<SEC-DOCUMENT>0000943374-22-000467.txt : 20221115
<SEC-HEADER>0000943374-22-000467.hdr.sgml : 20221115
<ACCEPTANCE-DATETIME>20221115160508
ACCESSION NUMBER:		0000943374-22-000467
CONFORMED SUBMISSION TYPE:	NT 10-Q
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20220930
FILED AS OF DATE:		20221115
DATE AS OF CHANGE:		20221115
EFFECTIVENESS DATE:		20221115

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Provident Bancorp, Inc. /MD/
		CENTRAL INDEX KEY:			0001778784
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NT 10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39090
		FILM NUMBER:		221391167

	BUSINESS ADDRESS:	
		STREET 1:		5 MARKET STREET
		CITY:			AMESBURY
		STATE:			MA
		ZIP:			01913
		BUSINESS PHONE:		(978) 388-0050

	MAIL ADDRESS:	
		STREET 1:		5 MARKET STREET
		CITY:			AMESBURY
		STATE:			MA
		ZIP:			01913
</SEC-HEADER>
<DOCUMENT>
<TYPE>NT 10-Q
<SEQUENCE>1
<FILENAME>nt10q.htm
<DESCRIPTION>FOR PERIOD ENDING 9/30/2022
<TEXT>
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    <div style="text-align: center; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-weight: bold;">WASHINGTON, D.C. 20549</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">FORM 12b-25</div>
    <div style="text-align: right;">Commission File No. <u>001-39090</u></div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">NOTIFICATION OF LATE FILING</div>
    <div><br>
    </div>
    <div><font style="font-style: italic;">(Check One)</font>:&#160;&#160;&#160;&#160;&#160;&#160; &#9744;&#160; Form 10-K&#160; &#9744;&#160; Form 20-F&#160; &#9744;&#160;&#160; Form 11-K&#160; &#8999;&#160; Form10-Q&#160; &#9744;&#160; Form 10-D&#160; &#9744;&#160; Form N-CEN&#160; &#9744;&#160; Form N-CSR</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; margin-left: 36pt;">For Period Ended:&#160;&#160;&#160;&#160;&#160;&#160; <u>September 30, 2022</u></div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">&#9744;<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Transition Report on Form 10-K</div>
    <div style="text-indent: 36pt;">&#9744;<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Transition Report on Form 20-F</div>
    <div style="text-indent: 36pt;">&#9744;<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Transition Report on Form 11-K</div>
    <div style="text-indent: 36pt;">&#9744;<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Transition Report on Form 10-Q</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; margin-left: 36pt;">For the Transition Period Ended:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 180pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 1px;"><font style="display: inline-block; text-indent: 0px; width: 72pt;" id="TRGRRTFtoHTMLTab">&#160;</font></font></div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.</div>
    <div><br>
    </div>
    <div>If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:&#160; <u>N/A</u></div>
    <div><br>
    </div>
    <div style="font-weight: bold;">PART I &#8212; REGISTRANT INFORMATION</div>
    <div><br>
    </div>
    <div>Full name of registrant: <u>Provident Bancorp, Inc.</u><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
    <div><br>
    </div>
    <div>Former name if applicable:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 468pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
    <div><br>
    </div>
    <div>Address of principal executive office (Street and Number):<u>&#160; 5 Market Street</u><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
    <div><br>
    </div>
    <div>City, State and Zip Code: <u>Amesbury, Massachusetts 01913</u><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
    <div><br>
    </div>
    <div style="font-weight: bold;">PART II &#8211; RULES 12b-25(b) AND (c)</div>
    <div><br>
    </div>
    <div>If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed.&#160; (Check box if appropriate)</div>
    <div><br>
    </div>
    <div>
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            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt;">(a)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;</div>
            </td>
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    <div><br>
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      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z47f6ba9d8bee491d90196262b8f0da37">

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              <td style="width: 36pt; vertical-align: top; align: right;">&#9744;</td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font></td>
              <td style="width: auto; vertical-align: top;">The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K,</td>
            </tr>

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      </div>
    </div>
    <div style="margin-left: 72pt;">Form N-CEN or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject
      distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and</div>
    <div><br>
    </div>
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            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt;">(c)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>The accountant's statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.</div>
            </td>
          </tr>

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    </div>
    <div style="font-weight: bold;">PART III &#8212; NARRATIVE</div>
    <div><br>
    </div>
    <div>State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">Provident Bancorp, Inc. (the &#8220;Registrant&#8221;) requires additional time to complete the procedures required with respect to the issuance of its financial statements for the quarter ended September 30, 2022.&#160; As a result, the
      Registrant, without unreasonable effort and expense, is unable to complete and file the Registrant&#8217;s quarterly report on Form 10-Q for the quarter ended September 30, 2022 by the prescribed date.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">PART IV &#8212; OTHER INFORMATION</div>
    <div><br>
    </div>
    <div>(1) &#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160; </font>Name and telephone number of person to contact in regard to this notification.</div>
    <div> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" align="left" style="width: 60%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;" id="z82bff6dcd05e40cfa21b88b3270b8d74">

