# EDGAR Filing Document

**Accession Number:** 0002058758
**File Stem:** 0000950170-25-102159
**Filing Date:** 2025-8
**Character Count:** 32944
**Document Hash:** b7239a05a3fc1921b7fce35ec82eba29
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-102159.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0000950170-25-102159

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20250801

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Avidia Bancorp, Inc.
- **CENTRAL INDEX KEY:** 0002058758
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42775
- **FILM NUMBER:** 251181722

**BUSINESS ADDRESS:**
- **STREET 1:** 42 MAIN STREET
- **CITY:** HUDSON
- **STATE:** MA
- **ZIP:** 01749
- **BUSINESS PHONE:** 800-508-2265

**MAIL ADDRESS:**
- **STREET 1:** 42 MAIN STREET
- **CITY:** HUDSON
- **STATE:** MA
- **ZIP:** 01749

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

------

## **FORM** 8-K

------

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** August 01, 2025<br>

------

Avidia Bancorp, Inc.

**(Exact name of Registrant as Specified in Its Charter)**

------

---

| | | |
|:---|:---|:---|
| Maryland | 001-42775 | 33-4239888 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 42 Main Street |  |  |
| Hudson**,** Massachusetts |  | 01749 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** 800 5082265<br>

Not Applicable

**(Former Name or Former Address, if Changed Since Last Report)**

------

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

---

| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common stock, $0.01 par value per share | AVBC | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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. ☐

------

## **Item 2.02 Results of Operations and Financial Condition.** 
On August 1, 2025, Avidia Bancorp, Inc., the stock holding company of Avidia Bank, issued a press release announcing the unaudited consolidated financial results of Assabet Valley Bancorp, the former mutual holding company of Avidia Bank, for the three and six months ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.

## **Item 9.01 Financial Statements and Exhibits.** 
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

<u>Exhibit No.</u> <u>Description</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1 [<u>Press Release dated August 1, 2025</u>](avbc-ex99_1.htm)

104 Cover Page Interactive Data File (Embedded within Inline XBRL document)

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **AVIDIA BANCORP, INC.** |
| Date: | August 1, 2025 | By:  | /s/ Jonathan Nelson |
|  |  |  | Jonathan Nelson<br>Chief Financial Officer |

---

------

## Exhibit 99.1

![img180766831_0.jpg](img180766831_0.jpg)

**Contact:**

Robert D. Cozzone

President and Chief Executive Officer

Avidia Bancorp, Inc.

(800) 508-2265

**Avidia Bancorp, Inc. Reports Second Quarter 2025 Financial Results**

HUDSON, MA; August 1, 2025 – Avidia Bancorp, Inc. (the "Company") (NYSE: "AVBC"), the holding company of Avidia Bank, today reported second quarter financial results of Assabet Valley Bancorp, the former mutual holding company of Avidia Bank. As previously reported, Assabet Valley Bancorp completed its mutual-to-stock conversion transaction effective July 31, 2025, which resulted in the Company completing its initial public offering of shares of its common stock and becoming the stock holding company of Avidia Bank.

**<u>Selected Financial Highlights for the Second Quarter of 2025</u>** 

**Statement of Operations:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Quarterly net income was $3.9 million, compared to a net loss of $11.6 million for the first quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Quarterly net interest income increased by $1.4 million from the first quarter to $20.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net interest margin increased by 15 basis points from the first quarter to 3.19%.

oThe cost of interest-bearing liabilities decreased by 13 basis points.

oThe cost of total deposits fell 14 basis points to 1.36%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provision for credit losses totaled $1.1 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Quarterly non-interest income increased by $1.5 million from the first quarter to $5.2 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Quarterly non-interest expense decreased by $2.1 million from the first quarter to $19.8 million.

oSalaries and employee benefits decreased $2.7 million from the first quarter as there were incentive plan terminations and increased short-term incentive payouts in the previous quarter.

oThe efficiency ratio was 76.4%, compared to 95.2% in the first quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Income tax expense was $1.2 million.

