STOCK TITAN
  1. Home
  2. Sec-filings
  3. AVBC
  4. [8-K] Avidia Bancorp, Inc. Reports Material Event

Avidia Bancorp (NYSE: AVBC) lifts Q1 2026 EPS to $0.32 and declares dividend

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Avidia Bancorp, Inc. reported first quarter 2026 net income of $6.0 million, or $0.32 per share, up from $5.3 million, or $0.29 per share, in the fourth quarter of 2025. Management highlighted a 10.3% increase in earnings per share driven by profitability discipline.

Net interest margin expanded to 3.61%, the cost of deposits fell to 1.31%, and noninterest income rose 15.3% to $4.3 million. Asset quality improved as nonperforming loans declined to $13.6 million, or 0.60% of total loans, and net charge-offs were minimal. The company declared a $0.05 quarterly cash dividend payable May 28, 2026.

Positive

  • None.

Negative

  • None.

Insights

Avidia posts modest earnings growth with improving credit quality.

Avidia Bancorp generated Q1 2026 net income of $5.996M, up from $5.333M in Q4 2025, with earnings per share rising 10.3% to $0.32. Net interest margin improved to 3.61%, supported by lower deposit costs of 1.31%.

Noninterest income increased 15.3% to $4.286M, aided by stronger payment processing and mortgage banking. Expenses rose 3.4% to $18.992M, reflecting higher compensation and professional fees, while the efficiency ratio held at about 67%, indicating stable operating efficiency.

Credit metrics strengthened: nonperforming loans fell to $13.6M, or 0.60% of total loans, and net charge-offs were just 0.02% annualized. Capital remained robust, with total capital at 19.75% of risk-weighted assets as of March 31, 2026. The $0.05 dividend continues regular shareholder returns.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income Q1 2026 $5.996M Quarter ended March 31, 2026
Earnings per share $0.32 Basic and diluted EPS for Q1 2026; up from $0.29 in Q4 2025
Net interest income $23.982M Quarter ended March 31, 2026
Net interest margin 3.61% Q1 2026, up from 3.54% in Q4 2025
Quarterly dividend $0.05 per share Payable on or about May 28, 2026 to holders of record May 19, 2026
Total assets $2.81B As of March 31, 2026
Nonperforming loans $13.6M As of March 31, 2026; 0.60% of total loans
Total capital ratio 19.75% Total capital to risk-weighted assets projected as of March 31, 2026
net interest margin financial
"The net interest margin expanded 7 basis points to 3.61% for the quarter"
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
efficiency ratio financial
"Efficiency ratio for the quarter was 67.2%."
A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.
allowance for credit losses financial
"The allowance for credit losses was $22.8 million as of March 31, 2026"
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
tangible book value per share financial
"Tangible book value per share (non-GAAP) increased to $18.49"
Tangible book value per share is the company's total physical and financial assets minus its liabilities and intangible items (like goodwill and brand value), divided by the number of outstanding shares. It gives investors a conservative, per‑share estimate of what would remain if the business sold only its hard assets and paid its debts—useful for judging whether a stock is priced above or below its underlying, tangible worth, like valuing a property by its bricks and cash rather than its reputation.
nonperforming loans financial
"Nonperforming loans totaled $13.6 million as of March 31, 2026"
Nonperforming loans are loans on which borrowers have stopped making the scheduled interest or principal payments for an extended period (commonly 90 days or more) or are otherwise in serious danger of default. Think of them as IOUs that aren’t being repaid: they tie up a lender’s money, reduce future interest income, and force the lender to hold extra reserves or take losses. For investors, a rising share of nonperforming loans signals weakening credit quality, higher potential losses, and greater risk to a bank’s profitability and capital.
risk-weighted assets financial
"Total capital as a percentage of risk-weighted assets (5) was 19.75%"
Risk-weighted assets are a bank’s assets (like loans and investments) adjusted by how risky regulators consider each one, so safer items count less and riskier items count more. Think of it as packing a suitcase where heavy, fragile items take up more “real” space; higher risk-weighted assets mean a bank must hold more capital as a cushion. Investors watch this because it affects a bank’s safety, regulatory limits and ability to lend or return money to shareholders.
Net interest income $23.982M +1.6% QoQ
Noninterest income $4.286M +15.3% QoQ
Net income $5.996M +12.4% QoQ
EPS (diluted) $0.32 +10.3% QoQ
Net interest margin 3.61% +0.07 percentage points QoQ
Understanding 8-K Material Events →
false000205875800020587582026-04-232026-04-23

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 23, 2026

 

 

Avidia Bancorp, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Maryland

001-42775

33-4239888

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

42 Main Street

 

Hudson, Massachusetts

 

01749

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 800 5082265

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common stock, $0.01 par value per share

 

AVBC

 

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Item 2.02 Results of Operations and Financial Condition.

On April 23, 2026, Avidia Bancorp, Inc. (the “Company”), the holding company of Avidia Bank, issued a press release announcing the unaudited consolidated financial results of the Company for the quarter ended March 31, 2026 and the declaration of a dividend of $0.05 per share payable on or about May 28, 2026 to stockholders of record as of the close of business on May 19, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description

99.1 Press Release dated April 23, 2026

104 Cover Page Interactive Data File (Embedded within Inline XBRL document)

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

AVIDIA BANCORP, INC

 

 

 

 

Date:

April 27, 2026

By:

/s/ Jonathan Nelson

 

 

 

Jonathan Nelson
Chief Financial Officer

 

Exhibit 99.1

 

img180766831_0.jpg

 

Contact:

Robert D. Cozzone

President and Chief Executive Officer

Avidia Bancorp, Inc.

(800) 508-2265

 

 

Avidia Bancorp, Inc. Reports First Quarter 2026 Financial Results, Declares Quarterly Cash Dividend

 

HUDSON, MA; April 23, 2026 – Avidia Bancorp, Inc. (the “Company”) (NYSE: “AVBC”), the holding company of Avidia Bank, today reported first quarter 2026 consolidated financial results. Net income for the first quarter of 2026 was $6.0 million, or $0.32 per share, compared to net income of $5.3 million, or $0.29 per share, for the fourth quarter of 2025.

