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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

	For the quarterly period ended June 30, 2025


☐	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

	For the transition period from _______________ to _______________

Commission File No. 001-42775

Avidia Bancorp, Inc.

(Exact Name of Registrant as Specified in Its Charter)


Maryland		33-4239888
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification Number)

42 Main Street, Hudson, Massachusetts		01749
(Address of Principal Executive Offices)		(Zip Code)

(800) 508-2265

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of Each Exchange on Which Registered
Common stock, $0.01 par value	AVBC	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such requirements for the past 90 days. YES ☐ No ☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ NO ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act:


Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☒
	Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YES ☐ NO ☒

There were 20,076,250 shares of the registrant’s common stock, par value $0.01 per share, outstanding as of August 12, 2025.

Table of Contents

Avidia Bancorp, Inc.

Form 10-Q

Index


		Page
Part I. – Financial Information

Item 1.	Financial Statements	1

	Consolidated Balance Sheets as of June 30, 2025 (unaudited) and December 31, 2024	1

	Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024 (unaudited)	2

	Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2025 and 2024 (unaudited)	3

	Consolidated Statements of Changes in Capital for the Three and Six Months Ended June 30, 2025 and 2024 (unaudited)	4

	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 (unaudited)	5

	Notes to Consolidated Financial Statements (unaudited)	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	42

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	53

Item 4.	Controls and Procedures	53

Part II. – Other Information

Item 1.	Legal Proceedings	54

Item 1A.	Risk Factors	54

Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	54

Item 3.	Defaults Upon Senior Securities	54

Item 4.	Mine Safety Disclosures	54

Item 5.	Other Information	54

Item 6.	Exhibits	55

	Signature Page	56

Table of Contents

EXPLANATORY NOTE

Avidia Bancorp, Inc. (the “Company,” “we” or “us”) was incorporated on February 28, 2025, to serve as the bank holding company for Avidia Bank upon the consummation of the conversion of Assabet Valley Bancorp, the mutual holding company and sole stockholder of Avidia Bank, from the mutual form of organization to the stock form of organization. The conversion was completed on July 31, 2025. As of June 30, 2025, the conversion had not yet been completed and the Company had no assets or liabilities and had not conducted any business activities other than organizational activities. Accordingly, the unaudited consolidated financial statements, and related notes, and other financial information included in this report relate to Assabet Valley Bancorp.

The unaudited consolidated financial statements and other financial information contained in this report should be read in conjunction with the audited consolidated financial statements, and related notes, of Assabet Valley Bancorp as of and for each of the years ended December 31, 2024 and 2023, contained in the Company’s definitive prospectus dated May 13, 2025, as filed with the Securities and Exchange Commission on May 21, 2025.

Table of Contents

Part I. – Financial Information

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

Assabet Valley Bancorp and Subsidiary

June 30, 2025 (Unaudited) and December 31, 2024

Consolidated Balance Sheets


(In thousands)	June 30, 2025			December 31, 2024
Assets:
Cash and due from banks	$	24,667		$	15,660
Short-term investments		283,919			46,784
Total cash and cash equivalents		308,586			62,444

Securities available for sale, at fair value (amortized cost $286,704 in 2025 and $293,649 in 2024)		266,249			265,933
Securities held to maturity, at amortized cost (fair value $15,976 in 2025 and $16,630 in 2024)		16,747			16,747
Total securities		282,996			282,680

Federal Home Loan Bank stock, at cost		12,083			14,729

Loans held for sale		—			850

Total loans		2,248,021			2,198,200
Allowance for credit losses		(23,425	)		(21,741	)
Net loans		2,224,596			2,176,459

