HUDSON, Mass.--(BUSINESS WIRE)--October 23, 2025--
Avidia Bancorp, Inc. (the "Company") (NYSE: "AVBC"), the holding company of Avidia Bank, today reported third quarter financial results.
Concurrent with the mutual-to-stock conversion of Avidia Bank's former mutual holding company and as described in the prospectus for the Company's initial public offering ("IPO"), the Company made a $10 million, one-time donation, of 900 thousand shares of common stock at a total market value of $9.0 million and a $1.0 million cash contribution to the Avidia Bank Charitable Foundation, Inc. This contribution resulted in a net loss of $907 thousand for the third quarter of 2025, or ($0.05) per share, compared to net income of $3.9 million reported for the prior quarter.
"We are pleased with the results for our initial quarter as a publicly traded company" said Robert Cozzone, President and Chief Executive Officer. "Our core metrics are solid, and we are well positioned for the future."
SELECTED FINANCIAL HIGHLIGHTS
-- Net loss was $907 thousand, or ($0.05) per share, for the third quarter
due to the stock and cash contribution to the Avidia Bank Charitable
Foundation, Inc.
-- Book value per share and tangible book value per share (non-GAAP) were
$18.50 and $17.91, respectively, as of September 30, 2025. See the
non-GAAP reconciliation at the end of this document for further
information.
BALANCE SHEET:
Total assets were $2.8 billion at September 30, 2025, representing a decrease of $170.9 million, or 5.8%, from June 30, 2025.
-- Total cash and cash equivalents decreased by $196.7 million from the
second quarter, primarily due to the elevated cash balance as of June 30,
2025 related to the funds received from the IPO subscription offering.
-- Gross loans increased by $26.7 million from the second quarter to $2.27
billion, primarily from an increase in commercial real estate loans.
-- Loan exposure related to office space at September 30, 2025 was
$86 million or 3.8% of gross loans.
-- Deposits decreased by $363.7 million from the second quarter to $2.08
billion, primarily due to the utilization of balances associated with
subscription funds related to the conversion during the third quarter.
-- Total shareholders' equity increased by $180.0 million from the second
quarter to $371.4 million. The increase was primarily attributable to the
capital raised during the Company's IPO, which was completed on July 31,
2025.
NET INTEREST INCOME
Net interest income was $23.4 million for the quarter ended September 30, 2025, compared to $20.6 million for the prior quarter, an increase of $2.8 million, or 13.6%. The net interest margin expanded 24 basis points to 3.43% for the quarter from 3.19% in the prior quarter.
-- The yield on interest-earning assets increased by 4 basis points to
4.97%.
-- The cost of interest-bearing liabilities decreased by 11 basis points
to 2.06%.
-- The cost of deposits decreased by 3 basis points to 1.33%.
NON-INTEREST INCOME
Noninterest income was $4.5 million for the quarter ended September 30, 2025, compared to $5.2 million for the prior quarter, representing a decrease of $720 thousand, or 13.7%.
-- Payment processing income was $1.9 million, compared to $2.1 million
for the prior quarter, representing a decrease of $222 thousand primarily
related to the sale of the Direct Merchant Processing Book in the second
quarter.
-- Other non-interest income was $999 thousand, compared to $1.6 million
in the prior quarter, representing a decrease of $599 thousand, including
a decrease of $274 thousand in debit card income and a decrease of $193
thousand in swap income.
NON-INTEREST EXPENSE
Noninterest expense was $28.4 million for the quarter ended September 30, 2025, compared to $19.8 million for the prior quarter, representing an increase of $8.6 million, or 43.5%.
-- Salaries and employee benefits increased $864 thousand from the second
quarter to $9.8 million, $637 thousand of which was the full nine-month
expense for the Employee Stock Ownership plan that was adopted in
connection with the mutual-to-stock conversion.
-- Data processing decreased $743 thousand to $2.3 million. The reduction
was primarily due to $460 thousand in one-time credits associated with a
billing adjustment.
