アビッドバンク・ホールディングス（AVBH）2026年第3四半期決算説明会：貸出金とコア預金の伸びが拡大

主要ハイライト

• 純利益は1,020万ドルに達し、希薄化後EPSは0.94ドルへと、2026年第2四半期の0.71ドルから増加しました。平均資産利益率は1.42%に改善し、効率性比率は50%未満を維持しました。
• 当四半期の貸出金は約5,800万ドル（年率10%）増加し、前年同期比で17%増加しました。商業・産業（C&I）向け、集合住宅向け、および自社占有型商業用不動産向け融資が主な牽引役となりました。
• 純金利収入は200万ドル増加して2,870万ドルとなりました。純金利マージンは前四半期比で19ベーシスポイント低下して4.07%となりましたが、これは主に現金残高の増加がマージンを推定17ベーシスポイント押し下げたことによるものです。
• 約2億7,000万ドルの一時的な顧客預金および業者経由預金（ブローカー預金）を除くと、Avidbankは全体で約7,600万ドルのコア預金成長を達成しました。
• 不良債権比率は、150万ドルの土地融資が非不発生（ノンアクルーアル）処理されたことで総融資額の0.70%に緩やかに上昇しました。純貸倒損失額は実質的にゼロであり、経営陣は広範な信用悪化は見られないと報告しています。
• 経営陣は第4四半期の融資実行額が引き続き堅調に推移すると見込んでいますが、建設融資の返済高が高水準にあることが、発表される貸出成長率の主な不確実要素となっています。

主要財務データ

事業および営業業績

貸出金の増加は広範にわたり、商業・産業向け（C&I）、集合住宅向け、および自社占有型商業用不動産向け融資が主な寄与要因となりました。建設および土地融資の残高は、高水準の返済により減少傾向が続いており、行内の他の部門における新規実行額の一部を相殺しました。

経営陣によると、第4四半期に入っても融資パイプラインは健全さを維持しています。しかし、新たに計上された建設融資コミットメントは当初部分的にしか実行されないのに対し、返済された融資は全額実行済みであったため、建設関連のアクティビティが直ちに同規模のバランスシート上の増加に結びつかない可能性があります。

報告された預金増加には、既存クライアントによる事業の一部売却に伴う約2億7,000万ドルが含まれています。経営陣は、この一時的な資金が第4四半期中に流出すると予想しています。より持続可能な資金調達の傾向は、一時的預金および業者経由預金を除いた約7,600万ドルのコア預金成長に表れています。

Avidbankの当四半期末のフルタイム等価（FTE）従業員数は171人となり、第2四半期末の162人、前年末の151人から増加しました。最近の採用には、SBA融資、住宅オーナー管理組合（HOA）向けバンキング、特定分野向け預金に特化したチームが含まれます。経営陣は、これらの取り組みが2027年のバランスシートにより明確な好影響をもたらすと予想しています。

同社はまた、3,000万ドルの新規劣後債を発行し、既存の2,200万ドルの劣後債を償還したことで、自律的成長（オーガニック成長）のための追加的な資本サポートを確保しました。

経営陣の見通し（ガイダンス）

経営陣は、9月のフェデラルファンド（FF）金利引き上げが第3四半期業績に実質的な影響を与えるには時期が遅かったため、第4四半期中にAvidbankの資産感応度が高いバランスシートがその恩恵を受けると見込んでいます。

一時的預金を除いた場合、経営陣は9月の利上げ前の第3四半期正規化純金利マージン（NIM）を4.20%台前半と推計していました。預金価格競争は引き続き激しいものの、同社は累積預金ベータを50%未満、場合によっては40%近くに抑えることを目指しています。

第4四半期の営業費用は、ほぼ横ばいからわずかな増加にとどまる見込みです。給与および福利厚生費のさらなる増加は、法務費用や専門家報酬の減少によってほぼ相殺される見込みです。

経営陣は、現在のパイプラインに基づき、第4四半期が比較的好調な融資実行の四半期になると予想しています。実際の貸出金増加額は、建設融資の返済タイミングと規模に大きく依存します。

同社は効率性比率を50%前後またはそれ以下に維持することを目指しています。Avidbankが人材やインフラへの投資を続けているため、経営陣はさらなる改善は緩やかなものになると述べています。

