Here are 1-3 brief analogies for Provident Bancorp (PVBC):

• A community bank, similar to a regional **Bank of America** or **JPMorgan Chase** serving specific New England areas.
• Think of it as a local version of a larger regional bank like **PNC Bank** or **U.S. Bank**, primarily focused on communities in New Hampshire and Massachusetts.

• Deposit Accounts: Core banking services allowing customers to save and manage money through various checking, savings, money market, and certificate of deposit accounts.
• Residential Mortgage Loans: Financing provided to individuals for the purchase, construction, or refinancing of homes.
• Commercial Real Estate Loans: Lending services offered to businesses for the acquisition, development, or refinancing of income-producing properties and owner-occupied commercial buildings.
• Commercial & Industrial (C&I) Loans: Credit facilities extended to businesses for purposes such as working capital, equipment financing, and business expansion.

Provident Bancorp (PVBC), through its subsidiary Provident Bank, operates as a community bank primarily serving individuals and businesses within its target markets. As such, it does not typically have "major customers" in the traditional sense of a manufacturing or service company selling to a few large corporate entities. Instead, its revenue is diversified across a broad base of depositors and borrowers.

The company primarily sells its financial products and services to individuals and businesses, which can be categorized as follows:

• Retail Customers (Individuals): This category includes individuals and families who utilize a range of consumer banking products and services. These typically include checking accounts, savings accounts, money market accounts, certificates of deposit, residential mortgage loans, home equity loans, and personal loans.
• Commercial Customers (Businesses): This segment comprises small to mid-sized businesses, including sole proprietorships, partnerships, and corporations. They utilize business banking solutions such as commercial loans, lines of credit, commercial real estate loans, business checking and savings accounts, and treasury management services.
• Non-Profit Organizations and Municipalities: Provident Bank also serves various non-profit organizations, community groups, and local government entities. These customers often require specialized deposit services, cash management solutions, and financing for community development or operational needs.

• Fiserv, Inc. (FI)
• Wolf & Company, P.C.

Joseph B. Reilly, President, Chief Executive Officer and Director

Joseph B. Reilly has over 35 years of experience in the New Hampshire banking industry. He was the Co-Founder and President/CEO of Centrix Bank, which merged with Eastern Bank in October 2014. Prior to Centrix, Reilly held positions at Bank of New Hampshire, TD Bank, Centerpoint Bank, and Fleet Bank. He served as Chairman of the Board of Provident Bancorp until 2022, before assuming the role of CEO of the Bank. Mr. Reilly holds an MBA from the Peter T. Paul School of Business and Economics at the University of New Hampshire.

Kenneth R. Fisher, Executive Vice President, Chief Financial Officer

Kenneth Fisher was appointed Executive Vice President and Chief Financial Officer of Provident Bancorp, Inc. and BankProv in May 2024. He is a CPA with over two decades of experience in finance, accounting, and executive leadership. Prior to joining BankProv, Mr. Fisher served as CFO at Bluejay Diagnostics, Inc., an early-stage medical diagnostics company. His previous roles include Executive Vice President, Chief Financial Officer, and Treasurer at Meridian Bancorp, Inc. and its subsidiary, East Boston Savings Bank. He holds a Bachelor's Degree in Business Administration from the Isenberg School of Management at the University of Massachusetts at Amherst.

Joseph Mancini, Executive Vice President, Chief Operating Officer

Joseph Mancini joined BankProv in 2020 and serves as Executive Vice President and Chief Operating Officer. He has a strong background in risk management, cybersecurity, and fraud prevention, accumulated over two decades in the financial services industry. Before joining BankProv, Mr. Mancini held senior executive positions at Radius Bank and East Boston Savings Bank. He earned a Bachelor's degree from Northeastern University.

Joseph Kenney, Executive Vice President, Chief Lending Officer of The Provident Bank

Joseph Kenney held leadership positions at BankProv as Director of Commercial Lending and at People's United Bank as Vice President of Commercial Lending prior to his current role.

Laurie H. Knapp, Director

Laurie H. Knapp is a certified public accountant and the sole owner of Laurie H. Knapp CPA PC, an accounting firm located in Amesbury, Massachusetts. She has also served as the Audit Committee Chair.

The increasing market penetration and sophisticated offerings of digital-only banks and FinTech platforms represent a clear emerging threat. These entities often leverage advanced technology to offer highly personalized services, superior digital user experiences, and competitive rates or lower fees due to significantly reduced overhead from physical branches. This trend is altering consumer preferences, particularly among younger demographics but increasingly across all age groups, who are comfortable or even prefer banking entirely through digital channels. For Provident Bancorp, a community bank relying on local relationships and a branch network, this shift risks eroding its deposit base, challenging its ability to attract new customers, and intensifying competition for loan origination, as customers may increasingly choose providers based purely on digital convenience and cost rather than geographical proximity or traditional branch service.

