Provident Bancorp, Inc. Reports Net Income of $2.8 Million for the Quarter Ended June 30, 2025
Provident Bancorp (NASDAQ:PVBC) reported strong Q2 2025 financial results with net income of $2.8 million ($0.17 per diluted share), compared to $2.2 million in Q1 2025 and a loss of $3.3 million in Q2 2024. The company's performance showed significant improvement with return on average assets of 0.74% and return on average equity of 4.77%.
Key highlights include net interest and dividend income of $13.5 million, up 13.2% year-over-year, and improved interest rate spread of 2.79%. The company announced a proposed merger with Needham Bank, expected to close in Q4 2025, and completed a sale/leaseback transaction of its Main Office building.
Total assets stood at $1.54 billion as of June 30, 2025, with net loans at $1.29 billion. The bank maintained strong capital ratios with shareholders' equity at $237.4 million and a book value per share of $13.34.
Provident Bancorp (NASDAQ:PVBC) ha riportato risultati finanziari solidi nel secondo trimestre del 2025 con un utile netto di 2,8 milioni di dollari (0,17 dollari per azione diluita), rispetto ai 2,2 milioni di dollari del primo trimestre 2025 e a una perdita di 3,3 milioni di dollari nel secondo trimestre 2024. Le performance dell'azienda hanno mostrato un miglioramento significativo con un rendimento medio delle attività pari allo 0,74% e un rendimento medio del capitale proprio del 4,77%.
I punti salienti includono un reddito netto da interessi e dividendi di 13,5 milioni di dollari, in crescita del 13,2% su base annua, e un miglioramento dello spread sui tassi di interesse al 2,79%. La società ha annunciato una proposta di fusione con Needham Bank, prevista per il quarto trimestre del 2025, e ha completato una transazione di vendita e leasing del suo edificio della sede principale.
Al 30 giugno 2025, il totale delle attività ammontava a 1,54 miliardi di dollari, con prestiti netti pari a 1,29 miliardi di dollari. La banca ha mantenuto solidi rapporti patrimoniali con un patrimonio netto degli azionisti di 237,4 milioni di dollari e un valore contabile per azione di 13,34 dollari.
Provident Bancorp (NASDAQ:PVBC) reportó sólidos resultados financieros en el segundo trimestre de 2025 con un ingreso neto de 2.8 millones de dólares (0.17 dólares por acción diluida), en comparación con 2.2 millones en el primer trimestre de 2025 y una pérdida de 3.3 millones en el segundo trimestre de 2024. El desempeño de la compañía mostró una mejora significativa con un retorno sobre activos promedio del 0.74% y un retorno sobre el capital promedio del 4.77%.
Los aspectos destacados incluyen un ingreso neto por intereses y dividendos de 13.5 millones de dólares, un aumento del 13.2% interanual, y una mejora en el margen de tasa de interés al 2.79%. La compañía anunció una propuesta de fusión con Needham Bank, que se espera cierre en el cuarto trimestre de 2025, y completó una operación de venta y arrendamiento de su edificio de oficina principal.
Los activos totales alcanzaron los 1.54 mil millones de dólares al 30 de junio de 2025, con préstamos netos de 1.29 mil millones. El banco mantuvo sólidos índices de capital con un patrimonio de los accionistas de 237.4 millones de dólares y un valor contable por acción de 13.34 dólares.
Provident Bancorp (NASDAQ:PVBC)는 2025년 2분기에 순이익 280만 달러(희석 주당 0.17달러)를 기록하며 강력한 재무 실적을 보고했습니다. 이는 2025년 1분기의 220만 달러와 2024년 2분기의 330만 달러 손실과 비교됩니다. 회사의 성과는 평균 자산 수익률 0.74%와 평균 자기자본 수익률 4.77%로 크게 개선되었습니다.
