Provident Bancorp, Inc. Reports Results for the March 31, 2025 Quarter
Provident Bancorp (PVBC) reported Q1 2025 net income of $2.2 million ($0.13 per diluted share), down from $4.9 million ($0.29) in Q4 2024 and $5.0 million ($0.30) in Q1 2024. Return on average assets decreased to 0.58% from 1.22% in Q4 2024.
Net interest and dividend income was $12.9 million, down 5.6% from Q4 2024. Total assets decreased 2.5% to $1.55 billion, while net loans increased 0.4% to $1.31 billion. The bank's enterprise value portfolio decreased by 15.3%, while commercial loans grew 4.9%.
Total deposits declined 9.5% to $1.18 billion, with notable decreases in specialty deposits (-27.8%) and brokered deposits (-16.8%). Non-accrual loans increased to $31.4 million (2.02% of total assets) due to a $10.4 million enterprise value loan relationship placed on non-accrual status. The bank maintains well-capitalized status with shareholders' equity at $234.0 million.
Provident Bancorp (PVBC) ha riportato un utile netto di 2,2 milioni di dollari nel primo trimestre 2025 (0,13 dollari per azione diluita), in calo rispetto ai 4,9 milioni (0,29 dollari) del quarto trimestre 2024 e ai 5,0 milioni (0,30 dollari) del primo trimestre 2024. Il rendimento medio delle attività è sceso allo 0,58% dal 1,22% del quarto trimestre 2024.
I ricavi netti da interessi e dividendi sono stati di 12,9 milioni di dollari, in diminuzione del 5,6% rispetto al quarto trimestre 2024. Gli attivi totali sono diminuiti del 2,5%, attestandosi a 1,55 miliardi di dollari, mentre i prestiti netti sono aumentati dello 0,4%, raggiungendo 1,31 miliardi di dollari. Il portafoglio di valore d'impresa della banca è diminuito del 15,3%, mentre i prestiti commerciali sono cresciuti del 4,9%.
I depositi totali sono diminuiti del 9,5%, a 1,18 miliardi di dollari, con cali significativi nei depositi specializzati (-27,8%) e in quelli intermediati (-16,8%). I prestiti non produttivi sono aumentati a 31,4 milioni di dollari (2,02% degli attivi totali) a causa di un rapporto di prestito sul valore d'impresa di 10,4 milioni di dollari passato a stato non produttivo. La banca mantiene una solida posizione patrimoniale con un patrimonio netto di 234,0 milioni di dollari.
Provident Bancorp (PVBC) reportó un ingreso neto de 2,2 millones de dólares en el primer trimestre de 2025 (0,13 dólares por acción diluida), disminuyendo desde 4,9 millones (0,29 dólares) en el cuarto trimestre de 2024 y 5,0 millones (0,30 dólares) en el primer trimestre de 2024. El rendimiento sobre activos promedio bajó a 0,58% desde 1,22% en el cuarto trimestre de 2024.
Los ingresos netos por intereses y dividendos fueron de 12,9 millones de dólares, una caída del 5,6% respecto al cuarto trimestre de 2024. Los activos totales disminuyeron un 2,5% a 1,55 mil millones de dólares, mientras que los préstamos netos aumentaron un 0,4% a 1,31 mil millones de dólares. La cartera de valor empresarial del banco disminuyó un 15,3%, mientras que los préstamos comerciales crecieron un 4,9%.
Los depósitos totales cayeron un 9,5% a 1,18 mil millones de dólares, con descensos notables en depósitos especializados (-27,8%) y depósitos intermediados (-16,8%). Los préstamos en mora aumentaron a 31,4 millones de dólares (2,02% del total de activos) debido a una relación de préstamo de valor empresarial de 10,4 millones de dólares que pasó a estado de mora. El banco mantiene una posición de capital sólida con un patrimonio neto de 234,0 millones de dólares.
Provident Bancorp (PVBC)는 2025년 1분기 순이익이 220만 달러(희석 주당 0.13달러)로, 2024년 4분기 490만 달러(0.29달러)와 2024년 1분기 500만 달러(0.30달러) 대비 감소했다고 보고했습니다. 평균 자산 수익률은 2024년 4분기 1.22%에서 0.58%로 하락했습니다.
