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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 September 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 November 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 September 30, 2025 (unaudited) and December 31, 2024	1

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

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

	Consolidated Statements of Changes in Shareholders' Equity for the Three and Nine Months Ended September 30, 2025 and 2024 (unaudited)	4

	Consolidated Statements of Cash Flows for the Nine Months Ended September 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	46

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	59

Item 4.	Controls and Procedures	59

Part II. – Other Information

Item 1.	Legal Proceedings	60

Item 1A.	Risk Factors	60

Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	60

Item 3.	Defaults Upon Senior Securities	60

Item 4.	Mine Safety Disclosures	60

Item 5.	Other Information	60

Item 6.	Exhibits	61

	Signature Page	62

Table of Contents

Part I. – Financial Information

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

Avidia Bancorp, Inc.

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

Consolidated Balance Sheets


(In thousands)	September 30, 2025			December 31, 2024
Assets:
Cash and due from banks	$	15,484		$	15,660
Short-term investments		96,384			46,784
Total cash and cash equivalents		111,868			62,444

Securities available for sale, at fair value (amortized cost $287,424 in 2025 and $293,649 in 2024)		269,308			265,933
Securities held to maturity, at amortized cost (fair value $15,197 in 2025 and $16,630 in 2024)		15,747			16,747
Total securities		285,055			282,680

Federal Home Loan Bank stock, at cost		11,731			14,729

Loans held for sale		1,745			850

Total loans		2,274,747			2,198,200
Allowance for credit losses		(24,284	)		(21,741	)
Net loans		2,250,463			2,176,459

Premises and equipment, net		29,270			28,498
Bank-owned life insurance		36,375			35,526
Accrued interest receivable		8,141			8,897
Net deferred tax asset		10,832			12,795
Goodwill		11,936			11,936
Mortgage servicing rights		3,149			3,488
Other assets		26,445			18,237
Total assets	$	2,787,010		$	2,656,539
Liabilities:
Deposits	$	2,075,868		$	2,063,212
Federal Home Loan Bank advances		260,000			325,000
Subordinated debt		27,778			27,679
Mortgagors' escrow accounts		3,710			3,620
Accrued expenses and other liabilities		47,617			43,201
Total liabilities		2,414,973			2,462,712
Shareholders' equity:
Common stock, $0.01 par value, 120,000,000 shares authorized, 20,076,250 shares issued and outstanding in 2025; no shares issued and outstanding in 2024		201			—
Additional paid-in capital		195,029			—
Unallocated ESOP common stock		(15,459	)		—
Retained earnings		206,648			215,270
Accumulated other comprehensive loss		(14,382	)		(21,443	)
Total shareholders' equity		372,037			193,827
Total liabilities and shareholders' equity	$	2,787,010		$	2,656,539

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

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Avidia Bancorp, Inc.

Consolidated Statements of Operations (Unaudited)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(Dollars in thousands, except per share data)	2025			2024			2025			2024
Interest and dividend income:
Loans, including fees	$	29,727		$	28,439		$	86,791		$	83,189
Securities		2,567			2,672			7,774			7,625
Other		1,588			415			2,224			1,453
Total interest and dividend income		33,882			31,526			96,789			92,267
Interest expense:
Deposits		7,268			8,732			22,241			24,604
Federal Home Loan Bank advances		2,827			4,196			10,267			12,540
Subordinated debt		355			315			1,021			945
Total interest expense		10,450			13,243			33,529			38,089
Net interest income		23,432			18,283			63,260			54,178
Credit loss expense - loans		1,480			1,785			20,308			1,965
Credit loss expense (reversal) - off-balance sheet credit exposures		60			370			(82	)		500
Net interest income, after credit loss expense (reversal)		21,892			16,128			43,034			51,713
Non-interest income:
Customer service fees		912			1,095			2,697			2,715
Net loss on sale of securities available for sale		—			(992	)		(619	)		(2,359	)
Net recognized gain on equity securities		—			896			—			2,534
Payment processing income		1,857			1,929			6,129			5,589
Income on bank-owned life insurance		279			263			847			670
Mortgage banking income		121			121			299			979
Investment commissions		358			376			1,020			1,036
Other		999			828			3,129			2,696
Total non-interest income		4,526			4,516			13,502			13,860
Non-interest expense:
Salaries and employee benefits		9,773			8,192			30,247			25,500
Occupancy and equipment		1,933			1,910			5,994			6,378
Data processing		2,251			2,866			8,623			7,289
Professional fees		790			566			2,539			1,820
Payment processing		526			1,053			2,500			3,065
Deposit insurance		651			638			2,064			2,034
Advertising		423			343			998			1,122
Telecommunications		81			85			270			290
Problem loan and foreclosed real estate, net		179			105			485			289
Other general and administrative		11,762			2,140			16,246			7,171
Total non-interest expense		28,369			17,898			69,966			54,958
(Loss) income before income tax (benefit) expense		(1,951	)		2,746			(13,430	)		10,615
Income tax (benefit) expense		(1,044	)		667			(4,808	)		2,640
Net (loss) income	$	(907	)	$	2,079		$	(8,622	)	$	7,975

