Avidia Bancorp, Inc. Reports Second Quarter 2025 Financial Results
Selected Financial Highlights for the Second Quarter of 2025
Statement of Operations:
Quarterly net income was $3.9 million, compared to a net loss of $11.6 million for the first quarter.
Quarterly net interest income increased by $1.4 million from the first quarter to $20.6 million.
Net interest margin increased by 15 basis points from the first quarter to 3.19%.
The cost of interest-bearing liabilities decreased by 13 basis points.
The cost of total deposits fell 14 basis points to 1.36%.
Provision for credit losses totaled $1.1 million.
Quarterly non-interest income increased by $1.5 million from the first quarter to $5.2 million.
Quarterly non-interest expense decreased by $2.1 million from the first quarter to $19.8 million.
Salaries 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.
The efficiency ratio was 76.4%, compared to 95.2% in the first quarter.
Income tax expense was $1.2 million.
Balance Sheet:
Total cash and cash equivalents increased by $225 million from the first quarter, primarily related to the funds received from the IPO subscription offering.
Gross loans increased by $15.0 million from the first quarter to $2.25 billion.
Deposits increased by $309 million from the first quarter to $2.44 billion, also primarily related to funds received from the IPO subscription offering.
Federal Home Loan Bank advances decreased by $65 million from the first quarter to $260.0 million.
Total capital increased by $5.4 million from the first quarter to $191.4 million.
Asset Quality:
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
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
Consolidated Balance Sheets (Unaudited)
As of June 30, 2025 Change From
(In thousands)
June 30, 2025
March 31, 2025
June 30, 2024
March 31, 2025
June 30, 2024
Assets
Cash and due from banks
$
24,667
$
24,282
$
15,394
$
385
1.6
%
$
9,273
60.2
%
Short-term investments
283,919
58,800
58,671
225,119
382.9
225,248
383.9
Total cash and cash equivalents
308,586
83,082
74,065
225,504
271.4
234,521
316.6
Securities available for sale, at fair value
266,249
261,946
274,900
4,303
1.6
(8,651
)
(3.1
)
Equity securities, at fair value
-
-
13,430
-
-
(13,430
)
(100.0
)
Securities held to maturity, at amortized cost
16,747
16,746
16,746
1
-
1
-
Total securities
282,996
278,692
305,076
4,304
-
(22,080
)
-
Federal Home Loan Bank stock, at cost
12,083
14,729
16,210
(2,646
)
(18.0
)
(4,127
)
(25.5
)
Loans held for sale
-
711
1,485
(711
)
(100.0
)
(1,485
)
(100.0
)
Total loans
2,248,021
2,233,033
2,145,471
14,988
0.7
102,550
4.8
Less: Allowance for credit losses
(23,425
)
(21,849
)
(20,875
)
(1,576
)
7.2
(2,550
)
12.2
Net loans
2,224,596
2,211,184
2,124,596
13,412
0.6
100,000
4.7
Premises and equipment, net
29,098
29,020
28,133
78
0.3
965
3.4
Bank-owned life insurance
36,093
35,805
35,004
288
0.8
1,089
3.1
Accrued interest receivable
8,922
8,802
9,110
120
1.4
(188
)
(2.1
)
Net deferred tax asset
11,323
11,738
14,520
(415
)
(3.5
)
(3,197
)
(22.0
)
Goodwill
11,936
11,936
11,936
-
-
-
-
Mortgage servicing rights
3,253
3,289
3,483
(36
)
(1.1
)
(230
)
(6.6
)
Other assets
29,022
17,643
28,700
11,379
64.5
322
1.1
Total Assets
$
2,957,908
$
2,706,631
$
2,652,318
$
251,277
9.3
%
$
305,590
11.5
%
Liabilities
Deposits
$
2,439,608
$
2,131,068
$
2,021,839
$
308,540
14.5
%
$
417,769
20.7
%
Federal Home Loan Bank advances
260,000
325,000
372,300
(65,000
)
(20.0
)
(112,300
)
(30.2
)
Subordinated debt
27,738
27,715
27,605
23
0.1
133
0.5
Mortgagors' escrow accounts
3,498
3,763
3,042
(265
)
(7.0
)
456
15.0
Accrued expenses and other liabilities
35,638
33,028
40,487
2,610
7.9
(4,849
)
(12.0
)
Total liabilities
$
2,766,482
$
2,520,574
$
2,465,273
$
245,908
9.8
%
$
301,209
12.2
%
Capital:
Retained earnings
$
207,555
$
203,683
$
209,682
$
3,872
1.9
%
$
(2,127
)
(1.0
)
%
Accumulated other comprehensive loss
(16,129
)
(17,626
)
(22,637
)
1,497
(8.5
)
6,508