**Balance Sheet:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total cash and cash equivalents increased by $225 million from the first quarter, primarily related to the funds received from the IPO subscription offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Gross loans increased by $15.0 million from the first quarter to $2.25 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Deposits increased by $309 million from the first quarter to $2.44 billion, also primarily related to funds received from the IPO subscription offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Federal Home Loan Bank advances decreased by $65 million from the first quarter to $260.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total capital increased by $5.4 million from the first quarter to $191.4 million.

**Asset Quality:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Non-accrual loans to total loans was 0.50% compared to 0.53% in the first quarter.

------

**About Avidia Bancorp, Inc.**

Avidia Bancorp, Inc. is the bank holding company of Avidia Bank. Avidia Bank is a Massachusetts-chartered stock savings bank. With headquarters in Hudson, Massachusetts, it also operates nine full-service banking offices in western Middlesex County and eastern Worcester County, in Massachusetts.

**Forward-Looking Statements**<br> Statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "outlook," "will," "should," and other similar expressions which do not relate to historical matters. Although we believe that these forward-looking statements are based on reasonable estimates and assumptions, they are not guarantees of future performance. You should not place undue reliance on forward-looking statements because they are subject to significant risks, uncertainties and other factors which are, in some cases, beyond our control. Our actual results could differ materially from those presented in the forward-looking statements as a result of, among other factors, changes in general business and economic conditions nationwide and in our local markets, including changes which adversely affect borrowers' ability to service and repay loans; changes in customer behavior due to political, business and economic conditions, including inflation; conditions in the capital and debt markets; reductions in net interest income resulting from interest rate volatility and changes in the balances and mix of our loans and deposits; changes in market interest rates and real estate values; decreases in the value of securities and other assets or in deposit levels necessitating increased borrowing to fund loans and investments; competition from other financial institutions; changes in legislation or regulation and accounting principles, policies and guidelines; cybersecurity incidents; fraud; natural disasters; the risk that we may be unsuccessful in implementing our business strategy; and the other risks and uncertainties disclosed in Avidia Bancorp, Inc.'s definitive prospectus dated May 13, 2025, as filed the U.S. Securities and Exchange Commission. Forward looking statements speak only as of the date of this release, and we do not undertake any obligation to update or revise any of them to reflect events or circumstances occurring after the date of this release or to reflect the occurrence of unanticipated events, except as may be required by applicable law or regulation.

