Chronicle Journal: Finance

Provident Bancorp, Inc. Reports Earnings for the June 30, 2020 Quarter and Initiates Payment of Quarterly Cash Dividends of $0.03 per Share

AMESBURY, Mass., July 17, 2020 (GLOBE NEWSWIRE) -- Provident Bancorp, Inc. (the “Company”) (NasdaqCM: PVBC), the holding company for The Provident Bank (the “Bank”), reported net income for the three months ended June 30, 2020 of $3.3 million, or $0.18 per diluted share, compared to $2.5 million, or $0.13 per diluted share, for the three months ended June 30, 2019. Net income for the six months ended June 30, 2020 was $4.5 million, or $0.25 per diluted share, compared to $4.8 million, or $0.25 per diluted share, for the six months ended June 30, 2019. As a result of the completion of the second-step conversion and related stock offering in October 2019, all historical share and per share information has been restated to reflect the 2.0212-to-one exchange ratio.

The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.03 per share, which will be paid on August 13, 2020 to stockholders of record as of July 30, 2020.

“The obstacles of the day, while serious and requiring the Bank’s focus, will not hinder the entrepreneurial spirit and growth-mindset of our organization,” said Dave Mansfield, CEO. “I’m happy to highlight that we just completed a successful launch of our new ‘BankProv’ brand, an initiative that began in early 2019. Our new brand embodies the Bank’s 200-year evolution by connecting its deep banking roots to a Future Ready, technologically innovative commercial institution committed to delivering an exceptional customer experience.”

COVID–19 Response

The outbreak of COVID-19 has adversely impacted a broad range of industries in which the Company’s customers operate and could impair their ability to fulfill their financial obligations. The World Health Organization has declared COVID-19 to be a global pandemic indicating that almost all public commerce and related business activities must be, to varying degrees, curtailed with the goal of decreasing the rate of new infections. The spread of the outbreak has caused significant disruption in the U.S. economy and has disrupted banking and other financial activity in the areas in which the Company operates.

Congress and the bank regulatory agencies have taken several actions designed to cushion the economic fallout. The Coronavirus Aid Relief and Economic Security (“CARES”) Act was signed into law at the end of March 2020. The goal of the CARES Act is to prevent severe economic downturn through various measures, including direct financial aid to American families and economic stimulus to significantly impacted industry sectors. In addition to the general impact of COVID-19, certain provisions of the CARES Act as well as other recent legislative and regulatory relief efforts are expected to have a material impact on the Company’s operations.

State and local governments are closely monitoring key public health data as the situation continues to evolve. The Company’s market area has implemented a phased reopen plan and has not seen a significant spike in cases since the implementation began. The continued progression has allowed businesses to reopen and service customers with restrictions in place. The Company’s business depends upon the willingness and ability of its employees and customers to conduct banking and other financial transactions. If the global response to contain COVID-19 escalates further or is unsuccessful, the Company could experience a material adverse effect on its business, financial condition, results of operations and cash flows. While it is not possible to know the full extent that the impact of COVID-19 will have on the Company’s operations, the Company will be disclosing potentially material items of which it is aware.

During the second quarter of 2020, the Company has focused on meeting the needs of its customer base during the pandemic. The impact of our response during the second quarter is as follows:

  • Decreased customer service fees on deposit accounts of $92,000, or 25.8% and decreased other service charges and fees of $245,000, or 48.4%, when comparing the three months ended June 30, 2020 to the three months ended June 30, 2019 primarily due to fees waived for customers;
  • Recognized additional reserves of $581,000 to address economic uncertainties and increased unemployment;
  • Originated loans as part of the Small Business Administration’s (“SBA’s”) 7(a) Paycheck Protection Program (“PPP”) totaling $78.0 million which resulted in the collection of $2.8 million in fees from the SBA; and
  • Modified loans under the CARES Act totaling $274.2 million, or 21.4% of total loans.