 

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 May 28, 2026, to stockholders of record as of the close of business on May 19, 2026.

 

CEO Robert Cozzone stated, “Earnings per share growth of 10.3% in the first quarter reflects our focus on improving profitability through good financial discipline. Although loan growth was seasonally slow, the ongoing efforts of my colleagues led to improvements in most other performance measures.”

 

SELECTED FIRST QUARTER 2026 FINANCIAL HIGHLIGHTS

•
Net income was $6.0 million, or $0.32 per share.
•
Net interest margin increased quarter-over-quarter by 7 basis points to 3.61%.
•
Return on average assets increased quarter-over-quarter by 9 basis points to 0.86%.
•
Efficiency ratio for the quarter was 67.2%.
•
Book value per share and tangible book value per share (non-GAAP) increased to $19.09 and $18.49, respectively. See the non-GAAP reconciliation at the end of this document for further information.

 

 

 

BALANCE SHEET:

Total assets were $2.81 billion at March 31, 2026, decreasing $30.0 million, or 1.1%, from December 31, 2025.

•
Total cash and cash equivalents decreased by $52.4 million, or 36.0%, to $93.0 million from $145.5 million in the prior quarter. This decrease was primarily the result of net paydowns of Federal Home Loan Bank advances and the reinvestment of cash into securities and bank owned life insurance, offset by deposit growth and the decline in loans.
•
Total available for sale securities increased by $26.8 million, or 10.0%, to $295.9 million from $269.1 million in the prior quarter, primarily the result of purchases of $43.7 million, offset by paydowns of $14.8 million.
•
Total loans decreased by $13.9 million, or 0.6%, to $2.28 billion, from $2.30 billion in the prior quarter, primarily the result of decreases in construction and land loans of $9.5 million and condominium association loans of $9.2 million.
•
Loan balances reflect the final sale and closing of the life sciences loan that was charged down by $16.7 million in the first quarter of 2025.
•
Loan exposure related to non-medical office space at March 31, 2026 was $88.6 million or 3.9% of gross loans. When excluding owner-occupied, total non-medical office exposure was $71.0 million.
•
Deposits increased by $17.9 million, or 0.8%, to $2.15 billion from $2.13 billion in the prior quarter. Non-interest-bearing demand accounts increased $28.7 million, money market accounts increased $12.7 million, savings accounts increased $9.9 million and certificates of deposits increased $3.2 million. This growth was offset by a decrease in NOW accounts of $36.7 million.
•
Federal Home Loan Bank advances decreased by $55.0 million, or 21.2%, to $205.0 million from $260.0 million in the prior quarter, as a result of net paydowns.
•
Total shareholders’ equity increased by $4.2 million, or 1.1%, to $383.2 million from $379.0 million in the prior quarter, primarily the result of net income of $6.0 million, offset by dividends paid and unrealized losses on available for sale securities recognized in other comprehensive income during the quarter.
•
Shareholders' equity to total assets was 13.7% as of March 31, 2026, compared to 13.4% at the prior quarter-end. Tangible shareholders' equity to tangible assets (non-GAAP) was 13.3% compared to 13.0% for these respective dates.

NET INTEREST INCOME

Net interest income was $24.0 million for the quarter ended March 31, 2026, compared to $23.6 million for the prior quarter, an increase of $373 thousand, or 1.6%. The net interest margin expanded 7 basis points to 3.61% for the quarter from 3.54% in the prior quarter.

•
The yield on average interest-earning assets decreased by 1 basis point to 5.05%.
•
Average short-term investments were up $38.9 million from the previous quarter.
•
The yield on securities increased by 7 basis points to 3.47% and the yield on loans increased by 3 basis points to 5.37%.
•
The cost of deposits decreased by 4 basis points to 1.31% from 1.35% in the prior quarter.

2

 

 

NON-INTEREST INCOME

Noninterest income was $4.3 million for the quarter ended March 31, 2026, compared to $3.7 million for the prior quarter, representing an increase of $570 thousand, or 15.3%.

•
Payment processing income was $1.9 million, compared to $1.7 million for the prior quarter, representing an increase of $189 thousand due to increased activity.
•
Mortgage banking income was $263 thousand, compared to $103 thousand for the prior quarter, representing an increase of $160 thousand.

 

NON-INTEREST EXPENSE

Noninterest expense was $19.0 million for the quarter ended March 31, 2026, compared to $18.4 million for the prior quarter, representing an increase of $631 thousand, or 3.4%.

•
Salaries and employee benefits increased $724 thousand to $10.2 million. This increase included the seasonal increase of employee payroll taxes from the annual FICA reset and an increased annual short-term incentive accrual.
•
Data processing expense decreased $361 thousand to $2.9 million due to continued billing adjustments and one time expense in the prior quarter.
•
Occupancy and equipment expenses were up $170 thousand to $1.8 million due primarily to snow removal expense.
•
Professional fees increased $290 thousand to $1.1 million, primarily due to the engagement of a third party to help implement a process improvement program.

 

INCOME TAXES

Income tax expense for the quarter ended March 31, 2026, was $2.2 million, compared to an income tax expense of $2.4 million in the prior quarter.

 

ASSET QUALITY

The allowance for credit losses was $22.8 million as of March 31, 2026, or 1.00% of total loans, compared to $22.0 million, or 0.96% of total loans at December 31, 2025.

•
The Company recorded provisions for credit losses on loans of $859 thousand in the first quarter.
•
The Company recorded net charge-offs of $116 thousand, or 0.02% annualized, during the quarter ended March 31, 2026, compared to 0.65% in the quarter ended December 31, 2025.
•
Nonperforming loans totaled $13.6 million as of March 31, 2026, a decrease of $6.6 million from the quarter ended December 31, 2025, primarily due to a decrease of $6.5 million in nonperforming construction loans.
•
Total nonperforming loans to total loans was 0.60% as of March 31, 2026, compared to 0.88% as of December 31, 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. For more information, please visit https://www.AvidiaBank.com.