주요 내용으로는 순이자 및 배당 수익 1,350만 달러로 전년 동기 대비 13.2% 증가하였고, 이자율 스프레드가 2.79%로 개선된 점이 포함됩니다. 회사는 2025년 4분기 종료 예정인 Needham Bank와의 합병 제안을 발표했으며, 본사 건물에 대한 매각 및 리스백 거래를 완료했습니다.
2025년 6월 30일 기준 총 자산은 15억 4천만 달러이며, 순대출금은 12억 9천만 달러입니다. 은행은 주주 자본 2억 3,740만 달러와 주당 장부가치 13.34달러로 견고한 자본 비율을 유지하고 있습니다.
Provident Bancorp (NASDAQ:PVBC) a annoncé de solides résultats financiers pour le deuxième trimestre 2025 avec un revenu net de 2,8 millions de dollars (0,17 dollar par action diluée), contre 2,2 millions au premier trimestre 2025 et une perte de 3,3 millions au deuxième trimestre 2024. Les performances de la société ont montré une amélioration significative avec un rendement moyen des actifs de 0,74% et un rendement moyen des capitaux propres de 4,77%.
Les points clés incluent un revenu net d’intérêts et de dividendes de 13,5 millions de dollars, en hausse de 13,2 % sur un an, ainsi qu’une amélioration de la marge d’intérêt à 2,79 %. La société a annoncé une proposition de fusion avec Needham Bank, dont la clôture est prévue au quatrième trimestre 2025, et a finalisé une opération de cession-bail de son bâtiment principal.
Au 30 juin 2025, le total des actifs s’élevait à 1,54 milliard de dollars, avec des prêts nets de 1,29 milliard. La banque a maintenu de solides ratios de capitaux propres avec un capital social de 237,4 millions de dollars et une valeur comptable par action de 13,34 dollars.
Provident Bancorp (NASDAQ:PVBC) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem Nettoeinkommen von 2,8 Millionen US-Dollar (0,17 US-Dollar pro verwässerter Aktie), im Vergleich zu 2,2 Millionen US-Dollar im ersten Quartal 2025 und einem Verlust von 3,3 Millionen US-Dollar im zweiten Quartal 2024. Die Unternehmensleistung zeigte eine deutliche Verbesserung mit einer Rendite auf durchschnittliche Vermögenswerte von 0,74% und einer Rendite auf das durchschnittliche Eigenkapital von 4,77%.
Zu den wichtigsten Highlights zählen ein Nettozinsertrag und Dividenden von 13,5 Millionen US-Dollar, ein Anstieg von 13,2 % im Jahresvergleich, sowie eine verbesserte Zinsmarge von 2,79 %. Das Unternehmen kündigte eine geplante Fusion mit der Needham Bank an, die voraussichtlich im vierten Quartal 2025 abgeschlossen wird, und schloss eine Sale-and-Leaseback-Transaktion für das Hauptbürogebäude ab.
Die Gesamtvermögenswerte beliefen sich zum 30. Juni 2025 auf 1,54 Milliarden US-Dollar, mit Nettokrediten in Höhe von 1,29 Milliarden US-Dollar. Die Bank hielt starke Kapitalquoten mit einem Eigenkapital von 237,4 Millionen US-Dollar und einem Buchwert je Aktie von 13,34 US-Dollar.
- Net income increased to $2.8 million in Q2 2025, up from $2.2 million in Q1 2025
- Net interest and dividend income grew 13.2% year-over-year to $13.5 million
- Interest rate spread improved to 2.79% from 2.10% year-over-year
- Strategic merger with Needham Bank announced, expected to close in Q4 2025
- Total cost of interest-bearing liabilities decreased 74 basis points year-over-year
- Credit loss benefit of $378,000 recognized in Q2 2025
- Non-accrual loans increased to $34.4 million (2.24% of total assets) from $20.9 million in December 2024
- Total assets decreased by $52.3 million (3.3%) from December 2024
- Total deposits decreased by $51.0 million (3.9%) from December 2024
- Merger-related expenses and SEC Wells Notice impacted noninterest expenses
- Higher effective tax rate of 30.2% due to non-deductible merger-related expenses
Insights
Provident Bancorp reported solid Q2 earnings with improved metrics, amid progress on their Needham Bank merger expected to close in Q4 2025.
