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7 days ago
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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.
Yahoo
06-06-2025
- Business
- Yahoo
NB Bancorp, Inc. and Provident Bancorp, Inc. Enter Into Definitive Merger Agreement
Key Highlights: Merger expands Needham Bank's branch footprint into the North Shore of Massachusetts and New Hampshire The merger is expected to be approximately 19% accretive to NB Bancorp, Inc.'s earnings per share in 2026, the first full year of combined operations, assuming full phase-in of cost savings Needham Bank will remain well capitalized with high levels of liquidity after the merger NEEDHAM, Mass. and AMESBURY, Mass., June 5, 2025 /PRNewswire/ -- NB Bancorp, Inc. ("Needham") (Nasdaq: NBBK), the holding company for Needham Bank, and Provident Bancorp, Inc. ("Provident") (Nasdaq: PVBC), the holding company for BankProv, today announced that they have entered into a definitive merger agreement for Provident to merge with and into Needham in a stock and cash transaction. Needham anticipates that promptly following the merger of Provident into Needham, BankProv will merge with and into Needham Bank. Under the terms of the merger agreement, which was unanimously approved by both boards of directors, stockholders of Provident will receive for each share of Provident common stock, at the holder's election, either (i) 0.691 shares of Needham common stock (the "Stock Consideration") or (ii) $13.00 in cash (the "Cash Consideration"), subject to allocation procedures to ensure that 50% of the shares of Provident common stock will receive the Stock Consideration. The transaction is intended to qualify as a tax-free reorganization for federal income tax purposes and to provide a tax-free exchange for Provident stockholders for the Stock Consideration they will receive. Needham anticipates issuing approximately 5.9 million shares of its common stock in conjunction with the merger. The value of the transaction is estimated to be $211.8 million based on Needham's share price of $16.62 at the close of business on June 4, 2025. The transaction dilutes Needham's tangible book value by approximately 6.1% and is expected to have an earn back period of approximately 2.7 years. The merger is expected to be completed in the fourth quarter of 2025, subject to the satisfaction of various conditions, including the affirmative vote by the holders of a majority of Provident shares and the receipt of required regulatory approvals from applicable state and federal regulators. No vote of Needham stockholders is required. All Provident directors and executive officers have agreed to vote in favor of the merger. As part of the merger, Joseph B. Reilly, President and Chief Executive Officer of Provident, will join the board of directors of Needham and Needham Bank. The combined organization will operate 18 branches across Metrowest, Greater Boston, the North Shore in Massachusetts and Southern New Hampshire. Total assets at transaction close are expected to be approximately $7.1 billion, with $5.9 billion in total deposits and $6.1 billion in total loans. The pro forma company is expected to be the sixth largest Massachusetts-based bank in the Boston MSA based on deposit market share. Needham will continue to exceed regulatory minimums to be considered well-capitalized and will continue to maintain significant liquidity after the merger. "This merger allows Needham Bank to expand into attractive market areas on the Massachusetts North Shore and in Southern New Hampshire where we already have a concentration of business clients. While we have a strong record of organic growth, this merger allows us to further leverage the capital we raised in late 2023 and continue to grow and expand our existing client base with branches in new markets," commented Joseph P. Campanelli, Chairman, President and Chief Executive Officer of Needham. He added that "Needham prides itself on being a nimble, future ready organization that takes a relationship approach to the businesses and consumers we serve. BankProv shares that same philosophy, making this a good fit culturally for both organizations." "Both organizations have a long history of serving our communities with a focus on 'relationships, agility and entrepreneurship' in banking. Combined, we will offer an expanded product line of commercial and consumer products that will provide real value to our market areas. This merger benefits our customers and provides a good return for our stockholders. We look forward to seeing Needham continuing to build on what they have accomplished over the past 133 years," remarked Joseph B. Reilly, President and Chief Executive Officer of BankProv. BankProv was founded in 1828 and conducts business through seven branch locations on the North Shore of Massachusetts and in southern New Hampshire, and a loan office located in Ponte Vedra Beach, Florida. At March 31, 2025, BankProv had $1.6 billion in total assets, $1.2 billion in total deposits and $1.3 billion in gross loans. Keefe Bruyette & Woods, Inc., A Stifel Company, served as financial adviser and Nutter McClennen & Fish LLP served as legal counsel to Needham. Piper Sandler & Co. served as financial adviser and Luse Gorman, PC served as legal counsel to Provident. ABOUT NB BANCORP, Bancorp, Inc. (Nasdaq