Provident Bancorp, Inc. Reports Earnings for the March 31, 2022 Quarter and Continues Payment of Quarterly Cash Dividends of $0.04 per Share

Rhea-AI Summary

Provident Bancorp (PVBC) reported a net income of $5.5 million, or $0.32 per diluted share for Q1 2022, a notable increase from $3.6 million in Q4 2021 and $4.3 million in Q1 2021. The company declared a quarterly cash dividend of $0.04 per share, payable on May 27, 2022. Net interest income rose 9.2% to $17.9 million, driven by a 6.5% rise in average loan balances. Non-interest income increased 8.0% to $1.3 million. Overall, total assets reached $1.79 billion, with deposits up by 4.3%.

Positive

• Net income increased to $5.5 million, or $0.32 per diluted share.
• Net interest income grew by 9.2% to $17.9 million.
• Total assets increased to $1.79 billion.
• Deposits rose by 4.3%, reaching $1.52 billion.
• Digital asset-related deposits surged 80% to $179.4 million.

Negative

• Non-performing loans increased to $1.9 million, or 0.10% of total assets.
• Allowance for loan losses coverage of non-performing loans decreased to 10.26 times.

AMESBURY, Mass., April 28, 2022 /PRNewswire/ -- Provident Bancorp, Inc. (the "Company") (NasdaqCM: PVBC), the holding company for The Provident Bank (the "Bank"), reported net income for the quarter ended March 31, 2022 of $5.5 million, or $0.32 per diluted share, compared to $3.6 million, or $0.21 per diluted share for the quarter ended December 31, 2021 and $4.3 million, or $0.24 per diluted share, for the quarter ended March 31, 2021.

The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.04 per share, which will be paid on May 27, 2022 to stockholders of record as of May 13, 2022.

In reporting these results, Dave Mansfield, Chief Executive Officer said, "We entered 2022 eager to see the financial impact of our digital asset and banking as a service strategic initiatives. With our partnerships in these spaces gaining momentum, I am happy to report that we ended the quarter as enthusiastically as we entered it. We met or exceeded our digital asset and banking as a service deposit goals. Because of the successful growth in these non-interest bearing deposits we were able to keep interest rates low and allow for runoff of interest-bearing deposit balances. We are excited by the success we have had and are eager to continue with our pursuit of new and creative digital banking solutions."

Income Statement Results

Quarter Ended March 31, 2022 Compared to Quarter Ended December 31, 2021

For the quarter ended March 31, 2022, net interest and dividend income was $17.9 million, which represents an increase of $1.5 million, or 9.2% when compared to the quarter ended December 31, 2021. This increase was primarily attributable to an increase in average interest earning assets of $21.6 million, or 1.3% which was primarily due to an increase of $88.9 million, or 6.5%, in the average loan balances, partially offset by a decrease in short-term investments of $68.0 million, or 33.2%. The increase in interest and dividend income was further supported by an increase in the yield on interest earning assets of 28 basis points to 4.55% for the quarter ended March 31, 2022 compared to 4.27% for the quarter ended December 31, 2021. Also contributing to the increase in net interest and dividend income for the quarter ended March 31, 2022 was a decrease in interest expense of $122,000, or 18.9%, to $525,000 compared to $647,000 for the quarter ended December 31, 2021. Interest expense decreased primarily due to a decrease in average interest-bearing deposits of $40.2 million, or 4.8% coupled with a decrease in the cost of interest-bearing deposits of four basis points to 0.23% for the quarter ended March 31, 2022 when compared to the quarter ended December 31, 2021. The decrease in interest-bearing deposits was the result of strategic initiatives of the Bank. The decrease in the cost of interest-bearing deposits was due to the lower interest rate environment which prevailed through most of the first quarter of 2022 and the higher percentage of core deposits in the portfolio.  

