Form 8-K
8-K — Avidia Bancorp, Inc.
Accession: 0001193125-26-430532
Filed: 2026-10-23
Period: 2026-10-22
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-20261022.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-20261022.htm · Sequence: 1
8-K
0002058758false00020587582026-10-222026-10-22
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): October 22, 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 October 22, 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 three and nine months ended September 30, 2026 and the declaration of a dividend of $0.06 per share payable on or about November 30, 2026 to stockholders of record as of the close of business on November 17, 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 October 22, 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:
October 23, 2026
By:
/s/ Jonathan Nelson
Jonathan Nelson
Chief Financial Officer
EX-99.1
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 Third Quarter 2026 Financial Results, Declares Quarterly Cash Dividend
HUDSON, MA; October 22, 2026 – Avidia Bancorp, Inc. (the “Company”) (NYSE: “AVBC”), the holding company of Avidia Bank, today reported third quarter 2026 net income of $8.6 million, or $0.47 per share, compared to second quarter 2026 net income of $7.2 million, or $0.39 per share.
The Company also announced today the declaration of a quarterly cash dividend of $0.06 per share on its outstanding shares of common stock, payable on or about November 30, 2026, to stockholders of record as of the close of business on November 17, 2026.
CEO Robert Cozzone stated “Quarterly earnings growth benefited from higher loan yields and a lower loan loss provision. Our focus on pricing and operational discipline is resulting in continued improvements in operating leverage and balance sheet structure. During the quarter, we announced a $30 million stock repurchase authorization and commenced repurchases, further supporting stockholder returns.”
THIRD QUARTER 2026 FINANCIAL HIGHLIGHTS (comparisons are to prior quarter)
•
Net interest margin increased by 22 basis points to 3.86%, which included an 11 basis point benefit from a large loan prepayment penalty received.
•
Return on assets increased by 20 basis points to 1.24%.
•
Return on equity increased by 136 basis points to 8.79%.
•
Efficiency ratio improved to 62.2% from 65.3%.
•
Share repurchases of $23.8 million were completed as of September 30, equal to 6.1% of the previous quarter’s stockholders’ equity.
BALANCE SHEET
Total assets were $2.78 billion at September 30, 2026, which was comparable to June 30, 2026.
•
Short-term investments decreased by $9.0 million to $42.3 million as excess cash was used to pay down wholesale borrowings and for the share repurchases.
•
Total investment securities decreased by $1.7 million from June 30, to $325.9 million.
•
Total loans were $2.26 billion, which was comparable to June 30.
o
Residential mortgages increased by $30.1 million due primarily to the $21.3 million purchase of in-market, adjustable-rate mortgage loans from a local correspondent bank.
o
Commercial & industrial loans decreased $31.2 million due primarily to the impact of loan prepayments, including a $23.0 million solar loan that had three years remaining to maturity.
o
Quarter-end loan exposure related to non-medical office space was $90.6 million, or 4% of gross loans. When excluding owner-occupied, total non-medical office exposure was $72.6 million.
•
Deposits grew by $53.0 million, or 2.5% for the quarter, to $2.21 billion.
o
Brokered certificates of deposit in the amount of $22.9 million were purchased.
o
Money market accounts increased by $19.7 million due to solid growth from business customers.
o
Certificates of deposit increased by $12.1 million.
o
Lower cost transaction accounts (demand and NOW) were 50% of period-end total deposits.
•
Federal Home Loan Bank advances decreased by $50.0 million to $110.0 million.
•
Total stockholders’ equity decreased by $23.0 million, or 5.9%, to $366.6 million. Stockholders’ equity to total assets was 13.2% at quarter-end. Tangible stockholders' equity to tangible assets (non-GAAP) was 12.8%.
o
The Company recorded $23.8 million for the repurchase of 1,079,051 shares (5.4% of outstanding shares).
o
Accumulated other comprehensive loss increased by $6.8 million because higher market interest rates reduced the value of the available for sale investment portfolio.
o
Pursuant to an equity compensation plan approved by stockholders in the third quarter, five-year vesting director equity compensation grants were awarded consisting of 240,912 shares of restricted stock valued at $22.29 per share and 602,280 stock options valued at $7.78 per option.
o
On October 13, 2026, management equity grants with 5- or 6-year vesting were awarded consisting of 489,500 shares of restricted stock valued at $21.95 per share and 1,187,000 stock options with an average value of $7.65 per option. These values are not included in the consolidated financial statements as of September 30, 2026.