Capital Market: NBBK) is the registered bank holding company of Needham Bank. Needham Bank is headquartered in Needham, Massachusetts, which is approximately 17 miles southwest of Boston's financial district. Known as the "Builder's Bank," Needham Bank has been helping individuals, businesses and non-profits build for their futures since 1892. Needham Bank offers an array of tech-forward products and services that businesses and consumers use to manage their financial needs. For more information, please visit ABOUT PROVIDENT BANCORP, Bancorp, Inc. (Nasdaq: PVBC) is the holding company for BankProv, a full-service commercial bank headquartered in Massachusetts. With retail branches in the North Shore of Massachusetts and in southern New Hampshire, commercial banking offices in the Manchester/Concord market in Central New Hampshire and a loan office located in Ponte Vedra Beach, Florida, BankProv delivers a unique combination of traditional banking services and innovative financial solutions to its markets. For more information, visit CAUTION REGARDING FORWARD-LOOKING STATEMENTSThis press release contains forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Needham and Provident, the expected timing of completion of the transaction, and other statements that are not historical facts. Such statements are subject to numerous assumptions, risks, and uncertainties. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. Factors relating to the proposed transaction that could cause or contribute to actual results differing materially from expected results include, but are not limited to, the possibility that revenue or expense synergies or the other expected benefits of the transaction may not materialize in the timeframe expected or at all, or may be more costly to achieve; potential adverse reactions or changes to customer or employee relationships, including those resulting from the announcement or completion of the proposed transaction; the inability to timely implement onboarding or transition plans and other consequences associated with the merger; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction); the failure to obtain Provident shareholder approval or to satisfy any of the other conditions to the proposed transaction on a timely basis or at all or other delays in completing the proposed transaction; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement; the outcome of any legal proceedings that may be instituted against Needham or Provident in connection with the proposed transaction; the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management's attention to transaction-related issues instead of ongoing business operations and opportunities; the dilution caused by Needham's issuance of additional shares of its capital stock in connection with the proposed transaction; continued pressures and uncertainties within the banking industry and Needham and Provident's markets, including changes in interest rates and deposit amounts and composition, adverse developments in the level and direction of loan delinquencies, charge-offs, and estimates of the adequacy of the allowance for credit losses, increased competitive pressures, asset and credit quality deterioration, and legislative, regulatory, and fiscal policy changes and related compliance costs; the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; changes in general economic conditions, including potential recessionary conditions; and changes in the securities markets and other risks and uncertainties. These forward-looking statements are also subject to the risks and uncertainties applicable to our respective businesses generally that are disclosed in Needham's and Provident's respective 2024 Annual Reports on Form 10-K. Needham's and Provident's SEC filings are accessible on the SEC's website at and on their respective corporate websites at and These web addresses are included as inactive textual references only. Information on these websites is not part of this document. For any forward-looking statements made in this press release, Needham and Provident claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Except as required by law, each company specifically disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release. NO OFFER OR SOLICITATIONThis press release is not a proxy statement or solicitation or a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Needham or Provident, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be deemed to be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended, and otherwise in accordance with applicable law. ADDITIONAL INFORMATION AND WHERE TO FIND ITIn connection with the proposed merger transaction, Needham intends to file with the SEC a Registration Statement on Form S-4 that will include a Proxy Statement of Provident and a Prospectus of Needham (the "proxy statement/prospectus"), as well as other relevant documents concerning the proposed transaction. INVESTORS AND STOCKHOLDERS OF NEEDHAM AND PROVIDENT ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE TRANSACTION WHEN THEY BECOMES AVAILABLE AND EACH OTHER RELEVANT DOCUMENT FILED WITH THE SEC, AS WELL AS ANY AMENDMENT OR SUPPLEMENT TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Provident will mail the definitive proxy statement/prospectus to its shareholders. Provident shareholders are also urged to