HUDSON, Mass.--(BUSINESS WIRE)--January 29, 2026--
Avidia Bancorp, Inc. (the "Company") (NYSE: "AVBC"), the holding company of Avidia Bank, today reported fourth quarter and annual 2025 consolidated financial results. Net income for the fourth quarter of 2025 was $5.3 million, or $0.29 per share, compared to net income of $3.5 million for the fourth quarter of 2024. For the year ended December 31, 2025, the net loss was $3.3 million, or ($0.18) per share, compared to net income of $11.5 million for the year ended December 31, 2024.
The Company also announced today the declaration of a quarterly cash dividend of $0.05 per share on its outstanding shares of common stock, payable on or about February 26, 2026, to stockholders of record as of the close of business on February 17, 2026. This is the Company's initial cash dividend payment following its initial public stock offering in July 2025.
"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."
SELECTED FOURTH QUARTER FINANCIAL HIGHLIGHTS
-- Net income was $5.3 million, or $0.29 per share, for the fourth
quarter.
-- Net interest margin increased quarter-over-quarter by 11 basis points
to 3.54%.
-- Efficiency ratio of 67.2% continues to improve over prior periods.
-- Book value per share and tangible book value per share (non-GAAP)
increased to $18.88 and $18.28, respectively. See the non-GAAP
reconciliation at the end of this document for further information.
BALANCE SHEET:
Total assets were $2.84 billion at December 31, 2025, increasing $50.1 million, or 1.8%, from September 30, 2025.
-- Total cash and cash equivalents increased by $33.6 million, or 30.0%,
to $145.5 million from $111.9 million in the prior quarter, primarily as
a result of $48.7 million in deposit growth, partially offset by loan
growth of $23.7 million.
-- Total loans increased by $23.7 million, or 1.0%, to $2.30 billion, from
$2.27 billion in the prior quarter. Moderate growth was seen across most
segments, and was led by increases of $8.5 million, or 1.6%, in
commercial real estate loans and $8.5 million, or 1.7%, in condominium
association loans.
-- Loan exposure related to non-medical office space at December
31, 2025 was $89.3 million or 3.9% of gross loans. When excluding
owner-occupied, total non-medical office exposure was $71.4
million.
-- Deposits increased by $48.7 million, or 2.3%, to $2.13 billion from
$2.08 billion in the prior quarter, driven primarily by growth within the
wholesale payments business. NOW accounts grew $62.3 million,
non-interest-bearing demand accounts increased $17.0 million and savings
accounts were also up $8.4 million. This growth was offset by decreases
in money market accounts of $28.0 million and certificates of deposits of
$10.9 million.
-- Total shareholders' equity increased by $7.0 million, or 1.9%, to
$379.0 million from $372.0 million in the prior quarter, primarily the
result of net income of $5.3 million and a $1.6 million increase in
accumulated other comprehensive income.
-- Shareholders' equity to total assets was 13.36% as of December 31,
2025, compared to 13.35% at the prior quarter-end. Tangible shareholders'
equity to tangible assets (non-GAAP) was 12.99% compared to 12.98% for
these respective dates.
Total assets at December 31, 2025 increased $180.6 million, or 6.8% from December 31, 2024.
-- Total loans increased $100.3 million, or 4.6%, from $2.20 billion at
December 31, 2024. Growth was seen across most segments, and was led by
increases of $50.7 million, or 10.5%, in commercial real estate loans and
$20.8 million, or 24.8%, in multi-family loans.
-- Deposits increased by $61.5 million, or 3.0%, from $2.07 billion at
December 31, 2024, driven primarily by growth within the wholesale
payments business.
NET INTEREST INCOME
Net interest income was $23.6 million for the quarter ended December 31, 2025, compared to $23.4 million for the prior quarter, an increase of $177 thousand, or 0.8%. The net interest margin expanded 11 basis points to 3.54% for the quarter from 3.43% in the prior quarter.
-- The yield on interest-earning assets increased by 9 basis points to
5.06% as reinvestment of cash flow of fixed rate loans continue to
reprice upward.
-- The cost of deposits increased by 2 basis points to 1.35% from 1.33% in
the prior quarter as the previous quarter benefited from low-cost
deposits associated with funds held at the Bank related to the
subscription offering.
Net interest income was $86.5 million for the year ended December 31, 2025, compared to $73.3 million for the year ended December 31, 2024, an increase of $13.2 million, or 18.1%. The net interest margin expanded 37 basis points to 3.29% for the year ended December 31, 2025, from 2.92% for the year ended December 31, 2024.