Loss per common share:
Basic	$	(0.05	)	N/A			$	(0.47	)	N/A
Diluted	$	(0.05	)	N/A			$	(0.47	)	N/A
Weighted average common shares outstanding:
Basic		18,520,449		N/A				18,520,449		N/A
Diluted		18,520,449		N/A				18,520,449		N/A

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

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Avidia Bancorp, Inc.

Consolidated Statements of Comprehensive Income (Loss) (Unaudited)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In thousands)	2025			2024			2025			2024
Net (loss) income	$	(907	)	$	2,079		$	(8,622	)	$	7,975
Other comprehensive income:
Securities available for sale
Unrealized holding gains arising during period		2,339			8,342			8,981			6,211
Reclassification adjustment for losses realized in income (1)		—			992			619			2,359
Cash flow hedge
Unrealized holding loss		(102	)		(1,397	)		(576	)		(161	)
Other comprehensive income, before tax		2,237			7,937			9,024			8,409
Deferred tax effect		(490	)		(2,029	)		(1,963	)		(2,149	)
Other comprehensive income		1,747			5,908			7,061			6,260
Comprehensive income (loss)	$	840		$	7,987		$	(1,561	)	$	14,235

(1)

Amounts are included in net loss on sale of securities available for sale on the Consolidated Statements of Operations. For the three months ended September 30, 2025, there were no losses on sales of securities. The income tax benefit associated with the reclassification adjustment for the nine months ended September 30, 2025 was $174 thousand. The income tax benefit associated with the reclassification adjustment for the three and nine months ended September 30, 2024 was $279 thousand and $663 thousand, respectively.

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

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Avidia Bancorp, Inc.

Consolidated Statements of Changes in Shareholders' Equity (Unaudited)


(Dollars in thousands)	Shares of Common Stock Outstanding		Common Stock		Additional Paid-In Capital		Unallocated Common Stock Held by ESOP			Retained Earnings			Accumulated Other Comprehensive Loss			Total
Balance at June 30, 2024		—	$	—	$	—	$	—		$	209,682		$	(22,637	)	$	187,045
Net income		—		—		—		—			2,079			—			2,079
Other comprehensive income		—		—		—		—			—			5,908			5,908
Balance at September 30, 2024		—	$	—	$	—	$	—		$	211,761		$	(16,729	)	$	195,032

Balance at June 30, 2025		—	$	—	$	—	$	—		$	207,555		$	(16,129	)	$	191,426
Net loss		—		—		—		—			(907	)		—			(907	)
Other comprehensive income		—		—		—		—			—			1,747			1,747
Proceeds from stock offering and issuance of common shares (net of costs of $5,568)		19,176,250		192		186,003		—			—			—			186,195
Issuance of common shares donated to Avidia Bank Charitable Foundation		900,000		9		8,991		—			—			—			9,000
Purchase of common shares by the ESOP (1,606,100 shares)		—		—		—		(16,061	)		—			—			(16,061	)
ESOP shares committed to be released		—		—		35		602			—			—			637
Balance at September 30, 2025		20,076,250	$	201	$	195,029	$	(15,459	)	$	206,648		$	(14,382	)	$	372,037