REVENUE
Total net revenue increased to $31.2 million in the third quarter of 2026, an increase of $1.3 million, or 4%, compared to the prior quarter.
•
Third quarter 2026 net interest income increased $1.5 million due to higher interest rates across most loan categories. The net interest margin improved by 22 basis points to 3.86%, which included a large $692 thousand loan prepayment penalty received from the prepayment of the large solar loan mentioned above. The net interest margin excluding the prepayment penalty is 3.75%, up 11 basis points from the second quarter.
o
Average earning assets totaled $2.6 billion, which remained steady from the prior quarter.
o
The yield on earning assets increased 21 basis points to 5.26%. The 5.55% loan yield included the $692 thousand in prepayment penalties, which contributed 12 basis points to the loan yield.
2
o
The cost of interest-bearing liabilities decreased 1 basis point to 1.88%, as the benefit from lower cost borrowings was partially offset by a 3 basis point increase in the cost of deposits to 1.35%.
•
Non-interest income decreased by $250 thousand, primarily because payments processing income declined from the prior quarter, when it was elevated by contract termination fees.
•
Mortgage banking income increased $149 thousand, or 51.9%, primarily driven by a higher quarterly MSR valuation.
NON-INTEREST EXPENSE
•
Total non-interest expense decreased $121 thousand, or 1%, to $19.4 million in the third quarter of 2026.
o
Salaries and benefits increased $235 thousand, or 2%, including $77 thousand from the expense related to the new stock grants issued.
o
Modest decreases were recorded across many of the other expense categories.
INCOME TAXES
Income tax expense increased $660 thousand to $3.0 million in the third quarter of 2026 compared to the prior quarter.
•
The effective income tax rate was 25.6% for the third quarter and 25.5% year-to-date.
ASSET QUALITY
The period-end allowance for credit losses was $23.2 million in the third quarter of 2026 compared to $23.9 million at the prior quarter-end. The ratio of the allowance to total loans decreased to 1.03% from 1.06% for these dates.
•
Provision expense for credit losses decreased $681 thousand to $211 thousand in the third quarter of 2026.
•
The Company recorded net loan charge-offs of $755 thousand in the third quarter of 2026, measuring 0.13% of average loans on an annualized basis.
•
Nonaccruing loans were $17.8 million, or 0.79% of total loans, at period-end, compared to $16.9 million, or 0.75% of total loans, at the prior quarter-end.