Premises and equipment, net		29,098			28,498
Bank-owned life insurance		36,093			35,526
Accrued interest receivable		8,922			8,897
Net deferred tax asset		11,323			12,795
Goodwill		11,936			11,936
Mortgage servicing rights		3,253			3,488
Other assets		29,022			18,237
Total assets	$	2,957,908		$	2,656,539
Liabilities:
Deposits	$	2,439,608		$	2,063,212
Federal Home Loan Bank advances		260,000			325,000
Subordinated debt		27,738			27,679
Mortgagors' escrow accounts		3,498			3,620
Accrued expenses and other liabilities		35,638			43,201
Total liabilities		2,766,482			2,462,712
Capital:
Retained earnings		207,555			215,270
Accumulated other comprehensive loss		(16,129	)		(21,443	)
Total capital		191,426			193,827
Total liabilities and capital	$	2,957,908		$	2,656,539

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

Assabet Valley Bancorp and Subsidiary

Consolidated Statements of Operations (Unaudited)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
(In thousands)	2025			2024			2025			2024
Interest and dividend income:
Loans, including fees	$	28,883		$	27,492		$	57,067		$	54,750
Securities		2,555			2,833			5,206			4,953
Other		421			568			636			1,038
Total interest and dividend income		31,859			30,893			62,909			60,741
Interest expense:
Deposits		7,242			8,285			14,973			15,872
Federal Home Loan Bank advances		3,647			3,985			7,439			8,344
Subordinated debt		352			315			667			630
Total interest expense		11,241			12,585			23,079			24,846
Net interest income		20,618			18,308			39,830			35,895
Credit loss expense (reversal) - loans		1,523			(130	)		18,828			180
Credit loss (reversal) expense - off-balance sheet credit exposures		(452	)		(190	)		(141	)		130
Net interest income, after credit loss expense (reversal)		19,547			18,628			21,143			35,585
Non-interest income:
Customer service fees		884			762			1,785			1,620
Net loss on sale of securities available for sale		(78	)		(1,366	)		(619	)		(1,366	)
Net recognized gain on equity securities		—			273			—			1,637
Net write down on premises and equipment no longer in use		—			—			(356	)		—
Payment processing income		2,079			1,798			4,271			3,660
Income on bank-owned life insurance		289			195			568			407
Mortgage banking income		162			408			178			858
Investment commissions		312			352			662			660
Debit card income		793			573			1,318			1,109
Credit card income		58			335			107			566
Other		747			115			1,060			193
Total non-interest income		5,246			3,445			8,974			9,344
Non-interest expense:
Salaries and employee benefits		8,909			8,701			20,475			17,308
Occupancy and equipment		2,042			2,384			4,060			4,468
Data processing		2,994			2,218			6,372			4,423
Professional fees		1,088			739			1,749			1,254
Payment processing		932			992			1,975			2,012
Deposit insurance		780			687			1,412			1,396
Advertising		310			334			575			779
Telecommunications		96			101			188			205
Problem loan and foreclosed real estate, net		194			100			306			184
Other general and administrative		2,418			2,707			4,484			5,031
Total non-interest expense		19,763			18,963			41,596			37,060
Income (loss) before income tax expense (benefit)		5,030			3,110			(11,479	)		7,869
Income tax expense (benefit)		1,158			759			(3,764	)		1,973
Net income (loss)	$	3,872		$	2,351		$	(7,715	)	$	5,896

The accompanying notes are an integral part of these consolidated financial statements.

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Assabet Valley Bancorp and Subsidiary

Consolidated Statements of Comprehensive Income (Loss) (Unaudited)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
(In thousands)	2025			2024			2025			2024
Net income (loss)	$	3,872		$	2,351		$	(7,715	)	$	5,896
Other comprehensive income:
Securities available for sale
Unrealized holding gains (losses) arising during period		1,995			(137	)		6,642			(2,130	)
Reclassification adjustment for losses realized in income (1)		78			1,366			619			1,366
Cash flow hedge
Unrealized holding (loss) gain		(160	)		42			(474	)		1,236
Other comprehensive income, before tax		1,913			1,271			6,787			472
Deferred tax effect		(416	)		(317	)		(1,473	)		(120	)
Other comprehensive income		1,497			954			5,314			352
Comprehensive income (loss)	$	5,369		$	3,305		$	(2,401	)	$	6,248

(1)

Amounts are included in net loss on sale of securities available for sale on the Consolidated Statements of Operations. The income tax benefit associated with the reclassification adjustment for the three and six months ended June 30, 2025 was $22 thousand and $174 thousand, respectively. The income tax benefit associated with the reclassification adjustment for the three and six months ended June 30, 2024 was $384 thousand for both periods.