순이자 및 배당 수익은 1,290만 달러로 2024년 4분기 대비 5.6% 감소했습니다. 총 자산은 2.5% 감소한 15억 5천만 달러였으며, 순대출금은 0.4% 증가한 13억 1천만 달러를 기록했습니다. 은행의 기업가치 포트폴리오는 15.3% 감소한 반면, 상업대출은 4.9% 증가했습니다.
총 예금은 9.5% 감소한 11억 8천만 달러로, 전문 예금(-27.8%)과 중개 예금(-16.8%)에서 큰 폭의 감소가 있었습니다. 부실대출은 3,140만 달러(총 자산의 2.02%)로 증가했으며, 이는 1,040만 달러 규모의 기업가치 대출 관계가 부실 상태로 전환된 데 따른 것입니다. 은행은 2억 3,400만 달러의 자기자본으로 건전한 자본 상태를 유지하고 있습니다.
Provident Bancorp (PVBC) a annoncé un bénéfice net de 2,2 millions de dollars au premier trimestre 2025 (0,13 dollar par action diluée), en baisse par rapport à 4,9 millions (0,29 dollar) au quatrième trimestre 2024 et 5,0 millions (0,30 dollar) au premier trimestre 2024. Le rendement moyen des actifs a diminué à 0,58 % contre 1,22 % au quatrième trimestre 2024.
Les revenus nets d’intérêts et de dividendes se sont élevés à 12,9 millions de dollars, en baisse de 5,6 % par rapport au quatrième trimestre 2024. Le total des actifs a diminué de 2,5 % pour atteindre 1,55 milliard de dollars, tandis que les prêts nets ont augmenté de 0,4 % à 1,31 milliard de dollars. Le portefeuille de valeur d’entreprise de la banque a diminué de 15,3 %, tandis que les prêts commerciaux ont progressé de 4,9 %.
Les dépôts totaux ont diminué de 9,5 % pour s’établir à 1,18 milliard de dollars, avec des baisses marquées des dépôts spécialisés (-27,8 %) et des dépôts courtés (-16,8 %). Les prêts non productifs ont augmenté à 31,4 millions de dollars (2,02 % du total des actifs) en raison d’une relation de prêt sur valeur d’entreprise de 10,4 millions de dollars placée en non-productif. La banque maintient une solide capitalisation avec des capitaux propres de 234,0 millions de dollars.
Provident Bancorp (PVBC) meldete für das erste Quartal 2025 einen Nettogewinn von 2,2 Millionen US-Dollar (0,13 US-Dollar je verwässerter Aktie), was einen Rückgang gegenüber 4,9 Millionen US-Dollar (0,29 US-Dollar) im vierten Quartal 2024 und 5,0 Millionen US-Dollar (0,30 US-Dollar) im ersten Quartal 2024 bedeutet. Die Rendite auf das durchschnittliche Vermögen sank von 1,22 % im vierten Quartal 2024 auf 0,58 %.
Die Nettozinserträge und Dividenden betrugen 12,9 Millionen US-Dollar, ein Rückgang von 5,6 % gegenüber dem vierten Quartal 2024. Die Gesamtaktiva verringerten sich um 2,5 % auf 1,55 Milliarden US-Dollar, während die Nettokredite um 0,4 % auf 1,31 Milliarden US-Dollar anstiegen. Das Unternehmenswert-Portfolio der Bank sank um 15,3 %, während die kommerziellen Kredite um 4,9 % zunahmen.
Die Gesamteinlagen gingen um 9,5 % auf 1,18 Milliarden US-Dollar zurück, wobei es deutliche Rückgänge bei Spezialeinlagen (-27,8 %) und vermittelten Einlagen (-16,8 %) gab. Die notleidenden Kredite stiegen auf 31,4 Millionen US-Dollar (2,02 % der Gesamtaktiva), bedingt durch eine 10,4 Millionen US-Dollar umfassende Unternehmenswert-Kreditbeziehung, die auf notleidend gesetzt wurde. Die Bank hält eine solide Kapitalausstattung mit einem Eigenkapital von 234,0 Millionen US-Dollar.
