secwatch.observer — SEC 8-K summary
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Issuer:     Provident Bancorp, Inc. /MD/ (—)
CIK:        0001778784
Form:       8-K
Filed at:   2024-04-25T23:59:59+00:00
Accession:  0001778784-24-000013
Event type: earnings
Sentiment:  positive
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Provident Bancorp Q1 net income $5.0M ($0.30 EPS), up from $2.1M a year ago
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- Net income $5.0M vs $2.1M in Q1 2023; diluted EPS $0.30 vs $0.13.
- Net interest income $12.5M, down 8.0% from Q4 2023 and 21.1% from Q1 2023.
- Credit loss benefit of $5.6M drove allowance reduction to 1.18% of loans.
- Non-performing assets fell to $12.4M (0.74% of assets) from $16.5M at Dec 2023.
- Exited last digital asset lending relationship in early April; no remaining exposure.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1778784/000177878424000013/0001778784-24-000013-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1778784/000177878424000013/pvbc-20240425x8k.htm
  HTML page:      https://secwatch.observer/filing/0001778784-24-000013

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer