11-K 1 v469542_11k.htm FORM 11-K

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 11-K

 

ANNUAL REPORT

PURSUANT TO SECTION 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

xANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

 

For the fiscal year ended December 31, 2016

 

OR

 

¨TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

 

For the transition period from _______________ to _______________

 

Commission File Number 001-37504

 

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

 

SBERA 401(k) Plan as adopted by The Provident Bank

 

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

 

Provident Bancorp, Inc

5 Market Street

Amesbury, Massachusetts 01913

 

 

 

 

SBERA

401(k) Plan as Adopted by

The Provident Bank

2016 Financial Statements

and

Supplemental Schedule

 

 

 

 

E.I.N. 04-3497377              Plan Number 002

 

Financial Statements and Supplemental Schedule

December 31, 2016 and 2015

 

The following financial information is submitted herewith:

 

  Page
   
Report of Independent Registered Public Accounting Firm 3
   
Statements of Net Assets Available for Benefits 4
   
Statement of Changes in Net Assets Available for Benefits 5
   
Notes to Financial Statements:  
   
1.  Description of the Plan 6
   
2.  Summary of Significant Accounting Policies 7
   
3.  Risk and Uncertainties 9
   
4.  Investments 9
   
5.  Continuance of the Plan 10
   
6.  Tax Status 10
   
7.  Related Party and Party-in-Interest Transactions 10
   
8.  Fair Value Measurements 11
   
Supplmental Schedule:  
   
Form 5500, Schedule H, Line 4i – Schedule of Assets (Held at end of year) 14

  

All schedules, except as listed above, that are required by 29 CFR 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

 

 

 

 

 

 

Report of Independent Registered Public Accounting Firm

 

To the Plan Administrator and Audit Committee of the Board of Directors

Provident Bancorp, Inc.

Amesbury, Massachusetts

 

We have audited the accompanying financial statements of SBERA 401(k) Plan as adopted by The Provident Bank (the “Plan”) which comprise the statement of net assets available for benefits as of December 31, 2016 and 2015, and the related statement of changes in net assets available for benefits for the year ended December 31, 2016. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with the auditing standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the SBERA 401(k) Plan as adopted by The Provident Bank as of December 31, 2016 and 2015, and the changes in net assets available for benefits for the year ended December 31, 2016, in conformity with accounting principles generally accepted in the United States of America.

 

The supplemental information in the accompanying Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2016 has been subjected to audit procedures performed in conjunction with the audit of SBERA 401(k) Plan as adopted by The Provident Bank’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but include supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedule is fairly stated in all material respects in relation to the financial statements as a whole.

 

/s/ Whittlesey & Hadley, P.C.

 

Hartford, Connecticut

June 27, 2017

 

The accompanying notes are an integral part of these financial statements.

 

 3 

 

 

SBERA

401(k) Plan as Adopted by The Provident Bank

 

 

Statements of Net Assets Available for Benefits

 

December 31, 2016 and 2015

 

   December 31, 
   2016   2015 
         
Assets          
Investments at fair value:          
Common collective trusts  $8,473,127   $7,402,662 
Provident Bancorp, Inc. common stock   4,361,116    3,131,606 
Total investments at fair value   12,834,243    10,534,268 
           
Notes receivable from participants   293,237    280,630 
           
Net assets available for benefits  $13,127,480   $10,814,898 

 

The accompanying notes are an integral part of these financial statements.

 

 4 

 

 

SBERA

401(k) Plan as Adopted by The Provident Bank

 

 

Statement of Changes in Net Assets Available for Benefits

 

For the Year Ended December 31, 2016

 

Additions:     
Additions to net assets attributed to:     
Investment income     
Net appreciation in fair value of investments  $1,883,400 
Total investment income   1,883,400 
      
Interest income on notes receivable from participants   11,484 
      
Contributions:     
Participant   562,080 
Employer   385,151 
Rollover   44,891 
Total contributions   992,122 
Total additions   2,887,006 
      
Deductions from net assets attributable to:     
Benefits paid to participants   574,424 
Total deductions   574,424 
      
Net increase   2,312,582 
      
Net assets available for benefits:     
Beginning of year   10,814,898 
End of year  $13,127,480 

 

The accompanying notes are an integral part of these financial statements.