Financial Results for June 30, 2020 Quarter

Net interest and dividend income before provision for loan losses increased by $2.4 million, or 23.0%, compared to the three months ended June 30, 2019 and increased by $4.3 million, or 20.9%, compared to the six months ended June 30, 2019. The growth in net interest and dividend income for the three months ended June 30, 2020 compared to the three months ended June 30, 2019 is primarily the result of an increase in our average interest earning assets of $324.1 million, or 34.4%, offset by a decrease in net interest margin of 38 basis points to 4.12%. The growth in net interest and dividend income for the six months ended June 30, 2020 compared to the same period in 2019 is primarily the result of an increase in average interest earning assets of $266.0 million, or 28.5%, offset by a decrease in the net interest margin of 26 basis points to 4.19%.

Provision for loan losses of $872,000 were recognized for the three months ended June 30, 2020 compared to $1.4 million for the same period in 2019. The decrease of $482,000, or 35.6% was primarily due to net charge-offs incurred in the second quarter of 2019. For the six months ended June 30, 2020, a provision of $4.0 million was recognized compared to $2.8 million for the six months ended June 30, 2019. The changes in the provision were based on management’s assessment of loan portfolio growth and composition changes, historical charge-off trends, levels of problem loans and other asset quality trends. The Company has reviewed certain qualitative factors in light of significant economic deterioration due to COVID-19. As some businesses remain shut down and others operate at reduced capacities, the Company continues to work with borrowers and offer relief in the form of short-term payment deferrals. There remains significant uncertainty of the full impact of COVID-19 as there is no set timeline as to when our customers can return to full operations. In reviewing the modifications performed as of June 30, 2020, an increased provision was recognized to address the economic uncertainties and increased unemployment that COVID-19 has had on our commercial customers. As of June 30, 2020 we have modified 110 commercial real estate loans totaling $133.9 million and 157 commercial loans totaling $116.1 million.

The allowance for loan losses as a percentage of total loans was 1.34% as of June 30, 2020 compared to 1.42% as of December 31, 2019. Included in total loans is $78.0 million in PPP loans originated as part of the CARES Act that have no credit risk, therefore we have not provided for losses for these loans, which has lowered the allowance as a percentage of total loans. The allowance for loan losses as a percentage of non-performing loans was 65.9% as of June 30, 2020 compared to 237.6% as of December 31, 2019. Non-performing loans were $26.0 million, or 1.8% of total assets as of June 30, 2020, compared to $5.8 million, or 0.52% of total assets, as of December 31, 2019. As of June 30, 2020, non-performing loans consist primarily of two commercial relationships and one commercial real estate relationship. These loan relationships were evaluated and specific reserves of $1.74 million were allocated as of June 30, 2020.

Noninterest income decreased $352,000, or 33.3%, to $704,000 for the three months ended June 30, 2020 compared to $1.1 million for the same period in 2019. The decrease is primarily due to a decrease in other service charges and fees of $245,000, or 48.4%, and a decrease in customer service fees on deposit accounts of $92,000, or 25.8%. For the six months ended June 30, 2020, noninterest income decreased $388,000, or 18.5%, to $1.7 million compared to $2.1 million for the six months ended June 30, 2019. The decrease is primarily due to a decrease in the gains on sales of securities of $113,000, or 100.0%, a decrease in other service charges and fees of $197,000, or 21.5%, and a decrease of $69,000, or 10.1% in customer services fees on deposit accounts. The decreases in other service charges and fees and customer service fees on deposit accounts for both periods was primarily due to waiving fees for customers impacted by COVID-19.