Provision for loan losses of $83,000 were recognized for the quarter ended March 31, 2022 compared to $1.2 million for the three months ended December 31, 2021. The changes in the provision were based on management's assessment of economic conditions, loan portfolio growth and composition changes, historical charge-off trends, levels of problem loans and other asset quality trends. Commercial loan growth of $27.0 million was primarily driven by a cash-secured loan which is considered to have no credit risk; therefore we have not provided for losses on this loan. This growth was offset by a decrease in our mortgage warehouse portfolio of $30.2 million, or 11.9%. These changes within our loan portfolio were the primary drivers of lower provision quarter over quarter.

The allowance for loan losses as a percentage of total loans was 1.32% as of March 31, 2022 compared to 1.34% as of December 31, 2021.  The allowance for loan losses provided for 10.26 times coverage of non-performing loans as of March 31, 2022 compared to 6.74times as of December 31, 2021. Non-performing loans were $1.9 million, or 0.10%, of total assets as of March 31, 2022 compared to $2.9 million, or 0.17%, of total assets as of December 31, 2021. As of March 31, 2022, the largest non-performing loan relationship totaling $1.3 million was evaluated for impairment and specific reserves of $1.2 million were allocated.

For the quarter ended March 31, 2022, noninterest income was $1.3 million, which represents an increase of $98,000, or 8.0%, when compared to the quarter ended December 31, 2021. The increase is primarily due to an increase in other income of $61,000, or 132.6% which was mostly due to gains on sold loans of $97,000. Noninterest income also increased due to an increase in customer service fees on deposit accounts of $46,000, or 8.6%. The increase in customer service fees on deposit accounts was primarily due to an increase in business account service charges resulting from growth in our business accounts related to our expanded product offerings to digital asset and banking as a service business customers.

For the quarter ended March 31, 2022, noninterest expense was $11.4 million, which represents a decrease of $399,000, or 3.4%, when compared to the quarter ended December 31, 2021. The decrease was primarily due to a decrease in salaries and employee benefits, partially offset by an increase in insurance expense and a write down of a receivable balance in the first quarter of 2022. Salaries and employee benefits decreased $1.3 million, or 15.1% primarily due to a $984,000 expense in the fourth quarter of 2021 related to the Resignation, Separation Agreement and Full and Final Release of Claims with our President and Chief Lending Officer, as reported on Current Report on Form 8-K on November 1, 2021. Insurance expense increased $405,000, or 964.3%, due to a renewal and reassessment that incorporates consideration of our digital asset product strategies. There was a write down of an SBA receivable in the first quarter of 2022 after the Company evaluated the collectability and determined that $395,000 was uncollectible.

Quarter Ended March 31, 2022 Compared to Quarter Ended March 31, 2021

For the quarter ended March 31, 2022, net interest and dividend income was $17.9 million, which represents an increase of $3.0 million, or 20.2% from the quarter ended March 31, 2021. The primary reason for the increase was an increase in interest and dividend income of $2.6 million, or 16.1%. Interest and dividend income increased due to an increase in average interest earning assets of $158.2 million when compared to the quarter ended March 31, 2021. The increase in average interest earnings assets was primarily due to an increase in the average loan balances of $129.1 million, or 9.8% and an increase in short term investments of $24.8 million, or 22.1%. The increase in interest and dividend income was further supported by an increase in the yield on interest earning assets of 20 basis points to 4.55% for the quarter ended March 31, 2022 compared to 4.35% for the quarter ended March 31, 2021. Also contributing to the increase in net interest and dividend income for the quarter ended March 31, 2022 was a decrease in interest expense of $456,000, or 46.5%, to $525,000 compared to $981,000 for the quarter ended March 31, 2021. Interest expense decreased primarily due to a decrease in average interest bearing deposits of $46.6 million, or 5.5% coupled with a decrease in the cost of interest-bearing deposits of 20 basis points to 0.23% for the quarter ended March 31, 2022 when compared to the same quarter in 2021. The decrease in interest bearing deposits was the result of strategic initiatives of the Bank. The decrease in the cost of interest-bearing deposits was due to the lower interest rate environment which prevailed through most of the first quarter of 2022 and the higher percentage of core deposits in the portfolio.

