# EDGAR Filing Document

**Accession Number:** 0001778784
**File Stem:** 0001437749-25-031632
**Filing Date:** 2025-10
**Character Count:** 38955
**Document Hash:** 1cb306d132ebb6ca53da105e13f3c6b8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-031632.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0001437749-25-031632

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251023

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Provident Bancorp, Inc. /MD/
- **CENTRAL INDEX KEY:** 0001778784
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 844132422
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39090
- **FILM NUMBER:** 251413313

**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='ASCII'? pvbc20250820_8k.htm

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM **8-K**

**CURRENT REPORT**

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 23, 2025

**<u>PROVIDENT BANCORP, INC.</u>**

(Exact Name of Registrant as Specified in Charter)

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>Maryland</u> | <u>Maryland</u> | <u>001-39090</u> | <u>001-39090</u> | <u>84-4132422</u> |
| (State or Other Jurisdiction | (State or Other Jurisdiction | (Commission File No.) | (Commission File No.) | (I.R.S. Employer |
| of Incorporation) | of Incorporation) |  |  | Identification No.) |
|  | <u><u>5 Market Street</u>, <u>Amesbury</u>, <u>Massachusetts</u></u> | <u><u>5 Market Street</u>, <u>Amesbury</u>, <u>Massachusetts</u></u> | <u>01913</u> | |
|  | (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Zip Code) | |

---

Registrant's telephone number, including area code: <u>(<u>877</u>) <u>487-2977</u></u>

<u>Not Applicable</u>

(Former name or former address, if changed since last report)

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:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common stock | PVBC | The NASDAQ Stock Market LLC |

---

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).

Emerging growth company ☐

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. ☐

------

---

| | |
|:---|:---|
| **Item 2.02** | **<u>Results of Operations and Financial Condition</u>** |

---

On October 23, 2025, Provident Bancorp, Inc. (the "Company") issued a press release announcing its earnings for the quarter ended September 30, 2025. A copy of the press release is attached as Exhibit 99.1 hereto and incorporated herein by reference. The information contained in this Item 2.02, including the related information set forth in the press release, is being "furnished" and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934.

---

| | |
|:---|:---|
| **Item 9.01** | **<u>Financial Statements and Exhibits</u>** |

---

(d) Exhibits

**<u>Exhibit</u> <u>Description</u>**

---

| | |
|:---|:---|
| [<u>99.1</u>](ex_855512.htm) | [<u>Press release dated October 23, 2025</u>](ex_855512.htm) |
| 104 | The cover page from this current report on Form 8-K, formatted in Inline XBRL |

---

------

**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.

---

| | | |
|:---|:---|:---|
|  | **PROVIDENT BANCORP, INC.** | **PROVIDENT BANCORP, INC.** |
| DATE: October 23, 2025 | By: | /s/ Joseph B. Reilly |
|  |  | Joseph B. Reilly |
|  |  | President and Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Provident Bancorp, Inc. Reports Net Income of $2.7 Million for the Quarter Ended September 30, 2025**

Company Release

10/23/2025

**Amesbury, Massachusetts** — Provident Bancorp, Inc. (the "Company") (NasdaqCM: PVBC), the holding company for BankProv (the "Bank"), reported net income for the quarter ended September 30, 2025 of $2.7 million, or $0.16 per diluted share, compared to net income of $2.8 million, or $0.17 per diluted share, for the quarter ended June 30, 2025, and net income of $716,000, or $0.04 per diluted share, for the quarter ended September 30, 2024. For the nine months ended September 30, 2025, net income was $7.7 million, or $0.45 per diluted share, compared to net income of $2.4 million, or $0.14 per diluted share, for the nine months ended September 30, 2024.

The Company's return on average assets was 0.70% for the quarter ended September 30, 2025, compared to 0.74% for the quarter ended June 30, 2025, and 0.18% for the quarter ended September 30, 2024. The Company's return on average equity was 4.45% for the quarter ended September 30, 2025, compared to 4.77% for the quarter ended June 30, 2025, and 1.27% for the quarter ended September 30, 2024. For the nine months ended September 30, 2025, the Company's return on average assets was 0.67%, compared to 0.20% for the nine months ended September 30, 2024. For the nine months ended September 30, 2025, the Company's return on average equity was 4.32%, compared to 1.41% for the nine months ended September 30, 2024.