Noninterest expense increased $1.5 million, or 21.5%, to $8.4 million for the three months ended June 30, 2020 compared to $6.9 million for the three months ended June 30, 2019. The increase is primarily due to an increase in salaries and employee benefits expense and other expense, partially offset by a decrease in occupancy expense and professional fees. The increase of $1.5 million, or 35.7%, for the three months ended June 30, 2020 in salary and employee benefits was primarily due to a higher number of sales and operations positions compared to the same period in 2019, the addition of staff from the warehouse business line purchase, and our ESOP expense. The warehouse business line purchase increased salary and employee benefits by $241,000. ESOP expense increased $49,000 due to the acquisition of additional shares from our second-step conversion and related stock offering in October 2019. Other expense increased $82,000, or 9.5%, due to increased loan workout expenses. Occupancy expense decreased $121,000, or 22.0%, primarily due to the acceleration of our leasehold improvements amortization related to the closure of our Hampton, New Hampshire branch in 2019. Professional fees decreased $129,000, or 26.0%, primarily due to one-time consulting services incurred in 2019 to aid in implementing a continuous improvement culture and our development of deposit products and services. For the six months ended June 30, 2020, noninterest expense increased $3.0 million, or 22.3%, to $16.6 million compared to $13.6 million for the six months ended June 30, 2019. The increase is primarily due to an increase in salaries and employee benefits expense, write-down of a notes receivable, and other expense, partially offset by a decrease in occupancy expense and professional fees. The increase of $2.6 million, or 30.7%, for the six months ended June 30, 2020 in salary and employee benefits was primarily due to a higher number of sales and operations positions compared to the same period in 2019, the addition of staff from the warehouse business line purchase, and our ESOP expense. The warehouse business line purchase increased salary and employee benefits by $411,000 and ESOP expense increased $163,000, as described above. A write-down of a notes receivable was completed after the Company evaluated the collectability and determined that $500,000 is uncollectible. Other expense increased $186,000, or 12.1%, due to increased loan workout expenses. Occupancy expense decreased $324,000, or 27.1%, primarily due to the acceleration of our leasehold improvements amortization related to the closure of our Hampton, New Hampshire branch in 2019. Professional fees decreased $165,000, or 18.0%, primarily due to one-time consulting services incurred in 2019 to aid in implementing a continuous improvement culture and our development of deposit products and services.

As of June 30, 2020, total assets have increased $293.0 million, or 26.1%, to $1.41 billion compared to $1.12 billion at December 31, 2019. The primary reasons for the increase are increases in net loans, bank owned life insurance and accrued interest receivable, partially offset by a decrease cash and cash equivalents and in investments in available-for-sale securities. Net loans increased $305.8 million, or 31.9%, to $1.27 billion as of June 30, 2020 compared to $959.3 million at December 31, 2019. The increase in net loans was due to an increase in commercial loans of $309.0 million, or 68.4%, an increase in construction and land development loans of $10.3 million, or 22.1%, and an increase in commercial real estate loans of $3.5 million, or 0.8%, partially offset by decreases in residential real estate loans of $6.3 million, or 13.8%, and consumer loans of $4.2 million, or 33.2%. The increase in commercial loans was primarily due to loans in the warehouse business line of $184.8 million and the origination of $78.0 million in SBA PPP loans. The increase in bank owned life insurance of $9.3 million, or 34.5%, was primarily due to the purchase of additional insurance. The increase in accrued interest receivable of $1.9 million, or 66.6%, was primarily due to deferred interest on loan modifications as part of the CARES Act. The decrease in cash and cash equivalents of $21.5 million, or 36.0%, resulted from the purchase of the warehouse business line partially offset by an increase in deposits. The decrease in investments in available-for-sale securities of $4.8 million, or 11.5%, resulted primarily from principal pay downs on government mortgage-backed securities.

Total liabilities increased $287.6 million, or 32.3%, due to increased deposits and an increase in borrowings. Deposits were $1.12 billion as of June 30, 2020, representing an increase of $270.6 million, or 31.8%, compared to December 31, 2019. The primary reason for the increase in deposits was due to an increase of $133.3 million, or 36.1%, in NOW and demand deposits, an increase of $21.4 million, or 25.7% in money market accounts, $76.7 million, or 81.2%, in time deposits, and an increase of $39.2 million, or 33.9%, in savings accounts. Money market deposits and NOW and demand deposits increased due to funds from the origination of PPP loans and strategic deposit growth strategy. The increase in time deposits is primarily due to increases in brokered certificates of deposit of $65.6 million, or 135.0%, and an increase of $12.9 million, or 148.9%, from Qwickrate, where we gather certificates of deposit nationwide by posting rates we will pay on these deposits. The increase in savings accounts is primarily due to municipal deposits and growth from our online deposit products. Borrowings increased $17.0 million, or 68.1%, to $42.0 million as of June 30, 2020 primarily due to funding loan growth.

As of June 30, 2020, shareholders’ equity was $236.3 million compared to $230.9 million at December 31, 2019, representing an increase of $5.4 million, or 2.3%. The increase was primarily due to year-to-date net income of $4.5 million, stock-based compensation expense of $503,000, other comprehensive income of $544,000 and employee stock ownership plan shares earned of $444,000, partially offset by a decrease of $583,000 from dividends declared.

