Avidia Bancorp, Inc. Reports Fourth Quarter and Annual 2025 Financial Results, Declares Quarterly Cash Dividend

HUDSON, Mass.--(BUSINESS WIRE)--Avidia Bancorp, Inc. (the “Company”) (NYSE: “AVBC”), the holding company of Avidia Bank, today reported fourth quarter and annual 2025 consolidated financial results. Net income for the fourth quarter of 2025 was $5.3 million, or $0.29 per share, compared to net income of $3.5 million for the fourth quarter of 2024. For the year ended December 31, 2025, the net loss was $3.3 million, or ($0.18) per share, compared to net income of $11.5 million for the year ended December 31, 2024.

The Company also announced today the declaration of a quarterly cash dividend of $0.05 per share on its outstanding shares of common stock, payable on or about February 26, 2026, to stockholders of record as of the close of business on February 17, 2026. This is the Company’s initial cash dividend payment following its initial public stock offering in July 2025.

“Our primary objective of deploying our newly issued capital in a disciplined manner was reflected in fourth quarter results.” said Robert Cozzone, President and Chief Executive Officer. “Growth across most commercial loan categories was fully funded with core deposits growth, leading to net interest margin expansion. In addition, solid earnings for the quarter contributed to 2.1% growth in tangible book value per share. We are also pleased to announce the initiation of our first quarterly dividend.”

SELECTED FOURTH QUARTER FINANCIAL HIGHLIGHTS

• Net income was $5.3 million, or $0.29 per share, for the fourth quarter.
• Net interest margin increased quarter-over-quarter by 11 basis points to 3.54%.
• Efficiency ratio of 67.2% continues to improve over prior periods.
• Book value per share and tangible book value per share (non-GAAP) increased to $18.88 and $18.28, respectively. See the non-GAAP reconciliation at the end of this document for further information.

BALANCE SHEET:

Total assets were $2.84 billion at December 31, 2025, increasing $50.1 million, or 1.8%, from September 30, 2025.

• Total cash and cash equivalents increased by $33.6 million, or 30.0%, to $145.5 million from $111.9 million in the prior quarter, primarily as a result of $48.7 million in deposit growth, partially offset by loan growth of $23.7 million.
• Total loans increased by $23.7 million, or 1.0%, to $2.30 billion, from $2.27 billion in the prior quarter. Moderate growth was seen across most segments, and was led by increases of $8.5 million, or 1.6%, in commercial real estate loans and $8.5 million, or 1.7%, in condominium association loans.
  • Loan exposure related to non-medical office space at December 31, 2025 was $89.3 million or 3.9% of gross loans. When excluding owner-occupied, total non-medical office exposure was $71.4 million.
• Deposits increased by $48.7 million, or 2.3%, to $2.13 billion from $2.08 billion in the prior quarter, driven primarily by growth within the wholesale payments business. NOW accounts grew $62.3 million, non-interest-bearing demand accounts increased $17.0 million and savings accounts were also up $8.4 million. This growth was offset by decreases in money market accounts of $28.0 million and certificates of deposits of $10.9 million.
• Total shareholders’ equity increased by $7.0 million, or 1.9%, to $379.0 million from $372.0 million in the prior quarter, primarily the result of net income of $5.3 million and a $1.6 million increase in accumulated other comprehensive income.
• Shareholders' equity to total assets was 13.36% as of December 31, 2025, compared to 13.35% at the prior quarter-end. Tangible shareholders' equity to tangible assets (non-GAAP) was 12.99% compared to 12.98% for these respective dates.

Total assets at December 31, 2025 increased $180.6 million, or 6.8% from December 31, 2024.

• Total loans increased $100.3 million, or 4.6%, from $2.20 billion at December 31, 2024. Growth was seen across most segments, and was led by increases of $50.7 million, or 10.5%, in commercial real estate loans and $20.8 million, or 24.8%, in multi-family loans.
• Deposits increased by $61.5 million, or 3.0%, from $2.07 billion at December 31, 2024, driven primarily by growth within the wholesale payments business.

NET INTEREST INCOME

Net interest income was $23.6 million for the quarter ended December 31, 2025, compared to $23.4 million for the prior quarter, an increase of $177 thousand, or 0.8%. The net interest margin expanded 11 basis points to 3.54% for the quarter from 3.43% in the prior quarter.

• The yield on interest-earning assets increased by 9 basis points to 5.06% as reinvestment of cash flow of fixed rate loans continue to reprice upward.
• The cost of deposits increased by 2 basis points to 1.35% from 1.33% in the prior quarter as the previous quarter benefited from low-cost deposits associated with funds held at the Bank related to the subscription offering.

