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PVBC

Provident Bancorp, Inc.

PVBC

Provident Bancorp, Inc. • NASDAQ
$13.50 ▲ 3.05% (+0.40)
Market Cap $240.07 M
52w High $13.75
52w Low $10.38
Dividend Yield 0%
P/E 18.24
Volume 395.55K
Outstanding Shares 17.78M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $22.574M ▼ $11.14M ▼ $2.67M ▼ 11.828% ▼ $0.16 ▼ $3.95M ▼
Q2-2025 $23.16M ▲ $11.72M ▲ $2.824M ▲ 12.193% ▲ $0.17 ▲ $4.257M ▲
Q1-2025 $21.642M ▼ $11.114M ▲ $2.17M ▼ 10.027% ▼ $0.13 ▼ $3.051M ▼
Q4-2024 $24.198M ▲ $9.866M ▼ $4.882M ▲ 20.175% ▲ $0.29 ▲ $6.656M ▲
Q3-2024 $23.732M $11.171M $716K 3.017% $0.043 $1.129M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $147.522M ▲ $1.492B ▼ $1.251B ▼ $241.029M ▲
Q2-2025 $147.443M ▲ $1.541B ▼ $1.304B ▼ $237.371M ▲
Q1-2025 $124.984M ▼ $1.554B ▼ $1.32B ▼ $234.035M ▲
Q4-2024 $169.142M ▲ $1.593B ▼ $1.362B ▼ $231.087M ▲
Q3-2024 $166.091M $1.648B $1.422B $226.158M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.67M ▼ $4.933M ▲ $47.693M ▲ $-52.654M ▼ $-28K ▼ $4.832M ▲
Q2-2025 $2.824M ▲ $4.469M ▲ $19.039M ▲ $-19.583M ▲ $3.925M ▲ $4.191M ▲
Q1-2025 $2.17M ▼ $2.094M ▼ $-4.78M ▼ $-41.472M ▲ $-44.158M ▼ $2.083M ▼
Q4-2024 $4.882M ▲ $4.933M ▲ $85.113M ▲ $-59.569M ▼ $30.477M ▲ $4.9M ▲
Q3-2024 $716K $3.167M $-36.912M $793K $-32.952M $3.039M

Revenue by Products

Product Q3-2019Q4-2019Q1-2020Q2-2020
Bank Servicing
Bank Servicing
 $0 ▲$0 ▲$0 ▲$0 ▲
Deposit Account
Deposit Account
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Provident’s income statement shows a bank that hit a serious bump and then worked its way back to stability. Revenue has generally trended upward over the last several years, but profit swung sharply negative in 2022 before returning to the black in 2023 and 2024. That loss year likely reflects stress or clean‑up tied to its more experimental lending and niche focus. Since then, margins have recovered to modest but positive levels. Earnings per share are profitable again, though still below the strong results seen before the 2022 setback. Overall, the story here is: small but steady growth, one very rough year, followed by a cautious recovery rather than a full snap‑back to peak profitability.

Balance Sheet

Balance Sheet The balance sheet looks reasonably steady, with only gradual changes over time. Total assets have hovered in a similar range, dipping slightly more recently, which points to a bank that is not aggressively expanding its size. Cash levels moved up and down year to year, but remain solid enough that liquidity does not appear strained. Debt climbed notably heading into 2022 and has since been pared back, which suggests some deliberate de‑risking and balance sheet clean‑up after the problems that year. Equity has stayed fairly stable, which is a quiet sign of resilience: even with a loss year, the bank preserved its capital base rather than burning through it. In short, the balance sheet looks conservative, with controlled leverage and no obvious signs of financial stress in the later years.

Cash Flow

Cash Flow Cash flows are calm and consistent rather than exciting. Operating cash flow has stayed positive each year, even when accounting earnings dipped into a loss, which indicates that the underlying banking operations continued to bring in cash. Free cash flow essentially tracks operating cash flow, because capital spending is very light for a bank like this. There are no signs of big swings or volatility in cash generation. The trade‑off is that cash flow growth looks modest; the business throws off a steady stream of cash, but not a rapidly expanding one. Overall, this is a picture of dependable but unspectacular cash generation, which often supports balance‑sheet stability but limits dramatic growth.