-- Payment processing expense was down $406 thousand due to reduced costs
associated with the Direct Merchant Processing Book, which was sold in
the second quarter.
-- Other general and administrative expenses increased $9.3 million,
primarily due to the $10.0 million contribution to the Avidia Bank
Charitable Foundation, Inc, partially offset by a reduction in other
expense line items.
INCOME TAXES
Income tax benefit for the quarter ended September 30, 2025 was $1.0 million, compared to income tax expense of $1.2 million in the prior quarter.
ASSET QUALITY
The allowance for credit losses ("ACL") was $24.3 million as of September 30, 2025, or 1.07% of total loans, compared to $23.4 million, or 1.04% of total loans at June 30, 2025. The Company recorded provisions for credit losses of $1.5 million during the quarter ended September 30, 2025.
Non-performing loans totaled $17.6 million as of September 30, 2025, an increase of $6.3 million from the prior quarter, primarily from an increase of non-accruing commercial loans. Total non-accrual loans to total loans was 0.77% as of September 30, 2025, compared to 0.50% as of June 30, 2025.
ABOUT AVIDIA BANCORP, INC.
Avidia Bancorp, Inc. is the bank holding company of Avidia Bank. Avidia Bank is a Massachusetts-chartered stock savings bank. With headquarters in Hudson, Massachusetts, it also operates nine full-service banking offices in western Middlesex County and eastern Worcester County, in Massachusetts.
NON-GAAP FINANCIAL MEASURES
This document contains certain non-GAAP financial measures in addition to results presented in accordance with Generally Accepted Accounting Principles ("GAAP"). These non-GAAP measures are intended to provide the reader with additional supplemental perspectives on operating results, performance trends, and financial condition. Non-GAAP financial measures are not a substitute for GAAP measures; they should be read and used in conjunction with the Company's GAAP financial information. A reconciliation of non-GAAP financial measures to GAAP measures is provided below. In all cases, it should be understood that non-GAAP measures do not depict amounts that accrue directly to the benefit of shareholders. An item which management excludes when computing non-GAAP operating earnings can be of substantial importance to the Company's results for any particular quarter or year. The Company's non-GAAP operating earnings information set forth is not necessarily comparable to non- GAAP information which may be presented by other companies. Each non-GAAP measure used by the Company in this report as supplemental financial data should be considered in conjunction with the Company's GAAP financial information. The Company adjusts certain equity related measures to exclude intangible assets due to the importance of these measures to the investment community.
FOWARD-LOOKING STATEMENTS
Statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "outlook," "will," "should," and other similar expressions which do not relate to historical matters. Although we believe that these forward-looking statements are based on reasonable estimates and assumptions, they are not guarantees of future performance. You should not place undue reliance on forward-looking statements because they are subject to significant risks, uncertainties and other factors which are, in some cases, beyond our control. Our actual results could differ materially from those presented in the forward-looking statements as a result of, among other factors, changes in general business and economic conditions nationwide and in our local markets, including changes which adversely affect borrowers' ability to service and repay loans; changes in customer behavior due to political, business and economic conditions, including inflation; conditions in the capital and debt markets; reductions in net interest income resulting from interest rate volatility and changes in the balances and mix of our loans and deposits; changes in market interest rates and real estate values; decreases in the value of securities and other assets or in deposit levels necessitating increased borrowing to fund loans and investments; competition from other financial institutions; changes in legislation or regulation and accounting principles, policies and guidelines; cybersecurity incidents; fraud; natural disasters; the risk that we may be unsuccessful in implementing our business strategy; and the other risks and uncertainties disclosed in Avidia Bancorp, Inc.'s definitive prospectus dated May 13, 2025, as filed the U.S. Securities and Exchange Commission. Forward looking statements speak only as of the date of this release, and we do not undertake any obligation to update or revise any of them to reflect events or circumstances occurring after the date of this release or to reflect the occurrence of unanticipated events, except as may be required by applicable law or regulation.
Avidia Bancorp, Inc.
