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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to ______________________

Commission File No. 001-39090

Provident Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Maryland		84-4132422
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification Number)

5 Market Street, Amesbury, Massachusetts		01913
(Address of Principal Executive Offices)		Zip Code

(877) 487-2977

(Registrant’s telephone number)

N/A

(Former name, former address, and former fiscal year if changed since last report)

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter 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, smaller reporting 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	☐	Accelerated Filer	☐
Non-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 period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 3, 2025, there were 17,782,946 shares of the Registrant’s common stock, $0.01 par value per share, outstanding.

Table of Contents

Provident Bancorp, Inc.

Form 10-Q

Part I.	Financial Information	Page

Item 1.	Financial Statements		2

	Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024		2

	Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024 (unaudited)		3

	Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2025 and 2024 (unaudited)		4

	Consolidated Statements of Changes in Shareholders’ Equity for the Three and Nine Months Ended September 30, 2025 and 2024 (unaudited)		5

	Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 (unaudited)		7

	Notes to Consolidated Financial Statements (unaudited)		8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operation		30

Item 3.	Quantitative and Qualitative Disclosures about Market Risk		40

Item 4.	Controls and Procedures		40

Part II.	Other Information		41

Item 1.	Legal Proceedings		41

Item 1A.	Risk Factors		41

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		41

Item 3.	Defaults upon Senior Securities		41

Item 4.	Mine Safety Disclosures		41

Item 5.	Other Information		41

Item 6.	Exhibits		42

Signatures			43

Table of Contents

Part I. Financial Information

Item 1. Financial Statements

PROVIDENT BANCORP, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)	At September 30, 2025			At December 31, 2024
	(unaudited)
Assets
Cash and due from banks	$	19,373		$	27,536
Short-term investments		109,508			141,606
Cash and cash equivalents		128,881			169,142
Debt securities available-for-sale (at fair value)		24,441			25,693
Federal Home Loan Bank stock, at cost		1,004			2,697
Total loans		1,271,378			1,326,595
Allowance for credit losses for loans		(20,414	)		(21,087	)
Net loans		1,250,964			1,305,508
Bank owned life insurance		47,028			46,017
Premises and equipment, net		10,062			10,188
Accrued interest receivable		4,210			5,296
Right-of-use assets		5,431			3,429
Deferred tax asset, net		11,890			13,808
Other assets		7,712			11,392
Total assets	$	1,491,623		$	1,593,170

Deposits:
Noninterest-bearing	$	280,288		$	351,528
Interest-bearing		952,103			957,432
Total deposits		1,232,391			1,308,960
Borrowings:
Short-term borrowings		3,000			35,000
Long-term borrowings		4,462			9,563
Total borrowings		7,462			44,563
Operating lease liabilities		5,900			3,862
Commitments and contingencies		—			—
Other liabilities		4,841			4,698
Total liabilities		1,250,594			1,362,083
Shareholders' equity:
Preferred stock, $0.01 par value, 50,000 shares authorized; no shares issued and outstanding		—			—
Common stock, $0.01 par value, 100,000,000 shares authorized; 17,782,946 and 17,788,543 shares issued and outstanding at September 30, 2025 and December 31, 2024		178			178
Additional paid-in capital		126,772			125,446
Retained earnings		121,225			113,561
Accumulated other comprehensive loss		(1,212	)		(1,625	)
Unearned compensation - ESOP		(5,934	)		(6,473	)
Total shareholders' equity		241,029			231,087
Total liabilities and shareholders' equity	$	1,491,623		$	1,593,170

The accompanying notes are an integral part of the unaudited consolidated financial statements.

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PROVIDENT BANCORP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended					Nine Months Ended
	September 30,			September 30,		September 30,			September 30,
(Dollars in thousands, except per share data)	2025			2024		2025			2024
Interest and dividend income:
Interest and fees on loans	$	19,606		$	21,257	$	58,998		$	61,637
Interest and dividends on debt securities available-for-sale		220			240		711			720
Interest on short-term investments		1,484			932		3,481			3,979
Total interest and dividend income		21,310			22,429		63,190			66,336
Interest expense:
Interest on deposits		7,877			9,068		22,507			28,015
Interest on short-term borrowings		219			916		1,007			1,375
Interest on long-term borrowings		28			36		88			98
Total interest expense		8,124			10,020		23,602			29,488
Net interest and dividend income		13,186			12,409		39,588			36,848
Credit loss (benefit) expense - loans		(353	)		1,666		(667	)		2,590
Credit loss (benefit) expense - off-balance sheet credit exposures		(65	)		27		(141	)		(20	)
Total credit loss (benefit) expense		(418	)		1,693		(808	)		2,570
Net interest and dividend income after credit loss (benefit) expense		13,604			10,716		40,396			34,278
Noninterest income:
Customer service fees on deposit accounts		686			813		2,091			2,152
Service charges and fees - other		306			486		1,024			1,144
Bank owned life insurance income		349			327		1,011			948
Other income		217			82		1,043			343
Total noninterest income		1,558			1,708		5,169			4,587
Noninterest expense:
Salaries and employee benefits		7,749			7,267		22,663			22,705
Occupancy expense		426			452		1,250			1,302
Equipment expense		115			159		379			471
Deposit insurance		331			334		957			988
Data processing		429			416		1,260			1,231
Marketing expense		61			57		168			151
Professional fees		823			800		2,516			3,098
Directors' compensation		197			233		589			584
Software depreciation and implementation		532			614		1,617			1,741
Insurance expense		224			303		669			907
Service fees		294			405		983			881
Other		253			536		1,906			1,846
Total noninterest expense		11,434			11,576		34,957			35,905
Income before income tax expense		3,728			848		10,608			2,960
Income tax expense		1,058			132		2,944			571
Net income	$	2,670		$	716	$	7,664		$	2,389
Earnings per share:
Basic	$	0.16		$	0.04	$	0.45		$	0.14
Diluted		0.16		$	0.04	$	0.45		$	0.14
Weighted Average Shares:
Basic		16,897,892			16,748,404		16,860,555			16,708,363
Diluted		17,071,693			16,811,614		16,982,799			16,754,858

The accompanying notes are an integral part of the unaudited consolidated financial statements.

