diff --git a/esphome/components/esp32/gpio.cpp b/esphome/components/esp32/gpio.cpp
index d0805e4dd2..758a707531 100644
--- a/esphome/components/esp32/gpio.cpp
+++ b/esphome/components/esp32/gpio.cpp
@@ -95,7 +95,7 @@ void ESP32InternalGPIOPin::pin_mode(gpio::Flags flags) {
   // can't call gpio_config here because that logs in esp-idf which may cause issues
   gpio_set_direction(pin_, flags_to_mode(flags));
   gpio_pull_mode_t pull_mode = GPIO_FLOATING;
-  if (flags & (gpio::FLAG_PULLUP | gpio::FLAG_PULLDOWN)) {
+  if ((flags & gpio::FLAG_PULLUP) && (flags & gpio::FLAG_PULLDOWN)) {
     pull_mode = GPIO_PULLUP_PULLDOWN;
   } else if (flags & gpio::FLAG_PULLUP) {
     pull_mode = GPIO_PULLUP_ONLY;
diff --git a/esphome/const.py b/esphome/const.py
index 191af784d2..91c5165c99 100644
--- a/esphome/const.py
+++ b/esphome/const.py
@@ -1,6 +1,6 @@
 """Constants used by esphome."""
 
-__version__ = "2022.12.2"
+__version__ = "2022.12.3"
 
 ALLOWED_NAME_CHARS = "abcdefghijklmnopqrstuvwxyz0123456789-_"