carefully review and consider Needham's and Provident's public filings with the SEC, including, but not limited to, their respective proxy statements, Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Copies of the Registration Statement on Form S-4 and of the proxy statement/prospectus and other filings incorporated by reference therein, as well as other filings containing information about Needham and Provident, can be obtained, free of charge, as they become available at the SEC's website ( Copies of the proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the proxy statement/prospectus can also be obtained, without charge, by directing a request to the Needham's Investor Relations via email at ir@ or by telephone at (781) 474-5408, or to Provident Investor Relations via email at kfisher@ or by telephone at (603) 318-2660. PARTICIPANTS IN THE SOLICITATIONProvident and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Provident in connection with the proposed transaction under the rules of the SEC. Information regarding Provident's directors and executive officers is available in its definitive proxy statement relating to its 2025 Annual Meeting of Stockholders, which was filed with the SEC on April 15, 2025, its Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on March 31, 2025, and other documents filed by Provident with the SEC. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, will be included in the proxy statement/prospectus and other relevant materials filed with the SEC, which may be obtained free of charge as described in the preceding paragraph. 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Yahoo
05-06-2025
- Business
- Yahoo
NB Bancorp, Inc. and Provident Bancorp, Inc. Enter Into Definitive Merger Agreement
Key Highlights: Merger expands Needham Bank's branch footprint into the North Shore of Massachusetts and New Hampshire The merger is expected to be approximately 19% accretive to NB Bancorp, Inc.'s earnings per share in 2026, the first full year of combined operations, assuming full phase-in of cost savings Needham Bank will remain well capitalized with high levels of liquidity after the merger NEEDHAM, Mass. and AMESBURY, Mass., June 5, 2025 /PRNewswire/ -- NB Bancorp, Inc. ("Needham") (Nasdaq: NBBK), the holding company for Needham Bank, and Provident Bancorp, Inc. ("Provident") (Nasdaq: PVBC), the holding company for BankProv, today announced that they have entered into a definitive merger agreement for Provident to merge with and into Needham in a stock and cash transaction. Needham anticipates that promptly following the merger of Provident into Needham, BankProv will merge with and into Needham Bank. Under the terms of the merger agreement, which was unanimously approved by both boards of directors, stockholders of Provident will receive for each share of Provident common stock, at the holder's election, either (i) 0.691 shares of Needham common stock (the "Stock Consideration") or (ii) $13.00 in cash (the "Cash Consideration"), subject to allocation procedures to ensure that 50% of the shares of Provident common stock will receive the Stock Consideration. The transaction is intended to qualify as a tax-free reorganization for federal income tax purposes and to provide a tax-free exchange for Provident stockholders for the Stock Consideration they will receive. Needham anticipates issuing approximately 5.9 million shares of its common stock in conjunction with the merger. The value of the transaction is estimated to be $211.8 million based on Needham's share price of $16.62 at the close of business on June 4, 2025. The transaction dilutes Needham's tangible book value by approximately 6.1% and is expected to have an earn back period of approximately 2.7 years. The merger is expected to be completed in the fourth quarter of 2025, subject to the satisfaction of various conditions, including the affirmative vote by the holders of a majority of Provident shares and the receipt of required regulatory approvals from applicable state and federal regulators. No vote of Needham stockholders is required. All Provident directors and executive officers have agreed to vote in favor of the merger. As part of the merger, Joseph B. Reilly, President and Chief Executive Officer of Provident, will join the board of directors of Needham and Needham Bank. The combined organization will operate 18 branches across Metrowest, Greater Boston, the North Shore in Massachusetts and Southern New Hampshire. Total assets at transaction close are expected to be approximately $7.1 billion, with $5.9 billion in total deposits and $6.1 billion in total loans. The pro forma company is expected to be the sixth largest Massachusetts-based bank in the Boston MSA based on deposit market share. Needham will continue to exceed regulatory minimums to be considered well-capitalized and will continue to maintain significant liquidity after the merger. "This merger allows Needham Bank to expand into attractive market areas on the Massachusetts North Shore and in Southern New Hampshire where we already have a concentration of business clients. While we have a strong record of organic growth, this merger allows us to further leverage the capital we raised in late 2023 and continue to grow and expand our existing client base with branches in new markets," commented Joseph P. Campanelli, Chairman, President