3

 

 

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 Form 10-K, and updated by our Quarterly Report on Form 10-Q, and other filings submitted to 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.

 

4

 

 

 

 

 

 

 

 

 

 

 

 

Avidia Bancorp, Inc.

Selected Consolidated Financial Highlights (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

At or for the Quarters Ended

(Dollars in thousands, except per share data)

March 31, 2026

 

 

December 31, 2025

 

 

March 31, 2025

 

 

Earnings Data:

 

 

 

 

 

 

 

 

 

Net interest income

$

23,982

 

 

$

23,609

 

 

$

19,211

 

 

Total non-interest income

 

4,286

 

 

 

3,716

 

 

 

3,727

 

 

Total non-interest expense

 

18,992

 

 

 

18,361

 

 

 

21,831

 

 

Provision for credit losses

 

1,089

 

 

 

1,217

 

 

 

17,616

 

 

Income (loss) before income tax expense

 

8,187

 

 

 

7,747

 

 

 

(16,509

)

 

Net income (loss)

 

5,996

 

 

 

5,333

 

 

 

(11,587

)

 

Per-Share Data:

 

 

 

 

 

 

 

 

 

Earnings per share, basic

$

0.32

 

 

$

0.29

 

 

N/A

 

 

Earnings per share, diluted

 

0.32

 

 

 

0.29

 

 

N/A

 

 

Book value per share

 

19.09

 

 

 

18.88

 

 

N/A

 

 

Tangible book value per share (non-GAAP)(1)

 

18.49

 

 

 

18.28

 

 

N/A

 

 

Performance Ratios:

 

 

 

 

 

 

 

 

 

Return on average assets (annualized)

 

0.86

 

%

 

0.77

 

%

 

(1.71

)

%

Return on average equity (annualized)

 

6.36

 

 

 

5.66

 

 

 

(24.91

)

 

Return on average tangible common equity (non-GAAP)(1)

 

6.57

 

 

 

5.85

 

 

 

(25.05

)

 

Net interest margin(2)

 

3.61

 

 

 

3.54

 

 

 

3.04

 

 

Interest rate spread (3)

 

3.12

 

 

 

3.04

 

 

 

2.62

 

 

Yield on loans

 

5.37

 

 

 

5.34

 

 

 

5.16

 

 

Cost of deposits

 

1.31

 

 

 

1.35

 

 

 

1.50

 

 

Noninterest income as a percentage of average assets

 

0.62

 

 

 

0.54

 

 

 

0.56

 

 

Noninterest expense as a percentage of average assets

 

2.74

 

 

 

2.66

 

 

 

3.27

 

 

Efficiency ratio(4)

 

67.19

 

 

 

67.19

 

 

 

95.17

 

 

Total loans as a percentage of total deposits

 

106.45

 

 

 

108.00

 

 

 

104.60

 

 

Average interest-earning assets as a percentage of average interest-bearing liabilities

 

133.43

 

 

 

132.56

 

 

 

122.65

 

 

Balance Sheet, (end of period):

 

 

 

 

 

 

 

 

 

Total assets

$

2,807,058

 

 

$

2,837,090

 

 

$

2,706,631

 

 

Total earning assets

 

2,677,277

 

 

 

2,722,357

 

 

 

2,585,965

 

 

Total loans

 

2,284,555

 

 

 

2,298,466

 

 

 

2,233,033

 

 

Total deposits

 

2,146,160

 

 

 

2,128,283

 

 

 

2,134,831

 

 

Total shareholders' equity

 

383,162

 

 

 

378,994

 

 

 

186,057

 

 

Asset Quality:

 

 

 

 

 

 

 

 

 

Allowance for credit losses

$

22,761

 

 

$

22,018

 

 

$

21,849

 

 

Allowance for credit losses as a percentage of total loans

 

1.00

 

%

 

0.96

 

%

 

0.98

 

%

Allowance for credit losses as a percentage of nonperforming loans

 

167.02

 

 

 

108.96

 

 

 

183.98

 

 

Nonperforming loans as a percentage of total loans

 

0.60

 

 

 

0.88

 

 

 

0.53

 

 

Net (charge-offs) recoveries as a percentage of average loans (annualized)

 

(0.02

)

 

 

(0.65

)

 

 

(3.11

)

 

Total nonperforming assets as a percentage of total assets

 

0.49

 

 

 

0.71

 

 

 

0.44

 

 

Capital Ratios:

 

 

 

 

 

 

 

 

 

Total shareholders' equity as a percentage of total assets

 

13.65

 

%

 

13.36

 

%

 

6.87

 

%

Tangible shareholders' equity as a percentage of tangible assets (non-GAAP)(1)

 

13.28

 

 

 

12.99

 

 

 

6.46

 

 

Total capital as a percentage of risk-weighted assets (5)

 

19.75

 

 

 

19.66

 

 

 

11.43

 

 

Common equity tier 1 capital as a percentage of risk-weighted assets (5)

 

17.42

 

 

 

17.35

 

 

 

9.03

 

 

Tier 1 capital as a percentage of average assets (5)

 

13.74

 

 

 

13.84

 

 

 

7.10

 

 

 

 

 

 

 

 

 

 

 

 

(1) Reconciliation of non-GAAP financial measures appear on page 11.

(2) Represents net interest income as a percentage of average interest-earning assets.

(3) 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.

(4) Represents noninterest expenses divided by the sum of net interest income and noninterest income.

(5) Presented as projected for March 31, 2026 and actual for the remaining dates.

 

5

 

 

Avidia Bancorp, Inc.

