Avidbank Holdings, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 23, 2023
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Avidbank Holdings, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 17.31 million compared to USD 19.58 million a year ago. Net income was USD 5.41 million compared to USD 7.05 million a year ago. Basic earnings per share from continuing operations was USD 0.74 compared to USD 0.97 a year ago. Diluted earnings per share from continuing operations was USD 0.72 compared to USD 0.95 a year ago.
For the nine months, net interest income was USD 54.62 million compared to USD 52.33 million a year ago. Net income was USD 16.5 million compared to USD 16.61 million a year ago. Basic earnings per share from continuing operations was USD 2.26 compared to USD 2.48 a year ago. Diluted earnings per share from continuing operations was USD 2.21 compared to USD 2.42 a year ago.
Avidbank Holdings, Inc. is a bank holding company of Avidbank (the Bank). The Bank is a California state-chartered institution, which provides financial solutions and services. The Company specializes in commercial and industrial lending, venture lending, structured finance, asset-based lending, sponsor finance, real estate construction and commercial real estate lending. It offers real estate mortgage, real estate construction, commercial and consumer loans primarily to customers in the California counties of San Mateo, San Francisco and Santa Clara. Its products and services include Deposits, Lending, Cash Management and Online & Mobile. Its corporate banking provides working capital and equipment financing for privately held companies in the Bay Area; mergers and acquisition financing; employee stock ownership plan (ESOP) financing; owner-occupied real estate; and shareholder buyouts. Its specialty finance provides financing solutions to emerging growth companies across the country.