- Commercial loan growth of 4.9% in targeted segments
- Book value per share increased to $13.16 from $12.99
- Net interest margin improved to 3.65% from 3.62% in previous quarter
- Maintained well-capitalized status with 15.1% shareholders' equity to total assets
- Net income declined 55% to $2.2M from $4.9M in previous quarter
- Return on average assets decreased to 0.58% from 1.22%
- Total deposits decreased 9.5% ($124.4M)
- Non-accrual loans increased to 2.02% of total assets from 1.31%
- Net interest income decreased 5.6% from previous quarter
Insights
Provident Bancorp's Q1 earnings fell 55% amid strategic risk reduction, trading short-term profits for long-term stability.
Provident Bancorp's Q1 2025 results reveal a significant profitability decline, with net income falling to
This earnings compression stems primarily from two factors: credit quality concerns and an intentional strategic repositioning. Non-accrual loans increased to
On the funding side, total deposits decreased
Despite these challenges, BankProv maintains a strong capital position, with shareholders' equity at
This quarter represents a transitional period for Provident Bancorp as it executes a deliberate strategy that sacrifices short-term profitability for long-term stability and risk reduction. While the earnings decline is substantial, the bank appears to be making progress on its strategic initiatives to reduce exposure to higher-risk segments while maintaining capital strength.
In announcing these results, Joseph Reilly, Chief Executive Officer, said "We are pleased to report financial results consistent with expectations, despite the uncertainties presented by the current macroeconomic environment. We are closely monitoring our portfolios and proactively positioning the Bank to capitalize on any opportunities presented and mitigate exposure to potential risks of these volatile economic conditions. We remain focused on the execution of our strategic plan and continuing to build strong, lasting relationships within our markets. We are confident these efforts will be instrumental as we continue to serve the communities that have trusted BankProv for nearly 200 years, upholding our standard for the safety and security of our customers' financial assets, which includes deposit insurance coverage beyond federal limits through our participation in the Depositors Insurance Fund."
For the quarter ended March 31, 2025, net interest and dividend income was
Total interest and dividend income was
Total interest expense was
The Company recognized a
Noninterest income remained consistent at
The Company recorded an income tax provision of
Total assets were
Mr. Reilly noted "The Bank has been successful in expanding our loan portfolio in the areas targeted for growth and reducing exposures in the enterprise value portfolio, rapidly shifting our mix from this riskier segment to traditional in-market commercial and commercial real estate. While we are disappointed to place an additional enterprise value relationship on non-accrual at quarter end, it illustrates the importance of remaining focused on reducing the exposure in this portfolio, which materially decreased by over
The allowance for credit losses for loans was
Total deposits were
As of March 31, 2025, shareholders' equity totaled
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, including potential recessionary 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 | ||||||||
At | At | |||||||
March 31, | December 31, | |||||||
2025 | 2024 | |||||||
(Dollars in thousands) | (unaudited) | |||||||
Assets | ||||||||
Cash and due from banks | $ | 21,444 | $ | 27,536 | ||||