Provident Bancorp (PVBC) operates as a full-service commercial bank, offering a diverse range of financial products and services. The primary regions it serves for traditional banking are Massachusetts and New Hampshire, while also engaging in specialized banking services nationally.

Addressable Markets for Main Products and Services:

• Commercial Banking:
  • For Massachusetts, the commercial banking industry is projected to have a market size of approximately $34.3 billion in 2025. This market has shown an average annual growth rate of 7.0% from 2020 to 2025.
  • For the broader United States, the commercial banking market is estimated at $732.5 billion in 2025 and is forecasted to grow to $915.45 billion by 2030, with a compound annual growth rate (CAGR) of 4.56%.
  • Specific market sizing for New Hampshire's commercial banking sector was not available in the provided data. However, the financial services industry across New England, including New Hampshire, represents 15.0% of the region's GDP.
• Mortgage Lending:
  • In Massachusetts, the total home-purchase mortgage loan volume reached 76,380 in 2020. The average loan size in Massachusetts is approximately $441,830. While a precise total market value for all mortgage lending (including refinance, commercial mortgages, etc.) in Massachusetts was not explicitly stated, the home-purchase segment alone indicates a substantial market.
  • Specific addressable market sizing for mortgage lending in New Hampshire was not available.
• Digital Asset Banking (including digital asset loans):
  • The global digital asset management market, which includes banking, financial services, and insurance (BFSI) as an end-user segment, was valued at approximately $5.21 billion in 2025 and is projected to reach $20.01 billion by 2033, demonstrating an 18.3% CAGR during this period. North America holds a significant share of this global market.
  • The U.S. Digital Banking Platform Market, a related but narrower category, was valued at $1.04 billion in 2024 and is expected to grow to $2.04 billion by 2032, with a CAGR of 9.63%.
• Cannabis Banking:
  • The broader U.S. cannabis market is expected to reach $72 billion annually by 2030.
  • For banks providing services to this sector, an economic analysis projects that the capital needs of state-level marijuana businesses could generate over $2.4 billion in revenue from loan interest payments for banks over the next decade (through 2035). This also indicates a need for $65.6 billion to $130.7 billion in growth capital for new and existing cannabis businesses through 2035, representing a significant addressable market for banking services. This market size is for the United States.

Provident Bancorp (PVBC) is expected to have its future revenue growth over the next 2-3 years driven by several strategic initiatives, primarily in the context of its impending merger with NB Bancorp. While the company will integrate into a larger entity, the underlying business operations and strategies that have been in focus for PVBC are anticipated to continue contributing to revenue generation.

• Expansion of Loan Portfolio in Targeted Areas: Provident Bancorp has maintained a strategic focus on expanding its loan portfolio within specific, targeted segments. For example, in Q1 2025, the company emphasized its commitment to "expanding its loan portfolio in targeted areas". This includes targeted growth in commercial real estate loans, as observed in Q3 2025, even as overall net loans experienced reductions in other areas such as mortgage warehouse and enterprise value loans.
• Strategic Balance Sheet Repositioning and Risk Reduction: The company has been actively executing a strategic plan aimed at repositioning its balance sheet to mitigate risk. This initiative is designed to foster more efficient operations and enhance asset quality, which was a key highlight in the Q4 2024 earnings, contributing to improved liquidity and operational efficiency. Such a strategic shift, while not directly increasing revenue, lays a foundation for sustainable growth and profitability by optimizing capital allocation and minimizing potential losses.
• Net Interest Margin Improvement: Provident Bancorp has demonstrated an ability to improve its net interest margin, a crucial component of a bank's profitability. The net interest margin increased to 3.62% in Q4 2024, up from 3.38% in the preceding quarter. Furthermore, for the nine months ending September 30, 2025, the net interest margin stood at 3.70%, an increase from 3.34% for the corresponding period in 2024. This consistent improvement, driven by effective interest rate management and a reduction in the cost of funds, directly translates into higher net interest income.

Share Repurchases

• On December 2, 2024, Provident Bancorp's Board of Directors adopted a new stock repurchase program authorizing the repurchase of up to 883,366 shares of its common stock, which is approximately five percent of the current outstanding shares.
• A stock repurchase program was announced on March 12, 2021, under which the company could repurchase up to 1,400,000 shares of its common stock.
• In October 2020, Provident Bancorp announced a stock repurchase program to buy back up to 1,000,000 shares, representing approximately 5.2% of its outstanding shares, which was completed in February 2021.

Outbound Investments

• Provident Bancorp's annual long-term investments were $33 million in 2020, $38 million in 2021, $33 million in 2022, $33 million in 2023, and $28 million in 2024.

Capital Expenditures

• Capital expenditures for Provident Bancorp were approximately -$67.87 million in fiscal year 2020, -$0.41 million in fiscal year 2021, -$0.26 million in fiscal year 2022, -$0.34 million in fiscal year 2023, and -$0.37 million in fiscal year 2024.
• The 5-year growth rate for the company's capital expenditures was -43.2%.