------

---

| | | | |
|:---|:---|:---|:---|
| **Assabet Valley Bancorp** | **Assabet Valley Bancorp** | **Assabet Valley Bancorp** | **Assabet Valley Bancorp** |
| **Selected Financial Highlights (Unaudited)** | **Selected Financial Highlights (Unaudited)** | **Selected Financial Highlights (Unaudited)** | **Selected Financial Highlights (Unaudited)** |
|  | **At or for the Quarters Ended** | **At or for the Quarters Ended** | **At or for the Quarters Ended** |
| *(In thousands, except per share data)* | **June 30, <br>2025** | **March 31, <br>2025** | **June 30, <br>2024** |
| **Consolidated Financial Condition Data, (End of Period):** |  |  |  |
| Total assets | $2957908 | $2706631 | $2652318 |
| Cash and due from banks | 308586 | 83082 | 74064 |
| Securities available for sale | 266249 | 261946 | 274900 |
| Securities held-to-maturity | 16747 | 16746 | 16746 |
| Total loans | 2248021 | 2233033 | 2145471 |
| Allowance for credit losses | (23425) | (21849) | (20875) |
| Net loans | 2224596 | 2211184 | 2124596 |
| Bank Owned Life Insurance | 36093 | 35805 | 35004 |
| Goodwill | 11936 | 11936 | 11936 |
| Deposits | 2439608 | 2131068 | 2021839 |
| Federal Home Loan Bank advances | 260000 | 325000 | 372300 |
| Subordinated Debt | 27738 | 27715 | 27605 |
| Total capital | 191426 | 186057 | 187045 |
| **Consolidated Operating Data:** |  |  |  |
| Total interest and dividend income | $31859 | $31049 | $30893 |
| Total interest expense | 11241 | 11838 | 12585 |
| Net interest income | 20618 | 19211 | 18308 |
| Provision for credit losses | 1071 | 17616 | (320) |
| Net interest income after provision for credit losses | 19547 | 1595 | 18628 |
| Total non-interest income | 5246 | 3727 | 3445 |
| Total non-interest expense | 19763 | 21831 | 18963 |
| Income (loss) before income tax expense | 5030 | (16509) | 3110 |
| Income tax expense (benefit) | 1158 | (4922) | 759 |
| Net income (loss) | 3872 | (11587) | 2351 |
| **Performance Ratios:** |  |  |  |
| Return on average assets (annualized) | 0.57% | (1.76)% | 0.37% |
| Return on average equity (annualized) | 8.20 | (23.86) | 4.69 |
| Cost of deposits | 1.36 | 1.50 | 1.76 |
| Yield on loans | 5.20 | 5.16 | 5.49 |
| Interest rate spread <sup>(1)</sup> | 2.76 | 2.62 | 2.46 |
| Net interest margin<sup>(2)</sup> | 3.19 | 3.04 | 3.05 |
| Noninterest income as a percentage of average assets | 0.77 | 0.57 | 0.55 |
| Noninterest expense as a percentage of average assets | 2.91 | 3.32 | 3.01 |
| Efficiency ratio<sup>(3)</sup> | 76.41 | 95.18 | 87.17 |
| Average interest-earning assets as a percentage of average interest-bearing liabilities | 124.77 | 122.65 | 127.92 |
| **Capital Ratios (Avidia Bank only):** |  |  |  |
| Total equity as a percentage of total assets | 7.24% | 7.98% | 7.89% |
| Total capital as a percentage of risk-weighted assets | 11.41 | 11.18 | 11.64 |
| Tier 1 capital as a percentage of risk-weighted assets | 10.27 | 10.09 | 10.57 |
| Common equity tier 1 capital as a percentage of risk-weighted assets | 10.27 | 10.09 | 10.57 |
| Tier 1 capital as a percentage of average assets | 8.00 | 7.96 | 8.28 |
| **Asset Quality Ratios:** |  |  |  |
| Allowance for credit losses as a percentage of total loans | 1.04% | 0.98% | 0.97% |
| Allowance for credit losses as a percentage of non-performing loans | 207.79 | 184.11 | 473.73 |
| Allowance for credit losses as a percentage of non-accrual loans | 207.79 | 184.11 | 473.73 |
| Non-accrual loans as a percentage of total loans | 0.50 | 0.53 | 0.21 |
| Net recoveries (charge-offs) as a percentage of total loans | 0.01 | (3.08) | 0.02 |
| Total non-accruing assets as a percentage of total assets | 0.38 | 0.44 | 0.17 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Represents net interest income as a percentage of average interest-earning assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Represents noninterest expenses divided by the sum of net interest income and noninterest income

