PVBC Overview

Merger Announcement: NB Bancorp, Inc. and Provident Bancorp, Inc. have satisfied all closing conditions for their merger, which will officially take effect on November 15, 2025, involving the merger of BankProv into Needham Bank.

Leadership Changes: Joseph B. Reilly has been appointed as a director of Needham and Needham Bank, effective at the time of the merger, bringing valuable experience to the board.

Stock Delisting: Provident common stock will be delisted from NASDAQ following the close of trading on November 14, 2025, marking the last day of trading for its shares.

Forward-Looking Statements: The press release includes caution regarding forward-looking statements, highlighting various risks and uncertainties that could affect the anticipated benefits and performance of the merger.

Merger Announcement: NB Bancorp, Inc. and Provident Bancorp, Inc. have entered into a merger agreement, with the transaction expected to be completed on November 15, 2025, involving multiple mergers including Needham Bank and BankProv.

Shareholder Consideration: Provident shareholders can choose between receiving 0.691 shares of Needham common stock or $13.00 in cash per share, with specific allocation and proration procedures outlined in the merger agreement.

Election Deadline: The deadline for Provident shareholders to elect their preferred form of consideration was November 7, 2025, with approximately 75.33% opting for cash and 16.31% for stock.

Forward-Looking Statements: The press release includes caution regarding forward-looking statements, highlighting various risks and uncertainties that could affect the anticipated benefits and completion of the merger.

Merger Announcement: NB Bancorp, Inc. and Provident Bancorp, Inc. announced the merger of Provident with Needham, effective shortly after midnight on November 15, 2025, with a deadline for stockholders to elect their preferred merger consideration by November 7, 2025.

Stockholder Election Process: Provident stockholders can choose between receiving either 0.691 shares of Needham common stock or $13.00 in cash per share of Provident common stock, with specific instructions provided in the election materials.

Trading and Conversion Details: November 14, 2025, will be the last trading day for Provident common stock, and the conversion of BankProv products to Needham Bank's systems is expected to occur over the weekend following the merger.

Forward-Looking Statements Caution: The press release includes forward-looking statements regarding the merger's benefits and timing, cautioning that these statements involve risks and uncertainties that could affect actual outcomes.

Financial Performance: Provident Bancorp, Inc. reported a net income of $2.7 million for Q3 2025, a slight decrease from $2.8 million in Q2 2025, but a significant increase from $716,000 in Q3 2024. For the nine months ending September 30, 2025, net income rose to $7.7 million compared to $2.4 million in the same period last year.

Interest Income and Expenses: The company experienced a decrease in net interest and dividend income to $13.2 million for Q3 2025, down 2.5% from Q2 2025, but up 6.3% from Q3 2024. Total interest expense for the quarter was $8.1 million, reflecting a 4.5% increase from the previous quarter but an 18.9% decrease from the same quarter last year.

Asset and Loan Trends: Total assets decreased to $1.49 billion as of September 30, 2025, down 3.2% from the previous quarter and 6.4% from the end of 2024. Net loans also fell to $1.25 billion, primarily due to decreases in mortgage warehouse and enterprise value loans.

Equity and Capitalization: Shareholders' equity increased to $241 million, representing 16.2% of total assets, up from 15.4% in the previous quarter. The book value per share rose to $13.55, indicating a solid capital position as the bank remains categorized as well capitalized under regulatory standards.

Merger Announcement: NB Bancorp, Inc. and Provident Bancorp, Inc. have received all necessary regulatory approvals for their proposed merger, expected to be finalized around November 14, 2025, following the approval from Provident stockholders on September 16, 2025.

Leadership Statements: Executives from both banks expressed optimism about the merger, highlighting their commitment to community service and innovation, and the potential for growth and expanded services in their respective markets.

Merger Announcement: NB Bancorp, Inc. and Provident Bancorp, Inc. have distributed Election Materials to Provident stockholders, allowing them to choose between receiving Needham common stock, cash, or a combination of both upon the completion of their merger, expected to be effective on November 15, 2025.

Stockholder Election Process: Provident stockholders must submit their election forms by November 7, 2025, to determine their preferred form of consideration in the merger, with specific allocation and proration procedures outlined in the Merger Agreement.