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
3
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)
September 30, 2026
June 30, 2026
September 30, 2025
Earnings Data:
Net interest income
$
25,503
$
23,964
$
23,432
Total non-interest income
5,652
5,902
4,526
Total net revenue
31,155
29,866
27,958
Total non-interest expense
19,380
19,501
28,369
Provision for credit losses
211
892
1,540
Income (loss) before income tax expense
11,564
9,473
(1,951
)
Net income (loss)
8,601
7,170
(907
)
Per-Share Data:
Earnings (loss) per share, basic
$
0.47
$
0.39
$
(0.05
)
Earnings (loss) per share, diluted
0.47
0.39
(0.05
)
Book value per share
19.05
19.40
18.53
Tangible book value per share (non-GAAP)(1)
18.43
18.81
17.94
Performance Ratios:
Return on average assets (annualized)
1.24
%
1.04
%
(0.13
)
%
Return on average equity (annualized)
8.79
7.43
(1.14
)
Return on average tangible common equity (non-GAAP)(1)
9.06
7.76
(1.18
)
Net interest margin(2)
3.86
3.64
3.43
Interest rate spread (3)
3.38
3.16
2.91
Yield on loans
5.55
5.32
5.21
Cost of deposits
1.35
1.32
1.32
Cost of funds
1.88
1.89
2.06
Non-interest income as a percentage of average assets
0.81
0.86
0.64
Non-interest expense as a percentage of average assets
2.79
2.83
4.02
Efficiency ratio(4)
62.21
65.29
101.47
Total loans as a percentage of total deposits
102.45
104.97
109.39
Average interest-earning assets as a percentage of average interest-bearing liabilities
133.94
134.37
134.52
Balance Sheet, (end of period):
Total assets
$
2,775,550
$
2,780,104
$
2,787,010
Total earning assets
2,636,812
2,647,488
2,669,662
Total loans
2,260,822
2,260,543
2,274,747
Total deposits
2,206,649
2,153,608
2,079,578
Total stockholders' equity
366,573
389,536
372,037
Asset Quality:
Allowance for credit losses
$
23,190
$
23,926
$
24,284
Allowance for credit losses as a percentage of total loans
1.03
%
1.06
%
1.07
%
Allowance for credit losses as a percentage of nonperforming loans
130.64
141.46
137.79
Nonaccrual loans as a percentage of total loans
0.79
0.75
0.77
Net loan (charge-offs) recoveries as a percentage of average loans (annualized)
(0.13
)
0.07
(0.11
)
Total nonperforming assets as a percentage of total assets
0.64
0.61
0.63
Capital Ratios:
Total stockholders' equity as a percentage of total assets
13.21
%
14.01
%
13.35
%
Tangible stockholders' equity as a percentage of tangible assets (non-GAAP)(1)
12.83
13.64
12.95
Total capital as a percentage of risk-weighted assets (5)
19.69
20.20
19.89
Common equity tier 1 capital as a percentage of risk-weighted assets (5)
17.28
17.79
17.42
Tier 1 capital as a percentage of average assets (5)
13.73
14.19
13.11
(1) Reconciliation of non-GAAP financial measures appears on page 12.
(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 non-interest expenses divided by the sum of net interest income and non-interest income.
(5) Presented as projected for September 30, 2026 and actual for the remaining dates.
5
Avidia Bancorp, Inc.
Consolidated Balance Sheets (Unaudited)
As of
September 30, 2026 Change From
(Dollars in thousands)
September 30, 2026
June 30, 2026
September 30, 2025
June 30, 2026
September 30, 2025
Assets
Cash and due from banks
$
18,000
$
19,171
$
15,484
$
(1,171
)
(6.1
)
%
$
2,516
16.2
%
Short-term investments
42,300
51,303
96,384
(9,003
)
(17.5
)
(54,084
)
(56.1
)
Total cash and cash equivalents
60,300
70,474
111,868
(10,174
)
(14.4
)
(51,568
)
(46.1
)
Securities available for sale, at fair value
313,409
315,091
269,308
(1,682
)
(0.5
)
44,101
16.4
Securities held to maturity, at amortized cost
12,500
12,500
15,747
-
0.0
(3,247
)
(20.6
)
Total securities
325,909
327,591
285,055
(1,682
)
(0.5
)
40,854
14.3
Federal Home Loan Bank stock, at cost
7,001
8,051
11,731
(1,050
)
(13.0
)
(4,730
)
(40.3
)
Loans held for sale
780
-
1,745
780
-
(965
)
(55.3
)
Total loans
2,260,822
2,260,543
2,274,747