For the quarter ended September 30, 2025, net interest and dividend income was $13.2 million, a decrease of $341,000, or 2.5%, from the quarter ended June 30, 2025, and a $777,000, or 6.3%, increase from the quarter ended September 30, 2024. The interest rate spread and net interest margin were 2.63% and 3.67% for the quarter ended September 30, 2025, respectively, compared to 2.79% and 3.77% for the quarter ended June 30, 2025, respectively, and 2.19% and 3.38% for the quarter ended September 30, 2024, respectively. For the nine months ended September 30, 2025, net interest and dividend income was $39.6 million, an increase of $2.8 million, or 7.4%, compared to $36.8 million for the nine months ended September 30, 2024. The interest rate spread and net interest margin were 2.68% and 3.70% for the nine months ended September 30, 2025, respectively, compared to 2.19%, and 3.34% for the nine months ended September 30, 2024, respectively.

Total interest and dividend income was $21.3 million for the quarters ended September 30, 2025 and June 30, 2025, a decrease of $1.1 million, or 5.0%, from the quarter ended September 30, 2024. The Company's yield on interest earning assets was 5.92% for the quarter ended September 30, 2025, 5.94% for the quarter ended June 30, 2025, and 6.11% for the quarter ended September 30, 2024. For the nine months ended September 30, 2025, total interest and dividend income was $63.2 million, a decrease of $3.1 million, or 4.7%, from $66.3 million for the nine months ended September 30, 2024. The Company's yield on interest-earning assets was 5.90% for the nine months ended September 30, 2025, a decrease of 12 basis points from 6.02% for the nine months ended September 30, 2024. For the quarter ended September 30, 2025, the yield on the loan portfolio was 6.13%, an increase of four basis points from 6.09% for the quarter ended June 30, 2025, and a decrease of 12 basis points compared to the quarter ended September 30, 2024. For the nine months ended September 30, 2025, the yield on the loan portfolio was 6.07%, representing an eight basis point reduction from the nine months ended September 30, 2024.

Total interest expense was $8.1 million for the quarter ended September 30, 2025, an increase of $351,000, or 4.5%, from $7.8 million for the quarter ended June 30, 2025, and a decrease of $1.9 million, or 18.9%, from $10.0 million for the quarter ended September 30, 2024. Interest expense on deposits was $7.9 million for the quarter ended September 30, 2025, a $616,000, or 8.5%, increase from $7.3 million for the quarter ended June 30, 2025, that was due to a $27.4 million, or 2.9%, increase in the average balance of interest-bearing deposits and a 17 basis point increase in the cost of interest-bearing deposits. Interest expense on deposits decreased $1.2 million, or 13.1%, from $9.1 million for the quarter ended September 30, 2024, primarily due to a 55 basis point reduction in the cost of interest-bearing deposits, partially offset by a $14.0 million, or 1.5%, increase in the average balance of interest-bearing deposits. Interest expense on borrowings was $247,000 for the quarter ended September 30, 2025, representing decreases of $265,000, or 51.8%, from the quarter ended June 30, 2025, and $705,000, or 74.1%, from the quarter ended September 30, 2024, driven by decreases in the average balance and cost of borrowings compared to prior periods. The Company's total cost of interest-bearing liabilities was 3.29% for the quarter ended September 30, 2025, an increase of 14 basis points from 3.15% for the quarter ended June 30, 2025, and a decrease of 63 basis points from the quarter ended September 30, 2024.

Total interest expense decreased $5.9 million, or 20.0%, to $23.6 million for the nine months ended September 30, 2025, compared to $29.5 million for the nine months ended September 30, 2024. Interest expense on deposits was $22.5 million for the nine months ended September 30, 2025, a decrease of $5.5 million, or 19.7%, from $28.0 million for the nine months ended September 30, 2024. The decrease was driven by a 59 basis point decrease in the average cost of interest-bearing deposits, from 3.80% to 3.21% and a decrease in the average balance of deposits, primarily due to a decrease in higher-cost savings accounts obtained through listing services. For the nine months ended September 30, 2025, interest expense on borrowings decreased $378,000, or 25.7%, primarily due to a 131 basis point decrease in the average cost of borrowings. The Company's total cost of interest-bearing liabilities was 3.22% for the nine months ended September 30, 2025, a decrease of 61 basis points from 3.83% for the nine months ended September 30, 2024. The decrease in interest expense compared to the prior year reflects the Bank's proactive management of deposit pricing in response to prevailing interest rate trends, as well as a strategic balancing of funding sources in anticipation of rate movements and liquidity needs.