Selected Financial Highlights (Unaudited)
------------------------------------------------------------------
At or for the Quarters Ended
----------------- ----------------------------------------------
(In thousands,
except per share
data) Sept. 30, 2025 June 30, 2025 Sept. 30, 2024
----------------- -------------- -------------- --------------
Earnings Data:
Net interest
income $ 23,432 $ 20,618 $ 18,283
Total non-interest
income 4,526 5,246 4,516
Total non-interest
expense 28,369 19,763 17,898
Provision for
credit losses 1,540 1,071 2,155
(Loss) income
before income tax
expense (1,951) 5,030 2,746
Net (loss) income (907) 3,872 2,079
Per-Share Data:
(Loss) earnings
per share, basic $ (0.05) N/A N/A
(Loss) earnings
per share,
diluted (0.05) N/A N/A
Book value per
share 18.50 N/A N/A
Tangible book
value per share
(non-GAAP) 17.91 N/A N/A
Performance
Ratios:
Return on average
assets
(annualized) -0.13% 0.57% 0.31%
Return on average
equity
(annualized) -1.14 8.20 4.18
Net interest
margin(1) 3.43 3.19 2.84
Cost of deposits 1.33 1.36 1.72
Yield on loans 5.21 5.20 5.14
Interest rate
spread (2) 2.91 2.76 2.31
Noninterest income
as a percentage
of average
assets 0.64 0.77 0.68
Noninterest
expense as a
percentage of
average assets 4.02 2.91 2.69
Efficiency
ratio(3) 101.47 76.41 78.50
Average
interest-earning
assets as a
percentage of
average
interest-bearing
liabilities 134.52 124.77 126.75
Balance Sheet,
(end of period):
Total assets $2,787,010 $2,957,908 $2,673,705
Total earning
assets 2,669,662 2,827,019 2,548,053
Total loans 2,274,747 2,248,021 2,180,676
Total deposits 2,075,868 2,439,608 2,046,192
Total
shareholders'
equity 371,400 191,426 195,032
Asset Quality:
Allowance for
credit losses $ 24,284 $ 23,425 $ 21,585
Allowance for
credit losses as
a percentage of
total loans 1.07% 1.04% 0.99%
Allowance for
credit losses as
a percentage of
non-performing
loans 137.79 207.37 497.33
Allowance for
credit losses as
a percentage of
non-accrual
loans 137.79 207.37 497.33
Non-accrual loans
as a percentage
of total loans 0.77 0.50 0.20
Net (charge-offs)
recoveries as a
percentage of
total loans (0.11) 0.01 (0.20)
Total non-accruing
assets as a
percentage of
total assets 0.63 0.38 0.16
Total
non-performing
assets as a
percentage of
total assets 0.63 0.38 0.16
Capital Ratios:
Total
shareholders'
equity as a
percentage of
total assets 13.33% 6.47% 7.29%
Tangible
shareholders'
equity as a
percentage of
tangible assets
(non-GAAP) 12.95 6.09 6.88
Total capital as a
percentage of
risk-weighted
assets (4) 19.89 11.57 N/A
Tier 1 capital as
a percentage of
risk-weighted
assets (4) 17.42 9.14 N/A
Common equity tier
1 capital as a
percentage of
risk-weighted
assets (4) 17.42 9.14 N/A
Tier 1 capital as
a percentage of
average assets
(4) 13.11 7.24 N/A
(1) Represents net interest income as a percentage of average
interest-earning assets.
(2) Represents the difference between the weighted average yield
on interest-earning assets and the weighted average cost of
interest-bearing liabilities.
(3) Represents noninterest expenses divided by the sum of net
interest income and noninterest income.
(4) Presented as projected for September 30, 2025 and actual for
the remaining dates.
Avidia Bancorp, Inc.
