Avidia Bank's Framingham branch building in 2019. Photo courtesy of Avidia Bank

After converting from a mutual bank to a stock institution just one year ago, Hudson-based Avidia Bank has announced plans to spend $30 million buying back its stock, according to SEC filings.

The stock buyback plan is scheduled to expire on July 31, 2027. Its stock is collectively worth roughly $444 million at time of publication.

Shareholders’ equity increased by 3 percent, to $390 million in the first half of 2026, primarily due to net income of $13 million offset by the $2 million in dividends that were paid, according to the bank. Stockholders’ equity to total assets was 14.0 percent through the first six months of 2026.

The news of the stock buyback comes after the bank reported a net interest income of $23.96 million, a 16.2 percent increase year-over-year. Net Income increased by 85.1 percent year-over-year to $7.2 million.

“Earnings growth of 20% quarter-over-quarter reflected increases in most categories of fee income,” Avidia CEO Robert Cozzone said in a statement. “Our process improvement strategies contributed to better efficiency, and we achieved a 1.04% return on assets. We joined the Russell 2000 stock index on June 26, which deepens the market for our stock.”

To complete its conversion in 2025, the newly formed corporation launched an initial public offering, selling 19.18 million shares of common stock at a baseline price of $10 per share. The offering raised $191.8 million in gross proceeds.

Avidia’s stock rose to a high of $22.14 per share in the week following the Aug. 4 buyback announcement. Stock buybacks typically are used to support a company’s share price or reward shareholders for a company’s performance.