Provident Bancorp 10-Q: Deposit Insurance & Bitcoin Collateral
| Field | Detail |
|---|---|
| Company | Provident Bancorp, Inc. /Md/ |
| Form Type | 10-Q |
| Filed Date | May 8, 2025 |
| Risk Level | medium |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, deposit-insurance, collateral, cryptocurrency
TL;DR
**Provident Bancorp 10-Q: Most deposits insured by FDIC/DIF, holding Bitcoin as collateral.**
AI Summary
Provident Bancorp, Inc. filed its 10-Q for the period ending March 31, 2025. The filing details financial performance and operational aspects. Notably, as of June 30, 2023, and December 31, 2022, a significant portion of deposits were insured by the FDIC (53% and 55% respectively) and the Depositors Insurance Fund (DIF) (47% and 45% respectively). Other collateral includes Bitcoin holdings.
Why It Matters
This filing provides insight into Provident Bancorp's deposit insurance structure and its use of alternative assets like Bitcoin as collateral, which could impact investor confidence and risk assessment.
Risk Assessment
Risk Level: medium — The mention of Bitcoin as collateral introduces a volatile asset, potentially increasing financial risk.
Key Numbers
- 53% — FDIC Insured Deposits (As of June 30, 2023)
- 55% — FDIC Insured Deposits (As of December 31, 2022)
- 47% — DIF Insured Deposits (As of June 30, 2023)
- 45% — DIF Insured Deposits (As of December 31, 2022)
Key Players & Entities
- Provident Bancorp, Inc. (company) — Filer of the 10-Q
- Federal Deposit Insurance Corporation (FDIC) (company) — Insurer of deposits
- Depositors Insurance Fund (DIF) (company) — Insurer of deposits above FDIC limits
- Bitcoin (dollar_amount) — Held as collateral
FAQ
What is the total amount of deposits insured by the FDIC and DIF as of March 31, 2025?
The filing does not provide the total deposit amounts for March 31, 2025, but states that as of June 30, 2023, 53% were FDIC insured and 47% were DIF insured, and as of December 31, 2022, 55% were FDIC insured and 45% were DIF insured.
What is the value of Bitcoin held as collateral?
The filing mentions Bitcoin held in control accounts as part of other collateral but does not specify a dollar amount.
What is the purpose of the Depositors Insurance Fund (DIF)?
The DIF is a private, industry-sponsored insurance fund that insures all deposits above FDIC limits at member banks.
What other assets are included in Provident Bancorp's collateral?
Other collateral includes an interest in a joint venture partnership and cash accounts held at the Bank, in addition to Bitcoin.
What is Provident Bancorp's fiscal year end?
Provident Bancorp's fiscal year ends on December 31.
Filing Details
This Form 10-Q (Form 10-Q) was filed with the SEC on May 8, 2025 regarding Provident Bancorp, Inc. /MD/.