About Provident Bancorp, Inc.

Provident Bancorp, Inc. is a Maryland corporation that was formed in 2019 to be the successor corporation to Provident Bancorp, Inc., a Massachusetts corporation, and the holding company for The Provident Bank, which also operates under the name BankProv. The Provident Bank, a subsidiary of Provident Bancorp, Inc., is an innovative, commercial bank that finds solutions for our business and private clients. We are committed to strengthening the economic development of the regions we serve, by working closely with businesses and private clients and delivering superior products and high-touch services to meet their banking needs. The Provident has offices in Massachusetts and New Hampshire. All deposits are insured in full through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). For more information about The Provident Bank please visit our website www.bankprov.com or call 877-487-2977.

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 of which they are given). These factors include: general economic conditions; trends in interest rates; the ability of our borrowers to repay their loans; and the ability of the Company or the Bank to effectively manage its growth 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 of 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.

Provident Bancorp, Inc.
Consolidated Balance Sheet

    
 At At
 June 30, December 31,
 2020 2019
(Dollars in thousands) (unaudited)   
Assets     
Cash and due from banks$12,327  $11,990 
Short-term investments 25,851   47,668 
Cash and cash equivalents 38,178   59,658 
Debt securities available-for-sale (at fair value) 36,992   41,790 
Federal Home Loan Bank stock, at cost 1,050   1,416 
Loans, net of allowance for loan losses of $17,158 and $13,844 as of June 30, 2020 and December 31, 2019, respectively 1,265,091   959,286 
Bank owned life insurance 36,225   26,925 
Premises and equipment, net 14,771   14,728 
Accrued interest receivable 4,756   2,854 
Right-of-use assets 4,336   3,713 
Other assets 13,413   11,418 
Total assets$1,414,812  $1,121,788 
      
Liabilities and Shareholders' Equity     
Deposits:     
Noninterest-bearing$361,022  $222,088 
Interest-bearing 759,463   627,817 
Total deposits 1,120,485   849,905 
Borrowings 42,021   24,998 
Operating lease liabilities 4,534   3,877 
Other liabilities 11,450   12,075 
Total liabilities 1,178,490   890,855 
Shareholders' equity:     
Preferred stock; authorized 50,000 shares: no shares issued and outstanding     
Common stock, $0.01 par value, 100,000,000 shares authorized; 19,472,310 and 19,473,818 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively 195   195 
Additional paid-in capital 146,778   146,174 
Retained earnings 98,057   94,159 
Accumulated other comprehensive income 1,002   458 
Unearned compensation - ESOP (9,710)  (10,053)
Total shareholders' equity 236,322   230,933 
Total liabilities and shareholders' equity$1,414,812  $1,121,788 
        

Provident Bancorp, Inc.
Consolidated Income Statements

            
 Three Months Ended  Six Months Ended
 June 30,  June 30,
 2020 2019  2020  2019
(Dollars in thousands, except per share data)(unaudited)
Interest and dividend income:           
Interest and fees on loans$14,391 $12,270 $28,151 $23,969
Interest and dividends on securities 259  420  517  824
Interest on short-term investments 4  41  75  67
Total interest and dividend income 14,654  12,731  28,743  24,860
Interest expense:           
Interest on deposits 1,443  1,531  3,089  2,968
Interest on borrowings 176  599  547  1,133
Total interest expense 1,619  2,130  3,636  4,101
Net interest and dividend income 13,035  10,601  25,107  20,759
Provision for loan losses 872  1,354  3,971  2,816
Net interest and dividend income after provision for loan losses 12,163  9,247  21,136  17,943
Noninterest income:           
Customer service fees on deposit accounts 264  356  616  685
Service charges and fees - other 261  506  721  918
Gain on sale of securities, net       113
Bank owned life insurance income 171  173  350  350
Other income 8  21  27  36
Total noninterest income 704  1,056  1,714  2,102
Noninterest expense:           
Salaries and employee benefits 5,799  4,274  11,201  8,568
Occupancy expense 429  550  870  1,194
Equipment expense 144  109  281  215
Data processing 195  150  396  354
Marketing expense 71  69  135  124
Professional fees 367  496  753  918
Directors' compensation 171  188  365  369
Software depreciation and implementation 238  182  438  345
Write down of note receivable     500  
Other 947  865  1,728  1,542
Total noninterest expense 8,361  6,883  16,667  13,629
Income before income tax expense 4,506  3,420  6,183  6,416
Income tax expense 1,256  889  1,702  1,667
 Net income $3,250 $2,531 $4,481 $4,749
Earnings per share: (1)           
Basic$0.18 $0.13 $0.25 $0.25
Diluted$0.18 $0.13 $0.25 $0.25
Weighted Average Shares: (1)           
Basic 18,150,106  18,758,735  18,131,421  18,744,781
Diluted 18,179,858  18,895,918  18,197,646  18,856,903


