Business
Avidbank Holdings, Inc. Announces Net Income of $12.3 Million for the Year Ended December 31, 2021
SAN JOSE, CA / ACCESSWIRE / January 31, 2022 / Avidbank Holdings, Inc. ("the Company") (OTC PINK:AVBH), a bank holding company and the parent company of
About this update from Avidbank Holdings, Inc.
[{"type":"text","content":"SAN JOSE, CA / ACCESSWIRE / January 31, 2022 / Avidbank Holdings, Inc. (\"the Company\") (OTC PINK:AVBH), a bank holding company and the parent company of Avidbank (\"the Bank\"), an independent full-service commercial bank serving businesses and individuals primarily in Northern California, announced unaudited consolidated net income of $12.3 million for the year ended December 31, 2021 compared to $9.6 million, or a 28% increase for the year ended December 31, 2020.Full Year and Fourth Quarter 2021 Financial HighlightsNet income was $12.3 million in 2021 compared to $9.6 million in 2020. Net income in 2021 benefited from a $735,000 gain on the sale of investment securities and $711,000 of income from an investment fund. Net income in 2021 was reduced by a $3.6 million loan loss provision while a $1.7 million loan loss provision was recorded in 2020. Net interest income was $51.0 million in 2021, an increase of $6.1 million or 13.5% compared to the figure recorded in 2020.Diluted earnings per common share were $2.02 in 2021, compared to $1.61 in 2020. Weighted average common fully diluted shares outstanding were 6,062,482 and 5,967,780 in 2021 and 2020, respectively.Total interest income was $15.3 million for the fourth quarter of 2021, an increase of $2.3 million over the $13.0 million we recorded in the fourth quarter of 2020. The 17.5% increase over the prior year quarter reflects year over year loan growth and increased investment securities income.Net income was $2.5 million for the fourth quarter of 2021, compared to $2.8 million for the fourth quarter of 2020. Results for the fourth quarter of 2021 were affected by a $3.3 million loan loss provision while a $115,000 loan loss provision was taken in the fourth quarter of 2020.Diluted earnings per common share were $0.42 for the fourth quarter of 2021, compared to $0.46 for the fourth quarter of 2020.Total assets grew by 51.2% in 2021, ending the fourth quarter at $2.16 billion.Total loans net of deferred fees and any SBA PPP funding grew by 25.1% in 2021, ending the fourth quarter at $1.22 billion.Total deposits grew by 57.9% in 2021, ending the fourth quarter at $1.98 billion.The Company continues to be well capitalized for regulatory purposes with a Tier 1 Leverage Ratio of 6.89%, a Tier 1 Risk-Based Capital and Common Equity Tier 1 Risk-Based Capital Ratio of 8.90%, an...