Provident Bancorp (PVBC) delivered net income of
The bank's net interest margin expanded to
A key positive is the
The bank's ongoing merger with Needham Bank, announced in Q2 and expected to close in Q4 2025, appears to be progressing smoothly. While the merger resulted in
Asset quality metrics showed mixed signals. Non-accrual loans increased to
The bank's strategic repositioning continues with a
Capital levels strengthened, with shareholders' equity to total assets increasing to
The Company's return on average assets was
In announcing these results, Joseph Reilly, Chief Executive Officer, said, "We're pleased to report improvements in earnings during an eventful second quarter of 2025, which included the announcement of our proposed merger with Needham Bank and the sale/leaseback of our Main Office building to the
For the quarter ended June 30, 2025, net interest and dividend income was
Total interest and dividend income was
Total interest expense was
Total interest expense decreased
The Company recognized a
Net recoveries totaled
Noninterest income was
Noninterest expense was
The Company recorded an income tax provision of
Total assets were
The allowance for credit losses for loans was
Total deposits were
As of June 30, 2025, shareholders' equity totaled
About Provident Bancorp, Inc.
Provident Bancorp, Inc. (NASDAQ:PVBC) is the holding company for BankProv, a full-service commercial bank headquartered in
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 on which they are given). These factors include: those related to the status of our proposed merger with NB Bancorp, Inc., general economic conditions, including potential recessionary conditions; interest rates; inflation; levels of unemployment; legislative, regulatory and accounting changes; monetary and fiscal policies of the
Investor contact:
Joseph Reilly
President and Chief Executive Officer
Provident Bancorp, Inc.
jreilly@bankprov.com
Provident Bancorp, Inc. Consolidated Balance Sheet | ||||||||||||
At | At | At | ||||||||||
June 30, | March 31, | December 31, | ||||||||||
2025 | 2025 | 2024 | ||||||||||
(Dollars in thousands) | (unaudited) | (unaudited) | ||||||||||
Assets | ||||||||||||
Cash and due from banks | $ | 21,700 | $ | 21,444 | $ | 27,536 | ||||||
Short-term investments | 107,209 | 103,540 | 141,606 | |||||||||
Cash and cash equivalents | 128,909 | 124,984 | 169,142 | |||||||||
Debt securities available-for-sale (at fair value) | 24,534 | 25,199 | 25,693 | |||||||||
Federal Home Loan Bank stock, at cost | 2,242 | 2,696 | 2,697 | |||||||||
Loans: | ||||||||||||
Commercial real estate | 580,750 | 587,541 | 559,325 | |||||||||
Construction and land development | 37,362 | 32,401 | 28,097 | |||||||||
Residential real estate | 4,936 | 5,647 | 6,008 | |||||||||
Mortgage warehouse | 284,154 | 276,069 | 259,181 | |||||||||
Commercial | 160,596 | 168,087 | 163,927 | |||||||||
Enterprise value | 246,382 | 262,445 | 309,786 | |||||||||
Consumer | 85 | 165 | 271 | |||||||||
Total loans | 1,314,265 | 1,332,355 | 1,326,595 | |||||||||
Allowance for credit losses for loans | (20,796) | (21,160) | (21,087) | |||||||||
Net loans | 1,293,469 | 1,311,195 | 1,305,508 | |||||||||
