Provident Bancorp, Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 27, 2017 at 03:05 am IST
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Provident Bancorp, Inc. reported unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2016. For the quarter, total interest and dividend income was $7,462,000 against $6,678,000 for the same period of last year. Net interest and dividend income was $6,768,000 against $6,168,000 for the same period of last year. Income before income tax expense was $2,458,000 against $2,098,000 for the same period of last year. Net income attributable to common shareholders was $1,728,000 or $0.19 per basic and diluted share against $1,413,000 for the same period of last year. Return on average assets was 0.89% against 0.81% for the same period of last year. Return on average equity was 6.35% against 5.00% for the same period of last year. The growth in net interest income this quarter over the prior year's fourth quarter is primarily the result of an increase in their average interest earning assets of $59.1 million or 8.7% and an increase in net interest margin of three basis points to 3.68% for the three months ended December 31, 2016.
For the six months, total interest and dividend income was $28,894,000 against $25,452,000 for the same period of last year. Net interest and dividend income was $26,109,000 against $23,278,000 for the same period of last year. Income before income tax expense was $9,364,000 against $5,186,000 for the same period of last year. Net income attributable to common shareholders was $6,339,000 or $0.69 per basic and diluted share against $3,656,000 for the same period of last year. Return on average assets was 0.84% against 0.56% for the same period of last year. Return on average equity was 5.98% against 4.07% for the same period of last year. The growth in net interest income for the twelve months ended December 31, 2016 compared to the twelve months ended in the same period 2015 is primarily the result of an increase in average interest earning assets of $63.8 million or 9.8% and an increase of the net interest margin of seven basis points to 3.65% for the twelve months ended December 31, 2016.
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. 
