Form 8-K

8-K — Avidia Bancorp, Inc.

Accession: 0001193125-26-180748

Filed: 2026-04-27

Period: 2026-04-23

CIK: 0002058758

SIC: 6036 (SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — avbc-20260423.htm (Primary)

EX-99.1 (avbc-ex99_1.htm)

GRAPHIC (img180766831_0.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: avbc-20260423.htm · Sequence: 1

8-K

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

EX-99.1

Filename: avbc-ex99_1.htm · Sequence: 2

EX-99.1

Exhibit 99.1

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.

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.

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.

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

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.

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

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

)

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

Mortgage servicing rights

3,086

3,033

3,289

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

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

0.0

201

Additional paid-in capital

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

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

—

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

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

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

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

315

0.0

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

0.1

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

160

155.3

247

1543.8

Investment commissions

356

380

350

(24

)

(6.3

)

1.7

Other

570

528

530

8.0

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

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

8.8

7.6

Problem loan and foreclosed real estate, net

198

245

112

(47

)

(19.2

)

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

0.1

N/A

Weighted average common shares outstanding diluted

18,557

18,537

N/A

0.1

N/A

Earnings per share, basic

0.32

0.29

N/A

0.03

10.3

N/A

Earnings per share, diluted

0.32

0.29

N/A

0.03

10.3

N/A

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.

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

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

Commercial real estate

Construction

(2,454

)

(16,749

)

Commercial

(154

)

(1,260

)

(429

)

Consumer

(38

)

(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

)

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

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

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

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

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

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Document And Entity Information

Apr. 23, 2026

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