Consolidated Balance Sheets (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

March 31, 2026 Change From

(Dollars in thousands)

March 31, 2026

 

December 31, 2025

 

March 31, 2025

 

 

December 31, 2025

 

 

 

March 31, 2025

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

19,231

 

$

15,903

 

$

24,282

 

 

$

3,328

 

 

20.9

 

%

 

$

(5,051

)

 

(20.8

)

%

Short-term investments

 

73,793

 

 

129,551

 

 

58,800

 

 

 

(55,758

)

 

(43.0

)

 

 

 

14,993

 

 

25.5

 

 

Total cash and cash equivalents

 

93,024

 

 

145,454

 

 

83,082

 

 

 

(52,430

)

 

(36.0

)

 

 

 

9,942

 

 

12.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities available for sale, at fair value

 

295,924

 

 

269,139

 

 

261,946

 

 

 

26,785

 

 

10.0

 

 

 

 

33,978

 

 

13.0

 

 

Securities held to maturity, at amortized cost

 

13,000

 

 

13,000

 

 

16,746

 

 

 

-

 

 

0.0

 

 

 

 

(3,746

)

 

(22.4

)

 

Total securities

 

308,924

 

 

282,139

 

 

278,692

 

 

 

26,785

 

 

9.5

 

 

 

 

30,232

 

 

10.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank stock, at cost

 

9,817

 

 

11,801

 

 

14,729

 

 

 

(1,984

)

 

(16.8

)

 

 

 

(4,912

)

 

(33.3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans held for sale

 

188

 

 

400

 

 

711

 

 

 

(212

)

 

(53.0

)

 

 

 

(523

)

 

(73.6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans

 

2,284,555

 

 

2,298,466

 

 

2,233,033

 

 

 

(13,911

)

 

(0.6

)

 

 

 

51,522

 

 

2.3

 

 

Less: Allowance for credit losses

 

(22,761

)

 

(22,018

)

 

(21,849

)

 

 

(743

)

 

3.4

 

 

 

 

(912

)

 

4.2

 

 

Net loans

 

2,261,794

 

 

2,276,448

 

 

2,211,184

 

 

 

(14,654

)

 

(0.6

)

 

 

 

50,610

 

 

2.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premises and equipment, net

 

29,029

 

 

29,183

 

 

29,020

 

 

 

(154

)

 

(0.5

)

 

 

 

9

 

 

0.0

 

 

Bank-owned life insurance

 

46,929

 

 

36,660

 

 

35,805

 

 

 

10,269

 

 

28.0

 

 

 

 

11,124

 

 

31.1

 

 

Accrued interest receivable

 

8,683

 

 

8,537

 

 

8,802

 

 

 

146

 

 

1.7

 

 

 

 

(119

)

 

(1.4

)

 

Net deferred tax asset

 

10,584

 

 

13,134

 

 

11,738

 

 

 

(2,550

)

 

(19.4

)

 

 

 

(1,154

)

 

(9.8

)

 

Goodwill

 

11,936

 

 

11,936

 

 

11,936

 

 

 

-

 

 

-

 

 

 

 

-

 

 

-

 

 

Mortgage servicing rights

 

3,086

 

 

3,033

 

 

3,289

 

 

 

53

 

 

1.7

 

 

 

 

(203

)

 

(6.2

)

 

Other assets

 

23,064

 

 

18,365

 

 

17,643

 

 

 

4,699

 

 

25.6

 

 

 

 

5,421

 

 

30.7

 

 

Total assets

$

2,807,058

 

$

2,837,090

 

$

2,706,631

 

 

$

(30,032

)

 

(1.1

)

%

 

$

100,427

 

 

3.7

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

$

2,146,160

 

$

2,128,283

 

$

2,134,831

 

 

$

17,877

 

 

0.8

 

%

 

$

11,329

 

 

0.5

 

%

Federal Home Loan Bank advances

 

205,000

 

 

260,000

 

 

325,000

 

 

 

(55,000

)

 

(21.2

)

 

 

 

(120,000

)

 

(36.9

)

 

Subordinated debt

 

27,852

 

 

27,815

 

 

27,715

 

 

 

37

 

 

0.1

 

 

 

 

137

 

 

0.5

 

 

Accrued expenses and other liabilities

 

44,884

 

 

41,998

 

 

33,028

 

 

 

2,886

 

 

6.9

 

 

 

 

11,856

 

 

35.9

 

 

Total liabilities

$

2,423,896

 

$

2,458,096

 

$

2,520,574

 

 

$

(34,200

)

 

(1.4

)

%

 

$

(96,678

)

 

(3.8

)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

$

201

 

$

201

 

$

-

 

 

$

-

 

 

0.0

 

%

 

$

201

 

-

 

%

Additional paid-in capital

 

194,899

 

 

194,899

 

 

-

 

 

 

-

 

 

0.0

 

 

 

 

194,899

 

-

 

 

Unallocated ESOP common stock

 

(15,258

)

 

(15,258

)

 

-

 

 

 

-

 

 

0.0

 

 

 

 

(15,258

)

-

 

 

Retained earnings

 

216,973

 

 

211,981

 

 

203,683

 

 

 

4,992

 

 

2.4

 

 

 

 

13,290

 

 

6.5

 

 

Accumulated other comprehensive loss

 

(13,653

)

 

(12,829

)

 

(17,626

)

 

 

(824

)

 

6.4

 

 

 

 

3,973

 

 

(22.5

)

 

Total shareholders' equity

$

383,162

 

$

378,994

 

$

186,057

 

 

$

4,168

 

 

1.1

 

%

 

$

197,105

 

 

105.9

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

$

2,807,058

 

$

2,837,090

 

$

2,706,631

 

 

$

(30,032

)

 

(1.1

)

%

 

$

100,427

 

 

3.7

 

%

 

6

 

 

Avidia Bancorp, Inc.