Provision for loan losses of $83,000 were recognized for the quarter ended March 31, 2022 compared to $753,000 for the quarter ended March 31, 2021. The changes in the provision were based on management's assessment of economic conditions, loan portfolio growth and composition changes, historical charge-off trends, levels of problem loans and other asset quality trends.

The allowance for loan losses as a percentage of total loans was 1.32% as of March 31, 2022 compared to 1.43% as of March 31, 2021.  The allowance for loan losses provided 10.26 times coverage of non-performing loans as of March 31, 2022 compared to 25.53 times as of March 31, 2021. Non-performing loans were $1.9 million, or 0.10%, of total assets as of March 31, 2022 compared to $7.5 million, or 0.48%, of total assets as of March 31, 2021. As of March 31, 2022, the largest non-performing loan relationship totaling $1.3 million was evaluated for impairment and specific reserves of $1.2 million were allocated.

For the quarter ended March 31, 2022, noninterest income was $1.3 million, which represents an increase of $302,000, or 29.7% from the quarter ended March 31, 2021. The increase was primarily due to an increase in customer service fees on deposit accounts of $202,000, or 53.3%, an increase of $37,000, or 52.9% in other income and an increase in bank owned life insurance income of $37,000, or 16.9%. The increase in customer service fees on deposit accounts is attributable to fees generated from cash vault services for our customers who operate Bitcoin ATMs, as well as growth in our business accounts related to our expanded product offerings to digital asset and banking as a service ("BaaS") customers. The increase in other income is primarily attributable to gains on sold loans and the increase in bank owned life insurance income is primarily due to the purchase of additional insurance policies in the fourth quarter of 2021.

For the quarter ended March 31, 2022, noninterest expense was $11.4 million, which represents an increase of $2.2 million, or 23.9% when compared to the quarter ended March 31, 2021. The increase in noninterest expense is primarily due to an increase in salaries and employee benefits, insurance expense, a write down of a receivable balance in the first quarter of 2022 and an increase in professional fees. The increase of $712,000, or 11.0%, in salary and employee benefits was primarily due to an increase in staff to support the development and implementation of new technologies and specialty lending products. The increase in insurance expense of $413,000, or 1,214.7%, is due to a renewal and reassessment that incorporates consideration of our digital asset product strategies. There was a write down of an SBA receivable in the first quarter of 2022 after the Company evaluated the collectability and determined that $395,000 was uncollectible. Professional fees increased $297,000, or 68.9%, primarily due to increased legal fees and audit and compliance costs.

Balance Sheet Results

March 31, 2022 Compared to December 31, 2021

As of March 31, 2022, total assets have increased $62.7 million, or 3.6%, to $1.79 billion compared to $1.73 billion at December 31, 2021. The primary reasons for the increase are increases in cash and cash equivalents and net loans, partially offset by a decrease in debt securities available-for-sale. The increase in cash and cash equivalents of $63.0 million, or 41.1% is primarily due to an increase in deposits. Net loans increased $3.6 million, or 0.3%, and were $1.44 billion as of March 31, 2022 compared to $1.43 billion at December 31, 2021. The increase in net loans was due to an increase in commercial loans of $27.0 million, or 3.7% and construction and land development loans of $8.7 million, or 20.3%, partially offset by decreases in mortgage warehouse loans of $30.2 million, or 11.9%, commercial real estate loans of $2.4 million, or 0.6%, consumer loans of $497,000, or 32.7%, and residential real estate loans of $409,000, or 50.4%. Our commercial loan growth was primarily due to a $30.0 million cash-secured loan issued during the first quarter as well as growth in our enterprise value portfolio of $15.5 million, or 4.56% and our renewable energy portfolio of $2.1 million, or 3.4%. These increases in commercial loan growth were offset by a decrease in PPP loans of $10.4 million, or 83.3%, and a decrease in our digital asset loans of $8.6 million, or 7.1%. Digital asset loans decreased primarily due to the pay-down of an existing $35.0 million credit line, which was offset by $29.1 million in new digital asset loans. The decrease in debt securities available-for-sale was primarily due to principal paydowns on government mortgage-backed securities and unrealized losses during the first quarter.

