Avidia Bancorp, Inc. Reports Second Quarter 2026 Financial Results, Increases Quarterly Cash Dividend

About this update from Avidia Bancorp, Inc.

HUDSON, Mass., July 23, 2026--(BUSINESS WIRE)--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) BALANCE SHEETTotal assets were $2.78 billion at June 30, 2026, decreasing $29 million, or 1%, from March 31, 2026. REVENUETotal 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. NON-INTEREST EXPENSE INCOME TAXESIncome tax expense increased $112 thousand to $2.3 million in the second quarter of 2026 compared to the prior quarter. ASSET QUALITYThe period-end allowance for credit losses was $23.9 million in the second quarter of 2026 compared to $22.8 million at the prior quarter-end. The ratio of the allowance to total loans increased to 1.06% from 1.00% for these dates. 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 MEASURESThis document contains certain non-GAAP financial measures in addition to financial measures 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...

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