NON-INTEREST INCOME
Noninterest income was $3.7 million for the quarter ended December 31, 2025, compared to $4.5 million for the prior quarter, representing a decrease of $810 thousand, or 17.9%.
-- Net loss on sale of securities available for sale was $218 thousand
from the disposal of $1.3 million in low performing investments.
-- Payment processing income was $1.7 million, compared to $1.9 million
for the prior quarter, representing a decrease of $137 thousand due to
lower activity.
-- Other non-interest income was $528 thousand, compared to $999 thousand
in the prior quarter, representing a decrease of $471 thousand. The
decrease was related to a $128 thousand write-down of our mortgage
servicing asset as well as a $221 thousand loss on the disposition of
fixed assets.
Noninterest income was flat at $17.0 million for the years ended December 31, 2025 and 2024 as lower mortgage banking income was offset by lower loss on sales of available for sale and equity securities.
NON-INTEREST EXPENSE
Noninterest expense was $18.4 million for the quarter ended December 31, 2025, compared to $28.4 million for the prior quarter, representing a decrease of $10.0 million, or 35.3%.
-- Data processing expense increased $1.0 million to $3.3 million, which
was primarily the result of an increase of $460 thousand in core
processing due to favorable billing adjustments in the prior quarter as
well as an increase of $263 thousand in software licensing expense
related to the Company's continued investment in technology.
-- Deposit insurance expense decreased to $217 thousand from $651 thousand,
which was the result of a favorable adjustment to the accrual of FDIC
expense and related to an increase in the Bank's total capital levels.
-- Other general and administrative expenses decreased $9.9 million to
$1.8 million, primarily due to the $10.0 million contribution to the
Avidia Bank Charitable Foundation, Inc, in the prior quarter.
Noninterest expense was $87.8 million for the year ended December 31, 2025, compared to $73.1 million for the year ended December 31, 2024, representing an increase of $14.7 million, or 20.1%.
-- Other general and administrative expenses increased $8.8 million to
$17.5 million, primarily due to the $10.0 million contribution to the
Avidia Bank Charitable Foundation, Inc, during 2025.
-- Salaries and benefits increased $5.0 million primarily due to $1.1
million in termination costs associated with the bank's long term
incentive plan, $1.1 million in costs associated with the installation of
the bank's employee stock ownership plan and $1.3 million of an increase
in salaries.
INCOME TAXES
Income tax expense for the quarter ended December 31, 2025, was $2.4 million, compared to an income tax benefit of $1.0 million in the prior quarter. Income tax benefit for the year ended December 31, 2025, was $2.4 million, compared to an income tax expense of $3.9 million for the year ended December 31, 2024.
ASSET QUALITY
The allowance for credit losses was $22.0 million as of December 31, 2025, or 0.96% of total loans, compared to $24.3 million, or 1.07% of total loans at September 30, 2025.
-- The Company recorded provisions for credit losses on loans of $1.4
million in the fourth quarter.
-- The Company recorded net charge-offs of $3.7 million, or 0.65%
annualized during the quarter ended December 31, 2025, compared to 0.11%
in the quarter ended September 30, 2025 as the Company deemed balances on
previously recorded non-performing loans as uncollectable.
-- Non-performing loans totaled $20.2 million as of December 31, 2025, an
increase of $2.6 million from the quarter ended September 30, 2025,
primarily due to an increase of $6.1 million in non-performing commercial
real estate loans, offset by the decrease of $1.4 million non-performing
commercial loans and another $2.5 million decrease in non-performing
construction loans.
-- Total non-accrual loans to total loans was 0.88% as of December 31,
2025, compared to 0.77% as of September 30, 2025.
-- The collateral for a $25.0 million land loan for the development of a
life sciences facility that was charged down by $16.7 million in the
first quarter of 2025 was sold at foreclosure auction in January 2026.
Though the sale has yet to close, the Company used the sale price to
record an additional charge-off of $2.5 million in the fourth quarter. A
specific reserve had been established in the third quarter so the impact
on the provision for credit losses was reduced.
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 U.S. 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 at the end of this document. 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 document 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.