279
0.0
(13,925
)
(0.6
)
Less: Allowance for credit losses
(23,190
)
(23,926
)
(24,284
)
736
(3.1
)
1,094
(4.5
)
Net loans
2,237,632
2,236,617
2,250,463
1,015
0.0
(12,831
)
(0.6
)
Premises and equipment, net
28,951
29,153
29,270
(202
)
(0.7
)
(319
)
(1.1
)
Bank-owned life insurance
47,722
47,309
36,375
413
0.9
11,347
31.2
Accrued interest receivable
8,588
8,700
8,141
(112
)
(1.3
)
447
5.5
Net deferred tax asset
14,942
12,842
10,832
2,100
16.4
4,110
37.9
Goodwill
11,936
11,936
11,936
-
-
-
-
Mortgage servicing rights
3,423
3,168
3,149
255
8.0
274
8.7
Other assets
28,366
24,263
26,445
4,103
16.9
1,921
7.3
Total assets
$
2,775,550
$
2,780,104
$
2,787,010
$
(4,554
)
(0.2
)
%
$
(11,460
)
(0.4
)
%
Liabilities
Deposits
$
2,206,649
$
2,153,608
$
2,079,578
$
53,041
2.5
%
$
127,071
6.1
%
Federal Home Loan Bank advances
110,000
160,000
260,000
(50,000
)
(31.3
)
(150,000
)
(57.7
)
Subordinated debt
27,914
27,877
27,778
37
0.1
136
0.5
Accrued expenses and other liabilities
64,414
49,083
47,617
15,331
31.2
16,797
35.3
Total liabilities
$
2,408,977
$
2,390,568
$
2,414,973
$
18,409
0.8
%
$
(5,996
)
(0.2
)
%
Stockholders' equity:
Common Stock
$
192
$
201
$
201
$
(9
)
(4.5
)
%
$
(9
)
(4.5
)
%
Additional paid-in capital
171,507
195,228
195,029
(23,721
)
(12.2
)
(23,522
)
(12.1
)
Unallocated ESOP common stock
(14,656
)
(14,857
)
(15,459
)
201
(1.4
)
803
(5.2
)
Retained earnings
230,546
223,138
206,648
7,408
3.3
23,898
11.6
Accumulated other comprehensive loss
(21,016
)
(14,174
)
(14,382
)
(6,842
)
48.3
(6,634
)
46.1
Total stockholders' equity
$
366,573
$
389,536
$
372,037
$
(22,963
)
(5.9
)
%
$
(5,464
)
(1.5
)
%
Total liabilities and stockholders' equity
$
2,775,550
$
2,780,104
$
2,787,010
$
(4,554
)
(0.2
)
%
$
(11,460
)
(0.4
)
%
6
Avidia Bancorp, Inc.
Consolidated Loan and Deposit Analysis (Unaudited)
Loan Analysis
As of
September 30, 2026 Change From
(Dollars in thousands)
September 30, 2026
June 30, 2026
September 30, 2025
June 30, 2026
September 30, 2025
Real estate loans
One to four family residential
$
548,079
$
517,975
$
521,606
$
30,104
5.8
%
$
26,473
5.1
%
Home equity and second mortgages
84,313
82,886
76,027
1,427
1.7
8,286
10.9
Commercial real estate
536,312
540,209
526,345
(3,897
)
(0.7
)
9,967
1.9
Commercial real estate multifamily
106,403
103,477
98,647
2,926
2.8
7,756
7.9
Construction & land
49,440
45,928
51,311
3,512
7.6
(1,871
)
(3.6
)
Total real estate loans
1,324,547
1,290,475
1,273,936
34,072
2.6
50,611
4.0
Commercial loans
Condominium associations
491,868
494,331
498,164
(2,463
)
(0.5
)
(6,296
)
(1.3
)
Commercial & industrial
438,274
469,491
495,263
(31,217
)
(6.6
)
(56,989
)
(11.5
)
PPP loans
—
—
40
—
—
(40
)
(100.0
)
Total commercial loans
930,142
963,822
993,467
(33,680
)
(3.5
)
(63,325
)
(6.4
)
Consumer loans
Consumer
2,909
3,082
4,274
(173
)
(5.6
)
(1,365
)
(31.9
)
Total consumer loans
2,909
3,082
4,274
(173
)
(5.6
)
(1,365
)
(31.9
)
Total loans
2,257,598
2,257,379
2,271,677
219
0.0
(14,079
)
(0.6
)
Allowance for credit losses
(23,190
)
(23,926
)
(24,284
)
736
(3.1
)
1,094
(4.5
)
Net deferred loan costs
3,224
3,164
3,070
60
1.9
154
5.0
Loans, net
$
2,237,632
$
2,236,617
$
2,250,463
$
1,015
0.0
$
(12,831
)
(0.6
)
%
Deposit Analysis
As of
September 30, 2026 Change From
(Dollars in thousands)
September 30, 2026
June 30, 2026
September 30, 2025
June 30, 2026
September 30, 2025
Non-interest-bearing demand
$
368,961
$
369,282
$
342,867
$
(321
)
(0.1
)
%
$
26,094
7.6
%
NOW
743,042
753,470
708,096
(10,428
)
(1.4
)
34,946
4.9
Money market
299,215
279,529
278,095
19,686
7.0
21,120
7.6
Savings
441,451
432,310
417,010
9,142
2.1
24,441
5.9
Certificates of deposit
331,084
319,017
321,510
12,066
3.8
9,574
3.0
Brokered certificates of deposit
22,896
—
12,000
22,896
-
10,896
90.8
Total deposits
$
2,206,649
$
2,153,608
$
2,079,578
$
53,041
2.5
%
$
127,071
6.1
%
7
Avidia Bancorp, Inc.