The accompanying notes are an integral part of these consolidated financial statements.

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Assabet Valley Bancorp and Subsidiary

Consolidated Statements of Changes in Capital (Unaudited)


(In thousands)	Retained Earnings		Accumulated Other Comprehensive Loss			Total
Balance at March 31, 2024	$	207,331	$	(23,591	)	$	183,740
Net income		2,351		—			2,351
Other comprehensive income		—		954			954
Balance at June 30, 2024	$	209,682	$	(22,637	)	$	187,045

Balance at March 31, 2025	$	203,683	$	(17,626	)	$	186,057
Net income		3,872		—			3,872
Other comprehensive income		—		1,497			1,497
Balance at June 30, 2025	$	207,555	$	(16,129	)	$	191,426


(In thousands)	Retained Earnings			Accumulated Other Comprehensive Loss			Total
Balance at December 31, 2023	$	203,786		$	(22,989	)	$	180,797
Net income		5,896			—			5,896
Other comprehensive income		—			352			352
Balance at June 30, 2024	$	209,682		$	(22,637	)	$	187,045

Balance at December 31, 2024	$	215,270		$	(21,443	)	$	193,827
Net loss		(7,715	)		—			(7,715	)
Other comprehensive income		—			5,314			5,314
Balance at June 30, 2025	$	207,555		$	(16,129	)	$	191,426

The accompanying notes are an integral part of these consolidated financial statements.

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Assabet Valley Bancorp and Subsidiary

Consolidated Statements of Cash Flows (Unaudited)


	Six Months Ended June 30,
(In thousands)	2025			2024
Cash flows from operating activities:
Net (loss) income	$	(7,715	)	$	5,896
Adjustments to reconcile net (loss) income to net cash
(used) provided by operating activities:
Depreciation and amortization of premises and equipment		1,276			1,230
Credit loss expense - loans		18,828			180
Credit loss (reversal) expense - off-balance sheet credit exposures		(141	)		130
Net loss on sale of securities available for sale		619			1,366
Net recognized gains on equity securities		—			(1,637	)
(Gain) loss on sale of loans		(79	)		26
Net write down on premises and equipment no longer in use		356			—
Gain on sale of other real estate owned		—			(43	)
Net (amortization) accretion of securities		(100	)		27
Proceeds from sale of loans		1,916			8,567
Loans originated for sale		(987	)		(10,077	)
Amortization of right of use assets		233			225
Amortization of subordinated debt issuance costs		59			63
Increase in cash surrender value of bank-owned life insurance		(568	)		(407	)
(Increase) decrease in income tax receivable		(5,728	)	112
Net change in accrued interest receivable		(25	)		(489	)
Other, net		(12,512	)		(4,392	)
Net cash (used) provided by operating activities		(4,568	)		777
Cash flows from investing activities:
Securities available for sale
Maturities, principal payments, calls and sales		38,529			28,764
Purchases		(32,103	)		(57,330	)
Securities held to maturity
Purchases		—			(1,000	)
Equity securities
Sales		—			3,090
Purchases		—			(2,108	)
Redemption of Federal Home Loan Bank stock		7,452			7,855
Purchases of Federal Home Loan Bank stock		(4,806	)		(7,242	)
Loan originations, net of principal payments		(67,172	)		(13,550	)
Proceeds from sale of premises and equipment		156			—
Purchases of premises and equipment		(2,620	)		(1,138	)
Proceeds from sale of other real estate owned		—			282
Net cash used by investing activities		(60,564	)		(42,377	)

The accompanying notes are an integral part of these consolidated financial statements.

