Hudson-based Avidia Bancorp reported second-quarter net income of $7.2 million, a 20% increase from the first quarter, as growth in fee income helped offset flat net interest income.
The parent company of Avidia Bank earned $0.39 per diluted share for the quarter ended June 30, up from $6 million, or $0.32 per share, in the first quarter, the bank reported Thursday. Total net revenue rose 6% to $29.9 million, driven by higher customer service fees and payment processing income.
“Earnings growth of 20% quarter-over-quarter reflected increases in most categories of fee income,” CEO Robert Cozzone said in a press release accompanying the earnings report.
Avidia reported total assets of $2.78 billion as of June 30, down 1% from the prior quarter, while deposits increased 0.3% to $2.15 billion. The company announced a 20% increase in its quarterly cash dividend to $0.06 per share.
The company’s stock was trading at $21.84 per share Friday morning on the New York Stock Exchange, up 8% for the day.
Brad Kane is editor of the Worcester Business Journal.
