Provident Bancorp(PVBC) - 2024 Q4 - Annual Results

Net Income and Earnings - Net income for Q4 2024 was $4.9 million, a significant increase from $716,000 in Q3 2024 and $2.9 million in Q4 2023[1] - Net income for Q4 2024 was $4.882 million, significantly higher than $716,000 in Q3 2024 but lower than $2.924 million in Q4 2023[24] - Basic earnings per share for Q4 2024 were $0.29, up from $0.04 in Q3 2024 but down from $0.18 in Q4 2023[24] Interest and Dividend Income - Net interest and dividend income for Q4 2024 was $13.6 million, up 9.9% from Q3 2024 and 0.6% from Q4 2023[2] - Total interest and dividend income for Q4 2024 was $23.1 million, a 3.1% increase from Q3 2024 but a 1.9% decrease from Q4 2023[3] - Net interest income for Q4 2024 increased to $13.643 million, up from $12.409 million in Q3 2024 and $13.565 million in Q4 2023[24] - Total interest and dividend income for Q4 2024 was $23.121 million, compared to $22.429 million in Q3 2024 and $23.566 million in Q4 2023[24] - Net interest income for the year ended December 31, 2024, was $50.49 million, compared to $58.17 million in 2023[28] - Total interest-earning assets for 2024 were $1.48 billion with a yield of 6.05%, slightly down from $1.57 billion and 5.76% yield in 2023[28] Interest Expense - Total interest expense for Q4 2024 was $9.5 million, down 5.4% from Q3 2024 and 5.2% from Q4 2023[4] Non-Interest Income and Expense - Noninterest income for Q4 2024 was $1.3 million, down from $1.7 million in Q3 2024 and $1.6 million in Q4 2023[9] - Noninterest expense for Q4 2024 was $10.1 million, a 12.6% decrease from Q3 2024 and an 18.8% decrease from Q4 2023[10] - Total noninterest income for Q4 2024 was $1.325 million, down from $1.708 million in Q3 2024 and $1.647 million in Q4 2023[24] - Salaries and employee benefits expense decreased to $6.963 million in Q4 2024 from $7.267 million in Q3 2024 and $6.837 million in Q4 2023[24] Loans and Credit Quality - Non-accrual loans decreased to $20.9 million (1.31% of total assets) as of December 31, 2024, from $37.2 million (2.25% of total assets) in Q3 2024[8] - The allowance for credit losses on loans was $21.1 million, or 1.59% of total loans, at December 31, 2024, compared to $21.9 million, or 1.56% of total loans, at September 30, 2024[14] - Credit loss benefit for loans in Q4 2024 was $1.703 million, compared to a credit loss expense of $1.666 million in Q3 2024 and a benefit of $1.227 million in Q4 2023[24] - Non-performing loans as a percentage of total loans decreased to 1.57% in December 2024 from 2.64% in September 2024[31] - Total non-performing assets decreased to $20.89 million in December 2024 from $37.16 million in September 2024[31] Assets and Liabilities - Total assets decreased to $1.59 billion at December 31, 2024, down 3.3% from $1.65 billion at September 30, 2024, and down 4.6% from $1.67 billion at December 31, 2023[14] - Cash and cash equivalents increased to $169.1 million at December 31, 2024, up 22.0% from September 30, 2024, but decreased 23.2% from December 31, 2023[14] - Net loans decreased to $1.31 billion at December 31, 2024, down 5.9% from September 30, 2024, and down 1.2% from December 31, 2023[14] - Total deposits increased to $1.31 billion at December 31, 2024, up 1.6% from September 30, 2024, but decreased 1.7% from December 31, 2023[15] - Retail deposits increased to $74.7 million at December 31, 2024, up 10.1% from December 31, 2023[15] - Total borrowings decreased to $44.6 million at December 31, 2024, down 64.2% from September 30, 2024, and down 57.4% from December 31, 2023[15] Shareholders' Equity and Market Value - Shareholders' equity increased to $231.1 million at December 31, 2024, up 2.2% from September 30, 2024, and up 4.1% from December 31, 2023[16] - Market value per share increased to $11.40 at December 31, 2024, up 5.7% from September 30, 2024, and up 13.2% from December 31, 2023[16] - Book value per share increased to $12.99 at December 31, 2024, up from $12.76 at September 30, 2024, and $12.55 at December 31, 2023[16] - Shareholders' equity to total assets ratio improved to 14.50% in December 2024 from 13.72% in September 2024[31] - Book value per share increased to $12.99 in December 2024 from $12.76 in September 2024[31] Interest Rates and Margins - Loans yielded 6.28% in Q4 2024, up from 6.25% in Q3 2024 and 6.02% in Q4 2023[26] - Total interest-bearing deposits decreased to $981.996 million in Q4 2024 from $1.085 billion in Q4 2023, with a yield of 3.53%[26] - Net interest margin improved to 3.62% in Q4 2024, up from 3.38% in Q3 2024 and 3.45% in Q4 2023[26] - Net interest margin for Q4 2024 increased to 3.62% from 3.38% in Q3 2024[31] - Interest rate spread for Q4 2024 widened to 2.53% from 2.19% in Q3 2024[31] Efficiency and Performance Ratios - Efficiency ratio improved to 67.57% in Q4 2024 from 82.00% in Q3 2024[31] - Return on average assets for Q4 2024 improved to 1.22%, up from 0.18% in Q3 2024[31] Income Tax Provision - The company recorded an income tax provision of $1.5 million for Q4 2024, compared to $132,000 in Q3 2024 and $1.1 million in Q4 2023[13]