AVBC News & Events

Net interest margin increased quarter-over-quarter by 7 basis points to 3.61%. Return on average assets increased quarter-over-quarter by 9 basis points to 0.86%. Efficiency ratio for the quarter was 67.2%. Book value per share and tangible book value per share increased to $19.09 and $18.49, respectively.

"Our primary objective of deploying our newly issued capital in a disciplined manner was reflected in fourth quarter results." said Robert Cozzone, President and Chief Executive Officer. "Growth across most commercial loan categories was fully funded with core deposits growth, leading to net interest margin expansion. In addition, solid earnings for the quarter contributed to 2.1% growth in tangible book value per share. We are also pleased to announce the initiation of our first quarterly dividend."