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PROVIDENT BANCORP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
(In thousands)
Net income	$	2,670		$	716		$	7,664		$	2,389
Other comprehensive income:
Unrealized holding gains arising during the period on debt securities available-for-sale		473			696			540			514
Unrealized gain		473			696			540			514
Income tax effect		(107	)		(160	)		(127	)		(119	)
Total other comprehensive gain		366			536			413			395
Comprehensive income	$	3,036		$	1,252		$	8,077		$	2,784

The accompanying notes are an integral part of the unaudited consolidated financial statements.

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PROVIDENT BANCORP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

	For the three months ended September 30, 2025 and 2024
											Accumulated
	Shares of					Additional					Other			Unearned
	Common			Common		Paid-in			Retained		Comprehensive			Compensation
(In thousands, except share data)	Stock			Stock		Capital			Earnings		(Loss) Income			ESOP			Total
Balance, June 30, 2025		17,785,538		$	178	$	126,329		$	118,555	$	(1,578	)	$	(6,113	)	$	237,371
Net income		—			—		—			2,670		—			—			2,670
Other comprehensive income		—			—		—			—		366			—			366
Stock-based compensation expense		—			—		372			—		—			—			372
Shares surrendered related to tax withholdings on restricted stock awards		(2,592	)		—		(33	)		—		—			—			(33	)
ESOP shares earned		—			—		104			—		—			179			283
Balance, September 30, 2025		17,782,946		$	178	$	126,772		$	121,225	$	(1,212	)	$	(5,934	)	$	241,029

Balance, June 30, 2024		17,667,327		$	177	$	124,665		$	107,963	$	(1,637	)	$	(6,833	)	$	224,335
Net income		—			—		—			716		—			—			716
Other comprehensive income		—			—		—			—		536			—			536
Stock-based compensation expense, net of forfeitures		—			—		345			—		—			—			345
Restricted stock award grants, net		63,516			—		(14	)		—		—			—			(14	)
ESOP shares earned		—			—		60			—		—			180			240
Balance, September 30, 2024		17,730,843		$	177	$	125,056		$	108,679	$	(1,101	)	$	(6,653	)	$	226,158

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PROVIDENT BANCORP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (continued)

(Unaudited)

	For the nine months ended September 30, 2025 and 2024
											Accumulated
	Shares of					Additional					Other			Unearned
	Common			Common		Paid-in			Retained		Comprehensive			Compensation
(In thousands, except share data)	Stock			Stock		Capital			Earnings		(Loss) Income			ESOP			Total
Balance, December 31, 2024		17,788,543		$	178	$	125,446		$	113,561	$	(1,625	)	$	(6,473	)	$	231,087
Net income		—			—		—			7,664		—			—			7,664
Other comprehensive income		—			—		—			—		413			—			413
Stock-based compensation expense, net of forfeitures		—			—		1,103			—		—			—			1,103
Restricted stock forfeitures		(2,500	)		—		—			—		—			—			—
Shares surrendered related to tax withholdings on restricted stock awards		(3,097	)		—		(39	)		—		—			—			(39	)
ESOP shares earned		—			—		262			—		—			539			801
Balance, September 30, 2025		17,782,946		$	178	$	126,772		$	121,225	$	(1,212	)	$	(5,934	)	$	241,029

Balance, December 31, 2023		17,677,479		$	177	$	124,129		$	106,285	$	(1,496	)	$	(7,193	)	$	221,902
Net income		—			—		—			2,389		—			—			2,389
Dividends forfeited		—			—		—			5		—			—			5
Other comprehensive income		—			—		—			—		395			—			395
Stock-based compensation expense, net of forfeitures		—			—		868			—		—			—			868
Restricted stock award grants, net		40,449			—		(56	)		—		—			—			(56	)
Stock options exercised, net		12,915			—		(18	)		—		—			—			(18	)
ESOP shares earned		—			—		133			—		—			540			673
Balance, September 30, 2024		17,730,843		$	177	$	125,056		$	108,679	$	(1,101	)	$	(6,653	)	$	226,158

The accompanying notes are an integral part of the unaudited consolidated financial statements.

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PROVIDENT BANCORP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine Months Ended
	September 30,
(In thousands)	2025			2024
Cash flows from operating activities:
Net income	$	7,664		$	2,389
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of securities premiums, net of accretion		78			94
ESOP expense		801			673
Change in deferred loan fees, net		(724	)		(701	)
(Benefit) provision for credit losses		(808	)		2,570
Depreciation and amortization		650			839
Decrease in accrued interest receivable		1,086			843
Deferred tax expense (benefit)		1,791			(464	)
Share-based compensation expense		1,103			868
Bank-owned life insurance income		(1,011	)		(948	)
Principal repayments of operating lease obligations		(98	)		(82	)
Gain on sale of main office		(745	)		—
Net decrease in other assets		1,425			4,116
Net increase (decrease) in other liabilities		284			(3,234	)
Net cash provided by operating activities		11,496			6,963

Cash flows from investing activities:
Proceeds from sale of main office		3,000			—
Proceeds from pay downs, maturities and calls of debt securities available-for-sale		1,714			1,565
Redemption of Federal Home Loan Bank stock		1,693			437
Loan principal collections, net of (loan originations)		55,935			(67,399	)
Additions to premises and equipment		(390	)		(337	)
Net cash provided by (used in) investing activities		61,952			(65,734	)