The Company recognized a $418,000 credit loss benefit for the quarter ended September 30, 2025, compared to a $378,000 benefit for the quarter ended June 30, 2025, and a $1.7 million credit loss expense for the quarter ended September 30, 2024. For the nine months ended September 30, 2025, the Company recognized an $808,000 credit loss benefit, compared to a credit loss expense of $2.6 million for the nine months ended September 30, 2024. The credit loss benefit for the 2025 periods was primarily driven by a reduction in pooled reserves, largely reflecting a decline in total loans, specifically within the enterprise value portfolio, which typically carries a higher reserve rate than other loan categories. This benefit was partially offset by a year-to-date increase of $662,000 in individually analyzed reserves, primarily recorded in the first quarter of 2025.

Net charge-offs totaled $29,000 for the quarter ended September 30, 2025, compared to net recoveries of $20,000 for the quarter ended June 30, 2025, and net charge-offs of $84,000 for the quarter ended September 30, 2024. Net charge-offs totaled $6,000 for the nine months ended September 30, 2025, compared to net charge-offs of $2.2 million for the nine months ended September 30, 2024.

Noninterest income was $1.6 million for the quarter ended September 30, 2025, compared to $2.2 million for the quarter ended June 30, 2025, and $1.7 million for the quarter ended September 30, 2024. For the nine months ended September 30, 2025, noninterest income increased $582,000, or 12.7%, to $5.2 million, from $4.6 million for the nine months ended September 30, 2024. Noninterest income includes a $745,000 gain on a sale/leaseback transaction for the Bank's main office building, recognized during the second quarter of 2025.

Noninterest expense was $11.4 million for the quarter ended September 30, 2025, a decrease of $657,000, or 5.4%, from the quarter ended June 30, 2025, and a decrease of $142,000, or 1.2%, from the quarter ended September 30, 2024. The decrease from the prior quarter was primarily attributable to a reduction in merger-related expenses, and the reversal of a previously recognized loss contingency of $350,000 in the third quarter of 2025. This contingency, originally recorded under other expenses in connection with the previously-disclosed Wells Notice received from the Securities and Exchange Commission (the "SEC"), was reversed following the SEC's determination that it would not recommend enforcement action. Noninterest expense was $35.0 million for the nine months ended September 30, 2025, a decrease of $948,000, or 2.6%, from $35.9 million for the nine months ended September 30, 2024. The decrease was primarily due to decreases in professional fees of $582,000, or 18.8%. Nondeductible merger-related expenses, primarily included in professional fees were more than offset by continued improvements in organizational efficiency.

The Company recorded an income tax provision of $1.1 million for the quarter ended September 30, 2025, reflecting an effective tax rate of 28.4%, compared to $1.2 million, or an effective tax rate of 30.2%, for the quarter ended June 30, 2025, and $132,000, or an effective tax rate of 15.6%, for the quarter ended September 30, 2024. For the nine months ended September 30, 2025, the Company recorded a provision for income tax of $2.9 million, reflecting an effective tax rate of 27.8%, compared to $571,000, or an effective tax rate of 19.3%, for the nine months ended September 30, 2024. The increase in effective tax rates in 2025 was primarily due to nondeductible merger-related expenses, which totaled $847,000 for the nine months ended September 30, 2025.

Total assets were $1.49 billion at September 30, 2025, a decrease of $49.3 million, or 3.2%, from $1.54 billion at June 30, 2025, and a decrease of $101.5 million, or 6.4%, from $1.59 billion at December 31, 2024. Cash and cash equivalents decreased $28,000 from June 30, 2025, and $40.3 million, or 23.8%, from December 31, 2024. Net loans were $1.25 billion at September 30, 2025, a decrease of $42.5 million, or 3.3%, from June 30, 2025, and a decrease of $54.5 million, or 4.2%, from December 31, 2024. The decrease in net loans over the prior quarter was primarily due to decreases in mortgage warehouse loans of $31.9 million, or 11.2% and the strategic decrease in enterprise value loans of $14.4 million, or 5.8%, partially offset by targeted growth of commercial real estate loans of $16.6 million, or 2.9%. over the prior quarter. The decrease in net loans from December 31, 2024 was primarily due to the decrease in enterprise value loans of $77.8 million, or 25.1%, partially offset by an increase in the commercial real estate portfolio of $38.0 million, or 6.8%.

