
QUANTUM COMPUTING INVESTIGATION INITIATED BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Investigates the Officers and Directors of Quantum Computing Inc.
On January 16, 2025, Capybara Research reported a myriad of allegations against the Company including that it had overstated its ties to NASA and fabricated revenues through multiple related-party transactions, particularly with Quad M and millionways; that its products were fake, citing comments by former QCI personnel; and that it was pumping its stock price with false and misleading press releases, citing discussions with its former employees, associates and prime contractors, and NASA personnel.
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information in violation of federal securities laws, which remains ongoing.
KSF's investigation is focusing on whether Quantum's officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Quantum shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-833-938-0905 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nasdaqcm-qubt/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, New Jersey, and a representative office in Luxembourg.
TOP 10 Plaintiff Law Firms – According to ISS Securities Class Action Services
To learn more about KSF, you may visit www.ksfcounsel.com.
Contact:Kahn Swick & Foti, LLCLewis Kahn, Managing Partnerlewis.kahn@ksfcounsel.com1-877-515-18501100 Poydras St., Suite 960New Orleans, LA 70163
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17 hours ago
- Malaysian Reserve
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Malaysian Reserve
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First Citizens BancShares Reports Second Quarter 2025 Earnings, Announces Additional Share Repurchase Plan
RALEIGH, N.C., July 25, 2025 /PRNewswire/ — First Citizens BancShares, Inc. ('BancShares') (Nasdaq: FCNCA) reported earnings for the second quarter of 2025. Chairman and CEO Frank B. Holding, Jr. said: 'Our team delivered solid financial results in the second quarter through revenue growth and positive credit performance across our diverse portfolio. Capital and liquidity positions remained strong, enabling us to return an additional $613 million of capital to our stockholders through share repurchases during the quarter. Also, we are pleased to announce that our Board of Directors approved an additional share repurchase plan for the repurchase of up to $4.0 billion of our Class A common shares which will commence upon completion of the $3.5 billion share repurchase plan announced in July 2024. This reflects our commitments to long-term value creation and delivering returns to our stockholders. 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Interest income on loans increased $34 million. Interest income on loans, excluding loan PAA, increased $43 million, mainly due to the impacts of a higher average balance and a higher day count. Interest income on interest-earning deposits at banks increased $11 million, primarily due to a higher average balance and a higher day count. Interest income on interest-earning deposits at banks increased $11 million, primarily due to a higher average balance and a higher day count. Interest income on investment securities increased $5 million due to a higher average balance and a higher day count. Interest income on investment securities increased $5 million due to a higher average balance and a higher day count. Interest expense on borrowings increased $17 million due to a higher average balance and rate paid as the issuances during the linked quarter of senior unsecured notes and subordinated notes were outstanding for the entire current quarter. 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The yield on average interest-earning assets was 5.67%, a decrease of 1 basis point from the linked quarter, mainly due to lower loan PAA. The yield on average interest-earning assets was 5.67%, a decrease of 1 basis point from the linked quarter, mainly due to lower loan PAA. The rate paid on average interest-bearing liabilities was 3.19%, a decrease of 3 basis points from the linked quarter, primarily due to a lower rate paid on interest-bearing deposits, partially offset by the impacts of a higher average balance of interest-bearing deposits, and a higher average balance and rate paid on borrowings. The rate paid on average interest-bearing liabilities was 3.19%, a decrease of 3 basis points from the linked quarter, primarily due to a lower rate paid on interest-bearing deposits, partially offset by the impacts of a higher average balance of interest-bearing deposits, and a higher average balance and rate paid on borrowings. 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The $37 million decrease in the provision for loan and lease losses was mainly attributable to a decrease in net charge-offs of $25 million, along with the impact of an $8 million reserve release in the current quarter compared to a $4 million reserve build in the linked quarter. The provision for off-balance sheet credit exposure for the current quarter was $4 million compared to $6 million for the linked quarter, a decrease of $2 million. The provision for off-balance sheet credit exposure for the current quarter was $4 million compared to $6 million for the linked quarter, a decrease of $2 million. Net charge-offs were $119 million for the current quarter, representing 0.33% of average loans, compared to $144 million, or 0.41% of average loans, for the linked quarter. The $25 million decrease was primarily related to lower net charge-offs in the SVB Commercial segment and the Commercial Bank