Short-term investments | 103,540 | 141,606 | ||||||
Cash and cash equivalents | 124,984 | 169,142 | ||||||
Debt securities available-for-sale (at fair value) | 25,199 | 25,693 | ||||||
Federal Home Loan Bank stock, at cost | 2,696 | 2,697 | ||||||
Loans: | ||||||||
Commercial real estate | 587,541 | 559,325 | ||||||
Construction and land development | 32,401 | 28,097 | ||||||
Residential real estate | 5,647 | 6,008 | ||||||
Mortgage warehouse | 276,069 | 259,181 | ||||||
Commercial | 168,087 | 163,927 | ||||||
Enterprise value | 262,445 | 309,786 | ||||||
Consumer | 165 | 271 | ||||||
Total Loans | 1,332,355 | 1,326,595 | ||||||
Allowance for credit losses for loans | (21,160) | (21,087) | ||||||
Net loans | 1,311,195 | 1,305,508 | ||||||
Bank owned life insurance | 46,344 | 46,017 | ||||||
Premises and equipment, net | 10,021 | 10,188 | ||||||
Accrued interest receivable | 4,968 | 5,296 | ||||||
Right-of-use assets | 3,391 | 3,429 | ||||||
Deferred tax asset, net | 13,399 | 13,808 | ||||||
Other assets | 11,759 | 11,392 | ||||||
Total assets | $ | 1,553,956 | $ | 1,593,170 | ||||
Liabilities and Shareholders' Equity | ||||||||
Deposits: | ||||||||
Noninterest-bearing demand deposits | $ | 302,275 | $ | 351,528 | ||||
NOW | 69,394 | 83,270 | ||||||
Regular savings | 112,961 | 132,198 | ||||||
Money market deposits | 445,313 | 463,687 | ||||||
Certificates of deposit | 254,579 | 278,277 | ||||||
Total deposits | 1,184,522 | 1,308,960 | ||||||
Borrowings: | ||||||||
Short-term borrowings | 118,000 | 35,000 | ||||||
Long-term borrowings | 9,529 | 9,563 | ||||||
Total borrowings | 127,529 | 44,563 | ||||||
Operating lease liabilities | 3,833 | 3,862 | ||||||
Other liabilities | 4,037 | 4,698 | ||||||
Total liabilities | 1,319,921 | 1,362,083 | ||||||
Shareholders' equity: | ||||||||
Preferred stock, | — | — | ||||||
Common stock, | 178 | 178 | ||||||
Additional paid-in capital | 125,895 | 125,446 | ||||||
Retained earnings | 115,731 | 113,561 | ||||||
Accumulated other comprehensive loss | (1,476) | (1,625) | ||||||
Unearned compensation - ESOP | (6,293) | (6,473) | ||||||
Total shareholders' equity | 234,035 | 231,087 | ||||||
Total liabilities and shareholders' equity | $ | 1,553,956 | $ | 1,593,170 | ||||
Provident Bancorp, Inc. Consolidated Income Statements (Unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | December 31, | March 31, | ||||||||||
(Dollars in thousands, except per share data) | 2025 | 2024 | 2024 | |||||||||
Interest and dividend income: | ||||||||||||
Interest and fees on loans | $ | 19,307 | $ | 21,541 | $ | 20,069 | ||||||
Interest and dividends on debt securities available-for-sale | 260 | 267 | 237 | |||||||||
Interest on short-term investments | 1,013 | 1,313 | 1,729 | |||||||||
Total interest and dividend income | 20,580 | 23,121 | 22,035 | |||||||||
Interest expense: | ||||||||||||
Interest on deposits | 7,369 | 8,663 | 9,340 | |||||||||
Interest on short-term borrowings | 306 | 789 | 178 | |||||||||
Interest on long-term borrowings | 30 | 26 | 31 | |||||||||
Total interest expense | 7,705 | 9,478 | 9,549 | |||||||||
Net interest and dividend income | 12,875 | 13,643 | 12,486 | |||||||||
Credit loss expense (benefit) - loans | 70 | (1,703) | (5,543) | |||||||||
Credit loss (benefit) expense - off-balance sheet credit exposures | (82) | 136 | (38) | |||||||||
Total credit loss benefit | (12) | (1,567) | (5,581) | |||||||||
Net interest and dividend income after credit loss benefit | 12,887 | 15,210 | 18,067 | |||||||||
Noninterest income: | ||||||||||||
Customer service fees on deposit accounts | 715 | 661 | 674 | |||||||||
Service charges and fees - other | 276 | 325 | 309 | |||||||||
