Avidia Bancorp, Inc. Reports Third Quarter 2025 Financial Results

Avidia Bancorp, Inc. Reports Third Quarter 2025 Financial Results Avidia Bancorp, Inc. (the “Company”) (NYSE: “AVBC”), the holding company of Avidia Bank, today reported third quarter financial results. Concurrent with the mutual-to-stock conversion of Avidia Bank’s former mutual holding company and as described in the prospectus for the Company’s initial public offering (“IPO”), the Company made a $10 million, one-time donation, of 900 thousand shares of common stock at a total market value of $9.0 million and a $1.0 million cash contribution to the Avidia Bank Charitable Foundation, Inc. This contribution resulted in a net loss of $907 thousand for the third quarter of 2025, or ($0.05) per share, compared to net income of $3.9 million reported for the prior quarter. “We are pleased with the results for our initial quarter as a publicly traded company” said Robert Cozzone, President and Chief Executive Officer. “Our core metrics are solid, and we are well positioned for the future.” SELECTED FINANCIAL HIGHLIGHTS Net loss was $907 thousand, or ($0.05) per share, for the third quarter due to the stock and cash contribution to the Avidia Bank Charitable Foundation, Inc.Book value per share and tangible book value per share (non-GAAP) were $18.50 and $17.91, respectively, as of September 30, 2025. See the non-GAAP reconciliation at the end of this document for further information. BALANCE SHEET: Total assets were $2.8 billion at September 30, 2025, representing a decrease of $170.9 million, or 5.8%, from June 30, 2025. Total cash and cash equivalents decreased by $196.7 million from the second quarter, primarily due to the elevated cash balance as of June 30, 2025 related to the funds received from the IPO subscription offering.Gross loans increased by $26.7 million from the second quarter to $2.27 billion, primarily from an increase in commercial real estate loans.Loan exposure related to office space at September 30, 2025 was $86 million or 3.8% of gross loans.Deposits decreased by $363.7 million from the second quarter to $2.08 billion, primarily due to the utilization of balances associated with subscription funds related to the conversion during the third quarter.Total shareholders’ equity increased by $180.0 million from the second quarter to $371.4 million. The increase was primarily attributable to the capital raised during the Company’s IPO, which was completed on July 31, 2025. NET INTEREST INCOME Net interest income was $23.4 million for the quarter ended September 30, 2025, compared to $20.6 million for the prior quarter, an increase of $2.8 million, or 13.6%. The net interest margin expanded 24 basis points to 3.43% for the quarter from 3.19% in the prior quarter. The yield on interest-earning assets increased by 4 basis points to 4.97%.The cost of interest-bearing liabilities decreased by 11 basis points to 2.06%.The cost of deposits decreased by 3 basis points to 1.33%. NON-INTEREST INCOME Noninterest income was $4.5 million for the quarter ended September 30, 2025, compared to $5.2 million for the prior quarter, representing a decrease of $720 thousand, or 13.7%. Payment processing income was $1.9 million, compared to $2.1 million for the prior quarter, representing a decrease of $222 thousand primarily related to the sale of the Direct Merchant Processing Book in the second quarter.Other non-interest income was $999 thousand, compared to $1.6 million in the prior quarter, representing a decrease of $599 thousand, including