and Chief Executive Officer of Needham. He added that "Needham prides itself on being a nimble, future ready organization that takes a relationship approach to the businesses and consumers we serve. BankProv shares that same philosophy, making this a good fit culturally for both organizations." "Both organizations have a long history of serving our communities with a focus on 'relationships, agility and entrepreneurship' in banking. Combined, we will offer an expanded product line of commercial and consumer products that will provide real value to our market areas. This merger benefits our customers and provides a good return for our stockholders. We look forward to seeing Needham continuing to build on what they have accomplished over the past 133 years," remarked Joseph B. Reilly, President and Chief Executive Officer of BankProv. BankProv was founded in 1828 and conducts business through seven branch locations on the North Shore of Massachusetts and in southern New Hampshire, and a loan office located in Ponte Vedra Beach, Florida. At March 31, 2025, BankProv had $1.6 billion in total assets, $1.2 billion in total deposits and $1.3 billion in gross loans. Keefe Bruyette & Woods, Inc., A Stifel Company, served as financial adviser and Nutter McClennen & Fish LLP served as legal counsel to Needham. Piper Sandler & Co. served as financial adviser and Luse Gorman, PC served as legal counsel to Provident. ABOUT NB BANCORP, Bancorp, Inc. (Nasdaq Capital Market: NBBK) is the registered bank holding company of Needham Bank. Needham Bank is headquartered in Needham, Massachusetts, which is approximately 17 miles southwest of Boston's financial district. Known as the "Builder's Bank," Needham Bank has been helping individuals, businesses and non-profits build for their futures since 1892. Needham Bank offers an array of tech-forward products and services that businesses and consumers use to manage their financial needs. For more information, please visit ABOUT PROVIDENT BANCORP, Bancorp, Inc. (Nasdaq: PVBC) is the holding company for BankProv, a full-service commercial bank headquartered in Massachusetts. With retail branches in the North Shore of Massachusetts and in southern New Hampshire, commercial banking offices in the Manchester/Concord market in Central New Hampshire and a loan office located in Ponte Vedra Beach, Florida, BankProv delivers a unique combination of traditional banking services and innovative financial solutions to its markets. For more information, visit CAUTION REGARDING FORWARD-LOOKING STATEMENTSThis press release contains forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Needham and Provident, the expected timing of completion of the transaction, and other statements that are not historical facts. Such statements are subject to numerous assumptions, risks, and uncertainties. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. Factors relating to the proposed transaction that could cause or contribute to actual results differing materially from expected results include, but are not limited to, the possibility that revenue or expense synergies or the other expected benefits of the transaction may not materialize in the timeframe expected or at all, or may be more costly to achieve; potential adverse reactions or changes to customer or employee relationships, including those resulting from the announcement or completion of the proposed transaction; the inability to timely implement onboarding or transition plans and other consequences associated with the merger; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction); the failure to obtain Provident shareholder approval or to satisfy any of the other conditions to the proposed transaction on a timely basis or at all or other delays in completing the proposed transaction; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement; the outcome of any legal proceedings that may be instituted against Needham or Provident in connection with the proposed transaction; the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management's attention to transaction-related issues instead of ongoing business operations and opportunities; the dilution caused by Needham's issuance of additional shares of its capital stock in connection with the proposed transaction; continued pressures and uncertainties within the banking industry and Needham and Provident's markets, including changes in interest rates and deposit amounts and composition, adverse developments in the level and direction of loan delinquencies, charge-offs, and estimates of the adequacy of the allowance for credit losses, increased competitive pressures, asset and credit quality deterioration, and legislative, regulatory, and fiscal policy changes and related compliance costs; the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; changes in general economic conditions, including potential recessionary conditions; and changes in the securities markets and other risks and uncertainties. These forward-looking statements are also subject to the risks and uncertainties applicable to our respective businesses generally that are disclosed in Needham's and Provident's respective 2024 Annual Reports on Form 10-K. Needham's and Provident's SEC filings are accessible on the SEC's website at and on their respective corporate websites at and These web addresses