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Assabet Valley Bancorp and Subsidiary

Consolidated Statements of Cash Flows (Unaudited) (continued)


	Six Months Ended June 30,
(In thousands)	2025			2024
Cash flows from financing activities:
Net change in deposits		376,396			74,383
Net change in short-term Federal Home Loan Bank advances		(15,000	)		(20,000	)
Repayment of long-term Federal Home Loan Bank advances		(50,000	)		(8,700	)
Net change in mortgagors' escrow accounts		(122	)		(361	)
Net cash provided by financing activities		311,274			45,322
Net change in cash and cash equivalents		246,142			3,722
Cash and due from banks at beginning of year		62,444			70,343
Cash and due from banks at end of year	$	308,586		$	74,065
Supplementary cash flow information:
Interest paid on deposits and borrowed funds	$	23,489		$	24,937
Income taxes paid, net of refunds		2,061			1,697

The accompanying notes are an integral part of these consolidated financial statements.

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Assabet Valley Bancorp and Subsidiary

Notes to Consolidated Financial Statements
(Unaudited)

NOTE 1. NATURE OF OPERATIONS AND CONVERSION PLAN

Avidia Bancorp, Inc. (the “Company,” “we” or “us”) was incorporated on February 28, 2025, to serve as the bank holding company for Avidia Bank upon the consummation of the conversion of Assabet Valley Bancorp, the mutual holding company and sole stockholder of Avidia Bank, from the mutual form of organization to the stock form of organization. As of June 30, 2025, the conversion had not yet been completed and the Company had no assets or liabilities and had not conducted any business activities other than organizational activities. Accordingly, the unaudited consolidated financial statements, and related notes, and other financial information included in this report relate to Assabet Valley Bancorp.

Plan of Conversion and Change in Corporate Form - On March 11, 2025, Assabet Valley Bancorp and Avidia Bank adopted a Plan of Conversion (the “Plan”) pursuant to which Assabet Valley Bancorp will convert from the mutual to stock form of organization and Avidia Bank will become the wholly-owned subsidiary of a new stock holding company incorporated under Maryland law and known as Avidia Bancorp, Inc. (the “Holding Company"). Pursuant to the Plan:

(i)

Assabet Valley Bancorp will establish a Massachusetts stock corporation as a first-tier subsidiary and Assabet Valley Bancorp will merge with and into the Massachusetts stock corporation, with the Massachusetts stock corporation as the surviving entity;

(ii)

Immediately thereafter the Massachusetts stock corporation will merge with and into the Holding Company, with the Holding Company as the surviving entity and Avidia Bank becoming a wholly owned subsidiary of the Holding Company; and

(iii)

The Holding Company will offer and sell shares of its common stock to depositors of Avidia Bank and other persons in the manner set forth in the Plan pursuant to a prospectus contained in a registration statement declared effective by the U.S. Securities and Exchange Commission.

Avidia Bank will adopt an employee stock ownership plan which will subscribe for 8% of the sum of the number of shares of common stock sold in the stock offering and contributed to a charitable foundation that will be established and funded in connection with the conversion.

At the time of conversion, the Holding Company and Avidia Bank will establish liquidation accounts in an amount equal to Assabet Valley Bancorp’s total equity as reflected in the latest consolidated balance sheets contained in the final offering prospectus for the conversion. The liquidation accounts will be maintained for the benefit of eligible account holders (as defined in the Plan) and supplemental eligible account holders (as defined in the Plan) (collectively, “eligible depositors”) who continue to maintain their deposit accounts in Avidia Bank after the conversion. In the event of a complete liquidation of either (i) Avidia Bank or (ii) Avidia Bank and the Holding Company (and only in such events), eligible depositors who continue to maintain their deposit accounts will be entitled to receive a distribution from the liquidation account before any distribution may be made with respect to the common stock of the Holding Company or Avidia Bank.