The allowance for credit losses for loans was $20.4 million, or 1.61% of total loans, as of September 30, 2025, compared to $20.8 million, or 1.58% of total loans, as of June 30, 2025, and $21.1 million, or 1.59% of total loans as of December 31, 2024. Non-accrual loans were $34.4 million, or 2.31% of total assets, as of September 30, 2025, compared to $34.4 million, or 2.24% of total assets as of June 30, 2025, and $20.9 million, or 1.31% of total assets, as of December 31, 2024.

Total deposits were $1.23 billion at September 30, 2025, a decrease of $25.6 million, or 2.0%, from $1.26 billion at June 30, 2025, and a decrease of $76.6 million, or 5.8%, from $1.31 billion at December 31, 2024. The decrease in deposits from June 30, 2025 was primarily due to a $12.3 million, or 51.0%, decrease in listing service deposits and a $15.0 million, or 9.1%, decrease in brokered deposits. The decrease in deposits from December 31, 2024 was primarily due to a $40.6 million, or 3.7%, decrease in retail deposits and a $35.8 million, or 75.2%, decrease in listing service deposits. Total borrowings were $7.5 million at September 30, 2025, a decrease of $27.0 million, or 78.4%, from June 30, 2025, and a decrease of $37.1 million, or 83.3%, from December 31, 2024, reflecting a proactive liquidity management strategy that aims to balance funding sources resulting in a reduced need to utilize short-term funding for current operations at September 30, 2025.

As of September 30, 2025, shareholders' equity totaled $241.0 million, an increase of $3.7 million, or 1.5%, from June 30, 2025, and an increase of $9.9 million, or 4.3%, from December 31, 2024 primarily due to the Company's net income. Shareholders' equity to total assets was 16.2% at September 30, 2025, compared to 15.4% at June 30, 2025 and 14.5% at December 31, 2024. Book value per share was $13.55 at September 30, 2025, an increase from $13.35 at June 30, 2025 and $12.99 at December 31, 2024. As of September 30, 2025, the Bank was categorized as well capitalized under the Federal Deposit Insurance Corporation regulatory framework for prompt corrective action.

**About Provident Bancorp, Inc.**

Provident Bancorp, Inc. (NASDAQ:PVBC) is the holding company for BankProv, a full-service commercial bank headquartered in Massachusetts. With retail branches in the Seacoast Region of Northeastern Massachusetts and New Hampshire, as well as commercial banking offices in the Manchester/Concord market in Central New Hampshire, BankProv delivers a unique combination of traditional banking services and innovative financial solutions to its markets. Founded in Amesbury, Massachusetts in 1828, BankProv holds the honor of being the 10th oldest bank in the nation. The Bank insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). For more information, visit bankprov.com.

**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: those related to the status of our proposed merger with NB Bancorp, Inc., general economic conditions, including potential recessionary conditions; interest rates; inflation; levels of unemployment; legislative, regulatory and accounting changes; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve Bank; the impact of the federal government shutdown; deposit flows; our ability to access cost-effective funding; changes in liquidity, including the size and composition of our deposit portfolio; changes in investor sentiment and consumer spending, borrowing and savings habits; competition; the imposition of tariffs or other domestic or international governmental policies and retaliatory responses; our ability to successfully shift the balance sheet to that of a traditional community bank; real estate values in the market area; loan demand; the adequacy of our level and methodology for calculating our allowance for credit losses; changes in the quality of our loan and securities portfolios; the ability of our borrowers to repay their loans; an unexpected adverse financial, regulatory or bankruptcy event experienced by our cryptocurrency, digital asset or financial technology ("fintech") customers; our ability to retain key employees; failures or breaches of our IT systems, including cyberattacks; the failure to maintain current technologies; the ability of the Company or the Bank to effectively manage its growth; global and national war and terrorism; the impact of a pandemic on our operations and financial results and those of our customers; and results of regulatory examinations, among other factors. The foregoing list of important factors is not exclusive. Readers should carefully review the risk factors described in other documents that the Company files from time to time with the Securities and Exchange Commission, including Annual and Quarterly Reports on Forms 10-K and 10-Q, and Current Reports on Form 8-K.

Investor contact:

Joseph Reilly

President and Chief Executive Officer

Provident Bancorp, Inc.

jreilly@bankprov.com

------

Provident Bancorp, Inc.