FORWARD-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 Consolidated Financial Highlights (Unaudited)
At or for the Quarters Ended At or for the Years Ended
----------------------- ---------------------------------------------- ------------------------------
(Dollars in thousands, Dec. 31, Sept. 30, Dec. 31, Dec. 31, Dec. 31,
except per share data) 2025 2025 2024 2025 2024
----------------------- -------------- -------------- -------------- -------------- --------------
Earnings Data:
Net interest income $ 23,609 $ 23,432 $ 19,082 $ 86,541 $ 73,260
Total non-interest
income 3,716 4,526 3,159 17,024 17,019
Total non-interest
expense 18,361 28,369 18,139 87,805 73,097
Provision for credit
losses 1,217 1,540 (686) 21,443 1,779
Income (loss) before
income tax expense 7,747 (1,951) 4,788 (5,683) 15,403
Net income (loss) 5,333 (907) 3,509 (3,289) 11,484
Per-Share Data:
Earnings (loss) per
share, basic $ 0.29 $ (0.05) N/A $ (0.18) N/A
Earnings (loss) per
share, diluted 0.29 (0.05) N/A $ (0.18) N/A
Book value per share 18.88 18.53 N/A 18.88 N/A
Tangible book value per
share (non-GAAP) 18.28 17.94 N/A 18.28 N/A
Performance Ratios:
Return on average assets
(annualized) 0.77% -0.13% 0.53% -0.12% 0.44%
Return on average equity
(annualized) 5.66 -1.14 8.07 -1.22 6.18
Net interest margin(1) 3.54 3.43 3.00 3.29 2.92
Cost of deposits 1.35 1.33 1.62 1.40 1.63
Yield on loans 5.34 5.21 5.14 5.23 5.15
Interest rate spread (2) 3.04 3.02 2.48 2.85 2.41
Noninterest income as a
percentage of average
assets 0.54 0.64 0.48 0.62 0.65
Noninterest expense as a
percentage of average
assets 2.66 4.02 2.75 3.20 2.78
Efficiency ratio(3) 67.19 101.47 81.56 84.78 80.97
Average interest-earning
assets as a percentage
of average
interest-bearing
liabilities 132.56 127.08 126.46 126.47 125.24
Balance Sheet, (end of
period):
Total assets $2,837,090 $2,787,010 $2,656,539 $2,837,090 $2,656,539
Total earning assets 2,722,357 2,669,662 2,543,243 2,722,357 2,543,243
Total loans 2,298,466 2,274,747 2,198,200 2,298,466 2,198,200
Total deposits 2,128,283 2,079,578 2,066,832 2,128,283 2,066,832
Total shareholders'
equity 378,994 372,037 193,827 378,994 193,827
Asset Quality:
Allowance for credit
losses $ 22,018 $ 24,284 $ 21,741 $ 22,018 $ 21,741
Allowance for credit
losses as a percentage
of total loans 0.96% 1.07% 0.99% 0.96 0.99
Allowance for credit
losses as a percentage
of non-performing
loans 109.03 137.79 543.93 109.03 543.93
Allowance for credit
losses as a percentage
of non-accrual loans 109.03 137.79 543.93 109.03 543.93
Non-accrual loans as a
percentage of total
loans 0.88 0.77 0.18 0.88 0.18
Net (charge-offs)
recoveries as a
percentage of average
loans (annualized) (0.65) (0.11) 0.00 (0.96) (0.05)
Total non-accruing
assets as a percentage
of total assets 0.71 0.63 0.15 0.71 0.15
Total non-performing
assets as a percentage
of total assets 0.71 0.63 0.15 0.71 0.15
Capital Ratios:
Total shareholders'
equity as a percentage
of total assets 13.36% 13.35% 7.30% 13.36% 7.30%
Tangible shareholders'
equity as a percentage
of tangible assets
(non-GAAP) 12.99 12.98 6.88 12.99 6.88
Total capital as a
percentage of
risk-weighted assets
(4) 19.66 19.89 12.24 19.66 12.24
Tier 1 capital as a
percentage of
risk-weighted assets
(4) 17.35 17.42 9.83 17.35 9.83
Common equity tier 1
capital as a percentage
of risk-weighted assets
(4) 17.35 17.42 9.83 17.35 9.83
Tier 1 capital as a
percentage of average
assets (4) 13.84 13.11 8.72 13.84 8.72
(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 December 31, 2025 and actual for the remaining dates.
Avidia Bancorp, Inc.
