Provident Bancorp, Inc. Reports Fourth Quarter Net Income of $4.9 Million

AMESBURY, Mass., Jan. 23, 2025 /PRNewswire/ -- Provident Bancorp, Inc. (the "Company") (NasdaqCM: PVBC), the holding company for BankProv (the "Bank"), reported net income for the quarter ended December 31, 2024 of $4.9 million, or $0.29 per diluted share, compared to net income of $716,000, or $0.04 per diluted share, for the quarter ended September 30, 2024, and net income of $2.9 million, or $0.18 per diluted share, for the quarter ended December 31, 2023. For the year ended December 31, 2024, net income was $7.3 million, or $0.43 per diluted share, compared to $11.0 million, or $0.66 per diluted share, for the year ended December 31, 2023. The Company's return on average assets was 1.22% for the quarter ended December 31, 2024, compared to 0.18% for the quarter ended September 30, 2024, and 0.70% for the quarter ended December 31, 2023. For the year ended December 31, 2024, the Company's return on average assets was 0.46%, compared to 0.66% for the year ended December 31, 2023. The Company's return on average equity was 8.54% for the quarter ended December 31, 2024, compared to 1.27% for the quarter ended September 30, 2024, and 5.33% for the quarter ended December 31, 2023. For the year ended December 31, 2024, the Company's return on average equity was 3.21%, compared to 5.10% for the year ended December 31, 2023.

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