Brief: Provident Bancorp Maryland Q2 EPS USD 0.17

Provident Bancorp (Maryland)

24/07/2025 21:16

Overview

Provident Bancorp Q2 net income of $2.8 mln beats analyst expectations

EPS of $0.17 beats consensus, reflecting improved earnings

Company announces merger with Needham Bank, sale/leaseback of Main Office building

Outlook

Company anticipates merger with Needham Bank to close in Q4 2025

Company expects smooth integration post-merger with Needham Bank

Provident Bancorp plans to maintain operations at historic flagship branch

Result Drivers

SALE/LEASEBACK TRANSACTION - $745,000 gain from sale/leaseback of Main Office building contributed to noninterest income

INTEREST EXPENSE REDUCTION - Strategic re-balancing of funding sources led to significant decrease in interest expense

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q2 EPS
Beat
$0.17
$0.12 (1 Analyst)
Q2 Net Income
Beat
$2.82 mln
$2.10 mln (1 Analyst)
Q2 Pretax Profit
Beat
$4.04 mln
$2.80 mln (1 Analyst)

Analyst Coverage

The one available analyst rating on the shares is "hold"

The average consensus recommendation for the banks peer group is "buy."

Wall Street's median 12-month price target for Provident Bancorp Inc (Maryland) is $12.50, about 0.5% below its July 23 closing price of $12.56

The stock recently traded at 17 times the next 12-month earnings vs. a P/E of 15 three months ago

Press Release: ID:nPn9SXcpja

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)