Provident Bancorp(PVBC) - 2025 Q1 - Quarterly Results

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]