segment. Nonaccrual loans were $1.32 billion, or 0.93% of loans, at June 30, 2025, compared to $1.21 billion, or 0.85% of loans, at March 31, 2025. The increase was mainly due to one individually evaluated nonaccrual credit in the SVB Commercial segment. The allowance for loan and lease losses totaled $1.67 billion, a decrease of $8 million from the linked quarter, as decreases related to Hurricane Helene, other credit quality improvements, and a modest shift in our weighting from the downside to baseline economic scenario were partially offset by higher specific reserves for individually evaluated loans. The allowance for loan and lease losses as a percentage of loans was 1.18% at June 30, 2025, compared to 1.19% at March 31, 2025. CAPITAL AND LIQUIDITY Capital ratios are well above regulatory requirements. The estimated total risk-based capital, Tier 1 risk-based capital, Common equity Tier 1 risk-based capital, and Tier 1 leverage ratios were 14.25%, 12.63%, 12.12%, and 9.64%, respectively, at June 30, 2025. During the current quarter, we repurchased 338,959 shares of our Class A common stock for $613 million and paid a dividend of $1.95 per share on our Class A and Class B common stock. Shares repurchased during the current quarter represented 2.73% of Class A common shares and 2.53% of total Class A and Class B common shares outstanding at March 31, 2025. From inception of the Share Repurchase Program announced in July 2024 ('2024 SRP') through June 30, 2025, we have repurchased 1,456,283 shares of our Class A common stock for $2.89 billion, representing 10.77% of Class A common shares and 10.02% of total Class A and Class B common shares outstanding as of June 30, 2024. The total capacity remaining under the 2024 SRP was $611 million as of June 30, 2025. Additionally, the entire $4 billion capacity remains under the Share Repurchase Program announced on July 25, 2025 ('2025 SRP'). Liquidity position remains strong as liquid assets were $63.62 billion at June 30, 2025, compared to $62.79 billion at March 31, 2025. EARNINGS CALL/ WEBCAST DETAILS BancShares will host a conference call to discuss the company's financial results on Friday, July 25, 2025, at 9 a.m. Eastern time. The call may be accessed via webcast on the company's website at or through the dial-in details below: North America: 1-833-470-1428All other locations: 1-929-526-1599Access code: 819036 Our earnings release, investor presentation, and financial supplement are available at In addition, these materials will be furnished to the Securities and Exchange Commission (the 'SEC') on a Form 8-K and will be available on the SEC website at After the event, a replay of the call will be available via webcast at ABOUT FIRST CITIZENS BANCSHARES First Citizens BancShares, Inc. (Nasdaq: FCNCA), a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500TM, is the financial holding company for First-Citizens Bank & Trust Company ('First Citizens Bank'). Headquartered in Raleigh, N.C., First Citizens Bank has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of branches and offices nationwide; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; personalized service and resources to help grow and manage wealth; and a nationwide direct bank. Discover more at FORWARD-LOOKING STATEMENTS This communication contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans, asset quality, future performance, and other strategic goals of BancShares. Words such as 'anticipates,' 'believes,' 'estimates,' 'expects,' 'predicts,' 'forecasts,' 'intends,' 'plans,' 'projects,' 'targets,' 'designed,' 'could,' 'may,' 'should,' 'will,' 'potential,' 'continue,' 'aims' or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on BancShares' current expectations and assumptions regarding BancShares' business, the economy, and other future conditions. Because forward-looking statements relate to future results and occurrences, they are subject to inherent risks, uncertainties, changes in circumstances and other factors that are difficult to predict. Many possible events or factors could affect BancShares' future financial results and performance and could cause actual results, performance or achievements of BancShares to differ materially from any anticipated results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, general competitive, economic (including the imposition of tariffs or trade barriers on trading partners), political (including the makeup of the U.S. Congress and Trump administration), geopolitical events (including conflicts in Ukraine and the Middle East), natural disasters and market conditions, including changes in competitive pressures among financial institutions and the impacts related to or resulting from previous bank failures, the risks and impacts of future bank failures and other volatility in the banking industry, public perceptions of our business practices, including our deposit pricing and acquisition activity, the financial success or changing conditions or strategies of BancShares' vendors or customers, including changes in demand for deposits, loans and other financial services, fluctuations in interest rates, changes in the quality or composition of BancShares' loan or investment portfolio, actions of government regulators, including interest rate decisions by the Board of Governors of the Federal Reserve Board (the 'Federal Reserve'), changes to estimates of future costs and benefits of actions taken by BancShares, BancShares' ability to maintain adequate sources of funding and liquidity, the potential impact of decisions by the Federal Reserve on BancShares' capital