Business
Avidbank Holdings, Inc. Announces Net Income of $8.4 Million for the Fourth Quarter of 2022
SAN JOSE, CA / ACCESSWIRE / January 30, 2023 / Avidbank Holdings, Inc. (OTC PINK:AVBH) announced income for the fourth quarter of 2022 of $8.4 million, or
About this update from Avidbank Holdings, Inc.
[{"type":"text","content":"SAN JOSE, CA / ACCESSWIRE / January 30, 2023 / Avidbank Holdings, Inc. (OTC PINK:AVBH) announced income for the fourth quarter of 2022 of $8.4 million, or $1.13 per diluted share, compared to $7.0 million, or $0.95 per diluted share, for the third quarter of 2022 and $2.5 million, or $0.42 per diluted share, for the fourth quarter of 2021.Fourth Quarter 2022 Financial HighlightsDiluted earnings per share of $1.13 increased $0.18, or 76% annualized, compared to the third quarter of 2022, and increased $0.71, or 169%, compared to the fourth quarter of 2021.Return on average assets improved to 1.61%, compared to 1.38% in the third quarter of 2022 and 0.49% in the fourth quarter of 2021.Taxable equivalent net interest margin increased to 4.41% in the fourth quarter of 2022, compared to 4.07% in the third quarter of 2022 and 2.90% in the fourth quarter of 2021.Efficiency ratio improved to 45.42%, compared to 48.00% in the third quarter of 2022 and 58.31% in the fourth quarter of 2021.Loans increased $162 million, or 46% annualized, from September 30, 2022.Annualized net charge-offs to average loans totaled 0.00% for the fourth quarter.2022 Full Year Financial HighlightsDiluted earnings per share of $3.55, increased 76% compared to 2021. Net income totaled $25.0 million, an increase of 104% compared to 2021.Return on average assets improved to 1.21%, compared to 0.72% in 2021.Taxable equivalent net interest margin increased to 3.78% compared to 3.12% in 2021.Efficiency ratio improved to 51.80%, compared to 63.21% in 2021.Loans increased $331 million, or 27%, from December 31, 2021.Annualized net charge-offs to average loans totaled 0.01% for the full year of 2022.\"Our strong performance for 2022 continued in the fourth quarter with solid loan growth and continued improvement in our overall profitability,\" said Mark Mordell, Chairman and Chief Executive Officer. \"The growth we have achieved along with our increased profitability have us well positioned for 2023,\" added Mr. Mordell.Income StatementTaxable equivalent net interest income totaled $21.8 million for the fourth quarter of 2022, an increase of $2.2 million, or 44% annualized, from the third quarter of 2022, and an increase of $7.5 million, or 53%, from the fourth quarter of 2021. The tax-equivalent net interest margin was 4.41% in the fourth quarter of 2022, an increase of...