Bank owned life insurance | 46,679 | 46,344 | 46,017 | |||||||||
Premises and equipment, net | 10,127 | 10,021 | 10,188 | |||||||||
Accrued interest receivable | 4,877 | 4,968 | 5,296 | |||||||||
Right-of-use assets | 5,488 | 3,391 | 3,429 | |||||||||
Deferred tax asset, net | 12,631 | 13,399 | 13,808 | |||||||||
Other assets | 11,925 | 11,759 | 11,392 | |||||||||
Total assets | $ | 1,540,881 | $ | 1,553,956 | $ | 1,593,170 | ||||||
Liabilities and Shareholders' Equity | ||||||||||||
Deposits: | ||||||||||||
Noninterest-bearing demand deposits | $ | 287,927 | $ | 302,275 | $ | 351,528 | ||||||
NOW | 103,115 | 69,394 | 83,270 | |||||||||
Regular savings | 105,123 | 112,961 | 132,198 | |||||||||
Money market deposits | 463,100 | 445,313 | 463,687 | |||||||||
Certificates of deposit | 298,713 | 254,579 | 278,277 | |||||||||
Total deposits | 1,257,978 | 1,184,522 | 1,308,960 | |||||||||
Borrowings: | ||||||||||||
Short-term borrowings | 25,000 | 118,000 | 35,000 | |||||||||
Long-term borrowings | 9,495 | 9,529 | 9,563 | |||||||||
Total borrowings | 34,495 | 127,529 | 44,563 | |||||||||
Operating lease liabilities | 5,939 | 3,833 | 3,862 | |||||||||
Other liabilities | 5,098 | 4,037 | 4,698 | |||||||||
Total liabilities | 1,303,510 | 1,319,921 | 1,362,083 | |||||||||
Shareholders' equity: | ||||||||||||
Preferred stock, | — | — | — | |||||||||
Common stock, | 178 | 178 | 178 | |||||||||
Additional paid-in capital | 126,329 | 125,895 | 125,446 | |||||||||
Retained earnings | 118,555 | 115,731 | 113,561 | |||||||||
Accumulated other comprehensive loss | (1,578) | (1,476) | (1,625) | |||||||||
Unearned compensation - ESOP | (6,113) | (6,293) | (6,473) | |||||||||
Total shareholders' equity | 237,371 | 234,035 | 231,087 | |||||||||
Total liabilities and shareholders' equity | $ | 1,540,881 | $ | 1,553,956 | $ | 1,593,170 | ||||||
Provident Bancorp, Inc. Consolidated Income Statements (Unaudited) | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
(Dollars in thousands, except per share data) | 2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||
Interest and dividend income: | ||||||||||||||||||||
Interest and fees on loans | $ | 20,085 | $ | 19,307 | $ | 20,311 | $ | 39,392 | $ | 40,380 | ||||||||||
Interest and dividends on debt securities available-for-sale | 231 | 260 | 243 | 491 | 480 | |||||||||||||||
Interest on short-term investments | 984 | 1,013 | 1,318 | 1,997 | 3,047 | |||||||||||||||
Total interest and dividend income | 21,300 | 20,580 | 21,872 | 41,880 | 43,907 | |||||||||||||||
Interest expense: | ||||||||||||||||||||
Interest on deposits | 7,261 | 7,369 | 9,607 | 14,630 | 18,947 | |||||||||||||||
Interest on short-term borrowings | 482 | 306 | 281 | 788 | 459 | |||||||||||||||
Interest on long-term borrowings | 30 | 30 | 31 | 60 | 62 | |||||||||||||||
Total interest expense | 7,773 | 7,705 | 9,919 | 15,478 | 19,468 | |||||||||||||||
Net interest and dividend income | 13,527 | 12,875 | 11,953 | 26,402 | 24,439 | |||||||||||||||
Credit loss (benefit) expense - loans | (384) | 70 | 6,467 | (314) | 924 | |||||||||||||||