plans, adverse developments with respect to U.S. or global economic conditions, including significant turbulence in the capital or financial markets, the impact of any sustained or elevated inflationary environment, the impact of any cyberattack, information or security breach, the impact of implementation and compliance with current or proposed laws (including the 2025 U.S. budget reconciliation legislation), regulations and regulatory interpretations, including potential increased regulatory requirements, limitations, and costs, such as FDIC special assessments, increases to FDIC deposit insurance premiums and the proposed interagency rule on regulatory capital, along with the risk that such laws, regulations and regulatory interpretations may change, the availability of capital and personnel, and the risks associated with BancShares' previous acquisition transactions, including the acquisition of certain assets and liabilities of Silicon Valley Bridge Bank, N.A. and the previously completed merger with CIT Group Inc., or any future transactions. BancShares' 2024 SRP allows BancShares to repurchase shares of its Class A common stock through 2025. After completion of maximum repurchases under the 2024 SRP, BancShares' 2025 SRP allows BancShares to repurchase shares of its Class A common stock through 2026. BancShares is not obligated under the 2024 SRP or the 2025 SRP to repurchase any minimum or particular number of shares, and repurchases may be suspended or discontinued at any time (subject to the terms of any Rule 10b5-1 plan in effect) without prior notice. The authorizations to repurchase Class A common stock will be utilized at management's discretion. The actual timing and amount of Class A common stock that may be repurchased under the 2024 SRP or the 2025 SRP will depend on a number of factors, including the terms of any Rule 10b5-1 plan then in effect, price, general business and market conditions, regulatory requirements, and alternative investment opportunities or capital needs. Except to the extent required by applicable laws or regulations, BancShares disclaims any obligation to update forward-looking statements or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. Additional factors which could affect the forward-looking statements can be found in BancShares' Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and its other filings with the SEC. NON-GAAP MEASURES Certain measures in this release, including those referenced as 'adjusted' or 'excluding PAA,' are 'non-GAAP,' meaning they are numerical measures of BancShares' financial performance, financial position or cash flows that are not presented in accordance with generally accepted accounting principles in the U.S. ('GAAP') because they exclude or include amounts or are adjusted in some way so as to be different than the most direct comparable measures calculated and presented in accordance with GAAP in BancShares' statements of income, balance sheets or statements of cash flows and also are not codified in U.S. banking regulations currently applicable to BancShares. BancShares management believes that non-GAAP financial measures, when reviewed in conjunction with GAAP financial information, can provide transparency about or an alternative means of assessing its operating results, financial position or cash flows to its investors, analysts and management. These non-GAAP measures should be considered in addition to, and not superior to or a substitute for, GAAP measures. Each non-GAAP measure is reconciled to the most comparable GAAP measure in the non-GAAP reconciliation. This information can be found in the Financial Supplement located in the Quarterly Results section of our website at Contact: Deanna Hart Angela English Investor Relations Corporate Communications 919-716-2137 803-931-1854


Malaysian Reserve
3 days ago
- Malaysian Reserve
Provident Bancorp, Inc. Reports Net Income of $2.8 Million for the Quarter Ended June 30, 2025
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 $5.0 million, or $0.29 per diluted share, compared to net income of $1.7 million, or $0.10 per diluted share, for the six months ended June 30, 2024. The Company's return on average assets was 0.74% for the quarter ended June 30, 2025, compared to 0.58% for the quarter ended March 31, 2025, while the Company reported a loss on average assets of 0.85% for the quarter ended June 30, 2024. The Company's return on average equity was 4.77% for the quarter ended June 30, 2025, compared to 3.71% for the quarter ended March 31, 2025, while the Company reported a loss on average equity of 5.80% for the quarter ended June 30, 2024. For the six months ended June 30, 2025, the Company's return on average assets was 0.66%, compared to 0.21% for the six months ended June 30, 2024. For the six months ended June 30, 2025, the Company's return on average equity was 4.25%, compared to 1.48% for the six months ended June 30, 2024. In announcing these results, Joseph Reilly, Chief Executive Officer, said, 'We're pleased to report improvements in earnings during an eventful second quarter of 2025, which included the announcement of our proposed merger with Needham Bank and the sale/leaseback of our Main Office building to the City of Amesbury. We have been very fortunate to have engaged with partners who share our enthusiasm for the opportunities these transactions present to all parties. The City of Amesbury will be a great neighbor to our flagship branch, which will continue to operate out of this historic location. Meanwhile, the merger with NB Bancorp and Needham Bank is currently progressing