Provident Bancorp, Inc. Reports Fourth Quarter Net Income of $4.9 Million
Provident Bancorp (PVBC) reported Q4 2024 net income of $4.9 million ($0.29 per diluted share), up from $716,000 in Q3 2024 and $2.9 million in Q4 2023. For full-year 2024, net income was $7.3 million ($0.43 per share), compared to $11.0 million in 2023.
The company's Q4 performance showed improvements with return on average assets at 1.22% and return on average equity at 8.54%. Net interest margin increased to 3.62% in Q4 2024, up from 3.38% in Q3. Total assets were $1.59 billion, with net loans at $1.31 billion. Non-accrual loans decreased to $20.9 million (1.31% of total assets) from $37.2 million in Q3.
Notable improvements include successful reduction in funding costs, improved liquidity position, and decreased noninterest expenses by 18.8% year-over-year in Q4. The bank successfully worked out a $16.2 million construction loan and continued its strategy to reduce credit risk.
Provident Bancorp (PVBC) ha registrato un utile netto per il quarto trimestre del 2024 di 4,9 milioni di dollari (0,29 dollari per azione diluita), in aumento rispetto ai 716.000 dollari del terzo trimestre del 2024 e ai 2,9 milioni di dollari del quarto trimestre del 2023. Per l'intero anno 2024, l'utile netto è stato di 7,3 milioni di dollari (0,43 dollari per azione), rispetto agli 11,0 milioni di dollari del 2023.
Le prestazioni del quarto trimestre dell'azienda hanno mostrato miglioramenti con un ritorno sugli attivi medi dell'1,22% e un ritorno sul capitale medio dell'8,54%. Il margine di interesse netto è aumentato al 3,62% nel quarto trimestre del 2024, rispetto al 3,38% del terzo trimestre. Gli attivi totali erano di 1,59 miliardi di dollari, con prestiti netti pari a 1,31 miliardi di dollari. I prestiti non accesi sono scesi a 20,9 milioni di dollari (1,31% degli attivi totali) rispetto ai 37,2 milioni di dollari del terzo trimestre.
I miglioramenti notevoli includono una riduzione efficace dei costi di finanziamento, una posizione di liquidità migliorata e una diminuzione delle spese non di interesse del 18,8% su base annua nel quarto trimestre. La banca ha gestito con successo un prestito per costruzione di 16,2 milioni di dollari e ha continuato la sua strategia per ridurre il rischio di credito.
Provident Bancorp (PVBC) reportó un ingreso neto en el cuarto trimestre de 2024 de 4.9 millones de dólares (0.29 dólares por acción diluida), un aumento desde 716,000 dólares en el tercer trimestre de 2024 y 2.9 millones de dólares en el cuarto trimestre de 2023. Para el año completo 2024, el ingreso neto fue de 7.3 millones de dólares (0.43 dólares por acción), en comparación con 11.0 millones de dólares en 2023.
El desempeño de la compañía en el cuarto trimestre mostró mejoras con un retorno sobre activos promedio del 1.22% y un retorno sobre capital promedio del 8.54%. El margen de interés neto aumentó al 3.62% en el cuarto trimestre de 2024, en comparación con el 3.38% en el tercer trimestre. Los activos totales fueron de 1.59 mil millones de dólares, con préstamos netos de 1.31 mil millones de dólares. Los préstamos en mora disminuyeron a 20.9 millones de dólares (1.31% de los activos totales) desde 37.2 millones de dólares en el tercer trimestre.
Las mejoras notables incluyen una exitosa reducción en los costos de financiamiento, una mejor posición de liquidez y la disminución de gastos no relacionados con intereses en un 18.8% interanual en el cuarto trimestre. El banco liquidó exitosamente un préstamo de construcción de 16.2 millones de dólares y continuó su estrategia de reducción del riesgo crediticio.
Provident Bancorp (PVBC)는 2024년 4분기 순이익이 490만 달러 (희석 주당 0.29달러)로 보고했으며, 이는 2024년 3분기 716,000달러와 2023년 4분기 290만 달러에서 증가한 수치입니다. 2024년 전체 연도 순이익은 730만 달러 (주당 0.43달러)로, 2023년 1,100만 달러에 비해 감소했습니다.
