Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 5 Market Street, Amesbury, Massachusetts 01913 (Address of Principal Executive Offi ...

Exhibit 99.1 Provident Bancorp, Inc. Reports Net Income of $2.8 Million for the Quarter Ended June 30, 2025 Company Release 07/24/2025 Amesbury, Massachusetts — Provident Bancorp, Inc. (the "Company") (NasdaqCM: PVBC), the holding company for BankProv (the "Bank"), reported net income for the quarter ended June 30, 2025 of $2.8 million, or $0.17 per diluted share, compared to net income of $2.2 million, or $0.13 per diluted share, for the quarter ended March 31, 2025, and a net loss of $3.3 million, or $0.2 ...

AMESBURY, Mass., July 24, 2025 /PRNewswire/ -- Provident Bancorp, Inc. (the "Company") (NasdaqCM: PVBC), the holding company for BankProv (the "Bank"), reported net income for the quarter ended June 30, 2025 of $2.8 million, or $0.17 per diluted share, compared to net income of $2.2 million, or $0.13 per diluted share, for the quarter ended March 31, 2025, and a net loss of $3.3 million, or $0.20 per diluted share, for the quarter ended June 30, 2024. For the six months ended June 30, 2025, net income was $ ...

Core Viewpoint - Halper Sadeh LLC is investigating several companies for potential violations of federal securities laws and breaches of fiduciary duties to shareholders related to their proposed sales [1][2][3] Group 1: Provident Bancorp, Inc. - Provident Bancorp, Inc. is set to be sold to NB Bancorp, Inc., with shareholders receiving either 0.691 shares of NB Bancorp common stock or $13.00 in cash for each share of Provident common stock [1] Group 2: Know Labs, Inc. - Know Labs, Inc. is in the process of being sold to Goldeneye 1995 LLC, and shareholders are encouraged to explore their legal rights and options [2] Group 3: Heliogen, Inc. - Heliogen, Inc. is proposed to be sold to Zeo Energy Corp., with securityholders expected to receive shares of Zeo's Class A common stock valued at approximately $10 million, based on a price of $1.5859 per share [3] Group 4: Legal Representation - Halper Sadeh LLC may seek increased consideration for shareholders and additional disclosures regarding the proposed transactions, operating on a contingent fee basis [4]

Core Viewpoint - Halper Sadeh LLC is investigating the fairness of the proposed sale of Provident Bancorp, Inc. to NB Bancorp, Inc. for Provident shareholders [1][3] Group 1: Transaction Details - Provident shareholders will receive either 0.691 shares of NB Bancorp common stock or $13.00 in cash for each share of Provident common stock [1] - The investigation focuses on whether the board of directors of Provident acted in the best interest of shareholders during the transaction [3] Group 2: Legal Considerations - The investigation questions if Provident and its board violated federal securities laws or breached fiduciary duties by not obtaining the best possible consideration for shareholders [3] - Halper Sadeh LLC may seek increased consideration, additional disclosures, and other benefits for Provident shareholders [4]

Core Viewpoint - NB Bancorp, Inc. and Provident Bancorp, Inc. have entered into a definitive merger agreement, with Provident merging into Needham in a stock and cash transaction valued at approximately $211.8 million [2][3] Summary by Sections Merger Agreement - The merger agreement was unanimously approved by both boards, allowing Provident stockholders to choose between receiving 0.691 shares of Needham common stock or $13.00 in cash for each share of Provident common stock [2] - The transaction is structured to qualify as a tax-free reorganization for federal income tax purposes [2] Financial Implications - Needham anticipates issuing approximately 5.9 million shares of its common stock as part of the merger [2] - The transaction is expected to dilute Needham's tangible book value by approximately 6.1% and has an earn back period of about 2.7 years [2] - The merger is projected to be approximately 19% accretive to NB Bancorp's earnings per share in 2026, assuming full phase-in of cost savings [6] Operational Impact - The combined organization will operate 18 branches across Metrowest, Greater Boston, the North Shore in Massachusetts, and Southern New Hampshire [4] - Total assets at transaction close are expected to be around $7.1 billion, with $5.9 billion in total deposits and $6.1 billion in total loans [4] Leadership and Governance - Joseph B. Reilly, President and CEO of Provident, will join the board of directors of Needham and Needham Bank [3] - All Provident directors and executive officers have agreed to vote in favor of the merger [3] Market Position - The pro forma company is expected to be the sixth largest Massachusetts-based bank in the Boston MSA based on deposit market share [4] - Needham will maintain significant liquidity and exceed regulatory minimums to be considered well-capitalized after the merger [4]