through the shareholder and regulatory approval process, with closing anticipated in the fourth quarter of 2025. Integration teams from both banks are working diligently to ensure a smooth and seamless transition, and we remain excited about the value this combined franchise can deliver and the opportunities it will create.' For the quarter ended June 30, 2025, net interest and dividend income was $13.5 million, an increase of $652,000, or 5.1%, from the quarter ended March 31, 2025, and $1.6 million, or 13.2%, from the quarter ended June 30, 2024. The interest rate spread and net interest margin were 2.79% and 3.77%, respectively, for the quarter ended June 30, 2025, compared to 2.62% and 3.65%, respectively, for the quarter ended March 31, 2025, and 2.10% and 3.27%, respectively, for the quarter ended June 30, 2024. For the six months ended June 30, 2025, net interest and dividend income was $26.4 million, an increase of $2.0 million, or 8.0%, compared to $24.4 million for the six months ended June 30, 2024. The interest rate spread and net interest margin were 2.70% and 3.71%, respectively, for the six months ended June 30, 2025, compared to 2.19%, and 3.33%, respectively, for the six months ended June 30, 2024. The increases in net interest income over prior periods reflect the success in its prioritization of reducing its overall cost of funds while maintaining asset yields. Total interest and dividend income was $21.3 million for the quarter ended June 30, 2025, an increase of $720,000, or 3.5%, from the quarter ended March 31, 2025, and a decrease of $572,000, or 2.6%, from the quarter ended June 30, 2024. The Company's yield on interest earning assets was 5.94% for the quarter ended June 30, 2025, an increase of ten basis points from 5.84% for the quarter ended March 31, 2025, and a decrease of five basis points from 5.99% for the quarter ended June 30, 2024. For the six months ended June 30, 2025, total interest and dividend income was $41.9 million, a decrease of 2.0 million, or 4.6%, from the six months ended June 30, 2024. The Company's yield on interest-earning assets was 5.89% for the six months ended June 30, 2025, a decrease of nine basis points from 5.98% for the six months ended June 30, 2024. For the quarter ended June 30, 2025, the yield on the loan portfolio was 6.09%, an increase of 11 basis points from 5.98% for the quarter ended March 31, 2025, and a decrease of two basis points compared to the quarter ended June 30, 2024. For the six months ended June 30, 2025, the yield on the loan portfolio was 6.03%, representing a six basis point reduction from the six months ended June 30, 2024. Total interest expense was $7.8 million for the quarter ended June 30, 2025, an increase of $68,000, or 0.9%, from $7.7 million for the quarter ended March 31, 2025. Interest expense on borrowings was $512,000 for the quarter ended June 30, 2025, a $176,000, or 52.4%, increase from $336,000 for the quarter ended March 31, 2025. This increase was primarily due to a 100 basis point increase in the cost of borrowings, to 3.83% for the quarter ended June 30, 2025 from 2.83% for the quarter ended March 31, 2025. Interest expense on deposits was $7.3 million for the quarter ended June 30, 2025, a $108,000, or 1.5%, decrease from $7.4 million for the quarter ended March 31, 2025. Total interest expense decreased $2.1 million, or 21.6%, from $9.9 million for the quarter ended June 30, 2024. This decrease was primarily due to a $2.3 million, or 24.4%, decrease in interest on deposits, primarily due to a 76 basis point reduction in the cost of interest-bearing deposits to 3.11% for the quarter ended June 30, 2025, compared to 3.87% for the quarter ended June 30, 2024. The Company's total cost of interest-bearing liabilities was 3.15% for the quarter ended June 30, 2025, a decrease of seven basis points from 3.22% for the quarter ended March 31, 2025, and a decrease of 74 basis points from the quarter ended June 30, 2024. Total interest expense decreased $4.0 million, or 20.5%, to $15.5 million for the six months ended June 30, 2025, compared to $19.5 million for the six months ended June 30, 2024. Interest expense on deposits was $14.6 million for the six months ended June 30, 2025, a decrease of $4.3 million, or 22.8%, from $18.9 million for the six months ended June 30, 2024. This decrease was primarily driven by a 60 basis point decrease in the average cost of interest-bearing deposits, from 3.78% to 3.18% and a decrease in the average balance of deposits, primarily due to a decrease in higher-cost savings accounts obtained through listing services. For the six months ended June 30, 2025, interest expense on borrowings increased $327,000, or 62.8%, primarily due to a $26.0 million, or 106.4%, increase in the average balance of borrowings, partially offset by a 90 basis point decrease in the average cost of borrowings. The Company's total cost of interest-bearing liabilities was 3.19% for the six months ended June 30, 2025, a decrease of 60 basis points from 3.79% for the six months ended June 30, 2024. The significant decrease in interest expense compared to the prior year is a reflection of the Bank's strategic re-balancing of its funding sources. The Company recognized a $378,000 credit loss benefit for the quarter ended June 30, 2025, compared to a $12,000 benefit for the quarter ended March 31, 2025, and a $6.5 million credit loss expense for the quarter ended June 30, 2024. For the six months ended June 30, 2025, the Company recognized a $390,000 credit loss benefit, compared to a credit loss expense of $877,000 for the six