회사의 4분기 실적은 평균 자산 수익률이 1.22%이며 평균 자본 수익률이 8.54%로 개선되었습니다. 순이자 마진은 2024년 4분기 3.62%로 증가하였고, 3분기 3.38%에서 상승했습니다. 총 자산은 15.9억 달러였으며, 순 대출은 13.1억 달러였습니다. 비이자 수익 대출은 3720만 달러에서 2090만 달러로 감소했습니다(총 자산의 1.31%).
주목할 만한 개선 사항으로는 자금 조달 비용의 성공적인 감소, 유동성 위치의 향상, 비이자 비용의 전년 대비 18.8% 감소가 포함됩니다. 은행은 1620만 달러의 건설 대출을 성공적으로 처리하였고, 신용 위험을 줄이기 위한 전략을 지속하고 있습니다.
Provident Bancorp (PVBC) a annoncé un bénéfice net de 4,9 millions de dollars (0,29 dollar par action diluée) pour le quatrième trimestre 2024, en hausse par rapport à 716 000 dollars au troisième trimestre 2024 et 2,9 millions de dollars au quatrième trimestre 2023. Pour l'année 2024, le bénéfice net s'élevait à 7,3 millions de dollars (0,43 dollar par action), contre 11,0 millions de dollars en 2023.
Les performances de l'entreprise au quatrième trimestre ont montré des améliorations avec un retour sur les actifs moyens de 1,22 % et un retour sur les fonds propres moyens de 8,54 %. La marge d'intérêt nette a augmenté à 3,62 % au quatrième trimestre 2024, contre 3,38 % au troisième trimestre. Les actifs totaux s'élevaient à 1,59 milliard de dollars, avec des prêts nets de 1,31 milliard de dollars. Les prêts non-accrus ont diminué à 20,9 millions de dollars (1,31 % des actifs totaux), contre 37,2 millions de dollars au troisième trimestre.
Les améliorations notables incluent une réduction réussie des coûts de financement, une meilleure position de liquidité et une diminution des dépenses non liées aux intérêts de 18,8 % d'une année sur l'autre au quatrième trimestre. La banque a réussi à gérer un prêt construction de 16,2 millions de dollars et a poursuivi sa stratégie de réduction du risque de crédit.
Provident Bancorp (PVBC) berichtete für das vierte Quartal 2024 einen Nettogewinn von 4,9 Millionen Dollar (0,29 Dollar pro verwässerter Aktie), ein Anstieg von 716.000 Dollar im dritten Quartal 2024 und 2,9 Millionen Dollar im vierten Quartal 2023. Für das gesamte Jahr 2024 betrug der Nettogewinn 7,3 Millionen Dollar (0,43 Dollar pro Aktie), verglichen mit 11,0 Millionen Dollar im Jahr 2023.
Die Performance des Unternehmens im vierten Quartal zeigte Verbesserungen mit einer Rendite auf das durchschnittliche Vermögen von 1,22% und einer Rendite auf das durchschnittliche Eigenkapital von 8,54%. Die Nettomarge des Zinses stieg im vierten Quartal 2024 auf 3,62%, von 3,38% im dritten Quartal. Die Gesamtsumme der Vermögenswerte belief sich auf 1,59 Milliarden Dollar, die Nettokredite machten 1,31 Milliarden Dollar aus. Die notleidenden Kredite sanken auf 20,9 Millionen Dollar (1,31% der Gesamtsumme der Vermögenswerte) im Vergleich zu 37,2 Millionen Dollar im dritten Quartal.
Bemerkenswerte Verbesserungen umfassen eine erfolgreiche Senkung der Finanzierungskosten, eine verbesserte Liquiditätsposition und einen Rückgang der nichtzinsabhängigen Aufwendungen um 18,8% im Jahresvergleich im vierten Quartal. Die Bank konnte erfolgreich einen Baukredit in Höhe von 16,2 Millionen Dollar abwickeln und setzte seine Strategie zur Verringerung des Kreditrisikos fort.