Cash flows from financing activities:
Net (decrease) increase in noninterest-bearing accounts		(71,240	)		9,706
Net decrease in interest-bearing accounts		(5,329	)		(52,433	)
Net cash dividends forfeited on common stock		—			5
Payments from exercise of stock options, net		—			(18	)
Net change in short-term borrowings		(32,000	)		20,000
Repayments on long-term borrowings		(5,101	)		(100	)
Shares surrendered related to tax withholdings on restricted stock awards		(39	)		(56	)
Net cash used in financing activities		(113,709	)		(22,896	)
Net decrease in cash and cash equivalents		(40,261	)		(81,667	)
Cash and cash equivalents at beginning of period		169,142			220,332
Cash and cash equivalents at end of period	$	128,881		$	138,665

Supplemental disclosures:
Interest paid	$	23,601		$	29,637
Income taxes paid		279			294
Recognition of operating lease liabilities		2,136			—
Transfer of premises and equipment held for sale to other assets		—			2,256
Reduction to right-of-use assets and related operating lease liability due to renegotiated lease terms		—			198

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PROVIDENT BANCORP, INC.

Notes to Consolidated Financial Statements

(Unaudited)

(1) Basis of Presentation

The accompanying unaudited financial statements of Provident Bancorp, Inc. (the “Company”) were prepared in accordance with the instructions for Form 10-Q and with Regulation S-X and do not include information or footnotes necessary for a complete presentation of the financial condition, results of operations, and cash flows in conformity with U.S. generally accepted accounting principles (“GAAP”). However, in the opinion of management, all adjustments (consisting only of normal and recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for future periods, including the entire fiscal year. These financial statements should be read in conjunction with the annual financial statements and notes thereto included in the annual report on Form 10-K that the Company filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2025.

The consolidated financial statements include the accounts of the Company, its wholly owned subsidiary BankProv (the “Bank”), and the Bank’s wholly owned subsidiaries, Provident Security Corporation, and 5 Market Street Security Corporation. Provident Security Corporation and 5 Market Street Security Corporation were established to buy, sell, and hold investments for their own account.

(2) Merger

On June 5, 2025, NB Bancorp, Inc. (the “Buyer”), Needham Bank, a wholly-owned subsidiary of the Buyer, 1828 MS, Inc., a wholly owned subsidiary of the Buyer formed solely to facilitate the transaction (the “Merger Sub” and together with the Buyer and Needham Bank, “Needham”), the Company and the Bank, entered into an Agreement and Plan of Merger (the “Merger Agreement”). Pursuant to the terms and subject to the conditions set forth in the Merger Agreement, Needham will acquire the Company and the Bank through the merger of the Merger Sub with and into the Company (the “Merger”) followed by the merger of the Company with and into the Buyer, with the Buyer as the surviving entity (the “Holdco Merger”). After the Holdco Merger, at a time selected by Buyer, the Bank will merge with and into Needham Bank, with Needham Bank as the surviving entity.

Prior to the effective time of the Merger, shareholders of the Company have the right to elect to receive for each share of the Company’s common stock either (i) 0.691 shares of the Buyer’s common stock (the “Stock Consideration”) or (ii) $13.00 in cash, subject to proration procedures to ensure that holders of 50% of the shares of the Company’s common stock receive the Stock Consideration.

Provident stockholders approved the Merger on September 16, 2025 and on October 20, 2025, Needham and the Company jointly announced that all required regulatory approvals had been received to complete the proposed Merger. The expected completion date is on or about November 15, 2025, subject to the satisfaction of the remaining customary closing conditions. The Company will cease to exist as a separate legal entity after the Merger. These financial statements were prepared on a going concern basis and not on the liquidation basis of accounting. Accordingly, these financial statements do not reflect the accounting for the Merger that is expected to close on or about November 15, 2025.

At the effective time of the merger, all outstanding Provident restricted stock awards under the Provident equity plans will accelerate and fully vest, and be converted into the right for the holder to receive the merger consideration. At the effective time of the merger, each option to purchase shares of Provident common stock (a “Provident stock option”) that is outstanding and unexercised will fully vest and be canceled, and the holder will receive an amount of cash equal to the product of (1) the number of shares of Provident common stock provided for in each such Provident stock option, and (2) the excess, if any, of the sum of $6.50 and 0.50 times the product of 0.691 times the Buyer VWAP, as defined in the Merger Agreement, (the “per share cash equivalent consideration”) over the exercise price of the option. Any Provident stock option for which the exercise price exceeds the per share cash equivalent consideration will be cancelled as of the effective time without payment.

(3) Corporate Structure

The Company is a Maryland corporation whose primary purpose is to act as the holding company for BankProv. The Bank’s headquarters and main office are located in Amesbury, Massachusetts, and it operates two branch offices in Northeastern Massachusetts, three branch offices in Southeastern New Hampshire and one branch in Bedford, New Hampshire. The Bank also has a loan production office in Ponte Vedra, Florida. BankProv is a Massachusetts-chartered stock savings bank that offers both traditional and innovative banking solutions to its consumer and commercial customers. The Bank’s primary deposit products are checking, savings, and term certificate accounts and its primary lending products are commercial real estate, commercial, and mortgage warehouse loans.

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(4) Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures (“ASU 2023-09”), to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires annual disclosure of specific categories in the rate reconciliation table and separate disclosure for reconciling items that exceed a quantitative threshold. ASU 2023-09 also requires annual disclosure of the amount of income taxes paid disaggregated by federal, state, and foreign taxes, and separately, the amount of income taxes paid disaggregated by individual taxing jurisdictions in which income taxes paid exceed a quantitative threshold. ASU 2023-09 is effective for the Company for fiscal years beginning after December 15, 2024 with early adoption permitted. The Company is currently evaluating the impact of this Accounting Standard Update with respect to its consolidated financial statements.