Net interest income was $86.5 million for the year ended December 31, 2025, compared to $73.3 million for the year ended December 31, 2024, an increase of $13.2 million, or 18.1%. The net interest margin expanded 37 basis points to 3.29% for the year ended December 31, 2025, from 2.92% for the year ended December 31, 2024.

NON-INTEREST INCOME

Noninterest income was $3.7 million for the quarter ended December 31, 2025, compared to $4.5 million for the prior quarter, representing a decrease of $810 thousand, or 17.9%.

• Net loss on sale of securities available for sale was $218 thousand from the disposal of $1.3 million in low performing investments.
• Payment processing income was $1.7 million, compared to $1.9 million for the prior quarter, representing a decrease of $137 thousand due to lower activity.
• Other non-interest income was $528 thousand, compared to $999 thousand in the prior quarter, representing a decrease of $471 thousand. The decrease was related to a $128 thousand write-down of our mortgage servicing asset as well as a $221 thousand loss on the disposition of fixed assets.

Noninterest income was flat at $17.0 million for the years ended December 31, 2025 and 2024 as lower mortgage banking income was offset by lower loss on sales of available for sale and equity securities.

NON-INTEREST EXPENSE

Noninterest expense was $18.4 million for the quarter ended December 31, 2025, compared to $28.4 million for the prior quarter, representing a decrease of $10.0 million, or 35.3%.

• Data processing expense increased $1.0 million to $3.3 million, which was primarily the result of an increase of $460 thousand in core processing due to favorable billing adjustments in the prior quarter as well as an increase of $263 thousand in software licensing expense related to the Company’s continued investment in technology.
• Deposit insurance expense decreased to $217 thousand from $651 thousand, which was the result of a favorable adjustment to the accrual of FDIC expense and related to an increase in the Bank’s total capital levels.
• Other general and administrative expenses decreased $9.9 million to $1.8 million, primarily due to the $10.0 million contribution to the Avidia Bank Charitable Foundation, Inc, in the prior quarter.

Noninterest expense was $87.8 million for the year ended December 31, 2025, compared to $73.1 million for the year ended December 31, 2024, representing an increase of $14.7 million, or 20.1%.

• Other general and administrative expenses increased $8.8 million to $17.5 million, primarily due to the $10.0 million contribution to the Avidia Bank Charitable Foundation, Inc, during 2025.
• Salaries and benefits increased $5.0 million primarily due to $1.1 million in termination costs associated with the bank’s long term incentive plan, $1.1 million in costs associated with the installation of the bank’s employee stock ownership plan and $1.3 million of an increase in salaries.

INCOME TAXES

Income tax expense for the quarter ended December 31, 2025, was $2.4 million, compared to an income tax benefit of $1.0 million in the prior quarter. Income tax benefit for the year ended December 31, 2025, was $2.4 million, compared to an income tax expense of $3.9 million for the year ended December 31, 2024.

ASSET QUALITY

The allowance for credit losses was $22.0 million as of December 31, 2025, or 0.96% of total loans, compared to $24.3 million, or 1.07% of total loans at September 30, 2025.

• The Company recorded provisions for credit losses on loans of $1.4 million in the fourth quarter.
• The Company recorded net charge-offs of $3.7 million, or 0.65% annualized during the quarter ended December 31, 2025, compared to 0.11% in the quarter ended September 30, 2025 as the Company deemed balances on previously recorded non-performing loans as uncollectable.
• Non-performing loans totaled $20.2 million as of December 31, 2025, an increase of $2.6 million from the quarter ended September 30, 2025, primarily due to an increase of $6.1 million in non-performing commercial real estate loans, offset by the decrease of $1.4 million non-performing commercial loans and another $2.5 million decrease in non-performing construction loans.
• Total non-accrual loans to total loans was 0.88% as of December 31, 2025, compared to 0.77% as of September 30, 2025.
• The collateral for a $25.0 million land loan for the development of a life sciences facility that was charged down by $16.7 million in the first quarter of 2025 was sold at foreclosure auction in January 2026. Though the sale has yet to close, the Company used the sale price to record an additional charge-off of $2.5 million in the fourth quarter. A specific reserve had been established in the third quarter so the impact on the provision for credit losses was reduced.

ABOUT AVIDIA BANCORP, INC.

Avidia Bancorp, Inc. is the bank holding company of Avidia Bank. Avidia Bank is a Massachusetts-chartered stock savings bank. With headquarters in Hudson, Massachusetts, it also operates nine full-service banking offices in western Middlesex County and eastern Worcester County, in Massachusetts.