Total liabilities increased $60.0 million, or 4.0%, from December 31, 2021 due to increased deposits. Deposits were $1.52 billion as of March 31, 2022, representing an increase of $62.4 million, or 4.3%, compared to December 31, 2021. The increase in deposits was primarily due to an increase of $115.5 million, or 14.0%, in NOW and demand deposits, partially offset by a decrease of $53.3 million, or 12.7% in money market accounts. NOW and demand deposits increased primarily due to new and expanded relationships with traditional, digital asset, and BaaS customers. Deposit relationships with digital asset customers totaled $179.4 million at March 31, 2022, representing an increase of $79.7 million, or 80.0%. Deposit relationships with BaaS customers totaled $94.3 million at March 31, 2022, representing an increase of $34.4 million, or 57.5% from December 31, 2021. In addition, the Bank has increased its focus on growing noninterest-bearing deposit balances and as of March 31, 2022 noninterest-bearing deposits represented 49.1% of total deposits compared to 42.9% at December 31, 2021.

As of March 31, 2022, shareholders' equity was $236.5 million compared to $233.8 million at December 31, 2021, representing an increase of $2.8 million, or 1.2%. The increase was primarily due to net income of $5.5 million, stock based compensation expense of $445,000 and employee stock ownership plan shares earned of $383,000, partially offset by the repurchase of 95,229 shares of common stock for $1.5 million, $673,000 from dividends paid, and a decrease in other comprehensive income of $1.3 million.

About Provident Bancorp, Inc.

BankProv, legally operating as The Provident Bank, is a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC). BankProv is a future-ready commercial bank for corporate clients, specializing in offering adaptive and technology-first banking solutions to niche markets, including cryptocurrency, renewable energy, fin-tech and search fund lending. We are committed to offering state-of-the-art APIs (application programming interfaces) for all business clients and BaaS (Banking as a Service) partners. Through our offerings, BankProv insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). For more information about BankProv please visit our website www.bankprov.com or call 877-487-2977.

Forward-looking statements

This news release may contain certain forward-looking statements, such as statements of the Company's or the Bank's plans, objectives, expectations, estimates and intentions. Forward-looking statements may be identified by the use of words such as, "expects," "subject," "believe," "will," "intends," "may," "will be" or "would." These statements are subject to change based on various important factors (some of which are beyond the Company's or the Bank's control) and actual results may differ materially. Accordingly, readers should not place undue reliance on any forward-looking statements (which reflect management's analysis of factors only as of the date of which they are given). These factors include: general economic conditions; the effects of any pandemic; global and national war and terrorism; trends in interest rates; the ability of our borrowers to repay their loans; and the ability of the Company or the Bank to effectively manage its growth and results of regulatory examinations, among other factors. The foregoing list of important factors is not exclusive. Readers should carefully review the risk factors described in other documents of the Company files from time to time with the Securities and Exchange Commission, including Annual and Quarterly Reports on Forms 10-K and 10-Q, and Current Reports on Form 8-K.