months ended June 30, 2024. The credit loss benefit for the 2025 periods was primarily driven by a reduction in pooled reserves, largely reflecting a decline in total loans, specifically within the enterprise value portfolio, which typically carries a higher reserve rate than other loan categories. This benefit was partially offset by a year-to-date increase of $662,000 in individually analyzed reserves, primarily recorded in the first quarter of 2025. Net recoveries totaled $20,000 for the quarter ended June 30, 2025, compared to net recoveries of $2,000 for the quarter ended March 31, 2025, and net charge-offs of $2.1 million for the quarter ended June 30, 2024. Net recoveries totaled $23,000 for the six months ended June 30, 2025, compared to net charge-offs of $2.2 million for the six months ended June 30, 2024. Noninterest income was $2.2 million for the quarter ended June 30, 2025, compared to $1.4 million for the quarter ended March 31, 2025, and $1.5 million for the quarter ended June 30, 2024. For the six months ended June 30, 2025, noninterest income increased $732,000, or 25.4%, to $3.6 million, from $2.9 million for the six months ended June 30, 2024. During the second quarter of 2025, noninterest income included a $745,000 gain on a sale/leaseback transaction for the Bank's main office building. Noninterest expense was $12.1 million for the quarter ended June 30, 2025, an increase of $659,000, or 5.8%, from the quarter ended March 31, 2025, and an increase of $497,000, or 4.3%, from the quarter ended June 30, 2024. The increases from prior quarters were primarily attributable to $543,000 of merger-related expenses included in professional fees for the second quarter of 2025, and a loss contingency included in other expenses related to the previously-disclosed Wells Notice received from the SEC. Noninterest expense was $23.5 million for the six months ended June 30, 2025, a decrease of $806,000, or 3.3%, from $24.3 million for the six months ended June 30, 2024. The decrease is primarily due to decreases in professional fees of $605,000, or 26.3%, and salaries and employee benefits of $524,000, or 3.4%, partially offset by a $343,000, or 26.2%, increase in other expenses. Merger-related fees included in noninterest expenses were more than offset by improvements in organizational efficiency and the successful reduction of operating costs. The Company recorded an income tax provision of $1.2 million for the quarter ended June 30, 2025, reflecting an effective tax rate of 30.2%, compared to $665,000, or an effective tax rate of 23.5%, for the quarter ended March 31, 2025, and a tax benefit of $1.3 million, or an effective tax rate of 27.7%, for the quarter ended June 30, 2024. For the six months ended June 30, 2025, the Company recorded a provision for income tax of $1.9 million, reflecting an effective tax rate of 27.4%, compared to $439,000, or an effective tax rate of 20.8%, for the six months ended June 30, 2024. The increase in the effective tax rate for the current quarter and year-to-date period is primarily attributable to non-deductible merger-related expenses. Total assets were $1.54 billion at June 30, 2025, a decrease of $13.1 million, or 0.8%, from $1.55 billion at March 31, 2025, and a decrease of $52.3 million, or 3.3%, from $1.59 billion at December 31, 2024. Cash and cash equivalents increased $3.9 million, or 3.1%, from March 31, 2025, and decreased $40.2 million, or 23.8%, from December 31, 2024. Net loans were $1.29 billion at June 30, 2025, a decrease of $17.7 million, or 1.4%, from March 31, 2025, and a decrease of $12.0 million, or 0.9%, from December 31, 2024. The decreases in net loans from March 31, 2025 and December 31, 2024 were primarily driven by the decreases in enterprise value loans of $16.1 million, or 6.1%, over the prior quarter and $63.4 million, or 20.5%, year-to-date. Since December 31, 2024, the decrease in the loan portfolio, caused by strategic runoff in the enterprise value portfolio, has been partially offset by targeted growth in the commercial real estate portfolio of $21.4 million, or 3.8%, the construction and land development portfolio of $9.3 million, or 33.0%, and the mortgage warehouse portfolio of $25.0 million, or 9.6%. The allowance for credit losses for loans was $20.8 million, or 1.58% of total loans, as of June 30, 2025, compared to $21.2 million, or 1.59% of total loans, as of March 31, 2025, and $21.1 million, or 1.59% of total loans as of December 31, 2024. Non-accrual loans were $34.4 million, or 2.24% of total assets, as of June 30, 2025, compared to $31.4 million, or 2.02% of total assets as of March 31, 2025, and $20.9 million, or 1.31%, as of December 31, 2024. During the second quarter of 2025, the Bank executed a workout transaction on the $10.5 million enterprise value relationship that was placed on non-accrual in the first quarter of 2025. This workout arrangement included a $1.0 million paydown and a $9.5 million extension of credit to a new operator, which will remain on nonaccrual status until consistent performance is demonstrated. Total deposits were $1.26 billion at June 30, 2025, an increase of $73.5 million, or 6.2%, from $1.18 billion at March 31, 2025, and a decrease of $51.0 million, or 3.9%, from $1.31 billion at December 31, 2024. The increase in deposits from March 31, 2025 was primarily due to a $36.1 million, or 3.5%, increase in retail deposits and a $40.0 million, or 32.0%, increase in brokered deposits. The decrease in deposits from December 31, 2024 was primarily due to a $42.3 million, or 3.8%, decrease in retail deposits and a $23.5 