 

 5 

 

 

Notes to Financial Statements

 

 

 

1. Description of the Plan

 

The following description of SBERA 401(k) Plan as Adopted by The Provident Bank (the “Plan”) provides only general information. Participants should refer to the Plan document and the summary plan description for a more complete description of the Plan’s provisions.

 

General

The Plan is a defined contribution plan covering substantially all employees of The Provident Bank (the “Bank”). The Bank is a wholly-owned subsidiary of Provident Bancorp, Inc. (the “Company”). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).

 

The Plan is a member of the SBERA common collective Trust (SBERA or the “Trust). The Plan is administered by SBERA, which has overall responsibility for the operation and administration of the Plan. An Investment Committee consisting of the Plan’s Trustees determines the appropriateness of the Plan’s investment offerings and monitors investment performance. Under the Trust agreement, the Plan owns a portion of the net assets of the Trust. The Plan has a divided interest in certain assets of the Trust.

 

SBERA is the Plan Administrator. SBERA contracts with Northeast Retirement Services (“NRS”) to provide record keeping services. SBERA is the Trustee for the Plan.

 

Effective July 16, 2015, the Company completed its public stock offering and the Plan began offering Company common stock as an investment option to all Plan participants.

 

Eligibility Requirements

To become eligible for participation, an employee must have reached 21 years of age.

 

Contributions

Each year, participants may contribute to the Plan a percentage of pretax annual compensation, as defined in the Plan, up to the maximum amount allowable under the provisions of the Internal Revenue Code (“IRC”). Participants who have attained age 50 before the end of the plan year are also eligible to make catch-up contributions. Participants may also contribute amounts representing distributions from other qualified plans or defined contribution plans (rollovers). Participants direct the investment of their contributions into various investment options offered by the Plan.

 

The Bank may make a safe harbor contribution to eligible participants, equal to 100% of participant deferrals, up to 6% of each participant’s eligible compensation contributed to the plan. To be eligible for a safe harbor contribution, participants must complete one year of service. For the plan years ended December 31, 2016 and 2015, the Bank made safe harbor contributions totaling $385,151 and $318,960, respectively. The Bank may also make nonelective contributions to eligible employees, as determined by the Board of Directors. To be eligible for a nonelective contribution, participants must complete one year of service. There were no nonelective contributions made during the plan years ended December 31, 2016 and 2015.

 

Participant Accounts

Each participant’s account is credited with the participant’s contribution, Bank contributions and an allocation of Plan earnings. Allocations are based on the participant’s earnings, account balances, or specific participant transactions, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

 

 6 

 

 

Notes to Financial Statements

 

 

 

Investments

Participants direct their contributions into investment options offered by the Plan and common shares of Provident Bancorp, Inc., the parent company of the Bank. Employer contributions are invested in each participant’s account according to the participant’s selected allocation. Participants can change or transfer their investment options at any time via an automated telephone system or the Custodian’s website.

 

Vesting

Participants are vested immediately in their contributions and the Bank’s safe harbor contributions, plus actual earnings thereon. Vesting in the Bank’s nonelective contribution portion of their accounts plus earnings thereon is based on years of continuous service. A participant is 100% vested after three years of credited services.

 

Notes Receivable from Participants

Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their account balance. Notes are required to be repaid within five years unless the note is to be used for the purchase of a primary residence in which case the note may be repaid within a period of no more than twenty years. The notes are secured by the balance in the participant’s account and bear interest at prime rate as published by the Wall Street Journal plus 1%. Principal and interest is paid ratably through payroll deductions.

 

Payment of Benefits

Upon termination of service, retirement, disability or death, a participant may elect to receive an amount equal to the value of the participant’s vested interest in his or her account in a lump-sum amount, installment payments or partial payments. In-service withdrawals from the participant’s account are available upon reaching age 59½. If a participant’s vested account balance is $1,000 or less, the Plan administrator can distribute the entire balance in a lump-sum amount.

 

Hardship Withdrawals

Hardship withdrawals are available from the participant’s elective deferral account, excluding earnings thereon, in order to meet a participant’s immediate and heavy financial need. Participant deferrals are suspended for six months following receipt of a hardship withdrawal.

 

Forfeitures

At December 31, 2016 and 2015, there were no forfeited nonvested account amounts. These accounts can be used to reduce the Bank’s future safe harbor contributions.

