Provident Bancorp, Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2018
January 25, 2019 at 03:00 am IST
Share
Provident Bancorp, Inc. reported unaudited consolidated financial results for the fourth quarter and year ended December 31, 2018. For the quarter, the company reported net interest and dividend income of $9,840,000 compared to $8,553,000 a year ago. Net income was $2,835,000 compared to $1,741,000 a year ago. Basic earnings per share was $0.31 compared to $0.19 a year ago. Diluted earnings per share was $0.30 compared to $0.19 a year ago.
For the year, the company reported net interest and dividend income of $37,127,000 compared to $32,056,000 a year ago. Net income was $9,325,000 compared to $7,915,000 a year ago. Basic earnings per share was $1.01 compared to $0.86 a year ago. Diluted earnings per share was $1.00 compared to $0.86 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.
PROVIDENT BANCORP, INC. 
