Provident Bancorp Inc (MD) 2024年度报告

SECURITIES AND EXCHANGE COMMISSION PROVIDENT BANCORP, INC.(Exact name of registrant as specified in its charter) (Address of Principal Executive Offices) (877) 487-2977(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: The NASDAQ Stock Market LLC Securities registered pursuant to Section 12(g) of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the SecuritiesAct.Yes☐No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes☐No☐ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was requiredto file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes☐No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for suchshorter period that the registrant was required to submit such files).Yes☐No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large Accelerated Filer☐Non-accelerated Filer☐ Accelerated Filer☐Smaller Reporting Company☐Emerging Growth Company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition periodfor complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the ExchangeAct.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements ofthe registrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to§240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Act).Yes☐No☐ The aggregate market value of the voting and non-voting common stock held by non-affiliates of the registrant, computed byreference to the last sale price as of June 28, 2024, as reported by the Nasdaq Capital Market, was approximately$163.3 million. The number of shares outstanding of the registrant’s common stock as of March 19, 2025 was 17,788,543. DOCUMENTS INCORPORATED BY REFERENCE: Portions of the Registrant’s proxy statement for the 2025 Annual Meeting of Stockholders (Part III). Table of Contents INDEX Part I PageItem 1.Business2Item 1A.Risk Factors18Item 1B.Unresolved Staff Comments28Item 1C.Cybersecurity29Item 2.Properties29Item 3.Legal Proceedings29Item 4.Mine Safety Disclosures29 Part II Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities30Item 6.[Reserved]30Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations30Item 7A.Quantitative and Qualitative Disclosures About Market Risk43Item 8.Financial Statements and Supplementary Data43Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure43 Item 9A.Controls and Procedures44Item 9B.Other Information44Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspection44 Part III Item 10.Directors, Executive Officers and Corporate Governance45Item 11.Executive Compensation45Item 12.Security Ownership of Certain Beneficial Owners and Management and Related StockholdersMatters45Item 13.Certain Relationships and Related Transactions, and Director Independence45Item 14.Principal Accounting Fees and Services45 Part IV Item 15.Exhibits and Financial Statement Schedules46Item 16.Form 10-K Summary46 Table of Contents FORWARD-LOOKING STATEMENTS This Annual Report contains forward-looking statements, which can be identified by the use of words such as“estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect” and words of similar meaning.These forward-looking stat