Provident Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015
January 22, 2016 at 03:00 am IST
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Provident Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the three months, total interest and dividend income was $6.678 million against $6.066 million for the same period a year ago. Income before income tax expense was $2.098 million against $1.414 million for the same period a year ago. Net income was $1.451 million against $1.014 million for the same period a year ago. Net Income attributable to common shareholders was $1.413 million against $0.971 million for the same period a year ago. Return on average assets was 0.81% against 0.63% for the same period a year ago. Return on average equity was 5.0% against 5.06% for the same period a year ago.
For the year, total interest and dividend income was $25.452 million against $23.266 million for the same period a year ago. Income before income tax expense was $5.191 million against $6.020 million for the same period a year ago. Net income was $3.823 million against $4.562 million for the same period a year ago. Net Income attributable to common shareholders was $3.656 million against $4.390 million for the same period a year ago. Return on average assets was 0.56% against 0.71% for the same period a year ago. Return on average equity was 4.07% against 6.14% for the same period 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.