Financial Performance - Net income for the quarter ended March 31, 2025, was $2.2 million, or $0.13 per diluted share, compared to $5.0 million, or $0.30 per diluted share, for the same quarter in 2024[149]. - Net interest and dividend income increased by $389,000, or 3.1%, to $12.9 million for the quarter ended March 31, 2025[150]. - Total interest and dividend income for Q1 2025 was $20.6 million, a decrease of $1.5 million, or 6.6%, from Q1 2024[156]. - Net interest income for Q1 2025 was $12.875 million, compared to $12.486 million in Q1 2024, reflecting an increase[157]. - Interest expense decreased to $7.7 million in Q1 2025, down $1.8 million, or 19.3%, from Q1 2024[157]. - The provision for credit losses was a benefit of $12,000 in Q1 2025, compared to a benefit of $5.6 million in Q1 2024[158]. - Noninterest expense decreased to $11.4 million in Q1 2025, a reduction of $1.3 million, or 10.2%, from Q1 2024[159]. - The effective tax rate for Q1 2025 was 23.5%, down from 25.5% in Q1 2024[160]. - The yield on interest-earning assets was 5.84% for Q1 2025, a decrease of 13 basis points from Q1 2024[156]. - The estimated net interest income for the next 12 months at current rates is projected to be $55.235 million[163]. Asset and Loan Management - Total assets decreased by $39.2 million, or 2.5%, to $1.55 billion as of March 31, 2025, from $1.59 billion at December 31, 2024[128]. - Cash and cash equivalents decreased by $44.2 million, or 26.1%, to $125.0 million at March 31, 2025, primarily due to a decrease in deposits[129]. - Net loans increased by $5.7 million, or 0.4%, to $1.31 billion at March 31, 2025, driven by commercial loan growth of $36.7 million, or 4.9%[131]. - Commercial real estate loans increased to $587.5 million, representing 44.1% of total loans, up from 42.2% at December 31, 2024[132]. - The enterprise value loan segment decreased by $47.3 million, or 15.3%, bringing it below 20.0% of the Bank's loan portfolio[131]. - Total past due loans increased by $15.3 million to $17.5 million at March 31, 2025, from $2.2 million at December 31, 2024[137]. - Non-accrual loans rose by $10.5 million, or 50.4%, to $31.4 million, representing 2.36% of total loans outstanding at March 31, 2025[141]. - Non-performing loans as a percent of total loans increased to 2.36% at March 31, 2025, from 1.57% at December 31, 2024[140]. - The allowance for credit losses for loans was $21.16 million as of March 31, 2025, compared to $21.09 million at December 31, 2024[132]. - The allowance for credit losses for loans increased to $21.16 million at the end of the period, representing 1.59% of total loans outstanding[143]. Deposits and Funding - Total deposits decreased by $124.4 million, or 9.5%, to $1.18 billion at March 31, 2025, from $1.31 billion at December 31, 2024[145]. - Total borrowings increased by $83.0 million, or 186.2%, to $127.5 million at March 31, 2025, due to a decrease in deposits[145]. - A significant decrease in deposits could lead the Company to seek alternative funding sources, potentially increasing funding costs[172]. - The Company maintains access to multiple liquidity sources, but elevated funding costs could adversely affect its net interest margin[173]. - Warehouse loans, totaling $235.1 million as of March 31, 2025, provide an additional source of liquidity[168]. - The Company had a borrowing capacity of $157.2 million with the Federal Home Loan Bank of Boston, with $35.0 million in short-term advances outstanding[169]. - The Company had $140.7 million in unadvanced funds to borrowers as of March 31, 2025, down from $156.5 million at December 31, 2024[171]. Capital and Risk Management - Shareholders' equity totaled $234.0 million, an increase of $2.9 million, or 1.3%, from December 31, 2024, with a book value per share of $13.16[147]. - The Bank's strategy to transform its balance sheet to that of a traditional community bank has positively impacted earnings power while reducing exposure to riskier segments[127]. - The Bank's credit risk management strategy includes well-defined credit policies and prompt attention to potential problem loans[133]. - The macroeconomic forecast, particularly the national unemployment rate, significantly impacts the calculated estimated credit losses[125]. - As of March 31, 2025, the Economic Value of Equity (EVE) is $289,559,000, with a decrease of 7.60% if interest rates rise by 300 basis points[164]. - The Company is considered "well capitalized" under regulatory guidelines, exceeding all applicable regulatory capital requirements as of March 31, 2025[174]. - The Company regularly reviews its investments in liquid assets based on expected loan demand and deposit flows[167].