Neither the Holding Company nor Avidia Bank may declare or pay a cash dividend if the effect thereof would cause its equity to be reduced below either the amount required for the liquidation account or the regulatory capital requirements imposed by its respective bank regulators.

The transactions contemplated by the Plan are subject to approval by the corporators of Assabet Valley Bancorp, the Massachusetts Division of Banks and the Board of Governors of the Federal Reserve System. The corporators of Assabet Valley Bancorp approved the Plan at a special meeting of corporators held on April 28, 2025. The conversion and stock offering was completed on July 31, 2025, and eligible conversion and offering costs were deducted from the stock offering proceeds. As of June 30, 2025, the Company had incurred $2.2 million in costs related to the conversion and stock offering.

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Assabet Valley Bancorp and Subsidiary

Notes to Consolidated Financial Statements (continued)

NOTE 2. BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements of Assabet Valley Bancorp have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations.

The interim consolidated financial statements include the accounts of Assabet Valley Bancorp (the “Company”), a mutual holding company, and its wholly owned subsidiary, Avidia Bank (the “Bank”), and its subsidiaries, Hudson Security Corporation, Eli Whitney Securities Corporation and 42 Main Street Corporation. The Bank is a state-chartered savings bank that provides depository and loan products to individual and corporate customers primarily in the central Massachusetts region. Hudson Security Corporation and Eli Whitney Securities Corporation engage in the investment of securities. 42 Main Street Corporation was established to hold, manage, and sell the Bank’s foreclosed real estate property. All significant intercompany balances and transactions have been eliminated in consolidation.

Management has evaluated subsequent events through the date these financial statements were issued. As previously disclosed, Avidia Bancorp, Inc. was incorporated on February 28, 2025, to serve as the bank holding company for Avidia Bank upon the consummation of the conversion of Assabet Valley Bancorp, the mutual holding company and sole stockholder of Avidia Bank, from the mutual form of organization to the stock form of organization. The conversion was completed on July 31, 2025. Besides the conversion, there were no other subsequent events that require recognition and/or disclosure in the consolidated financial statements.

In the opinion of management, the accompanying interim consolidated financial statements of Assabet Valley Bancorp include all normal and recurring adjustments necessary for a fair presentation. Such adjustments are the only adjustments included in such financial statements. The results for any interim period are not necessarily indicative of results for the full year. These consolidated financial statements and notes hereto should be read in conjunction with the audited consolidated financial statements, and related notes, of Assabet Valley Bancorp as of and for each of the years ended December 31, 2024 and 2023, contained in the Company’s definitive prospectus dated May 13, 2025, as filed with the Securities and Exchange Commission on May 21, 2025.

The significant accounting policies used in preparation of the Company's consolidated financial statements are disclosed in its 2024 Audited Consolidated Financial Statements, contained in the Company's definitive prospectus.

Use of Estimates

In preparing consolidated financial statements in conformity with U.S GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses and the realizability of deferred tax assets.

Reclassification

Certain items in prior financial statements have been reclassified to conform to the current presentation.

Tax Credit Investments

The Company invests in qualified affordable housing projects through limited liability entities to obtain tax benefits and to contribute to its local community. The Company has elected to account for these investments using the proportional amortization method whereby the amortization of the investment in the limited liability entity is in proportion to the tax credits utilized each year and amortization is recognized in the consolidated statements of operations as a component of

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Assabet Valley Bancorp and Subsidiary

Notes to Consolidated Financial Statements (continued)

income tax expense (benefit). These investments are reported in other assets in the consolidated balance sheets in the amounts of $1.0 million and $1.2 million at June 30, 2025 and December 31, 2024, respectively.