Avidbankは、早ければ第1四半期にもSBA融資業務における優先貸出人資格の取得に向けて取り組む予定です。また経営陣は、非課税のBOLI収入によって2026年の実効税率が低下した後、来年の実効税率は28%台半ばに戻る可能性があることも示唆しました。

リスクと注目点

• 約2億7,000万ドルの一時的預金が第4四半期中に流出すると見込まれており、短期的な資金調達およびバランスシート管理上の考慮事項となっています。
• 預金コストの競争は引き続き激しく、追加利上げの恩恵を除けば純金利マージンに圧迫を与える可能性があります。
• 新規コミットメントやパイプラインが堅調であるにもかかわらず、高水準の建設融資の返済が報告上の貸出成長を抑制する可能性があります。
• 150万ドルの土地関連信用供与が非不発生（ノンアクルーアル）ステータスに追加されたことで不良債権が増加しましたが、経営陣は広範な信用悪化は見られないと報告しています。
• 金利上昇は借り手にとって負担であり、最終的には事業活動に影響を与える可能性があります。経営陣は、同社の顧客は概して実績があり過度なレバレッジをかけていないため、現時点でポートフォリオ全体にわたるストレスは懸念していないと述べています。

アナリストQ&Aの要点

経営陣は、一時的預金を除いた9月30日時点の調整後預金スポット金利を約3.30%（前四半期は3.07%）と推計しました。同社は資金調達コストにさらなる圧力がかかると予想していますが、預金ベータを50%未満に抑えることを目指しています。

新規融資は手数料を除き、約6.82%の加重平均コア利回りで実行されました。経営陣は、今後のマージン業績は主に預金コストと新規資金調達の価格設定に依存すると述べています。

残りの1,000万ドルの業者経由預金（ブローカー預金）は第4四半期に満期を迎える予定です。Avidbankはその後、価格設定と資金調達ニーズに基づいて再びブローカー資金を利用するかどうかを決定します。

経営陣は、年内の残りの期間における採用は控えめになると予想していますが、機会があれば柔軟に追加採用を行う姿勢を維持しています。焦点は、既存および最近採用したバンカーからの収益創出と、2027年に向けたインフラ構築へと移行しています。

決算説明会（トランスクリプト）全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good morning. My name is Ben, and I will be your conference operator today. At this time, I would like to welcome everyone to the Avidbank Holdings, Inc. Third Quarter 2026 Earnings Conference Call. [Operator Instructions]

I'd like to introduce the presenters, Chairman and CEO, Mark Mordell; Chief Financial Officer, Pat Oakes; and Chief Operating Officer, Gina Peterson. You may begin your conference.

Gina Thoma-Peterson

Good morning. Thank you for joining us today for the Avidbank Holdings Third Quarter 2026 Earnings Conference Call. Before we begin, let me remind you that today's call is being recorded and is available in the Investor Relations section of our website at avidbank.com, along with our earnings release and presentation materials.

Today's call contains forward-looking statements, which are subject to certain risks, uncertainties and other factors that could cause actual results to differ materially from those discussed. These statements are intended to be covered by the safe harbor provisions of the federal securities laws. For a list of factors that may cause actual results to differ materially from expectations, please refer to our earnings release under the heading Forward-Looking Statements as well as the disclosures contained within our SEC filings.

We will also reference non-GAAP financial measures alongside our discussion of GAAP results. We encourage you to review the GAAP to non-GAAP reconciliations provided in our earnings release.

With that, I'd like to turn the call over to our Chairman and CEO, Mark Mordell.

Mark Mordell

Thank you, Gina, and thank you all for joining us this morning. We appreciate your continued interest and support in our company and our story. Overall, the third quarter was very strong for us. Profitability improved. We continue to grow loans, and our bankers generated meaningful core deposit growth across the franchise.

Net income increased to $10.2 million for the quarter. Return on average assets improved to 1.42%, and our efficiency ratio was below 50%. I think these results demonstrate the improvement in earnings power of our franchise and the benefit of the investments we have made in our people and business lines.

Turning to growth. Loans increased approximately $58 million for the quarter or 10% annualized and were up 17% over the past year. Growth was broad-based with contributions from C&I, multifamily and owner-occupied commercial real estate being the chief drivers. Our loan pipelines continue to be healthy into Q4 and hopefully into next year.