Financial Performance - Net income for Q1 2025 was $2.2 million, down 55.7% from $4.9 million in Q4 2024 and down 56.0% from $5.0 million in Q1 2024[1] - Net income for the first quarter of 2025 was $2,170 thousand, a significant decline from $4,882 thousand in the previous quarter, representing a decrease of about 55.6%[19] - Basic earnings per share decreased to $0.13 for the three months ended March 31, 2025, down from $0.29 in the previous quarter, a decline of approximately 55.2%[19] Income and Revenue - Net interest and dividend income decreased by $768,000, or 5.6%, from Q4 2024 to $12.9 million, but increased by $389,000, or 3.1%, compared to Q1 2024[2] - Total interest and dividend income was $20.6 million, a decrease of $2.5 million, or 11.0%, from Q4 2024 and a decrease of $1.5 million, or 6.6%, from Q1 2024[3] - Net interest and dividend income after credit loss benefit was $12,887 thousand for the three months ended March 31, 2025, down from $15,210 thousand in the previous quarter, a decrease of approximately 15.4%[19] - Interest and dividend income totaled $20,580 thousand for the three months ended March 31, 2025, down from $23,121 thousand in the previous quarter, a decrease of about 11.1%[19] Assets and Liabilities - Total assets decreased by $39.2 million, or 2.5%, to $1.55 billion from Q4 2024[9] - Total assets as of March 31, 2025, were $1,502,348,000, a decrease from $1,601,905,000 at December 31, 2024, and an increase from $1,575,713,000 at March 31, 2024[21] - Total deposits decreased by $124.4 million, or 9.5%, to $1.18 billion from Q4 2024, primarily in specialty deposits and enterprise value portfolio[11] - Total deposits decreased to $1,184,522 thousand as of March 31, 2025, down from $1,308,960 thousand at December 31, 2024, a decline of about 9.5%[17] - Total loans increased slightly to $1,332,355 thousand, compared to $1,326,595 thousand at the end of 2024, reflecting a growth of about 0.4%[17] - Total borrowings increased significantly to $127,529 thousand as of March 31, 2025, compared to $44,563 thousand at December 31, 2024, an increase of approximately 186.5%[17] Credit Quality - Non-accrual loans increased to $31.4 million, or 2.02% of total assets, from $20.9 million, or 1.31% of total assets, in Q4 2024[10] - Non-performing loans as a percentage of total loans increased to 2.36% from 1.57% in the previous quarter and 0.91% a year ago[24] - Total non-accrual loans rose to $31,419,000, compared to $20,887,000 in the previous quarter and $12,352,000 a year ago[24] - The allowance for credit losses for loans was $21.2 million, or 1.59% of total loans, unchanged from Q4 2024[10] - The allowance for credit losses for loans remained relatively stable at $21,160 thousand as of March 31, 2025, compared to $21,087 thousand at the end of 2024[17] - The allowance for credit losses for loans as a percentage of total loans was 1.59%, unchanged from the previous quarter but up from 1.18% a year ago[24] Expenses - Noninterest expense increased by $1.3 million, or 12.5%, from Q4 2024 to $11.4 million, primarily due to a management fee reversal[7] - Noninterest expense increased to $11,432 thousand for the first quarter of 2025, compared to $10,114 thousand in the previous quarter, an increase of approximately 13.0%[19] Tax and Equity - The effective tax rate for Q1 2025 was 23.5%, compared to 24.0% in Q4 2024[8] - Shareholders' equity increased by $2.9 million, or 1.3%, to $234.0 million, with a book value per share of $13.16[12] - Book value per share increased to $13.16 from $12.99 in the previous quarter and $12.87 a year ago[24] - Market value per share was $11.48, slightly up from $11.40 in the previous quarter and significantly higher than $9.10 a year ago[24] Efficiency and Ratios - The efficiency ratio for the current quarter was 80.20%, significantly higher than 67.57% in the previous quarter and 92.00% a year ago[24] - Average interest-earning assets to average interest-bearing liabilities ratio improved to 147.54% from 143.37% in the previous quarter and 142.78% a year ago[24] - The interest rate spread increased to 2.62% for the current quarter, up from 2.53% in the previous quarter and 2.28% a year ago[24]