 

2. Summary of Significant Accounting Policies

 

Basis of Accounting

The Plan’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the Department of Labor’s Rules and Regulations for Reporting and Disclosure under ERISA.

 

Use of Estimates

The preparation of financial statements in conformity with GAAP and the Department of Labor’s Rules and Regulations for Reporting and Disclosure under ERISA requires management of the Plan make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

 

 7 

 

 

Notes to Financial Statements

 

 

 

Investment Valuation and Income Recognition

The Plan’s investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Plan’s Investment Committee determines the Plan’s valuation policies utilizing information provided by its investment advisors and custodian.

 

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net investment income includes interest and dividend income and the Plan’s gains and losses on investments bought and sold as well as held during the year.

 

Notes Receivable from Participants

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Related fees are charged against participant accounts when incurred. No allowance for credit losses has been recorded as of December 31, 2016 and 2015. Defaulted notes receivable from participants, if applicable, are reclassified as distributions based upon the terms of the Plan document.

 

Payment of Benefits

Benefits are recorded when paid.

 

Administrative Expenses

The Plan’s administrative expenses are paid by either the Plan or the Bank as provided by the Plan document. The Bank paid $16,933 in administrative expenses on behalf of the Plan during 2016.

 

Administrative expenses including investment related fees are paid directly to SBERA and are reflected in the Plan’s share of the common collective trusts net investment activity. In addition, included within the Plan’s interest in the Trust’s net investment income, in the accompanying Statement of Changes in Net Assets Available for Benefits, are certain investment related expenses included in the unrealized appreciation of fair value of investments.

 

Recent Accounting Pronouncements

In May 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), which exempts investments measured using the net asset value (NAV) practical expedient in ASC 820, Fair Value Measurement, from categorization within the fair value hierarchy. The guidance requires retrospective application and is effective beginning after December 15, 2016. Early adoption is permitted. Management elected to early adopt the provisions of this new standard. Accordingly, the amendment was retrospectively applied resulting in revisions to the fair value disclosures in Note 8.

 

 8 

 

 

Notes to Financial Statements

 

 

 

In July 2015, the FASB issued ASU No. 2015-12, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient.  This Update was issued to reduce complexity in employee benefit plan accounting and improve usefulness of the information to users of the financial statements. Upon adoption of Part I of this Update, defined contribution pension plans and health and welfare benefit plans are to report direct investments in fully benefit-responsive investment contracts at contract value because contact value is the relevant measure for the portion of the net assets available for benefits of a defined contribution plan attributable to fully-benefit responsive investment contracts. Part II of this Update eliminates the requirements to disclose individual investments that represent 5% or more of net assets available for benefits and the net appreciation or depreciation in fair value of investments by general type.  Part III of this Update allows a plan with a fiscal year-end that does not coincide with the end of the calendar month to measure its investments and investment-related accounts using the month-end closest to the fiscal year-end.  This guidance was effective for the Plan on January 1, 2016.  The application of this guidance did not have a material impact on the Plan’s financial statements.

 

3. Risk and Uncertainties

 

The Plan provides for various investment options which are exposed to various risks, including interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participant account balances, the amounts reported in the statements of net assets available for benefits, and the amounts reported in the statements of changes in net assets available for benefits.

 

4. Investments – Plan Interest in SBERA Common Collective Trust

 

The Plan owns a portion of the net assets of the Trust. The following table presents the total net assets of the Trust and the Plan's interest in Trust Assets:

 

   December 31, 
   2016   2015 
         
Cash  $93,327,058   $86,779,384 
Total investments at fair value   1,367,996,219    1,267,586,729 
Notes receivable from participants   18,241,532    18,505,717 
Other assets   18,074,273    15,820,280 
           
Total Assest  $1,497,639,082   $1,388,692,110 
           
Total Liabilities   1,391,504    1,540,785 
           
Net assets available for benefits  $1,496,247,578   $1,387,151,325 
           
Plan interest in net assets  $13,127,480   $10,814,898 

 

 9 

 

 

Notes to Financial Statements

 

 

 

Total Trust investment income for the year ended December 31, 2016 was comprised of:

 

   2016 
     
Net realized and unrealized loss of investments  $101,565,605 
Interest and dividend income   14,759,935 
Administrative expenses   (4,603,202)
      
Trust net invetment income  $111,722,338 
      
Trust net investment income allocated to the Plan  $1,894,884 

 

The net appreciation in the fair value of investments includes both realized and unrealized gains and losses.

