Provident Bancorp Files 2024 10-K, Crypto Loans Highlighted
| Field | Detail |
|---|---|
| Company | Provident Bancorp, Inc. /Md/ |
| Form Type | 10-K |
| Filed Date | Mar 31, 2025 |
| Risk Level | medium |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-K, financials, cryptocurrency-loans
TL;DR
Provident Bancorp's 2024 10-K shows $100M assets, $17.8M liabilities, and $12.3M in crypto mining rig loans.
AI Summary
Provident Bancorp, Inc. filed its 2024 10-K report, detailing its financial performance for the fiscal year ending December 31, 2024. The company, headquartered in Amesbury, MA, reported total assets of $100,000,000 and total liabilities of $17,788,543. A notable detail is the inclusion of $12.3 million in loans secured by cryptocurrency mining rigs as of December 31, 2024.
Why It Matters
This filing provides investors with a comprehensive overview of Provident Bancorp's financial health and strategic focus, including its exposure to the cryptocurrency sector through its loan portfolio.
Risk Assessment
Risk Level: medium — The inclusion of significant loans secured by cryptocurrency mining rigs introduces a higher level of risk due to the volatility of the cryptocurrency market.
Key Numbers
- $100.0B — Total Assets (Represents the total value of assets held by Provident Bancorp as of December 31, 2024.)
- $17.8B — Total Liabilities (Indicates the total financial obligations of Provident Bancorp as of December 31, 2024.)
- $12.3M — Crypto Mining Rig Loans (Highlights the company's exposure to the cryptocurrency market through secured loans.)
Key Players & Entities
- Provident Bancorp, Inc. (company) — Filer of the 10-K report
- 2024-12-31 (date) — Fiscal year end
- Amesbury, MA (location) — Company headquarters
- $100,000,000 (dollar_amount) — Total assets
- $17,788,543 (dollar_amount) — Total liabilities
- $12.3 million (dollar_amount) — Loans secured by cryptocurrency mining rigs as of December 31, 2024
- $26.5 million (dollar_amount) — Loans secured by cryptocurrency mining rigs as of December 31, 2023
FAQ
What was Provident Bancorp's total revenue for the fiscal year ending December 31, 2024?
The provided text does not explicitly state the total revenue for the fiscal year ending December 31, 2024.
How much did Provident Bancorp's net income change compared to the previous year?
The provided text does not contain information about Provident Bancorp's net income or year-over-year changes.
What is the total amount of loans secured by cryptocurrency mining rigs as of December 31, 2023?
As of December 31, 2023, Provident Bancorp had $26.5 million in loans secured by cryptocurrency mining rigs.
What is the primary business of Provident Bancorp, Inc. according to its SIC code?
According to its SIC code [6036], Provident Bancorp, Inc. is in the business of Savings Institutions, Not Federally Chartered.
What percentage of Provident Bancorp's deposits were FDIC insured as of June 30, 2023?
As of June 30, 2023, approximately 53% of Provident Bancorp's deposits were FDIC insured.
Filing Details
This Form 10-K (Form 10-K) was filed with the SEC on March 31, 2025 regarding Provident Bancorp, Inc. /MD/.