- Q4 net income increased significantly to $4.9M from $716K in Q3 2024
- Net interest margin improved to 3.62% from 3.38% in Q3 2024
- Non-accrual loans decreased to $20.9M from $37.2M in Q3 2024
- Noninterest expenses reduced by 18.8% year-over-year in Q4
- Successful workout of $16.2M troubled construction loan
- Full-year 2024 net income decreased to $7.3M from $11.0M in 2023
- Return on average equity declined to 3.21% for 2024 from 5.10% in 2023
- Net interest income decreased 13.2% year-over-year for full-year 2024
- Total assets decreased by 4.6% year-over-year to $1.59B
Insights
A comprehensive analysis of Provident Bancorp's Q4 2024 results reveals a strategic transformation taking hold, with several key positive indicators emerging. The substantial jump in quarterly net income to
Three critical developments stand out:
- Enhanced Asset Quality: The reduction in non-accrual loans from
2.25% to1.31% of total assets signals improved risk management. The successful workout of the$16.2 million construction loan showcases strengthened credit management capabilities. - Strategic Portfolio Repositioning: The
28.6% year-over-year reduction in enterprise value loans, coupled with a19.3% increase in commercial real estate loans, reflects a deliberate shift toward lower-risk assets. This transformation suggests improved earnings stability going forward. - Funding Cost Optimization: The decrease in cost of interest-bearing deposits by 30 basis points to
3.53% and successful replacement of high-cost wholesale deposits with core retail deposits indicates strengthening fundamental operations.
The
In announcing these results, Joseph Reilly, Chief Executive Officer, said, "We are pleased to report net income of
For the quarter ended December 31, 2024, net interest and dividend income was
Total interest and dividend income was
Total interest expense was
Total interest expense increased
Mr. Reilly noted, "The improvement in our net interest margin in the fourth quarter of 2024 was realized by generating significant core deposit growth from our retail banking operation, while simultaneously reducing funding costs as the Federal Reserve Bank began to ease rates in late 2024."
The Company recognized a
Net recoveries totaled
Non-accrual loans were
Mr. Reilly noted, "I am pleased to announce the successful workout of the
Noninterest income was
Noninterest expense was
Noninterest expense was
Mr. Reilly noted, "The reduction in our noninterest expenses is illustrative of the efforts we have made to align our operations with our current strategy and risk appetite. We have experienced meaningful reductions in professional services, including legal, audit and consulting costs, as well as a reduction in salaries and employee benefits. Our focus remains on driving efficiencies to reduce operating costs, and we are eager to maintain the positive momentum in 2025."
The Company recorded an income tax provision of
Total assets were
Total deposits were
As of December 31, 2024, shareholders' equity totaled
Mr. Reilly concluded, "The fourth quarter marked a significant milestone in the progress of our strategic objectives and I am excited to see our efforts gaining momentum and delivering positive results. As always, I am incredibly proud of the dedication and hard work of our employees, who remain committed to both our institution and the communities we serve."
