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

AMESBURY, Mass., July 29, 2024 /PRNewswire/ -- Provident Bancorp, Inc. (the "Company") (NasdaqCM: PVBC), the holding company for BankProv (the "Bank"), reported a net loss for the quarter ended June 30, 2024 of $3.3 million, or a loss of $0.20 per diluted share, compared to net income of $5.0 million, or $0.30 per diluted share, for the quarter ended March 31, 2024, and net income of $3.5 million, or $0.21 per diluted share, for the quarter ended June 30, 2023. For the six months ended June 30, 2024, net income was $1.7 million, or $0.10 per diluted share, compared to $5.6 million, or $0.34 per diluted share, for the six months ended June 30, 2023. The Company's loss on average assets was 0.85% for the quarter ended June 30, 2024, compared to a return on average assets of 1.26% for the quarter ended March 31, 2024, and a return on average assets of 0.81% for the quarter ended June 30, 2023. For the six months ended June 30, 2024, the Company's return on average assets was 0.21%, compared to 0.68% for the six months ended June 30, 2023. The Company's loss on average equity was 5.80% for the quarter ended June 30, 2024, compared to a return on average equity of 8.93% for the quarter ended March 31, 2024, and a return on average equity of 6.49% for the quarter ended June 30, 2023. For the six months ended June 30, 2024, the Company's return on average equity was 1.48%, compared to 5.26% for the six months ended June 30, 2023.

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