Provident Bancorp, Inc. Reports Results for the September 30, 2024 Quarter

AMESBURY, Mass., Oct. 24, 2024 /PRNewswire/ -- Provident Bancorp, Inc. (the "Company") (NasdaqCM: PVBC), the holding company for BankProv (the "Bank"), reported net income for the quarter ended September 30, 2024 of $716,000, or $0.04 per diluted share, compared to a net loss of $3.3 million, or $0.20 per diluted share, for the quarter ended June 30, 2024, and net income of $2.5 million, or $0.15 per diluted share, for the quarter ended September 30, 2023. For the nine months ended September 30, 2024, net income was $2.4 million, or $0.14 per diluted share, compared to $8.0 million, or $0.48 per diluted share, for the nine months ended September 30, 2023. The Company's return on average assets was 0.18% for the quarter ended September 30, 2024, compared to a loss on average assets of 0.85% for the quarter ended June 30, 2024, and a return on average assets of 0.57% for the quarter ended September 30, 2023. For the nine months ended September 30, 2024, the Company's return on average assets was 0.20%, compared to 0.64% for the nine months ended September 30, 2023. The Company's return on average equity was 1.27% for the quarter ended September 30, 2024, compared to a loss on average equity of 5.80% for the quarter ended June 30, 2024, and a return on average equity of 4.55% for the quarter ended September 30, 2023. For the nine months ended September 30, 2024, the Company's return on average equity was 1.41%, compared to 5.02% for the nine months ended September 30, 2023.

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