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 (Unaudited)
| ||||||||||||
(Dollars in thousands) | At December 31, 2024 | At September 30, 2024 | At December 31, 2023 | |||||||||
Assets | ||||||||||||
Cash and due from banks | $ | 27,536 | $ | 29,555 | $ | 22,200 | ||||||
Short-term investments | 141,606 | 109,110 | 198,132 | |||||||||
Cash and cash equivalents | 169,142 | 138,665 | 220,332 | |||||||||
Debt securities available-for-sale (at fair value) | 25,693 | 27,426 | 28,571 | |||||||||
Federal Home Loan Bank stock, at cost | 2,697 | 3,619 | 4,056 | |||||||||
Loans: | ||||||||||||
Commercial real estate | 559,325 | 549,029 | 468,928 | |||||||||
Construction and land development | 28,097 | 41,401 | 77,851 | |||||||||
Residential real estate | 6,008 | 6,517 | 7,169 | |||||||||
Mortgage warehouse | 259,181 | 292,866 | 166,567 | |||||||||
Commercial | 163,927 | 170,514 | 176,124 | |||||||||
Enterprise value | 309,786 | 348,171 | 433,633 | |||||||||
Digital asset | — | — | 12,289 | |||||||||
Consumer | 271 | 94 | 168 | |||||||||
Total loans | 1,326,595 | 1,408,592 | 1,342,729 | |||||||||
Allowance for credit losses on loans | (21,087) | (21,923) | (21,571) | |||||||||
Net loans | 1,305,508 | 1,386,669 | 1,321,158 | |||||||||
Bank owned life insurance | 46,017 | 45,683 | 44,735 | |||||||||
Premises and equipment, net | 10,188 | 10,343 | 12,986 | |||||||||
Accrued interest receivable | 5,296 | 5,247 | 6,090 | |||||||||
Right-of-use assets | 3,429 | 3,467 | 3,780 | |||||||||
Deferred tax asset, net | 13,808 | 14,805 | 14,461 | |||||||||
Other assets | 11,392 | 12,280 | 14,140 | |||||||||
Total assets | $ | 1,593,170 | $ | 1,648,204 | $ | 1,670,309 | ||||||
Liabilities and Shareholders' Equity | ||||||||||||
Deposits: | ||||||||||||
Noninterest-bearing demand deposits | $ | 351,528 | $ | 318,475 | $ | 308,769 | ||||||
NOW | 83,270 | 92,349 | 93,812 | |||||||||
Regular savings | 132,198 | 140,979 | 231,593 | |||||||||
Money market deposits | 463,687 | 468,099 | 456,408 | |||||||||
Certificates of deposit | 278,277 | 268,593 | 240,640 | |||||||||
Total deposits | 1,308,960 | 1,288,495 | 1,331,222 | |||||||||
Borrowings: | ||||||||||||
Short-term borrowings | 35,000 | 115,000 | 95,000 | |||||||||
Long-term borrowings | 9,563 | 9,597 | 9,697 | |||||||||
Total borrowings | 44,563 | 124,597 | 104,697 | |||||||||
Operating lease liabilities | 3,862 | 3,891 | 4,171 | |||||||||
Other liabilities | 4,698 | 5,063 | 8,317 | |||||||||
Total liabilities | 1,362,083 | 1,422,046 | 1,448,407 | |||||||||
Shareholders' equity: | ||||||||||||
Preferred stock, | — | — | — | |||||||||
Common stock, | 178 | 177 | 177 | |||||||||
Additional paid-in capital | 125,446 | 125,056 | 124,129 | |||||||||
Retained earnings | 113,561 | 108,679 | 106,285 | |||||||||
Accumulated other comprehensive loss | (1,625) | (1,101) | (1,496) | |||||||||
Unearned compensation - ESOP | (6,473) | (6,653) | (7,193) | |||||||||
Total shareholders' equity | 231,087 | 226,158 | 221,902 | |||||||||
Total liabilities and shareholders' equity | $ | 1,593,170 | $ | 1,648,204 | $ | 1,670,309 | ||||||
Provident Bancorp, Inc. Consolidated Income Statements (Unaudited) | ||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||
(Dollars in thousands, except per share data) | December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||||
