PROVIDENT BANCORP, INC. On November 15, 2022, Provident Bancorp, Inc. (the “Company”), filed a Form 12b-25 with the U.S. Securities and Exchange Commission with respect to the Company's Quarterly Report on Form 10-Q for the Quarterly Period Ended September 30, 2022. In the Form 12b-25, the Company indicated that it 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. The Company 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.