NON-GAAP FINANCIAL MEASURES

This document contains certain non-GAAP financial measures in addition to results presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). These non-GAAP measures are intended to provide the reader with additional supplemental perspectives on operating results, performance trends, and financial condition. Non-GAAP financial measures are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information. A reconciliation of non-GAAP financial measures to GAAP measures is provided at the end of this document. In all cases, it should be understood that non-GAAP measures do not depict amounts that accrue directly to the benefit of shareholders. An item which management excludes when computing non-GAAP operating earnings can be of substantial importance to the Company’s results for any particular quarter or year. The Company’s non-GAAP operating earnings information set forth is not necessarily comparable to non- GAAP information which may be presented by other companies. Each non-GAAP measure used by the Company in this document as supplemental financial data should be considered in conjunction with the Company’s GAAP financial information. The Company adjusts certain equity related measures to exclude intangible assets due to the importance of these measures to the investment community.

FORWARD-LOOKING STATEMENTS

Statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "outlook," "will," "should," and other similar expressions which do not relate to historical matters. Although we believe that these forward-looking statements are based on reasonable estimates and assumptions, they are not guarantees of future performance. You should not place undue reliance on forward-looking statements because they are subject to significant risks, uncertainties and other factors which are, in some cases, beyond our control. Our actual results could differ materially from those presented in the forward-looking statements as a result of, among other factors, changes in general business and economic conditions nationwide and in our local markets, including changes which adversely affect borrowers' ability to service and repay loans; changes in customer behavior due to political, business and economic conditions, including inflation; conditions in the capital and debt markets; reductions in net interest income resulting from interest rate volatility and changes in the balances and mix of our loans and deposits; changes in market interest rates and real estate values; decreases in the value of securities and other assets or in deposit levels necessitating increased borrowing to fund loans and investments; competition from other financial institutions; changes in legislation or regulation and accounting principles, policies and guidelines; cybersecurity incidents; fraud; natural disasters; the risk that we may be unsuccessful in implementing our business strategy; and the other risks and uncertainties disclosed in Avidia Bancorp, Inc.’s definitive prospectus dated May 13, 2025, as filed the U.S. Securities and Exchange Commission. Forward looking statements speak only as of the date of this release, and we do not undertake any obligation to update or revise any of them to reflect events or circumstances occurring after the date of this release or to reflect the occurrence of unanticipated events, except as may be required by applicable law or regulation.