Interest and dividend income: | ||||||||||||||||||||
Interest and fees on loans | $ | 21,541 | $ | 21,257 | $ | 20,000 | $ | 83,178 | $ | 79,469 | ||||||||||
Interest and dividends on debt securities available-for-sale | 267 | 240 | 232 | 987 | 949 | |||||||||||||||
Interest on short-term investments | 1,313 | 932 | 3,334 | 5,292 | 9,879 | |||||||||||||||
Total interest and dividend income | 23,121 | 22,429 | 23,566 | 89,457 | 90,297 | |||||||||||||||
Interest expense: | ||||||||||||||||||||
Interest on deposits | 8,663 | 9,068 | 9,905 | 36,678 | 30,589 | |||||||||||||||
Interest on short-term borrowings | 789 | 916 | 64 | 2,164 | 1,314 | |||||||||||||||
Interest on long-term borrowings | 26 | 36 | 32 | 124 | 223 | |||||||||||||||
Total interest expense | 9,478 | 10,020 | 10,001 | 38,966 | 32,126 | |||||||||||||||
Net interest and dividend income | 13,643 | 12,409 | 13,565 | 50,491 | 58,171 | |||||||||||||||
Credit loss (benefit) expense - loans | (1,703) | 1,666 | (1,227) | 887 | 863 | |||||||||||||||
Credit loss expense (benefit) - off-balance sheet | 136 | 27 | (7) | 116 | (1,541) | |||||||||||||||
Total credit loss (benefit) expense | (1,567) | 1,693 | (1,234) | 1,003 | (678) | |||||||||||||||
Net interest and dividend income after credit loss | 15,210 | 10,716 | 14,799 | 49,488 | 58,849 | |||||||||||||||
Noninterest income: | ||||||||||||||||||||
Customer service fees on deposit accounts | 661 | 813 | 1,007 | 2,813 | 3,658 | |||||||||||||||
Service charges and fees - other | 325 | 486 | 336 | 1,469 | 1,825 | |||||||||||||||
Bank owned life insurance income | 334 | 327 | 298 | 1,282 | 1,120 | |||||||||||||||
Other income | 5 | 82 | 6 | 348 | 458 | |||||||||||||||
Total noninterest income | 1,325 | 1,708 | 1,647 | 5,912 | 7,061 | |||||||||||||||
Noninterest expense: | ||||||||||||||||||||
Salaries and employee benefits | 6,963 | 7,267 | 6,837 | 29,668 | 31,266 | |||||||||||||||
Occupancy expense | 364 | 452 | 421 | 1,666 | 1,692 | |||||||||||||||
Equipment expense | 139 | 159 | 156 | 610 | 599 | |||||||||||||||
Deposit insurance | 319 | 334 | 368 | 1,307 | 1,514 | |||||||||||||||
Data processing | 404 | 416 | 432 | 1,635 | 1,545 | |||||||||||||||
Marketing expense | 43 | 57 | 193 | 194 | 640 | |||||||||||||||
Professional fees | 585 | 800 | 1,487 | 3,683 | 4,843 | |||||||||||||||
Directors' compensation | 198 | 233 | 135 | 782 | 677 | |||||||||||||||
Software depreciation and implementation | 614 | 614 | 596 | 2,355 | 2,005 | |||||||||||||||
Insurance expense | 303 | 303 | 451 | 1,210 | 1,804 | |||||||||||||||
Service fees | 248 | 405 | 365 | 1,129 | 1,154 | |||||||||||||||
Other | (66) | 536 | 1,015 | 1,780 | 3,394 | |||||||||||||||
Total noninterest expense | 10,114 | 11,576 | 12,456 | 46,019 | 51,133 | |||||||||||||||
Income before income tax expense | 6,421 | 848 | 3,990 | 9,381 | 14,777 | |||||||||||||||
Income tax expense | 1,539 | 132 | 1,066 | 2,110 | 3,823 | |||||||||||||||
Net income | $ | 4,882 | $ | 716 | $ | 2,924 | $ | 7,271 | $ | 10,954 | ||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | $ | 0.29 | $ | 0.04 | $ | 0.18 | $ | 0.43 | $ | 0.66 | ||||||||||
Diluted | $ | 0.29 | $ | 0.04 | $ | 0.18 | $ | 0.43 | $ | 0.66 | ||||||||||
Weighted average shares: | ||||||||||||||||||||
Basic | 16,783,976 | 16,748,404 | 16,639,142 | 16,727,370 | 16,586,180 | |||||||||||||||