Consolidated Balance Sheets (Unaudited)
-------------------------------------------------------------------------------------------------------
As of Sept. 30, 2025 Change From
------------------------------------- ---------------------------------------------
Sept. 30, June 30, Sept. 30,
(In thousands) 2025 2025 2024 June 30, 2025 Sept. 30, 2024
----------- ----------- ----------- --------------------- ----------------------
Assets
Cash and due
from banks $ 15,484 $ 24,667 $ 21,272 $ (9,183) (37.2)% $ (5,788) (27.2)%
Short-term
investments 96,384 283,919 36,859 (187,535) (66.1) 59,525 161.5
--------- --------- --------- -------- ----- -------- ------
Total cash
and cash
equivalents 111,868 308,586 58,131 (196,718) (63.7) 53,737 92.4
Securities
available for
sale, at fair
value 269,308 266,249 283,945 3,059 1.1 (14,637) (5.2)
Equity
securities, at
fair value - - 11,886 - - (11,886) (100.0)
Securities held
to maturity,
at amortized
cost 15,747 16,747 16,746 (1,000) (6.0) (999) (6)
--------- --------- --------- -------- ----- -------- ------
Total
securities 285,055 282,996 312,577 2,059 0.7 (27,522) (9)
Federal Home
Loan Bank
stock, at
cost 11,731 12,083 16,755 (352) (2.9) (5,024) (30.0)
Loans held for
sale 1,745 - 1,186 1,745 - 559 47.1
Total loans 2,274,747 2,248,021 2,180,676 26,726 1.2 94,071 4.3
Less: Allowance
for credit
losses (24,284) (23,425) (21,585) (859) 3.7 (2,699) 12.5
--------- --------- --------- -------- ----- -------- ------
Net loans 2,250,463 2,224,596 2,159,091 25,867 1.2 91,372 4.2
Premises and
equipment,
net 29,270 29,098 28,270 172 0.6 1,000 3.5
Bank-owned life
insurance 36,375 36,093 35,269 282 0.8 1,106 3.1
Accrued
interest
receivable 8,141 8,922 8,838 (781) (8.8) (697) (7.9)
Net deferred
tax asset 10,832 11,323 12,491 (491) (4.3) (1,659) (13.3)
Goodwill 11,936 11,936 11,936 - - - -
Mortgage
servicing
rights 3,149 3,253 3,242 (104) (3.2) (93) (2.9)
Other assets 26,445 29,022 25,919 (2,577) (8.9) 526 2.0
--------- --------- --------- -------- ----- -------- ------
Total assets $2,787,010 $2,957,908 $2,673,705 $(170,898) (5.8)% $ 113,305 4.2%
========= ========= ========= ======== ===== ======== ======
Liabilities
Deposits $2,075,868 $2,439,608 $2,046,192 $(363,740) (14.9)% $ 29,676 1.5%
Federal Home
Loan Bank
advances 260,000 260,000 365,000 - 0.0 (105,000) (28.8)
Subordinated
debt 27,778 27,738 27,642 40 0.1 136 0.5
Mortgagors'
escrow
accounts 3,710 3,498 3,464 212 6.1 246 7.1
Accrued
expenses and
other
liabilities 48,254 35,638 36,375 12,616 35.4 11,879 32.7
--------- --------- --------- -------- ----- -------- ------
Total liabilities $2,415,610 $2,766,482 2,478,673 $(350,872) (12.7)% $ (63,063) (2.5)%
--------- --------- --------- -------- ----- -------- ------
Shareholders'
equity:
Common Stock $ 201 $ - $ - $ 201 -% $ 201 -%
Additional
paid-in
capital 194,994 - - 194,994 - 194,994 -
Unallocated
ESOP common
stock (16,061) - - (16,061) - (16,061) -
Retained
earnings 206,648 207,555 211,761 (907) (0.4) (5,113) (2.4)
Accumulated
other
comprehensive
loss (14,382) (16,129) (16,729) 1,747 (10.8) 2,347 (14.0)
--------- --------- --------- -------- ----- -------- ------
Total
shareholders'
equity $ 371,400 $ 191,426 195,032 $ 179,974 94.0 $ 176,368 90.4%
--------- --------- --------- -------- ----- -------- ------
Total liabilities
and
shareholders'
equity $2,787,010 $2,957,908 $2,673,705 $(170,898) (5.8)% $ 113,305 4.2%
========= ========= ========= ======== ===== ======== ======
Avidia Bancorp, Inc.