a decrease of $274 thousand in debit card income and a decrease of $193 thousand in swap income. NON-INTEREST EXPENSE Noninterest expense was $28.4 million for the quarter ended September 30, 2025, compared to $19.8 million for the prior quarter, representing an increase of $8.6 million, or 43.5%. Salaries and employee benefits increased $864 thousand from the second quarter to $9.8 million, $637 thousand of which was the full nine-month expense for the Employee Stock Ownership plan that was adopted in connection with the mutual-to-stock conversion.Data processing decreased $743 thousand to $2.3 million. The reduction was primarily due to $460 thousand in one-time credits associated with a billing adjustment.Payment processing expense was down $406 thousand due to reduced costs associated with the Direct Merchant Processing Book, which was sold in the second quarter.Other general and administrative expenses increased $9.3 million, primarily due to the $10.0 million contribution to the Avidia Bank Charitable Foundation, Inc, partially offset by a reduction in other expense line items. INCOME TAXES Income tax benefit for the quarter ended September 30, 2025 was $1.0 million, compared to income tax expense of $1.2 million in the prior quarter. ASSET QUALITY The allowance for credit losses (“ACL”) was $24.3 million as of September 30, 2025, or 1.07% of total loans, compared to $23.4 million, or 1.04% of total loans at June 30, 2025. The Company recorded provisions for credit losses of $1.5 million during the quarter ended September 30, 2025. Non-performing loans totaled $17.6 million as of September 30, 2025, an increase of $6.3 million from the prior quarter, primarily from an increase of non-accruing commercial loans. Total non-accrual loans to total loans was 0.77% as of September 30, 2025, compared to 0.50% as of June 30, 2025. ABOUT AVIDIA BANCORP, INC. Avidia Bancorp, Inc. is the bank holding company of Avidia Bank. Avidia Bank is a Massachusetts-chartered stock savings bank. With headquarters in Hudson, Massachusetts, it also operates nine full-service banking offices in western Middlesex County and eastern Worcester County, in Massachusetts. NON-GAAP FINANCIAL MEASURES This document contains certain non-GAAP financial measures in addition to results presented in accordance with 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 below. 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 report 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. FOWARD-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 Financial Highlights (Unaudited)At or for the Quarters Ended(In thousands, except per share data)Sept. 30, 2025June 30, 2025Sept. 30, 2024Earnings Data:Net interest income $ 23,432 $ 20,618 $ 18,283 Total non-interest income 4,526 5,246 4,516 Total non-interest expense 28,369 19,763 17,898 Provision for credit losses 1,540 1,071 2,155 (Loss) income before income tax expense (1,951 ) 5,030 2,746 Net (loss) income (907 ) 3,872 2,079 Per-Share Data:(Loss) earnings per share, basic $ (0.05 ) N/A N/A (Loss) earnings per share, diluted (0.05 ) N/A N/A Book value per share 18.50 N/A N/A Tangible book value per share (non-GAAP) 17.91 N/A N/A Performance Ratios:Return on average assets (annualized) -0.13 % 0.57 % 0.31 % Return on average equity (annualized) -1.14 8.20 4.18 Net interest margin(1) 3.43 3.19 2.84 Cost of deposits 1.33 1.36 1.72 Yield on loans 5.21 5.20 5.14 Interest rate spread(2) 2.91 2.76 2.31 Noninterest income as a percentage of average assets 0.64 0.77 0.68 Noninterest