(28.7
)
Total capital
$
191,426
$
186,057
$
187,045
$
5,369
2.9
$
4,381
2.3
%
Total Liabilities and Capital
$
2,957,908
$
$
2,652,318
$
251,277
9.3
%
$
305,590
11.5
%
Expand
Assabet Valley Bancorp
Consolidated Statements of Operations QTD (Unaudited)
Three Months Ended June 30, 2025 Change
Three Months Ended From Three Months Ended
(In thousands)
June 30, 2025
March 31, 2025
June 30, 2024
March 31, 2025
June 30, 2024
Interest and dividend income:
Loans, including fees
$
28,883
$
28,183
$
27,492
$
700
2.5
%
$
1,391
5.1
%
Securities
2,555
2,651
2,833
(96
)
(3.6
)
(278
)
(9.8
)
Other
421
215
568
206
95.8
(147
)
(25.9
)
Total interest and dividend income
31,859
31,049
30,893
810
2.6
966
3.1
Interest expense:
Deposits
7,242
7,731
8,285
(489
)
(6.3
)
(1,043
)
(12.6
)
Federal Home Loan Bank advances
3,647
3,792
3,985
(145
)
(3.8
)
(338
)
(8.5
)
Subordinated debt
352
315
315
37
11.7
37
11.7
Total interest expense
11,241
11,838
12,585
(597
)
(5.0
)
(1,344
)
(10.7
)
Net interest income:
20,618
19,211
18,308
1,407
7.3
2,310
12.6
Provision expense (reversal) for credit losses
1,071
17,616
(320
)
(16,545
)
(93.9
)
1,391
(434.7
)
Net interest income, after provision expense (reversal) for credit losses
19,547
1,595
18,628
17,952
1125.5
919
4.9
Non-interest income:
Customer service fees
884
901
762
(17
)
(1.9
)
122
16.0
Net (loss) on sale of securities available for sale
(78
)
(541
)
(1,366
)
463
(85.6
)
1,288
(94.3
)
Net recognized gain on equity securities
-
-
273
-
-
(273
)
(100.0
)
Net write down on premises and equipment no longer in use
-
(356
)
-
356
(100.0
)
-
-
Payment processing income
2,079
2,192
1,798
(113
)
(5.2
)
281
15.6
Income on bank-owned life insurance
289
279
195
10
3.6
94
48.2
Mortgage banking income
162
16
408
146
912.5
(246
)
(60.3
)
Investment commissions
312
350
352
(38
)
(10.9
)
(40
)
(11.4
)
Debit card income
793
525
573
268
51.0
220
38.4
Credit card income
58
49
335
9
18.4
(277
)
(82.7
)
Other
747
312
115
435
139.4
632
549.6
Total non-interest income
5,246
3,727
3,445
1,519
40.8
1,801
52.3
Non-interest expense:
Salaries and employee benefits
8,909
11,566
8,701
(2,657
)
(23.0
)
208
2.4
Occupancy and equipment
2,042
2,018
2,384
24
1.2
(342
)
(14.3
)
Data processing
2,994
3,378
2,218
(384
)
(11.4
)
776
35.0
Professional fees
1,088
661
739
427
64.6
349
47.2
Payment processing
932
1,043
992
(111
)
(10.6
)
(60
)
(6.0
)
Deposit insurance
780
632
687
148
23.4
93
13.5
Advertising
310
265
334
45
17.0
(24
)
(7.2
)
Telecommunications
96
92
101
4
4.3
(5
)
(5.0
)
Problem loan and foreclosed real estate, net
194
112
100
82
73.2
94
94.0
Other general and administrative
2,418
2,064
2,707
354
17.2
(289
)
(10.7
)
Total non-interest expense
19,763
21,831
18,963
(2,068
)
(9.5
)
800
4.2
Income (loss) before income tax expense
5,030
(16,509
)
3,110
21,539
(130.5
)
1,920
61.7
Income tax expense (benefit)
1,158
(4,922
)
759
6,080
(123.5
)
399
52.6
Net income (loss)
$
3,872
$
(11,587
)
$
2,351
$
15,459
(133.4
)
%
$
1,521
64.7
%
Expand
Assabet Valley Bancorp
Consolidated Statements of Operations YTD (Unaudited)
Six Months Ended Six Months Ended June 30, 2025 Change
(In thousands) June 30, 2025 June 30, 2024 From Six Months Ended June 30, 2024
Interest and dividend income:
Loans, including fees
$
57,067
$
54,750
$
2,317
4.2
%
Securities
5,206
4,953
253
5.1
Other
636
1,038
(402
)
(38.7
)
Total interest and dividend income
62,909
60,741
2,168
3.6
Interest expense:
Deposits
14,973
15,872
(899
)
(5.7
)
Federal Home Loan Bank advances
7,439
8,344
(905
)
(10.8
)
Subordinated debt
667
630
37
5.9
Total interest expense
23,079
24,846
(1,767
)
(7.1
)
Net interest income:
39,830
35,895
3,935
11.0
Provision expense (reversal) for credit losses
18,687
310
18,377
5,928.1
Net interest income, after provision expense for credit losses
21,143
35,585
(14,442
)
(40.6
)
Non-interest income:
Customer service fees
1,785
1,620
165
10.2
Net (loss) on sale of securities available for sale
(619
)
(1,366
)
