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Avidbank Holdings, Inc. reports developments tied to its role as the holding company for Avidbank, a California state-chartered commercial bank. Company updates focus on quarterly earnings, loan and deposit trends, net interest margin, asset quality, capital levels, and balance-sheet management.
The bank's recurring business categories include commercial and industrial lending, venture lending, structured finance, asset-based lending, sponsor finance, fund finance, real estate construction lending, and commercial real estate lending. News also covers completed capital actions, securities portfolio repositioning, investor presentations, and board governance updates following the company's public listing of common stock on Nasdaq.
Avidbank Holdings (OTC PINK:AVBH) announced the appointment of Patrick Oakes as the new Executive Vice President and Chief Financial Officer. With extensive experience in banking, Oakes has previously held similar roles at Atlantic Capital Bank and Square 1 Financial. His expertise in capital markets and treasury management is expected to enhance Avidbank's operations and drive growth in the current rising interest rate environment. CEO Mark D. Mordell expressed confidence in Oakes' ability to maximize shareholder value and support the company's strategic goals.
Avidbank Holdings reported a 28% increase in net income for 2021, reaching $12.3 million versus $9.6 million in 2020. Key financial highlights include a 13.5% rise in net interest income to $51.0 million and total assets growing by 51.2% to $2.16 billion. However, loan loss provisions increased to $3.6 million in 2021 from $1.7 million in 2020. Fourth-quarter net income slightly decreased to $2.5 million, impacted by a $3.3 million loan loss provision. Total deposits surged by 57.9% to $1.98 billion year-over-year.
Avidbank Holdings, Inc. (OTC PINK:AVBH) reported a net income of $3.6 million for Q3 2021, up from $2.4 million in Q3 2020. Year-to-date net income reached $9.7 million, compared to $6.9 million in the prior year. Net interest income for the first nine months grew 10.7% to $36.7 million. Total assets surged by 27.8% to $1.83 billion. Deposits rose by 31.4% year-over-year, totaling $1.65 billion. The efficiency ratio improved to 61.9%, reflecting cost controls and increased earnings.
Avidbank Holdings reported a net income of $3.6 million for Q2 2021, up from $2.1 million in Q2 2020. Year-to-date net income reached $6.2 million, benefiting from a $735,000 gain on the sale of investment securities. Total assets grew 12.1% to $1.60 billion, and total deposits increased 13.8% to $1.43 billion. However, net interest margin declined to 3.28% from 3.44%. Avidbank's efficiency ratio improved to 62.6%, down from 68.2%. The bank plans to close an underperforming branch, projecting annual savings of over $600,000.
Avidbank Holdings reported a net income of $2.5 million for Q1 2021, slightly higher than $2.4 million in Q1 2020. Total interest income rose to $12.9 million, up 0.7% from the prior year, despite a decrease in average loan yields due to a Federal Reserve rate cut. Total assets grew by 7% to $1.5 billion, and total loans increased by 3%, while total deposits surged by 9% to $1.4 billion. Net interest margin fell to 3.44% from 4.21% year-over-year. Non-interest expense rose to $9.0 million due to increased staffing costs, leading to an efficiency ratio increase to 71.6%.
Avidbank Holdings (OTC PINK:AVBH) has authorized a stock repurchase program allowing the company to buy back up to 307,780 shares, approximately 5% of its outstanding common stock. The program is open-ended with no expiration date and allows repurchases in various manners, depending on market conditions and regulatory factors. CEO Mark Mordell expressed confidence in the company's financial position, highlighting the dual goal of investing for growth while maintaining liquidity. This repurchase initiative is seen as a positive step to enhance shareholder value.
Avidbank Holdings announced third-quarter 2020 net income of $2,359,000, down from $3,452,000 in Q3 2019. Year-to-date net income reached $6,864,000, a decrease from $9,808,000 in 2019, primarily due to a $2.9 million rise in employee costs and reduced net interest income. Total assets grew by 28% to $1.4 billion, while total deposits surged by 30% to $1.3 billion. Despite challenges, the company remains well-capitalized, with a Tier 1 leverage ratio of 8.79%.