(5) Debt Securities

Debt securities are classified as available-for-sale when they might be sold before maturity. Debt securities available-for-sale are valued at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax.

The following table summarizes the amortized cost, allowance for credit losses, and fair value of debt securities available-for-sale at September 30, 2025 and December 31, 2024 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income:

	Amortized		Gross		Gross		Allowance
	Cost		Unrealized		Unrealized		for Credit		Fair
(In thousands)	Basis		Gains		Losses		Losses		Value
September 30, 2025
State and municipal securities	$	11,056	$	2	$	621	$	—	$	10,437
Asset-backed securities		7,425		24		497		—		6,952
Government mortgage-backed securities		7,525		—		473		—		7,052
Total debt securities available-for-sale	$	26,006	$	26	$	1,591	$	—	$	24,441

December 31, 2024
State and municipal securities	$	11,130	$	2	$	581	$	—	$	10,551
Asset-backed securities		7,961		—		745		—		7,216
Government mortgage-backed securities		8,707		—		781		—		7,926
Total debt securities available-for-sale	$	27,798	$	2	$	2,107	$	—	$	25,693

Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are generally amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Premiums on callable debt securities are amortized to their earliest call date. Gains and losses on sales are recorded on the trade date and determined using the specific identification method.

There were no realized gains or losses on sales or calls of securities during the nine months ended September 30, 2025 or September 30, 2024.

Securities with carrying amounts of $5.8 million and $6.6 million were pledged to secure available borrowings with the Federal Home Loan Bank at September 30, 2025 and December 31, 2024, respectively.

The scheduled maturities of debt securities at September 30, 2025 are summarized in the table below. Actual maturities of asset-backed and mortgage-backed securities may differ from contractual maturities because the assets and mortgages underlying the securities may be repaid without any penalties. Because asset-backed and mortgage-backed securities are not due at a single maturity date, they are not included in the maturity categories in the following maturity summary:

	Available-for-Sale
	Amortized		Fair
(In thousands)	Cost		Value
Due in one year	$	—	$	—
Due after one year through five years		599		601
Due after five years through ten years		2,577		2,562
Due after ten years		7,880		7,274
Government mortgage-backed securities		7,525		7,052
Asset-backed securities		7,425		6,952
	$	26,006	$	24,441

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At the time a debt security is placed on non-accrual status, generally when any principal or interest payments become 90 days or more delinquent or if full collection of interest or principal becomes uncertain, interest accrued but not received is reversed against interest income. There were no debt securities on non-accrual status and therefore there was no accrued interest related to debt securities reversed against interest income during the nine months ended September 30, 2025 or September 30, 2024.

The aggregate fair value and unrealized losses of securities that have been in a continuous unrealized loss position for less than twelve months and for twelve months or longer are as follows at September 30, 2025 and December 31, 2024:

	Less than 12 Months				12 Months or Longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(In thousands)	Value		Losses		Value		Losses		Value		Losses
September 30, 2025
Temporarily impaired securities:
State and municipal securities	$	—	$	—	$	9,065	$	621	$	9,065	$	621
Asset-backed securities		—		—		5,317		497		5,317		497
Government mortgage-backed securities		69		1		6,983		472		7,052		473
Total temporarily impaired debt securities	$	69	$	1	$	21,365	$	1,590	$	21,434	$	1,591

December 31, 2024
Temporarily impaired securities:
State and municipal	$	2,935	$	21	$	7,015	$	560	$	9,950	$	581
Asset-backed securities		1,752		11		5,463		734		7,215		745
Government mortgage-backed securities		—		—		7,848		781		7,848		781
Total temporarily impaired debt securities	$	4,687	$	32	$	20,326	$	2,075	$	25,013	$	2,107

The Company expects to recover its amortized cost basis on all debt securities. Furthermore, the Company does not intend to sell nor does it anticipate that it will be required to sell the securities in an unrealized loss position as of September 30, 2025, prior to their recovery. The Company’s ability and intent to hold these securities until recovery is supported by the Company’s strong capital and liquidity positions as well as its historically low portfolio turnover.

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Allowance for Credit Losses – Available-For-Sale Securities:

For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through a provision for credit losses charged to earnings. For debt securities available-for-sale that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive (loss) income.

Changes in the allowance for credit losses are recorded as credit loss expense (or benefit). Losses are charged against the allowance when management believes an available for sale security is uncollectible, or when either of the criteria regarding intent or requirement to sell is met.

Accrued interest receivable on available-for-sale debt securities totaled $146,000 and $182,000 at September 30, 2025 and December 31, 2024, respectively, and was included in accrued interest receivable on the Consolidated Balance Sheets and was excluded from the estimate of credit losses.

As a result of the analysis below, which is presented by investment type, we determined that no allowance for credit loss for investment securities was required as of September 30, 2025.

State and municipal securities: At September 30, 2025, 14 of the 18 securities in the Company’s portfolio of state and municipal securities were in unrealized loss positions. Aggregate unrealized losses represented 6.4% of the amortized cost of state and municipal securities in unrealized loss positions. The Company continually monitors the state and municipal securities sector of the market carefully and periodically evaluates the appropriate level of exposure to the market. At this time, the Company believes the securities in this portfolio carry minimal risk of default. There were no material underlying downgrades during the quarter. All securities are performing.

Asset-backed securities: At September 30, 2025, four of the five securities in the Company’s portfolio of asset-backed securities were in unrealized loss positions. Aggregate unrealized losses represented 8.5% of the amortized cost of asset-backed securities in unrealized loss positions. The U.S. Small Business Administration guarantees the contractual cash flows of all the Company’s asset-backed securities. The securities are investment grade and there were no material underlying credit downgrades during the quarter. All securities are performing.

