Business
Avidbank Holdings, Inc. Announces Net Income of $3.6 Million for the Second Quarter of 2021
SAN JOSE, CA / ACCESSWIRE / July 22, 2021 / Avidbank Holdings, Inc. ('the Company') (OTC PINK:AVBH), a bank holding company and the parent company of Avidbank
About this update from Avidbank Holdings, Inc.
[{"type":"text","content":"SAN JOSE, CA / ACCESSWIRE / July 22, 2021 / 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 $3.6 million for the second quarter of 2021 compared to $2.1 million for the same period in 2020.Year-to-Date and Second Quarter 2021 Financial HighlightsNet income was $6.2 million in the first six months of 2021 compared to $4.5 million in the first six months of 2020. Net income in the first six months of 2021 benefited from a $735,000 gain on the sale of investment securities. Net income in the prior year period was reduced by a $1.3 million loan loss provision while a $75,000 loan loss provision was taken in 2021. Net interest income was $24.1 million in the first six months of 2021, an increase of $1.8 million or 8.3% compared to the figure recorded in the first six months of 2020.Diluted earnings per common share were $1.02 in the first six months of 2021, compared to $0.76 in the first six months of 2020. Weighted average common fully diluted shares outstanding were 6,036,233 and 5,951,185 in the first six months of 2021 and 2020, respectively.Total interest income was $13.1 million for the second quarter of 2021, an increase of $401,000 over the $12.7 million we recorded in the second quarter of 2020. The 3.2% increase over the prior year quarter reflects year over year loan growth and increased investment securities income offset, in part, by declining loan yields.Net income was $3.6 million for the second quarter of 2021, compared to $2.1 million for the second quarter of 2020. Results for the second quarter of 2021 were affected by a $735,000 gain on the sale of investment securities and no loan loss provision while a $1.0 million loan loss provision was taken in the second quarter of 2020.Diluted earnings per common share were $0.60 for the second quarter of 2021, compared to $0.35 for the second quarter of 2020.Total assets grew by 12.1% in the first six months of 2021, ending the second quarter at $1.60 billion.Total loans net of deferred fees grew by 2.1% in the first six months of 2021, ending the second quarter at $1.01 billion.Total deposits grew by 13.8% in the first six months of 2...