Provident Bancorp Inc. (PVBC) reports earnings

The report was filed on March 31, 2025

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Provident Bancorp Inc. (PVBC-4.12%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.

The filing reports total assets of $1.59 billion, a decrease from $1.67 billion at the end of 2023, primarily due to reductions in cash and loans.

Net loans decreased slightly to $1.31 billion, with notable declines in enterprise value loans and construction loans, partially offset by increases in mortgage warehouse and commercial real estate loans.

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Total deposits fell to $1.31 billion from $1.33 billion, driven by a reduction in brokered and listing service deposits, though retail deposits increased.

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Net interest income decreased by $7.7 million to $50.5 million, attributed to a rise in interest expense, particularly on deposits.

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Noninterest income decreased by $1.2 million due to lower customer service fees, while noninterest expenses were reduced by $5.1 million, reflecting cost management efforts.

The allowance for credit losses was $21.1 million, a slight decrease from the previous year, with net charge-offs totaling $1.4 million, primarily from digital asset loan settlements.

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Provident Bancorp reported net income of $7.3 million, down from $11 million in the prior year, with an effective tax rate of 22.5%.

The company continues to focus on traditional commercial real estate and in-market commercial lending, having ceased new digital asset loan originations.

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This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Provident Bancorp Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.