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Assabet Valley Bancorp** | **Assabet Valley Bancorp** | **Assabet Valley Bancorp** | **Assabet Valley Bancorp** | **Assabet Valley Bancorp** | **Assabet Valley Bancorp** | **Assabet Valley Bancorp** | **Assabet Valley Bancorp** |
| **Consolidated Balance Sheets (Unaudited)** | **Consolidated Balance Sheets (Unaudited)** | **Consolidated Balance Sheets (Unaudited)** | **Consolidated Balance Sheets (Unaudited)** | **Consolidated Balance Sheets (Unaudited)** | **Consolidated Balance Sheets (Unaudited)** | **Consolidated Balance Sheets (Unaudited)** | **Consolidated Balance Sheets (Unaudited)** |
|  | **As of** | **As of** | **As of** | **June 30, 2025 Change From** | **June 30, 2025 Change From** | **June 30, 2025 Change From** | **June 30, 2025 Change From** |
| *(In thousands)* | **June 30, 2025** | **March 31, 2025** | **June 30, 2024** | **March 31, 2025** | **March 31, 2025** | **June 30, 2024** | **June 30, 2024** |
| **Assets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Cash and due from banks | $24667 | $24282 | $15394 | $385 | 1.6% | $9273 | 60.2% |
| &nbsp;&nbsp;Short-term investments | 283919 | 58800 | 58671 | 225119 | 382.9 | 225248 | 383.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents | 308586 | 83082 | 74065 | 225504 | 271.4 | 234521 | 316.6 |
| &nbsp;&nbsp;Securities available for sale, at fair value | 266249 | 261946 | 274900 | 4303 | 1.6 | (8651) | (3.1) |
| &nbsp;&nbsp;Equity securities, at fair value | - | - | 13430 | - | - | (13430) | (100.0) |
| &nbsp;&nbsp;Securities held to maturity, at amortized cost | 16747 | 16746 | 16746 | 1 | - | 1 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities | 282996 | 278692 | 305076 | 4304 | - | (22080) | - |
| &nbsp;&nbsp;Federal Home Loan Bank stock, at cost | 12083 | 14729 | 16210 | (2646) | (18.0) | (4127) | (25.5) |
| &nbsp;&nbsp;Loans held for sale | - | 711 | 1485 | (711) | (100.0) | (1485) | (100.0) |
| &nbsp;&nbsp;Total loans | 2248021 | 2233033 | 2145471 | 14988 | 0.7 | 102550 | 4.8 |
| &nbsp;&nbsp;Less: Allowance for credit losses | (23425) | (21849) | (20875) | (1576) | 7.2 | (2550) | 12.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loans | 2224596 | 2211184 | 2124596 | 13412 | 0.6 | 100000 | 4.7 |
| &nbsp;&nbsp;Premises and equipment, net | 29098 | 29020 | 28133 | 78 | 0.3 | 965 | 3.4 |
| &nbsp;&nbsp;Bank-owned life insurance | 36093 | 35805 | 35004 | 288 | 0.8 | 1089 | 3.1 |
| &nbsp;&nbsp;Accrued interest receivable | 8922 | 8802 | 9110 | 120 | 1.4 | (188) | (2.1) |
| &nbsp;&nbsp;Net deferred tax asset | 11323 | 11738 | 14520 | (415) | (3.5) | (3197) | (22.0) |
| &nbsp;&nbsp;Goodwill | 11936 | 11936 | 11936 | - | - | - | - |
| &nbsp;&nbsp;Mortgage servicing rights | 3253 | 3289 | 3483 | (36) | (1.1) | (230) | (6.6) |
| &nbsp;&nbsp;Other assets | 29022 | 17643 | 28700 | 11379 | 64.5 | 322 | 1.1 |
| **Total Assets** | $2957908 | $2706631 | $2652318 | $251277 | 9.3% | $305590 | 11.5% |
| **Liabilities** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Deposits | $2439608 | $2131068 | $2021839 | $308540 | 14.5% | $417769 | 20.7% |
| &nbsp;&nbsp;Federal Home Loan Bank advances | 260000 | 325000 | 372300 | (65000) | (20.0) | (112300) | (30.2) |
| &nbsp;&nbsp;Subordinated debt | 27738 | 27715 | 27605 | 23 | 0.1 | 133 | 0.5 |
| &nbsp;&nbsp;Mortgagors' escrow accounts | 3498 | 3763 | 3042 | (265) | (7.0) | 456 | 15.0 |
| &nbsp;&nbsp;Accrued expenses and other liabilities | 35638 | 33028 | 40487 | 2610 | 7.9 | (4849) | (12.0) |
| **Total liabilities** | $2766482 | $2520574 | $2465273 | $245908 | 9.8% | $301209 | 12.2% |
| **Capital:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | $207555 | $203683 | $209682 | $3872 | 1.9% | $(2127) | (1.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (16129) | (17626) | (22637) | 1497 | (8.5) | 6508 | (28.7) |
| **Total capital** | $191426 | $186057 | $187045 | $5369 | 2.9 | $4381 | 2.3% |
| **Total Liabilities and Capital** | $2957908 | $2706631 | $2652318 | $251277 | 9.3% | $305590 | 11.5% |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Assabet Valley Bancorp** | **Assabet Valley Bancorp** | **Assabet Valley Bancorp** | **Assabet Valley Bancorp** | **Assabet Valley Bancorp** | **Assabet Valley Bancorp** | **Assabet Valley Bancorp** | **Assabet Valley Bancorp** |
