Provident Bancorp, Inc. Reports Results for the September 30, 2024 Quarter
Rhea-AI Summary
Provident Bancorp reported net income of $716,000 ($0.04 per diluted share) for Q3 2024, compared to a net loss of $3.3 million in Q2 2024 and net income of $2.5 million in Q3 2023. Net interest and dividend income was $12.4 million, up 3.8% from Q2 2024 but down 10.6% from Q3 2023. The company recognized a $1.7 million provision for credit losses, primarily due to an additional reserve on a $17.6 million enterprise value relationship. Total assets were $1.65 billion, with net loans increasing by $37.3 million to $1.39 billion. The allowance for credit losses was $21.9 million, representing 1.56% of total loans.
Positive
- Net income improved to $716,000 in Q3 2024 from a loss of $3.3 million in Q2 2024
- Net interest and dividend income increased by 3.8% quarter-over-quarter to $12.4 million
- Net loans increased by $37.3 million (2.8%) from previous quarter
- Retail deposits increased by $59.5 million (8.1%) from previous quarter
- Book value per share increased to $12.76 from $12.70 in previous quarter
Negative
- Net income decreased 71.4% year-over-year from $2.5 million in Q3 2023
- Net interest and dividend income declined 10.6% year-over-year
- Non-accrual loans increased to $37.2 million (2.25% of total assets) from $21.3 million in Q2 2024
- Additional $1.7 million provision for credit losses required in Q3 2024
- Total deposits decreased by $42.7 million (3.2%) from December 2023
News Market Reaction – PVBC
In the trading session that priced this news, PVBC declined 3.81%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
In announcing these results, Joseph Reilly, Chief Executive Officer, said, "We are pleased to report net income for the quarter as we continue to execute our strategic plan. These results once again include an increase to a valuation adjustment on a loan relationship in our enterprise value portfolio, which somewhat overshadows positive momentum in the general achievement of our strategic objectives. We are excited that our exhaustive efforts to strengthen our retail deposit base are yielding positive results, with consistent increases in our branch activity and balances since the prior quarter and throughout 2024. These results are enabling us to run off high-cost third-party deposits, strengthen our liquidity position and optimize the benefit from the late-September interest rate reduction by the Federal Reserve, which should serve to highlight the importance of these efforts and result in meaningful reductions in our cost of funds."
For the quarter ended September 30, 2024, net interest and dividend income was
Total interest and dividend income was
Total interest expense was
Total interest expense increased
The Company recognized a
Net charge-offs totaled
Non-accrual loans were
Mr. Reilly noted "The Bank has evaluated the construction and land development loan relationship placed on non-accrual status in the third quarter. The Bank, due to the high collateral value of the project, is exploring options to work out or exit this relationship as efficiently as possible. We continue to closely monitor our portfolios to detect and address any weaknesses in specific relationships and mitigate the impact of troubled credits."
Noninterest income was
Noninterest expense was
Mr. Reilly noted "Our institution has concentrated efforts on improving our risk profile by redirecting our focus to traditional community banking. This endeavor presented an opportunity to comprehensively evaluate operating expenses to eliminate costs that no longer support our current strategy or risk appetite. While these efforts are ongoing, we have completed an evaluation to reduce our professional services, including legal and consulting costs, and carried out a workforce reduction of over five percent of our employee base during the quarter. While our employees will always be a top priority and the foundation of our core values, these unfortunate measures were required to ensure a responsible deployment of resources that closely aligns with current strategic objectives."
The Company recorded an income tax provision of
Total assets were
Total deposits were
As of September 30, 2024, shareholders' equity totaled
Mr. Reilly concluded, "As we enter the final quarter of 2024, our primary focus remains an unwavering commitment to our employees, customers and stakeholders. I am always pleased to see the many ways our employees are fulfilling our core values while delivering trusted banking services to our customers. The relationships we have cultivated or strengthened by proactively engaging with the communities we serve have provided the natural pathway to efficiently achieve our strategic objectives."