Credit loss expense (benefit) - off-balance sheet credit exposures | 6 | (82) | (9) | (76) | (47) | |||||||||||||||
Total credit loss (benefit) expense | (378) | (12) | 6,458 | (390) | 877 | |||||||||||||||
Net interest and dividend income after credit loss (benefit) expense | 13,905 | 12,887 | 5,495 | 26,792 | 23,562 | |||||||||||||||
Noninterest income: | ||||||||||||||||||||
Customer service fees on deposit accounts | 690 | 715 | 665 | 1,405 | 1,339 | |||||||||||||||
Service charges and fees - other | 442 | 276 | 349 | 718 | 658 | |||||||||||||||
Bank owned life insurance income | 335 | 327 | 319 | 662 | 621 | |||||||||||||||
Other income | 764 | 62 | 190 | 826 | 261 | |||||||||||||||
Total noninterest income | 2,231 | 1,380 | 1,523 | 3,611 | 2,879 | |||||||||||||||
Noninterest expense: | ||||||||||||||||||||
Salaries and employee benefits | 7,338 | 7,576 | 7,293 | 14,914 | 15,438 | |||||||||||||||
Occupancy expense | 376 | 448 | 407 | 824 | 850 | |||||||||||||||
Equipment expense | 120 | 144 | 160 | 264 | 312 | |||||||||||||||
Deposit insurance | 294 | 332 | 321 | 626 | 654 | |||||||||||||||
Data processing | 410 | 421 | 402 | 831 | 815 | |||||||||||||||
Marketing expense | 62 | 45 | 76 | 107 | 94 | |||||||||||||||
Professional fees | 1,124 | 569 | 984 | 1,693 | 2,298 | |||||||||||||||
Directors' compensation | 197 | 195 | 177 | 392 | 351 | |||||||||||||||
Software depreciation and implementation | 532 | 553 | 584 | 1,085 | 1,127 | |||||||||||||||
Insurance expense | 224 | 221 | 303 | 445 | 604 | |||||||||||||||
Service fees | 371 | 318 | 234 | 689 | 476 | |||||||||||||||
Other | 1,043 | 610 | 653 | 1,653 | 1,310 | |||||||||||||||
Total noninterest expense | 12,091 | 11,432 | 11,594 | 23,523 | 24,329 | |||||||||||||||
Income (loss) before income tax expense | 4,045 | 2,835 | (4,576) | 6,880 | 2,112 | |||||||||||||||
Income tax expense (benefit) | 1,221 | 665 | (1,268) | 1,886 | 439 | |||||||||||||||
Net income (loss) | $ | 2,824 | $ | 2,170 | $ | (3,308) | $ | 4,994 | $ | 1,673 | ||||||||||
Earnings (loss) per share: | ||||||||||||||||||||
Basic | $ | 0.17 | $ | 0.13 | $ | (0.20) | $ | 0.30 | $ | 0.10 | ||||||||||
Diluted | $ | 0.17 | $ | 0.13 | $ | (0.20) | $ | 0.29 | $ | 0.10 | ||||||||||
Weighted Average Shares: | ||||||||||||||||||||
Basic | 16,860,744 | 16,822,196 | 16,706,793 | 16,841,577 | 16,688,122 | |||||||||||||||
Diluted | 16,954,078 | 16,924,083 | 16,706,793 | 16,938,788 | 16,723,763 | |||||||||||||||
Provident Bancorp, Inc. Net Interest Income Analysis (Unaudited) | ||||||||||||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||||||||||||
June 30, 2025 | March 31, 2025 | June 30, 2024 | ||||||||||||||||||||||||||||||||||
Interest | Interest | Interest | ||||||||||||||||||||||||||||||||||
Average | Earned/ | Yield/ | Average | Earned/ | Yield/ | Average | Earned/ | Yield/ | ||||||||||||||||||||||||||||
(Dollars in thousands) | Balance | Paid | Rate (5) | Balance | Paid | Rate (5) | Balance | Paid | Rate (5) | |||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||
Loans (1) | $ | 1,320,244 | $ | 20,085 | 6.09 | % | $ | 1,291,583 | $ | 19,307 | 5.98 | % | $ | 1,328,650 | $ | 20,311 | 6.11 | % | ||||||||||||||||||