 

5. Continuance of the Plan

 

The Bank has the right under the Plan to terminate the Plan at any time, subject to the provisions of ERISA. In the event of Plan termination, participants become fully vested and are entitled to receive their respective shares of the Plan’s net assets after payment of all liabilities and expenses. At December 31, 2016, the Plan had not expressed any intention to terminate and expects to continue the Plan indefinitely.

 

6. Tax Status

 

The Company has adopted a prototype plan document and is relying on the prototype sponsor’s opinion letter from the Internal Revenue Service dated March 31, 2014. The letter states that the prototype form of plan is designed in accordance with applicable sections of the Internal Revenue Code (IRC). Although the prototype plan has been amended and restated since receiving the opinion letter, the Plan Sponsor and the Plan Administrator believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC.

 

GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2016, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements.

 

The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan Administrator believes it is no longer subject to income tax examinations for years prior to 2013.

 

7. Related Party and Party-in-Interest Transactions

 

Certain administrative functions, including plan administration, are performed by officers or employees of the Bank. Northeast Retirement Services provides consulting, recordkeeping and other services in connection with the administration of the Plan. The Plan invests in a common collective trusts managed by SBERA, the Trustee of the Plan. The assets of the Plan are held by several custodians. These transactions qualify as party-in-interest transactions. Notes receivable from participants also qualify as party-in-interest transactions.

 

 10 

 

 

Notes to Financial Statements

 

 

 

During 2015, Provident Bancorp, Inc. completed an initial public stock offering and as a result Participants may allocate any portion of their contributions to purchase common shares of Provident Bancorp, Inc. Participants are subject to restrictions on trading during blackout periods and other reporting requirements of the Securities and Exchange Commission. Investments in Provident Bancorp, Inc.’s common stock amounted to $4,361,116 and $3,131,606 at December 31, 2016 and 2015, respectively. During 2016, the Plan purchased and sold 5,326 and 2,630 number of shares, respectively. Because the Bank is the Plan Sponsor, transactions involving Provident Bancorp, Inc.’s common stock qualify as party-in-interest transactions. All of these transactions are exempt from the prohibited transaction rules.

 

8. Fair Value Measurements

 

Fair value estimates are made as of a specific point in time based on the characteristics of the financial instruments and relevant market information. In accordance with GAAP, the fair value estimates are measured within the fair value hierarchy, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described as follows:

 

Basis of Fair Value Measurement

 

Level 1 — Unadjusted quoted prices for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.
     
Level 2 — Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
     
Level 3 — Significant unobservable inputs that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

 

When available, quoted market prices are used. In other cases, fair values are based on estimates using present value or other valuation techniques. These techniques involve uncertainties and are significantly affected by the assumptions used and judgments made regarding risk characteristics of various financial instruments, discount rates, estimates of future cash flows, future expected loss experience and other factors. Changes in assumptions could significantly affect these estimates. Derived fair value estimates cannot be substantiated by comparison to independent markets and, in certain cases, could not be realized in an immediate sale of the instrument.

 

 11 

 

 

Notes to Financial Statements

 

 

 

The following table details the financial instruments carried at fair value on a recurring basis as of December 31, 2016 and 2015, and indicates the fair value hierarchy of the valuation techniques utilized by the Plan to determine the fair value:

 

       Quoted Prices
in Active
Markets for
Identical
Assets		   Significant
Observable
Inputs		   Significant
Unobservable
Inputs		 
   Total   (Level 1)   (Level 2)   (Level 3) 
December 31, 2016                    
Investments measured at NAV(a):                    
Common collective trusts  $8,473,127                
Investments measured in the fair value hierarchy:                    
Provident Bancorp, Inc. common stock  $4,361,116   $4,361,116   $-   $- 
Total investments at fair value  $12,834,243   $4,361,116   $-   $- 
                     
December 31, 2015                    
Investments measured at NAV(a):                    
Common collective trusts  $7,402,662                
Investments measured in the fair value hierarchy:                    
Provident Bancorp, Inc. common stock  $3,131,606   $3,131,606   $-   $- 
Total investments at fair value  $10,534,268   $3,131,606   $-   $- 

 

(a) In accordance with FASB ASC Subtopic 820-10, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statement of net assets available for benefits.