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: general economic 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 | ||||||||||
September 30, | June 30, | December 31, | ||||||||||
2024 | 2024 | 2023 | ||||||||||
(Dollars in thousands) | (unaudited) | (unaudited) | ||||||||||
Assets | ||||||||||||
Cash and due from banks | $ | 29,555 | $ | 19,192 | $ | 22,200 | ||||||
Short-term investments | 109,110 | 152,425 | 198,132 | |||||||||
Cash and cash equivalents | 138,665 | 171,617 | 220,332 | |||||||||
Debt securities available-for-sale (at fair value) | 27,426 | 27,328 | 28,571 | |||||||||
Federal Home Loan Bank stock, at cost | 3,619 | 5,121 | 4,056 | |||||||||
Loans: | ||||||||||||
Commercial real estate | 549,029 | 510,395 | 468,928 | |||||||||
Construction and land development | 41,401 | 57,145 | 77,851 | |||||||||
Residential real estate | 6,517 | 6,671 | 7,169 | |||||||||
Mortgage warehouse | 292,866 | 256,516 | 166,567 | |||||||||
Commercial | 170,514 | 144,700 | 176,124 | |||||||||
Enterprise value | 348,171 | 394,177 | 433,633 | |||||||||
Digital asset | — | — | 12,289 | |||||||||
Consumer | 94 | 92 | 168 | |||||||||
Total Loans | 1,408,592 | 1,369,696 | 1,342,729 | |||||||||
Allowance for credit losses on loans | (21,923) | (20,341) | (21,571) | |||||||||
Net loans | 1,386,669 | 1,349,355 | 1,321,158 | |||||||||
Bank owned life insurance | 45,683 | 45,357 | 44,735 | |||||||||
Premises and equipment, net | 10,343 | 12,713 | 12,986 | |||||||||
Accrued interest receivable | 5,247 | 6,396 | 6,090 | |||||||||
Right-of-use assets | 3,467 | 3,704 | 3,780 | |||||||||
Deferred tax asset, net | 14,805 | 14,462 | 14,461 | |||||||||
Other assets | 12,280 | 10,749 | 14,140 | |||||||||
Total assets | $ | 1,648,204 | $ | 1,646,802 | $ | 1,670,309 | ||||||
Liabilities and Shareholders' Equity | ||||||||||||
Deposits: | ||||||||||||
Noninterest-bearing demand deposits | $ | 318,475 | $ | 311,814 | $ | 308,769 | ||||||
NOW | 92,349 | 84,811 | 93,812 | |||||||||
Regular savings | 140,979 | 168,387 | 231,593 | |||||||||
Money market deposits | 468,099 | 452,139 | 456,408 | |||||||||
Certificates of deposit | 268,593 | 247,504 | 240,640 | |||||||||
Total deposits | 1,288,495 | 1,264,655 | 1,331,222 | |||||||||
Borrowings: | ||||||||||||
Short-term borrowings | 115,000 | 138,000 | 95,000 | |||||||||
Long-term borrowings | 9,597 | 9,630 | 9,697 | |||||||||
Total borrowings | 124,597 | 147,630 | 104,697 | |||||||||
Operating lease liabilities | 3,891 | 4,118 | 4,171 | |||||||||
Other liabilities | 5,063 | 6,064 | 8,317 | |||||||||
Total liabilities | 1,422,046 | 1,422,467 | 1,448,407 | |||||||||
Shareholders' equity: | ||||||||||||
Preferred stock, | — | — | — | |||||||||
Common stock, | 177 | 177 | 177 | |||||||||
Additional paid-in capital | 125,056 | 124,665 | 124,129 | |||||||||
Retained earnings | 108,679 | 107,963 | 106,285 | |||||||||
Accumulated other comprehensive loss | (1,101) | (1,637) | (1,496) | |||||||||
Unearned compensation - ESOP | (6,653) | (6,833) | (7,193) | |||||||||
Total shareholders' equity | 226,158 | 224,335 | 221,902 | |||||||||
Total liabilities and shareholders' equity | $ | 1,648,204 | $ | 1,646,802 | $ | 1,670,309 | ||||||