Provident Bancorp, Inc.
Carol Houle, 603-334-1253
Executive Vice President/CFO
choule@bankprov.com

 

Provident Bancorp, Inc.
Consolidated Balance Sheet
	At			At
	March 31,			December 31,
	2022			2021
(Dollars in thousands)		(unaudited)
Assets
Cash and due from banks	$	24,694		$	22,470
Short-term investments		191,382			130,645
Cash and cash equivalents		216,076			153,115
Debt securities available-for-sale (at fair value)		33,740			36,837
Federal Home Loan Bank stock, at cost		785			785
Loans held for sale		21,508			22,846
Loans, net of allowance for loan losses of $19,296 and $19,496 as of
March 31, 2022 and December 31, 2021, respectively		1,437,429			1,433,803
Bank owned life insurance		42,825			42,569
Premises and equipment, net		14,062			14,258
Accrued interest receivable		6,400			5,703
Right-of-use assets		4,062			4,102
Other assets		15,123			15,265
Total assets	$	1,792,010		$	1,729,283
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing	$	747,194		$	626,587
Interest-bearing		775,075			833,308
Total deposits		1,522,269			1,459,895
Long-term borrowings		13,500			13,500
Operating lease liabilities		4,361			4,387
Other liabilities		15,335			17,719
Total liabilities		1,555,465			1,495,501
Shareholders' equity:
Preferred stock; authorized 50,000 shares:
no shares issued and outstanding		—			—
Common stock, $0.01 par value, 100,000,000 shares authorized;
17,796,542 and 17,854,649 shares issued and outstanding
at March 31, 2022 and December 31, 2021, respectively		178			179
Additional paid-in capital		122,504			123,498
Retained earnings		122,939			118,087
Accumulated other comprehensive (loss) income		(625)			649
Unearned compensation - ESOP		(8,451)			(8,631)
Total shareholders' equity		236,545			233,782
Total liabilities and shareholders' equity	$	1,792,010		$	1,729,283

 

Provident Bancorp, Inc.
Consolidated Income Statements
(Unaudited)
	Three Months Ended
	March 31,			December 31,			March 31,
(Dollars in thousands, except per share data)	2022			2021			2021
Interest and dividend income:
Interest and fees on loans	$	18,212		$	16,794		$	15,697
Interest and dividends on debt securities available-for-sale		179			184			169
Interest on short-term investments		59			87			23
Total interest and dividend income		18,450			17,065			15,889
Interest expense:
Interest on deposits		455			575			911
Interest on borrowings		70			72			70
Total interest expense		525			647			981
Net interest and dividend income		17,925			16,418			14,908
Provision for loan losses		83			1,233			753
Net interest and dividend income after provision for loan losses		17,842			15,185			14,155
Noninterest income:
Customer service fees on deposit accounts		581			535			379
Service charges and fees - other		376			397			350
Bank owned life insurance income		256			244			219
Other income		107			46			70
Total noninterest income		1,320			1,222			1,018
Noninterest expense:
Salaries and employee benefits		7,189			8,465			6,477
Occupancy expense		439			409			412
Equipment expense		138			137			122
Deposit insurance		151			141			106
Data processing		335			370			321
Marketing expense		127			125			37
Professional fees		728			773			431
Directors' compensation		254			218			254
Software depreciation and implementation		294			272			246
Write down of other assets and receivables		395			—			—
Insurance expense		447			42			34
Other		914			858			773
Total noninterest expense		11,411			11,810			9,213
Income before income tax expense		7,751			4,597			5,960
Income tax expense		2,226			1,008			1,663
Net income	$	5,525		$	3,589		$	4,297
Earnings per share:
Basic	$	0.33		$	0.22		$	0.25
Diluted	$	0.32		$	0.21		$	0.24
Weighted Average Shares:
Basic		16,517,952			16,481,684			17,263,759
Diluted		17,028,057			17,180,466			17,558,160

 