747
(54.7
)
Net recognized gain on equity securities
-
1,637
(1,637
)
(100.0
)
Net write down on premises and equipment no longer in use
(356
)
-
(356
)
(100.0
)
Payment processing income
4,271
3,660
611
16.7
Income on bank-owned life insurance
568
407
161
39.6
Mortgage banking income
178
858
(680
)
(79.3
)
Investment commissions
662
660
2
-
Debit card income
1,318
1,109
209
18.8
Credit card income
107
566
(459
)
(81.1
)
Other
1,060
193
867
449.2
Total non-interest income
8,974
9,344
(370
)
(4.0
)
Non-interest expense:
Salaries and employee benefits
20,475
17,308
3,167
18.3
Occupancy and equipment
4,060
4,468
(408
)
(9.1
)
Data processing
6,372
4,423
1,949
44.1
Professional fees
1,749
1,254
495
39.5
Payment processing
1,975
2,012
(37
)
(1.8
)
Deposit insurance
1,412
1,396
16
1.1
Advertising
575
779
(204
)
(26.2
)
Telecommunications
188
205
(17
)
(8.3
)
Problem loan and foreclosed real estate, net
306
184
122
66.3
Other general and administrative
4,484
5,031
(547
)
(10.9
)
Total non-interest expense
41,596
37,060
4,536
12.2
Income (loss) before income tax expense
(11,479
)
7,869
(19,348
)
(245.9
)
Income tax expense (benefit)
(3,764
)
1,973
(5,737
)
(290.8
)
Net income (loss)
$
(7,715
)
$
5,896
$
(13,611
)
(230.9
)
%
Expand
Assabet Valley Bancorp
Average Balances and Average Yields And Costs (Unaudited)
For the Quarters Ended
June 30, 2025 March 31, 2025 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
$
67,357
$
421
2.51
%
$
37,105
$
215
2.35
%
$
49,032
$
568
4.66
%
Securities
296,321
2,555
3.46
309,608
2,651
3.47
352,204
2,833
3.24
Loans
2,229,893
28,883
5.20
2,214,952
28,183
5.16
2,015,649
27,492
5.49
Total interest-earning assets
2,593,571
31,859
4.93
2,561,665
31,049
4.92
2,416,885
30,893
5.14
Noninterest-earning assets
122,176
105,220
104,623
Total assets
$
2,715,747
$
2,666,885
$
2,521,508
Interest-bearing liabilities:
NOW accounts
$
697,452
$
700
0.40
%
$
690,014
$
813
0.48
%
$
605,633
$
737
0.49
%
Money market accounts
270,969
848
1.26
260,430
842
1.31
299,203
1,117
1.50
Regular and other savings accounts
401,215
2,278
2.28
383,017
2,098
2.22
348,440
2,231
2.58
Certificates of deposit
347,419
3,416
3.94
387,556
3,978
4.16
246,367
4,200
6.86
Total interest-bearing deposits
1,717,055
7,242
1.69
1,721,017
7,731
1.82
1,499,643
8,285
2.22
FHLB advances and other borrowings (1)
333,834
3,647
4.38
339,814
3,792
4.53
362,083
3,985
4.43
Subordinated debt
27,782
352
5.08
27,691
315
4.61
27,592
315
4.59
Total interest-bearing liabilities
2,078,671
11,241
2.17
2,088,522
11,838
2.30
1,889,319
12,585
2.68
Noninterest-bearing demand deposits
415,035
336,000
388,359
Other noninterest-bearing liabilities
33,242
45,439
43,526
Total liabilities
2,526,948
2,469,961
2,321,203
Total capital
188,799
196,924
200,305
Total liabilities and capital
$
2,715,747
$
2,666,885
$
2,521,508
Net interest income
$
20,618
$
19,211
$
18,308
Net interest rate spread (2)
2.76
%
2.62
%
2.46
%
Net interest-earning assets (3)
$
514,900
$
473,143
$
527,566
Net interest margin (4)
3.19
%
3.04
%
3.05
%
Average interest-earning assets to interest-bearing liabilities
124.77
%
122.65
%
127.92
%
(1) Average balances for borrowings includes the financing lease obligation which is presented under other liabilities on the consolidated balance sheet.
(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.
(3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(4) Net interest margin represents net interest income divided by average total interest-earning assets.
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- Associated Press
HIMS & HERS HEALTH INC. (HIMS) CLASS ACTION NOTICE: Berger Montague Encourages Investors With Substantial Losses to Contact the Firm By August 25, 2025
