An Innovative
Commercial Bank
that finds Solutions
for Our Business
and Private Clients.
Welcome
The Provident is an innovative commercial bank that finds
solutions for our business and private clients. We are committed
to strengthening the economic development of the regions we
serve, by working closely with our clients and delivering superior
products and high-touch services to meet their banking needs.
While we are proud of our rich history, The Provident is the tenth
oldest chartered bank in the country, it is our belief that the future
belongs to those who evolve and innovate. We are committed to
finding creative, unconventional solutions that deliver successful
outcomes for our clients. With a distinctive approach to banking,
The Provident simplifies complex transactions and aims to
deliver the best banking experience possible.
• All deposits are insured IN FULL through a combination
of insurance provided by the Federal Deposit Insurance
Corporation (FDIC) and the Depositors Insurance Fund (DIF)
• #1 Small Business Administration (SBA) Lender in NH – THREE
YEARS RUNNING
• Export/International Finance - Delegated authority with
the Export/Import Bank of the United States (EXIM) and the
United States Small Business Administration (SBA), Swift Code
• EXIM Community Lender of the Year for 2017
• Merger & Acquisition (M&A) and Employee Stock Ownership
Plan (ESOP) Expertise
• Leadership Giving Initiatives with Economic Development
Partnerships
The Provident is truly your financial partner.
Chuck Withee, President and Chief Lending Officer
Anne Lapointe, EVP, Chief Administrative Officer
Dave Mansfield, CEO
Carol Houle, EVP, CFO
Letter from the CEO
I am pleased to report that 2016 was an outstanding year for The Provident. We reported significant growth
We increased our charitable giving in 2016 and directed our Leadership Giving Campaign toward “economic
in earnings, loans, and deposits. We grew our markets and added new products and services to differentiate us
development.” A majority of our footprint is now in high-growth areas where we contribute to and benefit from
from our competitors and establish ourselves as THE Commercial Bank. We celebrated a successful first full year of
economic development. The Provident is taking a leadership role in partnerships that are addressing workforce
trading on the Nasdaq and were awarded some prestigious banking awards. Our competitive advantage with our
development and education programs focusing on exporting and will continue this focus through 2017.
Depositors Insurance Fund (DIF) continued to serve us well, and with increased awareness within our markets,
We’ve developed some unique public-private partnerships, including those with the New England Export
DIF helped The Provident launch new services and products for our valuable business and private clients.
Expansion Fund, New Hampshire’s Department of Resources and Economic Development, Massachusetts
OUR GOALS
Our goal in 2016 was to sharpen our focus and increase awareness of The Provident as “THE” Commercial Bank
in the regions we serve. To accomplish this, we needed to make changes to our existing business model, which
Export Council, and Manchester Community College.
We believe that if we can help strengthen opportunities for businesses, the economy as a whole benefits.
included eliminating some consumer products and reducing our retail/consumer bank operations. By doing so, it
allowed us to firmly plant that stake in the ground to assert “WE ARE THE COMMERCIAL BANK.” As our commercial
OUR DIRECTORS
The Provident is fortunate to have dedicated and committed Directors, who do an outstanding
bank status solidified, Private Banking emerged as our next opportunity. Utilizing our strength of high-touch,
job of representing the shareholders by providing strategic policy leadership and management oversight.
responsive, personalized customer service, along with our DIF, the addition of Private Banking to our product
You should be proud of them — I am.
offerings was a natural evolution. Over the past year, we have experienced a steady increase in the demand for
Private Banking Services from clients with a deposit balance over $250,000.
