아비드뱅크 홀딩스(AVBH) 2026년 3분기 실적발표 콘퍼런스콜: 대출 및 핵심 예금 성장 강화

핵심 요약

• 순이익은 1,020만 달러를 기록했으며, 희석 EPS는 2026년 2분기 0.71달러에서 0.94달러로 증가했습니다. 평균자산순이익률은 1.42%로 개선되었고, 효율성 비율은 50% 미만을 유지했습니다.
• 이번 분기 대출은 약 5,800만 달러(연환산 10%) 증가했으며, C&I, 다세대 주택 및 자가 사용 상업용 부동산 대출의 주도로 전년 동기 대비 17% 증가했습니다.
• 순이자이익은 200만 달러 증가한 2,870만 달러를 기록했습니다. 순이자마진은 전분기 대비 19bp 하락한 4.07%를 나타냈는데, 이는 주로 높은 현금 잔액으로 인해 마진이 추정치 기준 17bp 감소했기 때문입니다.
• 약 2억 7,000만 달러의 일시적 고객 예금과 중개 예금을 제외하면, 에이비드뱅크는 전사적으로 약 7,600만 달러의 핵심 예금 성장을 기록했습니다.
• 150만 달러 규모의 토지 대출이 이자 미수익으로 전환된 후 부실대출 비율은 총대출의 0.70%로 완만하게 상승했습니다. 순상각은 사실상 0이었으며, 경영진은 광범위한 신용 악화는 없었다고 보고했습니다.
• 경영진은 4분기 대출 신규 실행이 견조하게 유지될 것으로 예상하고 있지만, 건설 대출의 높은 상환 수준은 공시 대출 성장률의 주요 불확실성 요인입니다.

핵심 재무 데이터

사업 및 영업 실적

대출 성장은 C&I, 다세대 주택 및 자가 사용 상업용 부동산 대출이 주요 기여 요인으로 작용하며 전반적으로 넓게 나타났습니다. 건설 및 토지 대출 잔액은 높은 상환액으로 인해 계속 감소했으며, 이는 은행 내 다른 부문의 신규 대출 성과를 일부 상쇄했습니다.

경영진은 4분기에 들어서며 대출 파이프라인이 계속 건전한 상태를 유지하고 있다고 밝혔습니다. 그러나 신규 실행된 건설 대출 약정액은 초기에는 일부만 인출되는 반면, 상환된 대출은 전액 인출 상태였습니다. 이에 따라 건설 관련 활동이 대차대조표상의 즉각적인 자산 성장으로 이어지지 않을 수 있습니다.

공시된 예금 증가액에는 기존 고객이 사업 일부를 매각한 후 유입된 약 2억 7,000만 달러가 포함되어 있습니다. 경영진은 이 일시적 자금이 4분기 중에 유출될 것으로 예상합니다. 일시적 예금과 중개 예금을 제외한 약 7,600만 달러의 핵심 예금 성장은 보다 지속 가능한 자금 조달 동향을 반영합니다.

에이비드뱅크의 이번 분기 말 정규직 환산 채용 인원은 171명으로, 2분기 말 162명 및 전년 말 151명에서 증가했습니다. 최근 채용에는 SBA 대출, 주택소유자협회 뱅킹 및 특수 예금 전문 팀이 포함되었습니다. 경영진은 이러한 이니셔티브가 2027년 대차대조표에 보다 의미 있는 영향을 미칠 것으로 예상하고 있습니다.

또한 회사는 3,000만 달러 규모의 신규 후순위채를 발행하고 기존 2,200만 달러 발행분을 상환하여 자체 성장을 위한 추가 자본을 확보했습니다.

경영진 전망 및 지침

경영진은 에이비드뱅크의 자산 민감형 대차대조표가 4분기 중에 9월 연방기금금리 인상 혜택을 받을 것으로 예상합니다. 9월 금리 인상이 3분기 실적에 실질적인 영향을 미치기에는 너무 늦게 이루어졌기 때문입니다.