(1)Amounts related to periods prior to the date of the Conversion (October 16, 2019) have been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (2.0212-to-one).
  

Provident Bancorp, Inc.
Net Interest Income Analysis
(Unaudited)

                
 For the Three Months Ended June 30,
 2020  2019 
    Interest      Interest  
 Average Earned/ Yield/ Average Earned/ Yield/
 Balance Paid Rate Balance Paid Rate
(Dollars in thousands)               
Assets:               
Interest-earning assets:               
Loans$1,207,921  $14,391 4.77% $880,501  $12,270 5.57%
Short-term investments 18,915   4 0.08%  8,859   41 1.85%
Investment securities 38,503   219 2.28%  49,188   366 2.98%
Federal Home Loan Bank stock 1,323   40 12.09%  3,986   54 5.42%
Total interest-earning assets 1,266,662   14,654 4.63%  942,534   12,731 5.40%
Non-interest earning assets 59,271        60,743      
Total assets$1,325,933       $1,003,277      
Liabilities and shareholders' equity:               
Interest-bearing liabilities:               
Savings accounts$129,753   77 0.24% $109,052   78 0.29%
Money market accounts 281,457   516 0.73%  223,318   667 1.19%
NOW accounts 126,023   113 0.36%  108,963   113 0.41%
Certificates of deposit 160,295   737 1.84%  122,896   673 2.19%
Total interest-bearing deposits 697,528   1,443 0.83%  564,229   1,531 1.09%
Borrowings 53,438   176 1.32%  90,710   599 2.64%
Total interest-bearing liabilities 750,966   1,619 0.86%  654,939   2,130 1.30%
Noninterest-bearing liabilities:               
Noninterest-bearing deposits 324,296        203,706      
Other noninterest-bearing liabilities 15,659        14,361      
Total liabilities 1,090,921        873,006      
Total equity 235,012        130,271      
Total liabilities and equity$1,325,933       $1,003,277      
Net interest income   $13,035      $10,601  
Interest rate spread (1)      3.77%       4.10%
Net interest-earning assets (2)$515,696       $287,595      
Net interest margin (3)      4.12%       4.50%
Average interest-earning assets to interest-bearing liabilities 168.67%       143.91%     


(1)Net interest rate spread represents the difference between the weighted average yield on interest-bearing assets and the weighted average rate of interest-bearing liabilities.
(2)Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(3)Net interest margin represents net interest income divided by average total interest-earning assets.
  