Our construction and land portfolio continues to decline because of the elevated payoffs, so the growth we generated across the rest of the bank was particularly encouraging. As mentioned earlier, our loan pipelines continue to be strong, and we do expect construction payoff to remain elevated here in the fourth quarter. We believe we're getting closer to the point where that headwind begins to moderate and becomes more normalized as it has over the last 15 years.

On deposits, reported increase included approximately a $270 million deposit from an existing client following the sale from a portion of their business. We knew from the beginning that these funds would be temporary, and we expect them to leave over the course of the fourth quarter.

More importantly, excluding that temporary inflated balance and brokered deposits, we generated approximately $76 million of core deposit growth. That growth came from relationships across the franchise and is a good indication of the progress our bankers are making on the funding side of the balance sheet.

Turning to credit. Nonperforming loans increased modestly to 70 basis points of total loans after we placed a $1.5 million land loan on nonaccrual. As I said many times before, we never take credit for granted. We continue to monitor the portfolio closely and actively manage the credits that require additional attention. At the same time, net charge-offs were essentially 0 during the quarter, and we are not seeing any broad-based deterioration -- credit deterioration across the portfolio.

We also strengthened our capital during the quarter by issuing the $30 million of new subordinated debt and redeeming our existing $22 million issuance. That provided additional support for continued organic growth while we're maintaining strong capital ratios.

Overall, I'm pleased with the quarter. We are generating better profitability, maintaining solid growth across diversified commercial banking platform and are continuing to invest in the franchise. There's always more work to do, particularly around the funding and the credits we are actively managing, but I believe we are well positioned to move into the fourth quarter.

With that, I'll end my remarks and turn the call over to Pat to walk through the quarter in more detail.

Patrick Oakes

Thanks, Mark. Good morning, everyone. For the third quarter, we recorded $0.94 per diluted share compared with $0.71 per diluted share in the second quarter. Net interest income increased $2 million to $28.7 million, benefiting from higher cash balance related to the increase in deposits, higher loan balances and a larger investment securities portfolio. The net interest margin was 4.07% in the third quarter, down 19 basis points from the second quarter.

We estimate that 17 basis points of the decline resulted from average interest-earning balance -- cash balances that were $205 million higher during the quarter, including the impact from the temporary deposits Mark mentioned earlier, along with the overall strong growth in deposit average balances. The September increase in the Fed funds rate occurred late in the quarter, so it only had a minimal impact on the third quarter margin.

Looking ahead, we anticipate that our asset-sensitive balance sheet will benefit from the rate increase in the fourth quarter. The cost of our interest-bearing deposits decreased 9 basis points to 2.97% in the quarter, primarily because of the impact of the temporary deposits. Excluding those deposits, the spot rate at September 30 increased to 3.13% from 3.07% at June 30, primarily due to the September increase in the Fed funds rate.

Noninterest income was $1.7 million compared with $3.1 million in the second quarter. The second quarter included approximately $1.3 million of tax-exempt BOLI death benefit proceeds. Noninterest expense was $15.1 million compared with $16.5 million in the second quarter. The prior quarter included a $2.6 million litigation settlement. Without that settlement, expenses increased $1.3 million, driven primarily by higher compensation expense and credit-related legal expenses and professional fees. We ended the quarter with 171 full-time equivalent employees compared with 162 at June 30 and 151 at year-end.

Turning to capital. At quarter end, our Tier 1 leverage ratio was 10.82%, and our total risk-based capital was 13.48%. Book value per share was $27.24, a 4% annualized increase from the second quarter despite the negative impact of higher unrealized losses as long-term interest rates increased. Book value per share has increased 9% since last September.

With that, Mark, I'll turn it back to you.

Mark Mordell

All right. Thank you, Pat. That kind of summarizes the quarter. Now I think we're ready to open up to questions, please.

Operator

[Operator Instructions] Your first question from the line of Matthew Clark with Piper Sandler.

質疑応答

Matthew Clark

Just to round out the margin discussion, Pat, I think you gave a spot margin, but do you have the spot rate on deposit at the end of September, maybe even an adjusted spot rate, assuming those balances, the $270 million leaves? And then what kind of beta are you trying to manage towards through the cycle here?