Consolidated Balance Sheets (Unaudited)
----------------------------------------------------------------------------------------------------------
As of Dec. 31, 2025 Change From
------------------------------------- -----------------------------------------
Dec. 31, Sept. 30, Dec. 31,
(Dollars in thousands) 2025 2025 2024 Sept. 30, 2025 Dec. 31, 2024
----------- ----------- ----------- ------------------- --------------------
Assets
Cash and due from
banks $ 15,903 $ 15,484 $ 15,660 $ 419 2.7% $ 243 1.6%
Short-term
investments 129,551 96,384 46,784 33,167 34.4 82,767 176.9
--------- --------- --------- ------ ----- ------- -----
Total cash and
cash
equivalents 145,454 111,868 62,444 33,586 30.0 83,010 132.9
Securities available
for sale, at fair
value 269,139 269,308 265,933 (169) (0.1) 3,206 1.2
Securities held to
maturity, at
amortized cost 13,000 15,747 16,747 (2,747) (17.4) (3,747) (22.4)
--------- --------- --------- ------ ----- ------- -----
Total securities 282,139 285,055 282,680 (2,916) (1.0) (541) (0.2)
Federal Home Loan
Bank stock, at
cost 11,801 11,731 14,729 70 0.6 (2,928) (19.9)
Loans held for sale 400 1,745 850 (1,345) (77.1) (450) (52.9)
Total loans 2,298,466 2,274,747 2,198,200 23,719 1.0 100,266 4.6
Less: Allowance for
credit losses (22,018) (24,284) (21,741) 2,266 (9.3) (277) 1.3
--------- --------- --------- ------ ----- ------- -----
Net loans 2,276,448 2,250,463 2,176,459 25,985 1.2 99,989 4.6
Premises and
equipment, net 29,183 29,270 28,498 (87) (0.3) 685 2.4
Bank-owned life
insurance 36,660 36,375 35,526 285 0.8 1,134 3.2
Accrued interest
receivable 8,537 8,141 8,897 396 4.9 (360) (4.0)
Net deferred tax
asset 10,372 10,832 12,795 (460) (4.2) (2,423) (18.9)
Goodwill 11,936 11,936 11,936 - - - -
Mortgage servicing
rights 3,033 3,149 3,488 (116) (3.7) (455) (13.0)
Other assets 21,127 26,445 18,237 (5,318) (20.1) 2,890 15.8
--------- --------- --------- ------ ----- ------- -----
Total assets $2,837,090 $2,787,010 $2,656,539 $50,080 1.8% $180,551 6.8%
========= ========= ========= ====== ===== ======= =====
Liabilities
Deposits $2,128,283 $2,079,578 $2,066,832 $48,705 2.3% $ 61,451 3.0%
Federal Home Loan
Bank advances 260,000 260,000 325,000 - - (65,000) (20.0)
Subordinated debt 27,815 27,778 27,679 37 0.1 136 0.5
Accrued expenses and
other liabilities 41,998 47,617 43,201 (5,619) (11.8) (1,203) (2.8)
--------- --------- --------- ------ ----- ------- -----
Total liabilities $2,458,096 $2,414,973 $2,462,712 $43,123 1.8% $ (4,616) (0.2)%
--------- --------- --------- ------ ----- ------- -----
Shareholders' equity:
Common Stock $ 201 $ 201 $ - $ - -% $ 201 -%
Additional paid-in
capital 194,899 195,029 - (130) (0.1) 194,899 -
Unallocated ESOP
common stock (15,258) (15,459) - 201 (1.3) (15,258) -
Retained earnings 211,981 206,648 215,270 5,333 2.6 (3,289) (1.5)
Accumulated other
comprehensive loss (12,829) (14,382) (21,443) 1,553 (10.8) 8,614 (40.2)
--------- --------- --------- ------ ----- ------- -----
Total shareholders'
equity $ 378,994 $ 372,037 $ 193,827 $ 6,957 1.9% $185,167 95.5%
--------- --------- --------- ------ ----- ------- -----
Total liabilities and
shareholders' equity $2,837,090 $2,787,010 $2,656,539 $50,080 1.8% $180,551 6.8%
========= ========= ========= ====== ===== ======= =====
Avidia Bancorp, Inc.