Consolidated Statements of Operations QTD (Unaudited)
-------------------------------------------------------------------------------------------------
Three Months Ended Sept. 30, 2025 Change
Three Months Ended From Three Months Ended
---------------------------- ------------------------------------------
Sept. Sept.
(In thousands, except 30, June 30, 30,
per share data) 2025 2025 2024 June 30, 2025 Sept. 30, 2024
-------- -------- -------- -------------------- --------------------
Interest and dividend
income:
Loans, including
fees $29,727 $28,883 $28,439 $ 844 2.9% $ 1,288 4.5%
Securities 2,567 2,555 2,672 12 0.5 (105) (3.9)
Other 1,588 421 415 1,167 277.2 1,173 282.7
------ ------ ------ ------ ------ ------ ------
Total interest and
dividend income 33,882 31,859 31,526 2,023 6.3 2,356 7.5
------ ------ ------ ------ ------ ------ ------
Interest expense:
Deposits 7,268 7,242 8,732 26 0.4 (1,464) (16.8)
Federal Home Loan
Bank advances 2,827 3,647 4,196 (820) (22.5) (1,369) (32.6)
Subordinated debt 355 352 315 3 0.9 40 12.7
------ ------ ------ ------ ------ ------ ------
Total interest expense 10,450 11,241 13,243 (791) (7.0) (2,793) (21.1)
------ ------ ------ ------ ------ ------ ------
Net interest income: 23,432 20,618 18,283 2,814 13.6 5,149 28.2
Provision expense
for credit losses -
loans 1,480 1,523 1,785 (43) (2.8) (262) (14.7)
Provision expense
(reversal) for
credit losses -
off-balance sheet
credit exposures 60 (452) 370 512 (113.3) (822) (222.2)
------ ------ ------ ------ ------ ------ ------
Net interest income,
after provision
expense for credit
losses 21,892 19,547 16,128 2,345 12.0 5,764 35.7
------ ------ ------ ------ ------ ------ ------
Non-interest income:
Customer service
fees 912 884 1,095 28 3.2 (183) (16.7)
Net (loss) on sale
of securities
available for sale - (78) (992) 78 (100.0) 992 (100.0)
Net recognized gain
on equity
securities - - 896 - - (896) (100.0)
Payment processing
income 1,857 2,079 1,929 (222) (10.7) (72) (3.7)
Income on bank-owned
life insurance 279 289 263 (10) (3.5) 16 6.1
Mortgage banking
income 121 162 121 (41) (25.3) - 0.0
Investment
commissions 358 312 376 46 14.7 (18) (4.8)
Other 999 1,598 828 (599) (37.5) 171 20.7
------ ------ ------ ------ ------ ------ ------
Total non-interest
income 4,526 5,246 4,516 (720) (13.7) 10 0.2
------ ------ ------ ------ ------ ------ ------
Non-interest expense:
Salaries and
employee benefits 9,773 8,909 8,192 864 9.7 1,581 19.3
Occupancy and
equipment 1,933 2,042 1,910 (109) (5.3) 23 1.2
Data processing 2,251 2,994 2,866 (743) (24.8) (615) (21.5)
Professional fees 790 1,088 566 (298) (27.4) 224 39.6
Payment processing 526 932 1,053 (406) (43.6) (527) (50.0)
Deposit insurance 651 780 638 (129) (16.5) 13 2.0
Advertising 423 310 343 113 36.5 80 23.3
Telecommunications 81 96 85 (15) (15.6) (4) (4.7)
Problem loan and
foreclosed real
estate, net 179 194 105 (15) (7.7) 74 70.5
Other general and
administrative 11,762 2,418 2,140 9,344 386.4 9,622 449.6
------ ------ ------ ------ ------ ------ ------
Total non-interest
expense 28,369 19,763 17,898 8,606 43.5 10,471 58.5
------ ------ ------ ------ ------ ------ ------
(Loss) income before
income tax expense (1,951) 5,030 2,746 (6,981) (138.8) (4,697) (171.0)
Income tax (benefit)
expense (1,044) 1,158 667 (2,202) (190.2) (1,711) (256.5)
------ ------ ------ ------ ------ ------ ------
Net (loss) income $ (907) $ 3,872 $ 2,079 $(4,779) (123.4)% $(2,986) (143.6)%
====== ====== ====== ====== ====== ====== ======
Share data:
Weighted average
common shares
outstanding, basic 18,520 N/A N/A N/A N/A N/A N/A
Weighted average
common shares
outstanding diluted 18,520 N/A N/A N/A N/A N/A N/A
(Loss) per share, basic $ (0.05) N/A N/A N/A N/A N/A N/A
(Loss) per share,
diluted $ (0.05) N/A N/A N/A N/A N/A N/A
Avidia Bancorp, Inc.