Patrick Oakes

Sure. So excluding all these temporary deposits, we estimate the spot rate at September 30 was around 3.30%, up from 3.07% last quarter. So about 6 basis points increase so far. And that was all driven by the September rate increase. Obviously, we'll see a little more pressure here going forward. But we think that we'll get to keep that beta. We're pretty optimistic below 50. How much below that, we'll have to see. Hopefully, quite a bit, but I don't think it will go above 50%, hopefully, closer to 40% somewhere.

Matthew Clark

Okay. And maybe -- sorry, I missed that earlier. And then just the adjusted margin in September, I know it's 17 basis points impact from the temporary balances. But I guess in the month of September, how does that adjusted margin look?

Patrick Oakes

With all this noise, I don't really want to give a September margin. That's kind of what we guided you to that 17 basis point increase. So if you put that on -- if you kind of normalize cash balances, right, that margin was probably down a little bit, a couple of basis points here from last quarter. So normalized margin probably is closer to the low 4.20s before the rate increase, obviously, from -- or the September rate increase.

Matthew Clark

Yes. Understood. Okay. And then just on expenses, the run rate here you expect going forward on operating expenses?

Patrick Oakes

We'll probably still see salary and benefits increase here, but I think that's going to be pretty much offset by some of these higher legal and professional fees as we saw in the quarter. So my best guess is flattish to maybe up slightly for the fourth quarter.

Operator

Your next question from the line of Gary Tenner with D.A. Davidson.

Gary Tenner

I wanted to just ask question on the loan front. Mark, you gave some color, obviously, on the construction book and this quarter's growth overall was good. I know historically, the fourth quarter has been a good quarter for C&I. As you look at the pipelines now and think about the fourth quarter, any reason to think that, that will not be kind of the typical outcome in the fourth quarter?

Mark Mordell

There's no reason to expect that Q4 shouldn't be a pretty strong quarter for us. It seems -- I don't like patterns all that much, but if you go back 5 or 6 years, it seems Q3, Q4 are always stronger and Q4 is typically the top quarter. So we feel good about what we're seeing in the pipeline and what we close for the remainder of the year.

Gary Tenner

Okay. Appreciate that. And then just a minor question on the brokered deposits, I think, down to about $10 million at the end of September. Pat, will those go to 0 in the fourth quarter? Or will any linger into 2027?

Patrick Oakes

Well, that $10 million will mature in the fourth quarter. And then we'll decide if we want to add some before year-end on how from a funding perspective, we feel like it's a good deal to do that as a funding tool. But existing stuff should all be gone, then we'll just make some decisions going forward, how we use it.

Operator

[Operator Instructions] Your next question, from the line of Andrew Terrell with Stephens.

Andrew Terrell

Pat or Mark, maybe just to start, can you just talk about some of the new hires you've made? It seemed like a really good quarter from a hiring standpoint. I'd be curious on just the HOA Group, SBA team. And then can you just give us maybe an update or refresh on kind of the hiring pipeline more broadly?

Mark Mordell

The hiring pipeline for the balance of the year is going to be pretty modest if we still always be opportunistic. But I think the focus in SBA right now is we've got a reasonable pipeline, but focus on becoming a preferred lender. So we expect that to happen realistically -- Q1 realistically. So I don't think we're going to sell any loans or anything of that nature. We're just getting our infrastructure underneath us and getting some -- getting these things processed taking a little bit longer because we're not a preferred lender at this point.

So I think the HOA guys -- HOA team is doing what they need to be doing, pretty focused. They'll make an impact on some balances this year, but it will be pretty modest. And next year is the expectation of really getting some traction. The specialty deposits folks that we have, the HOA, they've been pretty active. Again, they have goals for this year, but really getting the legs underneath them and getting some credibility in the marketplace and having '27 being the year that they are much more impactful and much more impactful on our balance sheet.

Other than that, the bankers that we've hired and certainly, we've -- as everyone is aware, we hired a new President. So we're really building on the team and focusing on the infrastructure for '27. I mean we've taken care of capital and taking care of facilities. We've taken care of our sub-debt. We uplisted. We got some currency to trade and it's about stacking up quarter-to-quarter and year-to-year in compounding earnings going forward. So we're pretty focused on the production that -- from our existing bankers as well as the new bankers.