Avidia Bancorp, Inc.
Selected Consolidated Financial Highlights (Unaudited)
	At or for the Quarters Ended									At or for the Years Ended
(Dollars in thousands, except per share data)	Dec. 31, 2025			Sept. 30, 2025			Dec. 31, 2024			Dec. 31, 2025			Dec. 31, 2024
Earnings Data:
Net interest income	$	23,609		$	23,432		$	19,082		$	86,541		$	73,260
Total non-interest income		3,716			4,526			3,159			17,024			17,019
Total non-interest expense		18,361			28,369			18,139			87,805			73,097
Provision for credit losses		1,217			1,540			(686	)		21,443			1,779
Income (loss) before income tax expense		7,747			(1,951	)		4,788			(5,683	)		15,403
Net income (loss)		5,333			(907	)		3,509			(3,289	)		11,484
Per-Share Data:
Earnings (loss) per share, basic	$	0.29		$	(0.05	)		N/A		$	(0.18	)		N/A
Earnings (loss) per share, diluted		0.29			(0.05	)		N/A		$	(0.18	)		N/A
Book value per share		18.88			18.53			N/A			18.88			N/A
Tangible book value per share (non-GAAP)		18.28			17.94			N/A			18.28			N/A
Performance Ratios:
Return on average assets (annualized)		0.77	%		-0.13	%		0.53	%		-0.12	%		0.44	%
Return on average equity (annualized)		5.66			-1.14			8.07			-1.22			6.18
Net interest margin^(1)		3.54			3.43			3.00			3.29			2.92
Cost of deposits		1.35			1.33			1.62			1.40			1.63
Yield on loans		5.34			5.21			5.14			5.23			5.15
Interest rate spread ^(2)		3.04			3.02			2.48			2.85			2.41
Noninterest income as a percentage of average assets		0.54			0.64			0.48			0.62			0.65
Noninterest expense as a percentage of average assets		2.66			4.02			2.75			3.20			2.78
Efficiency ratio^(3)		67.19			101.47			81.56			84.78			80.97
Average interest-earning assets as a percentage of average interest-bearing liabilities		132.56			127.08			126.46			126.47			125.24
Balance Sheet, (end of period):
Total assets	$	2,837,090		$	2,787,010		$	2,656,539		$	2,837,090		$	2,656,539
Total earning assets		2,722,357			2,669,662			2,543,243			2,722,357			2,543,243
Total loans		2,298,466			2,274,747			2,198,200			2,298,466			2,198,200
Total deposits		2,128,283			2,079,578			2,066,832			2,128,283			2,066,832
Total shareholders' equity		378,994			372,037			193,827			378,994			193,827
Asset Quality:
Allowance for credit losses	$	22,018		$	24,284		$	21,741		$	22,018		$	21,741
Allowance for credit losses as a percentage of total loans		0.96	%		1.07	%		0.99	%		0.96			0.99
Allowance for credit losses as a percentage of non-performing loans		109.03			137.79			543.93			109.03			543.93
Allowance for credit losses as a percentage of non-accrual loans		109.03			137.79			543.93			109.03			543.93
Non-accrual loans as a percentage of total loans		0.88			0.77			0.18			0.88			0.18
Net (charge-offs) recoveries as a percentage of average loans (annualized)		(0.65	)		(0.11	)		0.00			(0.96	)		(0.05	)
Total non-accruing assets as a percentage of total assets		0.71			0.63			0.15			0.71			0.15
Total non-performing assets as a percentage of total assets		0.71			0.63			0.15			0.71			0.15
Capital Ratios:
Total shareholders' equity as a percentage of total assets		13.36	%		13.35	%		7.30	%		13.36	%		7.30	%
Tangible shareholders' equity as a percentage of tangible assets (non-GAAP)		12.99			12.98			6.88			12.99			6.88
Total capital as a percentage of risk-weighted assets ^(4)		19.66			19.89			12.24			19.66			12.24
Tier 1 capital as a percentage of risk-weighted assets ^(4)		17.35			17.42			9.83			17.35			9.83
Common equity tier 1 capital as a percentage of risk-weighted assets ^(4)		17.35			17.42			9.83			17.35			9.83
Tier 1 capital as a percentage of average assets ^(4)		13.84			13.11			8.72			13.84			8.72
(1) Represents net interest income as a percentage of average interest-earning assets.
(2) Represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(3) Represents noninterest expenses divided by the sum of net interest income and noninterest income.
(4) Presented as projected for December 31, 2025 and actual for the remaining dates.

Avidia Bancorp, Inc.
Consolidated Balance Sheets (Unaudited)
	As of									Dec. 31, 2025 Change From
(Dollars in thousands)	Dec. 31, 2025			Sept. 30, 2025			Dec. 31, 2024			Sept. 30, 2025					Dec. 31, 2024
Assets
Cash and due from banks	$	15,903		$	15,484		$	15,660		$	419		2.7	%	$	243		1.6	%
Short-term investments		129,551			96,384			46,784			33,167		34.4			82,767		176.9
Total cash and cash equivalents		145,454			111,868			62,444			33,586		30.0			83,010		132.9
Securities available for sale, at fair value		269,139			269,308			265,933			(169	)	(0.1	)		3,206		1.2
Securities held to maturity, at amortized cost		13,000			15,747			16,747			(2,747	)	(17.4	)		(3,747	)	(22.4	)
Total securities		282,139			285,055			282,680			(2,916	)	(1.0	)		(541	)	(0.2	)
Federal Home Loan Bank stock, at cost		11,801			11,731			14,729			70		0.6			(2,928	)	(19.9	)
Loans held for sale		400			1,745			850			(1,345	)	(77.1	)		(450	)	(52.9	)
Total loans		2,298,466			2,274,747			2,198,200			23,719		1.0			100,266		4.6
Less: Allowance for credit losses		(22,018	)		(24,284	)		(21,741	)		2,266		(9.3	)		(277	)	1.3
Net loans		2,276,448			2,250,463			2,176,459			25,985		1.2			99,989		4.6
Premises and equipment, net		29,183			29,270			28,498			(87	)	(0.3	)		685		2.4
Bank-owned life insurance		36,660			36,375			35,526			285		0.8			1,134		3.2
Accrued interest receivable		8,537			8,141			8,897			396		4.9			(360	)	(4.0	)
Net deferred tax asset		10,372			10,832			12,795			(460	)	(4.2	)		(2,423	)	(18.9	)
Goodwill		11,936			11,936			11,936			-		-			-		-
Mortgage servicing rights		3,033			3,149			3,488			(116	)	(3.7	)		(455	)	(13.0	)
Other assets		21,127			26,445			18,237			(5,318	)	(20.1	)		2,890		15.8
Total assets	$	2,837,090		$	2,787,010		$	2,656,539		$	50,080		1.8	%	$	180,551		6.8	%
Liabilities
Deposits	$	2,128,283		$	2,079,578		$	2,066,832		$	48,705		2.3	%	$	61,451		3.0	%
Federal Home Loan Bank advances		260,000			260,000			325,000			-		-			(65,000	)	(20.0	)
Subordinated debt		27,815			27,778			27,679			37		0.1			136		0.5
Accrued expenses and other liabilities		41,998			47,617			43,201			(5,619	)	(11.8	)		(1,203	)	(2.8	)
Total liabilities	$	2,458,096		$	2,414,973		$	2,462,712		$	43,123		1.8	%	$	(4,616	)	(0.2	)%
Shareholders' equity:
Common Stock	$	201		$	201		$	-		$	-		-	%	$	201		-	%
Additional paid-in capital		194,899			195,029			-			(130	)	(0.1	)		194,899		-
Unallocated ESOP common stock		(15,258	)		(15,459	)		-			201		(1.3	)		(15,258	)	-
Retained earnings		211,981			206,648			215,270			5,333		2.6			(3,289	)	(1.5	)
Accumulated other comprehensive loss		(12,829	)		(14,382	)		(21,443	)		1,553		(10.8	)		8,614		(40.2	)
Total shareholders' equity	$	378,994		$	372,037		$	193,827		$	6,957		1.9	%	$	185,167		95.5	%
Total liabilities and shareholders' equity	$	2,837,090		$	2,787,010		$	2,656,539		$	50,080		1.8	%	$	180,551		6.8	%

