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| Provident Bancorp, Inc. |
| 400 Rella Boulevard, Montebello, NY 10901 * (914) 369-8040 |
| Business Description | The company is a savings and loan holding company for the Provident Bank. |
| Offering Information Company has | |||
| Trading As | PBCP (NASNTL) | Industry | Financial (SIC 6712) |
| Type of Stock Offered | Common Shares | Filing Date | 09/17/1998 |
| Domestic Shares Offered | 3,864,000 | Offer Date | 01/07/1999 |
| Foreign Shares Offered | 0 | Filing Price | $10.00 |
| Company Shares | 3,864,000 | Offer Price | $10.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | - - |
| Gross Proceeds | $38,640,000 | Selling | - - |
| Expenses | - - | Reallowance | - - |
| Post-IPO Shares | - - | Employees | 167 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Ryan, Beck & Co. | Lead Manager | (800) 342-2325 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 9 Months Ending | ||||||
| Figures in U.S. millions except per share data | 09/30/1993 | 09/30/1994 | 09/30/1995 | 09/30/1996 | 09/30/1997 | 06/30/1997 | 06/30/1998 |
| Revenues | 35.790 | 34.343 | 39.130 | 45.007 | 49.266 | 36.967 | 38.037 |
| Income from Oper. | - | - | - | - | - | - | - |
| Net Income | 5.338 | 4.805 | 4.803 | 2.097 | 4.598 | 3.464 | 3.444 |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | -4.04 | 13.94 | 15.02 | 9.463 | 2.89 | ||
| Net Income Growth (%) | -9.99 | -0.04 | -56.34 | 119.27 | -0.58 | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | 14.91 | 13.99 | 12.27 | 4.66 | 9.33 | 9.05 | 9.37 |
| Cash Flow - Oper. | 6.00 | 4.30 | 8.53 | ||||
| Cash Flow - Inv. | -23.06 | -13.17 | -31.65 | ||||
| Cash Flow - Fin. | 12.59 | 6.16 | 26.71 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 06/30/1998 | Financial Ratios | ||||
| Total Assets | 679.10 | Current Assets | - | Current Ratio | - |
| Total Liab. | 625.23 | Current Liab. | 80.08 | Debt Ratio | 92.07% |
| Total Equity | 53.88 | Working Cap. | - | Debt to Equity Ratio | 11.60 |
| Cash | 12.79 | Return on Assets | 0.51% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Luse Lehman Gorman Pomerenk & Schick |
| Bank's Law Firm | Thacher Proffitt & Wood |
| Auditor | KPMG Peat Marwick |
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