Consolidated Loan and Deposit Analysis (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan Analysis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

March 31, 2026 Change From

(Dollars in thousands)

March 31, 2026

 

December 31, 2025

 

March 31, 2025

 

 

December 31, 2025

 

 

March 31, 2025

 

 

Real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One to four family residential

$

513,146

 

$

518,225

 

$

513,224

 

 

$

(5,079

)

 

(1.0

)

%

$

(78

)

 

(0.0

)

%

Home equity and second mortgages

 

83,371

 

 

78,350

 

 

66,927

 

 

 

5,021

 

 

6.4

 

 

 

16,444

 

 

24.6

 

 

Commercial real estate

 

537,752

 

 

534,855

 

 

508,416

 

 

 

2,897

 

 

0.5

 

 

 

29,336

 

 

5.8

 

 

Commercial real estate multi-family

 

104,253

 

 

104,695

 

 

89,473

 

 

 

(442

)

 

(0.4

)

 

 

14,780

 

 

16.5

 

 

Construction & land

 

47,467

 

 

57,005

 

 

42,234

 

 

 

(9,538

)

 

(16.7

)

 

 

5,233

 

 

12.4

 

 

Total real estate loans

 

1,285,989

 

 

1,293,130

 

 

1,220,274

 

 

 

(7,141

)

 

(0.6

)

 

 

65,715

 

 

5.4

 

 

Commercial loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condominium associations

 

497,503

 

 

506,683

 

 

492,926

 

 

 

(9,180

)

 

(1.8

)

 

 

4,577

 

 

0.9

 

 

Commercial & industrial

 

494,514

 

 

491,765

 

 

511,858

 

 

 

2,749

 

 

0.6

 

 

 

(17,344

)

 

(3.4

)

 

PPP loans

 

—

 

 

11

 

 

151

 

 

 

(11

)

 

(100.0

)

 

 

(151

)

 

(100.0

)

 

Total commercial loans

 

992,017

 

 

998,459

 

 

1,004,935

 

 

 

(6,442

)

 

(0.6

)

 

 

(12,918

)

 

(1.3

)

 

Consumer loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer

 

3,456

 

 

3,877

 

 

4,714

 

 

 

(421

)

 

(10.9

)

 

 

(1,258

)

 

(26.7

)

 

Total consumer loans

 

3,456

 

 

3,877

 

 

4,714

 

 

 

(421

)

 

(10.9

)

 

 

(1,258

)

 

(26.7

)

 

Total loans

 

2,281,462

 

 

2,295,466

 

 

2,229,923

 

 

 

(14,004

)

 

(0.6

)

 

 

51,539

 

 

2.3

 

 

Allowance for credit losses

 

(22,761

)

 

(22,018

)

 

(21,849

)

 

 

(743

)

 

3.4

 

 

 

(912

)

 

4.2

 

 

Net deferred loan costs

 

3,093

 

 

3,000

 

 

3,110

 

 

 

93

 

 

3.1

 

 

 

(17

)

 

(0.5

)

 

Loans, net

$

2,261,794

 

$

2,276,448

 

$

2,211,184

 

 

$

(14,654

)

 

(0.6

)

 

$

50,610

 

 

2.3

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit Analysis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

March 31, 2026 Change From

(Dollars in thousands)

March 31, 2026

 

December 31, 2025

 

March 31, 2025

 

 

December 31, 2025

 

 

March 31, 2025

 

 

Noninterest-bearing demand

$

388,527

 

$

359,819

 

$

361,235

 

 

$

28,708

 

 

8.0

 

%

$

27,292

 

 

7.6

 

%

NOW

 

733,674

 

 

770,350

 

 

722,583

 

 

 

(36,676

)

 

(4.8

)

 

 

11,091

 

 

1.5

 

 

Money market

 

262,773

 

 

250,062

 

 

266,327

 

 

 

12,710

 

 

5.1

 

 

 

(3,554

)

 

(1.3

)

 

Savings

 

435,332

 

 

425,400

 

 

404,495

 

 

 

9,932

 

 

2.3

 

 

 

30,837

 

 

7.6

 

 

Certificates of deposits

 

325,855

 

 

322,652

 

 

380,191

 

 

 

3,203

 

 

1.0

 

 

 

(54,336

)

 

(14.3

)

 

Total deposits

$

2,146,160

 

$

2,128,283

 

$

2,134,831

 

 

$

17,877

 

 

0.8

 

%

$

11,329

 

 

0.5

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7

 

 

Avidia Bancorp, Inc.

Consolidated Statements of Operations QTD (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2026 Change

 

Three Months Ended

From Three Months Ended

(Dollars in thousands, except per share data)

March 31, 2026

 

 

December 31, 2025

 

 

March 31, 2025

 

 

December 31, 2025

 

March 31, 2025

Interest and dividend income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Loans, including fees

$

30,313

 

 

$

30,716

 

 

$

28,183

 

 

$

(403

)

 

(1.3

)

%

 

$

2,130

 

 

7.6

 

%

    Securities

 

2,544

 

 

 

2,530

 

 

 

2,651

 

 

 

14

 

 

0.6

 

 

 

 

(107

)

 

(4.0

)

 

    Other

 

742

 

 

 

512

 

 

 

215

 

 

 

230

 

 

44.9

 

 

 

 

527

 

 

245.1

 

 

Total interest and dividend income

 

33,599

 

 

 

33,758

 

 

 

31,049

 

 

 

(159

)

 

(0.5

)

 

 

 

2,550

 

 

8.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Deposits

 

6,884

 

 

 

6,948

 

 

 

7,731

 

 

 

(64

)

 

(0.9

)

 

 

 

(847

)

 

(11.0

)

 

    Federal Home Loan Bank advances

 

2,381

 

 

 

2,849

 

 

 

3,792

 

 

 

(468

)

 

(16.4

)

 

 

 

(1,411

)

 

(37.2

)

 

    Subordinated debt

 

352

 

 

 

352

 

 

 

315

 

 

 

-

 

 

0.0

 

 

