Avidbank Holdings, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
January 23, 2024 at 01:00 am
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Avidbank Holdings, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported net interest income was USD 18.25 million compared to USD 21.75 million a year ago. Net income was USD 0.303 million compared to USD 8.42 million a year ago. Basic earnings per share from continuing operations was USD 0.04 compared to USD 1.16 a year ago. Diluted earnings per share from continuing operations was USD 0.04 compared to USD 1.13 a year ago.
For the full year, net interest income was USD 72.87 million compared to USD 74.08 million a year ago. Net income was USD 16.8 million compared to USD 25.02 million a year ago. Basic earnings per share from continuing operations was USD 2.29 compared to USD 3.68 a year ago. Diluted earnings per share from continuing operations was USD 2.24 compared to USD 3.6 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.
Avidbank Holdings, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
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