Provident Bancorp, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 26, 2023 at 04:45 pm EDT
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Provident Bancorp, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 13.89 million compared to USD 19.76 million a year ago. Net income was USD 2.47 million compared to net loss of USD 35.31 million a year ago. Basic earnings per share from continuing operations was USD 0.15 compared to basic loss per share from continuing operations of USD 2.15 a year ago. Diluted earnings per share from continuing operations was USD 0.15 compared to diluted loss per share from continuing operations of USD 2.15 a year ago.
For the nine months, net interest income was USD 44.61 million compared to USD 56.29 million a year ago. Net income was USD 8.03 million compared to net loss of USD 24.17 million a year ago. Basic earnings per share from continuing operations was USD 0.48 compared to basic loss per share from continuing operations of USD 1.47 a year ago. Diluted earnings per share from continuing operations was USD 0.48 compared to diluted loss per share from continuing operations of USD 1.47 a year ago.
Provident Bancorp, Inc. is the holding company for BankProv (the Bank). The Bank is a commercial bank that offers a comprehensive suite of banking products for corporate clients. The Bank is a banking-as-a-service provider specializing in technology-driven banking solutions. The Bank's commercial lending products include term loans and revolving lines of credit, which are made with either variable or fixed rates of interest. The Bank makes commercial business loans in its market area to a variety of small- and medium- sized businesses, including professional and nonprofit organizations, and, to a lesser extent, sole proprietorships. It serves various industries including renewable energy, fintech and enterprise value lending. The Bank operates from its main office and two branch offices in the Northeastern Massachusetts area, three branch offices in Southeastern New Hampshire and one branch located in Bedford, New Hampshire. It also has a loan production office in Ponte Vedra, Florida.