 

 

37

 

 

11.7

 

 

Total interest expense

 

9,617

 

 

 

10,149

 

 

 

11,838

 

 

 

(532

)

 

(5.2

)

 

 

 

(2,221

)

 

(18.8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

23,982

 

 

 

23,609

 

 

 

19,211

 

 

 

373

 

 

1.6

 

 

 

 

4,771

 

 

24.8

 

 

Provision expense for credit losses - loans

 

859

 

 

 

1,440

 

 

 

17,305

 

 

 

(581

)

 

(40.3

)

 

 

 

(16,446

)

 

(95.0

)

 

Provision expense (reversal) for credit losses - off-balance sheet credit exposures

 

230

 

 

 

(223

)

 

 

311

 

 

 

453

 

 

(203.1

)

 

 

 

(81

)

 

(26.0

)

 

Total provision expense for credit losses

 

1,089

 

 

 

1,217

 

 

 

17,616

 

 

 

(128

)

 

(10.5

)

 

 

 

(16,527

)

 

(93.8

)

 

Net interest income, after provision expense for credit losses

 

22,893

 

 

 

22,392

 

 

 

1,595

 

 

 

501

 

 

2.2

 

 

 

 

21,298

 

 

1335.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer service fees

 

919

 

 

 

918

 

 

 

901

 

 

 

1

 

 

0.1

 

 

 

 

18

 

 

2.0

 

 

Net loss on sale of securities available for sale

 

-

 

 

 

(218

)

 

 

(541

)

 

 

218

 

 

100.0

 

 

 

 

541

 

 

(100.0

)

 

Payment processing income

 

1,909

 

 

 

1,720

 

 

 

2,192

 

 

 

189

 

 

11.0

 

 

 

 

(283

)

 

(12.9

)

 

Income on bank-owned life insurance

 

269

 

 

 

285

 

 

 

279

 

 

 

(16

)

 

(5.6

)

 

 

 

(10

)

 

(3.6

)

 

Mortgage banking income

 

263

 

 

 

103

 

 

 

16

 

 

 

160

 

 

155.3

 

 

 

 

247

 

 

1543.8

 

 

Investment commissions

 

356

 

 

 

380

 

 

 

350

 

 

 

(24

)

 

(6.3

)

 

 

 

6

 

 

1.7

 

 

Other

 

570

 

 

 

528

 

 

 

530

 

 

 

42

 

 

8.0

 

 

 

 

40

 

 

7.5

 

 

Total non-interest income

 

4,286

 

 

 

3,716

 

 

 

3,727

 

 

 

570

 

 

15.3

 

 

 

 

559

 

 

15.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

10,200

 

 

 

9,476

 

 

 

11,566

 

 

 

724

 

 

7.6

 

 

 

 

(1,366

)

 

(11.8

)

 

Occupancy and equipment

 

1,828

 

 

 

1,658

 

 

 

2,018

 

 

 

170

 

 

10.3

 

 

 

 

(190

)

 

(9.4

)

 

Data processing

 

2,890

 

 

 

3,251

 

 

 

3,378

 

 

 

(361

)

 

(11.1

)

 

 

 

(488

)

 

(14.4

)

 

Professional fees

 

1,108

 

 

 

818

 

 

 

661

 

 

 

290

 

 

35.5

 

 

 

 

447

 

 

67.6

 

 

Payment processing

 

367

 

 

 

363

 

 

 

1,043

 

 

 

4

 

 

1.1

 

 

 

 

(676

)

 

(64.8

)

 

Deposit insurance

 

343

 

 

 

217

 

 

 

632

 

 

 

126

 

 

58.1

 

 

 

 

(289

)

 

(45.7

)

 

Marketing and promotions

 

206

 

 

 

408

 

 

 

265

 

 

 

(202

)

 

(49.5

)

 

 

 

(59

)

 

(22.3

)

 

Telecommunications

 

99

 

 

 

91

 

 

 

92

 

 

 

8

 

 

8.8

 

 

 

 

7

 

 

7.6

 

 

Problem loan and foreclosed real estate, net

 

198

 

 

 

245

 

 

 

112

 

 

 

(47

)

 

(19.2

)

 

 

 

86

 

 

76.8

 

 

Other general and administrative

 

1,753

 

 

 

1,834

 

 

 

2,064

 

 

 

(81

)

 

(4.4

)

 

 

 

(311

)

 

(15.1

)

 

Total non-interest expense

 

18,992

 

 

 

18,361

 

 

 

21,831

 

 

 

631

 

 

3.4

 

 

 

 

(2,839

)

 

(13.0

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income tax expense

 

8,187

 

 

 

7,747

 

 

 

(16,509

)

 

 

440

 

 

5.7

 

 

 

 

24,696

 

 

(149.6

)

 

Income tax expense (benefit)

 

2,191

 

 

 

2,414

 

 

 

(4,922

)

 

 

(223

)

 

(9.2

)

 

 

 

7,113

 

 

(144.5

)

 

Net income (loss)

$

5,996

 

 

$

5,333

 

 

$

(11,587

)

 

$

663

 

 

12.4

 

%

 

$

17,583

 

 

(151.7

)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, basic

 

18,557

 

 

 

18,537

 

 

N/A

 

 

 

20

 

 

0.1

 

%

 

N/A

 

N/A

 

 

Weighted average common shares outstanding diluted

 

18,557

 

 

 

18,537

 

 

N/A

 

 

 

20

 

 

0.1

 

 

 

N/A

 

N/A

 

 

Earnings per share, basic

$

0.32

 

 

$

0.29

 

 

N/A

 

 

$

0.03

 

 

10.3

 

 

 

N/A

 

N/A

 

 

Earnings per share, diluted

$

0.32

 

 

$

0.29

 

 

N/A

 

 

$

0.03

 

 

10.3

 

 

 

N/A

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

 

 

Avidia Bancorp, Inc.