Avidia Bancorp, Inc.
Consolidated Loan and Deposit Analysis (Unaudited)
Loan Analysis
	At or for the Quarters Ended									Dec. 31, 2025 Change From
(Dollars in thousands)	Dec. 31, 2025			Sept. 30, 2025			Dec. 31, 2024			Sept. 30, 2025					Dec. 31, 2024
Real estate loans
Home equity and second mortgages	$	78,350		$	76,027		$	66,326		$	2,323		3.1	%	$	12,024		18.1	%
One to four family residential		518,225			521,606			511,495			(3,381	)	(0.6	)		6,730		1.3
Commercial real estate		534,855			526,345			484,106			8,510		1.6			50,749		10.5
Commercial real estate multi-family		104,695			98,647			83,905			6,048		6.1			20,790		24.8
Construction & land		57,005			51,311			49,028			5,694		11.1			7,977		16.3
Total real estate loans		1,293,130			1,273,936			1,194,860			19,194		1.5			98,270		8.2
Commercial loans
Commercial & industrial		491,765			495,263			499,920			(3,498	)	(0.7	)		(8,155	)	(1.6	)
Condominium associations		506,683			498,164			494,875			8,519		1.7			11,808		2.4
PPP loans		11			40			264			(29	)	(72.5	)		(253	)	(95.8	)
Total commercial loans		998,459			993,467			995,059			4,992		0.5			3,400		0.3
Consumer loans
Consumer		3,877			4,274			5,060			(397	)	(9.3	)		(1,183	)	(23.4	)
Total consumer loans		3,877			4,274			5,060			(397	)	(9.3	)		(1,183	)	(23.4	)
Total loans		2,295,466			2,271,677			2,194,979			23,789		1.0			100,487		4.6
Allowance for credit losses		(22,018	)		(24,284	)		(21,741	)		2,266		(9.3	)		(277	)	1.3
Net deferred loan costs		3,000			3,070			3,221			(70	)	(2.3	)		(221	)	(6.9	)
Loans, net	$	2,276,448		$	2,250,463		$	2,176,459		$	25,985		1.2	%	$	99,989		4.6	%
Deposit Analysis
	At or for the Quarters Ended									Dec. 31, 2025 Change From
(Dollars in thousands)	Dec. 31, 2025			Sept. 30, 2025			Dec. 31, 2024			Sept. 30, 2025					Dec. 31, 2024
Demand	$	359,819		$	342,867		$	355,087		$	16,952		4.9	%	$	4,732		1.3	%
NOW		770,350			708,096			683,548			62,254		8.8			86,802		12.7
Money market		250,062			278,095			250,878			(28,033	)	(10.1	)		(816	)	(0.3	)
Savings		425,400			417,010			386,759			8,390		2.0			38,641		10.0
Certificates of deposits		322,652			333,510			390,560			(10,858	)	(3.3	)		(67,908	)	(17.4	)
Total deposits	$	2,128,283		$	2,079,578		$	2,066,832		$	48,705		2.3	%	$	61,451		3.0	%