Consolidated Statements of Operations QTD (Unaudited)
Three Months Ended September 30, 2026 Change
Three Months Ended
From Three Months Ended
(Dollars in thousands, except per share data)
September 30, 2026
June 30, 2026
September 30, 2025
June 30, 2026
September 30, 2025
Interest and dividend income
Loans, including fees
$
31,585
$
29,961
$
29,727
$
1,624
5.4
%
$
1,858
6.3
%
Securities
3,016
2,877
2,567
139
4.8
449
17.5
Other
164
400
1,588
(236
)
(59.0
)
(1,424
)
(89.7
)
Total interest and dividend income
34,765
33,238
33,882
1,527
4.6
883
2.6
Interest expense
Deposits
7,313
6,992
7,268
321
4.6
45
0.6
Federal Home Loan Bank advances
1,594
1,930
2,827
(336
)
(17.4
)
(1,233
)
(43.6
)
Subordinated debt
355
352
355
3
0.9
-
0.0
Total interest expense
9,262
9,274
10,450
(12
)
(0.1
)
(1,188
)
(11.4
)
Net interest income
25,503
23,964
23,432
1,539
6.4
2,071
8.8
Provision expense for credit losses - loans
19
745
1,480
(726
)
(97.4
)
(1,461
)
(98.7
)
Provision expense for credit losses - off-balance sheet credit exposures
192
147
60
45
30.6
132
220.0
Total provision expense for credit losses
211
892
1,540
(681
)
(76.3
)
(1,329
)
(86.3
)
Net interest income, after provision expense for credit losses
25,292
23,072
21,892
2,220
9.6
3,400
15.5
Non-interest income:
Customer service fees
1,449
1,338
912
111
8.3
537
58.9
Payments processing income
2,152
2,592
1,857
(440
)
(17.0
)
295
15.9
Income on bank-owned life insurance
411
379
279
32
8.4
132
47.3
Mortgage banking income
436
287
121
149
51.9
315
260.3
Investment commissions
423
359
358
64
17.8
65
18.2
Other
781
947
999
(166
)
(17.5
)
(218
)
(21.8
)
Total non-interest income
5,652
5,902
4,526
(250
)
(4.2
)
1,126
24.9
Non-interest expense:
Salaries and employee benefits
10,198
9,963
9,773
235
2.4
425
4.3
Occupancy and equipment
1,533
1,440
1,933
93
6.5
(400
)
(20.7
)
Data processing
3,045
3,042
2,251
3
0.1
794
35.3
Professional fees
1,373
1,516
790
(143
)
(9.4
)
583
73.8
Payments processing
567
452
526
115
25.4
41
7.8
Deposit insurance
333
302
651
31
10.3
(318
)
(48.8
)
Marketing and promotions
308
424
423
(116
)
(27.4
)
(115
)
(27.2
)
Telecommunications
73
75
81
(2
)
(2.7
)
(8
)
(9.9
)
Problem loan and foreclosed real estate, net
59
179
179
(120
)
(67.0
)
(120
)
(67.0
)
Other general and administrative
1,891
2,108
11,762
(217
)
(10.3
)
(9,871
)
(83.9
)
Total non-interest expense
19,380
19,501
28,369
(121
)
(0.6
)
(8,989
)
(31.7
)
Income (loss) before income tax expense
11,564
9,473
(1,951
)
2,091
22.1
13,515
692.7
Income tax expense (benefit)
2,963
2,303
(1,044
)
660
28.7
4,007
383.8
Net income (loss)
$
8,601
$
7,170
$
(907
)
$
1,431
20.0
%
$
9,508
1048.3
%
Share data:
Weighted average common shares outstanding, basic
18,247
18,577
18,520
(330
)
(1.8
)
%
(274
)
(1.5
)
%