Provident Bancorp, Inc. Consolidated Income Statements (Unaudited) | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September | June 30, | September | September | September | ||||||||||||||||
(Dollars in thousands, except per share data) | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
Interest and dividend income: | ||||||||||||||||||||
Interest and fees on loans | $ | 21,257 | $ | 20,311 | $ | 19,811 | $ | 61,637 | $ | 59,469 | ||||||||||
Interest and dividends on debt securities available- | 240 | 243 | 233 | 720 | 717 | |||||||||||||||
Interest on short-term investments | 932 | 1,318 | 3,184 | 3,979 | 6,545 | |||||||||||||||
Total interest and dividend income | 22,429 | 21,872 | 23,228 | 66,336 | 66,731 | |||||||||||||||
Interest expense: | ||||||||||||||||||||
Interest on deposits | 9,068 | 9,607 | 9,113 | 28,015 | 20,684 | |||||||||||||||
Interest on short-term borrowings | 916 | 281 | 196 | 1,375 | 1,250 | |||||||||||||||
Interest on long-term borrowings | 36 | 31 | 31 | 98 | 191 | |||||||||||||||
Total interest expense | 10,020 | 9,919 | 9,340 | 29,488 | 22,125 | |||||||||||||||
Net interest and dividend income | 12,409 | 11,953 | 13,888 | 36,848 | 44,606 | |||||||||||||||
Credit loss expense (benefit) - loans | 1,666 | 6,467 | (105) | 2,590 | 2,090 | |||||||||||||||
Credit loss expense (benefit) - off-balance sheet | 27 | (9) | (51) | (20) | (1,534) | |||||||||||||||
Total credit loss expense (benefit) | 1,693 | 6,458 | (156) | 2,570 | 556 | |||||||||||||||
Net interest and dividend income after credit loss | 10,716 | 5,495 | 14,044 | 34,278 | 44,050 | |||||||||||||||
Noninterest income: | ||||||||||||||||||||
Customer service fees on deposit accounts | 813 | 665 | 903 | 2,152 | 2,651 | |||||||||||||||
Service charges and fees - other | 486 | 349 | 511 | 1,144 | 1,489 | |||||||||||||||
Bank owned life insurance income | 327 | 319 | 284 | 948 | 822 | |||||||||||||||
Other income | 82 | 190 | 67 | 343 | 452 | |||||||||||||||
Total noninterest income | 1,708 | 1,523 | 1,765 | 4,587 | 5,414 | |||||||||||||||
Noninterest expense: | ||||||||||||||||||||
Salaries and employee benefits | 7,267 | 7,293 | 7,776 | 22,705 | 24,429 | |||||||||||||||
Occupancy expense | 452 | 407 | 429 | 1,302 | 1,271 | |||||||||||||||
Equipment expense | 159 | 160 | 148 | 471 | 443 | |||||||||||||||
Deposit insurance | 334 | 321 | 500 | 988 | 1,146 | |||||||||||||||
Data processing | 416 | 402 | 378 | 1,231 | 1,113 | |||||||||||||||
Marketing expense | 57 | 76 | 203 | 151 | 447 | |||||||||||||||
Professional fees | 800 | 984 | 1,034 | 3,098 | 3,356 | |||||||||||||||
Directors' compensation | 233 | 177 | 178 | 584 | 542 | |||||||||||||||
Software depreciation and implementation | 614 | 584 | 509 | 1,741 | 1,409 | |||||||||||||||
Insurance expense | 303 | 303 | 451 | 907 | 1,353 | |||||||||||||||
Service fees | 405 | 234 | 272 | 881 | 789 | |||||||||||||||
Other | 536 | 653 | 837 | 1,846 | 2,379 | |||||||||||||||
Total noninterest expense | 11,576 | 11,594 | 12,715 | 35,905 | 38,677 | |||||||||||||||
Income (loss) before income tax expense (benefit) | 848 | (4,576) | 3,094 | 2,960 | 10,787 | |||||||||||||||
Income tax expense (benefit) | 132 | (1,268) | 628 | 571 | 2,757 | |||||||||||||||
Net income (loss) | $ | 716 | $ | (3,308) | $ | 2,466 | $ | 2,389 | $ | 8,030 | ||||||||||
Earnings (loss) per share: | ||||||||||||||||||||