are included as inactive textual references only. Information on these websites is not part of this document. For any forward-looking statements made in this press release, Needham and Provident claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Except as required by law, each company specifically disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release. NO OFFER OR SOLICITATIONThis press release is not a proxy statement or solicitation or a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Needham or Provident, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be deemed to be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended, and otherwise in accordance with applicable law. ADDITIONAL INFORMATION AND WHERE TO FIND ITIn connection with the proposed merger transaction, Needham intends to file with the SEC a Registration Statement on Form S-4 that will include a Proxy Statement of Provident and a Prospectus of Needham (the "proxy statement/prospectus"), as well as other relevant documents concerning the proposed transaction. INVESTORS AND STOCKHOLDERS OF NEEDHAM AND PROVIDENT ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE TRANSACTION WHEN THEY BECOMES AVAILABLE AND EACH OTHER RELEVANT DOCUMENT FILED WITH THE SEC, AS WELL AS ANY AMENDMENT OR SUPPLEMENT TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Provident will mail the definitive proxy statement/prospectus to its shareholders. Provident shareholders are also urged to carefully review and consider Needham's and Provident's public filings with the SEC, including, but not limited to, their respective proxy statements, Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Copies of the Registration Statement on Form S-4 and of the proxy statement/prospectus and other filings incorporated by reference therein, as well as other filings containing information about Needham and Provident, can be obtained, free of charge, as they become available at the SEC's website ( Copies of the proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the proxy statement/prospectus can also be obtained, without charge, by directing a request to the Needham's Investor Relations via email at ir@ or by telephone at (781) 474-5408, or to Provident Investor Relations via email at kfisher@ or by telephone at (603) 318-2660. PARTICIPANTS IN THE SOLICITATIONProvident and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Provident in connection with the proposed transaction under the rules of the SEC. Information regarding Provident's directors and executive officers is available in its definitive proxy statement relating to its 2025 Annual Meeting of Stockholders, which was filed with the SEC on April 15, 2025, its Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on March 31, 2025, and other documents filed by Provident with the SEC. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, will be included in the proxy statement/prospectus and other relevant materials filed with the SEC, which may be obtained free of charge as described in the preceding paragraph. 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Business Journals
24-04-2025
- Business
- Business Journals
Five things you need to know, and the first woman's sub-4 mile
Good morning, Boston. Here are today's things you need to know: Boston homebuilding, Needham Bank profit drop, biotech bankruptcy and the first woman's sub-4 mile Good morning, Boston. Today is National Take Your Children to Work Day, and here are the five things you need to know in local business news to start your busy Thursday. 1. Metro Boston homebuilding off to slowest start in 12 years Homebuilding in Greater Boston is reaching lows not seen in more than a decade, Greg Ryan reports. 2. Thermo Fisher invests $2B in US to counter tariffs, funding cuts Hannah Green reports that Thermo Fisher Scientific Inc. is taking steps — including a $2 billion R&D investment — to mitigate macroeconomic challenges such as the Trump administration's tariffs and government funding cuts. 3. Wound-care biotech seeks bankruptcy protection Green also reports that Arch Therapeutics Inc. has filed for Chapter 11 bankruptcy protection, citing 'capital market challenges' as a major factor leading up to the decision. Do you like Five Things? Make sure to subscribe — free — to our Morning Edition emails so you have it in your inbox each day. 4. Needham Bank profit drops as it navigates post-IPO growth Little more than a year after going public, the parent company of Needham Bank posted a 19% drop in quarterly earnings, and William Hall reports that much of the drop is driven by economic uncertainty. 