$PVBC
Provident Bancorp Inc (Maryland)

2024 Q2 Form 10-Q Financial Statement

#000177878424000019 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $21.87M $22.04M
YoY Change -4.39% 6.83%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $280.0K $278.0K
YoY Change 2.56% 3.73%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $9.549M
YoY Change 98.48%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$4.576M $6.688M
YoY Change -193.01% 141.18%
Income Tax -$1.268M $1.707M
% Of Pretax Income 25.52%
Net Earnings -$3.308M $4.981M
YoY Change -195.58% 136.85%
Net Earnings / Revenue -15.12% 22.6%
Basic Earnings Per Share -$0.20 $0.30
Diluted Earnings Per Share -$0.20 $0.30
COMMON SHARES
Basic Shares Outstanding 17.66M 17.66M
Diluted Shares Outstanding 16.71M 16.72M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $171.6M $190.9M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $16.42M $16.57M
YoY Change -4.89% -4.42%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.46M $13.05M
YoY Change -8.01% -16.85%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1.647B $1.659B
YoY Change -6.52% -2.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $4.118M $4.142M
YoY Change -2.58% -2.66%
Deferred Revenue
YoY Change
Short-Term Debt $138.0M $80.00M
YoY Change 97.14% 60.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.118M $4.142M
YoY Change -2.58% -2.66%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.064M $5.632M
YoY Change -58.0% -60.42%
Total Long-Term Liabilities $6.064M $5.632M
YoY Change -58.0% -60.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.118M $4.142M
Total Long-Term Liabilities $6.064M $5.632M
Total Liabilities $1.422B $1.432B
YoY Change -8.02% -3.97%
SHAREHOLDERS EQUITY
Retained Earnings $108.0M $111.3M
YoY Change 7.01% 14.2%
Common Stock $177.0K $177.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $224.3M $227.2M
YoY Change
Total Liabilities & Shareholders Equity $1.647B $1.659B
YoY Change -6.52% -2.55%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$3.308M $4.981M
YoY Change -195.58% 136.85%
Depreciation, Depletion And Amortization $280.0K $278.0K
YoY Change 2.56% 3.73%
Cash From Operating Activities $6.335M -$2.539M
YoY Change -8.18% -17.19%
INVESTING ACTIVITIES
Capital Expenditures $123.0K $86.00K
YoY Change -36.27% -1.15%
Acquisitions
YoY Change
Other Investing Activities -$15.96M -$12.66M
YoY Change 84.71% -112.54%
Cash From Investing Activities -$16.08M -$12.74M
YoY Change 82.06% -112.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.491M -14.20M
YoY Change -117.07% -121.58%
NET CHANGE
Cash From Operating Activities 6.335M -2.539M
Cash From Investing Activities -16.08M -12.74M
Cash From Financing Activities -9.491M -14.20M
Net Change In Cash -19.23M -29.48M
YoY Change -135.83% -118.03%
FREE CASH FLOW
Cash From Operating Activities $6.335M -$2.539M
Capital Expenditures $123.0K $86.00K
Free Cash Flow $6.212M -$2.625M
YoY Change -7.37% -16.75%

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AccretionAmortizationOfDiscountsAndPremiumsInvestments
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EmployeeStockOwnershipPlanESOPCompensationExpense
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CY2023Q1 us-gaap Employee Stock Ownership Plan Esop Compensation Expense
EmployeeStockOwnershipPlanESOPCompensationExpense
187000
CY2024Q1 us-gaap Amortization Of Deferred Loan Origination Fees Net
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CY2023Q1 us-gaap Amortization Of Deferred Loan Origination Fees Net
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DepreciationDepletionAndAmortizationIncludingLeases
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CY2023Q1 pvbc Depreciation Depletion And Amortization Including Leases
DepreciationDepletionAndAmortizationIncludingLeases
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CY2024Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2023Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2024Q1 us-gaap Share Based Compensation
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CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
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BankOwnedLifeInsuranceIncome
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BankOwnedLifeInsuranceIncome
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PrincipalRepaymentsOfOperatingLeaseLiabilities
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PrincipalRepaymentsOfOperatingLeaseLiabilities
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IncreaseDecreaseInOtherOperatingAssets
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CY2024Q1 pvbc Shares Surrendered Related To Tax Withholdings On Restricted Stock Awards
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CY2023Q1 pvbc Shares Surrendered Related To Tax Withholdings On Restricted Stock Awards
SharesSurrenderedRelatedToTaxWithholdingsOnRestrictedStockAwards
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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InterestPaidNet
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IncomeTaxesPaid
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CY2023Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
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CY2024Q1 us-gaap Basis Of Accounting
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<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">(1)    </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">Basis of Presentation</span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The accompanying unaudited financial statements of Provident Bancorp, Inc. (the “Company”) were prepared in accordance with the instructions for Form 10-Q and with Regulation S-X and do not include information or footnotes necessary for a complete presentation of the financial condition, results of operations, and cash flows in conformity with U.S. generally accepted accounting principles (“GAAP”). However, in the opinion of management, all adjustments (consisting only of normal and recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the three-month period ended March 31, 2024 are not necessarily indicative of the results that may be expected for future periods, including the entire fiscal year. These financial statements should be read in conjunction with the annual financial statements and notes thereto included in the annual report on Form 10-K the Company filed with the Securities and Exchange Commission (the “SEC”) on March 28, 2024. </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The consolidated financial statements include the accounts of the Company, its wholly owned subsidiary BankProv (the “Bank”), and the Bank’s wholly owned subsidiaries, Provident Security Corporation, and 5 Market Street Security Corporation. Provident Security Corporation and 5 Market Street Security Corporation were established to buy, sell, and hold investments for their own account. </span></p><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span>
CY2024Q1 us-gaap Nature Of Operations
NatureOfOperations
<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">(2)    </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">Corporate Structure</span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;"> </span></p><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The Company </span><span style="white-space:pre-wrap; color: #242021;font-family: TimesNRMTPro;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">is a Maryland corporation whose primary purpose is to act as the holding company for the Bank. </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The Bank, headquartered in Amesbury, Massachusetts, operates its business from its main office in Amesbury, Massachusetts, as well as two branch offices in the Northeastern Massachusetts area, three branch offices in Southeastern New Hampshire and one branch located in Bedford, New Hampshire. The Bank also has a loan production office in Ponte Vedra, Florida. BankProv is a Massachusetts-chartered stock savings bank that offers both traditional and technology-driven banking solutions to its consumer and commercial customers. The Bank’s primary deposit products are checking, savings, and term certificate accounts and its primary lending products are commercial real estate, commercial, and mortgage warehouse loans. </span>
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SecuritiesPortfolioPercentOfTotalAssets
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CY2024Q1 us-gaap Financing Receivable Excluding Accrued Interest Revolving
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CY2024Q1 us-gaap Financing Receivable Excluding Accrued Interest Originated More Than Five Years Before Current Fiscal Year Writeoff
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CY2024Q1 us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Writeoff
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CY2024Q1 us-gaap Weighted Average Number Of Shares Employee Stock Ownership Plan Shares Not Committed To Be Released
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CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2024Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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CY2023Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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CY2023Q1 us-gaap Earnings Per Share Diluted
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CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2024Q1 us-gaap Operating Lease Liability
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CY2024Q1 pvbc Number Of Branch Locations
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CY2023Q1 us-gaap Operating Lease Cost
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CY2024Q1 us-gaap Operating Lease Cost
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q1 us-gaap Amortization Method Qualified Affordable Housing Project Investments Amortization
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CY2024Q1 ecd Rule10b51 Arr Adopted Flag
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