Consolidated Statements of Operations YTD (Unaudited)
---------------------------------------------------------------------
Nine Months Ended Sept.
Nine Months Ended 30, 2025 Change
Sept.
(In thousands, except Sept. 30, 30, From Nine Months Ended
per share data) 2025 2024 Sept. 30, 2024
--------- -------- -----------------------
Interest and dividend
income:
Loans, including
fees $ 86,791 $83,189 $ 3,602 4.3%
Securities 7,774 7,625 149 2.0
Other 2,224 1,453 771 53.1
------- ------ ------- ------ ----
Total interest and
dividend income 96,789 92,267 4,522 4.9
------- ------ ------- ------ ----
Interest expense:
Deposits 22,241 24,604 (2,363) (9.6)
Federal Home Loan
Bank advances 10,267 12,540 (2,273) (18.1)
Subordinated debt 1,021 945 76 8.0
------- ------ ------- ------ ----
Total interest expense 33,529 38,089 (4,560) (12.0)
------- ------ ------- ------ ---
Net interest income: 63,260 54,178 9,082 16.8
Provision expense
for credit losses -
loans 20,308 1,965 18,343 933.5
Provision (reversal)
expense for credit
losses -
off-balance sheet
credit exposures (82) 500 (582) (116.4)
------- ------ ------- ------ ---
Net interest income,
after provision
expense for credit
losses 43,034 51,713 (8,679) (16.8)
------- ------ ------- ------ ---
Non-interest income:
Customer service
fees 2,697 2,715 (18) (0.7)
Net (loss) on sale
of securities
available for sale (619) (2,359) 1,740 (73.8)
Net recognized gain
on equity
securities - 2,534 (2,534) (100.0)
Payment processing
income 6,129 5,589 540 9.7
Income on bank-owned
life insurance 847 670 177 26.4
Mortgage banking
income 299 979 (680) (69.5)
Investment
commissions 1,020 1,036 (16) -
Other 3,129 2,696 433 16.1
------- ------ ------- ------ ----
Total non-interest
income 13,502 13,860 (358) (2.6)
------- ------ ------- ------ ---
Non-interest expense:
Salaries and
employee benefits 30,247 25,500 4,747 18.6
Occupancy and
equipment 5,994 6,378 (384) (6.0)
Data processing 8,623 7,289 1,334 18.3
Professional fees 2,539 1,820 719 39.5
Payment processing 2,500 3,065 (565) (18.4)
Deposit insurance 2,064 2,034 30 1.5
Advertising 998 1,122 (124) (11.1)
Telecommunications 270 290 (20) (6.9)
Problem loan and
foreclosed real
estate, net 485 289 196 67.8
Other general and
administrative 16,245 7,171 9,074 126.5
------- ------ ------- ------ ----
Total non-interest
expense 69,965 54,958 15,007 27.3
------- ------ ------- ------ ----
(Loss) income before
income tax expense (13,429) 10,615 (24,044) (226.5)
Income tax (benefit)
expense (4,808) 2,640 (7,448) (282.1)
------- ------ ------- ------ ---
Net (loss) income $ (8,621) $ 7,975 $(16,596) (208.1)%
======= ====== ======= ======
Share data:
Weighted average
common shares
outstanding, basic 18,520 N/A N/A N/A
Weighted average
common shares
outstanding diluted 18,520 N/A N/A N/A
(Loss) per share, basic $ (0.47) N/A N/A N/A
(Loss) per share,
diluted $ (0.47) N/A N/A N/A
Avidia Bancorp, Inc.
