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Provident Bancorp (NASDAQ:PVBC) inventory has dropped 3.5% in Tuesday after-hours buying and selling after the financial institution stated it is prone to submit a loss for the quarter ended Sept. 30 because of the writedown of collateral it repossessed from a crypto mining firm.
As of Sept. 30, the corporate entered an settlement beneath which it repossessed cryptocurrency mining rigs in trade for the forgiveness of a $28M mortgage to the borrower.
Thus far, Provident Bancorp (PVBC) hasn’t entered into an settlement to resell the collateral and remains to be evaluating the write-down of the collateral and the affect on its monetary statements.
It “can not predict with certainty at the moment the quantity of the write-down within the honest market worth” of the repossessed collateral. And whereas Provident (PVBC) expects to acknowledge a partial loss in relation to the honest market worth of the gear, the corporate “expects that the mixture of such a write-down and its affect to the consolidated monetary statements as an entire will probably end result within the firm recognizing a loss for the quarter ended Sept. 30, 2022,” it stated.
Earlier than the information, the only analyst estimate for PVBC’s Q3 EPS was $0.28.
In August, Provident Bancorp (PVBC) introduced a partnership with Republic, an funding platform and crowdfunding market place.
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