million, or 49.3%, decrease in listing service deposits, partially offset by a $14.8 million, or 9.9%, increase in brokered deposits. The $42.3 million decrease in retail deposits since December 31, 2024, was primarily attributable to a $37.5 million, or 30.2%, decrease in deposits the Bank has strategically endeavored to reduce. Total borrowings were $34.5 million at June 30, 2025, a decrease of $93.0 million, or 73.0%, from March 31, 2025, and a decrease of $10.1 million, or 22.6%, from December 31, 2024, reflecting improvement in the management of current and anticipated liquidity needs. As of June 30, 2025, shareholders' equity totaled $237.4 million, an increase of $3.3 million, or 1.4%, from March 31, 2025, and an increase of $6.3 million, or 2.7%, from December 31, 2024. The increases include the Company's net income, which totaled $2.8 million for the quarter ended June 30, 2025, and $5.0 million for the six months ended June 30, 2025. Shareholders' equity to total assets was 15.4% at June 30, 2025, compared to 15.1% at March 31, 2025 and 14.5% at December 31, 2024. Book value per share was $13.34 at June 30, 2025, an increase from $13.16 at March 31, 2025 and $12.99 at December 31, 2024. As of June 30, 2025, the Bank was categorized as well capitalized under the Federal Deposit Insurance Corporation regulatory framework for prompt corrective action. About Provident Bancorp, Inc. Provident Bancorp, Inc. (NASDAQ:PVBC) is the holding company for BankProv, a full-service commercial bank headquartered in Massachusetts. With retail branches in the Seacoast Region of Northeastern Massachusetts and New Hampshire, as well as commercial banking offices in the Manchester/Concord market in Central New Hampshire, BankProv delivers a unique combination of traditional banking services and innovative financial solutions to its markets. Founded in Amesbury, Massachusetts in 1828, BankProv holds the honor of being the 10th oldest bank in the nation. The Bank insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). For more information, visit Forward-Looking Statements This news release may contain certain forward-looking statements, such as statements of the Company's or the Bank's plans, objectives, expectations, estimates and intentions. Forward-looking statements may be identified by the use of words such as, 'expects,' 'subject,' 'believe,' 'will,' 'intends,' 'may,' 'will be' or 'would.' These statements are subject to change based on various important factors (some of which are beyond the Company's or the Bank's control), and actual results may differ materially. Accordingly, readers should not place undue reliance on any forward-looking statements (which reflect management's analysis of factors only as of the date on which they are given). These factors include: those related to the status of our proposed merger with NB Bancorp, Inc., general economic conditions, including potential recessionary conditions; interest rates; inflation; levels of unemployment; legislative, regulatory and accounting changes; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve Bank; deposit flows; our ability to access cost-effective funding; changes in liquidity, including the size and composition of our deposit portfolio; changes in investor sentiment and consumer spending, borrowing and savings habits; competition; the imposition of tariffs or other domestic or international governmental policies and retaliatory responses; our ability to successfully shift the balance sheet to that of a traditional community bank; real estate values in the market area; loan demand; the adequacy of our level and methodology for calculating our allowance for credit losses; changes in the quality of our loan and securities portfolios; the ability of our borrowers to repay their loans; an unexpected adverse financial, regulatory or bankruptcy event experienced by our cryptocurrency, digital asset or financial technology ('fintech') customers; our ability to retain key employees; failures or breaches of our IT systems, including cyberattacks; the failure to maintain current technologies; the ability of the Company or the Bank to effectively manage its growth; global and national war and terrorism; the impact of a pandemic on our operations and financial results and those of our customers; and results of regulatory examinations, among other factors. The foregoing list of important factors is not exclusive. Readers should carefully review the risk factors described in other documents that the Company files from time to time with the Securities and Exchange Commission, including Annual and Quarterly Reports on Forms 10-K and 10-Q, and Current Reports on Form 8-K. Investor contact:Joseph ReillyPresident and Chief Executive OfficerProvident Bancorp, Provident Bancorp, Inc. Consolidated Balance Sheet At At At June 30, March 31, December 31, 2025 2025 2024 (Dollars in thousands) (unaudited) (unaudited) Assets Cash and due from banks $ 21,700 $ 21,444 $ 27,536 Short-term investments 107,209 103,540 141,606 Cash and cash equivalents 128,909 124,984 169,142 Debt securities available-for-sale (at fair value) 24,534 25,199 25,693 Federal Home Loan Bank stock, at cost 2,242 2,696 2,697 Loans: Commercial real estate 580,750 587,541 559,325 Construction and land development 37,362 32,401 28,097 Residential real estate 4,936 5,647 6,008 Mortgage warehouse 284,154 276,069 259,181 Commercial 160,596 168,087 163,927 Enterprise value 246,382 262,445 309,786 Consumer 85 165 271 Total loans 1,314,265 1,332,355 1,326,595 Allowance for credit losses for loans (20,796) (21,160) (21,087) Net