일시적 예금을 제외하면, 경영진은 9월 금리 인상 전 3분기 정규화 순이자마진(NIM)을 4.20%대 초반으로 추정했습니다. 예금 금리 경쟁은 여전히 치열하지만, 회사는 누적 예금 베타를 50% 미만, 잠재적으로 40%에 가깝게 유지하는 것을 목표로 하고 있습니다.

4분기 영업비용은 전분기와 비슷하거나 소폭 증가할 것으로 예상됩니다. 급여 및 복리후생비의 추가 증가분은 법률 및 전문 서비스 수수료 감소로 대부분 상쇄될 것으로 보입니다.

경영진은 현재 파이프라인을 바탕으로 4분기 대출 신규 실행 실적이 비교적 호조를 보일 것으로 예상합니다. 실제 대출 성장률은 건설 대출 상환의 시기와 규모에 크게 좌우될 것입니다.

회사는 효율성 비율을 50% 수준 또는 그 이하로 유지하는 것을 목표로 하고 있습니다. 경영진은 에이비드뱅크가 인력과 인프라에 대한 투자를 지속함에 따라 추가적인 개선은 점진적으로 이루어질 가능성이 높다고 밝혔습니다.

에이비드뱅크는 빠르면 1분기에 SBA 영업 부문의 우선대출기관 지위를 취득하기 위해 노력할 것으로 예상합니다. 또한 경영진은 비과세 BOLI 수입으로 인해 2026년 실효세율이 낮아진 후 내년에는 실효세율이 28%대 중반으로 복귀할 수 있다고 언급했습니다.

리스크 및 주시 항목

• 약 2억 7,000만 달러의 일시적 예금이 4분기 동안 유출될 것으로 예상되어 단기 자금 조달 및 대차대조표 관리 측면에서 고려사항이 발생할 수 있습니다.
• 예금 비용 경쟁이 지속되고 있으며, 추가 금리 인상에 따른 수혜 외에 순이자마진(NIM)에 압박을 가할 수 있습니다.
• 견조한 신규 약정 및 파이프라인에도 불구하고 건설 대출의 높은 상환액으로 인해 공시 대출 성장률이 제한될 수 있습니다.
• 150만 달러 규모의 토지 대출이 이자 미수익 상태로 추가되면서 부실대출이 증가했으나, 경영진은 광범위한 신용 악화는 없다고 보고했습니다.
• 고금리는 차주들에게 부담을 주며 궁극적으로 경제 활동에 영향을 미칠 수 있습니다. 경영진은 고객들이 대체로 경험이 풍부하고 부채 비율이 높지 않으며, 현재 포트폴리오 전반의 스트레스에 대해 우려하지 않고 있다고 밝혔습니다.

애널리스트 Q&A 주요 내용

경영진은 일시적 예금을 제외했을 때 9월 30일 기준 조정 예금 스팟 금리를 전분기 3.07%에서 소폭 상승한 약 3.30%로 추정했습니다. 회사는 자금 조달 비용 압박이 일부 추가될 것으로 예상하지만 예금 베타를 50% 미만으로 유지하는 것을 목표로 하고 있습니다.

수수료를 제외한 신규 대출의 혼합 핵심 수익률은 약 6.82%를 기록했습니다. 경영진은 향후 마진 실적이 주로 예금 비용과 신규 자금 조달 가격 책정에 좌우될 것이라고 말했습니다.

남은 1,000만 달러의 중개 예금은 4분기에 만기가 도래할 예정입니다. 에이비드뱅크는 이후 가격 책정 및 자금 조달 수요에 따라 중개 자금을 다시 활용할지 여부를 결정할 것입니다.

경영진은 남은 기간 동안 채용 규모가 크지 않을 것으로 예상하지만, 좋은 기회가 있다면 추가 채용 가능성을 열어두고 있습니다. 초점은 기존 및 최근 채용된 뱅커들로부터 수익을 창출하고 2027년을 위한 인프라를 구축하는 쪽으로 이동하고 있습니다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.

질의응답

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.