Competitive Edge

Competitive Edge Provident, through BankProv, chose to compete by going where most small banks wouldn’t: crypto, cannabis, and Banking‑as‑a‑Service. That gave it a differentiated position versus typical community banks, more like a specialist provider than a plain‑vanilla lender. The bank’s willingness to handle complex, heavily regulated industries created a moat built on expertise, compliance infrastructure, and technology rather than on branch count. At the same time, these niches brought higher risk and regulatory scrutiny, which showed up in the earnings volatility around 2022 and the later decision to pull back from crypto lending. The 2025 merger with Needham Bank transforms its competitive position again: the combined institution is now a larger, more diversified regional player that still carries over Provident’s niche skills, especially in cannabis and tech‑enabled banking. The key competitive question going forward is how well Needham can balance that specialized edge with the risk management discipline of a more traditional bank.

Innovation and R&D

Innovation and R&D For a community bank, Provident was unusually innovative. It built capabilities in crypto and digital‑asset banking, crafted tailored solutions for the legal cannabis sector, and invested in modern, API‑driven Banking‑as‑a‑Service infrastructure. That put it ahead of many peers in technology, compliance systems, and comfort with high‑growth but complex industries. However, the bank’s experience also highlighted the downside of innovation in risky niches: rapid moves into areas like crypto lending can backfire, which appears to have contributed to the 2022 loss and a subsequent retreat from some of the more aggressive products. In the merged Needham Bank, these innovations now sit inside a larger platform. The opportunity is to reuse Provident’s technology and niche know‑how in a more controlled, scaled setting: expanding cannabis banking, embedding BaaS capabilities into broader product sets, and potentially refining crypto‑related services with tighter risk controls. Execution risk is meaningful here—integrating systems, cultures, and risk appetites is hard—but the innovation toolkit inherited from Provident gives the combined bank more ways to differentiate than a typical regional competitor.

Summary

PVBC’s recent history is a mix of experimentation, a painful correction, and a move into a larger home. Financially, the bank showed gradual growth, suffered a notable earnings hit in 2022, and then stabilized with modest, consistent profits and steady cash flow. The balance sheet remained sound throughout, with manageable leverage and preserved equity, signaling that the 2022 issues were serious but not existential. Strategically, Provident stood out by leaning into complex, underserved niches and building real technological and regulatory capabilities around them. That created a clear identity and some competitive advantages, but also introduced volatility and reputation risk. With the 2025 merger into Needham Bank, the story shifts from a small, innovative specialist to part of a bigger, more diversified regional institution. The upside is greater scale and a broader product set; the risk is whether the combined bank can harness Provident’s innovation and niche expertise without repeating the past cycle of overreach and clean‑up. For observers, the key will be watching how Needham Bank integrates these capabilities and manages risk across the new, larger platform.

NEWS

November 14, 2025 · 4:16 PM UTC

NB Bancorp, Inc. and Provident Bancorp, Inc. Announce Closing of Merger

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November 13, 2025 · 8:35 AM UTC

NB Bancorp, Inc. and Provident Bancorp, Inc. Announce Final Proration of Merger Consideration

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October 31, 2025 · 4:10 PM UTC

NB Bancorp, Inc. and Provident Bancorp, Inc. Announce Confirmation of Election Deadline for Merger Consideration and Expected Closing Date

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October 23, 2025 · 4:00 PM UTC

Provident Bancorp, Inc. Reports Net Income of $2.7 Million for the Quarter Ended September 30, 2025

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October 20, 2025 · 4:15 PM UTC

NB BANCORP, INC. AND PROVIDENT BANCORP, INC. ANNOUNCE THE RECEIPT OF ALL REGULATORY APPROVALS TO MERGE AND ANTICIPATED CLOSING DATE

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