Diluted | 16,864,240 | 16,811,614 | 16,690,937 | 16,782,893 | 16,594,685 | |||||||||||||||
Provident Bancorp, Inc. Net Interest Income Analysis (Unaudited) | ||||||||||||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||||||||||||
December 31, 2024 | September 30, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||
Interest | Interest | Interest | ||||||||||||||||||||||||||||||||||
Average | Earned/ | Yield/ | Average | Earned/ | Yield/ | Average | Earned/ | Yield/ | ||||||||||||||||||||||||||||
(Dollars in thousands) | Balance | Paid | Rate (5) | Balance | Paid | Rate (5) | Balance | Paid | Rate (5) | |||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||
Loans (1) | $ | 1,372,245 | $ | 21,541 | 6.28 | % | $ | 1,359,712 | $ | 21,257 | 6.25 | % | $ | 1,328,658 | $ | 20,000 | 6.02 | % | ||||||||||||||||||
Short-term investments | 104,385 | 1,313 | 5.03 | % | 78,925 | 932 | 4.72 | % | 216,722 | 3,334 | 6.15 | % | ||||||||||||||||||||||||
Debt securities available-for-sale | 26,871 | 194 | 2.89 | % | 27,367 | 201 | 2.94 | % | 25,968 | 192 | 2.96 | % | ||||||||||||||||||||||||
Federal Home Loan Bank stock | 3,609 | 73 | 8.09 | % | 3,476 | 39 | 4.49 | % | 1,507 | 40 | 10.62 | % | ||||||||||||||||||||||||
Total interest-earning assets | 1,507,110 | 23,121 | 6.14 | % | 1,469,480 | 22,429 | 6.11 | % | 1,572,855 | 23,566 | 5.99 | % | ||||||||||||||||||||||||
Non-interest earning assets | 94,795 | 94,258 | 100,634 | |||||||||||||||||||||||||||||||||
Total assets | $ | 1,601,905 | $ | 1,563,738 | $ | 1,673,489 | ||||||||||||||||||||||||||||||
Liabilities and shareholders' equity: | ||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
Savings accounts | $ | 158,626 | $ | 777 | 1.96 | % | $ | 155,726 | $ | 898 | 2.31 | % | $ | 219,162 | $ | 1,588 | 2.90 | % | ||||||||||||||||||
Money market accounts | 469,922 | 4,363 | 3.71 | % | 479,276 | 4,823 | 4.03 | % | 518,511 | 4,935 | 3.81 | % | ||||||||||||||||||||||||
NOW accounts | 80,645 | 340 | 1.69 | % | 79,527 | 311 | 1.56 | % | 100,653 | 239 | 0.95 | % | ||||||||||||||||||||||||
Certificates of deposit | 272,803 | 3,183 | 4.67 | % | 231,373 | 3,036 | 5.25 | % | 247,206 | 3,143 | 5.09 | % | ||||||||||||||||||||||||
Total interest-bearing deposits | 981,996 | 8,663 | 3.53 | % | 945,902 | 9,068 | 3.83 | % | 1,085,532 | 9,905 | 3.65 | % | ||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||||||||
Short-term borrowings | 59,641 | 789 | 5.29 | % | 66,727 | 916 | 5.49 | % | 6,011 | 64 | 4.26 | % | ||||||||||||||||||||||||
Long-term borrowings | 9,574 | 26 | 1.09 | % | 9,607 | 36 | 1.50 | % | 9,708 | 32 | 1.32 | % | ||||||||||||||||||||||||
Total borrowings | 69,215 | 815 | 4.71 | % | 76,334 | 952 | 4.99 | % | 15,719 | 96 | 2.44 | % | ||||||||||||||||||||||||
Total interest-bearing liabilities | 1,051,211 | 9,478 | 3.61 | % | 1,022,236 | 10,020 | 3.92 | % | 1,101,251 | 10,001 | 3.63 | % | ||||||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 312,382 | 305,124 | 338,712 | |||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | 9,779 | 10,377 | 14,212 | |||||||||||||||||||||||||||||||||
Total liabilities | 1,373,372 | 1,337,737 | 1,454,175 | |||||||||||||||||||||||||||||||||
Total equity | 228,533 | 226,001 | 219,314 | |||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 1,601,905 | $ | 1,563,738 | $ | 1,673,489 | ||||||||||||||||||||||||||||||
