# EDGAR Filing Document

**Accession Number:** 0001778784
**File Stem:** 0001778784-23-000012
**Filing Date:** 2023-3
**Character Count:** 7802
**Document Hash:** 2573cbd372636c03549098bb8f2a0b80
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001778784-23-000012.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001778784-23-000012

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20230331

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Provident Bancorp, Inc. /MD/
- **CENTRAL INDEX KEY:** 0001778784
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39090
- **FILM NUMBER:** 23787265

**BUSINESS ADDRESS:**
- **STREET 1:** 5 MARKET STREET
- **CITY:** AMESBURY
- **STATE:** MA
- **ZIP:** 01913
- **BUSINESS PHONE:** (978) 388-0050

**MAIL ADDRESS:**
- **STREET 1:** 5 MARKET STREET
- **CITY:** AMESBURY
- **STATE:** MA
- **ZIP:** 01913

?xml version="1.0" encoding="utf-8"? pvbc-20230331x8k

---

| | | | |
|:---|:---|:---|:---|
| **SECURITIES AND EXCHANGE COMMISSION** | **SECURITIES AND EXCHANGE COMMISSION** | **SECURITIES AND EXCHANGE COMMISSION** | **SECURITIES AND EXCHANGE COMMISSION** |
| **WASHINGTON, D.C. 20549** | **WASHINGTON, D.C. 20549** | **WASHINGTON, D.C. 20549** | **WASHINGTON, D.C. 20549** |
| **FORM 8-K** | **FORM 8-K** | **FORM 8-K** | **FORM 8-K** |
| **CURRENT REPORT** | **CURRENT REPORT** | **CURRENT REPORT** | **CURRENT REPORT** |
| PURSUANT TO SECTION 13 OR 15(D) OF | PURSUANT TO SECTION 13 OR 15(D) OF | PURSUANT TO SECTION 13 OR 15(D) OF | PURSUANT TO SECTION 13 OR 15(D) OF |
| THE SECURITIES EXCHANGE ACT OF 1934 | THE SECURITIES EXCHANGE ACT OF 1934 | THE SECURITIES EXCHANGE ACT OF 1934 | THE SECURITIES EXCHANGE ACT OF 1934 |
| Date of Report (Date of earliest event reported): March 31, 2023 | Date of Report (Date of earliest event reported): March 31, 2023 | Date of Report (Date of earliest event reported): March 31, 2023 | Date of Report (Date of earliest event reported): March 31, 2023 |
| **<u>PROVIDENT BANCORP, INC.</u>** | **<u>PROVIDENT BANCORP, INC.</u>** | **<u>PROVIDENT BANCORP, INC.</u>** | **<u>PROVIDENT BANCORP, INC.</u>** |
| (Exact Name of Registrant as Specified in Charter) | (Exact Name of Registrant as Specified in Charter) | (Exact Name of Registrant as Specified in Charter) | (Exact Name of Registrant as Specified in Charter) |
| <u>Maryland</u> | <u>001-39090</u> | <u>001-39090</u> | <u>84-4132422</u> |
| (State or Other Jurisdiction | (Commission File No.) | (Commission File No.) | (I.R.S. Employer |
| of Incorporation) |  |  | Identification No.) |
| <u>5 Market Street</u><u>,</u> <u>Amesbury</u><u>,</u> <u>Massachusetts</u> | <u>5 Market Street</u><u>,</u> <u>Amesbury</u><u>,</u> <u>Massachusetts</u> | <u>01913</u> | <u>01913</u> |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Zip Code) | (Zip Code) |
| Registrant's telephone number, including area code: <u>(</u><u>978</u><u>)</u> <u>834-8555</u> | Registrant's telephone number, including area code: <u>(</u><u>978</u><u>)</u> <u>834-8555</u> | Registrant's telephone number, including area code: <u>(</u><u>978</u><u>)</u> <u>834-8555</u> | Registrant's telephone number, including area code: <u>(</u><u>978</u><u>)</u> <u>834-8555</u> |
| <u>Not Applicable</u> | <u>Not Applicable</u> | <u>Not Applicable</u> | <u>Not Applicable</u> |
| (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) |

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

          <br> <u>Title of each class</u>   <u>Trading Symbol</u>   <u>Name of each exchange on which registered</u> <br> <u>Common stock</u>   <u>PVBC</u>   <u>The NASDAQ Stock Market LLC</u>

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

            <br>   <u>Emerging growth company</u> <u>□</u>   

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

 **‎** 

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**Item 8.01** **<u>Other Events</u>**

On March 31, 2023, Provident Bancorp, Inc. (the "Company") filed its Annual Report on Form 10-K for the Year Ended December 31, 2022. As disclosed in Note 17 of the Consolidated Financial Statements, in February 2023, the Company's management approved the negotiation of a restructure of a $21.8 million loan relationship that is secured by cryptocurrency mining rigs and the USD value of Bitcoin maintained by an independent custodian. In connection with this negotiation, the Company evaluated subsequent events and given that the conditions were present at the December 31, 2022 consolidated balance sheet date, the Company placed the loan on non-accrual status and classified it as impaired.

As a result of the subsequent event, the Company also evaluated the need for any incremental reserves on the loan relationship and concluded that the reserves allocated were sufficient, therefore, there were no changes to the Company's previously reported net income for the quarter and for the year ended December 31, 2022. However, the increase in non-accrual loans has resulted in changes in certain financial and other information from what was reported in the Company's earnings release furnished to the Securities and Exchange Commission by Current Report on Form 8-K on January 31, 2023. The following table describes the resulting changes.

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| | | |
|:---|:---|:---|
|  | **Reported in**<br>**Earnings Release**<br>| **Reported in**<br>**Annual Report on**<br>**Form 10-K** |
|  | **(Dollars in Thousands)** | **(Dollars in Thousands)** |
| Non-accrual commercial loans | $5262 | $27086 |
| Total non-accrual loans | 5559 | 27383 |
| Total non-performing assets | 11610 | 33434 |
| Allowance for loan losses as a percent of non-performing loans | 504.93% | 102.51% |
| Non-performing loans as a percent of total loans | 0.38% | 1.90% |
| Non-performing loans as a percent of total assets | 0.34% | 1.67% |
| Non-performing assets as a percent of total assets | 0.71% | 2.04% |

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**Item 9.01** **<u>Financial Statements and Exhibits</u>**

Not applicable.

‎

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **PROVIDENT BANCORP, INC.** | **PROVIDENT BANCORP, INC.** |
| DATE: March 31, 2023 | By: | /s/ Joseph B. Reilly |
|  |  | Joseph B. Reilly |
|  |  | Co-President and Co-Chief Executive Officer |

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