NASHVILLE, Tenn: Avenue Financial Holdings, Inc. reported net income for the fourth quarter rose 114.3% to $0.15 per diluted common share compared with $0.07 per diluted common share for the fourth quarter of 2013.
For the year ended December 31, 2014, net income per diluted common share was $0.64, compared to net income per diluted common share of $0.45 for the year ended December 31, 2013, an increase of 42.2%. Total assets increased $25.9 million, or 2.7%, to $999.3 million at December 31, 2014, from $973.4 million at September 30, 2014 and $109.7 million, or 12.3% compared with $889.6 million at December 31, 2013. Loans increased $40.7 million, or 6.2%, to a record $693.9 million at December 31, 2014 compared with $653.2 million at September 30, 2014 and up $120.5 million from December 31, 2013, for a year-over-year growth rate of 21.0%. Mortgage loans held-for-sale increased $22.7 million, or 450%, to $27.7 million at December 31, 2014 compared with $5.0 million at December 31, 2013. Portfolio residential mortgage loans totaling $21.8 million were identified as available-for-sale in the fourth quarter 2014.
Ronald L. Samuels, Chairman and Chief Executive Officer, said, “Avenue Financial’s record results for 2014 were driven by strong loan growth from our significant business lines in our core Nashville market. Loans rose 21.0% to a record $693.9 million and total assets increased 12.3% to $999.3 million in 2014 compared with the prior year. Our loan growth was purely organic and highlights the strength from our key vertical markets in music and entertainment, healthcare, and increased demand from quality commercial real estate developments.”
