Business
Avidbank Holdings, Inc. Announces Net Income of $5.4 Million for the Third Quarter of 2023
SAN JOSE, CA / ACCESSWIRE / October 24, 2023 / Avidbank Holdings, Inc. (OTC Pink:AVBH) announced net income for the third quarter of 2023 of $5.4 million, or
About this update from Avidbank Holdings, Inc.
[{"type":"text","content":"SAN JOSE, CA / ACCESSWIRE / October 24, 2023 / Avidbank Holdings, Inc. (OTC Pink:AVBH) announced net income for the third quarter of 2023 of $5.4 million, or $0.72 per diluted share, compared to $4.7 million, or $0.63 per diluted share, for the second quarter of 2023 and $7.0 million, or $0.95 per diluted share, for the third quarter of 2022.Third Quarter 2023 HighlightsLoans increased $19.6 million, or 5% annualized, from June 30, 2023, and $115.7 million, or 7%, from December 31, 2022.Average deposits increased $53.4 million, or 13% annualized, from the second quarter of 2023.Return on average assets improved to 0.99% from 0.87% in the second quarter of 2023.Uninsured deposits represented 35% of total deposits on September 30, 2023, compared to 40% on June 30, 2023, and 85% at December 31, 2022. Net available borrowing capacity totaled approximately $1.4 billion as of September 30, 2023.Annualized net charge-offs to average loans totaled 0.0% for the third quarter of 2023, compared to 0.03% for the second quarter of 2023.Nonperforming assets to total assets was unchanged at 0.70% on September 30, 2023 compared to June 30, 2023.\"Despite the continued challenges in today's banking environment, we are pleased with our performance and outlook as we look toward 2024. Loan demand has moderated compared to historical average growth, but there remain excellent opportunities to add quality relationships. We continue to add new deposit accounts regularly after losing a very limited number of relationships since March of this year. Based on our commercial banking focus, it is not uncommon to have sizeable daily and seasonal fluctuations in our deposit balances, so we prefer to focus on growth in average balances. For the third quarter, average deposit balances increased $53.4 million compared to the second quarter. Our deposit pipeline remains robust in our venture lending and corporate banking divisions,\" said Mark Mordell, Chairman and Chief Executive Officer.\"Credit quality remains solid, including the potential resolution of the $14.1 million nonperforming construction loan. We foreclosed on the loan during the third quarter and are currently in contract to sell. We expect to close on the sale of the property in the fourth quarter,\" added Mr. Mordell.Income StatementTaxable equivalent net interest income(1) totaled $17.3 million ...