SEC 8-K filings with transcript text
Jul 27, 2026
2 avbc-ex99_1.htm
Exhibit 99.1
Contact:
Robert D. Cozzone
President and Chief Executive Officer
Avidia Bancorp, Inc.
(800) 508-2265
Avidia Bancorp, Inc. Reports Second Quarter 2026 Financial Results, Increases Quarterly Cash Dividend
HUDSON, MA; July 23, 2026 – Avidia Bancorp, Inc. (the “Company”) (NYSE: “AVBC”), the holding company of Avidia Bank, today reported second quarter 2026 net income of $7.2 million, or $0.39 per share, compared to first quarter 2026 net income of $6.0 million, or $0.32 per share.
The Company also announced a 20% increase in its quarterly cash dividend to $0.06 per share from $0.05 per share, payable on or about August 27, 2026, to stockholders of record as of the close of business on August 18, 2026.
CEO Robert Cozzone stated, “Earnings growth of 20% quarter-over-quarter reflected increases in most categories of fee income. Our process improvement strategies contributed to better efficiency, and we achieved a 1.04% return on assets. We joined the Russell 2000 stock index on June 26, which deepens the market for our stock.”
SECOND QUARTER 2026 FINANCIAL HIGHLIGHTS(comparisons are to prior quarter)
• Net interest margin increased by 3 basis points to 3.64%.
• Return on assets increased by 18 basis points to 1.04%.
• Return on equity increased by 107 basis points to 7.43%.
• Efficiency ratio improved to 65.3% from 67.2%.
• Book value per share and tangible book value per share (non-GAAP) increased to $19.40 and $18.81, respectively. See the non-GAAP reconciliation at the end of this document for further information.
Total assets were $2.78 billion at June 30, 2026, decreasing $29 million, or 1%, from March 31, 2026.
• Short-term investments fell by $22 million to $51 million as excess cash was invested into longer term securities and used to pay down wholesale borrowings.
• Total investment securities grew by $19 million from March 31, to $328 million.
• Total loans decreased by $24 million, or 1%, to $2.26 billion, due primarily to a reduction in outstanding commercial loans.
o Loan exposure related to non-medical office space at June 30, 2026 was $93.4 million or 4.1% of gross loans. When excluding owner-occupied, total non-medical office exposure was $75.1 million.
• Deposits grew by $7 million, or 0.3%, to $2.15 billion, due primarily to higher money market account balances.
• Federal Home Loan Bank advances decreased $45 million to $160 million.
• Total stockholders’ equity increased $6 million, or 2%, to $390 million, primarily due to retained earnings. Stockholders' equity to total assets was 14.0% at quarter-end.
o Tangible stockholders' equity to tangible assets (non-GAAP) was 13.6%.
Total net revenue increased to $29.9 million in the second quarter of 2026, an increase of $1.6 million, or 6%, compared to the prior quarter.
• Second quarter 2026 net interest income was unchanged from the prior quarter. The net interest margin improved by 3 basis points to 3.64%.
o The yield on earning assets remained steady at 5.05%. Loan income was negatively impacted by $195 thousand from loan accrual reversals.
o The cost of interest-bearing liabilities decreased 4 basis points to 1.89% as a result of the reduction in higher cost borrowings.
• Non-interest income increased $1.6 million to $5.9 million from the prior quarter.
o Customer service fees increased $419 thousand to $1.3 million, primarily from increases in HSA fees during the quarter.
o Payment processing income increased $683 thousand to $2.6 million. This included approximately $230 thousand in one-time fees from a contract termination as well as the benefit of higher business volumes.
o Other income increased $377 thousand from the first quarter as a result of a $110 thousand increase in run rate BOLI income as well as a $144 thousand increase in the valuation on the market value of our RABBI Trust investments.
• Total non-interest expense increased $509 thousand, or 3%, to $19.5 million in the second quarter of 2026.
o Salaries and benefits decreased by $237 thousand due to seasonal factors.
o Occupancy and equipment costs were lower in the second quarter by $388 thousand due to lower seasonal costs, primarily snow removal.
o Professional fees increased $408 thousand from the previous quarter due to loan workout costs and consulting costs associated with the Company’s efficiency initiative.
o Marketing and promotions increased $218 thousand as a result of timing on specific promotions and investments in business development.
o Other general and administrative expenses increased by $355 thousand over the previous quarter, with the largest contributing factor being a periodic review fee associated with the payments business.
2
Income tax expense increased $112 thousand to $2.3 million in the second quarter of 2026 compared to the prior quarter.
• The effective income tax rate decreased to 24% from 27
Apr 27, 2026
2 avbc-ex99_1.htm
Exhibit 99.1
Contact:
Robert D. Cozzone
President and Chief Executive Officer
Avidia Bancorp, Inc.