Basic | $ | 0.04 | $ | (0.20) | $ | 0.15 | $ | 0.14 | $ | 0.48 | ||||||||||
Diluted | $ | 0.04 | $ | (0.20) | $ | 0.15 | $ | 0.14 | $ | 0.48 | ||||||||||
Weighted Average Shares: | ||||||||||||||||||||
Basic | 16,748,404 | 16,706,793 | 16,604,886 | 16,708,363 | 16,568,331 | |||||||||||||||
Diluted | 16,811,614 | 16,706,793 | 16,648,657 | 16,754,858 | 16,569,526 | |||||||||||||||
Provident Bancorp, Inc. Net Interest Income Analysis (Unaudited) | |||||||||||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||||||||
September 30, 2024 | June 30, 2024 | September 30, 2023 | |||||||||||||||||||||||||||||||
Interest | Interest | Interest | |||||||||||||||||||||||||||||||
Average | Earned/ | Yield/ | Average | Earned/ | Yield/ | Average | Earned/ | Yield/ | |||||||||||||||||||||||||
(Dollars in thousands) | Balance | Paid | Rate | Balance | Paid | Rate (5) | Balance | Paid | Rate (5) | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||
Loans (1) | $ | 1,359,712 | $ | 21,257 | 6.25 % | $ | 1,328,650 | $ | 20,311 | 6.11 | % | $ | 1,327,373 | $ | 19,811 | 5.97 | % | ||||||||||||||||
Short-term investments | 78,925 | 932 | 4.72 % | 102,395 | 1,318 | 5.15 | % | 257,580 | 3,184 | 4.94 | % | ||||||||||||||||||||||
Debt securities available- | 27,367 | 201 | 2.94 % | 27,485 | 206 | 3.00 | % | 27,363 | 188 | 2.75 | % | ||||||||||||||||||||||
Federal Home Loan Bank | 3,476 | 39 | 4.49 % | 1,865 | 37 | 7.94 | % | 1,902 | 45 | 9.46 | % | ||||||||||||||||||||||
Total interest-earning | 1,469,480 | 22,429 | 6.11 % | 1,460,395 | 21,872 | 5.99 | % | 1,614,218 | 23,228 | 5.76 | % | ||||||||||||||||||||||
Noninterest earning assets | 94,258 | 104,388 | 103,453 | ||||||||||||||||||||||||||||||
Total assets | $ | 1,563,738 | $ | 1,564,783 | $ | 1,717,671 | |||||||||||||||||||||||||||
Liabilities and | |||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||
Savings accounts | $ | 155,726 | $ | 898 | 2.31 % | $ | 215,344 | $ | 1,646 | 3.06 | % | $ | 184,239 | $ | 1,021 | 2.22 | % | ||||||||||||||||
Money market accounts | 479,276 | 4,823 | 4.03 % | 456,566 | 4,499 | 3.94 | % | 551,344 | 5,207 | 3.78 | % | ||||||||||||||||||||||
NOW accounts | 79,527 | 311 | 1.56 % | 69,737 | 225 | 1.29 | % | 103,966 | 181 | 0.70 | % | ||||||||||||||||||||||
Certificates of deposit | 231,373 | 3,036 | 5.25 % | 251,361 | 3,237 | 5.15 | % | 230,884 | 2,704 | 4.68 | % | ||||||||||||||||||||||
Total interest-bearing | 945,902 | 9,068 | 3.83 % | 993,008 | 9,607 | 3.87 | % | 1,070,433 | 9,113 | 3.41 | % | ||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Short-term borrowings | 66,727 | 916 | 5.49 % | 17,439 | 281 | 6.45 | % | 14,897 | 196 | 5.26 | % | ||||||||||||||||||||||
Long-term borrowings | 9,607 | 36 | 1.50 % | 9,642 | 31 | 1.29 | % | 9,741 | 31 | 1.27 | % | ||||||||||||||||||||||
Total borrowings | 76,334 | 952 | 4.99 % | 27,081 | 312 | 4.61 | % | 24,638 | 227 | 3.69 | % | ||||||||||||||||||||||
Total interest-bearing | 1,022,236 | 10,020 | 3.92 % | 1,020,089 | 9,919 | 3.89 | % | 1,095,071 | 9,340 | 3.41 | % | ||||||||||||||||||||||
Noninterest-bearing | |||||||||||||||||||||||||||||||||
Noninterest-bearing | 305,124 | 306,081 | 391,917 | ||||||||||||||||||||||||||||||
Other noninterest-bearing | 10,377 | 10,519 | 13,864 | ||||||||||||||||||||||||||||||