Weighted average common shares outstanding, diluted
18,247
18,577
18,520
(330
)
(1.8
)
(274
)
(1.5
)
Earnings (loss) per share, basic
$
0.47
$
0.39
$
(0.05
)
$
0.08
20.5
$
0.52
1059.7
Earnings (loss) per share, diluted
$
0.47
$
0.39
$
(0.05
)
$
0.08
20.5
$
0.52
1059.7
8
Avidia Bancorp, Inc.
Consolidated Statements of Operations YTD (Unaudited)
Nine Months Ended
Nine Months Ended Sep. 30, 2026 Change
(Dollars in thousands, except per share data)
Sep. 30, 2026
Sep. 30, 2025
From Nine Months Ended Sep. 30, 2025
Interest and dividend income:
Loans, including fees
$
91,860
$
86,791
$
5,069
5.8
%
Securities
8,437
7,774
663
8.5
Other
1,306
2,224
(918
)
(41.3
)
Total interest and dividend income
101,603
96,789
4,814
5.0
Interest expense:
Deposits
21,189
22,241
(1,052
)
(4.7
)
Federal Home Loan Bank advances
5,905
10,267
(4,362
)
(42.5
)
Subordinated debt
1,059
1,021
38
3.7
Total interest expense
28,153
33,529
(5,376
)
(16.0
)
Net interest income:
73,450
63,260
10,190
16.1
Provision expense for credit losses - loans
1,623
20,308
(18,685
)
(92.0
)
Provision expense (reversal) for credit losses - off-balance sheet credit exposures
569
(82
)
651
793.9
Total provision expense for credit losses
2,192
20,226
(18,034
)
(89.2
)
Net interest income, after provision expense for credit losses
71,258
43,034
28,224
65.6
Non-interest income:
Customer service fees
3,705
2,697
1,008
37.4
Net (loss) on sale of securities available for sale
-
(619
)
619
100.0
Payments processing income
6,653
6,129
524
8.5
Income on bank-owned life insurance
1,059
847
212
25.0
Mortgage banking income
987
299
688
230.1
Investment commissions
1,138
1,020
118
11.6
Other
2,298
3,129
(831
)
(26.6
)
Total non-interest income
15,840
13,502
2,338
17.3
Non-interest expense:
Salaries and employee benefits
30,361
30,247
114
0.4
Occupancy and equipment
4,801
5,994
(1,193
)
(19.9
)
Data processing
8,977
8,623
354
4.1
Professional fees
3,997
2,539
1,458
57.4
Payments processing
1,386
2,500
(1,114
)
(44.6
)
Deposit insurance
978
2,064
(1,086
)
(52.6
)
Advertising
938
998
(60
)
(6.0
)
Telecommunications
248
270
(22
)
(8.1
)
Problem loan and foreclosed real estate, net
436
485
(49
)
(10.1
)
Other general and administrative
5,753
16,246
(10,493
)
(64.6
)
Total non-interest expense
57,875
69,966
(12,091
)
(17.3
)
Income (loss) before income tax expense
29,223
(13,430
)
42,653
317.6
Income tax expense (benefit)
7,458
(4,808
)
12,266
255.1
Net income (loss)
$
21,765
$
(8,622
)
$
30,387
352.4
%
Share data:
Weighted average common shares outstanding, basic
18,463
18,520
(58
)
(0.3
)
%
Weighted average common shares outstanding, diluted
18,463
18,520
(58
)
(0.3
)
Earnings (loss) per share, basic
$
1.18
$
(0.47
)
$
1.64
353.2
Earnings (loss) per share, diluted
$
1.18
$
(0.47
)
$
1.64
353.2
9
Avidia Bancorp, Inc.
