Book value per share of $19.57 on March 31, 2023, compared to $17.99 on December 31, 2022 and $19.20 on March 31, 2022. Return on average assets was 1.19%, compared to 1.61% in the fourth quarter of 2022 and 0.83% in the first quarter of 2022. Total assets were $2.17 billion as of March 31, 2023, compared to $2.13 billion on December 31, 2022 and $2.11 billion at March 31, 2022. "While the banking industry has begun to adjust to additional turmoil due to the failure of Silicon Valley Bank ("SVB"), we are proud of the relationships we have with our clients and our ability to adapt and meet their needs. The impact of this quarter’s deposit activity on our cost of funds no doubt slowed the expansion of our profitability. That being said, I am very pleased with the resilience of our balance sheet and our ability to continue to operate with sufficient liquidity and borrowing capacity, if needed," said Mark Mordell, Chairman and CEO. "The Venture Banking space has received a lot of negative press and it is our opinion that the failure of SVB was not due to the Venture Banking business model, but more about prudent balance sheet and risk management. The Venture Banking business is an important line of business for Avidbank, but it is only one of our five verticals. We remain fully committed to that space, have a strong pipeline of new activity and believe recent events have and will continue to open doors to new growth opportunities. As we always have, we continue to remain focused on liquidity, credit quality and profitability."
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