AVIDBANK HOLDINGS INC - AVBH STOCK NEWS

Avidbank Holdings, Inc. (OTC PINK:AVBH) reported net income of $5.8 million for the third quarter of 2024, or $0.77 per diluted share. This represents an increase from both the previous quarter and the same period last year. Key highlights include:

- Return on average assets improved to 1.02%
- Book value per share increased by 10% to $23.95
- Loan to deposit ratio improved to 94.0%
- Period end deposits increased by $163.0 million, or 38% annualized
- Consolidated total risk-based capital improved to 12.92%

The company made progress in strengthening its balance sheet, with strong growth in core deposits and improved capital ratios. Loan growth was slightly impacted by decreased new originations and increased payoffs. The provision for credit losses decreased significantly compared to the previous quarter.

Avidbank Holdings (OTC Pink: AVBH) reported net income of $3.5 million for Q2 2024, down from $5.2 million in Q1 2024 and $4.7 million in Q2 2023. Key highlights include:

- Book value per share increased 2% to $21.77
- Loans grew 5% annualized to $1.81 billion
- Average deposits rose 8% annualized
- Efficiency ratio improved to 59.92%
- Net charge-offs remained at 0%

The decrease in net income was primarily due to a $3.0 million increase in credit loss provisions. Despite this, the bank reported solid progress in strengthening its balance sheet, with core deposit growth outpacing loan growth. Credit quality remains strong, with criticized and classified loans at 2.0% of total loans.

Avidbank Holdings, Inc. reported a strong first quarter of 2024 with net income of $5.2 million, or $0.69 per diluted share, showing significant growth compared to the previous quarters. The company experienced growth in deposits and loans, with a notable increase in service charge and foreign exchange fee income. The net interest margin improved to 3.54%, and credit quality remained strong with no net charge-offs. The company's balance sheet strengthened, with an increase in book value per share and total assets. Overall, Avidbank Holdings, Inc. demonstrated positive financial performance and strategic growth initiatives in the first quarter of 2024.

Avidbank Holdings, Inc. (AVBH) announced a decrease in net income for the fourth quarter of 2023, compared to the previous quarters. The company reported an adjusted net income of $4.9 million, or $0.65 per diluted share for Q4 2023. The highlights include an increase in book value per share, loans, and average deposits, as well as a decrease in nonperforming assets. The company also implemented profitability improvement initiatives, such as selling securities and foreclosed property, reducing staff, and surrendering BOLI policies. The income statement showed an increase in taxable equivalent net interest income, but a decrease in noninterest income. The balance sheet reflected growth in total assets, loans, and shareholders' equity, as well as a decrease in deposits. The company also disclosed a decrease in investment securities and an increase in short-term borrowings.

Avidbank Holdings, Inc. welcomes James Deutsch to its Board of Directors, replacing retiring director Roxy Rapp. Deutsch brings over 40 years of banking experience and is a partner at Patriot Financial Partners. The company also bids farewell to Ms. Henchy Enden, who resigned due to new career requirements.

Avidbank Holdings, Inc. (OTC Pink:AVBH) reported net income of $5.4 million for Q3 2023, compared to $4.7 million in Q2 2023 and $7.0 million in Q3 2022. Loans increased by $19.6 million (5% annualized) and average deposits increased by $53.4 million (13% annualized). Return on average assets improved to 0.99%. Uninsured deposits represented 35% of total deposits. Nonperforming assets to total assets remained unchanged at 0.70%. The yield on loans increased to 7.04%. The cost of deposits increased to 2.52%. The provision for credit losses decreased to $120,000. Total assets were $2.20 billion. Period end loans were $1.67 billion. The allowance for credit losses on loans was $17.8 million.

Avidbank Holdings, Inc. (OTC PINK:AVBH) reported a net income of $6.4 million for Q1 2023, down from $8.4 million in Q4 2022 but up from $4.3 million in Q1 2022. Operating net income was $7.0 million. Book value per share rose to $19.57, while return on average assets dropped to 1.19%.

Total deposits fell by 11%, amounting to $1.62 billion. The bank took steps to bolster liquidity, including increased borrowing capacity and selling securities for a loss of $815,000. Loan growth was notable with a 30% year-over-year increase, totaling $1.56 billion. The net interest margin experienced a decrease to 3.92%. The CEO expressed confidence in Avidbank's resilience amidst industry volatility.