expense as a percentage of average assets 4.02 2.91 2.69 Efficiency ratio(3) 101.47 76.41 78.50 Average interest-earning assets as a percentage of average interest-bearing liabilities 134.52 124.77 126.75 Balance Sheet, (end of period):Total assets $ 2,787,010 $ 2,957,908 $ 2,673,705 Total earning assets 2,669,662 2,827,019 2,548,053 Total loans 2,274,747 2,248,021 2,180,676 Total deposits 2,075,868 2,439,608 2,046,192 Total shareholders' equity 371,400 191,426 195,032 Asset Quality:Allowance for credit losses $ 24,284 $ 23,425 $ 21,585 Allowance for credit losses as a percentage of total loans 1.07 % 1.04 % 0.99 % Allowance for credit losses as a percentage of non-performing loans 137.79 207.37 497.33 Allowance for credit losses as a percentage of non-accrual loans 137.79 207.37 497.33 Non-accrual loans as a percentage of total loans 0.77 0.50 0.20 Net (charge-offs) recoveries as a percentage of total loans (0.11 ) 0.01 (0.20 ) Total non-accruing assets as a percentage of total assets 0.63 0.38 0.16 Total non-performing assets as a percentage of total assets 0.63 0.38 0.16 Capital Ratios:Total shareholders' equity as a percentage of total assets 13.33 % 6.47 % 7.29 % Tangible shareholders' equity as a percentage of tangible assets (non-GAAP) 12.95 6.09 6.88 Total capital as a percentage of risk-weighted assets(4) 19.89 11.57 N/A Tier 1 capital as a percentage of risk-weighted assets(4) 17.42 9.14 N/A Common equity tier 1 capital as a percentage of risk-weighted assets(4) 17.42 9.14 N/A Tier 1 capital as a percentage of average assets(4) 13.11 7.24 N/A (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 September 30, 2025 and actual for the remaining dates.Avidia Bancorp, Inc.Consolidated Balance Sheets (Unaudited)As ofSept. 30, 2025 Change From(In thousands)Sept. 30, 2025June 30, 2025Sept. 30, 2024June 30, 2025Sept. 30, 2024AssetsCash and due from banks $ 15,484 $ 24,667 $ 21,272 $ (9,183 ) (37.2 )% $ (5,788 ) (27.2 )% Short-term investments 96,384 283,919 36,859 (187,535 ) (66.1 ) 59,525 161.5 Total cash and cash equivalents 111,868 308,586 58,131 (196,718 ) (63.7 ) 53,737 92.4 Securities available for sale, at fair value 269,308 266,249 283,945 3,059 1.1 (14,637 ) (5.2 ) Equity securities, at fair value - - 11,886 - - (11,886 ) (100.0 ) Securities held to maturity, at amortized cost 15,747 16,747 16,746 (1,000 ) (6.0 ) (999 ) (6 ) Total securities 285,055 282,996 312,577 2,059 0.7 (27,522 ) (9 ) Federal Home Loan Bank stock, at cost 11,731 12,083 16,755 (352 ) (2.9 ) (5,024 ) (30.0 ) Loans held for sale 1,745 - 1,186 1,745 - 559 47.1 Total loans 2,274,747 2,248,021 2,180,676 26,726 1.2 94,071 4.3 Less: Allowance for credit losses (24,284 ) (23,425 ) (21,585 ) (859 ) 3.7 (2,699 ) 12.5 Net loans 2,250,463 2,224,596 2,159,091 25,867 1.2 91,372 4.2 Premises and equipment, net 29,270 29,098 28,270 172 0.6 1,000 3.5 Bank-owned life insurance 36,375 36,093 35,269 282 0.8 1,106 3.1 Accrued interest receivable 8,141 8,922 8,838 (781 ) (8.8 ) (697 ) (7.9 ) Net deferred tax asset 10,832 11,323 12,491 (491 ) (4.3 ) (1,659 ) (13.3 ) Goodwill 11,936 11,936 11,936 - - - - Mortgage servicing rights 3,149 3,253 3,242 (104 ) (3.2 ) (93 ) (2.9 ) Other assets 26,445 29,022 25,919 (2,577 ) (8.9 ) 526 2.0 Total assets $ 2,787,010 $ 2,957,908 $ 2,673,705 $ (170,898 ) (5.8 )% $ 113,305 4.2 % LiabilitiesDeposits $ 2,075,868 $ 2,439,608 $ 2,046,192 $ (363,740 ) (14.9 )% $ 29,676 1.5 % Federal Home Loan Bank advances 260,000 260,000 365,000 - 0.0 (105,000 ) (28.8 ) Subordinated debt 27,778 27,738 27,642 40 0.1 