(Dollars in thousands)	Shares of Common Stock Outstanding		Common Stock		Additional Paid-In Capital		Unallocated Common Stock Held by ESOP			Retained Earnings			Accumulated Other Comprehensive Loss			Total
Balance at December 31, 2023		—	$	—	$	—	$	—		$	203,786		$	(22,989	)	$	180,797
Net income		—		—		—		—			7,975			—			7,975
Other comprehensive income		—		—		—		—			—			6,260			6,260
Balance at September 30, 2024		—	$	—	$	—	$	—		$	211,761		$	(16,729	)	$	195,032

Balance at December 31, 2024		—	$	—	$	—	$	—		$	215,270		$	(21,443	)	$	193,827
Net loss		—		—		—		—			(8,622	)		-			(8,622	)
Other comprehensive income		—		—		—		—			—			7,061			7,061
Proceeds from stock offering and issuance of common shares (net of costs of $5,568)		19,176,250		192		186,003		—			—			—			186,195
Issuance of common shares donated to Avidia Bank Charitable Foundation		900,000		9		8,991		—			—			—			9,000
Purchase of common shares by the ESOP (1,606,100 shares)		—		—		—		(16,061	)		—			—			(16,061	)
ESOP shares committed to be released		—		—		35		602			—			—			637
Balance at September 30, 2025		20,076,250	$	201	$	195,029	$	(15,459	)	$	206,648		$	(14,382	)	$	372,037

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

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Avidia Bancorp, Inc.

Consolidated Statements of Cash Flows (Unaudited)


	Nine Months Ended September 30,
(In thousands)	2025			2024
Cash flows from operating activities:
Net (loss) income	$	(8,622	)	$	7,975
Adjustments to reconcile net (loss) income to net cash
provided by operating activities:
Depreciation and amortization of premises and equipment		1,909			1,884
Credit loss expense - loans		20,308			1,965
Credit loss (reversal) expense - off-balance sheet credit exposures		(82	)		500
Net loss on sale of securities available for sale		619			2,359
Net recognized gains on equity securities		—			(2,534	)
Gain on sale of loans		(150	)		(216	)
Net write down on premises and equipment no longer in use		351			—
Gain on sale of other real estate owned		—			(43	)
Net (amortization) accretion of securities		(225	)		37
Proceeds from sale of loans		3,607			13,974
Loans originated for sale		(4,351	)		(14,944	)
Amortization of right of use assets		348			340
Amortization of subordinated debt issuance costs		99			100
Increase in cash surrender value of bank-owned life insurance		(847	)		(670	)
Increase in income tax receivable		(6,876	)		(232	)
Net change in accrued interest receivable		756			(216	)
ESOP expense		637			—
Issuance of common shares donated to the Avidia Bank Charitable Foundation (1)		9,000			—
Other, net		3,077			(6,958	)
Net cash provided by operating activities		19,558			3,321
Cash flows from investing activities:
Securities available for sale
Maturities, principal payments, calls and sales		49,904			60,339
Purchases		(44,073	)		(89,618	)
Securities held to maturity
Maturities, principal payments, calls and sales		1,000			—
Purchases		—			(1,000	)
Equity securities
Sales		—			6,520
Purchases		—			(3,098	)
Redemption of Federal Home Loan Bank stock		8,225			9,664
Purchases of Federal Home Loan Bank stock		(5,227	)		(9,595	)
Loan originations, net of principal payments		(94,464	)		(49,780	)
Proceeds from sale of premises and equipment		112			—
Purchases of premises and equipment		(3,491	)		(2,044	)
Proceeds from sale of other real estate owned		—			282
Net cash used by investing activities		(88,014	)		(78,330	)

(1)

Represents a non-cash common stock donation of 900 thousand shares at a fair value of $9.0 million to the Avidia Bank Charitable Foundation. The donation is included in other general and administrative expense as a non-interest expense in the Consolidated Statements of Operations for the three and nine months ended September 30, 2025.

