Business
Avidbank Holdings, Inc. Announces Net Income for the First Quarter of 2024
SAN JOSE, CA / ACCESSWIRE / April 17, 2024 / Avidbank Holdings, Inc. (OTC PINK:AVBH) announced net income for the first quarter of 2024 of $5.2 million, or
About this update from Avidbank Holdings, Inc.
[{"type":"text","content":"SAN JOSE, CA / ACCESSWIRE / April 17, 2024 / Avidbank Holdings, Inc. (OTC PINK:AVBH) announced net income for the first quarter of 2024 of $5.2 million, or $0.69 per diluted share, compared to $303,000, or $0.04 per diluted share, for the fourth quarter of 2023 and $6.4 million, or $0.85 per diluted share, for the first quarter of 2023.First Quarter 2024 HighlightsPeriod end deposits increased $103.5 million, or 25% annualized, from December 31, 2023, and $139.8 million, or 9%, from March 31, 2023.Taxable equivalent net interest margin(1) was 3.54% in the first quarter of 2024, compared to 3.49% in the fourth quarter of 2023.Loans increased $42.4 million, or 10% annualized, from December 31, 2023, and $218.5 million, or 14%, from March 31, 2023.Annualized net charge-offs to average loans totaled 0.0% for the first quarter of 2024 and the fourth quarter of 2023. Nonperforming assets to total assets was 0.06% as of March 31, 2024 and December 31, 2023.Book value per share was $21.41, an increase of $0.14, or 1%, from December 31, 2023 and an increase of $1.84, or 9%, from March 31, 2023.\"We are pleased with our solid start to 2024, with the focus of strengthening our balance sheet and improving our performance metrics. Our first quarter results include deposit growth of $104 million and loan growth of $42 million. This strong growth, along with the steps we took in the fourth quarter made an impact in both areas. Our net interest margin was 3.54% in the first quarter and has now expanded 18 basis points from the third quarter of 2023. Credit quality continues to remain strong with no net charge-offs in the first quarter and nonperforming assets totaling only 6 basis points of total loans,\" said Mark Mordell, Chairman and Chief Executive Officer.\"Our bankers along with our enhanced treasury management team have been focused on increasing our revenue growth over the last several quarters. This has resulted in the 52% increase in service charge and foreign exchange fee income since the first quarter of 2023,\" added Mr. Mordell.Income StatementTaxable equivalent net interest income(1) totaled $18.9 million for the first quarter of 2024, an increase of $465,000, or 3%, from the fourth quarter of 2023, and a decrease of $1.2 million, or 6%, from the first quarter of 2023. The taxable equivalent net interest margin was 3.54% in the f...