Segment Information

The Company's reportable segment is determined by the Chief Financial Officer, who is the designated chief operating decision maker, based upon information provided about the Company's products and services offered, primarily banking operations. The segment is also distinguished by the level of information provided by the chief operating decision maker, who uses such information to review performance of various components of the business, which are then aggregated if operating performance, products/services, and customers are similar. The chief operating decision maker will evaluate the financial performance of the Company's business components such as by evaluating revenue streams, significant expenses, and budget to actual results in assessing the Company's segment and in the determination of allocating resources. The chief operating decision maker uses revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets. The chief operating decision maker uses consolidated net (loss) income to benchmark the Company against its competitors. The benchmarking analysis coupled with monitoring of budget to actual results are used in assessing performance and in establishing compensation. Loans, investments, and deposit product service fees provide the revenues in the banking operation. Interest expense, credit loss expense, and salaries and employee benefits, as reported on the consolidated statements of operations, provide the significant expenses in the banking operation. All operations are domestic.

Accounting policies for segments are the same as those described herein. Segment performance is evaluated using consolidated net income. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets. Noncash items, such as depreciation and amortization, as well as expenditures for premises and equipment, are reported on the consolidated statements of cash flows.

Sale of Direct Merchant Portfolio

During the second quarter of 2025, the Company sold the Direct Merchant Processing Book, which had gross sales volume of approximately $17.0 million for the quarter ended June 30, 2025.

NOTE 3. RECENT ACCOUNTING DEVELOPMENTS

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The ASU provides more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information, such as requiring the disclosure of specific categories in the rate reconciliation and the disaggregation of income tax expense and income taxes paid by federal, state, and foreign taxes. The ASU is effective for annual periods beginning after December 15, 2024. The Company does not believe the ASU will have a material impact on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU will require public companies to disclose, in the notes to financial statements, specified information about certain costs and expenses at each interim and annual reporting period. The amendments in this ASU are effective for fiscal years beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company does not expect this ASU to have a material impact on the consolidated financial statements.

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Assabet Valley Bancorp and Subsidiary

Notes to Consolidated Financial Statements (continued)

NOTE 4. INVESTMENT SECURITIES

The following tables summarize the amortized cost and fair value of securities available for sale and held to maturity, with gross unrealized gains and losses at the dates indicated:


(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
June 30, 2025
Securities Available for Sale
U.S. Government and government-sponsored enterprise obligations	$	96,814	$	119	$	(6,162	)	$	90,771
Municipal securities		8,784		—		(685	)		8,099
Residential mortgage-backed securities(1)		179,606	756			(14,244	)		166,118
Other		1,500		—		(239	)		1,261
Total securities available for sale	$	286,704	$	875	$	(21,330	)	$	266,249
Securities Held to Maturity
Corporate bonds	$	500	$	—	$	(43	)	$	457
Subordinated debt securities		16,247		—		(728	)		15,519
Total securities held to maturity	$	16,747	$	—	$	(771	)	$	15,976


(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2024
Securities Available for Sale
U.S. Government and government-sponsored enterprise obligations	$	122,673	$	36	$	(9,720	)	$	112,989
Municipal securities		8,823		—		(684	)		8,139
Residential mortgage-backed securities(1)		160,152		100		(17,104	)		143,148
Other		2,001		—		(344	)		1,657
Total securities available for sale	$	293,649	$	136	$	(27,852	)	$	265,933
Securities Held to Maturity
Corporate bonds	$	500	$	—	$	(35	)	$	465
Subordinated debt securities		16,247		—		(82	)		16,165
Total securities held to maturity	$	16,747	$	—	$	(117	)	$	16,630

(1)

Residential mortgage-backed securities are issued by government-sponsored enterprises or federal agencies.

Management determined there was no ACL required for securities available for sale and securities held to maturity as of June 30, 2025 and December 31, 2024.