| **Consolidated Statements of Operations QTD (Unaudited)** | **Consolidated Statements of Operations QTD (Unaudited)** | **Consolidated Statements of Operations QTD (Unaudited)** | **Consolidated Statements of Operations QTD (Unaudited)** | **Consolidated Statements of Operations QTD (Unaudited)** | **Consolidated Statements of Operations QTD (Unaudited)** | **Consolidated Statements of Operations QTD (Unaudited)** | **Consolidated Statements of Operations QTD (Unaudited)** |
|  |  |  |  | **Three Months Ended June 30, 2025 Change** | **Three Months Ended June 30, 2025 Change** | **Three Months Ended June 30, 2025 Change** | **Three Months Ended June 30, 2025 Change** |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **From Three Months Ended** | **From Three Months Ended** | **From Three Months Ended** | **From Three Months Ended** |
| *(In thousands)* | **June 30, 2025** | **March 31, 2025** | **June 30, 2024** | **March 31, 2025** | **March 31, 2025** | **June 30, 2024** | **June 30, 2024** |
| **Interest and dividend income:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, including fees | $28883 | $28183 | $27492 | $700 | 2.5% | $1391 | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities | 2555 | 2651 | 2833 | (96) | (3.6) | (278) | (9.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 421 | 215 | 568 | 206 | 95.8 | (147) | (25.9) |
| **Total interest and dividend income** | 31859 | 31049 | 30893 | 810 | 2.6 | 966 | 3.1 |
| **Interest expense:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 7242 | 7731 | 8285 | (489) | (6.3) | (1043) | (12.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank advances | 3647 | 3792 | 3985 | (145) | (3.8) | (338) | (8.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated debt | 352 | 315 | 315 | 37 | 11.7 | 37 | 11.7 |
| **Total interest expense** | 11241 | 11838 | 12585 | (597) | (5.0) | (1344) | (10.7) |
| **Net interest income:** | 20618 | 19211 | 18308 | 1407 | 7.3 | 2310 | 12.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision expense (reversal) for credit losses | 1071 | 17616 | (320) | (16545) | (93.9) | 1391 | (434.7) |
| **Net interest income, after provision expense (reversal) for credit losses** | 19547 | 1595 | 18628 | 17952 | 1125.5 | 919 | 4.9 |
| **Non-interest income:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer service fees | 884 | 901 | 762 | (17) | (1.9) | 122 | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) on sale of securities available for sale | (78) | (541) | (1366) | 463 | (85.6) | 1288 | (94.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net recognized gain on equity securities | - | - | 273 | - | - | (273) | (100.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net write down on premises and equipment no longer in use | - | (356) | - | 356 | (100.0) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment processing income | 2079 | 2192 | 1798 | (113) | (5.2) | 281 | 15.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income on bank-owned life insurance | 289 | 279 | 195 | 10 | 3.6 | 94 | 48.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage banking income | 162 | 16 | 408 | 146 | 912.5 | (246) | (60.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment commissions | 312 | 350 | 352 | (38) | (10.9) | (40) | (11.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debit card income | 793 | 525 | 573 | 268 | 51.0 | 220 | 38.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card income | 58 | 49 | 335 | 9 | 18.4 | (277) | (82.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 747 | 312 | 115 | 435 | 139.4 | 632 | 549.6 |
| **Total non-interest income** | 5246 | 3727 | 3445 | 1519 | 40.8 | 1801 | 52.3 |
| **Non-interest expense:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and employee benefits | 8909 | 11566 | 8701 | (2657) | (23.0) | 208 | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy and equipment | 2042 | 2018 | 2384 | 24 | 1.2 | (342) | (14.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Data processing | 2994 | 3378 | 2218 | (384) | (11.4) | 776 | 35.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 1088 | 661 | 739 | 427 | 64.6 | 349 | 47.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment processing | 932 | 1043 | 992 | (111) | (10.6) | (60) | (6.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposit insurance | 780 | 632 | 687 | 148 | 23.4 | 93 | 13.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising | 310 | 265 | 334 | 45 | 17.0 | (24) | (7.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Telecommunications | 96 | 92 | 101 | 4 | 4.3 | (5) | (5.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Problem loan and foreclosed real estate, net | 194 | 112 | 100 | 82 | 73.2 | 94 | 94.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative | 2418 | 2064 | 2707 | 354 | 17.2 | (289) | (10.7) |