Provident Bancorp, Inc.
Net Interest Income Analysis
(Unaudited)
	For the Three Months Ended
	March 31,								December 31,								March 31,
	2022								2021								2021
				Interest								Interest								Interest
	Average			Earned/			Yield/		Average			Earned/			Yield/		Average			Earned/			Yield/
(Dollars in thousands)	Balance			Paid			Rate (4)		Balance			Paid			Rate (4)		Balance			Paid			Rate (4)
Assets:
Interest-earning assets:
Loans	$	1,446,695		$	18,212		5.04%		$	1,357,838		$	16,794		4.95%		$	1,317,638		$	15,697		4.77%
Short-term investments		136,954			59		0.17%			205,000			87		0.17%			112,198			23		0.08%
Debt securities available-for-sale		35,820			175		1.95%			35,068			180		2.05%			31,344			166		2.12%
Federal Home Loan Bank stock		785			4		2.04%			785			4		2.04%			895			3		1.34%
Total interest-earning assets		1,620,254			18,450		4.55%			1,598,691			17,065		4.27%			1,462,075			15,889		4.35%
Non-interest earning assets		108,115								81,143								66,157
Total assets	$	1,728,369							$	1,679,834							$	1,528,232
Liabilities and shareholders' equity:
Interest-bearing liabilities:
Savings accounts	$	153,480		$	40		0.10%		$	150,340		$	39		0.10%		$	151,375		$	55		0.15%
Money market accounts		392,874			250		0.25%			439,619			292		0.27%			375,078			477		0.51%
NOW accounts		192,564			83		0.17%			179,265			132		0.29%			153,294			98		0.26%
Certificates of deposit		60,627			82		0.54%			70,504			112		0.64%			166,388			281		0.68%
Total interest-bearing deposits		799,545			455		0.23%			839,728			575		0.27%			846,135			911		0.43%
Borrowings		13,500			70		2.07%			13,500			72		2.13%			13,500			70		2.07%
Total interest-bearing liabilities		813,045			525		0.26%			853,228			647		0.30%			859,635			981		0.46%
Noninterest-bearing liabilities:
Noninterest-bearing deposits		657,784								573,059								412,350
Other noninterest-bearing liabilities		21,064								20,045								17,987
Total liabilities		1,491,893								1,446,332								1,289,972
Total equity		236,476								233,502								238,260
Total liabilities and
equity	$	1,728,369							$	1,679,834							$	1,528,232
Net interest income				$	17,925							$	16,418							$	14,908
Interest rate spread (1)							4.29%								3.97%								3.89%
Net interest-earning assets (2)	$	807,209							$	745,463							$	602,440
Net interest margin (3)							4.43%								4.11%								4.08%
Average interest-earning assets to interest-bearing liabilities		199.28%								187.37%								170.08%

(1)	Net interest rate spread represents the difference between the weighted average yield on interest-bearing assets and the weighted average rate of interest-bearing liabilities.
(2)	Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(3)	Net interest margin represents net interest income divided by average total interest-earning assets.
(4)	Annualized.

 

Provident Bancorp, Inc.
Select Financial Highlights
(Unaudited)
	Three Months Ended
	March 31,			December 31,			March 31,
	2022			2021			2021
Performance Ratios:
Return on average assets (1)		1.28%			0.85%			1.12%
Return on average equity (1)		9.35%			6.15%			7.21%
Interest rate spread (1) (3)		4.30%			3.97%			3.89%
Net interest margin (1) (4)		4.43%			4.11%			4.08%
Non-interest expense to average assets (1)		2.64%			2.81%			2.41%
Efficiency ratio (5)		59.29%			66.95%			57.85%
Average interest-earning assets to
average interest-bearing liabilities		199.28%			187.37%			170.08%
Average equity to average assets		13.68%			13.90%			15.59%

 

	At			At			At
	March 31,			December 31,			March 31,
	2022			2021			2021
Asset Quality
Non-accrual loans:
Real estate:
Commercial	$	—		$	—		$	—
Residential		306			812			969
Construction and land development		—			—			—
Commercial		1,569			2,080			6,469
Consumer		6			—			17
Mortgage warehouse		—			—			—
Total non-accrual loans		1,881			2,892			7,455
Accruing loans past due 90 days or more		—			—			—
Other real estate owned		—			—			—
Total non-performing assets	$	1,881		$	2,892		$	7,455
Asset Quality Ratios
Allowance for loan losses as a percent of total loans (2)		1.32%			1.34%			1.43%
Allowance for loan losses as a percent of non-performing loans		1025.84%			674.14%			255.29%
Non-performing loans as a percent of total loans (2)		0.13%			0.20%			0.56%
Non-performing loans as a percent of total assets		0.10%			0.17%			0.48%
Non-performing assets as a percent of total assets (6)		0.10%			0.17%			0.48%
Capital and Share Related
Stockholders' equity to total assets		13.2%			13.5%			15.1%
Book value per share	$	13.29		$	13.09		$	12.61
Market value per share	$	16.22		$	18.60		$	14.40
Shares outstanding		17,796,542			17,854,649			18,574,127