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Assabet Valley Bancorp and Subsidiary

Notes to Consolidated Financial Statements (continued)

The amortized cost and fair value of debt securities by contractual maturity at June 30, 2025 follows. Expected maturities will differ from contractual maturities because the issuers have, in certain instances, the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.


	Available for Sale				Held to Maturity
(In thousands)	Amortized Cost		Fair Value		Amortized Cost			Fair Value
June 30, 2025
Within 1 year	$	5,104	$	5,095	$	—	-	$	—
After 1 year through 5 years		72,684		69,180		1,000			999
After 5 years through 10 years		19,729		17,457		15,247			14,519
Over 10 years		8,081		7,138		500			458
Total securities with defined maturities		105,598		98,870		16,747			15,976
Other		1,500		1,261		—			—
Residential mortgage-backed securities		179,606		166,118		—			—
Total	$	286,704	$	266,249	$	16,747		$	15,976

Investment securities with a carrying value of $79.4 million and $86.3 million were pledged as collateral at June 30, 2025 and December 31, 2024, respectively, for borrowings available through the Federal Reserve Bank of Boston discount window (see Note 8). Investment securities with a carrying value of $186.6 million and $196.5 million were pledged as collateral at June 30, 2025 and December 31, 2024, respectively, for borrowings available with the Federal Home Loan Bank (see Note 8).

During the three and six months ended June 30, 2025, proceeds from sales of securities available for sale amounted to $400 thousand and $8.3 million, respectively. During the three and six months ended June 30, 2024, proceeds from sales of securities available for sale amounted to $19.2 million. During the three months ended June 30, 2025, there were gross losses of $78 thousand and no gross gains. During the six months ended June 30, 2025, there were gross losses of $619 thousand and no gross gains. During the three and six months ended June 30, 2024, there were gross losses of $1.4 million and gross gains of $4 thousand.

The following table summarizes securities in an unrealized loss position for which an ACL has not been recorded. Information pertaining to securities with gross unrealized losses at June 30, 2025 and December 31, 2024 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:


	Less Than Twelve Months				Twelve Months or Greater				Total
(In thousands)	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
June 30, 2025
Securities Available for Sale
U.S. Government and government-sponsored enterprise obligations	$	1	$	2,496	$	6,161	$	70,650	$	6,162	$	73,146
Municipal securities		—		—		685		8,099		685		8,099
Residential mortgage-backed securities		99		12,235		14,145		84,340		14,244		96,575
Other		—		—		239		1,261		239		1,261
Total securities available for sale	$	100	$	14,731	$	21,230	$	164,350	$	21,330	$	179,081

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Assabet Valley Bancorp and Subsidiary

Notes to Consolidated Financial Statements (continued)


	Less Than Twelve Months				Twelve Months or Greater				Total
(In thousands)	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
December 31, 2024
Securities Available for Sale
U.S. Government and government-sponsored enterprise obligations	$	43	$	20,440	$	9,677	$	80,057	$	9,720	$	100,497
Municipal securities		28		1,005		656		7,134		684		8,139
Residential mortgage-backed securities		260		44,007		16,844		78,044		17,104		122,051
Other		—		—		344		1,657		344		1,657
Total securities available for sale	$	331	$	65,452	$	27,521	$	166,892	$	27,852	$	232,344

The unrealized losses on the Company’s available for sale residential mortgage-backed securities (residential MBS) and debt securities have not been recognized into income because management does not intend to sell, and it is not more-likely-than-not it will be required to sell any of the available for sale securities before recovery of its amortized cost basis. Furthermore, the unrealized losses were due to changes in market interest rates and other market conditions, were not reflective of credit events, and the issuers continue to make timely principal and interest payments on the residential MBS and debt security instruments. Agency-backed and government-sponsored enterprise securities have a long history with no credit losses, including during times of severe stress. The principal and interest payments on agency guaranteed debt and residential MBS are backed by the U.S. government. Government-sponsored enterprises similarly guarantee principal and interest payments and carry an implicit guarantee from the U.S. Department of the Treasury. Additionally, government-sponsored enterprise securities are exceptionally liquid, readily marketable, and provide a substantial amount of price transparency and price parity, indicating a perception of zero credit risk. The Company’s unrealized losses from municipal bonds were due to changes in the market interest rate environment and not reflective of credit events. The issuers of these bonds are all Massachusetts based and have no history of credit losses. The contractual terms of these investments do not permit the issuers to settle the security at a price less than the par value of the investments. The Company does not believe it is probable that it will be unable to collect all amounts due according to the contractual terms of the municipal bonds.