Short-term investments | 87,843 | 984 | 4.48 | % | 90,198 | 1,013 | 4.49 | % | 102,395 | 1,318 | 5.15 | % | ||||||||||||||||||||||||
Debt securities available-for-sale | 24,786 | 182 | 2.94 | % | 25,594 | 190 | 2.97 | % | 27,485 | 206 | 3.00 | % | ||||||||||||||||||||||||
Federal Home Loan Bank stock | 2,596 | 49 | 7.55 | % | 2,696 | 70 | 10.39 | % | 1,865 | 37 | 7.94 | % | ||||||||||||||||||||||||
Total interest-earning assets | 1,435,469 | 21,300 | 5.94 | % | 1,410,071 | 20,580 | 5.84 | % | 1,460,395 | 21,872 | 5.99 | % | ||||||||||||||||||||||||
Noninterest earning assets | 87,489 | 92,277 | 104,388 | |||||||||||||||||||||||||||||||||
Total assets | $ | 1,522,958 | $ | 1,502,348 | $ | 1,564,783 | ||||||||||||||||||||||||||||||
Liabilities and shareholders' equity: | ||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
Savings accounts | $ | 106,622 | $ | 215 | 0.81 | % | $ | 118,713 | $ | 264 | 0.89 | % | $ | 215,344 | $ | 1,646 | 3.06 | % | ||||||||||||||||||
Money market accounts | 446,440 | 3,733 | 3.34 | % | 447,792 | 3,756 | 3.36 | % | 456,566 | 4,499 | 3.94 | % | ||||||||||||||||||||||||
NOW accounts | 92,260 | 395 | 1.71 | % | 72,893 | 257 | 1.41 | % | 69,737 | 225 | 1.29 | % | ||||||||||||||||||||||||
Certificates of deposit | 287,166 | 2,918 | 4.06 | % | 268,879 | 3,092 | 4.60 | % | 251,361 | 3,237 | 5.15 | % | ||||||||||||||||||||||||
Total interest-bearing deposits | 932,488 | 7,261 | 3.11 | % | 908,277 | 7,369 | 3.25 | % | 993,008 | 9,607 | 3.87 | % | ||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||||||||
Short-term borrowings | 43,989 | 482 | 4.38 | % | 37,922 | 306 | 3.23 | % | 17,439 | 281 | 6.45 | % | ||||||||||||||||||||||||
Long-term borrowings | 9,507 | 30 | 1.26 | % | 9,542 | 30 | 1.26 | % | 9,642 | 31 | 1.29 | % | ||||||||||||||||||||||||
Total borrowings | 53,496 | 512 | 3.83 | % | 47,464 | 336 | 2.83 | % | 27,081 | 312 | 4.61 | % | ||||||||||||||||||||||||
Total interest-bearing liabilities | 985,984 | 7,773 | 3.15 | % | 955,741 | 7,705 | 3.22 | % | 1,020,089 | 9,919 | 3.89 | % | ||||||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 292,421 | 304,601 | 306,081 | |||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | 7,920 | 8,277 | 10,519 | |||||||||||||||||||||||||||||||||
Total liabilities | 1,286,325 | 1,268,619 | 1,336,689 | |||||||||||||||||||||||||||||||||
Total equity | 236,633 | 233,729 | 228,094 | |||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 1,522,958 | $ | 1,502,348 | $ | 1,564,783 | ||||||||||||||||||||||||||||||
Net interest income | $ | 13,527 | $ | 12,875 | $ | 11,953 | ||||||||||||||||||||||||||||||
Interest rate spread (2) | 2.79 | % | 2.62 | % | 2.10 | % | ||||||||||||||||||||||||||||||
Net interest-earning assets (3) | $ | 449,485 | $ | 454,330 | $ | 440,306 | ||||||||||||||||||||||||||||||
Net interest margin (4) | 3.77 | % | 3.65 | % | 3.27 | % | ||||||||||||||||||||||||||||||
Average interest-earning assets | 145.59 | % | 147.54 | % | 143.16 | % | ||||||||||||||||||||||||||||||
(1) | Interest earned/paid on loans includes |
(2) | Interest rate spread represents the difference between the weighted average yield on interest-bearing 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 as a percentage of average interest-earning assets. |