(800) 508-2265
Avidia Bancorp, Inc. Reports First Quarter 2026 Financial Results, Declares Quarterly Cash Dividend
HUDSON, MA; April 23, 2026 – Avidia Bancorp, Inc. (the “Company”) (NYSE: “AVBC”), the holding company of Avidia Bank, today reported first quarter 2026 consolidated financial results. Net income for the first quarter of 2026 was $6.0 million, or $0.32 per share, compared to net income of $5.3 million, or $0.29 per share, for the fourth quarter of 2025.
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 May 28, 2026, to stockholders of record as of the close of business on May 19, 2026.
CEO Robert Cozzone stated, “Earnings per share growth of 10.3% in the first quarter reflects our focus on improving profitability through good financial discipline. Although loan growth was seasonally slow, the ongoing efforts of my colleagues led to improvements in most other performance measures.”
• Net income was $6.0 million, or $0.32 per share.
• Net interest margin increased quarter-over-quarter by 7 basis points to 3.61%.
• Return on average assets increased quarter-over-quarter by 9 basis points to 0.86%.
• Efficiency ratio for the quarter was 67.2%.
• Book value per share and tangible book value per share (non-GAAP) increased to $19.09 and $18.49, respectively. See the non-GAAP reconciliation at the end of this document for further information.
Total assets were $2.81 billion at March 31, 2026, decreasing $30.0 million, or 1.1%, from December 31, 2025.
• Total cash and cash equivalents decreased by $52.4 million, or 36.0%, to $93.0 million from $145.5 million in the prior quarter. This decrease was primarily the result of net paydowns of Federal Home Loan Bank advances and the reinvestment of cash into securities and bank owned life insurance, offset by deposit growth and the decline in loans.
• Total available for sale securities increased by $26.8 million, or 10.0%, to $295.9 million from $269.1 million in the prior quarter, primarily the result of purchases of $43.7 million, offset by paydowns of $14.8 million.
• Total loans decreased by $13.9 million, or 0.6%, to $2.28 billion, from $2.30 billion in the prior quarter, primarily the result of decreases in construction and land loans of $9.5 million and condominium association loans of $9.2 million.
• Loan balances reflect the final sale and closing of the life sciences loan that was charged down by $16.7 million in the first quarter of 2025.
• Loan exposure related to non-medical office space at March 31, 2026 was $88.6 million or 3.9% of gross loans. When excluding owner-occupied, total non-medical office exposure was $71.0 million.
• Deposits increased by $17.9 million, or 0.8%, to $2.15 billion from $2.13 billion in the prior quarter. Non-interest-bearing demand accounts increased $28.7 million, money market accounts increased $12.7 million, savings accounts increased $9.9 million and certificates of deposits increased $3.2 million. This growth was offset by a decrease in NOW accounts of $36.7 million.
• Federal Home Loan Bank advances decreased by $55.0 million, or 21.2%, to $205.0 million from $260.0 million in the prior quarter, as a result of net paydowns.
• Total shareholders’ equity increased by $4.2 million, or 1.1%, to $383.2 million from $379.0 million in the prior quarter, primarily the result of net income of $6.0 million, offset by dividends paid and unrealized losses on available for sale securities recognized in other comprehensive income during the quarter.
• Shareholders' equity to total assets was 13.7% as of March 31, 2026, compared to 13.4% at the prior quarter-end. Tangible shareholders' equity to tangible assets (non-GAAP) was 13.3% compared to 13.0% for these respective dates.
Net interest income was $24.0 million for the quarter ended March 31, 2026, compared to $23.6 million for the prior quarter, an increase of $373 thousand, or 1.6%. The net interest margin expanded 7 basis points to 3.61% for the quarter from 3.54% in the prior quarter.
• The yield on average interest-earning assets decreased by 1 basis point to 5.05%.
• Average short-term investments were up $38.9 million from the previous quarter.
• The yield on securities increased by 7 basis points to 3.47% and the yield on loans increased by 3 basis points to 5.37%.
• The cost of deposits decreased by 4 basis points to 1.31% from 1.35% in the prior quarter.
2
Noninterest income was $4.3 million for the quarter ended March 31, 2026, compared to $3.7 million for the prior quarter, representing an increase of $570 thousand, or 15.3%.
• Payment processing income was $1.9 million, compar
Feb 2, 2026
2 avbc-ex99_1.htm
Exhibit 99.1
Contact:
Robert D. Cozzone
President and Chief Executive Officer
Avidia Bancorp, Inc.
(800) 508-2265
Avidia Bancorp, Inc. Reports Fourth Quarter and Annual 2025 Financial Results, Declares Quarterly Cash Dividend
HUDSON, MA; January 29, 2026 – 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.”
• 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.
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.
o 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.
2
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
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