Bank owned life insurance income | 327 | 334 | 302 | |||||||||
Other income | 62 | 5 | 71 | |||||||||
Total noninterest income | 1,380 | 1,325 | 1,356 | |||||||||
Noninterest expense: | ||||||||||||
Salaries and employee benefits | 7,576 | 6,963 | 8,145 | |||||||||
Occupancy expense | 448 | 364 | 443 | |||||||||
Equipment expense | 144 | 139 | 152 | |||||||||
Deposit insurance | 332 | 319 | 333 | |||||||||
Data processing | 421 | 404 | 413 | |||||||||
Marketing expense | 45 | 43 | 18 | |||||||||
Professional fees | 569 | 585 | 1,314 | |||||||||
Directors' compensation | 195 | 198 | 174 | |||||||||
Software depreciation and implementation | 553 | 614 | 543 | |||||||||
Insurance expense | 221 | 303 | 301 | |||||||||
Service fees | 318 | 248 | 242 | |||||||||
Other | 610 | (66) | 657 | |||||||||
Total noninterest expense | 11,432 | 10,114 | 12,735 | |||||||||
Income before income tax expense | 2,835 | 6,421 | 6,688 | |||||||||
Income tax expense | 665 | 1,539 | 1,707 | |||||||||
Net income | $ | 2,170 | $ | 4,882 | $ | 4,981 | ||||||
Earnings per share: | ||||||||||||
Basic | $ | 0.13 | $ | 0.29 | $ | 0.30 | ||||||
Diluted | $ | 0.13 | $ | 0.29 | $ | 0.30 | ||||||
Weighted Average Shares: | ||||||||||||
Basic | 16,822,196 | 16,783,976 | 16,669,451 | |||||||||
Diluted | 16,924,083 | 16,864,240 | 16,720,653 | |||||||||
Provident Bancorp, Inc. Net Interest Income Analysis (Unaudited) | |||||||||||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||||||||
March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||||||||||||||||||||||||
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) | $ | 1,291,583 | $ | 19,307 | 5.98 % | $ | 1,372,245 | $ | 21,541 | 6.28 | % | $ | 1,323,260 | $ | 20,069 | 6.07 | % | ||||||||||||||||
Short-term investments | 90,198 | 1,013 | 4.49 % | 104,385 | 1,313 | 5.03 | % | 123,546 | 1,729 | 5.60 | % | ||||||||||||||||||||||
Debt securities available-for-sale | 25,594 | 190 | 2.97 % | 26,871 | 194 | 2.89 | % | 28,234 | 205 | 2.90 | % | ||||||||||||||||||||||
Federal Home Loan Bank stock | 2,696 | 70 | 10.39 % | 3,609 | 73 | 8.09 | % | 1,783 | 32 | 7.18 | % | ||||||||||||||||||||||
Total interest-earning assets | 1,410,071 | 20,580 | 5.84 % | 1,507,110 | 23,121 | 6.14 | % | 1,476,823 | 22,035 | 5.97 | % | ||||||||||||||||||||||
Noninterest earning assets | 92,277 | 94,795 | 98,890 | ||||||||||||||||||||||||||||||
Total assets | $ | 1,502,348 | $ | 1,601,905 | $ | 1,575,713 | |||||||||||||||||||||||||||
Liabilities and shareholders' equity: | |||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||
Savings accounts | $ | 118,713 | $ | 264 | 0.89 % | $ | 158,626 | $ | 777 | 1.96 | % | $ | 244,148 | $ | 1,961 | 3.21 | % | ||||||||||||||||
Money market accounts | 447,792 | 3,756 | 3.36 % | 469,922 | 4,363 | 3.71 | % | 454,883 | 4,238 | 3.73 | % | ||||||||||||||||||||||
NOW accounts | 72,893 | 257 | 1.41 % | 80,645 | 340 | 1.69 | % | 82,831 | 183 | 0.88 | % | ||||||||||||||||||||||
Certificates of deposit | 268,879 | 3,092 | 4.60 % | 272,803 | 3,183 | 4.67 | % | 230,616 | 2,958 | 5.13 | % | ||||||||||||||||||||||
Total interest-bearing deposits | 908,277 | 7,369 | 3.25 % | 981,996 | 8,663 | 3.53 | % | 1,012,478 | 9,340 | 3.69 | % | ||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||
Short-term borrowings | 37,922 | 306 | 3.23 % | 59,641 | 789 | 5.29 | % | 12,181 | 178 | 5.85 | % | ||||||||||||||||||||||
Long-term borrowings | 9,542 | 30 | 1.26 % | 9,574 | 26 | 1.09 | % | 9,675 | 31 | 1.28 | % | ||||||||||||||||||||||
Total borrowings | 47,464 | 336 | 2.83 % | 69,215 | 815 | 4.71 | % | 21,856 | 209 | 3.83 | % | ||||||||||||||||||||||
