Business
Avidbank Holdings, Inc. Announces Net Income of $3.6 Million for the Third Quarter of 2021
SAN JOSE, CA / ACCESSWIRE / October 18, 2021 / 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 18, 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 third quarter of 2021 compared to $2.4 million for the same period in 2020.Year-to-Date and Third Quarter 2021 Financial HighlightsNet income was $9.7 million in the first nine months of 2021 compared to $6.9 million in the first nine months of 2020. Net income in the first nine 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 $1.6 million loan loss provision while a $293,000 loan loss provision was taken in 2021. Net interest income was $36.7 million in the first nine months of 2021, an increase of $3.5 million or 10.7% compared to the figure recorded in the first nine months of 2020.Diluted earnings per common share were $1.61 in the first nine months of 2021, compared to $1.15 in the first nine months of 2020. Weighted average common fully diluted shares outstanding were 6,048,748 and 5,957,949 in the first nine months of 2021 and 2020, respectively.Total interest income was $13.6 million for the third quarter of 2021, an increase of $1.2 million over the $12.4 million we recorded in the third quarter of 2020. The 9.9% 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 third quarter of 2021, compared to $2.4 million for the third quarter of 2020. Results for the third quarter of 2021 were affected by a $217,000 loan loss provision while a $303,000 loan loss provision was taken in the third quarter of 2020.Diluted earnings per common share were $0.59 for the third quarter of 2021, compared to $0.39 for the third quarter of 2020.Total assets grew by 27.8% in the first nine months of 2021, ending the third quarter at $1.83 billion.Total loans net of deferred fees grew by 8.0% in the first nine months of 2021, ending the third quarter at $1.07 billion.Total deposits grew by 31.4% in the first nine months of 2021, ending the third quarter at $1.65 bi...