Consolidated Balance Sheet

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| | | | |
|:---|:---|:---|:---|
|  | At | At | At |
|  | September 30, | June 30, | December 31, |
|  | 2025 | 2025 | 2024 |
| *(Dollars in thousands)* | (unaudited) | (unaudited) |  |
| **Assets** |  |  |  |
| Cash and due from banks | $19373 | $21700 | $27536 |
| Short-term investments | 109508 | 107209 | 141606 |
| Cash and cash equivalents | 128881 | 128909 | 169142 |
| Debt securities available-for-sale (at fair value) | 24441 | 24534 | 25693 |
| Federal Home Loan Bank stock, at cost | 1004 | 2242 | 2697 |
| Loans: |  |  |  |
| Commercial real estate | 597361 | 580750 | 559325 |
| Construction and land development | 29895 | 37362 | 28097 |
| Residential real estate | 4972 | 4936 | 6008 |
| Mortgage warehouse | 252208 | 284154 | 259181 |
| Commercial | 154858 | 160596 | 163927 |
| Enterprise value | 231991 | 246382 | 309786 |
| Consumer | 93 | 85 | 271 |
| Total loans | 1271378 | 1314265 | 1326595 |
| Allowance for credit losses for loans | (20414) | (20796) | (21087) |
| Net loans | 1250964 | 1293469 | 1305508 |
| Bank owned life insurance | 47028 | 46679 | 46017 |
| Premises and equipment, net | 10062 | 10127 | 10188 |
| Accrued interest receivable | 4210 | 4877 | 5296 |
| Right-of-use assets | 5431 | 5488 | 3429 |
| Deferred tax asset, net | 11890 | 12631 | 13808 |
| Other assets | 7712 | 11925 | 11392 |
| **Total assets** | $1491623 | $1540881 | $1593170 |
| **Liabilities and Shareholders' Equity** |  |  |  |
| Deposits: |  |  |  |
| Noninterest-bearing demand deposits | $280288 | $287927 | $351528 |
| NOW | 87268 | 103115 | 83270 |
| Regular savings | 90578 | 105123 | 132198 |
| Money market deposits | 470800 | 463100 | 463687 |
| Certificates of deposit | 303457 | 298713 | 278277 |
| Total deposits | 1232391 | 1257978 | 1308960 |
| Borrowings: |  |  |  |
| Short-term borrowings | 3000 | 25000 | 35000 |
| Long-term borrowings | 4462 | 9495 | 9563 |
| Total borrowings | 7462 | 34495 | 44563 |
| Operating lease liabilities | 5900 | 5939 | 3862 |
| Commitments and contingencies |  | 350 |  |
| Other liabilities | 4841 | 4748 | 4698 |
| Total liabilities | 1250594 | 1303510 | 1362083 |
| Shareholders' equity: |  |  |  |
| Preferred stock, $0.01 par value, 50,000 shares authorized; no shares issued and outstanding |  |  |  |
| Common stock, $0.01 par value, 100,000,000 shares authorized; 17,782,946, 17,785,538, and 17,788,543 shares issued and outstanding at September 30, 2025, June 30, 2025 and December 31, 2024, respectively | 178 | 178 | 178 |
| Additional paid-in capital | 126772 | 126329 | 125446 |
| Retained earnings | 121225 | 118555 | 113561 |
| Accumulated other comprehensive loss | (1212) | (1578) | (1625) |
| Unearned compensation - ESOP | (5934) | (6113) | (6473) |
| Total shareholders' equity | 241029 | 237371 | 231087 |
| **Total liabilities and shareholders' equity** | $1491623 | $1540881 | $1593170 |

---

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Provident Bancorp, Inc.

