Avidbank Holdings Q3 profit rebounds as loans and deposits rise
AVBH•Avidbank Holdings reported third-quarter net income of $10.18 million and EPS of $0.94, up sharply from a year-earlier loss. Loans and deposits rose, partly reflecting a temporary large client deposit that the company expects to leave in the fourth quarter.
1. Profit and deposits rise
Avidbank Holdings reported third-quarter net income of $10.18 million and EPS of $0.94, compared with a loss a year earlier. Its net interest margin was 4.07%, and its CET1 capital ratio was 11.45%. Loans and deposits grew, with deposit growth partly driven by a temporary large client deposit that also contributed to net interest income and pressured the margin. The company expects that deposit to leave in the fourth quarter and said core deposit growth remains a focus.