Average Balances and Average Yields And Costs (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Quarters Ended

 

March 31, 2026

 

 

December 31, 2025

 

 

March 31, 2025

 

 

(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

$

111,776

 

$

742

 

 

2.69

 

%

$

72,847

 

$

512

 

 

2.79

 

%

$

37,105

 

$

215

 

 

2.35

 

%

Securities

 

297,095

 

 

2,544

 

 

3.47

 

 

 

295,120

 

 

2,530

 

 

3.40

 

 

 

309,608

 

 

2,651

 

 

3.47

 

 

Loans

 

2,288,117

 

 

30,313

 

 

5.37

 

 

 

2,280,267

 

 

30,716

 

 

5.34

 

 

 

2,214,952

 

 

28,183

 

 

5.16

 

 

Total interest-earning assets

 

2,696,988

 

 

33,599

 

 

5.05

 

 

 

2,648,234

 

 

33,758

 

 

5.06

 

 

 

2,561,665

 

 

31,049

 

 

4.92

 

 

Noninterest-earning assets

 

115,557

 

 

 

 

 

 

 

107,874

 

 

 

 

 

 

 

105,220

 

 

 

 

 

 

Total assets

$

2,812,545

 

 

 

 

 

 

$

2,756,108

 

 

 

 

 

 

$

2,666,885

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW accounts

$

742,711

 

$

993

 

 

0.54

 

%

$

684,815

 

$

804

 

 

0.47

 

%

$

690,014

 

$

813

 

 

0.48

 

%

Money market accounts

 

260,035

 

 

776

 

 

1.21

 

 

 

277,852

 

 

898

 

 

1.28

 

 

 

260,430

 

 

842

 

 

1.31

 

 

Regular and other savings accounts

 

434,329

 

 

2,279

 

 

2.13

 

 

 

419,232

 

 

2,278

 

 

2.16

 

 

 

383,017

 

 

2,098

 

 

2.22

 

 

Certificates of deposit

 

324,646

 

 

2,836

 

 

3.54

 

 

 

328,333

 

 

2,968

 

 

3.59

 

 

 

387,556

 

 

3,978

 

 

4.16

 

 

Total interest-bearing deposits

 

1,761,721

 

 

6,884

 

 

1.58

 

 

 

1,710,231

 

 

6,948

 

 

1.61

 

 

 

1,721,017

 

 

7,731

 

 

1.82

 

 

FHLB advances and other borrowings (1)

 

231,724

 

 

2,381

 

 

4.17

 

 

 

259,702

 

 

2,849

 

 

4.35

 

 

 

339,814

 

 

3,792

 

 

4.53

 

 

Subordinated debt

 

27,828

 

 

352

 

 

5.13

 

 

 

27,791

 

 

352

 

 

5.03

 

 

 

27,691

 

 

315

 

 

4.61

 

 

Total interest-bearing liabilities

 

2,021,273

 

 

9,617

 

 

1.93

 

 

 

1,997,724

 

 

10,149

 

 

2.02

 

 

 

2,088,522

 

 

11,838

 

 

2.30

 

 

Noninterest-bearing demand deposits

 

369,871

 

 

 

 

 

 

 

349,454

 

 

 

 

 

 

 

336,000

 

 

 

 

 

 

Other noninterest-bearing liabilities

 

39,196

 

 

 

 

 

 

 

32,301

 

 

 

 

 

 

 

45,439

 

 

 

 

 

 

Total liabilities

 

2,430,340

 

 

 

 

 

 

 

2,379,478

 

 

 

 

 

 

 

2,469,961

 

 

 

 

 

 

Total shareholders' equity

 

382,205

 

 

 

 

 

 

 

376,630

 

 

 

 

 

 

 

196,924

 

 

 

 

 

 

Total liabilities and capital

$

2,812,545

 

 

 

 

 

 

$

2,756,108

 

 

 

 

 

 

$

2,666,885

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

$

23,982

 

 

 

 

 

 

$

23,609

 

 

 

 

 

 

$

19,211

 

 

 

 

Net interest rate spread (2)

 

 

 

 

 

3.12

 

%

 

 

 

 

 

3.04

 

%

 

 

 

 

 

2.62

 

%

Net interest-earning assets (3)

$

675,715

 

 

 

 

 

 

$

650,510

 

 

 

 

 

 

$

473,143

 

 

 

 

 

 

Total deposits

 

2,131,592

 

 

 

 

 

 

 

2,059,684

 

 

 

 

 

 

 

2,057,017

 

 

 

 

 

 

Net interest margin (4)

 

 

 

 

 

3.61

 

%

 

 

 

 

 

3.54

 

%

 

 

 

 

 

3.04

 

%

Cost of deposits

 

 

 

 

 

1.31

 

%

 

 

 

 

 

1.35

 

%

 

 

 

 

 

1.50

 

%

Average interest-earning assets to interest-bearing liabilities

 

 

 

 

 

133.43

 

%

 

 

 

 

 

132.56

 

%

 

 

 

 

 

122.65

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9

 

 

Avidia Bancorp, Inc.

Asset Quality Data (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

At or for the Quarters Ended

(Dollars in thousands)

March 31, 2026

 

 

December 31, 2025

 

 

March 31, 2025

 

 

NonPerforming Assets

 

 

 

 

 

 

 

 

 

Nonaccrual loans:

 

 

 

 

 

 

 

 

 

Residential

$

977

 

 

$

720

 

 

$

446

 

 

Commercial real estate

 

6,041

 

 

 

6,126

 

 

 

-

 

 

Construction

 

-

 

 

 

6,478

 

 

 

9,303

 

 

Commercial

 

6,610

 

 

 

6,884

 

 

 

2,127

 

 

Total nonaccrual loans

$

13,628

 

 

$

20,208

 

 

$

11,876

 

 

Other real estate owned

 

-

 

 

 

-

 

 

 

-

 

 

Total nonperforming assets

$

13,628

 

 

$

20,208

 

 