(5) | Annualized. |
For the Six Months Ended | ||||||||||||||||||||||||
June 30, 2025 | June 30, 2024 | |||||||||||||||||||||||
Interest | Interest | |||||||||||||||||||||||
Average | Earned/ | Yield/ | Average | Earned/ | Yield/ | |||||||||||||||||||
(Dollars in thousands) | Balance | Paid | Rate (5) | Balance | Paid | Rate (5) | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans (1) | $ | 1,305,993 | $ | 39,392 | 6.03 | % | $ | 1,325,955 | $ | 40,380 | 6.09 | % | ||||||||||||
Short-term investments | 89,014 | 1,997 | 4.49 | % | 112,971 | 3,047 | 5.39 | % | ||||||||||||||||
Debt securities available-for-sale | 25,187 | 371 | 2.95 | % | 27,859 | 411 | 2.95 | % | ||||||||||||||||
Federal Home Loan Bank stock | 2,646 | 120 | 9.07 | % | 1,824 | 69 | 7.57 | % | ||||||||||||||||
Total interest-earning assets | 1,422,840 | 41,880 | 5.89 | % | 1,468,609 | 43,907 | 5.98 | % | ||||||||||||||||
Noninterest earning assets | 89,870 | 101,639 | ||||||||||||||||||||||
Total assets | $ | 1,512,710 | $ | 1,570,248 | ||||||||||||||||||||
Liabilities and shareholders' equity: | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Savings accounts | $ | 112,635 | $ | 479 | 0.85 | % | $ | 229,746 | $ | 3,607 | 3.14 | % | ||||||||||||
Money market accounts | 447,112 | 7,489 | 3.35 | % | 455,724 | 8,737 | 3.83 | % | ||||||||||||||||
NOW accounts | 82,630 | 652 | 1.58 | % | 76,284 | 408 | 1.07 | % | ||||||||||||||||
Certificates of deposit | 278,073 | 6,010 | 4.32 | % | 240,989 | 6,195 | 5.14 | % | ||||||||||||||||
Total interest-bearing deposits | 920,450 | 14,630 | 3.18 | % | 1,002,743 | 18,947 | 3.78 | % | ||||||||||||||||
Borrowings | ||||||||||||||||||||||||
Short-term borrowings | 40,972 | 788 | 3.85 | % | 14,811 | 459 | 6.20 | % | ||||||||||||||||
Long-term borrowings | 9,524 | 60 | 1.26 | % | 9,658 | 62 | 1.28 | % | ||||||||||||||||
Total borrowings | 50,496 | 848 | 3.36 | % | 24,469 | 521 | 4.26 | % | ||||||||||||||||
Total interest-bearing liabilities | 970,946 | 15,478 | 3.19 | % | 1,027,212 | 19,468 | 3.79 | % | ||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||
Noninterest-bearing deposits | 298,477 | 306,215 | ||||||||||||||||||||||
Other noninterest-bearing liabilities | 8,097 | 11,280 | ||||||||||||||||||||||
Total liabilities | 1,277,520 | 1,344,707 | ||||||||||||||||||||||
Total equity | 235,190 | 225,541 | ||||||||||||||||||||||
Total liabilities and equity | $ | 1,512,710 | $ | 1,570,248 | ||||||||||||||||||||
Net interest income | $ | 26,402 | $ | 24,439 | ||||||||||||||||||||
Interest rate spread (2) | 2.70 | % | 2.19 | % | ||||||||||||||||||||
Net interest-earning assets (3) | $ | 451,894 | $ | 441,397 | ||||||||||||||||||||
Net interest margin (4) | 3.71 | % | 3.33 | % | ||||||||||||||||||||
Average interest-earning assets to interest-bearing liabilities | 146.54 | % | 142.97 | % | ||||||||||||||||||||
(1) | Interest earned/paid on loans includes |
(2) | Interest rate spread represents the difference between the weighted average yield on interest-bearing 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 as a percent of average interest-earning assets. |