Consolidated Income Statements

(Unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
|  | September 30, | June 30, | September 30, | September 30, | September 30, |
| *(Dollars in thousands, except per share data)* | 2025 | 2025 | 2024 | 2025 | 2024 |
| **Interest and dividend income:** |  |  |  |  |  |
| Interest and fees on loans | $19606 | $20085 | $21257 | $58998 | $61637 |
| Interest and dividends on debt securities available-for-sale | 220 | 231 | 240 | 711 | 720 |
| Interest on short-term investments | 1484 | 984 | 932 | 3481 | 3979 |
| Total interest and dividend income | 21310 | 21300 | 22429 | 63190 | 66336 |
| **Interest expense:** |  |  |  |  |  |
| Interest on deposits | 7877 | 7261 | 9068 | 22507 | 28015 |
| Interest on short-term borrowings | 219 | 482 | 916 | 1007 | 1375 |
| Interest on long-term borrowings | 28 | 30 | 36 | 88 | 98 |
| Total interest expense | 8124 | 7773 | 10020 | 23602 | 29488 |
| **Net interest and dividend income** | 13186 | 13527 | 12409 | 39588 | 36848 |
| Credit loss (benefit) expense - loans | (353) | (384) | 1666 | (667) | 2590 |
| Credit loss (benefit) expense - off-balance sheet credit exposures | (65) | 6 | 27 | (141) | (20) |
| Total credit loss (benefit) expense | (418) | (378) | 1693 | (808) | 2570 |
| **Net interest and dividend income after credit loss (benefit) expense** | 13604 | 13905 | 10716 | 40396 | 34278 |
| **Noninterest income:** |  |  |  |  |  |
| Customer service fees on deposit accounts | 686 | 690 | 813 | 2091 | 2152 |
| Service charges and fees - other | 306 | 442 | 486 | 1024 | 1144 |
| Bank owned life insurance income | 349 | 335 | 327 | 1011 | 948 |
| Other income | 217 | 764 | 82 | 1043 | 343 |
| Total noninterest income | 1558 | 2231 | 1708 | 5169 | 4587 |
| **Noninterest expense:** |  |  |  |  |  |
| Salaries and employee benefits | 7749 | 7338 | 7267 | 22663 | 22705 |
| Occupancy expense | 426 | 376 | 452 | 1250 | 1302 |
| Equipment expense | 115 | 120 | 159 | 379 | 471 |
| Deposit insurance | 331 | 294 | 334 | 957 | 988 |
| Data processing | 429 | 410 | 416 | 1260 | 1231 |
| Marketing expense | 61 | 62 | 57 | 168 | 151 |
| Professional fees | 823 | 1124 | 800 | 2516 | 3098 |
| Directors' compensation | 197 | 197 | 233 | 589 | 584 |
| Software depreciation and implementation | 532 | 532 | 614 | 1617 | 1741 |
| Insurance expense | 224 | 224 | 303 | 669 | 907 |
| Service fees | 294 | 371 | 405 | 983 | 881 |
| Other | 253 | 1043 | 536 | 1906 | 1846 |
| Total noninterest expense | 11434 | 12091 | 11576 | 34957 | 35905 |
| **Income before income tax expense** | 3728 | 4045 | 848 | 10608 | 2960 |
| **Income tax expense** | 1058 | 1221 | 132 | 2944 | 571 |
| **Net income** | $2670 | $2824 | $716 | $7664 | $2389 |
| **Earnings per share:** |  |  |  |  |  |
| Basic | $0.16 | $0.17 | $0.04 | $0.45 | $0.14 |
| Diluted | $0.16 | $0.17 | $0.04 | $0.45 | $0.14 |
| **Weighted Average Shares:** |  |  |  |  |  |
| Basic | 16897892 | 16860744 | 16748404 | 16860555 | 16708363 |
| Diluted | 17071693 | 16954078 | 16811614 | 16982799 | 16754858 |

---

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Provident Bancorp, Inc.

Net Interest Income Analysis

(Unaudited)