(1)	Annualized where appropriate
(2)	Loans are presented before the allowance but include deferred costs/fees.
(3)	Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of interest-bearing liabilities.
(4)	Represents net interest income as a percent of average interest-earning assets.
(5)	Represents noninterest expense divided by the sum of net interest income and noninterest income, excluding gains on securities available for sale, net.
(6)	Non-performing assets consists of non-accrual loans plus loans accruing but 90 days overdue and OREO.

 

	At					At					At
	March 31,					December 31,					March 31,
	2022					2021					2021
(Dollars in thousands)	Amount			Percent		Amount			Percent		Amount			Percent
Loans
Commercial real estate	$	429,842		29.44%		$	432,275		29.66%		$	435,034		32.65%
Commercial (1)(2)		753,276		51.61%			726,241		49.83%			585,352		43.94%
Residential real estate		403		0.03%			812		0.06%			29,901		2.24%
Construction and land development		51,474		3.53%			42,800		2.94%			33,778		2.54%
Consumer		1,022		0.07%			1,519		0.10%			4,136		0.31%
Mortgage warehouse		223,593		15.32%			253,764		17.41%			244,066		18.32%
		1,459,610		100.00%			1,457,411		100.00%			1,332,267		100.00%
Allowance for loan losses		(19,296)					(19,496)					(19,032)
Deferred loan fees, net		(2,885)					(4,112)					(5,099)
Net loans	$	1,437,429				$	1,433,803				$	1,308,136

 

	At			At			At
	March 31,			December 31,			March 31,
(Dollars in thousands)	2022			2021			2021
Deposits
NOW and demand	$	939,994		$	824,471		$	584,684
Regular savings		154,995			155,267			155,399
Money market deposits		366,277			419,625			386,842
Total non-certificate accounts (3)(4)		1,461,266			1,399,363			1,126,925
Certificate accounts of $250,000 or more		5,084			5,078			5,186
Certificate accounts less than $250,000		55,919			55,454			153,113
Total certificate accounts		61,003			60,532			158,299
Total deposits	$	1,522,269		$	1,459,895		$	1,285,224

(1)	Includes $2.1 million, $12.4 million, and $57.5 million in PPP loans at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.
(2)	Includes $111.9 million, $120.4 million, and $15.0 million in digital asset loans at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.
(3)	Includes $179.4 million, $99.7 million, and $53.7 million in digital asset deposits at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.
(4)	Includes $94.3 million, $59.9 million, and $5.5 million in banking as a service deposits at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.

 

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SOURCE Provident Bancorp, Inc.

FAQ

What were Provident Bancorp's earnings for Q1 2022?

Provident Bancorp reported earnings of $5.5 million, or $0.32 per diluted share for Q1 2022.

When is the dividend payment for Provident Bancorp?

The quarterly cash dividend of $0.04 per share will be paid on May 27, 2022.

How did net interest income perform in Q1 2022 for PVBC?

Net interest income increased by 9.2% to $17.9 million compared to the previous quarter.

What is the recent trend in Provident Bancorp's assets and deposits?

Total assets increased by 3.6% to $1.79 billion, with deposits rising by 4.3% to $1.52 billion.

What was the level of non-performing loans for PVBC in Q1 2022?

Non-performing loans amounted to $1.9 million, representing 0.10% of total assets.