Total interest-bearing liabilities | 955,741 | 7,705 | 3.22 % | 1,051,211 | 9,478 | 3.61 | % | 1,034,334 | 9,549 | 3.69 | % | ||||||||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 304,601 | 312,382 | 306,349 | ||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | 8,277 | 9,779 | 12,041 | ||||||||||||||||||||||||||||||
Total liabilities | 1,268,619 | 1,373,372 | 1,352,724 | ||||||||||||||||||||||||||||||
Total equity | 233,729 | 228,533 | 222,989 | ||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 1,502,348 | $ | 1,601,905 | $ | 1,575,713 | |||||||||||||||||||||||||||
Net interest income | $ | 12,875 | $ | 13,643 | $ | 12,486 | |||||||||||||||||||||||||||
Interest rate spread (2) | 2.62 % | 2.53 | % | 2.28 | % | ||||||||||||||||||||||||||||
Net interest-earning assets (3) | $ | 454,330 | $ | 455,899 | $ | 442,489 | |||||||||||||||||||||||||||
Net interest margin (4) | 3.65 % | 3.62 | % | 3.38 | % | ||||||||||||||||||||||||||||
Average interest-earning assets to interest-bearing liabilities | 147.54 | % | 143.37 | % | 142.78 | % | |||||||||||||||||||||||||||
(1) | Interest earned/paid on loans includes |
(2) | Interest rate spread represents the difference between the weighted average yield on interest-bearing 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. |
Provident Bancorp, Inc. Select Financial Highlights (Unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | December 31, | March 31, | ||||||||||
2025 | 2024 | 2024 | ||||||||||
Performance Ratios: | ||||||||||||
Return on average assets (1) | 0.58 | % | 1.22 | % | 1.26 | % | ||||||
Return on average equity (1) | 3.71 | % | 8.54 | % | 8.93 | % | ||||||
Interest rate spread (1) (2) | 2.62 | % | 2.53 | % | 2.28 | % | ||||||
Net interest margin (1) (3) | 3.65 | % | 3.62 | % | 3.38 | % | ||||||
Noninterest expense to average assets (1) | 3.04 | % | 2.53 | % | 3.23 | % | ||||||
Efficiency ratio (4) | 80.20 | % | 67.57 | % | 92.00 | % | ||||||
Average interest-earning assets to average interest-bearing liabilities | 147.54 | % | 143.37 | % | 142.78 | % | ||||||
Average equity to average assets | 15.56 | % | 14.27 | % | 14.15 | % | ||||||
At | At | At | ||||||||||
March 31, | December 31, | March 31, | ||||||||||
(Dollars in thousands) | 2025 | 2024 | 2024 | |||||||||
Asset Quality | ||||||||||||
Non-accrual loans: | ||||||||||||
Commercial real estate | $ | 217 | $ | 57 | $ | — | ||||||
Residential real estate | 360 | 366 | 357 | |||||||||
Commercial | 1,543 | 1,543 | 1,923 | |||||||||
Enterprise value | 29,298 | 18,920 | — | |||||||||
Digital asset | — | — | 10,071 | |||||||||
Consumer | 1 | 1 | 1 | |||||||||
Total non-accrual loans | 31,419 | 20,887 | 12,352 | |||||||||
Total non-performing assets | $ | 31,419 | $ | 20,887 | $ | 12,352 | ||||||
Asset Quality Ratios | ||||||||||||
Allowance for credit losses for loans as a percent of total loans (5) | 1.59 | % | 1.59 | % | 1.18 | % | ||||||
Allowance for credit losses for loans as a percent of non-performing loans | 67.35 | % | 100.96 | % | 129.58 | % | ||||||
Non-performing loans as a percent of total loans (5) | 2.36 | % | 1.57 | % | 0.91 | % | ||||||
Non-performing loans as a percent of total assets | 2.02 | % | 1.31 | % | 0.74 | % | ||||||
Capital and Share Related | ||||||||||||
Shareholders' equity to total assets | 15.06 | % | 14.50 | % | 13.70 | % | ||||||
Book value per share | $ | 13.16 | $ | 12.99 | $ | 12.87 | ||||||
Market value per share | $ | 11.48 | $ | 11.40 | $ | 9.10 | ||||||
Shares outstanding | 17,788,543 | 17,788,543 | 17,659,146 | |||||||||
(1) | Annualized. |
(2) | Interest rate spread represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost 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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