loans 1,293,469 1,311,195 1,305,508 Bank owned life insurance 46,679 46,344 46,017 Premises and equipment, net 10,127 10,021 10,188 Accrued interest receivable 4,877 4,968 5,296 Right-of-use assets 5,488 3,391 3,429 Deferred tax asset, net 12,631 13,399 13,808 Other assets 11,925 11,759 11,392 Total assets $ 1,540,881 $ 1,553,956 $ 1,593,170 Liabilities and Shareholders' Equity Deposits: Noninterest-bearing demand deposits $ 287,927 $ 302,275 $ 351,528 NOW 103,115 69,394 83,270 Regular savings 105,123 112,961 132,198 Money market deposits 463,100 445,313 463,687 Certificates of deposit 298,713 254,579 278,277 Total deposits 1,257,978 1,184,522 1,308,960 Borrowings: Short-term borrowings 25,000 118,000 35,000 Long-term borrowings 9,495 9,529 9,563 Total borrowings 34,495 127,529 44,563 Operating lease liabilities 5,939 3,833 3,862 Other liabilities 5,098 4,037 4,698 Total liabilities 1,303,510 1,319,921 1,362,083 Shareholders' equity: Preferred stock, $0.01 par value, 50,000 shares authorized; no sharesissued and outstanding — — — Common stock, $0.01 par value, 100,000,000 shares authorized; 17,785,538 shares issued and outstanding at June 30, 2025, and 17,788,543 shares issued and outstanding at March 31, 2025 and December 31, 2024 178 178 178 Additional paid-in capital 126,329 125,895 125,446 Retained earnings 118,555 115,731 113,561 Accumulated other comprehensive loss (1,578) (1,476) (1,625) Unearned compensation – ESOP (6,113) (6,293) (6,473) Total shareholders' equity 237,371 234,035 231,087 Total liabilities and shareholders' equity $ 1,540,881 $ 1,553,956 $ 1,593,170 Provident Bancorp, Inc. Consolidated Income Statements (Unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, (Dollars in thousands, except per share data) 2025 2025 2024 2025 2024 Interest and dividend income: Interest and fees on loans $ 20,085 $ 19,307 $ 20,311 $ 39,392 $ 40,380 Interest and dividends on debt securities available-for-sale 231 260 243 491 480 Interest on short-term investments 984 1,013 1,318 1,997 3,047 Total interest and dividend income 21,300 20,580 21,872 41,880 43,907 Interest expense: Interest on deposits 7,261 7,369 9,607 14,630 18,947 Interest on short-term borrowings 482 306 281 788 459 Interest on long-term borrowings 30 30 31 60 62 Total interest expense 7,773 7,705 9,919 15,478 19,468 Net interest and dividend income 13,527 12,875 11,953 26,402 24,439 Credit loss (benefit) expense – loans (384) 70 6,467 (314) 924 Credit loss expense (benefit) – off-balance sheet credit exposures 6 (82) (9) (76) (47) Total credit loss (benefit) expense (378) (12) 6,458 (390) 877 Net interest and dividend income after credit loss (benefit) expense 13,905 12,887 5,495 26,792 23,562 Noninterest income: Customer service fees on deposit accounts 690 715 665 1,405 1,339 Service charges and fees – other 442 276 349 718 658 Bank owned life insurance income 335 327 319 662 621 Other income 764 62 190 826 261 Total noninterest income 2,231 1,380 1,523 3,611 2,879 Noninterest expense: Salaries and employee benefits 7,338 7,576 7,293 14,914 15,438 Occupancy expense 376 448 407 824 850 Equipment expense 120 144 160 264 312 Deposit insurance 294 332 321 626 654 Data processing 410 421 402 831 815 Marketing expense 62 45 76 107 94 Professional fees 1,124 569 984 1,693 2,298 Directors' compensation 197 195 177 392 351 Software depreciation and implementation 532 553 584 1,085 1,127 Insurance expense 224 221 303 445 604 Service fees 371 318 234 689 476 Other 1,043 610 653 1,653 1,310 Total noninterest expense 12,091 11,432 11,594 23,523 24,329 Income (loss) before income tax expense 4,045 2,835 (4,576) 6,880 2,112 Income tax expense (benefit) 1,221 665 (1,268) 1,886 439 Net income (loss) $ 2,824 $ 2,170 $ (3,308) $ 4,994 $ 1,673 Earnings (loss) per share: Basic $ 0.17 $ 0.13 $ (0.20) $ 0.30 $ 0.10 Diluted $ 0.17 $ 0.13 $ (0.20) $ 0.29 $ 0.10 Weighted Average Shares: Basic 16,860,744 16,822,196 16,706,793 16,841,577 16,688,122 Diluted 16,954,078 16,924,083 16,706,793 16,938,788 16,723,763 Provident Bancorp, Inc. Net Interest Income Analysis (Unaudited) For the Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 Interest Interest Interest Average Earned/ Yield/ Average Earned/ Yield/ Average Earned/ Yield/ (Dollars in thousands) Balance Paid Rate (5) Balance Paid Rate (5) Balance Paid Rate (5) Assets: Interest-earning assets: Loans (1) $ 1,320,244 $ 20,085 6.09 % $ 1,291,583 $ 19,307 5.98 % $ 1,328,650 $ 20,311 6.11 % Short-term investments 87,843 984 4.48 % 90,198 1,013 4.49 % 102,395 1,318 5.15 % Debt securities available-for-sale 24,786 182 2.94 % 25,594 190 2.97 % 27,485 206 3.00 % Federal Home Loan Bank stock 2,596 49 7.55 % 2,696 70 10.39 % 1,865 37 7.94 % Total interest-earning assets 1,435,469 21,300 5.94 % 1,410,071 20,580 5.84 % 1,460,395 21,872 5.99 % Noninterest earning assets 87,489 92,277 104,388 Total assets $ 1,522,958 $ 1,502,348 $ 1,564,783 Liabilities and shareholders' equity: Interest-bearing liabilities: Savings accounts $ 106,622 $ 215 0.81 % $ 118,713 $ 264 0.89 % $ 215,344 $ 1,646 3.06 % Money market accounts 446,440 3,733 3.34 % 447,792 3,756 3.36 % 456,566 4,499 3.94 % NOW accounts 92,260 395 1.71 % 72,893 257 1.41 % 69,737 225 1.29 % Certificates of deposit 287,166 2,918 4.06 % 268,879 3,092 4.60 % 251,361 3,237 5.15 % Total interest-bearing deposits 932,488 7,261 3.11 % 908,277 7,369 3.25 % 993,008 9,607 3.87 % Borrowings Short-term borrowings 43,989 482 4.38 % 37,922 306 3.23 % 17,439 281 6.45 % Long-term borrowings 9,507 30 1.26 % 9,542 30 1.26 % 9,642 31 1.29 % Total borrowings 53,496 512 3.83 % 47,464 336 2.83 % 27,081 312 4.61 % Total