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

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Avidia Bancorp, Inc.

Consolidated Statements of Cash Flows (Unaudited) (continued)


	Nine Months Ended September 30,
(In thousands)	2025			2024
Cash flows from financing activities:
Net change in deposits		12,656			98,736
Net proceeds from stock offering and issuance of common shares		186,195			—
Purchase of common shares by the ESOP		(16,061	)		—
Proceeds from issuance of long-term Federal Home Loan Bank advances		—			80,000
Net change in short-term Federal Home Loan Bank advances		(15,000	)		(51,000	)
Repayment of long-term Federal Home Loan Bank advances		(50,000	)		(65,000	)
Net change in mortgagors' escrow accounts		90			61
Net cash provided by financing activities		117,880			62,797
Net change in cash and cash equivalents		49,424			(12,212	)
Cash and due from banks at beginning of year		62,444			70,343
Cash and due from banks at end of year	$	111,868		$	58,131
Supplementary cash flow information:
Interest paid on deposits and borrowed funds	$	33,693		$	37,649
Income taxes paid, net of refunds		2,138			2,700

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

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Avidia Bancorp, Inc.

Notes to Consolidated Financial Statements
(Unaudited)

NOTE 1. NATURE OF OPERATIONS AND CONVERSION

Avidia Bancorp, Inc. (the “Company,” “we” or “us”) is the holding company for Avidia Bank that was created upon the conversion of Assabet Valley Bancorp, the mutual holding company and sole stockholder of Avidia Bank (the "Bank"), from the mutual form of organization to the stock form of organization. The conversion was completed on July 31, 2025. Prior to July 31, 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 at or for any period prior to July 31, 2025 relate to Assabet Valley Bancorp.

Conversion and Change in Corporate Form

Pursuant to the Plan of Conversion (the "Plan"), Assabet Valley Bancorp converted from the mutual to stock form of organization on July 31, 2025 and Avidia Bank became the wholly-owned subsidiary of the Company In connection with the conversion, Assabet Valley Bancorp established a Massachusetts stock corporation as a first-tier subsidiary and Assabet Valley Bancorp merged with and into the Massachusetts stock corporation, with the Massachusetts stock corporation as the surviving entity. Immediately thereafter the Massachusetts stock corporation merged with and into the Company, with the Company as the surviving entity and Avidia Bank becoming a wholly owned subsidiary of the Company.

Pursuant to the Plan, the Company sold 19,176,250 shares of common stock in a public offering at $10.00 per share, including 1,606,100 shares of common stock purchased by the Bank's employee stock ownership plan, for net offering proceeds of approximately $186.2 million. The Company completed the offering on July 31, 2025. Effective as of July 31, 2025, the Company donated $1.0 million of cash and 900,000 shares of common stock to the Avidia Bank Charitable Foundation (the "Foundation"). A total of 20,076,250 shares of common stock of the Company were issued and outstanding immediately after the donation to the Foundation. The purchase of the common stock by the ESOP was financed by a loan from the Company.

In connection with the conversion, the Company and the Bank established 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 the Bank after the conversion. In the event of a complete liquidation of either (i) the Bank or (ii) the Bank and the 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 accounts before any distribution may be made with respect to the common stock of the Company.

The Company may not 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 accounts or the regulatory capital requirements imposed by its respective bank regulators.

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Avidia Bancorp, Inc.

Notes to Consolidated Financial Statements (continued)

NOTE 2. BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements of the Company 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 the Company, a bank 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 consolidated financial statements were issued. There were no 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 the Company 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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Avidia Bancorp, Inc.

Notes to Consolidated Financial Statements (continued)

income tax (benefit) expense. These investments are reported in other assets in the consolidated balance sheets in the amounts of $899 thousand and $1.2 million at September 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 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.