Total liabilities | 1,337,737 | 1,336,689 | 1,500,852 | ||||||||||||||||||||||||||||||
Total equity | 226,001 | 228,094 | 216,819 | ||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 1,563,738 | $ | 1,564,783 | $ | 1,717,671 | |||||||||||||||||||||||||||
Net interest income | $ | 12,409 | $ | 11,953 | $ | 13,888 | |||||||||||||||||||||||||||
Interest rate spread (2) | 2.19 % | 2.10 | % | 2.35 | % | ||||||||||||||||||||||||||||
Net interest-earning assets | $ | 447,244 | $ | 440,306 | $ | 519,147 | |||||||||||||||||||||||||||
Net interest margin (4) | 3.38 % | 3.27 | % | 3.44 | % | ||||||||||||||||||||||||||||
Average interest-earning | 143.75 | % | 143.16 | % | 147.41 | % | |||||||||||||||||||||||||||
(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 divided by average total interest-earning assets. |
(5) | Annualized. |
For the Nine Months Ended | |||||||||||||||||||||
September 30, 2024 | September 30, 2023 | ||||||||||||||||||||
Interest | Interest | ||||||||||||||||||||
Average | Earned/ | Yield/ | Average | Earned/ | Yield/ | ||||||||||||||||
(Dollars in thousands) | Balance | Paid | Rate | Balance | Paid | Rate (5) | |||||||||||||||
Assets: | |||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Loans (1) | $ | 1,337,289 | $ | 61,637 | 6.15 % | $ | 1,355,086 | $ | 59,469 | 5.85 | % | ||||||||||
Short-term investments | 101,539 | 3,979 | 5.22 % | 179,086 | 6,545 | 4.87 | % | ||||||||||||||
Debt securities available-for-sale | 27,694 | 612 | 2.95 % | 28,118 | 577 | 2.74 | % | ||||||||||||||
Federal Home Loan Bank stock | 2,379 | 108 | 6.05 % | 2,262 | 140 | 8.25 | % | ||||||||||||||
Total interest-earning assets | 1,468,901 | 66,336 | 6.02 % | 1,564,552 | 66,731 | 5.69 | % | ||||||||||||||
Noninterest earning assets | 99,161 | 106,722 | |||||||||||||||||||
Total assets | $ | 1,568,062 | $ | 1,671,274 | |||||||||||||||||
Liabilities and shareholders' equity: | |||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Savings accounts | $ | 204,892 | $ | 4,505 | 2.93 % | $ | 158,927 | $ | 1,540 | 1.29 | % | ||||||||||
Money market accounts | 463,632 | 13,560 | 3.90 % | 460,129 | 11,669 | 3.38 | % | ||||||||||||||
NOW accounts | 77,373 | 718 | 1.24 % | 115,568 | 529 | 0.61 | % | ||||||||||||||
Certificates of deposit | 237,760 | 9,232 | 5.18 % | 215,625 | 6,946 | 4.30 | % | ||||||||||||||
Total interest-bearing deposits | 983,657 | 28,015 | 3.80 % | 950,249 | 20,684 | 2.90 | % | ||||||||||||||
Borrowings | |||||||||||||||||||||
Short-term borrowings | 32,242 | 1,375 | 5.69 % | 34,098 | 1,250 | 4.89 | % | ||||||||||||||
Long-term borrowings | 9,642 | 98 | 1.36 % | 14,701 | 191 | 1.73 | % | ||||||||||||||
Total borrowings | 41,884 | 1,473 | 4.69 % | 48,799 | 1,441 | 3.94 | % | ||||||||||||||
Total interest-bearing liabilities | 1,025,541 | 29,488 | 3.83 % | 999,048 | 22,125 | 2.95 | % | ||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||
Noninterest-bearing deposits | 305,849 | 441,006 | |||||||||||||||||||
Other noninterest-bearing liabilities | 10,977 | 17,880 | |||||||||||||||||||
Total liabilities | 1,342,367 | 1,457,934 | |||||||||||||||||||
Total equity | 225,695 | 213,340 | |||||||||||||||||||
Total liabilities and equity | $ | 1,568,062 | $ | 1,671,274 | |||||||||||||||||