Average Balances and Average Yields And Costs (Unaudited)
---------------------------------------------------------------------------------------------------------------------------------------
For the Quarters Ended
-------------------------------------------------------------------------------------------------------------
Sept. 30, 2025 June 30, 2025 Sept. 30, 2024
----------------------------------- ----------------------------------- -----------------------------------
Average Average Average Average Average Average
Outstanding Yield/ Outstanding Yield/ Outstanding Yield/
(Dollars in thousands) Balance Interest Rate Balance Interest Rate Balance Interest Rate
----------- ---------- ---------- ----------- ---------- ---------- ----------- ---------- ----------
Interest-earning assets:
Short-term investments $ 150,428 $ 1,588 4.19% $ 67,357 $ 421 2.51% $ 42,118 $ 415 3.92%
Securities 292,031 2,567 3.49 296,321 2,555 3.46 306,177 2,672 3.47
Loans 2,264,095 29,727 5.21 2,229,893 28,883 5.20 2,202,174 28,439 5.14
---------- ------ ---------- ------ ---------- ------
Total interest-earning
assets 2,706,554 33,882 4.97 2,593,571 31,859 4.93 2,550,469 31,526 4.92
Noninterest-earning
assets 116,574 122,176 111,525
---------- ---------- ----------
Total assets $ 2,823,128 $ 2,715,747 $ 2,661,994
========== ========== ==========
Interest-bearing
liabilities:
NOW accounts $ 704,708 $ 833 0.47% $ 697,452 $ 700 0.40% $ 595,184 $ 815 0.54%
Money market accounts 274,203 918 1.33 270,969 848 1.26 284,767 1,056 1.47
Regular and other
savings accounts 411,941 2,407 2.32 401,215 2,278 2.28 355,220 2,387 2.67
Certificates of deposit 334,638 3,110 3.69 347,419 3,416 3.94 390,588 4,474 4.56
---------- ------ ---------- ------ ---------- ------
Total interest-bearing
deposits 1,725,490 7,268 1.67 1,717,055 7,242 1.69 1,625,759 8,732 2.14
FHLB advances and other
borrowings (1) 258,782 2,827 4.33 333,834 3,647 4.38 367,161 4,196 4.55
Subordinated debt 27,753 355 5.07 27,782 352 5.08 27,617 315 4.54
---------- ------ ---------- ------ ---------- ------
Total interest-bearing
liabilities 2,012,025 10,450 2.06 2,078,671 11,241 2.17 2,020,537 13,243 2.61
Noninterest-bearing
demand deposits 458,900 415,035 404,466
Other
noninterest-bearing
liabilities 34,777 33,242 38,281
---------- ---------- ----------
Total liabilities 2,505,702 2,526,948 2,463,284
Total shareholders'
equity 317,426 188,799 198,710
---------- ---------- ----------
Total liabilities and
capital $ 2,823,128 $ 2,715,747 $ 2,661,994
========== ========== ==========
Net interest income $ 23,432 $ 20,618 $ 18,283
Net interest rate spread
(2) 2.91% 2.76% 2.31%
Net interest-earning
assets (3) $ 694,529 $ 514,900 $ 529,932
Net interest margin (4) 3.43% 3.19% 2.84%
Cost of deposits 1.33 1.36 1.72
Average interest-earning
assets to
interest-bearing
liabilities 134.52% 124.77% 126.75%
(1) Average balances for borrowings includes the financing lease obligation which is presented under other liabilities on the
consolidated balance sheet.