Average Balances and Average Yields And Costs (Unaudited)
For the Quarters Ended
September 30, 2026
June 30, 2026
September 30, 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
$
33,751
$
164
1.93
%
$
56,531
$
400
2.84
%
$
150,428
$
1,588
4.19
%
Securities
332,915
3,016
3.59
323,536
2,877
3.57
292,031
2,567
3.49
Loans (1)
2,257,327
31,585
5.55
2,258,865
29,961
5.32
2,264,095
29,727
5.21
Total interest-earning assets
2,623,993
34,765
5.26
2,638,932
33,238
5.05
2,706,554
33,882
4.97
Non-interest-earning assets
128,317
125,864
116,574
Total assets
$
2,752,310
$
2,764,796
$
2,823,128
Interest-bearing liabilities:
NOW accounts
$
732,338
$
1,121
0.61
%
$
736,036
$
1,042
0.57
%
$
704,708
$
833
0.47
%
Money market accounts
293,575
1,016
1.37
270,030
860
1.28
274,203
918
1.33
Regular and other savings accounts
432,521
2,314
2.12
432,822
2,280
2.11
411,941
2,407
2.32
Certificates of deposit
325,804
2,859
3.48
320,871
2,810
3.51
322,638
2,958
3.64
Brokered certificates of deposits
249
3
4.78
-
-
0.00
12,000
152
5.03
Total interest-bearing deposits
1,784,487
7,313
1.63
1,759,759
6,992
1.59
1,725,490
7,268
1.67
FHLB advances and other borrowings (2)
146,646
1,594
4.31
176,351
1,930
4.39
258,782
2,827
4.33
Subordinated debt
27,890
355
5.05
27,857
352
5.07
27,753
355
5.07
Total interest-bearing liabilities
1,959,023
9,262
1.88
1,963,967
9,274
1.89
2,012,025
10,450
2.06
Non-interest-bearing demand deposits
359,349
372,187
458,900
Other non-interest-bearing liabilities
45,555
41,761
34,777
Total liabilities
2,363,927
2,377,915
2,505,702
Total stockholders' equity
388,383
386,881
317,426
Total liabilities and capital
$
2,752,310
$
2,764,796
$
2,823,128
Net interest income
$
25,503
$
23,964
$
23,432
Net interest rate spread (3)
3.38
%
3.16
%
2.91
%
Net interest-earning assets (4)
$
664,970
$
674,965
$
694,529
Total deposits
2,143,836
2,131,946
2,184,390
Net interest margin (5)
3.86
%
3.64
%
3.43
%
Cost of deposits
1.35
%
1.32
%
1.32
%
Cost of funds
1.88
%
1.89
%
2.06
%
Average interest-earning assets to interest-bearing liabilities
133.94
%
134.37
%
134.52
%
(1) Nonaccrual loans are included in average balance only. Loan balance include loans held for sale.
(2) Average balances for borrowings includes the financing lease obligation which is presented under other liabilities on the consolidated balance sheet.
(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) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(5) Net interest margin represents net interest income divided by average total interest-earning assets.
10
Avidia Bancorp, Inc.