Government mortgage-backed securities: At September 30, 2025, all 29 securities in the Company’s portfolio of government mortgage-backed securities were in unrealized loss positions. Aggregate unrealized losses represented 6.3% of the amortized cost of government mortgage-backed securities in unrealized loss positions. The Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, and Government National Mortgage Association guarantee the contractual cash flows of all the Company’s mortgage-backed securities. The securities are investment grade and there were no material underlying credit downgrades during the quarter. All securities are performing.

(6) Loans and Allowance for Credit Losses for Loans

Loans:

A summary of loans is as follows:

	At			At
	September 30,			December 31,
(In thousands)	2025			2024
Commercial real estate	$	597,361		$	559,325
Construction and land development		29,895			28,097
Residential real estate		4,972			6,008
Mortgage warehouse		252,208			259,181
Commercial		154,858			163,927
Enterprise value		231,991			309,786
Consumer		93			271
Total loans		1,271,378			1,326,595
Allowance for credit losses for loans		(20,414	)		(21,087	)
Net loans	$	1,250,964		$	1,305,508

Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost, net of the allowance for credit losses for loans. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts and deferred loan fees and costs. Accrued interest receivable on loans totaled $4.1 million and $5.1 million at September 30, 2025 and December 31, 2024, respectively, and was included in accrued interest receivable on the Consolidated Balance Sheets and is excluded from the estimate of credit losses. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using either the level-yield or straight-line method without anticipating prepayments.

At the time a loan is placed on non-accrual status, generally at 90 days past due, or earlier if collection of principal or interest is considered doubtful, all interest accrued but not received is reversed against interest income. Interest received on such loans is accounted for on the cost-recovery or cash-basis method, until qualifying for a return to accrual status. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Under the cash-basis method, income is recorded when the payment is received in cash. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

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Allowance for Credit Losses for Loans:

The allowance for credit losses for loans (“ACLL”) is a valuation account that is deducted from the amortized cost basis of the loans to present the net amount expected to be collected. Loans are charged off against the allowance when management believes the collectability of a loan balance is no longer probable. Subsequent recoveries, if any, are credited to the allowance and do not exceed the aggregate of amounts previously charged-off. The Company employs a process and methodology to estimate the ACLL that evaluates both quantitative and qualitative factors. The methodology for evaluating quantitative factors involves pooling loans into portfolio segments that share similar risk characteristics.

The ACLL is measured on a collective (pool) basis when similar risk characteristics exist. The Company has identified the following portfolio segments:

Commercial real estate: Loans in this segment are primarily income-producing properties throughout Massachusetts and New Hampshire. The underlying cash flows generated by the properties can be adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn can have an effect on the credit quality in this segment. Management periodically obtains rent rolls and continually monitors the cash flows of these loans.

Construction and land development: Loans in this segment primarily include speculative and pre-sold real estate development loans for which payment is derived from sale of the property or a conversion of the construction loans to permanent loans for which payment is then derived from cash flows of the property. Credit risk is affected by cost overruns, time to sell at an adequate price, inaccurate estimates of the value of the completed project, and market conditions.

Residential real estate: All loans in this segment are collateralized by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will affect the credit quality in this segment. We no longer originate residential real estate loans, and previously we did not typically originate loans with a loan-to-value ratio greater than 80% or grant subprime loans.

Mortgage warehouse: Loans in this segment are primarily facility lines to non-bank mortgage origination companies. The underlying collateral of these loans are residential real estate loans. Loans are originated by the mortgage companies for sale into secondary markets, which is typically within 15 days of the loan closing. The primary source of repayment is the cash flows upon the sale of the loans. The credit risk associated with this type of lending is the risk that the mortgage companies are unable to sell the loans.

Commercial: Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, can have an effect on the credit quality in this segment.

Enterprise value: Loans in this segment are made to small- and medium-size businesses in a senior secured position and are generally secured by the enterprise value of the business. The enterprise value consists of the going concern value of the business and takes into account the value of business assets (both tangible and intangible). Repayment is expected from the cash flows of the business. Economic and industry specific conditions can affect the credit quality of this segment.

Consumer: Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower.

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Management estimates the ACLL balance using relevant and reliable information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Generally, management considers its forecasts to be reasonable and supportable for a period of up to four quarters and then utilizes a four-quarter straight-line reversion period. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as portfolio mix, delinquency levels, or term, as well as for changes in economic conditions, such as changes in unemployment rates, property values, gross domestic product (“GDP”), the home pricing index (“HPI”), or other relevant factors. Incorporated in the estimate for the ACLL is consideration of qualitative factors, which include the following for all loan pools:

●

Changes in lending policies and procedures, including changes in underwriting standards and collections, charge-offs, and recovery practices;

●

Changes in the experience, depth, and ability of lending management;

●

Changes in the quality of the organization's loan review system;

●

The existence and effect of any concentrations of credit and changes in the levels of such concentrations;

	●	The effect of other external factors (i.e., legal and regulatory requirements) on the level of estimated credit losses; and
	●	Changes in amount and trends in classified loans, delinquencies, and loans on non-accrual status.

In addition to the above, the mortgage warehouse pool includes a qualitative factor for changes in international, national, regional, and local conditions as the ACLL model for this loan pool does not apply an economic regression model in the calculation of the estimated loss rate. The determination of qualitative factors involves significant judgment.

The allowance for unfunded commitments is maintained by the Company at a level determined to be sufficient to absorb current expected lifetime losses related to unfunded credit facilities (including unfunded loan commitments and letters of credit).

The Company measures the ACLL using the following methods:

Portfolio Segment	Measurement Method	Loss Driver
Commercial real estate	Discounted cash flow	National unemployment rate, national GDP
Construction and land development	Discounted cash flow	National unemployment rate, national GDP
Residential real estate	Discounted cash flow	National unemployment rate, national HPI
Mortgage warehouse	Remaining life method	Not applicable
Commercial	Discounted cash flow	National unemployment rate, national GDP
Enterprise value	Discounted cash flow	National unemployment rate, national GDP
Consumer	Discounted cash flow	National unemployment rate, national GDP

When the discounted cash flow method is used to determine the ACLL, management adjusts the effective interest rate used to discount expected cash flows to incorporate expected prepayments. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either: management has a reasonable expectation at the reporting date that a modification will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company.