(2) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted
average rate of interest-bearing liabilities.
(3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(4) Net interest margin represents net interest income divided by average total interest-earning assets.
Avidia Bancorp, Inc.
Asset Quality Data (Unaudited)
--------------------------------------------------------------------
At or for the Quarters Ended
------------------------------------------
Sept. 30, June 30,
(Dollars in thousands) 2025 2025 Sept. 30, 2024
------------ ----------- ---------------
Non-Performing Assets
Non-accrual loans:
Residential $ 387 $ 255 $ 869
Construction 8,930 8,930 -
Commercial 8,307 2,111 3,471
------ --- ------ ------ ---
Total non-accrual
loans $17,624 $11,296 $ 4,340
Other real estate
owned - - -
------ --- ------ ------ ---
Total non-performing
assets $17,624 $11,296 $ 4,340
====== === ====== ====== ===
Total non-accrual
loans to total loans 0.77% 0.50% 0.20%
Total non-performing
assets to total
loans 0.77 0.50 0.20
Allowance for Credit
Losses
Allowance for credit
losses, beginning of
period $23,425 $21,849 $ 20,875
Charged-off loans (844) (18) (1,181)
Recoveries on
charged-off loans 223 71 106
------ --- ------ ------ ---
Net loans charged-off (621) 53 (1,075)
Provision expense for
credit losses 1,480 1,523 1,785
------ --- ------ ------ ---
Allowance for credit
losses, end of
period $24,284 $23,425 $ 21,585
====== === ====== ====== ===
Allowance for credit
losses to total
loans 1.07% 1.04% 0.99%
Allowance for credit
losses to non-accrual
loans 137.79 207.37 497.33
Allowance for credit
losses to
non-performing loans 137.79 207.37 497.33
Net loans (charge-offs)
recoveries
Residential $ 2 $ 1 $ 32
Commercial real estate 135 25 25
Commercial (766) 20 (1,161)
Consumer 8 7 29
------ --- ------ ------ ---
Total net loan
(charge-offs)
recoveries $ (621) $ 53 $ (1,075)
====== ====== ======
Net loan (charge-offs)
recoveries to average
loans (annualized) (0.11)% 0.01% (0.20)%
Avidia Bancorp, Inc.
Non-GAAP Reconciliation (Unaudited)
----------------------------------------------------------------------
As of
----------------------------------------------------
(In thousands,
except per
share data) Sept. 30, 2025 June 30, 2025 Sept. 30, 2024
-------------- ----------------- -----------------
Tangible
shareholders'
equity:
Total
shareholders'
equity (GAAP) $ 371,400 $ 191,426 $ 195,032
Less: Goodwill 11,936 11,936 11,936
--------- --------- ---------
Tangible
shareholders'
equity
(non-GAAP) $ 359,464 $ 179,490 $ 183,096
--------- --------- ---------
Tangible assets:
Total assets
(GAAP) $2,787,010 $ 2,957,908 $ 2,673,705
Less: Goodwill 11,936 11,936 11,936
--------- --------- ---------
Tangible assets
(non-GAAP) $2,775,074 $ 2,945,972 $ 2,661,769
--------- --------- ---------
Shareholders'
equity to
assets (GAAP) 13.33% 6.47% 7.29%
Tangible
shareholders'
equity to
tangible assets
(non-GAAP) 12.95% 6.09% 6.88%
Common shares 20,076 N/A N/A
outstanding,
including
unallocated
ESOP shares
Book value per $ 18.50 N/A N/A
common share
(GAAP)
Tangible book $ 17.91 N/A N/A
value per
common share
(non-GAAP)
View source version on businesswire.com: https://www.businesswire.com/news/home/20251023247487/en/
CONTACT: Robert D. Cozzone
President and Chief Executive Officer
Avidia Bancorp, Inc.
(800) 508-2265
(END) Dow Jones Newswires
October 23, 2025 16:30 ET (20:30 GMT)