Business
Avidbank Holdings, Inc. Announces Net Income for the First Quarter of 2022
%SAN JOSE, CA / ACCESSWIRE / April 20, 2022 / Avidbank Holdings, Inc., (OTC PINK:AVBH) announced income for the first quarter of 2022 of $4.3 million, or
About this update from Avidbank Holdings, Inc.
[{"type":"text","content":"%SAN JOSE, CA / ACCESSWIRE / April 20, 2022 / Avidbank Holdings, Inc., (OTC PINK:AVBH) announced income for the first quarter of 2022 of $4.3 million, or $0.71 per diluted share, compared to $2.5 million, or $0.42 per diluted share, for the first and fourth quarters of 2021.First Quarter 2022 Financial HighlightsDiluted earnings per share of $0.71, an increase of $0.29, or 69%, compared to the first quarter of 2021 and an increase of $0.29, or 276% annualized, compared to the fourth quarter of 2021.Total assets were $2.1 billion, compared to $1.5 billion on March 31, 2021 and $2.2 billion at December 31, 2021.Return on average assets totaled 0.83% and return on average equity was 12.72% in the first quarter of 2022.Quarterly average earning assets increased $621 million, or 44%, compared to the first quarter of 2021 and $69 million, or 14% annualized, compared to the fourth quarter of 2021.Net interest income totaled $15.2 million, an increase of $3.3 million, or 28%, compared to the first quarter of 2021 and increased $919,000, or 26% annualized, compared to the fourth quarter of 2021.Annualized net charge-offs to average loans totaled 0.00% for the first quarter of 2022. Non-performing assets to total assets were 0.15% on March 31, 2022, a decrease from 0.22% on March 31, 2021 and unchanged from December 31, 2021.\"We are off to a solid start in 2022 with record earnings of $0.71 per diluted share,\" said Mark Mordell, Chairman and Chief Executive Officer. \"Our pipeline for new business has been strong for the past several quarters and although the numbers do not reflect the activity, we originated over $80 million of new loans in the first quarter, we also had over $90 million in payoffs primarily due to our Construction and Specialty Finance divisions. We continue to be optimistic about the remainder of 2022 as our pipeline for new business is very encouraging along with the additional benefits we will see from each increase in the fed funds rate,\" added Mr. Mordell.Income StatementNet interest income totaled $15.2 million for the first quarter of 2022, an increase of $3.3 million, or 28%, from the first quarter of 2021, and an increase of $919,000, or 26% annualized, from the fourth quarter of 2021. This was primarily driven by an increase in interest income from the growth in average balance of loans and investment secur...