Avidia Bancorp, Inc. Reports Third Quarter 2026 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 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.
  • 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.
  • 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.
  • 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.
  • Brokered certificates of deposit in the amount of $22.9 million were purchased.
  • Money market accounts increased by $19.7 million due to solid growth from business customers.
  • Certificates of deposit increased by $12.1 million.
  • 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%.
  • The Company recorded $23.8 million for the repurchase of 1,079,051 shares (5.4% of outstanding shares).
  • Accumulated other comprehensive loss increased by $6.8 million because higher market interest rates reduced the value of the available for sale investment portfolio.
  • 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.
  • 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.
  • Average earning assets totaled $2.6 billion, which remained steady from the prior quarter.
  • 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.
  • 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.
  • Salaries and benefits increased $235 thousand, or 2%, including $77 thousand from the expense related to the new stock grants issued.
  • 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 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)	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.

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	)	%

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		%

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

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	)
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

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.

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	)	%

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