Condensed Financial Information (Parent Company Only) (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Condensed Financial Information Disclosure [Abstract] |
|
| Condensed Balance Sheets |
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 |
Condensed Statements of Operations
|
|
|
|
|
|
|
|
|
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 |
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.
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