| **Total non-interest expense** | 19763 | 21831 | 18963 | (2068) | (9.5) | 800 | 4.2 |
| **Income (loss) before income tax expense** | 5030 | (16509) | 3110 | 21539 | (130.5) | 1920 | 61.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 1158 | (4922) | 759 | 6080 | (123.5) | 399 | 52.6 |
| **Net income (loss)** | $3872 | $(11587) | $2351 | $15459 | (133.4)% | $1521 | 64.7% |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assabet Valley Bancorp** | **Assabet Valley Bancorp** | **Assabet Valley Bancorp** | **Assabet Valley Bancorp** | **Assabet Valley Bancorp** |
| **Consolidated Statements of Operations YTD (Unaudited)** | **Consolidated Statements of Operations YTD (Unaudited)** | **Consolidated Statements of Operations YTD (Unaudited)** | **Consolidated Statements of Operations YTD (Unaudited)** | **Consolidated Statements of Operations YTD (Unaudited)** |
|  | **Six Months Ended** | **Six Months Ended** | **Six Months Ended June 30, 2025 Change** | **Six Months Ended June 30, 2025 Change** |
| *(In thousands)* | **June 30, 2025** | **June 30, 2024** | **From Six Months Ended June 30, 2024** | **From Six Months Ended June 30, 2024** |
| **Interest and dividend income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, including fees | $57067 | $54750 | $2317 | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities | 5206 | 4953 | 253 | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 636 | 1038 | (402) | (38.7) |
| **Total interest and dividend income** | 62909 | 60741 | 2168 | 3.6 |
| **Interest expense:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 14973 | 15872 | (899) | (5.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank advances | 7439 | 8344 | (905) | (10.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated debt | 667 | 630 | 37 | 5.9 |
| **Total interest expense** | 23079 | 24846 | (1767) | (7.1) |
| **Net interest income:** | 39830 | 35895 | 3935 | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision expense (reversal) for credit losses | 18687 | 310 | 18377 | 5928.1 |
| **Net interest income, after provision expense for credit losses** | 21143 | 35585 | (14442) | (40.6) |
| **Non-interest income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer service fees | 1785 | 1620 | 165 | 10.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) on sale of securities available for sale | (619) | (1366) | 747 | (54.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net recognized gain on equity securities | - | 1637 | (1637) | (100.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net write down on premises and equipment no longer in use | (356) | - | (356) | (100.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment processing income | 4271 | 3660 | 611 | 16.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income on bank-owned life insurance | 568 | 407 | 161 | 39.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage banking income | 178 | 858 | (680) | (79.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment commissions | 662 | 660 | 2 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Debit card income | 1318 | 1109 | 209 | 18.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card income | 107 | 566 | (459) | (81.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1060 | 193 | 867 | 449.2 |
| **Total non-interest income** | 8974 | 9344 | (370) | (4.0) |
| **Non-interest expense:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and employee benefits | 20475 | 17308 | 3167 | 18.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy and equipment | 4060 | 4468 | (408) | (9.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Data processing | 6372 | 4423 | 1949 | 44.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 1749 | 1254 | 495 | 39.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment processing | 1975 | 2012 | (37) | (1.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposit insurance | 1412 | 1396 | 16 | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising | 575 | 779 | (204) | (26.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Telecommunications | 188 | 205 | (17) | (8.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Problem loan and foreclosed real estate, net | 306 | 184 | 122 | 66.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative | 4484 | 5031 | (547) | (10.9) |