Philadelphia, Pennsylvania--(Newsfile Corp. - August 4, 2025) - Berger Montague, a national securities litigation law firm, is investigating potential securities fraud claims against Hims & Hers Health Inc. ('Hims & Hers' or the 'Company') (NYSE: HIMS). Investor Deadline: Investors who purchased or acquired Hims & Hers securities between April 29, 2025 and June 22, 2025 (the 'Class Period') may, no later than August 25, 2025, seek to be appointed as a lead plaintiff representative of the class. To learn your rights,CLICK HERE. On June 23, 2025, Novo Nordisk announced the termination of its partnership with Hims & Hers, alleging that the company engaged in deceptive marketing and sold unapproved compounded versions of semaglutide. Following the announcement, shares of Hims & Hers declined by over 34% in intraday trading, reflecting investor concerns regarding regulatory compliance and reputational risks. This suit alleges throughout the Class Period, Hims & Hers made materially false or misleading statements or omitted material information regarding the nature and regulatory status of its GLP-1 offerings, the associated risks, and the partnership with Novo Nordisk. The firm is examining whether Hims & Hers and certain executives violated federal securities laws by making false or misleading statements to investors. If you are a Hims & Hers investor and would like to learn more about this action,CLICK HEREor please contact Berger Montague: Andrew Abramowitz at[email protected]or (215) 875-3015, or Caitlin Adorni at[email protected]or (267)764-4865. About Berger Montague Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States. For more information or to discuss your rights, please contact: Andrew Abramowitz, Senior Counsel Berger Montague (215) 875-3015 [email protected] Caitlin Adorni Berger Montague (267) 764-4865 [email protected] To view the source version of this press release, please visit
Associated Press
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- Associated Press
GYRODYNE, LLC ANNOUNCES AGREEMENT TO SELL 49-ACRE PARCEL IN SMITHTOWN, NEW YORK AS PART OF STRATEGIC LIQUIDATION PLAN
ST. JAMES, N.Y., Aug. 04, 2025 (GLOBE NEWSWIRE) -- Gyrodyne, LLC (NASDAQ:GYRO), an owner and manager of a diversified portfolio of real estate properties, today announced that its subsidiary, GSD Flowerfield, LLC, has entered into a purchase and sale agreement (the 'Agreement') for the sale of approximately 49 acres of vacant land located within the Company's Flowerfield complex in St. James, New York (the 'Property') to B2K Smithtown LLC ('B2K'). The Agreement sets a purchase price range of $24,000,000 to $28,740,000, with the final amount subject to certain conditions and contingencies, and based on current information, the Company estimates the final price to be $28,740,000. 'This agreement marks a significant milestone in the execution of our strategic plan,' said Gary Fitlin, Chief Executive Officer of Gyrodyne. 'We believe this transaction aligns with our commitment to maximize value for our shareholders. The transaction may also enhance the marketability and value of our adjacent industrial park at Flowerfield, and the proposed development will bring long-term value to the Smithtown community. As we evaluated potential uses for the property, it became clear that there is a meaningful need for assisted living facilities in the region, which also has a low traffic impact to the community. In our discussions with B2K Development, we agreed on the importance of aligning with community values, and we are pleased that their proposed development will preserve over 40% of the property as open space.' As a result of the Agreement and associated assumptions, including anticipated site plan approval and additional projected costs incurred in connection with the revised liquidation timeline, the Company currently estimates its net asset value in liquidation ('NAV') as of June 30, 2025, to be approximately $32.6 million, with an estimated NAV per share of $14.83, an increase in NAV of $1.8 million or $0.84 per share. This represents an approximate 6% increase over the NAV reported in the first quarter 10-Q