5. SBA ditches Biden-era loan-underwriting standards The Small Business Administration is getting rid of Biden-era underwriting standards that let lenders use their own criteria to make SBA loans — the latest in a series of loan-program changes made by the agency under the Trump administration. What else you need to know Today in history On this day in 1990, the 75th anniversary of the Armenian Genocide, the Massachusetts Legislature officially designated April 24 as a Day of Remembrance for the million-and-a-half Armenians killed in the first genocide of the 20th century. (Read more at What's good on WERS-FM Little Talks, by Of Monsters and Men What I'm reading Erasure, by Percival Everett What I'm watching Andor, on Disney Plus The first woman to break a sub-4 minute mile While running is still on everyone's mind following this week's Boston Marathon, I'm just wondering if you saw the news that Faith Kipyegon, the world-record holder for the women's mile, will attempt to become the first woman to break the four-minute mile. Kipyegon, 31, set the world record of 4:07.64 for the women's mile in July 2023, nearly five seconds faster than the prior record, which stood for four years, according to ESPN. She won the past three Olympic gold medals and holds the world record in the 1,500 meters and previously held the world record in the 5,000 meters. She plans to attempt a sub-four-minute mile on June 26 at Stade Charléty in Paris, the culmination of a yearlong Nike project dubbed "Breaking 4." To pull it off, she will have to drop almost 8 seconds from her current world record — an amount of time that has taken women more than 30 years to accomplish. But if she does achieve it, the time will not be accepted by the sport as an official record because the race conditions will not meet the sport's official standards. It is akin to Eliud Kipchoge's 2019 marathon in under two hours, at 1:59:40.2, which was not recognized as a world record because his run included rotating pace-setters to help shield Kipchoge from wind, among other conditions. Still, a sub-four-minute mile has never been done by a woman runner. Kipyegon had this to say about her reason why: "I'm a three-time Olympic champion. I've achieved world championship titles. I thought: What else? Why not dream outside the box?" PARTING SHOT If you don't follow GBH Archives on social media, you may have missed this one posted this week, from April 1987, in which passersby were asked why they weren't running the Boston Marathon: "Why aren't you running in the Boston Marathon this year?" MOS interviews from @gbhnews in April, 1987. Reporter, Hope Kelly. — GBH Archives (@GBHArchives) April 21, 2025 Subscribe to the Morning Edition or Afternoon Edition for the business news you need to know, all free. Largest Women-Owned Businesses in Massachusetts Total 2024 revenue Rank Prior Rank Firm/Prior ranked (*unranked in 2024)/ 1 1 Continental Resources Inc. 2 3 Atlas Travel & Technology Group 3 2 Granite City Electric Supply Co. Inc. View this list
Business Journals
23-04-2025
- Business
- Business Journals
Needham Bank navigates post-IPO growth, reports lower Q1 profits
By submitting your information you are agreeing to our Privacy Policy and User Agreement . Join the Boston Business Journal to unlock even more insights! The bank has been on a growth path and went public a little over a year ago. In recent months, parent company NB Bancorp has had to navigate 'uncertainty,' it said. Little more than a year after going public, the parent company of Needham Bank posted a 19% drop in quarterly earnings and said much of the drop is driven by economic uncertainty. NB Bancorp Inc. (Nasdaq: NBBK) on Tuesday evening posted first-quarter results including net income of $12.7 million, or 33 cents per diluted share. Those numbers compare with earnings of $15.6 million, or 40 cents per diluted share, during the fourth quarter of 2024. Wild stock-market swings and growing pessimism about the economy have affected the financial performance of banks and other businesses over recent months. In addition, NB Bancorp has contended with growing pains — one-time expenses related to the liquidation of its former pension plan and the surrender of bank-owned life insurance policies. GET TO KNOW YOUR CITY Find Local Events Near You Connect with a community of local professionals. Explore All Events Those costs totaled over $1 million during the year's first quarter, NB Bancorp said in a news release. Download the free BBJ app for important news alerts on your phone. Sign up for the Business Journal's free daily newsletters. Sign up for Providence Business First's free daily newsletters. Originally a mutually owned institution, the bank held an initial public offering in December 2023, raising $400 million. 'We went public because we could,' Campanelli told the Business Journal a few months after the IPO. 'But we need more capital to continue to grow. In being a mutual and converting to a stock, we were able to (go public) during a very challenging time in the capital markets.' "As we begin our second year as a public company, we continue to navigate the uncertainty in front of us, as well as focus on our growth in a disciplined manner and closely monitor our capital levels,' said Joseph Campanelli, NB Bancorp chairman, president and CEO. The holding company noted that Needham Bank's loan portfolio grew 3% during the quarter to a total of $4.5 billion, and deposits increased 3.6% to $4.3 billion. Assets amounted to over $5.2 billion at the end of the first quarter, up 1.6% since the previous one. Needham Bank is the 15th-largest bank headquartered in Massachusetts, according to a Business Journal analysis of local deposits last year. That ranking is up from No. 19 in 2023. More recently, two other mutual banks in Massachusetts have taken steps to convert to stockholder ownership — Winchester Savings Bank and Avidia Bank. After closing Tuesday at $16.63, shares of NB Bancorp were trading at around $17.21 by noon on Wednesday, up 3.5%. The company currently has a market capitalization of $642 million.
