086			2,272,623			2,323,365			2,253,729
Return on average assets - GAAP (1)		(6.35)	%		1.00	%		0.96	%		1.14	%		1.02	%		(1.53)	%		0.86	%

Net income - adjusted (non-GAAP)	$	6,707		$	5,797		$	5,436		$	6,457		$	5,846		$	17,940		$	14,558
Average total assets		2,357,158			2,322,264			2,289,935			2,250,086			2,272,623			2,323,365			2,253,729
Return on average assets - adjusted (non-GAAP) (1)		1.13	%		1.00	%		0.96	%		1.14	%		1.02	%		1.03	%		0.86	%

Non-GAAP adjusted return on average equity reconciliation
Net income - GAAP	$	(37,735)		$	5,797		$	5,436		$	6,457		$	5,846		$	(26,502)		$	14,558
Average total equity		236,903			200,608			191,891			188,170			179,260			209,965			171,043
Return on average equity - GAAP (1)		(63.19)	%		11.59	%		11.49	%		13.65	%		12.97	%		(16.88)	%		11.37	%

Net income - adjusted (non-GAAP)	$	6,707			5,797			5,436			6,457			5,846			17,940			14,558
Average total equity		236,903			200,608			191,891			188,170			179,260			209,965			171,043
Return on average equity - adjusted (non-GAAP) (1)		11.23	%		11.59	%		11.49	%		13.65	%		12.97	%		11.42	%		11.37	%

Non-GAAP adjusted efficiency ratio reconciliation
Noninterest expense	$	13,479		$	12,609		$	12,842		$	11,052		$	12,097		$	38,930		$	36,280
Net interest income		22,650			20,290			19,352			19,199			18,613			62,292			56,023
Noninterest income		(60,852)			1,538			1,171			1,840			1,790			(58,143)			4,170
Efficiency ratio - GAAP		(35.28)	%		57.77	%		62.57	%		52.53	%		59.29	%		938.30	%		60.27	%

Noninterest expense	$	13,479		$	12,609		$	12,842		$	11,052		$	12,097		$	38,930		$	36,280	–
Net interest income		22,650			20,290			19,352			19,199			18,613			62,292			56,023
Noninterest income		(60,852)			1,538			1,171			1,840			1,790			(58,143)			4,170
Loss on sale of securities		62,391			–			–			–			–			62,391			–
Noninterest income – adjusted (non-GAAP)		1,539			1,538			1,171			1,840			1,790			4,248			4,170
Efficiency ratio - adjusted (non-GAAP)		55.72	%		57.77	%		62.57	%		52.53	%		59.29	%		58.51	%		60.27	%

Non-GAAP taxable equivalent net interest income reconciliation
Net interest income - GAAP	$	22,650		$	20,290		$	19,352		$	19,199		$	18,613		$	62,292		$	56,023
Taxable equivalent adjustment		8			8			8			7			6			24			17
Net interest income - taxable equivalent (non-GAAP)	$	22,658		$	20,298		$	19,360		$	19,206		$	18,619		$	62,316		$	56,040

Non-GAAP taxable equivalent net interest margin reconciliation
Net interest margin - GAAP (1)		3.90	%		3.60	%		3.52	%		3.48	%		3.35	%		3.68	%		3.42	%
Impact of taxable equivalent adjustment		–			–			–			0.01			–			–			–
Net interest margin - taxable equivalent (non-GAAP) (1)		3.90	%		3.60	%		3.52	%		3.49	%		3.35	%		3.68	%		3.42	%



	Item 7.01	Regulation FD Disclosure


Item 9.01	Financial Statements and Exhibits