Avidia Bancorp, Inc. (the “Company”) (NYSE: “AVBC”), the holding company of Avidia Bank, today reported second quarter financial results of Assabet Valley Bancorp, the former mutual holding company of Avidia Bank. As previously reported, Assabet Valley Bancorp completed its mutual-to-stock conversion transaction effective July 31, 2025, which resulted in the Company completing its initial public offering of shares of its common stock and becoming the stock holding company of Avidia Bank.

Selected Financial Highlights for the Second Quarter of 2025

Statement of Operations:

• Quarterly net income was $3.9 million, compared to a net loss of $11.6 million for the first quarter.
• Quarterly net interest income increased by $1.4 million from the first quarter to $20.6 million.
• Net interest margin increased by 15 basis points from the first quarter to 3.19%.
  • The cost of interest-bearing liabilities decreased by 13 basis points.
  • The cost of total deposits fell 14 basis points to 1.36%.
• Provision for credit losses totaled $1.1 million.
• Quarterly non-interest income increased by $1.5 million from the first quarter to $5.2 million.
• Quarterly non-interest expense decreased by $2.1 million from the first quarter to $19.8 million.
  • Salaries and employee benefits decreased $2.7 million from the first quarter as there were incentive plan terminations and increased short-term incentive payouts in the previous quarter.
  • The efficiency ratio was 76.4%, compared to 95.2% in the first quarter.
• Income tax expense was $1.2 million.

Balance Sheet:

• Total cash and cash equivalents increased by $225 million from the first quarter, primarily related to the funds received from the IPO subscription offering.
• Gross loans increased by $15.0 million from the first quarter to $2.25 billion.
• Deposits increased by $309 million from the first quarter to $2.44 billion, also primarily related to funds received from the IPO subscription offering.
• Federal Home Loan Bank advances decreased by $65 million from the first quarter to $260.0 million.
• Total capital increased by $5.4 million from the first quarter to $191.4 million.

Asset Quality:

• Non-accrual loans to total loans was 0.50% compared to 0.53% in the first quarter.

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.

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.