OUR TEAM
As we continue to grow, The Provident remains true to who we are and how we achieve our success. At our
This year American Banker affirmed The Provident’s status as “THE” Commercial Bank in its region. We were ranked
core, we are an innovative bank — focused on providing the best possible service for our commercial and private
#30 in Commercial and Industrial loan portfolios of independent banks with less than one billion in assets. Most
clients and the regions we serve. We have an experienced and committed team of employees here at The Provident.
notably, out of the top 200 banks that were ranked, The Provident had the 9th highest growth rate — with no other
Our 2016 results are a testimony to the dedication and hard work of Our Team. They are truly our foundation, our
New England Bank ranking in the top twenty.
spirit and the reason for our success. Service isn’t just what they do; it is who they are. They believe in their purpose
OUR AWARDS
The Provident was awarded — for the third consecutive year — the 7(A) Leading Lender in total dollars in New
to serve others, and I am honored to be a leader of The Provident Team. Our investments in people, products,
markets and infrastructure have built strong momentum on a solid foundation. We are excited about the
opportunities ahead. Most importantly, we are grateful for your support and are dedicated to increasing the
Hampshire by the U.S. Small Business Administration. The New Hampshire Small Business Administration awarded
value of your investment in The Provident Bank.
our President and Chief Lending Officer, Chuck Withee the Financial Services Champion of the Year, and one of our
lenders was named the 504 #1 Banker of the Year. We received another 5-Star Rating from Bauer Financial, marking
over 22 consecutive quarters with that distinction. Additionally, we were added to the Small-Cap Russell 2000®
Index and were chosen as the 2016 Export-Import Bank of the U.S. (EXIM) Community Lender of the Year.
OUR LEADERSHIP GIVING
The Provident Bank has a rich and long-standing tradition of giving back to its local regions. All charitable giving
decisions are made at the local level because we believe having a strong and meaningful connection to our regions
is critical to our success.
Dave Mansfield, CEO
The Provident Bank
Letter from the CEO
I am pleased to report that 2016 was an outstanding year for The Provident. We reported significant growth
We increased our charitable giving in 2016 and directed our Leadership Giving Campaign toward “economic
in earnings, loans, and deposits. We grew our markets and added new products and services to differentiate us
development.” A majority of our footprint is now in high-growth areas where we contribute to and benefit from
from our competitors and establish ourselves as THE Commercial Bank. We celebrated a successful first full year of
economic development. The Provident is taking a leadership role in partnerships that are addressing workforce
trading on the Nasdaq and were awarded some prestigious banking awards. Our competitive advantage with our
development and education programs focusing on exporting and will continue this focus through 2017.
Depositors Insurance Fund (DIF) continued to serve us well, and with increased awareness within our markets,
We’ve developed some unique public-private partnerships, including those with the New England Export
DIF helped The Provident launch new services and products for our valuable business and private clients.
Expansion Fund, New Hampshire’s Department of Resources and Economic Development, Massachusetts
OUR GOALS
Our goal in 2016 was to sharpen our focus and increase awareness of The Provident as “THE” Commercial Bank
in the regions we serve. To accomplish this, we needed to make changes to our existing business model, which
Export Council, and Manchester Community College.
We believe that if we can help strengthen opportunities for businesses, the economy as a whole benefits.
included eliminating some consumer products and reducing our retail/consumer bank operations. By doing so, it
allowed us to firmly plant that stake in the ground to assert “WE ARE THE COMMERCIAL BANK.” As our commercial
OUR DIRECTORS
The Provident is fortunate to have dedicated and committed Directors, who do an outstanding
bank status solidified, Private Banking emerged as our next opportunity. Utilizing our strength of high-touch,
job of representing the shareholders by providing strategic policy leadership and management oversight.
responsive, personalized customer service, along with our DIF, the addition of Private Banking to our product
You should be proud of them — I am.
offerings was a natural evolution. Over the past year, we have experienced a steady increase in the demand for
Private Banking Services from clients with a deposit balance over $250,000.
OUR TEAM
As we continue to grow, The Provident remains true to who we are and how we achieve our success. At our
This year American Banker affirmed The Provident’s status as “THE” Commercial Bank in its region. We were ranked
core, we are an innovative bank — focused on providing the best possible service for our commercial and private
#30 in Commercial and Industrial loan portfolios of independent banks with less than one billion in assets. Most
clients and the regions we serve. We have an experienced and committed team of employees here at The Provident.
notably, out of the top 200 banks that were ranked, The Provident had the 9th highest growth rate — with no other
Our 2016 results are a testimony to the dedication and hard work of Our Team. They are truly our foundation, our
New England Bank ranking in the top twenty.