Asset Quality Data (Unaudited)
At or for the Quarters Ended
(Dollars in thousands)
September 30, 2026
June 30, 2026
September 30, 2025
Nonperforming Assets
Nonaccrual loans:
Residential
$
701
$
320
$
387
Commercial real estate
4,935
5,952
-
Construction
-
-
8,930
Commercial
12,115
10,642
8,307
Total nonaccrual loans
$
17,751
$
16,914
$
17,624
Other real estate owned
-
-
-
Total nonperforming assets
$
17,751
$
16,914
$
17,624
Total nonaccrual loans to total loans
0.79
%
0.75
%
0.77
%
Total nonperforming assets to total loans
0.79
0.75
0.77
Allowance for Credit Losses
Allowance for credit losses, beginning of period
$
23,926
$
22,761
$
23,425
Charged-off loans
(1,213
)
(75
)
(844
)
Recoveries on charged-off loans
458
495
223
Net loan (charge-offs) recoveries
(755
)
420
(621
)
Provision expense for credit losses
19
745
1,480
Allowance for credit losses, end of period
$
23,190
$
23,926
$
24,284
Allowance for credit losses to total loans
1.03
%
1.06
%
1.07
%
Allowance for credit losses to nonaccrual loans
130.64
141.46
137.79
Allowance for credit losses to nonperforming loans
130.64
141.46
137.79
Net loan recoveries (charge-offs)
Residential
$
1
$
1
$
2
Commercial real estate
(960
)
-
135
Construction
270
479
-
Commercial
(71
)
(67
)
(766
)
Consumer
5
7
8
Total net loan (charge-offs) recoveries
$
(755
)
$
420
$
(621
)
Net loan (charge-offs) recoveries to average loans (annualized)
(0.13
)
%
0.07
%
(0.11
)
%
11
Avidia Bancorp, Inc.
Non-GAAP Reconciliation (Unaudited)
As of
(Dollars in thousands, except per share data)
September 30, 2026
June 30, 2026
September 30, 2025
Tangible stockholders' equity:
Total stockholders' equity (GAAP)
$
366,573
$
389,536
$
372,037
Less: Goodwill
11,936
11,936
11,936
Tangible stockholders' equity (non-GAAP)
$
354,637
$
377,600
$
360,101
Tangible assets:
Total assets (GAAP)
$
2,775,550
$
2,780,104
$
2,787,010
Less: Goodwill
11,936
11,936
11,936
Tangible assets (non-GAAP)
$
2,763,614
$
2,768,168
$
2,775,074
Average tangible stockholders' equity:
Average total stockholders' equity (GAAP)
$
388,383
$
386,881
$
317,426
Less: Average goodwill
11,936
11,936
11,936
Average tangible stockholders' equity (non-GAAP)
$
376,447
$
374,945
$
305,490
Stockholders' equity to assets (GAAP)
13.21
%
14.01
%
13.35
%
Tangible stockholders' equity to tangible assets (non-GAAP)
12.83
%
13.64
%
12.95
%
Return on average equity (GAAP)
8.79
%
7.43
%
(1.14
)
%
Return on average tangible common equity (non-GAAP)
9.06
%
7.76
%
(1.18
)
%
Common shares outstanding, including unallocated ESOP shares
19,238
20,076
20,076
Book value per common share (GAAP)
$
19.05
$
19.40
$
18.53
Tangible book value per common share (non-GAAP)
$
18.43
$
18.81
$
17.94
12
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v3.26.3
Document And Entity Information
Oct. 22, 2026
Cover [Abstract]
Document Type
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Amendment Flag
false
Document Period End Date
Oct. 22, 2026
Entity Registrant Name
Avidia Bancorp, Inc.
Entity Central Index Key
0002058758
Entity Emerging Growth Company
true
Entity File Number
001-42775
Entity Incorporation, State or Country Code
MD
Entity Tax Identification Number
33-4239888
Entity Address, Address Line One
42 Main Street
Entity Address, City or Town
Hudson
Entity Address, State or Province
MA
Entity Address, Postal Zip Code
01749
City Area Code
800
Local Phone Number
5082265
Written Communications
false
Soliciting Material
false
Pre-commencement Tender Offer
false
Pre-commencement Issuer Tender Offer
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Entity Ex Transition Period
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Trading Symbol
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Security Exchange Name
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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
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Local phone number for entity.
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
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Title of a 12(b) registered security.
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Name of the Exchange on which a security is registered.
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
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Trading symbol of an instrument as listed on an exchange.
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
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