PVBC
Provident Bancorp, Inc.13.50
+0.40+3.05%
Nov 14, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
240.08MP/E (TTM)
18.24Basic EPS (TTM)
0.74Dividend Yield
0%Recent Filings
10-Q
Q3 FY2025 results
Provident Bancorp swung to profitability in Q3 2025, posting net income of $2.7 million, up sharply from $716,000 a year earlier, while nine-month earnings hit $7.7 million versus $2.4 million last year. Net interest income climbed 6.3% year-over-year to $13.2 million, fueled by a 25 basis point wider spread to 2.63%, though loan yields dipped slightly amid a 6% average balance drop (derived). A $418,000 credit loss benefit, versus a $1.7 million provision last year, stemmed from shrinking the riskier enterprise value portfolio by 25% to $232 million. Deposits fell 5.8% to $1.23 billion, but cash reserves held at $129 million with $452 million in borrowing capacity from FHLB and FRB lines. The pending merger with NB Bancorp, approved by shareholders in September and eyeing a November close, offers 0.691 shares or $13 cash per share. Non-GAAP metrics not disclosed in the 10-Q. Yet competition in commercial lending lingers.
8-K
Q3 net income $2.7M
Provident Bancorp reported net income of $2.7 million for Q3 2025, down slightly from $2.8 million in Q2 but up sharply from $716,000 a year ago, driven by a $418,000 credit loss benefit and lower interest expense. Net interest income dipped 2.5% to $13.2 million amid shrinking loans and deposits, yet margins held at 3.67%. Total assets fell 3.2% to $1.49 billion. Non-accrual loans steady at $34.4 million.
8-K
Stockholders approve Provident merger
Provident Bancorp stockholders overwhelmingly approved the merger agreement with NB Bancorp on September 16, 2025, with 11.99 million votes in favor versus just 103,856 against, paving the way for the acquisition originally announced June 5. Advisory approval for executive compensation passed narrowly at 7.31 million for amid 4.40 million against. The merger integrates Provident into Needham's fold. No closing date disclosed yet.
8-K
Merger proxy lawsuits prompt disclosures
Provident Bancorp faces shareholder lawsuits alleging a misleading proxy statement for its merger with NB Bancorp, announced June 5, 2025, prompting supplemental disclosures on September 5 to moot claims without admitting fault. These updates refine financial advisor analyses, including updated peer groups, precedent transactions, discount rates at 11.66%, and pro forma EPS accretion up to 20.1% by 2029. Litigation risks could delay closing. Provident denies all allegations.
10-Q
Q2 FY2025 results
Provident Bancorp swung to net income of $2.8M in Q2 FY2025 ended June 30, 2025, up from a $3.3M loss y/y, with diluted EPS at $0.17 versus $(0.20); for the half-year, net income hit $5.0M or $0.29 per share, versus $1.7M or $0.10 y/y, reconciling to 16.9M diluted shares. Net interest income climbed 13.2% y/y to $13.5M on a 50 bps wider spread to 2.79%, fueled by a 76 bps drop in deposit costs to 3.11% amid strategic funding shifts, while a $378K credit loss benefit (versus $6.5M provision y/y) reflected enterprise value portfolio runoff. Noninterest income jumped 46.5% y/y to $2.2M, boosted by a $745K gain on the main office sale-leaseback, though expenses rose 4.3% to $12.1M from merger costs and a $350K SEC contingency. Cash dipped to $129M with $34M FHLB borrowings (4.24% short-term rate) and $320M FRB availability, but the pending merger with NB Bancorp—elect cash at $13/share or 0.691 shares of buyer stock, subject to approvals—looms large. Liquidity holds firm. Yet regulatory scrutiny over past crypto loans persists.
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