Avidbank saw unaudited consolidated net income of $3.452 million for the third quarter of 2019 compared to $2.865 million for the same period in 2018.
Other year-to-date and third quarter 2019 highlights included:
Net income was $9.808 million in the first nine months of 2019 compared to $7.639 million in the first nine months of 2018. Net income in the first nine months of 2019 included a $1.3 million loan loss provision while net income in 2018 reflected a $0.7 million loan loss provision. Net interest income was $33.632 million in the first nine months of 2019, an increase of $6.5 million or 24% over the figure recorded in the first nine months of 2018.
Diluted earnings per common share were $1.66 in the first nine months of 2019, compared to $1.30 in the firs tnine months of 2018. The increase in earnings per share was the result of higher earnings in 2019. Weighted average common fully diluted shares outstanding were 5,904,960 and 5,865,859 in the first nine months of2019 and 2018, respectively.
Net interest income was $11.164 million for the third quarter of 2019, an increase of $1.568 million over the $9.596 million we recorded in the third quarter of 2018. The 16% increase over the prior year quarter reflects the impact of our loan growth over the past twelve months.
Diluted earnings per common share were $0.58 for the third quarter of 2019, compared to $0.49 for the third quarter of 2018.
Total assets grew by 22% in the first nine months of 2019, ending the third quarter at $1.1 billion.
Total loans net of deferred fees grew by 13% in the first nine months of 2019, ending the third quarter at $909 million.
Total deposits grew by 11% in the first nine months of 2019, ending the third quarter at $888 million.
Mark D. Mordell, Avidbank chairman and CEO, stated, “We continue to be committed to a strong growth strategy to achieve scale and optimal profitability. We are also continuing to be opportunistic when identifying additional personnel and infrastructure that can be accretive to our cause. We have added several new employees in the first nine months of 2019, reflecting the expansion of our Venture Lending and Structured Finance divisions that are key areas for diversification and growth. Additionally, we invested further in administrative infrastructure as we scale. We have added personnel in Credit Administration, Operations, BSA and Gina Thoma-Peterson, our first chief operating officer, started in September. The individuals we have in leadership and support roles position us well to continue our franchise growth strategy to scale our balance sheet and operations to serve our markets.”
Headquartered in San Jose, CA, Avidbank specializes in commercial & industrial lending, venture lending, structured finance, asset-based lending, sponsor finance, real estate construction and commercial real estate lending.
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