Business
Avidbank Holdings, Inc. Announces Net Income of $3,049,000 for the Fourth Quarter of 2019
SAN JOSE, Calif.--(BUSINESS WIRE)-- Avidbank Holdings, Inc. ("the Company") (OTC Pink: AVBH), a bank holding company and the parent company of Avidbank ("the
About this update from Avidbank Holdings, Inc.
[{"type":"text","content":" SAN JOSE, Calif.--(BUSINESS WIRE)--\nAvidbank 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 $3,049,000 for the fourth quarter of 2019 compared to $3,481,000 for the same period in 2018.\n\n\nFull Year and Fourth Quarter 2019 Financial Highlights\n\n\n\nNet income was $12,857,000 in 2019 compared to $11,120,000 in 2018. Net income in 2019 included a $1.4 million loan loss provision while net income in 2018 reflected a $1.6 million loan loss provision. Net interest income was $44,702,000 in 2019, an increase of $6,836,000 or 18% over the figure recorded in 2018.\n\n\nDiluted earnings per common share were $2.17 in 2019, compared to $1.90 in 2018. The increase in earnings per share was the result of higher earnings in 2019. Weighted average common fully diluted shares outstanding were 5,914,339 and 5,866,401 in 2019 and 2018, respectively.\n\n\nNet interest income was $11,070,000 for the fourth quarter of 2019, an increase of $335,000 over the $10,735,000 we recorded in the fourth quarter of 2018. The 3% increase over the prior year quarter reflects year over year loan growth partially offset by increased interest expense and subordinated debt offering expenses.\n\n\nNet income was $3,049,000 for the fourth quarter of 2019, compared to $3,481,000 for the fourth quarter of 2018. Results for the fourth quarter of 2019 were impacted by increased staffing expenses of $1.7 million, primarily from the hiring of additional personnel across the entire Bank. These expenses were partially offset by lower loan loss provision charges of $805,000. The fourth quarter of 2018 also benefited from a number of non-core income producing items totaling $383,000 including a gain on the sale of Other Real Property Owned (OREO), investment fund income and income from FHLB special dividends.\n\n\nDiluted earnings per common share were $0.51 for the fourth quarter of 2019, compared to $0.59 for the fourth quarter of 2018.\n\n\nTotal assets grew by 23% in 2019, ending the fourth quarter at $1.1 billion.\n\n\nTotal loans net of deferred fees grew by 10% in 2019, ending the fourth quarter at $889 million.\n\n\nTotal deposit...