Avidbank Holdings, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017
January 25, 2018 at 06:00 am
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Avidbank Holdings, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company announced total interest income was $8,908,000 compared to $6,953,000 for the same period a year ago. Net interest income was $8,182,000 compared to $6,440,000 for the same period a year ago. Income before income taxes was $3,319,000 compared to $1,662,000 for the same period a year ago. Net income was $1,009,000 compared to $1,122,000 for the same period a year ago. Diluted earnings per common share were $0.17 compared to $0.24 for the same period a year ago. Return on average assets was 0.51% compared to 0.69% for the same period a year ago. Return on average common equity was 4.48% compared to 7.00% for the same period a year ago.
For the full year, the company announced total interest income was $33,352,000 compared to $26,250,000 for the same period a year ago. Net interest income was $30,528,000 compared to $24,261,000 for the same period a year ago. Income before income taxes was $10,833,000 compared to $10,875,000 for the same period a year ago. Net income was $5,654,000 compared to $7,263,000 for the same period a year ago. Diluted earnings per common share were $1.08 compared to $1.56 for the same period a year ago. Return on average assets was 0.77% compared to 1.14% for the same period a year ago. Return on average common equity was 7.38% compared to 12.06% for the same period 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.