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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

o         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to ______________________

Commission File No. 001-39090

Provident Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Maryland

84-4132422

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification Number)

5 Market Street, Amesbury, Massachusetts

01913

(Address of Principal Executive Offices)

Zip Code

(978) 834-8555

(Registrant’s telephone number)

N/A

(Former name, former address, and former fiscal year if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common stock

PVBC

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such requirements for the past 90 days.  YES  x  NO  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   YES  x  NO  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

o

 

Accelerated Filer

o

Non-accelerated Filer

x

 

Smaller Reporting Company

x

Emerging Growth Company

o

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  YES  o  NO  x

As of November 2, 2023, there were 17,681,916 shares of the Registrant’s common stock, $0.01 par value per share, outstanding.



Provident Bancorp, Inc.

Form 10-Q

Part I.

Financial Information

Page

 

 

Item 1.

Financial Statements

2

 

 

 

Consolidated Balance Sheets as of September 30, 2023 (unaudited) and December 31, 2022

2

 

 

 

Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2023 and 2022 (unaudited)

3

 

 

 

Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2023 and 2022 (unaudited)

4

 

Consolidated Statements of Changes in Shareholders’ Equity for the Three and Nine Months Ended September 30, 2023 and 2022 (unaudited)

5

 

 

 

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022 (unaudited)

7

 

 

 

Notes to Consolidated Financial Statements (unaudited)

9

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operation

31

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

44

 

 

Item 4.

Controls and Procedures

45

 

 

Part II.

Other Information

45

 

 

Item 1.

Legal Proceedings

45

 

 

Item 1A.

Risk Factors

45

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

45

 

 

Item 3.

Defaults upon Senior Securities

46

 

 

Item 4.

Mine Safety Disclosures

46

 

 

Item 5.

Other Information

46

 

 

Item 6.

Exhibits

47

 

 

Signatures

 

48

 

 


Part I.Financial Information

Item 1.Financial Statements

PROVIDENT BANCORP, INC.

CONSOLIDATED BALANCE SHEETS

At

At

September 30,

December 31,

2023

2022

(Dollars in thousands)

(unaudited)

Assets

Cash and due from banks

$

22,445

$

42,923

Short-term investments

343,924

37,706

Cash and cash equivalents

366,369

80,629

Debt securities available-for-sale (at fair value)

26,179

28,600

Federal Home Loan Bank stock, at cost

3,607

4,266

Loans, net of allowance for credit losses of $24,023 and $28,069 as of

September 30, 2023 and December 31, 2022, respectively

1,313,666

1,416,047

Bank owned life insurance

44,437

43,615

Premises and equipment, net

13,187

13,580

Other repossessed assets

6,051

Accrued interest receivable

5,585

6,597

Right-of-use assets

3,821

3,942

Deferred tax asset, net

15,599

16,793

Other assets

15,990

16,261

Total assets

$

1,808,440

$

1,636,381

Liabilities and Shareholders' Equity

Deposits:

Noninterest-bearing

$

385,488

$

520,226

Interest-bearing

1,104,237

759,356

Total deposits

1,489,725

1,279,582

Borrowings:

Short-term borrowings

80,000

108,500

Long-term borrowings

9,730

18,329

Total borrowings

89,730

126,829

Operating lease liabilities

4,199

4,282

Other liabilities

7,206

18,146

Total liabilities

1,590,860

1,428,839

Shareholders' equity:

Preferred stock; authorized 50,000 shares:

no shares issued and outstanding

Common stock, $0.01 par value, 100,000,000 shares authorized;

17,681,916 and 17,669,698 shares issued and outstanding

at September 30, 2023 and December 31, 2022, respectively

177

177

Additional paid-in capital

123,808

122,847

Retained earnings

103,361

94,630

Accumulated other comprehensive loss

(2,393)

(2,200)

Unearned compensation - ESOP

(7,373)

(7,912)

Total shareholders' equity

217,580

207,542

Total liabilities and shareholders' equity

$

1,808,440

$

1,636,381

The accompanying notes are an integral part of the unaudited consolidated financial statements. 

2


PROVIDENT BANCORP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

September 30,

September 30,

September 30,

(Dollars in thousands, except per share data)

2023

2022

2023

2022

Interest and dividend income:

Interest and fees on loans

$

19,811

$

20,147

$

59,469

$

56,917

Interest and dividends on debt securities available-for-sale

233

203

717

576

Interest on short-term investments

3,184

357

6,545

816

Total interest and dividend income

23,228

20,707

66,731

58,309

Interest expense:

Interest on deposits

9,113

846

20,684

1,777

Interest on short-term borrowings

196

34

1,250

34

Interest on long-term borrowings

31

72

191

213

Total interest expense

9,340

952

22,125

2,024

Net interest and dividend income

13,888

19,755

44,606

56,285

Credit loss (benefit) expense - loans

(105)

56,310

2,090

57,398

Credit loss (benefit) expense - off-balance sheet credit exposures

(51)

5

(1,534)

41

Total credit loss (benefit) expense

(156)

56,315

556

57,439

Net interest and dividend income after credit loss (benefit) expense

14,044

(36,560)

44,050

(1,154)

Noninterest income:

Customer service fees on deposit accounts

903

789

2,651

1,989

Service charges and fees - other

511

222

1,489

1,050

Bank owned life insurance income

284

264

822

778

Gain (loss) on loans sold, net

(12)

272

Other income

67

76

452

122

Total noninterest income

1,765

1,339

5,414

4,211

Noninterest expense:

Salaries and employee benefits

7,776

7,653

24,429

22,164

Occupancy expense

429

450

1,271

1,287

Equipment expense

148

147

443

428

Deposit insurance

500

161

1,146

466

Data processing

378

347

1,113

1,026

Marketing expense

203

66

447

263

Professional fees

1,034

736

3,356

2,173

Directors' compensation

178

255

542

776

Software depreciation and implementation

509

398

1,409

1,019

Insurance expense

451

448

1,353

1,343

Service fees

272

255

789

688

Write down of other assets and receivables

395

Other

837

1,128

2,379

2,734

Total noninterest expense

12,715

12,044

38,677

34,762

Income (loss) before income tax expense

3,094

(47,265)

10,787

(31,705)

Income tax expense (benefit)

628

(11,956)

2,757

(7,540)

Net income (loss)

$

2,466

$

(35,309)

$

8,030

$

(24,165)

Earnings (loss) per share:

Basic

$

0.15

$

(2.15)

$

0.48

$

(1.47)

Diluted

0.15

$

(2.15)

0.48

$

(1.47)

Weighted Average Shares:

Basic

16,604,886

16,456,274

16,568,331

16,477,933

Diluted

16,648,657

16,456,274

16,569,526

16,477,933

The accompanying notes are an integral part of the unaudited consolidated financial statements.

3


PROVIDENT BANCORP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2023

2022

2023

2022

(In thousands)

Net income (loss)

$

2,466

$

(35,309)

$

8,030

$

(24,165)

Other comprehensive income:

Unrealized holding losses arising during the period on debt securities available-for-sale

(644)

(1,009)

(244)

(4,010)

Unrealized loss

(644)

(1,009)

(244)