$AVBC

Avidia Bancorp, Inc.

CIK:0002058758|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest and dividend income:
Loans, including fees	$ 29,961	$ 28,883	$ 60,275	$ 57,067
Securities	2,877	2,555	5,421	5,206
Other	400	421	1,142	636
Total interest and dividend income	33,238	31,859	66,838	62,909
Interest expense:
Deposits	6,992	7,242	13,877	14,973
Federal Home Loan Bank advances	1,930	3,647	4,311	7,439
Subordinated debt	352	352	704	667
Total interest expense	9,274	11,241	18,892	23,079
Net interest income	23,964	20,618	47,946	39,830
Credit loss expense - loans	745	1,523	1,604	18,828
Credit loss expense (benefit) - off-balance sheet credit exposures	147	(452)	376	(141)
Total credit loss expense	892	1,071	1,980	18,687
Net interest income, after credit loss expense	23,072	19,547	45,966	21,143
Non-interest income:
Customer service fees	1,338	884	2,256	1,785
Net loss on sale of securities available for sale		(78)		(619)
Payments processing income	2,592	2,079	4,501	4,271
Income on bank-owned life insurance	379	289	648	568
Mortgage banking income	287	162	550	178
Investment commissions	359	312	715	662
Other	947	1,598	1,518	2,129
Total non-interest income	5,902	5,246	10,188	8,974
Non-interest expense:
Salaries and employee benefits	9,963	8,909	20,163	20,475
Occupancy and equipment	1,440	2,042	3,267	4,060
Data processing	3,042	2,994	5,933	6,372
Professional fees	1,516	1,088	2,624	1,749
Payments processing	452	932	819	1,975
Deposit insurance	302	780	645	1,412
Advertising	424	310	630	575
Telecommunications	75	96	175	188
Problem loan and foreclosed real estate, net	179	194	377	306
Other general and administrative	2,108	2,418	3,862	4,484
Total non-interest expense	19,501	19,763	38,495	41,596
Income (loss) before income tax expense (benefit)	9,473	5,030	17,659	(11,479)
Income tax expense (benefit)	2,303	1,158	4,494	(3,764)
Net income (loss)	$ 7,170	$ 3,872	$ 13,165	$ (7,715)
Earnings per common share:
Basic	$ 0.39		$ 0.71
Diluted	$ 0.39		$ 0.71
Weighted average common shares outstanding:
Basic	18,577,444		18,567,462
Diluted	18,577,444		18,567,462

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ 13,165	$ (7,715)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation and amortization of premises and equipment	1,341	1,276
Credit loss expense - loans	1,604	18,828
Credit loss expense (benefit) - off-balance sheet credit exposures	376	(141)
Deferred income tax benefit	(2,149)
Net loss on sale of securities available for sale		619
Gain on sale of loans	(59)	(79)
(Gain) loss on premises and equipment	(3)	356
Net amortization of securities	(522)	(100)
Proceeds from sale of loans	2,284	1,916
Loans originated for sale	(1,825)	(987)
Amortization of right of use assets	232	233
Amortization of subordinated debt issuance costs	62	59
Increase in cash surrender value of bank-owned life insurance	(649)	(568)
Decrease (increase) in income tax receivable	2,498	(5,728)
Net change in accrued interest receivable	(163)	(25)
ESOP expense	730
Other, net	1,544	(12,512)
Net cash provided (used) by operating activities	18,466	(4,568)
Securities available for sale
Maturities, principal payments, calls and sales	26,327	38,529
Purchases	(74,191)	(32,103)
Securities held to maturity
Maturities, principal payments, calls and sales	3,500
Purchases	(3,000)
Equity securities
Redemption of Federal Home Loan Bank stock	4,977	7,452
Purchases of Federal Home Loan Bank stock	(1,227)	(4,806)
Net change in loans	38,391	(67,172)
Purchases of bank owned life insurance	(10,000)
Proceeds from sale of premises and equipment	18	156
Purchases of premises and equipment	(1,558)	(2,620)
Net cash used by investing activities	(16,763)	(60,564)
Cash flows from financing activities:
Net change in deposits	25,325	376,274
Net change in short-term Federal Home Loan Bank advances	(50,000)	(15,000)
Repayment of long-term Federal Home Loan Bank advances	(50,000)	(50,000)
Cash dividends declared and paid on common stock	(2,008)
Net cash (used) provided by financing activities	(76,683)	311,274
Net change in cash and cash equivalents	(74,980)	246,142
Cash and due from banks at beginning of year	145,454	62,444
Cash and due from banks at end of year	70,474	308,586
Supplementary cash flow information:
Interest paid on deposits and borrowed funds	19,335	23,489
Income taxes paid, net of refunds	$ 4,031	$ 2,061

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets:
Cash and due from banks	$ 19,171	$ 15,903
Short-term investments	51,303	129,551
Total cash and cash equivalents	70,474	145,454
Securities available for sale, at fair value (amortized cost $333,638 as of June 30, 2026 and $285,252 as of December 31, 2025)	315,091	269,139
Securities held to maturity, at amortized cost (fair value $12,222 as of June 30, 2026 and $12,601 as of December 31, 2025)	12,500	13,000
Total securities	327,591	282,139
Federal Home Loan Bank stock, at cost	8,051	11,801
Loans held for sale	0	400
Total loans	2,260,543	2,298,466
Allowance for credit losses	(23,926)	(22,018)
Net loans	2,236,617	2,276,448
Premises and equipment, net	29,153	29,183
Bank-owned life insurance	47,309	36,660
Accrued interest receivable	8,700	8,537
Net deferred tax asset	12,842	13,134
Goodwill	11,936	11,936
Mortgage servicing rights	3,168	3,033
Other assets	24,263	18,365
Total assets	2,780,104	2,837,090
Liabilities:
Deposits	2,153,608	2,128,283
Federal Home Loan Bank advances	160,000	260,000
Subordinated debt	27,877	27,815
Accrued expenses and other liabilities	49,083	41,998
Total liabilities	2,390,568	2,458,096
Shareholders' equity:
Common stock, $0.01 par value, 120,000,000 shares authorized, 20,076,250 shares issued and outstanding as of June 30, 2026 and December 31, 2025	201	201
Additional Paid in Capital	195,228	194,899
Unallocated ESOP common stock	(14,857)	(15,258)
Retained earnings	223,138	211,981
Accumulated other comprehensive loss	(14,174)	(12,829)
Total shareholders' equity	389,536	378,994
Total liabilities and shareholders' equity	$ 2,780,104	$ 2,837,090