| Condensed Financial Information (Parent Company Only) |
NOTE 17. Condensed Financial Information (Parent Company Only) The following condensed financial statements are for Avidia Bancorp, Inc. (Parent Company Only) and should be read in conjunction with the consolidated financial statements of the Company. Condensed Balance Sheets
|
|
|
|
|
|
|
|
|
December 31, |
|
(In thousands) |
2025 |
|
|
2024 |
|
Assets |
|
|
|
|
|
Cash due from Avidia Bank |
$ |
75,970 |
|
|
$ |
3,751 |
|
Securities |
|
1,521 |
|
|
|
1,730 |
|
Investments in subsidiaries |
|
325,520 |
|
|
|
216,092 |
|
Other assets |
|
4,253 |
|
|
|
71 |
|
Total assets |
$ |
407,264 |
|
|
$ |
221,644 |
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
Subordinated notes |
$ |
27,815 |
|
|
$ |
27,679 |
|
Accrued expenses |
|
455 |
|
|
|
138 |
|
Shareholders' equity |
|
378,994 |
|
|
|
193,827 |
|
Total liabilities and shareholders' equity |
$ |
407,264 |
|
|
$ |
221,644 |
|
Condensed Statements of Operations
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|
|
|
|
|
|
|
|
December 31, |
|
(In thousands) |
2025 |
|
|
2024 |
|
Income: |
|
|
|
|
|
Dividends from subsidiaries |
$ |
— |
|
|
$ |
1,035 |
|
Net loss on sale of securities avaiable for sale |
|
— |
|
|
|
(87 |
) |
Other |
|
107 |
|
|
|
133 |
|
Total income |
|
107 |
|
|
|
1,081 |
|
|
|
|
|
|
|
Expense |
|
|
|
|
|
Interest expense |
|
1,373 |
|
|
|
1,260 |
|
Non-interest expense |
|
10,110 |
|
|
|
189 |
|
Total expense |
|
11,483 |
|
|
|
1,449 |
|
|
|
|
|
|
|
Loss before income taxes and equity in undistributed net income of subsidiary |
|
(11,376 |
) |
|
|
(368 |
) |
Income tax benefit |
|
(3,130 |
) |
|
|
(292 |
) |
Loss before equity in undistributed net income of subsidiary |
|
(8,246 |
) |
|
|
(76 |
) |
Equity in undistributed net income of subsidiary |
|
4,957 |
|
|
|
11,560 |
|
Net (loss) income |
$ |
(3,289 |
) |
|
$ |
11,484 |
|
Condensed Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
(In thousands) |
|
2025 |
|
|
2024 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
Net (loss) income |
|
$ |
(3,289 |
) |
|
$ |
11,484 |
|
Adjustments to reconcile net (loss) income to net cash |
|
|
|
|
|
|
used by operating activities: |
|
|
|
|
|
|
Equity in undistributed net income of subsidiary |
|
|
(4,957 |
) |
|
|
(11,560 |
) |
Increase in income tax receivable |
|
|
(3,132 |
) |
|
|
297 |
|
Amortization of subordinated debt issuance costs |
|
|
136 |
|
|
|
137 |
|
ESOP expense |
|
|
1,076 |
|
|
|
— |
|
Issuance of common shares donated to the Avidia Bank Charitable Foundation (1) |
|
|
9,000 |
|
|
|
— |
|
Other, net |
|
|
(709 |
) |
|
|
(437 |
) |
Net cash used by operating activities |
|
|
(1,875 |
) |
|
|
(79 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
Securities available for sale |
|
|
|
|
|
|
Maturities, principal payments, calls and sales |
|
|
209 |
|
|
|
3,300 |
|
Capital contribution to Avidia Bank |
|
|
(95,881 |
) |
|
|
— |
|
Net cash (used) provided by investing activities |
|
|
(95,672 |
) |
|
|
3,300 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
Net proceeds from stock offering and issuance of common shares |
|
|
185,827 |
|
|
|
— |
|
Purchase of common shares by the ESOP |
|
|
(16,061 |
) |
|
|
— |
|
Net cash provided by financing activities |
|
|
169,766 |
|
|
|
— |
|
Net change in cash and cash equivalents |
|
|
72,219 |
|
|
|
3,221 |
|
Cash and due from banks at beginning of year |
|
|
3,751 |
|
|
|
530 |
|
Cash and due from banks at end of year |
|
$ |
75,970 |
|
|
$ |
3,751 |
|
(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 charitable contribution expense as a non-interest expense in the consolidated statements of operations for the year ended December 31, 2025. |