In This Story
Provident Bancorp Inc. (PVBC-0.65%) 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.
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.
Net interest income decreased by $7.7 million to $50.5 million, attributed to a rise in interest expense, particularly on deposits.
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.
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.
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.