AVIDBANK HOLDINGS INC - AVBH STOCK NEWS

Avidbank Holdings, Inc. (OTC PINK:AVBH) announced that Henchy Rachel Enden has joined its Board of Directors. Ms. Enden, currently a Vice President and Portfolio Manager for MFP Investors LLC, brings extensive experience in financial services, previously holding roles at Salomon Brothers and GMM Capital. She has served on the boards of several banks, enhancing Avidbank's leadership as it seeks to access public markets. CEO Mark Mordell expressed confidence in her skills and their potential positive impact on the bank's growth.

Avidbank Holdings, Inc. (OTC PINK:AVBH) reported a strong second quarter in 2022 with net income of $5.2 million, up from $3.6 million in Q2 2021. Earnings per diluted share rose to $0.76, a 27% increase year-over-year. Loan growth was significant, increasing by 32% compared to the previous year, and the return on average assets improved to 1.02%. However, the bank recorded a $1.6 million provision for loan losses due to higher loan balances. Total assets were $2.01 billion as of June 30, 2022.

Avidbank Holdings, Inc. (OTC Pink:AVBH) announced the successful completion of a $28.6 million private offering of common shares at a price of $22.50 per share. Chairman and CEO Mark D. Mordell emphasized that this capital infusion is crucial for the company’s growth and the execution of its strategic plan. The offering involved financial advisory from Piper Sandler & Co. and legal counsel from Manatt, Phelps & Phillips, LLP. Notably, the securities have not been registered under the Securities Act of 1933, and the SEC has not approved the offering.

Avidbank Holdings (OTC PINK:AVBH) reported a robust income of $4.3 million or $0.71 per diluted share for Q1 2022, a notable increase from $2.5 million or $0.42 in the prior year. Total assets rose to $2.1 billion, up from $1.5 billion a year ago. The net interest income also improved to $15.2 million, a 28% increase year-over-year. Non-performing assets decreased to 0.15%. Despite a decrease in loan yield and net interest margin, management remains optimistic about future business prospects, citing a strong loan origination pipeline.

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%.