Financial Performance - Net income for 2024 was $7.3 million, compared to $10.9 million in 2023, reflecting a decrease of 33.5%[256]. - Net interest and dividend income was $50.5 million for 2024, down from $58.2 million in 2023[256]. - Noninterest income decreased by $1.2 million, or 16.3%, to $5.9 million for the year ended December 31, 2024[316]. - Total noninterest expense decreased by $5.1 million, or 10.0%, to $46.0 million for the year ended December 31, 2024[318]. - The effective tax rate for 2024 was 22.5%, down from 25.9% in 2023, reflecting a higher proportion of tax-exempt income[319]. - Net charge-offs for 2024 were $1,371,000, compared to $4,773,000 in 2023, reflecting a significant reduction in credit losses[291]. - Total charge-offs in 2024 amounted to $2,275,000, a decrease from $5,003,000 in 2023[291]. Asset and Loan Portfolio - Total assets decreased by $77.1 million, or 4.6%, to $1.59 billion at December 31, 2024, compared to $1.67 billion at December 31, 2023[261]. - Total loans were $1.33 billion, a decrease of $16.1 million, or 1.2%, compared to $1.34 billion at December 31, 2023[264]. - The company has transformed its loan portfolio towards traditional commercial real estate and in-market commercial lending, reducing risk exposure[260]. - Commercial real estate loans increased to $559,325 thousand, representing 42.16% of total loans, up from 34.92% in 2023 and 31.41% in 2022[281]. - Non-performing loans as a percentage of total loans rose to 1.57% in 2024 from 1.23% in 2023, while non-performing assets as a percentage of total assets increased to 1.31% from 0.99%[281]. - The allowance for credit losses for loans as a percentage of total loans was 1.59% at December 31, 2024, slightly down from 1.61% in 2023[259]. Deposits and Funding - Total deposits decreased by $22.3 million, or 1.7%, to $1.31 billion at December 31, 2024, driven by a $89.2 million decrease in deposits obtained through listing services, a 65.2% decline[297]. - Retail deposits increased by $112.3 million, or 11.2%, partially offsetting the overall decrease in total deposits[297]. - As of December 31, 2024, total deposits amounted to $1,308.96 million, a slight decrease from $1,331.22 million in 2023, but an increase from $1,279.58 million in 2022[299]. - The company had a borrowing capacity of $166.8 million with the Federal Home Loan Bank of Boston as of December 31, 2024, including $35.0 million in short-term advances[330]. - A significant decrease in deposits could lead the company to seek alternative funding sources, potentially increasing funding costs[333]. Interest Rates and Economic Value - The interest rate spread decreased to 2.27% in 2024 from 2.63% in 2023, reflecting a tightening margin environment[306]. - The average cost of interest-bearing deposits increased by 62 basis points to 3.73% for the year ended December 31, 2024[313]. - The Economic Value of Equity (EVE) under a 300 basis point increase is estimated at $274,786 thousand, reflecting a decrease of 7.30% compared to $255,339 thousand in 2023[326]. - The primary impact of inflation on the company is reflected in increased operating costs, with interest rates having a more significant effect on performance than general inflation levels[336]. Credit Quality and Risk Management - The allowance for credit losses decreased by $484,000, or 2.2%, in 2024, primarily due to a reduction in the general provision from decreases in loan balances and changes in the portfolio mix[289]. - The allowance for credit losses for loans was 100.96% of non-performing loans as of December 31, 2024, compared to 130.60% in 2023 and 104.10% in 2022[281]. - The company modified loans totaling $55.9 million, or 4.21% of total loans, for borrowers experiencing financial difficulty in 2024[286]. - The company actively monitors liquidity and all liquidity measures were in compliance with policy limits established by the Board of Directors as of December 31, 2024[334]. - The company has implemented strategies to manage interest rate risk, including originating loans with adjustable interest rates and promoting core deposit products[321].

Core Viewpoint - Provident Bancorp (PVBC) has received an upgrade to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Performance - The Zacks rating system tracks the Zacks Consensus Estimate, which reflects EPS estimates from sell-side analysts for the current and following years, highlighting the importance of earnings revisions in stock valuation [1][4]. - A strong correlation exists between changes in earnings estimates and near-term stock price movements, driven by institutional investors who adjust their valuations based on these estimates [4][6]. Recent Developments for Provident Bancorp - For the fiscal year ending December 2025, Provident Bancorp is expected to earn $0.70 per share, representing a 62.8% increase from the previous year [8]. - Over the past three months, the Zacks Consensus Estimate for Provident Bancorp has increased by 70.7%, indicating a positive trend in earnings expectations [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - The upgrade of Provident Bancorp to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].