Avidbank Holdings Inc (OTCMKTS:AVBH) Stock On Radar After Q3 Earnings

One of the stocks that may well come into focus among investors today is that of Avidbank Holdings Inc (OTCMKTS:AVBH) after the company announced its financial results for the third fiscal quarter yesterday. The company announced that in the third quarter it had managed to bring in income of $7million, which worked out to earnings of $0.95 per diluted share.

Trading Data

On Wednesday, AVBH stock decreased 0.62% to $20.87 with 900 shares, compared to volume of 3.57K shares. The stock moved within a range of $20.87 – 21.00 after opening trade at $21.00.

Avidbank Holdings, Inc. Announces Net Income for the Third Quarter of 2022

It was a significant improvement from the $5.2 million in income that Avidbank had generated in the previous quarter. The diluted earnings per share at the time worked out to $0.76. In the prior year quarter, the company had managed to bring in income of $3.6 million, which reflected earnings per diluted share of $0.59.

On the other hand, the return generated by Avidbank on its average assets improved considerably to 1.38%. In the previous quarter, the same overhead had stood at 1.02% and the prior year period it had been 0.80%.

The return on average equity also showed an improvement as it touched 19.36%. In the previous quarter it had been 16.18% and in the prior year period, it had stood at 10.45%. It may be a good time to add the stock to your watch lists.

Key Quote

“Our strong performance for 2022 continued in the third quarter with another quarter of solid loan growth along with expanding profitability metrics,” said Mark Mordell, Chairman and Chief Executive Officer. “Although overall deposit balances were down slightly in the third quarter, our growth in new deposits from new client acquisition was solid. Overall balances were down slightly in the third quarter as the strong growth in new deposits was offset by another quarter of elevated decreases in existing client balances due to the dynamic characteristics of many of our clients. We continue to be optimistic about the remainder of 2022 as our pipeline for new business is very encouraging along with the additional benefits we will see from further increases in the fed funds rate,” added Mr. Mordell.

Traders Corner

AVBH stock is trading below the 20-Day and 50-Day Moving averages of $22 and $21 respectively. Moreover, the stock is trading below the 200-Day moving average of $24.