Provident Bancorp, Inc. Reports First Quarter Net Income of $5.0 Million

Provided By PR Newswire

Last update: Apr 25, 2024

AMESBURY, Mass., April 25, 2024 /PRNewswire/ -- Provident Bancorp, Inc. (the "Company") (NasdaqCM: PVBC), the holding company for BankProv (the "Bank"), reported net income for the quarter ended March 31, 2024 of $5.0 million, or $0.30 per diluted share, compared to $2.9 million, or $0.18 per diluted share, for the quarter ended December 31,2023 and $2.1 million, or $0.13 per diluted share, for the quarter ended March 31, 2023. The Company's return on average assets was 1.26% for the quarter ended March 31, 2024, compared to 0.70% for the quarter ended December 31, 2023, and 0.53% for the quarter ended March 31, 2023. The Company's return on average equity was 8.93% for the quarter ended March 31, 2024, compared to 5.33% for the quarter ended December 31, 2023, and 4.01% for the quarter ended March 31, 2023.