Avidia Bancorp, Inc.
Consolidated Statements of Operations QTD (Unaudited)
										Three Months Ended Dec. 31, 2025 Change
	Three Months Ended									From Three Months Ended
(Dollars in thousands, except per share data)	Dec. 31, 2025			Sept. 30, 2025			Dec. 31, 2024			Sept. 30, 2025					Dec. 31, 2024
Interest and dividend income:
Loans, including fees	$	30,716		$	29,727		$	28,347		$	989		3.3	%	$	2,369		8.4	%
Securities		2,530			2,567			2,624			(37	)	(1.4	)		(94	)	(3.6	)
Other		512			1,588			495			(1,076	)	(67.8	)		17		3.4
Total interest and dividend income		33,758			33,882			31,466			(124	)	(0.4	)		2,292		7.3
Interest expense:
Deposits		6,948			7,268			8,266			(320	)	(4.4	)		(1,318	)	(15.9	)
Federal Home Loan Bank advances		2,849			2,827			3,803			22		0.8			(954	)	(25.1	)
Subordinated debt		352			355			315			(3	)	(0.8	)		37		11.7
Total interest expense		10,149			10,450			12,384			(301	)	(2.9	)		(2,235	)	(18.0	)
Net interest income:		23,609			23,432			19,082			177		0.8			4,527		23.7
Provision expense for credit losses - loans		1,440			1,480			138			(40	)	(2.7	)		1,302		943.5
Provision expense (reversal) for credit losses - off-balance sheet credit exposures		(223	)		60			(824	)		(283	)	(471.7	)		601		(72.9	)
Net interest income, after provision expense for credit losses		22,392			21,892			19,768			500		2.3			2,624		13.3
Non-interest income:
Customer service fees		918			912			922			6		0.7			(4	)	(0.4	)
Net (loss) on sale of securities available for sale		(218	)		-			(1,876	)		(218	)	100.0			1,658		(88.4	)
Net recognized gain on equity securities		-			-			64			-		-			(64	)	(100.0	)
Payment processing income		1,720			1,857			1,900			(137	)	(7.4	)		(180	)	(9.5	)
Income on bank-owned life insurance		285			279			257			6		2.2			28		10.9
Mortgage banking income		103			121			589			(18	)	(14.9	)		(486	)	(82.5	)
Investment commissions		380			358			357			22		6.1			23		6.4
Other		528			999			946			(471	)	(47.1	)		(418	)	(44.2	)
Total non-interest income		3,716			4,526			3,159			(810	)	(17.9	)		557		17.6
Non-interest expense:
Salaries and employee benefits		9,476			9,773			9,221			(297	)	(3.0	)		255		2.8
Occupancy and equipment		1,658			1,933			1,941			(275	)	(14.2	)		(283	)	(14.6	)
Data processing		3,251			2,251			2,834			1,000		44.4			417		14.7
Professional fees		818			790			468			28		3.5			350		74.8
Payment processing		363			526			1,165			(163	)	(31.0	)		(802	)	(68.8	)
Deposit insurance		217			651			447			(434	)	(66.7	)		(230	)	(51.5	)
Advertising		408			423			310			(15	)	(3.5	)		98		31.6
Telecommunications		91			81			93			10		12.3			(2	)	(2.2	)
Problem loan and foreclosed real estate, net		245			179			60			66		36.9			185		308.3
Other general and administrative		1,834			11,762			1,600			(9,928	)	(84.4	)		234		14.6
Total non-interest expense		18,361			28,369			18,139			(10,008	)	(35.3	)		222		1.2
Income (loss) before income tax expense		7,747			(1,951	)		4,788			9,698		(497.1	)		2,959		61.8
Income tax expense (benefit)		2,414			(1,044	)		1,279			3,458		(331.2	)		1,135		88.7
Net income (loss)	$	5,333		$	(907	)	$	3,509		$	6,240		(688.0	)%	$	1,824		52.0	%
Share data:
Weighted average common shares outstanding, basic		18,537			18,520			N/A			17		0.1	%		N/A		N/A
Weighted average common shares outstanding diluted		18,537			18,520			N/A			17		0.1			N/A		N/A
Earnings (loss) per share, basic	$	0.29		$	(0.05	)		N/A		$	0.34		(687.5	)		N/A		N/A
Earnings (loss) per share, diluted	$	0.29		$	(0.05	)		N/A		$	0.34		(687.5	)		N/A		N/A

