Avidbank Holdings Inc (OTCMKTS:AVBH) Stock In Focus After Q4 Earnings
One of the companies to have come into the news cycle on Monday was Avidbank Holdings Inc (OTCMKTS:AVBH) after it announced its financial results for the fourth fiscal quarter of 2022.
Trading Data
On Monday, AVBH stock rose 1.96% to $20.80 with 650 shares, compared to volume of 705 shares. The stock moved within a range of $20.50 – 20.80 after opening trade at $20.50.
Avidbank Holdings, Inc. Announces Net Income of $8.4 Million for the Fourth Quarter of 2022
The company announced yesterday that it had managed to generate income of as much as $8.4 million for the fourth quarter and that worked out to earnings of $1.13 a diluted share. That proved to be a considerable improvement from the $7 million in income in the prior year period. The earnings per share in the prior year quarter stood at $0.95 for each diluted share. It was also a massive sequential improvement, given Avidbank generated income of $2.5 million in the third quarter which worked out to earnings per diluted share of only $0.42.
On the other hand, the return on average assets improved considerable to 1.61%. In the prior year quarter, the same metric stood at 1.38% and at 0.49% in the previous quarter. The efficiency ratio recorded by Avidbank came in at 45.25% and that was again an improvement on the efficiency ratio of 48% in previous quarter and as much as 58.31% in the prior year quarter.
Key Quote
“Our strong performance for 2022 continued in the fourth quarter with solid loan growth and continued improvement in our overall profitability,” said Mark Mordell, Chairman and Chief Executive Officer. “The growth we have achieved along with our increased profitability have us well positioned for 2023,” added Mr. Mordell.
