Business
Avidbank Holdings, Inc. Announces Net Income for the Second Quarter of 2022
SAN JOSE, CA / ACCESSWIRE / July 20, 2022 / Avidbank Holdings, Inc. (OTC PINK:AVBH) announced income for the second quarter of 2022 of $5.2 million, or $0.76
About this update from Avidbank Holdings, Inc.
[{"type":"text","content":"SAN JOSE, CA / ACCESSWIRE / July 20, 2022 / Avidbank Holdings, Inc. (OTC PINK:AVBH) announced income for the second quarter of 2022 of $5.2 million, or $0.76 per diluted share, compared to $3.6 million, or $0.60 per diluted share, for the second quarter of 2021 and $4.3 million, or $0.71 per diluted share, for the first quarter of 2022.Second Quarter 2022 Financial HighlightsDiluted earnings per share of $0.76, an increase of $0.16, or 27%, compared to the second quarter of 2021, and increased $0.05, or 28% annualized, compared to the first quarter of 2022.Return on average assets was 1.02%, compared to 0.94% in the second quarter of 2021 and 0.83% in the first quarter of 2022.Return on average equity was 16.18%, compared to 11.15% in the second quarter of 2021 and 12.72% in the first quarter of 2022.Taxable equivalent net interest margin was 3.62% in the second quarter of 2022, compared to 3.28% in the second quarter of 2021 and 3.05% in the first quarter of 2022.Loans increased $322 million, or 32%, from June 30, 2021 and increased $135 million, or 45% annualized, from March 31,2022.Annualized net charge-offs to average loans totaled 0.00% for the second quarter and year-to-date 2022. Non-performing assets to total assets were 0.01% on June 30, 2022, a decrease from 0.22% on June 30, 2021 and 0.15% on March 31, 2022.On May 11, 2022, completed a $28.6 million private offering of 1.27 million common shares at $22.50 per share bringing total common shares outstanding to 7,585,924.\"We continued our solid performance in the second quarter with earnings of $0.76 per diluted share including strong loan growth from a combination of less payoffs, an increase in line utilization, and another quarter of solid new originations,\" said Mark Mordell, Chairman and Chief Executive Officer. \"We are cautiously 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 StatementTaxable equivalent net interest income totaled $17.5 million for the second quarter of 2022, an increase of $5.4 million, or 44%, from the second quarter of 2021, and an increase of $2.3 million, or 60% annualized, from the first quarter of 2022. This was primarily driven by an increase in interest income from higher intere...