Avidia Bancorp, Inc. Reports Third Quarter 2025 Financial Results

HUDSON, Mass.--(BUSINESS WIRE)-- 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
(In thousands)		Sept. 30, 2025				June 30, 2025				Sept. 30, 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
(In thousands, except per share data)		Sept. 30, 2025				June 30, 2025				Sept. 30, 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								Nine Months Ended Sept. 30, 2025 Change
(In thousands, except per share data)		Sept. 30, 2025				Sept. 30, 2024				From Nine Months Ended 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
(Dollars in thousands)		Average Outstanding Balance			Interest			Average Yield/ Rate			Average Outstanding Balance			Interest			Average Yield/ Rate			Average Outstanding Balance			Interest			Average Yield/ 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
(Dollars in thousands)		Sept. 30, 2025				June 30, 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 outstanding, including unallocated ESOP shares			20,076				N/A				N/A
Book value per common share (GAAP)		$	18.50				N/A				N/A
Tangible book value per common share (non-GAAP)		$	17.91				N/A				N/A

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20251023247487/en/

Robert D. Cozzone

President and Chief Executive Officer

Avidia Bancorp, Inc.

(800) 508-2265

Source: Avidia Bancorp, Inc.