Avidia Bancorp, Inc.
Consolidated Statements of Operations YTD (Unaudited)
	Years Ended						Year Ended Dec. 31, 2025 Change
(Dollars in thousands, except per share data)	Dec. 31, 2025			Dec. 31, 2024			From Year Ended Dec. 31, 2024
Interest and dividend income:
Loans, including fees	$	117,542		$	111,536		$	6,006		5.4	%
Securities		10,304			10,249			55		0.5
Other		2,736			1,948			788		40.5
Total interest and dividend income		130,582			123,733			6,849		5.5
Interest expense:
Deposits		29,552			32,870			(3,318	)	(10.1	)
Federal Home Loan Bank advances		13,116			16,343			(3,227	)	(19.7	)
Subordinated debt		1,373			1,260			113		9.0
Total interest expense		44,041			50,473			(6,432	)	(12.7	)
Net interest income:		86,541			73,260			13,281		18.1
Provision expense for credit losses - loans		21,748			2,103			19,645		934.1
Provision (reversal) for credit losses - off-balance sheet credit exposures		(305	)		(324	)		19		(5.9	)
Net interest income, after provision expense for credit losses		65,098			71,481			(6,383	)	(8.9	)
Non-interest income:
Customer service fees		3,570			3,637			(67	)	(1.8	)
Net (loss) on sale of securities available for sale		(837	)		(4,234	)		3,397		(80.2	)
Net recognized gain on equity securities		-			2,597			(2,597	)	(100.0	)
Payment processing income		7,849			7,489			360		4.8
Income on bank-owned life insurance		1,132			927			205		22.1
Mortgage banking income		402			1,568			(1,166	)	(74.4	)
Investment commissions		1,400			1,393			7		-
Other		3,508			3,642			(134	)	(3.7	)
Total non-interest income		17,024			17,019			5		0.0
Non-interest expense:
Salaries and employee benefits		39,724			34,721			5,003		14.4
Occupancy and equipment		6,342			8,319			(1,977	)	(23.8	)
Data processing		13,183			10,123			3,060		30.2
Professional fees		3,356			2,288			1,068		46.7
Payment processing		2,863			4,230			(1,367	)	(32.3	)
Deposit insurance		2,281			2,481			(200	)	(8.1	)
Advertising		1,427			1,432			(5	)	(0.3	)
Telecommunications		360			383			(23	)	(6.0	)
Problem loan and foreclosed real estate, net		731			349			382		109.5
Other general and administrative		17,538			8,771			8,767		100.0
Total non-interest expense		87,805			73,097			14,708		20.1
(Loss) income before income tax expense		(5,683	)		15,403			(21,086	)	(136.9	)
Income tax (benefit) expense		(2,394	)		3,919			(6,313	)	(161.1	)
Net (loss) income	$	(3,289	)	$	11,484		$	(14,773	)	(128.6	)%
Share data:
Weighted average common shares outstanding, basic		18,531			N/A			N/A		N/A
Weighted average common shares outstanding diluted		18,531			N/A			N/A		N/A
(Loss) per share, basic	$	(0.18	)		N/A			N/A		N/A
(Loss) per share, diluted	$	(0.18	)		N/A			N/A		N/A