Net interest income | $ | 13,643 | $ | 12,409 | $ | 13,565 | ||||||||||||||||||||||||||||||
Interest rate spread (2) | 2.53 | % | 2.19 | % | 2.36 | % | ||||||||||||||||||||||||||||||
Net interest-earning assets (3) | $ | 455,899 | $ | 447,244 | $ | 471,604 | ||||||||||||||||||||||||||||||
Net interest margin (4) | 3.62 | % | 3.38 | % | 3.45 | % | ||||||||||||||||||||||||||||||
Average interest-earning assets | 143.37 | % | 143.75 | % | 142.82 | % | ||||||||||||||||||||||||||||||
(1) | Interest earned/paid on loans includes |
(2) | Interest rate spread represents the difference between the weighted average yield on interest-earning 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 Year Ended | ||||||||||||||||||||||||
December 31, 2024 | December 31, 2023 | |||||||||||||||||||||||
Interest | Interest | |||||||||||||||||||||||
Average | Earned/ | Yield/ | Average | Earned/ | Yield/ | |||||||||||||||||||
(Dollars in thousands) | Balance | Paid | Rate | Balance | Paid | Rate | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans (1) | $ | 1,346,076 | $ | 83,178 | 6.18 | % | $ | 1,348,425 | $ | 79,469 | 5.89 | % | ||||||||||||
Short-term investments | 102,255 | 5,292 | 5.18 | % | 188,572 | 9,879 | 5.24 | % | ||||||||||||||||
Debt securities available-for-sale | 27,487 | 806 | 2.93 | % | 27,576 | 769 | 2.79 | % | ||||||||||||||||
Federal Home Loan Bank stock | 2,688 | 181 | 6.73 | % | 2,072 | 180 | 8.69 | % | ||||||||||||||||
Total interest-earning assets | 1,478,506 | 89,457 | 6.05 | % | 1,566,645 | 90,297 | 5.76 | % | ||||||||||||||||
Non-interest earning assets | 98,063 | 105,187 | ||||||||||||||||||||||
Total assets | $ | 1,576,569 | $ | 1,671,832 | ||||||||||||||||||||
Liabilities and shareholders' equity: | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Savings accounts | $ | 193,263 | 5,282 | 2.73 | % | $ | 174,110 | 3,128 | 1.80 | % | ||||||||||||||
Money market accounts | 465,213 | 17,923 | 3.85 | % | 474,845 | 16,605 | 3.50 | % | ||||||||||||||||
NOW accounts | 78,195 | 1,058 | 1.35 | % | 111,809 | 767 | 0.69 | % | ||||||||||||||||
Certificates of deposit | 246,569 | 12,415 | 5.04 | % | 223,585 | 10,089 | 4.51 | % | ||||||||||||||||
Total interest-bearing deposits | 983,240 | 36,678 | 3.73 | % | 984,349 | 30,589 | 3.11 | % | ||||||||||||||||
Borrowings | ||||||||||||||||||||||||
Short-term borrowings | 39,129 | 2,164 | 5.53 | % | 27,018 | 1,314 | 4.86 | % | ||||||||||||||||
Long-term borrowings | 9,625 | 124 | 1.29 | % | 13,442 | 223 | 1.66 | % | ||||||||||||||||
Total borrowings | 48,754 | 2,288 | 4.69 | % | 40,460 | 1,537 | 3.80 | % | ||||||||||||||||
Total interest-bearing liabilities | 1,031,994 | 38,966 | 3.78 | % | 1,024,809 | 32,126 | 3.13 | % | ||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||
Noninterest-bearing deposits | 307,491 | 415,222 | ||||||||||||||||||||||
Other noninterest-bearing liabilities | 10,676 | 16,955 | ||||||||||||||||||||||
Total liabilities | 1,350,161 | 1,456,986 | ||||||||||||||||||||||
Total equity | 226,408 | 214,846 | ||||||||||||||||||||||
Total liabilities and equity | $ | 1,576,569 | $ | 1,671,832 | ||||||||||||||||||||
Net interest income | $ | 50,491 | $ | 58,171 | ||||||||||||||||||||
Interest rate spread (2) | 2.27 | % | 2.63 | % | ||||||||||||||||||||