Net interest income | $ | 36,848 | $ | 44,606 | |||||||||||||||||
Interest rate spread (2) | 2.19 % | 2.74 | % | ||||||||||||||||||
Net interest-earning assets (3) | $ | 443,360 | $ | 565,504 | |||||||||||||||||
Net interest margin (4) | 3.34 % | 3.80 | % | ||||||||||||||||||
Average interest-earning assets to interest- | 143.23 | % | 156.60 | % | |||||||||||||||||
(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 divided by average total interest-earning assets. |
(5) | Annualized. |
Provident Bancorp, Inc. Select Financial Highlights (Unaudited) | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September | June 30, | September | September 30, | |||||||||||||||||
2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
Performance Ratios: | ||||||||||||||||||||
Return (loss) on average assets (1) | 0.18 | % | (0.85) | % | 0.57 | % | 0.20 | % | 0.64 | % | ||||||||||
Return (loss) on average equity (1) | 1.27 | % | (5.80) | % | 4.55 | % | 1.41 | % | 5.02 | % | ||||||||||
Interest rate spread (1) (2) | 2.19 | % | 2.10 | % | 2.35 | % | 2.19 | % | 2.74 | % | ||||||||||
Net interest margin (1) (3) | 3.38 | % | 3.27 | % | 3.44 | % | 3.34 | % | 3.80 | % | ||||||||||
Noninterest expense to average assets (1) | 2.96 | % | 2.96 | % | 2.96 | % | 3.05 | % | 3.09 | % | ||||||||||
Efficiency ratio (4) | 82.00 | % | 86.03 | % | 81.23 | % | 86.65 | % | 77.32 | % | ||||||||||
Average interest-earning assets to average interest- | 143.75 | % | 143.16 | % | 147.41 | % | 143.23 | % | 156.60 | % | ||||||||||
Average equity to average assets | 14.45 | % | 14.58 | % | 12.62 | % | 14.39 | % | 12.77 | % | ||||||||||
At | At | At | ||||||||||
September 30, | June 30, | December 31, | ||||||||||
(Dollars in thousands) | 2024 | 2024 | 2023 | |||||||||
Asset Quality | ||||||||||||
Non-accrual loans: | ||||||||||||
Commercial real estate | $ | 58 | $ | 60 | $ | — | ||||||
Construction and land development | 16,212 | — | — | |||||||||
Residential real estate | 347 | 352 | 376 | |||||||||
Commercial | 1,553 | 1,864 | 1,857 | |||||||||
Enterprise value | 18,990 | 19,038 | 1,991 | |||||||||
Digital asset | — | — | 12,289 | |||||||||
Consumer | 1 | 2 | 4 | |||||||||
Total non-accrual loans | 37,161 | 21,316 | 16,517 | |||||||||
Total non-performing assets | $ | 37,161 | $ | 21,316 | $ | 16,517 | ||||||
Asset Quality Ratios | ||||||||||||
Allowance for credit losses on loans as a percent of total loans (5) | 1.56 | % | 1.49 | % | 1.61 | % | ||||||
Allowance for credit losses on loans as a percent of non-performing loans | 58.99 | % | 95.43 | % | 130.60 | % | ||||||
Non-performing loans as a percent of total loans (5) | 2.64 | % | 1.56 | % | 1.23 | % | ||||||
Non-performing loans as a percent of total assets | 2.25 | % | 1.29 | % | 0.99 | % | ||||||
Capital and Share Related | ||||||||||||
Shareholders' equity to total assets | 13.72 | % | 13.62 | % | 13.29 | % | ||||||
Book value per share | $ | 12.76 | $ | 12.70 | $ | 12.55 | ||||||
Market value per share | $ | 10.79 | $ | 10.19 | $ | 10.07 | ||||||
Shares outstanding | 17,730,843 | 17,667,327 | 17,677,479 | |||||||||
(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. |
(5) | Loans are presented at amortized cost. |
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SOURCE Provident Bancorp, Inc.