spirit and the reason for our success. Service isn’t just what they do; it is who they are. They believe in their purpose
OUR AWARDS
The Provident was awarded — for the third consecutive year — the 7(A) Leading Lender in total dollars in New
to serve others, and I am honored to be a leader of The Provident Team. Our investments in people, products,
markets and infrastructure have built strong momentum on a solid foundation. We are excited about the
opportunities ahead. Most importantly, we are grateful for your support and are dedicated to increasing the
Hampshire by the U.S. Small Business Administration. The New Hampshire Small Business Administration awarded
value of your investment in The Provident Bank.
our President and Chief Lending Officer, Chuck Withee the Financial Services Champion of the Year, and one of our
lenders was named the 504 #1 Banker of the Year. We received another 5-Star Rating from Bauer Financial, marking
over 22 consecutive quarters with that distinction. Additionally, we were added to the Small-Cap Russell 2000®
Index and were chosen as the 2016 Export-Import Bank of the U.S. (EXIM) Community Lender of the Year.
OUR LEADERSHIP GIVING
The Provident Bank has a rich and long-standing tradition of giving back to its local regions. All charitable giving
decisions are made at the local level because we believe having a strong and meaningful connection to our regions
is critical to our success.
Dave Mansfield, CEO
The Provident Bank
Portrait 4
Commercial Banking
“I was looking for a partner,
The Provident provides comprehensive solutions, global capabilities,
not just a bank. Working
and industry expertise to help your organization realize its goals. Because a
with The Provident through
one-size-fits-all approach isn’t an option in today’s complex environment, we
a complicated M&A
transaction and funding
for working capital, gave
offer strategic, industry-specific financial solutions tailored to your needs.
Our financial experts leverage their in-depth knowledge of current trends,
me the opportunity to work
challenges and opportunities in your industry to provide customized financial
with a bank that took
the necessary time to
understand my business
and my company growth
needs. The Provident truly
cares and sees my success
solutions to meet your business goals.
Business climates are unique. Risks change, regulations vary, and cultures
differ. But with local knowledge and a global perspective, we make it our
business to know what’s happening, and what’s possible anywhere you identify
opportunity. We can help turn foreign markets into familiar territory or provide
as their success. That’s what
the due diligence to make an informed decision about an acquisition.
makes a great partnership.”
Nick Soggu, CEO,
SilverTech
With our full suite of services, including asset-based lending, traditional
secured loans, and specialty market services, we can offer access to working
capital to help you maintain your day-to-day operations and provide the
funding you need to pursue your plans for growth.
TheProvidentBank.com
1-877-487-2977
Export Financing
There’s a world of opportunity out there. You’ve got the right products,
“The Provident Bank
and the demand is virtually unlimited. But the financial obstacles standing in
has been instrumental in
the way of effectively capitalizing on the potential are daunting. For many
helping our company
U.S. exporters or those only thinking about exporting, a lack of access to
finance complex
financing can stand in the way of global growth.
The Provident has the expertise, capacity and established partnerships
to provide loans to businesses exporting to foreign markets. With a
multidisciplinary team of experts in international trade finance, we have
transactions with overseas
partners. Over 90% of our
revenue comes from
doing business in the
international arena.
the necessary tools to complete your deal quickly and efficiently. If you need
Without The Provident ‘s
working capital to deliver your promise, insurance against non-payment by
innovation, dedication
foreign buyers, “how to” exporting knowledge or perhaps your customers need
and expertise, we would
financing with better terms than they can get locally, our team will develop a
not have enjoyed the same
solution for you to act quickly on opportunities and become more successful.
success over these past few
years. We consider
And while The Provident ‘s financing typically protects exporters from
The Provident to be a true
many risks, there are gaps — and that’s where the Export-Import Bank of the
financial partner and not
United States (EXIM) and the United States Small Business Administration (SBA)
just a bank.”
comes in. Both EXIM and SBA provide an array of financing options tailored to
the needs of the exporter and provides coverage in more than 185 countries.
Mike Boyle, CEO
The Provident Bank is the only locally headquartered bank to be a delegated
Boyle Energy Services &
authority with EXIM. We also have our own SWIFT code for processing foreign
Technology
transactions. That’s why so many exporters turn to The Provident to meet their
international banking needs.