 

The following is a description of the valuation methodologies used for instruments measured at fair value:

 

Common collective trusts: Valued at the net asset value (“NAV”) of units of a bank collective trust. The NAV, as provided by the trustee, is used to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. This value is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. Participant transactions (purchases and sales) may occur daily. Were the Plan to initiate a full redemption of a collective trust fund, the investment adviser reserves the right to temporarily delay withdrawal from the trust in order to ensure that securities liquidations will be carried out in an orderly business manner.

 

Provident Bancorp, Inc. common stock: Provident Bancorp, Inc. common stock is valued at the quoted market price from a national securities exchange. The Provident Bancorp, Inc. common stock is classified as Level 1 in the fair value hierarchy.

 

The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

 

The Plan does not have any financial instruments carried at fair value on a nonrecurring basis at December 31, 2016 and 2015.

 

 12 

 

 

Notes to Financial Statements

 

 

 

The following table sets forth additional disclosures of the Plan’s investment whose fair value is estimated using net asset value per share (or its equivalent) as of December 31, 2016 and 2015. There are no participant redemption restrictions for these investments; the redemption notice period is applicable only to the Plan.

 

   Fair Value   Unfunded   Redemption  Redemption
   2016   2015   Commitment   Frequency  Notice Period
                      
Common collective trusts  $8,473,127   $7,402,662   $-   Daily, Monthly  1 to 5 days

 

 13 

 

 

SUPPLEMENTAL SCHEDULE

 

 

 

 

SBERA

401(k) Plan as Adopted by The Provident Bank

 

 

Form 5500, Schedule H, Line 4i – Schedule of Assets (Held at end of year)

EIN 04-3497377 Plan Number 002

December 31, 2016

(Unaudited)

 

      (c) Description of Investment        
  (b) Identity of Issue, Borrower,  (Including Maturity Date, Rate of Interest,      (e) Current 
(a)  Lessor or Similar Party  Collateral, Par or Maturity Value)  (d) Cost   Value 
               
   State Street Global Advisors  Index 500 Account    **   $1,240,593 
*  SBERA  Equity Account    **    964,237 
*  SBERA  Bond Account    **    828,951 
   INTECH  Large Cap Growth Account    **    801,787 
   Times Square Capital Management  Small Cap Growth Account    **    759,064 
   Institutional Capital LLC (ICAP)  Large Cap Value Account    **    748,700 
*  SBERA  International Equity Account    **    621,840 
   The Boston Company  Small Cap Value Account    **    574,357 
*  SBERA  Money Market Account    **    512,315 
   Blackrock Institutional Trust  LifePath 2020    **    448,191 
   PIMCO  All Asset Account    **    294,879 
   Blackrock Institutional Trust  LifePath 2030    **    240,516 
   Blackrock Institutional Trust  LifePath 2040    **    213,676 
   Blackrock Institutional Trust  LifePath 2050    **    86,936 
*  SBERA  SBERA Account    **    51,737 
   Blackrock Institutional Trust  LifePath 2025    **    31,032 
   Blackrock Institutional Trust  LifePath 2055    **    27,381 
   Blackrock Institutional Trust  LifePath 2045    **    16,647 
   Blackrock Institutional Trust  LifePath Retirement    **    9,939 
   Blackrock Institutional Trust  LifePath 2035    **    349 
                 
*  Provident Bancorp, Inc.  Company common stock    **    4,361,116 
                 
*  Notes receivable from participants  Participant loans, various terms collateralized by vested account balance, interest rates fixed at 4.25%.   -0-    293,237 
      Total assets at fair value       $13,127,480 

 

*Party-in-interest.
**Cost information is not required for participant-directed investments.

 

 14 

 

 

SBERA

401(k) Plan as Adopted by The Provident Bank

 

 

SIGNATURES

 

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    SBERA 401(K) PLAN AS ADOPTED BY THE
PROVIDENT BANK
     
Date:  June 27, 2017 By: /s/ Carol Houle
    Name: Carol Houle
    Title: Plan Administrator

 

 15 

 

 

Exhibit Index

 

Exhibit   Description
     
23.1   Consent of Independent Registered Public Accounting Firm