Consolidated Loan and Deposit Analysis (Unaudited)
-----------------------------------------------------------------------------------------------------------
Loan Analysis
-----------------------------------------------------------------------------------------------------------
At or for the Quarters Ended Dec. 31, 2025 Change From
------------------------------------- ------------------------------------------
Dec. 31, Sept. 30, Dec. 31,
(Dollars in thousands) 2025 2025 2024 Sept. 30, 2025 Dec. 31, 2024
----------- ----------- ----------- -------------------- --------------------
Real estate loans
Home equity and
second mortgages $ 78,350 $ 76,027 $ 66,326 $ 2,323 3.1% $ 12,024 18.1%
One to four family
residential 518,225 521,606 511,495 (3,381) (0.6) 6,730 1.3
Commercial real
estate 534,855 526,345 484,106 8,510 1.6 50,749 10.5
Commercial real
estate
multi-family 104,695 98,647 83,905 6,048 6.1 20,790 24.8
Construction & land 57,005 51,311 49,028 5,694 11.1 7,977 16.3
--------- --------- --------- ------- ----- ------- -----
Total real
estate
loans 1,293,130 1,273,936 1,194,860 19,194 1.5 98,270 8.2
--------- --------- --------- ------- ----- ------- -----
Commercial loans
Commercial &
industrial 491,765 495,263 499,920 (3,498) (0.7) (8,155) (1.6)
Condominium
associations 506,683 498,164 494,875 8,519 1.7 11,808 2.4
PPP loans 11 40 264 (29) (72.5) (253) (95.8)
--------- --------- --------- ------- ----- ------- -----
Total
commercial
loans 998,459 993,467 995,059 4,992 0.5 3,400 0.3
--------- --------- --------- ------- ----- ------- -----
Consumer loans
Consumer 3,877 4,274 5,060 (397) (9.3) (1,183) (23.4)
--------- --------- --------- ------- ----- ------- -----
Total
consumer
loans 3,877 4,274 5,060 (397) (9.3) (1,183) (23.4)
--------- --------- --------- ------- ----- ------- -----
Total loans 2,295,466 2,271,677 2,194,979 23,789 1.0 100,487 4.6
--------- --------- --------- ------- ----- ------- -----
Allowance for credit
losses (22,018) (24,284) (21,741) 2,266 (9.3) (277) 1.3
Net deferred loan
costs 3,000 3,070 3,221 (70) (2.3) (221) (6.9)
--------- --------- --------- ------- ----- ------- -----
Loans, net $2,276,448 $2,250,463 $2,176,459 $ 25,985 1.2% $ 99,989 4.6%
========= ========= ========= ======= ===== ======= =====
Deposit Analysis
-----------------------------------------------------------------------------------------------------------
At or for the Quarters Ended Dec. 31, 2025 Change From
------------------------------------- ------------------------------------------
Dec. 31, Sept. 30, Dec. 31,
(Dollars in thousands) 2025 2025 2024 Sept. 30, 2025 Dec. 31, 2024
----------- ----------- ----------- -------------------- --------------------
Demand $ 359,819 $ 342,867 $ 355,087 $ 16,952 4.9% $ 4,732 1.3%
NOW 770,350 708,096 683,548 62,254 8.8 86,802 12.7
Money market 250,062 278,095 250,878 (28,033) (10.1) (816) (0.3)
Savings 425,400 417,010 386,759 8,390 2.0 38,641 10.0
Certificates of deposits 322,652 333,510 390,560 (10,858) (3.3) (67,908) (17.4)
--------- --------- --------- ------- ----- ------- -----
Total deposits $2,128,283 $2,079,578 $2,066,832 $ 48,705 2.3% $ 61,451 3.0%
========= ========= ========= ======= ===== ======= =====
Avidia Bancorp, Inc.
Consolidated Statements of Operations QTD (Unaudited)
-------------------------------------------------------------------------------------------------------
Three Months Ended Dec. 31, 2025 Change
Three Months Ended From Three Months Ended
---------------------------- -------------------------------------------
Sept.
(Dollars in thousands, Dec. 31, 30, Dec. 31,
except per share data) 2025 2025 2024 Sept. 30, 2025 Dec. 31, 2024