Net interest-earning assets (3) | $ | 446,512 | $ | 541,836 | ||||||||||||||||||||
Net interest margin (4) | 3.42 | % | 3.71 | % | ||||||||||||||||||||
Average interest-earning assets to interest-bearing liabilities | 143.27 | % | 152.87 | % | ||||||||||||||||||||
(1) | Interest earned/paid on loans includes |
(2) | Interest rate spread represents the difference between the weighted average yield on interest-earning 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. |
Provident Bancorp, Inc. Select Financial Highlights (Unaudited) | ||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||
December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||||||
Performance Ratios: | ||||||||||||||||||||
Return on average assets (1) | 1.22 | % | 0.18 | % | 0.70 | % | 0.46 | % | 0.66 | % | ||||||||||
Return on average equity (1) | 8.54 | % | 1.27 | % | 5.33 | % | 3.21 | % | 5.10 | % | ||||||||||
Interest rate spread (1) (2) | 2.53 | % | 2.19 | % | 2.36 | % | 2.27 | % | 2.63 | % | ||||||||||
Net interest margin (1) (3) | 3.62 | % | 3.38 | % | 3.45 | % | 3.42 | % | 3.71 | % | ||||||||||
Non-interest expense to average assets (1) | 2.53 | % | 2.96 | % | 2.98 | % | 2.92 | % | 3.06 | % | ||||||||||
Efficiency ratio (4) | 67.57 | % | 82.00 | % | 81.88 | % | 81.59 | % | 78.39 | % | ||||||||||
Average interest-earning assets to average | 143.37 | % | 143.75 | % | 142.82 | % | 143.27 | % | 152.87 | % | ||||||||||
Average equity to average assets | 14.27 | % | 14.45 | % | 13.11 | % | 14.36 | % | 12.85 | % | ||||||||||
(Dollars in thousands) | At December 31, 2024 | At September 30, 2024 | At December 31, 2023 | |||||||||
Asset Quality | ||||||||||||
Non-accrual loans: | ||||||||||||
Commercial real estate | $ | 57 | $ | 58 | $ | — | ||||||
Construction and land development | — | 16,212 | — | |||||||||
Residential real estate | 366 | 347 | 376 | |||||||||
Commercial | 1,543 | 1,553 | 1,857 | |||||||||
Enterprise value | 18,920 | 18,990 | 1,991 | |||||||||
Digital asset | — | — | 12,289 | |||||||||
Consumer | 1 | 1 | 4 | |||||||||
Total non-accrual loans | 20,887 | 37,161 | 16,517 | |||||||||
Total non-performing assets | $ | 20,887 | $ | 37,161 | $ | 16,517 | ||||||
Asset Quality Ratios | ||||||||||||
Allowance for credit losses on loans as a percent of total loans (5) | 1.59 | % | 1.56 | % | 1.61 | % | ||||||
Allowance for credit losses on loans as a percent of non-performing loans | 100.96 | % | 58.99 | % | 130.60 | % | ||||||
Non-performing loans as a percent of total loans (5) | 1.57 | % | 2.64 | % | 1.23 | % | ||||||
Non-performing loans as a percent of total assets | 1.31 | % | 2.25 | % | 0.99 | % | ||||||
Capital and Share Related | ||||||||||||
Shareholders' equity to total assets | 14.50 | % | 13.72 | % | 13.29 | % | ||||||
Book value per share | $ | 12.99 | $ | 12.76 | $ | 12.55 | ||||||
Market value per share | $ | 11.40 | $ | 10.79 | $ | 10.07 | ||||||
Shares outstanding | 17,788,543 | 17,730,843 | 17,677,479 | |||||||||
(1) | Annualized where appropriate. |
(2) | Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate 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 (if applicable). |
(5) | Loans are presented at amortized cost. |
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SOURCE Provident Bancorp, Inc.
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