Andrew Terrell

Great. I really appreciate it. And then just to ask on -- maybe more of a question on kind of longer-term expense growth. If I look at the efficiency ratio, I mean, the past -- this is the kind of second quarter in a row, sub-50%. You guys are holding the line and revenue growth obviously helps. But when we think about longer-term efficiency ratio, is mid- to high 40%, is that a reasonable bar just as you look out and you think about the expense growth investments you need to make? Or do you think it can go further below that? Or just any thoughts on longer-term efficiency?

Patrick Oakes

Well, I think we're really hoping we've set a bar below 50% at this point or around 50% to down, right? And it's not going to move down quickly, right? But I think the ultimate goal is to hopefully leverage, obviously, all the hiring that we're doing to grow revenue at a good pace to offset that expense growth. We're still going to add people and all that stuff. So hopefully, it does continue to move down, but I think it will be a slow incremental move down if it is.

Mark Mordell

Right, I would agree with that.

Operator

Your next question from the line of Andrew Liesch with StoneX Financial.

Andrew Liesch

Just a question, Pat, if you have it handy, what's the -- what new loan yields were coming on at during the quarter, maybe a blended average?

Patrick Oakes

Yes. So this is without fees, right? This is just the core loan yield. It's more like 6.82% or so, in the 6.80s.

Andrew Liesch

Got it. So maybe a little bit higher with some fees. So I think just then looking at the margin going forward, certainly, you'll get some benefit from the rate hike. But net-net, just given that you're pretty much in growth mode, do you think the margin maybe will trail off a little bit over time even with some rate hikes and still profitability gets better, but just like net-net, the margin might come lower?

Patrick Oakes

Right. So we'll benefit when the Fed increases rates, right? And then outside of that, you're asking what's going to happen with that? Boy, it's really depending -- loan yield, you can see what it's going to do, right? It will be flattish and move up when they increase rates. It's really dependent on deposit costs and how much you pay up. It's pretty competitive out there.

I'm hoping that, that gets better, but could there be pressure going forward potentially? Boy, it's really just hard because it's all on the funding side that really dictates that and the new deposit growth. I think I'm hoping with some of these new initiatives like the HOA and other things we're working on that we can drive down the deposit cost over time to take some of that pressure away. So I guess my long answer would be, I hope not. I hope we can keep it stable.

Operator

Your next question from the line of Tim Coffey with Brean Capital.

Timothy Coffey

Mark, looking into the pace of the rate hiking cycle here, how resilient do you think your customers and your markets are to higher rates? Is there a point where we see a certain number of rate hikes and at that point, things start to stall?

Mark Mordell

It's certainly possible depending on where they go. But I think most of the companies that we're banking here have been -- are pretty seasoned and aren't highly leveraged. So those rate hikes are painful for our clients for sure. But I don't -- we monitor it pretty closely. We do sensitivity tests and see where the thresholds may happen. But at this point, we're not concerned about that. I think companies have performed pretty well, and they got some margin there. So we feel pretty good about it.

Timothy Coffey

Great. And then Patrick, is the right tax rate somewhere between 27% and 28%?

Patrick Oakes

For this year, it's lower than it typically is because of the BOLI proceeds received in the second quarter, kind of drove that down for the year. And I think it will tick back up next year to the mid-28s.

Operator

With no further questions, I would like to turn the call back over to the presenters.

Mark Mordell

This is Mark. And one of the things that I did fail to maybe clarify a little bit when we talked about the loan growth. We have really solid pipelines across, including construction. But we do have those elevated payoffs in construction, which were significantly delayed from getting started. So I think the wildcard for actual loan growth of how much that's going to be is going to be what kind of payoffs actually materialize in Q4 here.

I think we're coming to the end of it, like I mentioned earlier, but that's probably the wildcard for Q4. They have been booking new commitments, but those of you that understand how construction works that we're trading 100% funded loans for 10% funded loans for the new ones that are coming on because it does take 18, 24 months to be fully drawn on. So just a little bit of caution, that's probably the wildcard because it's been 2 years of consistent payoffs, which is a good thing in construction, but it does impact our overall loan growth.

So with that, I'll close it up and say, again, thank you all for your interest in Avidbank. If you have any further questions that Pat or I can answer, please feel free to reach out, and I appreciate your interest. Have a great rest of your day.

Operator

This concludes today's call. Thank you for attending. You may now disconnect.