Avidbank Holdings, Inc. Announces Net Income of $3,481,000 for the Fourth Quarter of 2018
AVIDBANK HOLDINGS INC (AVBH)
NASDAQ:AMEX Investor Relations:
avidbank.com
Company Research
Source: Business Wire
SAN JOSE, Calif.--(BUSINESS WIRE)-- Avidbank Holdings, Inc. ("the Company") (OTC Pink: AVBH), a bank holding company and the parent company of Avidbank ("the Bank"), an independent full-service commercial bank serving businesses and consumers in Northern California, announced unaudited consolidated net income of $3,481,000 for the fourth quarter of 2018 compared to $1,009,000 for the same period in 2017. Full Year and Fourth Quarter 2018 Financial Highlights Net income was $11,120,000 in 2018 compared to $5,654,000 in 2017. Net income in 2017 included a $1.1 million charge to income tax expense as a result of the Tax Cuts and Jobs Act of 2017 while net income in 2018 benefited from a lower federal tax rate. Net interest income was $37,866,000 in 2018, an increase of $7,338,000 or 24% over the figure recorded in 2017. Diluted earnings per common share were $1.9
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