136 0.5 Mortgagors' escrow accounts 3,710 3,498 3,464 212 6.1 246 7.1 Accrued expenses and other liabilities 48,254 35,638 36,375 12,616 35.4 11,879 32.7 Total liabilities $ 2,415,610 $ 2,766,482 2,478,673 $ (350,872 ) (12.7 )% $ (63,063 ) (2.5 )% Shareholders' equity:Common Stock $ 201 $ - $ - $ 201 - % $ 201 - % Additional paid-in capital 194,994 - - 194,994 - 194,994 - Unallocated ESOP common stock (16,061 ) - - (16,061 ) - (16,061 ) - Retained earnings 206,648 207,555 211,761 (907 ) (0.4 ) (5,113 ) (2.4 ) Accumulated other comprehensive loss (14,382 ) (16,129 ) (16,729 ) 1,747 (10.8 ) 2,347 (14.0 ) Total shareholders' equity $ 371,400 $ 191,426 195,032 $ 179,974 94.0 $ 176,368 90.4 % Total liabilities and shareholders' equity $ 2,787,010 $ 2,957,908 $ 2,673,705 $ (170,898 ) (5.8 )% $ 113,305 4.2 % Avidia Bancorp, Inc.Consolidated Statements of Operations QTD (Unaudited)Three Months Ended Sept. 30, 2025 ChangeThree Months EndedFrom Three Months Ended(In thousands, except per share data)Sept. 30, 2025June 30, 2025Sept. 30, 2024June 30, 2025Sept. 30, 2024Interest and dividend income:Loans, including fees $ 29,727 $ 28,883 $ 28,439 $ 844 2.9 % $ 1,288 4.5 % Securities 2,567 2,555 2,672 12 0.5 (105 ) (3.9 ) Other 1,588 421 415 1,167 277.2 1,173 282.7 Total interest and dividend income 33,882 31,859 31,526 2,023 6.3 2,356 7.5 Interest expense:Deposits 7,268 7,242 8,732 26 0.4 (1,464 ) (16.8 ) Federal Home Loan Bank advances 2,827 3,647 4,196 (820 ) (22.5 ) (1,369 ) (32.6 ) Subordinated debt 355 352 315 3 0.9 40 12.7 Total interest expense 10,450 11,241 13,243 (791 ) (7.0 ) (2,793 ) (21.1 ) Net interest income: 23,432 20,618 18,283 2,814 13.6 5,149 28.2 Provision expense for credit losses - loans 1,480 1,523 1,785 (43 ) (2.8 ) (262 ) (14.7 ) Provision expense (reversal) for credit losses - off-balance sheet credit exposures 60 (452 ) 370 512 (113.3 ) (822 ) (222.2 ) Net interest income, after provision expense for credit losses 21,892 19,547 16,128 2,345 12.0 5,764 35.7 Non-interest income:Customer service fees 912 884 1,095 28 3.2 (183 ) (16.7 ) Net (loss) on sale of securities available for sale - (78 ) (992 ) 78 (100.0 ) 992 (100.0 ) Net recognized gain on equity securities - - 896 - - (896 ) (100.0 ) Payment processing income 1,857 2,079 1,929 (222 ) (10.7 ) (72 ) (3.7 ) Income on bank-owned life insurance 279 289 263 (10 ) (3.5 ) 16 6.1 Mortgage banking income 121 162 121 (41 ) (25.3 ) - 0.0 Investment commissions 358 312 376 46 14.7 (18 ) (4.8 ) Other 999 1,598 828 (599 ) (37.5 ) 171 20.7 Total non-interest income 4,526 5,246 4,516 (720 ) (13.7 ) 10 0.2 Non-interest expense:Salaries and employee benefits 9,773 8,909 8,192 864 9.7 1,581 19.3 Occupancy and equipment 1,933 2,042 1,910 (109 ) (5.3 ) 23 1.2 Data processing 2,251 2,994 2,866 (743 ) (24.8 ) (615 ) (21.5 ) Professional fees 790 1,088 566 (298 ) (27.4 ) 224 39.6 Payment processing 526 932 1,053 (406 ) (43.6 ) (527 ) (50.0 ) Deposit insurance 651 780 638 (129 ) (16.5 ) 13 2.0 Advertising 423 310 343 113 36.5 80 23.3 Telecommunications 81 96 85 (15 ) (15.6 ) (4 ) (4.7 ) Problem loan and foreclosed real estate, net 179 194 105 (15 ) (7.7 ) 74 70.5 Other general and administrative 11,762 2,418 2,140 9,344 386.4 9,622 449.6 Total non-interest expense 28,369 19,763 17,898 8,606 43.5 10,471 58.5 (Loss) income before income tax expense (1,951 ) 5,030 2,746 (6,981 ) (138.8 ) (4,697 ) (171.0 ) Income tax (benefit) expense (1,044 ) 1,158 667 (2,202 ) (190.2 ) (1,711 ) (256.5 ) Net (loss) income $ (907 ) $ 3,872 $ 2,079 $ (4,779 ) (123.4 )% $ (2,986 ) (143.6 )% Share data:Weighted average common shares outstanding, basic 18,520 N/A N/A N/A N/A N/A N/A Weighted average common shares outstanding diluted 18,520 N/A N/A N/A N/A N/A N/A (Loss) per share, basic $ (0.05 ) N/A N/A N/A N/A N/A N/A (Loss) per share, diluted $ (0.05 ) N/A N/A N/A N/A N/A N/A Avidia Bancorp, Inc.Consolidated Statements of Operations YTD (Unaudited)Nine Months EndedNine Months Ended Sept. 30, 2025 Change(In thousands, except per share data)Sept. 30, 2025Sept. 30, 2024From Nine Months Ended Sept. 30, 2024Interest and dividend income:Loans, including fees $ 86,791 $ 83,189 $ 3,602 4.3 % Securities 7,774 7,625 149 2.0 Other 2,224 1,453 771 53.1 Total interest and dividend income 96,789 92,267 4,522 4.9 Interest expense:Deposits 22,241 24,604 (2,363 ) (9.6 ) Federal Home Loan Bank advances 10,267 12,540 (2,273 ) (18.1 ) Subordinated debt 1,021 945 76 8.0 Total interest expense 33,529 38,089 (4,560 ) (12.0 ) Net interest income: 63,260 54,178 9,082 16.8 Provision expense for credit losses - loans 20,308 1,965 18,343 933.5 Provision (reversal) expense for credit losses - off-balance sheet credit exposures (82 ) 500 (582 ) (116.4 ) Net interest income, after provision expense for credit losses 43,034 51,713 (8,679 ) (16.8 ) Non-interest income:Customer service fees 2,697 2,715 (18 ) (0.7 ) Net (loss) on sale of securities available for sale (619 ) (2,359 ) 1,740 (73.8 ) Net recognized gain on equity securities - 2,534 (2,534 ) (100.0 ) Payment processing income 6,129 5,589 540 9.7 Income on bank-owned life insurance 847 670 177 26.4 Mortgage banking income 299 979 (680 ) (69.5 ) Investment commissions 1,020 1,036 (16 ) - Other 3,129 2,696 433 16.1 Total non-interest income 13,502 13,860 (358 ) (2.6 ) Non-interest expense:Salaries and employee benefits 30,247 25,500 4,747 18.6 Occupancy and equipment 5,994 6,378 (384 ) (6.0 ) Data processing 8,623 7,289 1,334 18.3 Professional fees 2,539 1,820 719 39.5 Payment processing 2,500 3,065 (565 ) (18.4 ) Deposit insurance 2,064 2,034 30 1.5 Advertising 998 1,122 (124 ) (11.1 ) Telecommunications 270 290 (20 ) (6.9 ) Problem loan and foreclosed real estate, net 485 289 196 67.8 Other general and administrative 16,245 7,171 9,074 126.5 Total non-interest expense 69,965 54,958 15,007 27.3 (Loss) income before income tax expense (13,429 ) 10,615 (24,044 ) (226.5 ) Income tax (benefit) expense (4,808 ) 2,640 (7,448 ) (282.1 ) Net (loss) income $ (8,621 ) $ 7,975 $ (16,596 ) (208.1 )% Share data:Weighted average common shares outstanding, basic 18,520 N/A N/A N/A Weighted average common shares outstanding diluted 18,520 N/A N/A N/A (Loss) per share, basic $ (0.47 ) N/A N/A N/A (Loss) per share, diluted $ (0.47 ) N/A N/A N/A Avidia Bancorp, Inc.Average Balances and Average Yields And Costs (Unaudited)For the Quarters EndedSept. 30, 2025June 30, 2025Sept. 30, 2024(Dollars in thousands)Average Outstanding BalanceInterestAverage Yield/ RateAverage Outstanding BalanceInterestAverage Yield/ RateAverage Outstanding BalanceInterestAverage Yield/ RateInterest-earning assets:Short-term investments $ 150,428 $ 1,588 4.19 % $ 67,357 $ 421 2.51 % $ 42,118 $ 415 3.92 % Securities 292,031 2,567 3.49 296,321 2,555 3.46 306,177 2,672 3.47 Loans 2,264,095 29,727 5.21 2,229,893 28,883 5.20 2,202,174 28,439 5.14 Total interest-earning assets 2,706,554 33,882 4.97 2,593,571 31,859 4.93 2,550,469 31,526 4.92 Noninterest-earning assets 116,574 122,176 111,525 Total assets $ 2,823,128 $ 2,715,747 $ 2,661,994 Interest-bearing liabilities:NOW accounts $ 704,708 $ 833 0.47 % $ 697,452 $ 700 0.40 % $ 595,184 $ 815 0.54 % Money market accounts 274,203 918 1.33 270,969 848 1.26 284,767 1,056 1.47 Regular and other savings accounts 411,941 2,407 2.32 401,215 2,278 2.28 355,220 2,387 2.67 Certificates of deposit 334,638 3,110 3.69 347,419 3,416 3.94 390,588 4,474 4.56 Total interest-bearing deposits 1,725,490 7,268 1.67 1,717,055 7,242 1.69 1,625,759 8,732 2.14 FHLB advances and other borrowings(1) 258,782 2,827 4.33 333,834 3,647 4.38 367,161 4,196 4.55 Subordinated debt 27,753 355 5.07 27,782 352 5.08 27,617 315 4.54 Total interest-bearing liabilities 2,012,025 10,450 2.06 2,078,671 11,241 2.17 2,020,537 13,243 2.61 Noninterest-bearing demand deposits 458,900 415,035 404,466 Other noninterest-bearing liabilities 34,777 33,242 38,281 Total liabilities 2,505,702 2,526,948 2,463,284 Total shareholders' equity 317,426 188,799 198,710 Total liabilities and capital $ 2,823,128 $ 2,715,747 $ 2,661,994 Net interest income $ 23,432 $ 20,618 $ 18,283 Net interest rate spread(2) 2.91 % 2.76 % 2.31 % Net interest-earning assets(3) $ 694,529 $ 514,900 $ 529,932 Net interest margin(4) 3.43 % 3.19 % 2.84 % Cost of deposits 1.33 1.36 1.72 Average interest-earning assets to interest-bearing liabilities 134.52 % 124.77 % 126.75 % (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)Sept. 30, 2025June 30, 2025Sept. 30, 2024Non-Performing AssetsNon-accrual loans:Residential $ 387 $ 255 $ 869 Construction 8,930 8,930 - Commercial 8,307 2,111 3,471 Total non-accrual loans $ 17,624 $ 11,296 $ 4,340 Other real estate owned - - - Total non-performing assets $ 17,624 $ 11,296 $ 4,340 Total non-accrual loans to total loans 0.77 % 0.50 % 0.20 % Total non-performing assets to total loans 0.77 0.50 0.20 Allowance for Credit LossesAllowance for credit losses, beginning of period $ 23,425 $ 21,849 $ 20,875 Charged-off loans (844 ) (18 ) (1,181 ) Recoveries on charged-off loans 223 71 106 Net loans charged-off (621 ) 53 (1,075 ) Provision expense for credit losses 1,480 1,523 1,785 Allowance for credit losses, end of period $ 24,284 $ 23,425 $ 21,585 Allowance for credit losses to total loans 1.07 % 1.04 % 0.99 % Allowance for credit losses to non-accrual loans 137.79 207.37 497.33 Allowance for credit losses to non-performing loans 137.79 207.37 497.33 Net loans (charge-offs) recoveriesResidential $ 2 $ 1 $ 32 Commercial real estate 135 25 25 Commercial (766 ) 20 (1,161 ) Consumer 8 7 29 Total net loan (charge-offs) recoveries $ (621 ) $ 53 $ (1,075 ) Net loan (charge-offs) recoveries to average loans (annualized) (0.11 )% 0.01 % (0.20 )% Avidia Bancorp, Inc.Non-GAAP Reconciliation (Unaudited)As of(In thousands, except per share data)Sept. 30, 2025June 30, 2025Sept. 30, 2024Tangible shareholders' equity:Total shareholders' equity (GAAP) $ 371,400 $ 191,426 $ 195,032 Less: Goodwill 11,936 11,936 11,936 Tangible shareholders' equity (non-GAAP) $ 359,464 $ 179,490 $ 183,096 Tangible assets:Total assets (GAAP) $ 2,787,010 $ 2,957,908 $ 2,673,705 Less: Goodwill 11,936 11,936 11,936 Tangible assets (non-GAAP) $ 2,775,074 $ 2,945,972 $ 2,661,769 Shareholders' equity to assets (GAAP) 13.33 % 6.47 % 7.29 % Tangible shareholders' equity to tangible assets (non-GAAP) 12.95 % 6.09 % 6.88 % Common shares outstanding, including unallocated ESOP shares 20,076 N/A N/A Book value per common share (GAAP) $ 18.50 N/A N/A Tangible book value per common share (non-GAAP) $ 17.91 N/A N/A Robert D. Cozzone President and Chief Executive Officer Avidia Bancorp, Inc. (800) 508-2265 Source: Avidia Bancorp, Inc.