Employee Stock Ownership Plan ("ESOP")

ESOP shares are shown as a reduction of shareholders' equity and are presented in the consolidated statements of changes in shareholders’ equity as unallocated common stock held by ESOP. Compensation expense for the Company’s ESOP is recorded at an amount equal to the shares committed to be allocated by the ESOP multiplied by the average fair market value of the shares during the period. The Company recognizes compensation expense ratably over the period based upon the Company’s estimate of the number of shares committed to be allocated by the ESOP. When the shares are released, unallocated common stock held by ESOP is reduced by the cost of the ESOP shares released and the difference between the average fair market value and the cost of the shares committed to be allocated by the ESOP is recorded as an adjustment to additional paid-in capital. The loan receivable from the ESOP is not reported as an asset nor is the Company’s guarantee to fund the ESOP reported as a liability on the Company’s consolidated balance sheet. The employees of the Bank are the participants in the ESOP. Dividends paid on unallocated shares are used to repay the loan to the Company.

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

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Avidia Bancorp, Inc.

Notes to Consolidated Financial Statements (continued)

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 Company's consolidated financial statements.

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
September 30, 2025
Securities Available for Sale
U.S. Government and government-sponsored enterprise obligations	$	92,831	$	144	$	(5,398	)	$	87,577
Municipal securities		8,616		1		(513	)		8,104
Residential mortgage-backed securities(1)		184,477		822		(12,946	)		172,353
Other		1,500		—		(226	)		1,274
Total securities available for sale	$	287,424	$	967	$	(19,083	)	$	269,308
Securities Held to Maturity
Corporate bonds	$	500	$	—	$	(35	)	$	465
Subordinated debt securities		15,247		20		(535	)	$	14,732
Total securities held to maturity	$	15,747	$	20	$	(570	)	$	15,197


(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 allowance for credit losses ("ACL") required for securities available for sale and securities held to maturity as of September 30, 2025 or December 31, 2024.

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Avidia Bancorp, Inc.

Notes to Consolidated Financial Statements (continued)

The amortized cost and fair value of debt securities by contractual maturity at September 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
September 30, 2025
Within 1 year	$	4,959	$	4,974	$	—	$	—
After 1 year through 5 years		73,686		70,211		1,000		1,020
After 5 years through 10 years		16,730		14,771		14,247		13,711
Over 10 years		6,072		5,725		500		466
Total securities with defined maturities		101,447		95,681		15,747		15,197
Other		1,500		1,274		—		—
Residential mortgage-backed securities		184,477		172,353		—		—
Total	$	287,424	$	269,308	$	15,747	$	15,197

Investment securities with a carrying value of $78.8 million and $86.3 million were pledged as collateral at September 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 $185.5 million and $196.5 million were pledged as collateral at September 30, 2025 and December 31, 2024, respectively, for borrowings available with the Federal Home Loan Bank (see Note 8).

During the three months ended September 30, 2025, there were no sales of securities available for sale. During the nine months ended September 30, 2025, proceeds from sales of securities available for sale amounted to $8.3 million. During the three and nine months ended September 30, 2024, proceeds from sales of securities available for sale amounted to $38.5 million and $56.2 million, respectively. During the three months ended September 30, 2025, there were no gross gains or losses. During the nine months ended September 30, 2025, there were gross losses of $619 thousand and no gross gains. During the three months ended September 30, 2024, there were gross losses of $1.0 million and no gross gains. During the nine months ended September 30, 2024, there were gross losses of $2.4 million and gross gains of $3 thousand.

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Avidia Bancorp, Inc.

Notes to Consolidated Financial Statements (continued)

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 September 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
September 30, 2025
Securities Available for Sale
U.S. Government and government-sponsored enterprise obligations	$	—	$	—	$	5,398	$	71,425	$	5,398	$	71,425
Municipal securities		—		—		513		5,103		513		5,103
Residential mortgage-backed securities		33		12,490		12,913		82,625		12,946		95,115
Other		—		—		226		1,274		226		1,274
Total securities available for sale	$	33	$	12,490	$	19,050	$	160,427	$	19,083	$	172,917


	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		—

Avidia Bancorp, Inc. 10-Q