-------- -------- -------- --------------------- --------------------
Interest and dividend
income:
Loans, including fees $30,716 $29,727 $28,347 $ 989 3.3% $ 2,369 8.4%
Securities 2,530 2,567 2,624 (37) (1.4) (94) (3.6)
Other 512 1,588 495 (1,076) (67.8) 17 3.4
------ ------ ------ ------- ------ ------ ------
Total interest and dividend
income 33,758 33,882 31,466 (124) (0.4) 2,292 7.3
------ ------ ------ ------- ------ ------ ------
Interest expense:
Deposits 6,948 7,268 8,266 (320) (4.4) (1,318) (15.9)
Federal Home Loan Bank
advances 2,849 2,827 3,803 22 0.8 (954) (25.1)
Subordinated debt 352 355 315 (3) (0.8) 37 11.7
------ ------ ------ ------- ------ ------ ------
Total interest expense 10,149 10,450 12,384 (301) (2.9) (2,235) (18.0)
------ ------ ------ ------- ------ ------ ------
Net interest income: 23,609 23,432 19,082 177 0.8 4,527 23.7
Provision expense
for credit losses -
loans 1,440 1,480 138 (40) (2.7) 1,302 943.5
Provision expense
(reversal) for
credit losses -
off-balance sheet
credit exposures (223) 60 (824) (283) (471.7) 601 (72.9)
------ ------ ------ ------- ------ ------ ------
Net interest income, after
provision expense for
credit losses 22,392 21,892 19,768 500 2.3 2,624 13.3
------ ------ ------ ------- ------ ------ ------
Non-interest income:
Customer service
fees 918 912 922 6 0.7 (4) (0.4)
Net (loss) on sale
of securities
available for sale (218) - (1,876) (218) 100.0 1,658 (88.4)
Net recognized gain
on equity
securities - - 64 - - (64) (100.0)
Payment processing
income 1,720 1,857 1,900 (137) (7.4) (180) (9.5)
Income on bank-owned
life insurance 285 279 257 6 2.2 28 10.9
Mortgage banking
income 103 121 589 (18) (14.9) (486) (82.5)
Investment
commissions 380 358 357 22 6.1 23 6.4
Other 528 999 946 (471) (47.1) (418) (44.2)
------ ------ ------ ------- ------ ------ ------
Total non-interest income 3,716 4,526 3,159 (810) (17.9) 557 17.6
------ ------ ------ ------- ------ ------ ------
Non-interest expense:
Salaries and
employee benefits 9,476 9,773 9,221 (297) (3.0) 255 2.8
Occupancy and
equipment 1,658 1,933 1,941 (275) (14.2) (283) (14.6)
Data processing 3,251 2,251 2,834 1,000 44.4 417 14.7
Professional fees 818 790 468 28 3.5 350 74.8
Payment processing 363 526 1,165 (163) (31.0) (802) (68.8)
Deposit insurance 217 651 447 (434) (66.7) (230) (51.5)
Advertising 408 423 310 (15) (3.5) 98 31.6
Telecommunications 91 81 93 10 12.3 (2) (2.2)
Problem loan and
foreclosed real
estate, net 245 179 60 66 36.9 185 308.3
Other general and
administrative 1,834 11,762 1,600 (9,928) (84.4) 234 14.6
------ ------ ------ ------- ------ ------ ------
Total non-interest expense 18,361 28,369 18,139 (10,008) (35.3) 222 1.2
------ ------ ------ ------- ------ ------ ------
Income (loss) before income
tax expense 7,747 (1,951) 4,788 9,698 (497.1) 2,959 61.8
Income tax expense
(benefit) 2,414 (1,044) 1,279 3,458 (331.2) 1,135 88.7
------ ------ ------ ------- ------ ------ ------
Net income (loss) $ 5,333 $ (907) $ 3,509 $ 6,240 (688.0)% $ 1,824 52.0%
====== ====== ====== ======= ====== ====== ======
Share data:
Weighted average common
shares outstanding, basic 18,537 18,520 N/A 17 0.1% N/A N/A
Weighted average common
shares outstanding diluted 18,537 18,520 N/A 17 0.1 N/A N/A
Earnings (loss) per share,
basic $ 0.29 $ (0.05) N/A $ 0.34 (687.5) N/A N/A
Earnings (loss) per share,
diluted $ 0.29 $ (0.05) N/A $ 0.34 (687.5) N/A N/A
Avidia Bancorp, Inc.
Consolidated Statements of Operations YTD (Unaudited)
--------------------------------------------------------------------------
Year Ended Dec. 31,
Years Ended 2025 Change
(Dollars in thousands, Dec. 31, Dec. 31, From Year Ended Dec.