When the remaining life method is used to determine the ACLL, a calculated loss rate is applied to the pool of loans based on the remaining life expectancy of the pool. The remaining life expectancy is based on management’s reasonable expectation at the reporting date.

Loans that do not share risk characteristics, whether or not they are performing in accordance with their loan terms, are evaluated on an individual basis. Loans evaluated individually are not included in the collective evaluation. The Company will individually evaluate a loan when, based on current information and events, it is probable that it will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in making this determination include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Insignificant payment delays and payment shortfalls generally are not considered reason enough to individually analyze a loan. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. When management determines that a loan should be individually analyzed, expected credit losses are based on either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral at the reporting date, adjusted for selling costs, as appropriate.

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The following table presents the activity in the allowance for credit losses for loans by portfolio segment for the three and nine months ended September 30, 2025 and 2024:

(In thousands)	Commercial real estate		Construction and land development			Residential real estate		Mortgage warehouse			Commercial			Enterprise value			Digital asset		Consumer			Total
Balance at June 30, 2025	$	4,033	$	142		$	109	$	78		$	2,138		$	14,295		$	—	$	1		$	20,796
Charge-offs		—		—			—		—			(18	)		—			—		(11	)		(29	)
Recoveries		—		—			—		—			—			—			—		—			—
Provision (credit)		42		(29	)		3		(9	)		(88	)		(283	)		—		11			(353	)
Balance at September 30, 2025	$	4,075	$	113		$	112	$	69		$	2,032		$	14,012		$	—	$	1		$	20,414

Balance at June 30, 2024	$	4,843	$	272		$	69	$	65		$	1,976		$	13,115		$	—	$	1		$	20,341
Charge-offs		—		—			—		—			(96	)		—			—		(8	)		(104	)
Recoveries		—		—			—		—			18			—			—		2			20
Provision (credit)		430		(154	)		—		9			436			939			—		6			1,666
Balance at September 30, 2024	$	5,273	$	118		$	69	$	74		$	2,334		$	14,054		$	—	$	1		$	21,923

(In thousands)	Commercial real estate		Construction and land development			Residential real estate			Mortgage warehouse			Commercial			Enterprise value			Digital asset			Consumer			Total
Balance at December 31, 2024	$	3,715	$	104		$	120		$	71		$	2,198		$	14,875		$	—		$	4		$	21,087
Charge-offs		—		—			—			—			(18	)		—			—			(33	)		(51	)
Recoveries		—		—			14			—			31			—			—			—			45
Provision (credit)		360		9			(22	)		(2	)		(179	)		(863	)		—			30			(667	)
Balance at September 30, 2025	$	4,075	$	113		$	112		$	69		$	2,032		$	14,012		$	—		$	1		$	20,414

Balance at December 31, 2023	$	4,471	$	407		$	75		$	42		$	2,493		$	8,166		$	5,915		$	2		$	21,571
Charge-offs		—		—			—			—			(101	)		—			(2,124	)		(37	)		(2,262	)
Recoveries		—		—			2			—			18			—			—			4			24
Provision (credit)		802		(289	)		(8	)		32			(76	)		5,888			(3,791	)		32			2,590
Balance at September 30, 2024	$	5,273	$	118		$	69		$	74		$	2,334		$	14,054		$	—		$	1		$	21,923

The following table presents loan delinquencies by portfolio segment at September 30, 2025 and December 31, 2024:

					90 Days		Total
	30 - 59		60 - 89		or More		Past		Total		Total
(In thousands)	Days		Days		Past Due		Due		Current		Loans
September 30, 2025
Commercial real estate	$	757	$	53	$	—	$	810	$	596,551	$	597,361
Construction and land development		—		—		—		—		29,895		29,895
Residential real estate		—		96		205		301		4,671		4,972
Mortgage warehouse		—		—		—		—		252,208		252,208
Commercial		876		—		1,510		2,386		152,472		154,858
Enterprise value		274		—		5,340		5,614		226,377		231,991
Consumer		—		—		—		—		93		93
Total	$	1,907	$	149	$	7,055	$	9,111	$	1,262,267	$	1,271,378

December 31, 2024
Commercial real estate	$	—	$	—	$	—	$	—	$	559,325	$	559,325
Construction and land development		—		—		—		—		28,097		28,097
Residential real estate		285		69		241		595		5,413		6,008
Mortgage warehouse		—		—		—		—		259,181		259,181
Commercial		50		—		1,543		1,593		162,334		163,927
Enterprise value		—		—		—		—		309,786		309,786
Consumer		—		—		1		1		270		271
Total	$	335	$	69	$	1,785	$	2,189	$	1,324,406	$	1,326,595

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The following table presents the amortized cost basis of loans on non-accrual with no allowance for credit loss, loans on non-accrual, and loans 90 days or more past due but still accruing as of September 30, 2025 and December 31, 2024:

	Non-accrual				90 Days
	With No				or More
	Allowance		Non-accrual		Past Due
(In thousands)	for Credit Loss		Loans		and Accruing
September 30, 2025
Commercial real estate	$	53	$	53	$	—
Residential real estate		—		414		—
Commercial		1,511		1,511		—
Enterprise value		14,850		32,422		—
Total	$	16,414	$	34,400	$	—

December 31, 2024
Commercial real estate	$	57	$	57	$	—
Residential real estate		—		366		—
Commercial		1,543		1,543		—
Enterprise value		1,338		18,920		—
Consumer		—		1		—
Total	$	2,938	$	20,887	$	—

The Company did not recognize interest income on non-accrual loans during the nine months ended September 30, 2025 or 2024.