| **Total non-interest expense** | 41596 | 37060 | 4536 | 12.2 |
| **(Loss) income before income tax expense** | (11479) | 7869 | (19348) | (245.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax (benefit) expense | (3764) | 1973 | (5737) | (290.8) |
| **Net (loss) income** | $(7715) | $5896 | $(13611) | (230.9)% |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Assabet Valley Bancorp** | **Assabet Valley Bancorp** | **Assabet Valley Bancorp** | **Assabet Valley Bancorp** | **Assabet Valley Bancorp** | **Assabet Valley Bancorp** | **Assabet Valley Bancorp** | **Assabet Valley Bancorp** | **Assabet Valley Bancorp** | **Assabet Valley Bancorp** |
| **Average Balances and Average Yields And Costs (Unaudited)** | **Average Balances and Average Yields And Costs (Unaudited)** | **Average Balances and Average Yields And Costs (Unaudited)** | **Average Balances and Average Yields And Costs (Unaudited)** | **Average Balances and Average Yields And Costs (Unaudited)** | **Average Balances and Average Yields And Costs (Unaudited)** | **Average Balances and Average Yields And Costs (Unaudited)** | **Average Balances and Average Yields And Costs (Unaudited)** | **Average Balances and Average Yields And Costs (Unaudited)** | **Average Balances and Average Yields And Costs (Unaudited)** |
|  | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
| *(Dollars in thousands)* | **Average Outstanding Balance** | **Interest** | **Average Yield/Rate** | **Average Outstanding Balance** | **Interest** | **Average Yield/Rate** | **Average Outstanding Balance** | **Interest** | **Average Yield/Rate** |
| **Interest-earning assets:** |  |  |  |  |  |  |  |  |  |
| Short-term investments | $67357 | $421 | 2.51% | $37105 | $215 | 2.35% | $49032 | $568 | 4.66% |
| Securities | 296321 | 2555 | 3.46 | 309608 | 2651 | 3.47 | 352204 | 2833 | 3.24 |
| Loans | 2229893 | 28883 | 5.20 | 2214952 | 28183 | 5.16 | 2015649 | 27492 | 5.49 |
| Total interest-earning assets | 2593571 | 31859 | 4.93 | 2561665 | 31049 | 4.92 | 2416885 | 30893 | 5.14 |
| Noninterest-earning assets | 122176 |  |  | 105220 |  |  | 104623 |  |  |
| Total assets | $2715747 |  |  | $2666885 |  |  | $2521508 |  |  |
| **Interest-bearing liabilities:** |  |  |  |  |  |  |  |  |  |
| NOW accounts | $697452 | $700 | 0.40% | $690014 | $813 | 0.48% | $605633 | $737 | 0.49% |
| Money market accounts | 270969 | 848 | 1.26 | 260430 | 842 | 1.31 | 299203 | 1117 | 1.50 |
| Regular and other savings accounts | 401215 | 2278 | 2.28 | 383017 | 2098 | 2.22 | 348440 | 2231 | 2.58 |
| Certificates of deposit | 347419 | 3416 | 3.94 | 387556 | 3978 | 4.16 | 246367 | 4200 | 6.86 |
| Total interest-bearing deposits | 1717055 | 7242 | 1.69 | 1721017 | 7731 | 1.82 | 1499643 | 8285 | 2.22 |
| FHLB advances and other borrowings <sup>(1)</sup> | 333834 | 3647 | 4.38 | 339814 | 3792 | 4.53 | 362083 | 3985 | 4.43 |
| Subordinated debt | 27782 | 352 | 5.08 | 27691 | 315 | 4.61 | 27592 | 315 | 4.59 |
| Total interest-bearing liabilities | 2078671 | 11241 | 2.17 | 2088522 | 11838 | 2.30 | 1889319 | 12585 | 2.68 |
| Noninterest-bearing demand deposits | 415035 |  |  | 336000 |  |  | 388359 |  |  |
| Other noninterest-bearing liabilities | 33242 |  |  | 45439 |  |  | 43526 |  |  |
| Total liabilities | 2526948 |  |  | 2469961 |  |  | 2321203 |  |  |
| Total capital | 188799 |  |  | 196924 |  |  | 200305 |  |  |
| Total liabilities and capital | $2715747 |  |  | $2666885 |  |  | $2521508 |  |  |
| Net interest income |  | $20618 |  |  | $19211 |  |  | $18308 |  |
| Net interest rate spread <sup>(2)</sup> |  |  | 2.76% |  |  | 2.62% |  |  | 2.46% |
| Net interest-earning assets <sup>(3)</sup> | $514900 |  |  | $473143 |  |  | $527566 |  |  |
| Net interest margin <sup>(4)</sup> |  |  | 3.19% |  |  | 3.04% |  |  | 3.05% |
| Average interest-earning assets to interest-bearing liabilities |  |  | 124.77% |  |  | 122.65% |  |  | 127.92% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Average balances for borrowings includes the financing lease obligation which is presented under other liabilities on the consolidated balance sheet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Net interest margin represents net interest income divided by average total interest-earning assets.

------