except per share data) 2025 2024 31, 2024
--------- --------- ----------------------
Interest and dividend
income:
Loans, including fees $117,542 $111,536 $ 6,006 5.4%
Securities 10,304 10,249 55 0.5
Other 2,736 1,948 788 40.5
------- ------- ------- ------ ---
Total interest and dividend
income 130,582 123,733 6,849 5.5
------- ------- ------- ------ ---
Interest expense:
Deposits 29,552 32,870 (3,318) (10.1)
Federal Home Loan Bank
advances 13,116 16,343 (3,227) (19.7)
Subordinated debt 1,373 1,260 113 9.0
------- ------- ------- ------ ---
Total interest expense 44,041 50,473 (6,432) (12.7)
------- ------- ------- ------
Net interest income: 86,541 73,260 13,281 18.1
Provision expense
for credit losses -
loans 21,748 2,103 19,645 934.1
Provision (reversal)
for credit losses -
off-balance sheet
credit exposures (305) (324) 19 (5.9)
------- ------- ------- ------
Net interest income, after
provision expense for
credit losses 65,098 71,481 (6,383) (8.9)
------- ------- ------- ------
Non-interest income:
Customer service
fees 3,570 3,637 (67) (1.8)
Net (loss) on sale
of securities
available for sale (837) (4,234) 3,397 (80.2)
Net recognized gain
on equity
securities - 2,597 (2,597) (100.0)
Payment processing
income 7,849 7,489 360 4.8
Income on bank-owned
life insurance 1,132 927 205 22.1
Mortgage banking
income 402 1,568 (1,166) (74.4)
Investment
commissions 1,400 1,393 7 -
Other 3,508 3,642 (134) (3.7)
------- ------- ------- ------
Total non-interest income 17,024 17,019 5 0.0
------- ------- ------- ------ ---
Non-interest expense:
Salaries and
employee benefits 39,724 34,721 5,003 14.4
Occupancy and
equipment 6,342 8,319 (1,977) (23.8)
Data processing 13,183 10,123 3,060 30.2
Professional fees 3,356 2,288 1,068 46.7
Payment processing 2,863 4,230 (1,367) (32.3)
Deposit insurance 2,281 2,481 (200) (8.1)
Advertising 1,427 1,432 (5) (0.3)
Telecommunications 360 383 (23) (6.0)
Problem loan and
foreclosed real
estate, net 731 349 382 109.5
Other general and
administrative 17,538 8,771 8,767 100.0
------- ------- ------- ------ ---
Total non-interest expense 87,805 73,097 14,708 20.1
------- ------- ------- ------ ---
(Loss) income before income
tax expense (5,683) 15,403 (21,086) (136.9)
Income tax (benefit)
expense (2,394) 3,919 (6,313) (161.1)
------- ------- ------- ------
Net (loss) income $ (3,289) $ 11,484 $(14,773) (128.6)%
======= ======= ======= ======
Share data:
Weighted average common
shares outstanding, basic 18,531 N/A N/A N/A
Weighted average common
shares outstanding diluted 18,531 N/A N/A N/A
(Loss) per share, basic $ (0.18) N/A N/A N/A
(Loss) per share, diluted $ (0.18) N/A N/A N/A
Avidia Bancorp, Inc.
Average Balances and Average Yields And Costs (Unaudited)
-----------------------------------------------------------------------------------------------------------------------------------------------
For the Quarters Ended
----------------------------------------------------------------------------------------------------------------------
Dec. 31, 2025 Sept. 30, 2025 Dec. 31, 2024
-------------------------------------- -------------------------------------- --------------------------------------
Average Average Average
Outstanding Average Outstanding Average Outstanding Average
(Dollars in thousands) Balance Interest Yield/Rate Balance Interest Yield/Rate Balance Interest Yield/Rate
------------ ---------- ------------ ------------ ---------- ------------ ------------ ---------- ------------
Interest-earning
assets:
Short-term investments $ 72,847 $ 512 2.79% $ 150,428 $ 1,588 4.19% $ 54,300 $ 495 3.63%
Securities 295,120 2,530 3.40 292,031 2,567 3.49 286,897 2,624 3.64
Loans 2,280,267 30,716 5.34 2,264,095 29,727 5.21 2,192,961 28,347 5.14
----------- ------ ----------- ------ ----------- ------
Total interest-earning
assets 2,648,234 33,758 5.06 2,706,554 33,882 4.97 2,534,158 31,466 4.94
Noninterest-earning
assets 107,874 116,574 106,087
----------- ----------- -----------
Total assets $ 2,756,108 $ 2,823,128 $ 2,640,245
=========== =========== ===========
Interest-bearing
liabilities:
NOW accounts $ 684,815 $ 804 0.47% $ 822,525 $ 833 0.40% $ 583,135 $ 774 0.53%
Money market accounts 277,852 898 1.28 274,203 918 1.33 269,584 891 1.32
Regular and other
savings accounts 419,232 2,278 2.16 411,941 2,407 2.32 367,740 2,176 2.35