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended |
|  | September 30, 2025 | September 30, 2025 | September 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2025 | September 30, 2024 | September 30, 2024 | September 30, 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) | $1278662 | $19606 | 6.13% | $1320244 | $20085 | 6.09% | $1359712 | $21257 | 6.25% |
| Short-term investments | 134014 | 1484 | 4.43% | 87843 | 984 | 4.48% | 78925 | 932 | 4.72% |
| Debt securities available-for-sale | 24360 | 172 | 2.82% | 24786 | 182 | 2.94% | 27367 | 201 | 2.94% |
| Federal Home Loan Bank stock | 1984 | 48 | 9.68% | 2596 | 49 | 7.55% | 3476 | 39 | 4.49% |
| Total interest-earning assets | 1439020 | 21310 | 5.92% | 1435469 | 21300 | 5.94% | 1469480 | 22429 | 6.11% |
| Noninterest earning assets | 84381 |  |  | 87489 |  |  | 94258 |  |  |
| Total assets | $1523401 |  |  | $1522958 |  |  | $1563738 |  |  |
| **Liabilities and shareholders' equity:** |  |  |  |  |  |  |  |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |
| Savings accounts | $100987 | $204 | 0.81% | $106622 | $215 | 0.81% | $155726 | $898 | 2.31% |
| Money market accounts | 474957 | 4023 | 3.39% | 446440 | 3733 | 3.34% | 479276 | 4823 | 4.03% |
| NOW accounts | 84974 | 333 | 1.57% | 92260 | 395 | 1.71% | 79527 | 311 | 1.56% |
| Certificates of deposit | 298997 | 3317 | 4.44% | 287166 | 2918 | 4.06% | 231373 | 3036 | 5.25% |
| Total interest-bearing deposits | 959915 | 7877 | 3.28% | 932488 | 7261 | 3.11% | 945902 | 9068 | 3.83% |
| Borrowings |  |  |  |  |  |  |  |  |  |
| Short-term borrowings | 20196 | 219 | 4.34% | 43989 | 482 | 4.38% | 66727 | 916 | 5.49% |
| Long-term borrowings | 8604 | 28 | 1.30% | 9507 | 30 | 1.26% | 9607 | 36 | 1.50% |
| Total borrowings | 28800 | 247 | 3.43% | 53496 | 512 | 3.83% | 76334 | 952 | 4.99% |
| Total interest-bearing liabilities | 988715 | 8124 | 3.29% | 985984 | 7773 | 3.15% | 1022236 | 10020 | 3.92% |
| Noninterest-bearing liabilities: |  |  |  |  |  |  |  |  |  |
| Noninterest-bearing deposits | 283626 |  |  | 292421 |  |  | 305124 |  |  |
| Other noninterest-bearing liabilities | 11184 |  |  | 7920 |  |  | 10377 |  |  |
| Total liabilities | 1283525 |  |  | 1286325 |  |  | 1337737 |  |  |
| Total equity | 239876 |  |  | 236633 |  |  | 226001 |  |  |
| Total liabilities and equity | $1523401 |  |  | $1522958 |  |  | $1563738 |  |  |
| Net interest income |  | $13186 |  |  | $13527 |  |  | $12409 |  |
| Interest rate spread (2) |  |  | 2.63% |  |  | 2.79% |  |  | 2.19% |
| Net interest-earning assets (3) | $450305 |  |  | $449485 |  |  | $447244 |  |  |
| Net interest margin (4) |  |  | 3.67% |  |  | 3.77% |  |  | 3.38% |
| Average interest-earning assets to interest-bearing liabilities | 145.54% |  |  | 145.59% |  |  | 143.75% |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Interest earned/paid on loans includes $679,000, $659,000, and $796,000 in loan fee income for the three months ended September 30, 2025 , June 30, 2025 , and September 30, 2024 , respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Net interest margin represents net interest income as a percentage of average interest-earning assets.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Annualized.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the Nine Months Ended | For the Nine Months Ended | For the Nine Months Ended | For the Nine Months Ended | For the Nine Months Ended | For the Nine Months Ended |
|  | September 30, 2025 | September 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2024 | September 30, 2024 |
|  |  | Interest |  |  | Interest |  |
|  | Average | Earned/ | Yield/ | Average | Earned/ | Yield/ |
| *(Dollars in thousands)* | Balance | Paid | Rate (5) | Balance | Paid | Rate (5) |
| **Assets:** |  |  |  |  |  |  |
| Interest-earning assets: |  |  |  |  |  |  |
| Loans (1) | $1296782 | $58998 | 6.07% | $1337289 | $61637 | 6.15% |
| Short-term investments | 104179 | 3481 | 4.46% | 101539 | 3979 | 5.22% |
| Debt securities available-for-sale | 24909 | 543 | 2.91% | 27694 | 612 | 2.95% |
| Federal Home Loan Bank stock | 2423 | 168 | 9.24% | 2379 | 108 | 6.05% |
| Total interest-earning assets | 1428293 | 63190 | 5.90% | 1468901 | 66336 | 6.02% |
| Noninterest earning assets | 88020 |  |  | 99161 |  |  |
| Total assets | $1516313 |  |  | $1568062 |  |  |
| **Liabilities and shareholders' equity:** |  |  |  |  |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |
| Savings accounts | $108709 | $682 | 0.84% | $204892 | $4505 | 2.93% |
| Money market accounts | 456496 | 11512 | 3.36% | 463632 | 13560 | 3.90% |
| NOW accounts | 83420 | 985 | 1.57% | 77373 | 718 | 1.24% |
| Certificates of deposit | 285124 | 9328 | 4.36% | 237760 | 9232 | 5.18% |
| Total interest-bearing deposits | 933749 | 22507 | 3.21% | 983657 | 28015 | 3.80% |
| Borrowings |  |  |  |  |  |  |
| Short-term borrowings | 33971 | 1007 | 3.95% | 32242 | 1375 | 5.69% |
| Long-term borrowings | 9214 | 88 | 1.27% | 9642 | 98 | 1.36% |
| Total borrowings | 43185 | 1095 | 3.38% | 41884 | 1473 | 4.69% |
| Total interest-bearing liabilities | 976934 | 23602 | 3.22% | 1025541 | 29488 | 3.83% |
| Noninterest-bearing liabilities: |  |  |  |  |  |  |
| Noninterest-bearing deposits | 293472 |  |  | 305849 |  |  |
| Other noninterest-bearing liabilities | 9138 |  |  | 10977 |  |  |
| Total liabilities | 1279544 |  |  | 1342367 |  |  |
| Total equity | 236769 |  |  | 225695 |  |  |
| Total liabilities and equity | $1516313 |  |  | $1568062 |  |  |
| Net interest income |  | $39588 |  |  | $36848 |  |
| Interest rate spread (2) |  |  | 2.68% |  |  | 2.19% |
| Net interest-earning assets (3) | $451359 |  |  | $443360 |  |  |
| Net interest margin (4) |  |  | 3.70% |  |  | 3.34% |
| Average interest-earning assets to interest-bearing liabilities | 146.20% |  |  | 143.23% |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Interest earned/paid on loans includes $2.1 million and $2.2 million in loan fee income for the nine months ended September 30, 2025 and September 30, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Net interest margin represents net interest income as a percent of average interest-earning assets.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Annualized.