 For the Six Months Ended June 30,
 2020 2019
    Interest      Interest  
 Average Earned/ Yield/ Average Earned/ Yield/
 Balance Paid Rate Balance Paid Rate
(Dollars in thousands)               
Assets:               
Interest-earning assets:               
Loans $ 1,138,223  $ 28,151  4.95% $ 872,912  $ 23,969  5.49%
Short-term investments  19,045    75  0.79%   6,620    67  2.02%
Investment securities  39,767    457  2.30%   49,980    738  2.95%
Federal Home Loan Bank stock  2,242    60  5.35%   3,761    86  4.57%
  Total interest-earning assets  1,199,277    28,743  4.79%   933,273    24,860  5.33%
Non-interest earning assets  58,227         62,044      
  Total assets$ 1,257,504       $ 995,317      
Liabilities and shareholders' equity:               
Interest-bearing liabilities:               
Savings accounts$ 125,430    182  0.29% $ 113,518    186  0.33%
Money market accounts  268,669    1,221  0.91%   227,518    1,366  1.20%
NOW accounts  125,155    268  0.43%   112,451    229  0.41%
Certificates of deposit  147,057    1,418  1.93%   113,431    1,187  2.09%
Total interest-bearing deposits  666,311    3,089  0.93%   566,918    2,968  1.05%
Borrowings  66,154    547  1.65%   85,625    1,133  2.65%
Total interest-bearing liabilities  732,465    3,636  0.99%   652,543    4,101  1.26%
Noninterest-bearing liabilities:               
Noninterest-bearing deposits  275,368         196,664      
Other noninterest-bearing liabilities  15,694         15,303      
Total liabilities  1,023,527         864,510      
Total equity  233,977         130,807      
Total liabilities and equity$ 1,257,504       $ 995,317      
Net interest income   $ 25,107      $ 20,759  
Interest rate spread (1)       3.80%        4.07%
Net interest-earning assets (2)$ 466,812       $ 280,730      
Net interest margin (3)       4.19%        4.45%
Average interest-earning assets to interest-bearing liabilities  163.73%        143.02%     


(1)Net interest rate spread represents the difference between the weighted average yield on interest-bearing assets and the weighted average rate of interest-bearing liabilities.
(2)Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(3)Net interest margin represents net interest income divided by average total interest-earning assets.
  

Provident Bancorp, Inc.
Select Financial Highlights

        
    
 Three Months Ended Six Months Ended
 June 30, June 30,
 2020 2019 2020 2019
(unaudited)       
Performance Ratios:       
Return on average assets (1)0.98% 1.01% 0.71% 0.95%
Return on average equity (1)5.53% 7.77% 3.83% 7.26%
Interest rate spread (1) (3)3.77% 4.10% 3.80% 4.07%
Net interest margin (1) (4)4.12% 4.50% 4.19% 4.45%
Non-interest expense to average assets (1)2.52% 2.74% 2.65% 2.74%
Efficiency ratio (5)60.86% 59.05% 62.14% 59.91%
Average interest-earning assets to average interest-bearing liabilities168.67% 143.91% 163.73% 143.02%
Average equity to average assets17.72% 12.98% 18.61% 13.14%
            


 At At At
 June 30, December 31, June 30,
 2020 2019 2019
Asset Quality        
Non-accrual loans:        
Real estate:        
Commercial$20,865  $1,701  $519 
Residential 844   969   1,052 
Construction and land development -   165    
Commercial 4,309   2,955   3,760 
Consumer 21   37   87 
Total non-accrual loans 26,039   5,827   5,418 
Accruing loans past due 90 days or more        
Other real estate owned       1,740 
Total non-performing assets$26,039  $5,827  $7,158 
Asset Quality Ratios        
Allowance for loan losses as a percent of total loans (2) 1.34%  1.42%  1.31%
Allowance for loan losses as a percent of non-performing loans 65.89%  237.58%  217.61%
Non-performing loans as a percent of total loans (2) 2.03%  0.60%  0.60%
Non-performing loans as a percent of total assets 1.84%  0.52%  0.53%
Non-performing assets as a percent of total assets (6) 1.84%  0.52%  0.69%
Capital and Share Related (7)        
Stockholders' equity to total assets 16.7%  20.6%  12.8%
Book value per share$12.14  $11.86  $6.78 
Market value per share$7.86  $12.45  $13.85 
Shares outstanding 19,472,310   19,473,818   19,447,627 


(1)Annualized where appropriate.
(2)Loans are presented before the allowance but include deferred costs/fees.  Loans held-for-sale are excluded.
(3)Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of interest-bearing liabilities.
(4)Represents net interest income as a percent of average interest-earning assets.
(5)Represents noninterest expense divided by the sum of net interest income and noninterest income, excluding gains on securities available for sale, net.
(6)Non-performing assets consists of non-accrual loans plus loans accruing but 90 days overdue and OREO.
(7)Amounts related to periods prior to the date of the Conversion (October 16, 2019) have been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (2.0212-to-one).
Provident Bancorp, Inc.
Carol Houle, 603-334-1253
Executive Vice President/CFO
choule@bankprov.com

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