Held to maturity corporate bond and subordinated debt holdings are comprised of high credit quality financial institutions. High credit quality corporate bonds and subordinated debt obligations have a history of zero to near-zero credit loss. Corporate bonds are primarily comprised of well capitalized and strong performing financial institutions. Accordingly, the Company determined that the expected credit loss on its held to maturity portfolio was immaterial, and therefore, an allowance was not carried on its held to maturity debt securities at June 30, 2025 and December 31, 2024.

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Assabet Valley Bancorp and Subsidiary

Notes to Consolidated Financial Statements (continued)

NOTE 5. LOANS AND ALLOWANCE FOR CREDIT LOSSES

During the first quarter of 2025, the Company's loan portfolio segments were updated to more closely align with regulatory call report classifications. This change resulted in a $295 thousand expense to credit loss expense for the quarter ended March 31, 2025.

The following tables show the impact of the segment updates to the loan portfolio and the allowance for credit losses ("ACL"):


(In thousands)	December 31, 2024 Portfolio Balance (As Reported)		Updated Segment	January 1, 2025 Portfolio Balance (Updated Segments)
Business manager	$	1,939
Dental commercial & industrial		190,519
Other business		203,570
Solar		76,888
Vehicle financing		27,004
		499,920	Commercial & industrial	$	499,920

Condominium associations		494,875	Condominium associations		494,875
Construction & land		49,028	Construction & land		49,028
Commercial real estate		484,106	Commercial real estate		484,106
Commercial real estate multi-family		83,905	Commercial real estate multi-family		83,905
PPP loans		264	PPP loans		264
Home equity		66,326	Home equity and second mortgages		66,326
Residential		511,495	One to four family residential		511,495

Overdraft and unsecured		887
Consumer installment		3,715
Passbook CD loans		458
		5,060	Consumer		5,060

Total loans	$	2,194,979	Total loans	$	2,194,979

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Assabet Valley Bancorp and Subsidiary

Notes to Consolidated Financial Statements (continued)


(In thousands)	December 31, 2024 ACL (As Reported)		Updated Segment	January 1, 2025 ACL (Updated Segments)
Business manager	$	40
Dental commercial & industrial		2,652
Other business		4,671
Solar		179
Vehicle financing		347
		7,889	Commercial & industrial	$	7,889

Condominium associations		2,839	Condominium associations		2,839
Construction & land		586	Construction & land		586
Commercial real estate		7,522	Commercial real estate		7,522
Commercial real estate multi-family		326	Commercial real estate multi-family		326
Home equity		189	Home equity and second mortgages		189
Residential		2,364	One to four family residential		2,364

Overdraft and unsecured		14
Consumer installment		12
		26	Consumer		26

Total	$	21,741	Total	$	21,741

The composition of net loans as of June 30, 2025 was as follows:


	June 30, 2025
(In thousands)
Real estate loans
Home equity and second mortgages	$	74,439
One to four family residential		514,108
Commercial real estate		512,509
Commercial real estate multi-family		91,845
Construction & land		48,900
Total real estate loans		1,241,801
Commercial loans
Commercial & industrial		502,434
Condominium associations		496,161
PPP loans		68
Total commercial loans		998,663
Consumer loans
Consumer		4,543

Avidia Bancorp, Inc. 10-Q