------

Provident Bancorp, Inc.

Select Financial Highlights

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
|  | September 30, | June 30, | September 30, | September 30, | September 30, |
|  | 2025 | 2025 | 2024 | 2025 | 2024 |
| **Performance Ratios:** |  |  |  |  |  |
| Return on average assets (1) | 0.70% | 0.74% | 0.18% | 0.67% | 0.20% |
| Return on average equity (1) | 4.45% | 4.77% | 1.27% | 4.32% | 1.41% |
| Interest rate spread (1) (2) | 2.63% | 2.79% | 2.19% | 2.68% | 2.19% |
| Net interest margin (1) (3) | 3.67% | 3.77% | 3.38% | 3.70% | 3.34% |
| Noninterest expense to average assets (1) | 3.00% | 3.18% | 2.96% | 3.07% | 3.05% |
| Efficiency ratio (4) | 77.55% | 76.73% | 82.00% | 78.10% | 86.65% |
| Average interest-earning assets to average interest-bearing liabilities | 145.54% | 145.59% | 143.75% | 146.20% | 143.23% |
| Average equity to average assets | 15.75% | 15.54% | 14.45% | 15.61% | 14.39% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | At | At | At |
|  | September 30, | June 30, | December 31, |
| *(Dollars in thousands)* | 2025 | 2025 | 2024 |
| **Asset Quality** |  |  |  |
| Non-accrual loans: |  |  |  |
| Commercial real estate | $53 | $54 | $57 |
| Residential real estate | 414 | 420 | 366 |
| Commercial | 1511 | 1536 | 1543 |
| Enterprise value | 32422 | 32430 | 18920 |
| Consumer |  |  | 1 |
| Total non-accrual loans | 34400 | 34440 | 20887 |
| Total non-performing assets | $34400 | $34440 | $20887 |
| **Asset Quality Ratios** |  |  |  |
| Allowance for credit losses for loans as a percent of total loans (5) | 1.61% | 1.58% | 1.59% |
| Allowance for credit losses for loans as a percent of non-performing loans | 59.34% | 60.38% | 100.96% |
| Non-performing loans as a percent of total loans (5) | 2.71% | 2.62% | 1.57% |
| Non-performing loans as a percent of total assets | 2.31% | 2.24% | 1.31% |
| **Capital and Share Related** |  |  |  |
| Shareholders' equity to total assets | 16.16% | 15.40% | 14.50% |
| Book value per share | $13.55 | $13.35 | $12.99 |
| Market value per share | $12.53 | $12.49 | $11.40 |
| Shares outstanding | 17782946 | 17785538 | 17788543 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Net interest margin represents net interest income as a percent of average interest-earning assets.

&nbsp;&nbsp;&nbsp;&nbsp;(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).

&nbsp;&nbsp;&nbsp;&nbsp;(5) Loans are presented at amortized cost.