of $30.8 million or $14.01 per share. Peter Pitsiokos, Chief Operating Officer of Gyrodyne noted 'Our agreement with B2K Development reflects our confidence in a proven and trusted company whose successful residential developments throughout the region are the result of a corporate culture that works with surrounding neighbors and government authorities to ensure their projects complement and enhance the communities in which they are situated.' A JLL Capital Markets team led by Senior Managing Director Jose Cruz, Director Ryan Robertson and Vice Chairman David Leviton arranged the sale on behalf of Gyrodyne. The Agreement includes customary representations, warranties, and covenants. A copy of the full Agreement has been filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on August 4, 2025. About Gyrodyne, LLC Gyrodyne, LLC owns and manages a diversified portfolio of real estate properties comprising office, industrial and service-oriented properties in the New York metropolitan area. Gyrodyne owns a 63-acre site approximately 50 miles east of New York City on the north shore of Long Island, which includes industrial and office buildings and undeveloped property which is the subject of plans to seek value-enhancing entitlements. Gyrodyne also owns a medical office park in Cortlandt Manor, New York which is also the subject of a subdivision application. Gyrodyne's common shares are traded on the NASDAQ Stock Market under the symbol GYRO. Additional information about Gyrodyne may be found on its web site at Forward-Looking Statement Safe Harbor The statements made in this press release that are not historical facts constitute 'forward-looking information' within the meaning of the Private Securities Litigation Reform Act of 1995, and Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, which can be identified by the use of forward-looking terminology such as 'may,' 'will,' 'anticipates,' 'expects,' 'projects,' 'estimates,' 'believes,' 'seeks,' 'could,' 'should,' or 'continue,' the negative thereof, other variations or comparable terminology as well as statements regarding the evaluation of strategic alternatives. Important factors, including certain risks and uncertainties, with respect to such forward-looking statements that could cause actual results to differ materially from those reflected in such forward-looking statements include, but are not limited to, risks and uncertainties generally relating to our efforts to enhance the values of our remaining properties and seek the orderly, strategic sale of such properties as soon as reasonably practicable, risks associated with the Article 78 Proceeding against the Company and any other litigation that may develop in connection with our efforts to enhance the value of and sell our properties, risks relating to our national marketing campaign led by JLL for the sale of our Flowerfield and Cortlandt Manor properties, risks associated with our purchase and sale agreement with B2K (and future purchase and sale agreements for our remaining properties that may be contingent on years-long regulatory contingencies) in light of our financial condition, community activism risk, proxy contests and other actions of activist shareholders, regulatory enforcement risk, risks inherent in the real estate markets of Suffolk and Westchester Counties in New York, the potential residual effects of the COVID-19 pandemic, lingering risks relating to the 2023 banking crisis and closure of two major banks (including one with whom we indirectly had a mortgage loan which the FDIC transferred in December 2023 to a new holder following the banks closure), ongoing inflation risk, ongoing interest rate uncertainty, recession uncertainty and supply chain constraints or disruptions, and other risks detailed from time to time in Gyrodyne's SEC reports. Contact: Gary Fitlin Chief Executive Officer Gyrodyne, LLC Phone: (631) 584-5400 [email protected]