Avidia Bancorp, Inc.
Average Balances and Average Yields And Costs (Unaudited)
	For the Quarters Ended
	Dec. 31, 2025						Sept. 30, 2025						Dec. 31, 2024
(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	$	72,847	$	512	2.79	%	$	150,428	$	1,588	4.19	%	$	54,300	$	495	3.63	%
Securities		295,120		2,530	3.40			292,031		2,567	3.49			286,897		2,624	3.64
Loans		2,280,267		30,716	5.34			2,264,095		29,727	5.21			2,192,961		28,347	5.14
Total interest-earning assets		2,648,234		33,758	5.06			2,706,554		33,882	4.97			2,534,158		31,466	4.94
Noninterest-earning assets		107,874						116,574						106,087
Total assets	$	2,756,108					$	2,823,128					$	2,640,245
Interest-bearing liabilities:
NOW accounts	$	684,815	$	804	0.47	%	$	822,525	$	833	0.40	%	$	583,135	$	774	0.53	%
Money market accounts		277,852		898	1.28			274,203		918	1.33			269,584		891	1.32
Regular and other savings accounts		419,232		2,278	2.16			411,941		2,407	2.32			367,740		2,176	2.35
Certificates of deposit		328,333		2,968	3.59			334,638		3,110	3.69			399,508		4,425	4.41
Total interest-bearing deposits		1,710,231		6,948	1.61			1,843,307		7,268	1.56			1,619,967		8,266	2.03
FHLB advances and other borrowings ^(1)		259,702		2,849	4.35			258,782		2,827	4.33			356,313		3,803	4.25
Subordinated debt		27,791		352	5.03			27,753		355	5.07			27,654		315	4.53
Total interest-bearing liabilities		1,997,724		10,149	2.02			2,129,842		10,450	1.95			2,003,934		12,384	2.46
Noninterest-bearing demand deposits		349,454						341,083						422,435
Other noninterest-bearing liabilities		32,301						34,777						39,885
Total liabilities		2,379,478						2,505,702						2,466,254
Total shareholders' equity		376,630						317,426						173,991
Total liabilities and capital	$	2,756,108					$	2,823,128					$	2,640,245
Net interest income			$	23,609					$	23,432					$	19,082
Net interest rate spread ^(2)					3.04	%					3.02	%					2.48	%
Net interest-earning assets ^(3)	$	650,510					$	576,712					$	530,224
Net interest margin ^(4)					3.54	%					3.43	%					3.00	%
Cost of deposits					1.35	%					1.33	%					1.62	%
Average interest-earning assets to interest-bearing liabilities					132.56	%					127.08	%					126.46	%
(1) Average balances for borrowings includes the financing lease obligation which is presented under other liabilities on the consolidated balance sheet.
(2) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.
(3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(4) Net interest margin represents net interest income divided by average total interest-earning assets.

Avidia Bancorp, Inc.
Asset Quality Data (Unaudited)
	At or for the Quarters Ended
(Dollars in thousands)	Dec. 31, 2025			Sept. 30, 2025			Dec. 31, 2024
Non-Performing Assets
Non-accrual loans:
Residential	$	720		$	387		$	1,350
Construction		6,478			8,930			-
Commercial real estate		6,126			-			-
Commercial		6,870			8,307			2,647
Total non-accrual loans	$	20,194		$	17,624		$	3,997
Other real estate owned		-			-			-
Total non-performing assets	$	20,194		$	17,624		$	3,997
Total non-accrual loans to total loans		0.88	%		0.77	%		0.18	%
Total non-performing assets to total loans		0.88			0.77			0.18
Allowance for Credit Losses
Allowance for credit losses, beginning of period	$	24,284		$	23,425		$	21,585
Charged-off loans		(3,790	)		(844	)		(59	)
Recoveries on charged-off loans		84			223			77
Net loan (charge-offs) recoveries		(3,706	)		(621	)		18
Provision expense for credit losses		1,440			1,480			138
Allowance for credit losses, end of period	$	22,018		$	24,284		$	21,741
Allowance for credit losses to total loans		0.96	%		1.07	%		0.99	%
Allowance for credit losses to non-accrual loans		109.03			137.79			543.93
Allowance for credit losses to non-performing loans		109.03			137.79			543.93
Net loans (charge-offs) recoveries
Residential	$	1		$	2		$	1
Construction		(2,454	)		-			-
Commercial real estate		-			135			25
Commercial		(1,260	)		(766	)		(15	)
Consumer		7			8			7
Total net loan (charge-offs) recoveries	$	(3,706	)	$	(621	)	$	18
Net loan (charge-offs) recoveries to average loans (annualized)		(0.65	)%		(0.11	)%		-	%

Avidia Bancorp, Inc.
Non-GAAP Reconciliation (Unaudited)
	As of
(Dollars in thousands, except per share data)	Dec. 31, 2025			Sept. 30, 2025			Dec. 31, 2024
Tangible shareholders' equity:
Total shareholders' equity (GAAP)	$	378,994		$	372,037		$	193,827
Less: Goodwill		11,936			11,936			11,936
Tangible shareholders' equity (non-GAAP)	$	367,058		$	360,101		$	181,891
Tangible assets:
Total assets (GAAP)	$	2,837,090		$	2,787,010		$	2,656,539
Less: Goodwill		11,936			11,936			11,936
Tangible assets (non-GAAP)	$	2,825,154		$	2,775,074		$	2,644,603
Shareholders' equity to assets (GAAP)		13.36	%		13.35	%		7.30	%
Tangible shareholders' equity to tangible assets (non-GAAP)		12.99	%		12.98	%		6.88	%
Common shares outstanding, including unallocated ESOP shares		20,076			20,076			N/A
Book value per common share (GAAP)	$	18.88		$	18.53			N/A
Tangible book value per common share (non-GAAP)	$	18.28		$	17.94			N/A