Certificates of deposit 328,333 2,968 3.59 334,638 3,110 3.69 399,508 4,425 4.41
----------- ------ ----------- ------ ----------- ------
Total interest-bearing
deposits 1,710,231 6,948 1.61 1,843,307 7,268 1.56 1,619,967 8,266 2.03
FHLB advances and other
borrowings (1) 259,702 2,849 4.35 258,782 2,827 4.33 356,313 3,803 4.25
Subordinated debt 27,791 352 5.03 27,753 355 5.07 27,654 315 4.53
----------- ------ ----------- ------ ----------- ------
Total interest-bearing
liabilities 1,997,724 10,149 2.02 2,129,842 10,450 1.95 2,003,934 12,384 2.46
Noninterest-bearing
demand deposits 349,454 341,083 422,435
Other
noninterest-bearing
liabilities 32,301 34,777 39,885
----------- ----------- -----------
Total liabilities 2,379,478 2,505,702 2,466,254
Total shareholders'
equity 376,630 317,426 173,991
----------- ----------- -----------
Total liabilities and
capital $ 2,756,108 $ 2,823,128 $ 2,640,245
=========== =========== ===========
Net interest income $ 23,609 $ 23,432 $ 19,082
Net interest rate
spread (2) 3.04% 3.02% 2.48%
Net interest-earning
assets (3) $ 650,510 $ 576,712 $ 530,224
Net interest margin (4) 3.54% 3.43% 3.00%
Cost of deposits 1.35% 1.33% 1.62%
Average
interest-earning
assets to
interest-bearing
liabilities 132.56% 127.08% 126.46%
(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
--------------------------------------------
Dec. 31,
(Dollars in thousands) 2025 Sept. 30, 2025 Dec. 31, 2024
----------- --------------- --------------
Non-Performing Assets
Non-accrual loans:
Residential $ 720 $ 387 $ 1,350
Construction 6,478 8,930 -
Commercial real
estate 6,126 - -
Commercial 6,870 8,307 2,647
------ ------ --- ------
Total non-accrual
loans $20,194 $ 17,624 $ 3,997
Other real
estate owned - - -
------ ------ --- ------
Total non-performing
assets $20,194 $ 17,624 $ 3,997
====== ====== === ======
Total non-accrual
loans to total
loans 0.88% 0.77% 0.18%
Total non-performing
assets to total
loans 0.88 0.77 0.18
Allowance for Credit
Losses
Allowance for credit
losses, beginning
of period $24,284 $ 23,425 $ 21,585
Charged-off
loans (3,790) (844) (59)
Recoveries on
charged-off
loans 84 223 77
------ ------ --- ------
Net loan
(charge-offs)
recoveries (3,706) (621) 18
Provision expense
for credit losses 1,440 1,480 138
------ ------ --- ------
Allowance for credit
losses, end of
period $22,018 $ 24,284 $ 21,741
====== ====== === ======
Allowance for credit
losses to total
loans 0.96% 1.07% 0.99%
Allowance for credit
losses to
non-accrual loans 109.03 137.79 543.93
Allowance for credit
losses to
non-performing
loans 109.03 137.79 543.93
Net loans (charge-offs)
recoveries
Residential $ 1 $ 2 $ 1
Construction (2,454) - -
Commercial real
estate - 135 25
Commercial (1,260) (766) (15)
Consumer 7 8 7
------ ------ --- ------
Total net loan
(charge-offs)
recoveries $(3,706) $ (621) $ 18
====== ====== ======
Net loan
(charge-offs)
recoveries to
average loans
(annualized) (0.65)% (0.11)% -%
Avidia Bancorp, Inc.
Non-GAAP Reconciliation (Unaudited)
------------------------------------------------------------------------
As of
----------------------------------------------
(Dollars in thousands,
except per share data) Dec. 31, 2025 Sept. 30, 2025 Dec. 31, 2024
-------------- -------------- --------------
Tangible shareholders'
equity:
Total shareholders'
equity (GAAP) $ 378,994 $ 372,037 $ 193,827
Less: Goodwill 11,936 11,936 11,936
--------- --------- ---------
Tangible shareholders'
equity (non-GAAP) $ 367,058 $ 360,101 $ 181,891
--------- --------- ---------
Tangible assets:
Total assets (GAAP) $2,837,090 $2,787,010 $2,656,539
Less: Goodwill 11,936 11,936 11,936
--------- --------- ---------
Tangible assets
(non-GAAP) $2,825,154 $2,775,074 $2,644,603
--------- --------- ---------
Shareholders' equity to
assets (GAAP) 13.36% 13.35% 7.30%
Tangible shareholders'
equity to tangible
assets (non-GAAP) 12.99% 12.98% 6.88%
Common shares
outstanding, including
unallocated ESOP
shares 20,076 20,076 N/A
Book value per common
share (GAAP) $ 18.88 $ 18.53 N/A
Tangible book value per
common share
(non-GAAP) $ 18.28 $ 17.94 N/A
View source version on businesswire.com: https://www.businesswire.com/news/home/20260129573692/en/
CONTACT: Robert D. Cozzone
President and Chief Executive Officer
Avidia Bancorp, Inc.
(800) 508-2265
(END) Dow Jones Newswires
January 29, 2026 16:30 ET (21:30 GMT)