(5) | Annualized. |
Provident Bancorp, Inc. Select Financial Highlights (Unaudited) | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | |||||||||||||||||
2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
Performance Ratios: | ||||||||||||||||||||
Return (loss) on average assets (1) | 0.74 | % | 0.58 | % | (0.85) | % | 0.66 | % | 0.21 | % | ||||||||||
Return (loss) on average equity (1) | 4.77 | % | 3.71 | % | (5.80) | % | 4.25 | % | 1.48 | % | ||||||||||
Interest rate spread (1) (2) | 2.79 | % | 2.62 | % | 2.10 | % | 2.70 | % | 2.19 | % | ||||||||||
Net interest margin (1) (3) | 3.77 | % | 3.65 | % | 3.27 | % | 3.71 | % | 3.33 | % | ||||||||||
Noninterest expense to average assets (1) | 3.18 | % | 3.04 | % | 2.96 | % | 3.11 | % | 3.10 | % | ||||||||||
Efficiency ratio (4) | 76.73 | % | 80.20 | % | 86.03 | % | 78.38 | % | 89.06 | % | ||||||||||
Average interest-earning assets to average interest-bearing liabilities | 145.59 | % | 147.54 | % | 143.16 | % | 146.54 | % | 142.97 | % | ||||||||||
Average equity to average assets | 15.54 | % | 15.56 | % | 14.58 | % | 15.55 | % | 14.36 | % | ||||||||||
At | At | At | ||||||||||
June 30, | March 31, | December 31, | ||||||||||
(Dollars in thousands) | 2025 | 2025 | 2024 | |||||||||
Asset Quality | ||||||||||||
Non-accrual loans: | ||||||||||||
Commercial real estate | $ | 54 | $ | 217 | $ | 57 | ||||||
Residential real estate | 420 | 360 | 366 | |||||||||
Commercial | 1,536 | 1,543 | 1,543 | |||||||||
Enterprise value | 32,430 | 29,298 | 18,920 | |||||||||
Consumer | — | 1 | 1 | |||||||||
Total non-accrual loans | 34,440 | 31,419 | 20,887 | |||||||||
Total non-performing assets | $ | 34,440 | $ | 31,419 | $ | 20,887 | ||||||
Asset Quality Ratios | ||||||||||||
Allowance for credit losses for loans as a percent of total loans (5) | 1.58 | % | 1.59 | % | 1.59 | % | ||||||
Allowance for credit losses for loans as a percent of non-performing loans | 60.38 | % | 67.35 | % | 100.96 | % | ||||||
Non-performing loans as a percent of total loans (5) | 2.62 | % | 2.36 | % | 1.57 | % | ||||||
Non-performing loans as a percent of total assets | 2.24 | % | 2.02 | % | 1.31 | % | ||||||
Capital and Share Related | ||||||||||||
Shareholders' equity to total assets | 15.40 | % | 15.06 | % | 14.50 | % | ||||||
Book value per share | $ | 13.34 | $ | 13.16 | $ | 12.99 | ||||||
Market value per share | $ | 12.49 | $ | 11.48 | $ | 11.40 | ||||||
Shares outstanding | 17,788,038 | 17,788,543 | 17,788,543 | |||||||||
(1) | Annualized. |
(2) | Interest rate spread represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of interest-bearing liabilities. |
(3) | Net interest margin represents net interest income as a percent of average interest-earning assets. |
(4) | The efficiency ratio represents noninterest expense divided by the sum of net interest income and noninterest income, excluding gains on securities available for sale, net (if applicable). |
(5) | Loans are presented at amortized cost. |
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SOURCE Provident Bancorp, Inc.
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