Business
Avidbank Holdings, Inc. Announces Net Income of $2,359,000 for the Third Quarter of 2020
SAN JOSE, CA / ACCESSWIRE / October 26, 2020 / 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 / October 26, 2020 / 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 $2,359,000 for the third quarter of 2020 compared to $3,452,000 for the same period in 2019.Year-to-Date and Third Quarter 2020 Financial HighlightsNet income was $6,864,000 in the first nine months of 2020 compared to $9,808,000 in the first nine months of 2019. Net income in the first nine months of 2020 was impacted by a $2.9 million increase in employee costs resulting from the expansion of our staff to support our growth strategy. At the same time, the sharp drop in interest rates in March 2020 hindered net interest income growth. Net interest income was $33,177,000 in the first nine months of 2020, a decrease of $455,000 or 1.4% compared to the figure recorded in the first nine months of 2019.Diluted earnings per common share were $1.15 in the first nine months of 2020, compared to $1.66 in the first nine months of 2019. Weighted average common fully diluted shares outstanding were 5,957,949 and 5,904,960 in the first nine months of 2020 and 2019, respectively.Net interest income was $10,961,000 for the third quarter of 2020, a decrease of $203,000 over the $11,164,000 we recorded in the third quarter of 2019. The 1.8% decrease over the prior year quarter reflects declining loan and investment yields partially offset by year over year loan growth.Net income was $2,359,000 for the third quarter of 2020, compared to $3,452,000 for the third quarter of 2019. Results for the third quarter of 2020 were impacted by increased staffing expenses of $0.8 million, primarily from the hiring of additional personnel across the entire Bank.Diluted earnings per common share were $0.39 for the third quarter of 2020, compared to $0.58 for the third quarter of 2019.Total assets grew by 28% in the first nine months of 2020, ending the third quarter at $1.4 billion.Total loans net of deferred fees grew by 14% in the first nine months of 2020, ending the third quarter at $1.0 billion.Total deposits grew by 30% in the first nine months of 2020, ending the third quarter at $1.3 billion.The Company continues to be...