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The following tables present the amortized cost basis of collateral-dependent loans by class of loans as of September 30, 2025 and December 31, 2024:

	Commercial				Business
	Real		Business		Enterprise
(In thousands)	Estate		Assets		Value
September 30, 2025
Commercial real estate	$	53	$	—	$	—
Commercial		—		1,510		—
Enterprise value		—		—		35,950
Total	$	53	$	1,510	$	35,950

December 31, 2024
Commercial real estate	$	19,690	$	—	$	—
Commercial		—		1,543		—
Enterprise value		—		—		22,567
Total	$	19,690	$	1,543	$	22,567

Occasionally, the Company modifies loans to borrowers experiencing financial difficulty by providing the following types of modifications: principal forgiveness, other-than-insignificant payment delays, term extensions, interest rate reductions, or a combination of these modifications. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses on loans.

The following table presents the amortized cost basis of loans at September 30, 2025 or 2024 that were both experiencing financial difficulty and modified during the three months ended September 30, 2025 and 2024, respectively, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers experiencing financial difficulty as compared to the amortized cost basis of each class of financing receivable is also presented below:

(Dollars in thousands)	Other-Than-Insignificant Payment Delay		Term Extension		Combination Term Extension and Interest Rate Reduction		Total Class of Financing Receivable $		Total Class of Financing Receivable %
September 30, 2025
Enterprise value	$	3,550	$	—	$	—	$	3,550		1.53	%
Total	$	3,550	$	—	$	—	$	3,550		0.28	%

September 30, 2024
Commercial real estate	$	—	$	1,434	$	18,229	$	19,663		3.58	%
Enterprise value		24,716		—		—		24,716		7.10
Total	$	24,716	$	1,434	$	18,229	$	44,379		3.15	%

The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty during the three months ended September 30, 2025 and 2024:

	Weighted-Average Other-Than-Insignificant Payment Delay		Weighted-Average Term Extension		Weighted-Average Term Extension and Interest Rate Reduction
	Months		Months		Months		Percentage points
September 30, 2025
Enterprise value		5.00		—		—		—

September 30, 2024
Commercial real estate		—		64.00		130.00		0.50	%
Enterprise value		4.58		—		—		—

The following table presents the amortized cost basis of loans at September 30, 2025 and 2024 that were both experiencing financial difficulty and modified during the nine months ended September 30, 2025 and 2024, respectively, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers experiencing financial difficulty as compared to the amortized cost basis of each class of financing receivable is also presented below:

(Dollars in thousands)	Other-Than-Insignificant Payment Delay		Term Extension		Combination Term Extension and Other-Than-Insignificant Payment Delay		Combination Term Extension, Other-Than-Insignificant Payment Delay, and Interest Rate Reduction		Total Class of Financing Receivable $		Total Class of Financing Receivable %
September 30, 2025
Commercial	$	—	$	34	$	—		—	$	34		0.02	%
Enterprise value		27,015		—		—	$	—		27,015		11.64
Total	$	27,015	$	34	$	—	$	—	$	27,049		2.13	%

September 30, 2024
Commercial real estate	$	312	$	—	$	1,434		18,229	$	19,975		3.64	%
Commercial		1,450		—		—		—		1,450		0.85
Enterprise value		28,654		964		—		—		29,618		8.51
Total	$	30,416	$	964	$	1,434	$	18,229	$	51,043		3.62	%

The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty during the nine months ended September 30, 2025 or 2024:

	Weighted-Average Other-Than-Insignificant Payment Delay		Weighted-Average Term Extension		Weighted-Average Term Extension and Other-Than-Insignificant Payment Delay				Weighted-Average Term Extension, Other-Than-Insignificant Payment Delay, and Interest Rate Reduction
	Months		Months		Months		Months		Months		Months		Percentage Points
September 30, 2025
Commercial		—		3.00		—		—		—		—		—
Enterprise value		6.18		—		—		—		—		—		—

September 30, 2024
Commercial real estate		3.00		—		64.00		9.00		139.00		9.00		0.50	%
Commercial		3.00		—		—		—		—		—		—
Enterprise value		6.95		3.00		—		—		—		—		—

In certain instances, if a borrower continues to experience financial difficulty following a modification, additional concessions may be granted. Modifications made to borrowers experiencing financial difficulty during the nine months ended September 30, 2025 totaled $27.0 million, of which $26.7 million related to loans that had previously received payment deferral and term extension modifications due to financial difficulty during 2024.

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As of September 30, 2025 and September 30, 2024, the Company had no additional commitments to lend to borrowers experiencing financial difficulty whose loan terms were modified during the nine months preceding each respective date. The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The table below shows the delinquency status of loans that were modified to borrowers experiencing financial difficulty within the preceding 12 months of September 30, 2025 or 2024:

			30 - 59		60 - 89		90
(In thousands)	Current		Days Past Due		Days Past Due		Days or More Past Due		Total Past Due
September 30, 2025
Commercial	$	34	$	—	$	—	$	—	$	—
Enterprise value		25,735		—		—		1,280		1,280
Total	$	25,769	$	—	$	—	$	1,280	$	1,280

September 30, 2024
Commercial real estate	$	19,975	$	—	$	—	$	—	$	—
Commercial		1,450		—		—		—		—
Enterprise value		29,618		—		—		—		—
Total	$	51,043	$	—	$	—	$	—	$	—

The following table provides the amortized cost basis of loans that had a payment default during the nine months ended September 30, 2025 and were modified within the preceding 12 months from default to borrowers experiencing financial difficulty:

(Dollars in thousands)	Other-Than-Insignificant Payment Delay		Total Class of Financing Receivable
September 30, 2025
Enterprise value	$	1,280	$	1,280
Total	$	1,280	$	1,280

As of September 30, 2024, there were no subsequent defaults related to loans modified to borrowers experiencing financial difficulty within the preceding 12 months.