interest-bearing liabilities 985,984 7,773 3.15 % 955,741 7,705 3.22 % 1,020,089 9,919 3.89 % Noninterest-bearing liabilities: Noninterest-bearing deposits 292,421 304,601 306,081 Other noninterest-bearing liabilities 7,920 8,277 10,519 Total liabilities 1,286,325 1,268,619 1,336,689 Total equity 236,633 233,729 228,094 Total liabilities and equity $ 1,522,958 $ 1,502,348 $ 1,564,783 Net interest income $ 13,527 $ 12,875 $ 11,953 Interest rate spread (2) 2.79 % 2.62 % 2.10 % Net interest-earning assets (3) $ 449,485 $ 454,330 $ 440,306 Net interest margin (4) 3.77 % 3.65 % 3.27 % Average interest-earning assetsto interest-bearing liabilities 145.59 % 147.54 % 143.16 % (1) Interest earned/paid on loans includes $659,000, $780,000, and $660,000 in loan fee income for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. (2) Interest rate spread represents the difference between the weighted average yield on interest-bearing assets and the weighted average rate of interest-bearing liabilities. (3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. (4) Net interest margin represents net interest income as a percentage of average interest-earning assets. (5) Annualized. For the Six Months Ended June 30, 2025 June 30, 2024 Interest Interest Average Earned/ Yield/ Average Earned/ Yield/ (Dollars in thousands) Balance Paid Rate (5) Balance Paid Rate (5) Assets: Interest-earning assets: Loans (1) $ 1,305,993 $ 39,392 6.03 % $ 1,325,955 $ 40,380 6.09 % Short-term investments 89,014 1,997 4.49 % 112,971 3,047 5.39 % Debt securities available-for-sale 25,187 371 2.95 % 27,859 411 2.95 % Federal Home Loan Bank stock 2,646 120 9.07 % 1,824 69 7.57 % Total interest-earning assets 1,422,840 41,880 5.89 % 1,468,609 43,907 5.98 % Noninterest earning assets 89,870 101,639 Total assets $ 1,512,710 $ 1,570,248 Liabilities and shareholders' equity: Interest-bearing liabilities: Savings accounts $ 112,635 $ 479 0.85 % $ 229,746 $ 3,607 3.14 % Money market accounts 447,112 7,489 3.35 % 455,724 8,737 3.83 % NOW accounts 82,630 652 1.58 % 76,284 408 1.07 % Certificates of deposit 278,073 6,010 4.32 % 240,989 6,195 5.14 % Total interest-bearing deposits 920,450 14,630 3.18 % 1,002,743 18,947 3.78 % Borrowings Short-term borrowings 40,972 788 3.85 % 14,811 459 6.20 % Long-term borrowings 9,524 60 1.26 % 9,658 62 1.28 % Total borrowings 50,496 848 3.36 % 24,469 521 4.26 % Total interest-bearing liabilities 970,946 15,478 3.19 % 1,027,212 19,468 3.79 % Noninterest-bearing liabilities: Noninterest-bearing deposits 298,477 306,215 Other noninterest-bearing liabilities 8,097 11,280 Total liabilities 1,277,520 1,344,707 Total equity 235,190 225,541 Total liabilities and equity $ 1,512,710 $ 1,570,248 Net interest income $ 26,402 $ 24,439 Interest rate spread (2) 2.70 % 2.19 % Net interest-earning assets (3) $ 451,894 $ 441,397 Net interest margin (4) 3.71 % 3.33 % Average interest-earning assets to interest-bearing liabilities 146.54 % 142.97 % (1) Interest earned/paid on loans includes $1.4 million in loan fee income for the six months ended June 30, 2025 and June 30, 2024. (2) Interest rate spread represents the difference between the weighted average yield on interest-bearing assets and the weighted average rate of interest-bearing liabilities. (3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. (4) Net interest margin represents net interest income as a percent of average interest-earning assets. (5) Annualized. Provident Bancorp, Inc. Select Financial Highlights (Unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2025 2025 2024 2025 2024 Performance Ratios: Return (loss) on average assets (1) 0.74 % 0.58 % (0.85) % 0.66 % 0.21 % Return (loss) on average equity (1) 4.77 % 3.71 % (5.80) % 4.25 % 1.48 % Interest rate spread (1) (2) 2.79 % 2.62 % 2.10 % 2.70 % 2.19 % Net interest margin (1) (3) 3.77 % 3.65 % 3.27 % 3.71 % 3.33 % Noninterest expense to average assets (1) 3.18 % 3.04 % 2.96 % 3.11 % 3.10 % Efficiency ratio (4) 76.73 % 80.20 % 86.03 % 78.38 % 89.06 % Average interest-earning assets to average interest-bearing liabilities 145.59 % 147.54 % 143.16 % 146.54 % 142.97 % Average equity to average assets 15.54 % 15.56 % 14.58 % 15.55 % 14.36 % At At At June 30, March 31, December 31, (Dollars in thousands) 2025 2025 2024 Asset Quality Non-accrual loans: Commercial real estate $ 54 $ 217 $ 57 Residential real estate 420 360 366 Commercial 1,536 1,543 1,543 Enterprise value 32,430 29,298 18,920 Consumer — 1 1 Total non-accrual loans 34,440 31,419 20,887 Total non-performing assets $ 34,440 $ 31,419 $ 20,887 Asset Quality Ratios Allowance for credit losses for loans as a percent of total loans (5) 1.58 % 1.59 % 1.59 % Allowance for credit losses for loans as a percent of non-performing loans 60.38 % 67.35 % 100.96 % Non-performing loans as a percent of total loans (5) 2.62 % 2.36 % 1.57 % Non-performing loans as a percent of total assets 2.24 % 2.02 % 1.31 % Capital and Share Related Shareholders' equity to total assets 15.40 % 15.06 % 14.50 % Book value per share $ 13.34 $ 13.16 $ 12.99 Market value per share $ 12.49 $ 11.48 $ 11.40 Shares outstanding 17,788,038 17,788,543 17,788,543 (1) Annualized. (2) Interest rate spread represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of interest-bearing liabilities. (3) Net interest margin represents net interest income as a percent of average interest-earning assets. (4) The efficiency ratio represents noninterest expense divided by the sum of net interest income and noninterest income, excluding gains on securities available for sale, net (if applicable). (5) Loans are presented at amortized cost.