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            <td style="width: 32.27%; vertical-align: top;">
              <div style="text-align: center;"><u>Carol L. Houle</u></div>
            </td>
            <td style="width: 33.64%; vertical-align: top;">
              <div style="text-align: center;"><u>(978)</u></div>
            </td>
            <td style="width: 34.09%; vertical-align: top;">
              <div style="text-align: center;"><u>834-8555</u></div>
            </td>
          </tr>
          <tr>
            <td style="width: 32.27%; vertical-align: top;">
              <div style="text-align: center;">(Name)</div>
            </td>
            <td style="width: 33.64%; vertical-align: top;">
              <div style="text-align: center;">Area Code)</div>
            </td>
            <td style="width: 34.09%; vertical-align: top;">
              <div style="text-align: center;">(Telephone Number)</div>
            </td>
          </tr>

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      <font style="font-family: 'Times New Roman',Times,serif; clear: both;"> </font></div>
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    <div style="text-indent: 36pt;"><u> <br>
      </u></div>
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          <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
          <td style="width: auto; vertical-align: top;">
            <div>Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was
              required to file such report(s) been filed?&#160; If the answer is no, identify report(s).</div>
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    <div style="margin-left: 360pt;">&#9745; Yes<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt" id="TRGRRTFtoHTMLTab">&#160;</font> No</div>
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          <td style="width: 36pt; vertical-align: top; align: right;">(3)</td>
          <td style="width: auto; vertical-align: top;">
            <div>Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?</div>
          </td>
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    <div><br>
    </div>
    <div style="margin-left: 360pt;">&#9745; Yes<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt" id="TRGRRTFtoHTMLTab">&#160;</font> No</div>
    <div><br>
    </div>
    <div style="margin-left: 36pt;">If so: attach an explanation of the anticipated change, both narratively and quantitatively, and if appropriate, state the reasons why a reasonable estimate of the results cannot be made.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;"><u>Provident Bancorp, Inc.</u></div>
    <div style="text-align: center;">(Name of Registrant as Specified in Charter)</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Has caused this notification to be signed on its behalf by the undersigned thereunto duly authorized.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
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              <td style="width: 244px; vertical-align: top;">Date: November 14, 2022<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 180pt" id="TRGRRTFtoHTMLTab">&#160;</font></td>
              <td style="width: 292px; vertical-align: top; font-family: 'Times New Roman',Times,serif; text-align: right;">By: <br>
              </td>
              <td style="width: 244px; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">&#160;<u>/s/ Carol L. Houle</u></td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 244px; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 292px; vertical-align: top; font-family: 'Times New Roman',Times,serif; text-align: right;">&#160;</td>
              <td rowspan="1" style="width: 244px; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">&#160;Carol L. Houle</td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 244px; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 292px; vertical-align: top; font-family: 'Times New Roman',Times,serif; text-align: right;">&#160;</td>
              <td rowspan="1" style="width: 244px; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">&#160;Executive Vice President and Chief Financial Officer</td>
            </tr>

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    </div>
    <br>
    <div style="text-align: justify; text-indent: 216pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 216pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 216pt;"> <br>
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    <div style="text-align: center;">ATTACHMENT TO FORM 12b-25</div>
    <div style="text-align: center;">PROVIDENT BANCORP, INC.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">The Registrant currently estimates that it will report net loss of approximately $27.5 million for the quarter ended September 30, 2022, compared to net income of $5.1 million for the quarter ended September 30, 2021.&#160;
      The Registrant is still evaluating the actual level of losses due to the recent decline in the cryptocurrency mining industry, and such losses may exceed this estimate. The net loss resulted from a provision for loan losses for the quarter ended
      September 30, 2022.&#160;<font style="font-weight: bold;"> <font style="font-weight: normal;">During the third quarter of 2022</font> t</font>he volatility in Bitcoin and rising energy costs called into question the financial stability of the
      Registrant&#8217;s borrowers who hold digital asset mining loans, the collectability of all principal and interest related to these loans, as well as the value of the cryptocurrency mining rigs that serve as the underlying collateral.&#160; These
      considerations, in conjunction with a partial write down on cryptocurrency mining rigs that were repossessed in exchange for the forgiveness of a $27.4 million loan relationship, triggered a detailed review of the portfolio of similarly
      collateralized loans. After the $27.4 million loan forgiveness, the digital asset mining loan portfolio totaled $76.5 million at September 30, 2022, of which, upon review, the Registrant estimates a majority to be impaired and placed on non-accrual
      status with significant related specific reserves.&#160; Actual financial results for the quarter ended September 30, 2022 will be included in the Quarterly Report on Form 10-Q as filed with the U.S. Securities and Exchange Commission.</div>
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