SECURITIES AND EXCHANGE COMMISSION | ||||||
WASHINGTON, D.C. 20549 | ||||||
FORM 8-K | ||||||
CURRENT REPORT | ||||||
PURSUANT TO SECTION 13 OR 15(D) OF | ||||||
THE SECURITIES EXCHANGE ACT OF 1934 | ||||||
Date of Report (Date of earliest event reported): October 18, 2022 | ||||||
PROVIDENT BANCORP, INC. | ||||||
(Exact Name of Registrant as Specified in Charter) | ||||||
Maryland | 001-39090 | 84-4132422 | ||||
(State or Other Jurisdiction | (Commission File No.) | (I.R.S. Employer | ||||
of Incorporation) | Identification No.) | |||||
5 Market Street, Amesbury, Massachusetts | 01913 | |||||
(Address of Principal Executive Offices) | (Zip Code) | |||||
Registrant’s telephone number, including area code: (978) 834-8555 | ||||||
Not Applicable | ||||||
(Former name or former address, if changed since last report) | ||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol | Name of each exchange on which registered | ||
Common stock | PVBC | The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company | o |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition
On October 18, 2022, Provident Bancorp, Inc. (the “Company”), the holding company for BankProv, issued a press release announcing that it expects to record a net loss for the quarter ended September 30, 2022 due to a charge to earnings for the value of certain repossessed assets and its impact to the consolidated financial statements as a whole. For more information, reference is made to the Company’s press release dated October 18, 2022, a copy of which is attached to this Report as Exhibit 99.1 and is furnished herewith.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
ExhibitDescription
104 | The cover page from this current report on Form 8-K, formatted in Inline XBRL |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
PROVIDENT BANCORP, INC. | ||||
DATE: October 18, 2022 | By: | /s/ David P. Mansfield | ||
David P. Mansfield | ||||
President and Chief Executive Officer |