Credit Quality Information

The Company utilizes a seven-grade internal loan risk rating system for commercial real estate, construction and land development, commercial, and enterprise value loans as follows:

Loans rated 1-3: Loans in these categories are considered “pass” rated loans with low to average risk.

Loans rated 4: Loans in this category are considered “special mention.” These loans are starting to show signs of potential weakness and are being closely monitored by management.

Loans rated 5: Loans in this category are considered “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Company will sustain some loss if the weakness is not corrected.

Loans rated 6: Loans in this category are considered “doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable.

Loans rated 7: Loans in this category are considered uncollectible “loss” and of such little value that their continuance as loans is not warranted.

On an annual basis, or more often if needed, the Company formally reviews the ratings on all commercial real estate, construction and land development, commercial, and enterprise value loans.

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On an annual basis, or more often if needed, the Company completes a credit recertification on all mortgage warehouse originators.

For residential real estate loans, the Company initially assesses credit quality based upon the borrower’s ability to pay and rates such loans as pass. Ongoing monitoring is based upon the borrower’s payment activity.

Consumer loans are not formally rated.

Based on the most recent analysis performed, the risk category of loans by class of loans and their corresponding gross write-offs for the nine months ended September 30, 2025 is presented below:

	Term Loans at Amortized Cost by Origination Year
(In thousands)	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost		Revolving Loans Converted to Term Loans		Total
Commercial real estate
Pass	$	52,547	$	89,727	$	29,101	$	82,243	$	118,636	$	196,577	$	21,578	$	134	$	590,543
Special mention		—		—		—		—		—		3,015		—		—		3,015
Substandard		—		—		—		—		—		3,803		—		—		3,803
Total commercial real estate		52,547		89,727		29,101		82,243		118,636		203,395		21,578		134		597,361
Current period gross write-offs		—		—		—		—		—		—		—		—		—
Construction and land development
Pass		6,439		10,122		4,760		421		68		1,083		7,002		—		29,895
Total construction and land development		6,439		10,122		4,760		421		68		1,083		7,002		—		29,895
Current period gross write-offs		—		—		—		—		—		—		—		—		—
Residential real estate
Pass		—		—		—		—		—		2,814		1,174		666		4,654
Substandard		—		—		—		—		—		257		61		—		318
Total residential real estate		—		—		—		—		—		3,071		1,235		666		4,972
Current period gross write-offs		—		—		—		—		—		—		—		—		—
Mortgage warehouse
Pass		—		—		—		—		—		—		252,208		—		252,208
Total mortgage warehouse		—		—		—		—		—		—		252,208		—		252,208
Current period gross write-offs		—		—		—		—		—		—		—		—		—
Commercial
Pass		5,199		11,749		9,929		18,522		39,584		31,783		28,050		716		145,532
Special mention		—		—		398		574		—		710		4,885		—		6,567
Substandard		—		—		—		—		—		2,534		225		—		2,759
Total commercial		5,199		11,749		10,327		19,096		39,584		35,027		33,160		716		154,858
Current period gross write-offs		—		—		—		—		—		18		—		—		18
Enterprise Value
Pass		3,593		28,153		41,213		38,237		43,554		17,909		7,986		—		180,645
Special mention		—		—		—		7,058		4,907		3,133		298		—		15,396
Substandard		9,510		—		2,429		13,654		4,840		4,092		1,425		—		35,950
Total enterprise value		13,103		28,153		43,642		58,949		53,301		25,134		9,709		—		231,991
Current period gross write-offs		—		—		—		—		—		—		—		—		—
Consumer
Not formally rated		—		—		—		—		—		46		46		1		93
Total consumer		—		—		—		—		—		46		46		1		93
Current period gross write-offs		31		—		—		—		—		2		—		—		33

Total loans	$	77,288	$	139,751	$	87,830	$	160,709	$	211,589	$	267,756	$	324,938	$	1,517	$	1,271,378

Total current period gross write-offs	$	31	$	—	$	—	$	—	$	—	$	20	$	—	$	—	$	51

Table of Contents

The following table presents the risk category of loans by class of loans as of December 31, 2024 and their corresponding gross write-offs for the year then ended:

	Term Loans at Amortized Cost by Origination Year
(In thousands)	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost		Revolving Loans Converted to Term Loans		Total
Commercial real estate
Pass	$	88,884	$	34,606	$	74,412	$	118,094	$	23,848	$	167,174	$	18,916	$	569	$	526,503
Special mention		—		—		—		—		1,045		27,872		—		—		28,917
Substandard		—		—		—		—		—		3,905		—		—		3,905
Total commercial real estate		88,884		34,606		74,412		118,094		24,893		198,951		18,916		569		559,325
Current period gross write-offs		—		—		—		—		—		—		—		—		—
Construction and land development
Pass		9,072		5,220		9,941		42		—		1,315		2,507		—		28,097
Total construction and land development		9,072		5,220		9,941		42		—		1,315		2,507		—		28,097
Current period gross write-offs		—		—		—		—		—		—		—		—		—
Residential real estate
Pass		—		—		—		—		4		3,452		1,842		376		5,674
Substandard		—		—		—		—		—		269		65		—		334
Total residential real estate		—		—		—		—		4		3,721		1,907		376		6,008
Current period gross write-offs		—		—		—		—		—		—		—		—		—
Mortgage warehouse
Pass		—		—		—		—		—		—		259,181		—		259,181
Total mortgage warehouse		—		—		—		—		—		—		259,181		—		259,181
Current period gross write-offs		—		—		—		—		—		—		—		—		—
Commercial

Provident Bancorp, Inc. /MD/ 10-Q