The Provident provides innovative solutions tailored to your exporting needs.
TheProvidentBank.com
1-877-487-2977
Michael Boyle, CEO,
Boyle Energy Services
& Technology
Chuck Withee, President
and Chief Lending Officer
Solar Financing
“Valuable business
The Provident has been a partner to solar developers for more than
partnerships are based on
seven years. We specialize in providing commercial financing on solar projects
relationships you can trust.
whether they involve construction or permanent loans where the energy is
I know that with Steve Scott
used by the borrower or distributed to various users through net metering
and The Provident team,
agreements.
we have a partner that
understands our business
Our expertise and experience includes tax equity deals, project acquisition,
and the solar industry, and
debt financing, and SREC markets.
works hard to respond
to the particularities of
We consider ourselves a strategic partner to our developer clients, and
our needs with a “can do”
actively seek to help you grow. Maintaining a close relationship allows us to
attitude versus many banks
provide informed guidance on how deals can become economically viable
who operate the “no desk”.
and give assistance and expertise in navigating specific state markets. Our
In addition, The Provident
ultimate goal is to monetize the total value of energy, grants and rebates,
works fast to meet our
and close your projects in an efficient and timely manner.
schedules while providing
terms that are very
competitive. They
The Provident engages a dedicated and experienced team focused on
financing solar systems. Using a highly process-oriented approach, we bring
definitely help move our
exceptional value in time and cost savings along with a unique ability to
business forward.”
simplify complex agreements. We understand the market’s risk sensitivities
Ken Rubin,
Managing Partner,
Golden Goose Capital
and barriers to financing, and we know how to move a deal along
successfully.
Ken Rubin,
Managing Partner,
Golden Goose Capital
Steve Scott,
Senior Vice President,
Commercial Lending
TheProvidentBank.com
1-877-487-2977
Mergers and Acquisitions
Mergers and Acquisitions (M&A) can be fraught with complications,
“We needed to close a
especially in an increasingly complex business and regulatory environment.
Merger & Acquisition (M&A)
At The Provident, we understand that a successful M&A outcome requires a
delicate balance among the legal, business, and operational interests of
a company.
The Provident provides a team approach to your merger or acquisition
with practiced and practical expertise throughout every step of the
opportunity and time
was of the essence. The
Provident was able to
step-up and quickly build
consensus between LEGACY
Global Sports and the seller
transaction — from the initial structuring and negotiation, to implementation
on valuation. Then their
and post-closing follow through. We implement a proprietary process with a
step-by-step breakdown of a very complex transaction, allowing a decision to
be reached in a significantly compressed period of time — in most cases,
half the time. Our first step allows us to gain early agreement on quality of
earnings and consensus on business valuation. Then our experts work closely
with you to structure the intricate details of your transaction.
The Provident simplifies a complex transaction world and brings
team worked diligently to
structure a favorable deal
and turn around results
within the compressed
timeframe, making our
transaction a success.
Complex M&A deals
like ours require an
M&A leverage financing to small-and-medium sized businesses that may not
experienced team and a
otherwise have the opportunity to participate in such a deal. We call upon
the diverse backgrounds of our Senior Leadership and Partners to help you
complete a successful transaction in a reduced period of time.
validated process to get the
deal done — that’s exactly
what The Provident
delivered!”
