Avidia Bancorp Reports Q3 2026 Net Income of $8.6 Million

Avidia Bancorp, Inc. reported unaudited financial results for the third quarter of 2026, filing an -K on October 22, 2026. The company, the holding company for Avidia Bank, announced net income of $8.6 million for the three months ended September 30, 2026, or $0.47 per share. This represents an increase from the $7.2 million, or $0.39 per share, reported in the prior quarter.

Net interest income increased by $1.5 million in the third quarter, driven by higher interest rates across most loan categories. The net interest margin improved by 22 basis points to 3.86%, which included a benefit of 11 basis points from a large loan prepayment penalty received. The yield on earning assets increased 21 basis points to 5.26%, while the cost of interest-bearing liabilities decreased 1 basis point to 1.88%.

Return on assets rose to 1.24%, and return on equity increased to 8.79% for the quarter. The efficiency ratio improved to 62.2% from 65.3% in the prior quarter. The company also recorded a provision for credit losses of $211,000, a decrease of $681,000 from the prior quarter. Net loan charge-offs were $755,000, or 0.13% of average loans on an annualized basis.

On the balance sheet, total assets were $2.78 billion as of September 30, 2026, which remained comparable to the prior quarter. Total loans were $2.26 billion, with residential mortgages increasing by $30.1 million due to a $21.3 million purchase of in-market adjustable-rate mortgage loans. Deposits grew by $53.0 million, or 2.5%, to $2.21 billion. Short-term investments decreased by $9.0 million to $42.3 million as excess cash was used to pay down wholesale borrowings and for share repurchases.

Avidia Bancorp declared a quarterly cash dividend of $0.06 per share, payable on or about November 30, 2026, to stockholders of record as of the close of business on November 17, 2026. The company also announced a $30 million stock repurchase authorization and completed $23.8 million in share repurchases during the quarter, representing 6.1% of the previous quarter’s stockholders' equity.