$

11,876

 

 

 

 

 

 

 

 

 

 

 

Total nonperforming assets to total loans

 

0.60

 

%

 

0.88

 

%

 

0.53

 

%

 

 

 

 

 

 

 

 

 

Allowance for Credit Losses

 

 

 

 

 

 

 

 

 

Allowance for credit losses, beginning of period

$

22,018

 

 

$

24,284

 

 

$

21,741

 

 

Charged-off loans

 

(221

)

 

 

(3,790

)

 

 

(17,230

)

 

Recoveries on charged-off loans

 

105

 

 

 

84

 

 

 

33

 

 

Net loan (charge-offs)

 

(116

)

 

 

(3,706

)

 

 

(17,197

)

 

Provision expense for credit losses

 

859

 

 

 

1,440

 

 

 

17,305

 

 

Allowance for credit losses, end of period

$

22,761

 

 

$

22,018

 

 

$

21,849

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses to total loans

 

1.00

 

%

 

0.96

 

%

 

0.98

 

%

Allowance for credit losses to nonperforming loans

 

167.02

 

 

 

108.96

 

 

 

183.98

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loans (charge-offs) recoveries

 

 

 

 

 

 

 

 

 

Residential

$

1

 

 

$

1

 

 

$

1

 

 

Commercial real estate

 

-

 

 

 

-

 

 

 

10

 

 

Construction

 

75

 

 

 

(2,454

)

 

 

(16,749

)

 

Commercial

 

(154

)

 

 

(1,260

)

 

 

(429

)

 

Consumer

 

(38

)

 

 

7

 

 

 

(30

)

 

Total net loan (charge-offs)

$

(116

)

 

$

(3,706

)

 

$

(17,197

)

 

 

 

 

 

 

 

 

 

 

Net loan (charge-offs) to average loans (annualized)

 

(0.02

)

%

 

(0.65

)

%

 

(3.11

)

%

 

10

 

 

Avidia Bancorp, Inc.

 

Non-GAAP Reconciliation (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

(Dollars in thousands, except per share data)

March 31, 2026

 

 

December 31, 2025

 

 

March 31, 2025

 

 

 

Tangible shareholders' equity:

 

 

 

 

 

 

 

 

 

 

Total shareholders' equity (GAAP)

$

383,162

 

 

$

378,994

 

 

$

186,057

 

 

 

Less: Goodwill

 

11,936

 

 

 

11,936

 

 

 

11,936

 

 

 

Tangible shareholders' equity (non-GAAP)

$

371,226

 

 

$

367,058

 

 

$

174,121

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible assets:

 

 

 

 

 

 

 

 

 

 

Total assets (GAAP)

$

2,807,058

 

 

$

2,837,090

 

 

$

2,706,631

 

 

 

Less: Goodwill

 

11,936

 

 

 

11,936

 

 

 

11,936

 

 

 

Tangible assets (non-GAAP)

$

2,795,122

 

 

$

2,825,154

 

 

$

2,694,695

 

 

 

 

 

 

 

 

 

 

 

 

 

Average tangible shareholders' equity:

 

 

 

 

 

 

 

 

 

 

Average total shareholders' equity (GAAP)

$

382,205

 

 

$

376,630

 

 

$

196,924

 

 

 

Less: Average goodwill

 

11,936

 

 

 

11,936

 

 

 

11,936

 

 

 

Average tangible shareholders' equity (non-GAAP)

$

370,269

 

 

$

364,694

 

 

$

184,988

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity to assets (GAAP)

 

13.65

 

%

 

13.36

 

%

 

6.87

 

%

 

Tangible shareholders' equity to tangible assets (non-GAAP)

 

13.28

 

%

 

12.99

 

%

 

6.46

 

%

 

Return on average equity (GAAP)

 

6.36

 

%

 

5.66

 

%

 

(24.91

)

%

 

Return on average tangible common equity (non-GAAP)

 

6.57

 

%

 

5.85

 

%

 

(25.05

)

%

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding, including unallocated ESOP shares

 

20,076

 

 

 

20,076

 

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per common share (GAAP)

$

19.09

 

 

$

18.88

 

 

N/A

 

 

 

Tangible book value per common share (non-GAAP)

$

18.49

 

 

$

18.28

 

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11

 

Source: View Original Filing on SEC EDGAR

FAQ

How did Avidia Bancorp (AVBC) perform financially in Q1 2026?

Avidia Bancorp reported Q1 2026 net income of $6.0 million, or $0.32 per share, up from $5.3 million, or $0.29 per share, in Q4 2025. Results reflected higher net interest income, stronger fee income, and improved credit quality metrics.

What dividend did Avidia Bancorp (AVBC) declare with its Q1 2026 results?

The company declared a $0.05 per share quarterly cash dividend on its common stock. It is payable on or about May 28, 2026 to stockholders of record at the close of business on May 19, 2026, continuing regular capital returns.

How did Avidia Bancorp’s net interest margin and deposit costs change in Q1 2026?

Net interest margin rose to 3.61% in Q1 2026 from 3.54% in Q4 2025, showing slightly improved spread earnings. The cost of deposits declined to 1.31% from 1.35%, helping offset modest pressure on asset yields and supporting net interest income growth.

What were Avidia Bancorp’s key asset quality metrics in Q1 2026?

The allowance for credit losses was $22.8 million, or 1.00% of total loans, at March 31, 2026. Nonperforming loans declined to $13.6 million, or 0.60% of total loans, and net charge-offs were only $116 thousand, or 0.02% annualized.

How strong is Avidia Bancorp’s capital position as of March 31, 2026?

Total shareholders’ equity was $383.2 million, or 13.65% of total assets, at March 31, 2026. Regulatory capital ratios were high, with total capital at 19.75% and common equity tier 1 capital at 17.42% of risk-weighted assets, indicating a solid capital base.

Filing Exhibits & Attachments

2 documents

Press Releases

Other Documents