John St. Pierre,
CEO/President
TheProvidentBank.com
1-877-487-2977
The Provident in the News
The Provident Addressing New Hampshire’s Workforce Shortage
NHBR
The Provident Bank Launches Major Economic initiatives in NH
NHBR, WMUR, Newburyport News
The Provident Partners with DRED to Underwrites Export
Education
Union Leader, WMUR, Portsmouth Herald
The Provident Partners with UNH on EXIM Seminar
NHBR
The Provident Partners with Harvard Business
School’s Entrepreneurship through Acquisition Class
Boston.com
The Provident Announces Partnership with Governments
Global Trade Magazine
NH Export Program expands beyond New Hampshire with Support from The Provident
Union Leader, NHBR
Provident Bancorp Rings NASDAQ closing bell
Portsmouth Herald
Provident Bank Celebrates a year on the Nasdaq
NHBR
Provident Bancorp, Inc. added to membership of U.S. small-cap
Russell 2000 Index
American Banker
New Hampshire SBA Recognizes The Provident Bank as Leading Local Lender in Total
Dollars: for 2016
NHBR, Union Leader, Business NH
0
Board of Directors
Total Commercial Loans
John Bosen, Chairman
Attorney
Bosen & Associates, PLLC
Dave Mansfield
Chief Executive Officer
The Provident Bank
Frank Cousins
Retired
Former Sheriff, Essex County, MA
James DeLeo
Partner
Gray, Gray & Gray CPA
Charlie Cullen
Retired
Former CEO of The Provident
Bank
Lisa DeStefano
Architect
DeStefano Architects
Jay Gould
Owner
Flatbread Company
Laurie Knapp
CPA
Laurie H. Knapp, CPA, PC
Dick Peeke
Retired
Insurance Executive
Arthur Sullivan
Owner
Brady-Sullivan Enterprises
Wayne Tatro
Retired
Former Owner, LeBaron Bonney
Company
Chuck Withee
President & Chief Lending Officer
The Provident Bank
560,000
540,000
520,000
500,000
480,000
460,000
440,000
420,000
Core Deposit Growth
20%
16%
12%
8%
4%
0%
Return on Assets
1.00%
0.80%
0.60%
0.40%
0.20%
0.00%
Return on Equity
10%
8%
6%
4%
2%
0%
468,964
2015
9.8%
2015
0.56%
2015
2015
550,420
2016
18.6%
2016
0.84%
2016
5.99%
2016
4.07%
The Provident in the News
The Provident Addressing New Hampshire’s Workforce Shortage
NHBR
The Provident Bank Launches Major Economic initiatives in NH
NHBR, WMUR, Newburyport News
The Provident Partners with DRED to Underwrites Export
Education
Union Leader, WMUR, Portsmouth Herald
The Provident Partners with UNH on EXIM Seminar
NHBR
The Provident Partners with Harvard Business
School’s Entrepreneurship through Acquisition Class
Boston.com
The Provident Announces Partnership with Governments
Global Trade Magazine
NH Export Program expands beyond New Hampshire with Support from The Provident
Union Leader, NHBR
Provident Bancorp Rings NASDAQ closing bell
Portsmouth Herald
Provident Bank Celebrates a year on the Nasdaq
NHBR
Provident Bancorp, Inc. added to membership of U.S. small-cap
Russell 2000 Index
American Banker
New Hampshire SBA Recognizes The Provident Bank as Leading Local Lender in Total
Dollars: for 2016
NHBR, Union Leader, Business NH
0
Board of Directors
Total Commercial Loans
John Bosen, Chairman
Attorney
Bosen & Associates, PLLC
Dave Mansfield
Chief Executive Officer
The Provident Bank
Frank Cousins
Retired
Former Sheriff, Essex County, MA
James DeLeo
Partner
Gray, Gray & Gray CPA
Charlie Cullen
Retired
Former CEO of The Provident
Bank
Lisa DeStefano
Architect
DeStefano Architects
Jay Gould
Owner
Flatbread Company
Laurie Knapp
CPA
Laurie H. Knapp, CPA, PC
Dick Peeke
Retired
Insurance Executive
Arthur Sullivan
Owner
Brady-Sullivan Enterprises
Wayne Tatro
Retired
Former Owner, LeBaron Bonney
Company
Chuck Withee
President & Chief Lending Officer
The Provident Bank
560,000
540,000
520,000
500,000
480,000
460,000
440,000
420,000
Core Deposit Growth
20%
16%
12%
8%
4%
0%
Return on Assets
1.00%
0.80%
0.60%
0.40%
0.20%
0.00%
Return on Equity
10%
8%
6%
4%
2%
0%
468,964
2015
9.8%
2015
0.56%
2015
2015
550,420
2016
18.6%
2016
0.84%
2016
5.99%
2016
4.07%
TheProvidentBank.com
1-877-487-2977
Your Deposits Are Insured In Full
Member FDIC / Member DIF