Provident Bancorp, Inc. (MD) - PVBC STOCK NEWS

Provident Bancorp reported net income of $716,000 ($0.04 per diluted share) for Q3 2024, compared to a net loss of $3.3 million in Q2 2024 and net income of $2.5 million in Q3 2023. Net interest and dividend income was $12.4 million, up 3.8% from Q2 2024 but down 10.6% from Q3 2023. The company recognized a $1.7 million provision for credit losses, primarily due to an additional reserve on a $17.6 million enterprise value relationship. Total assets were $1.65 billion, with net loans increasing by $37.3 million to $1.39 billion. The allowance for credit losses was $21.9 million, representing 1.56% of total loans.

BankProv's Vice President, Joel Gianninoto, has been named New Hampshire Banker of the Year by Bay Colony Development Corp. This recognition highlights his exceptional contributions to the banking industry and dedication to fostering business growth in New Hampshire. Gianninoto's expertise in leveraging the SBA 504 loan program has been important in enhancing business loan requests and ensuring successful outcomes for small businesses across the state.

BankProv, a commercial bank serving Massachusetts and New Hampshire, remains committed to supporting small businesses through the SBA 504 loan program, which provides long-term, fixed-rate financing for major fixed assets that promote business growth and job creation. The bank's partnership with CDCs like Bay Colony plays a vital role in driving economic development within the communities it serves.

Provident Bancorp (PVBC) reported a net loss of $3.3 million for Q2 2024, compared to net income of $5.0 million in Q1 2024 and $3.5 million in Q2 2023. The loss was primarily due to a $6.5 million provision for credit losses, largely attributed to a $7.1 million reserve on an enterprise value relationship. Net interest income decreased by 19.8% year-over-year to $12.0 million, while the net interest margin contracted to 3.27% from 3.69% in Q2 2023. Total assets decreased by 1.4% to $1.65 billion, and total deposits fell by 5.0% to $1.265 billion since December 31, 2023. The company is focusing on reducing its risk profile by eliminating digital asset lending and decreasing exposure to enterprise value lending.

Provident Bancorp, Inc. (NASDAQ: PVBC) named Kenneth Fisher as the Executive Vice President and Chief Financial Officer. With over two decades of financial experience, Fisher will oversee finance, treasury, and investor relations functions. Fisher's appointment signifies BankProv's dedication to empowering local businesses through innovative banking services. Previously, Fisher held CFO positions at Bluejay Diagnostics, Meridian Bancorp, and East Boston Savings Bank.

Provident Bancorp, Inc. reported a significant increase in net income for the first quarter of 2024, reaching $5.0 million, or $0.30 per diluted share. The company's return on average assets and equity also showed positive growth compared to previous quarters. Despite challenges in the interest rate environment, the bank highlighted successful efforts to improve asset quality, stabilize net interest margins, and reduce expenses. The strategic plan execution included exiting digital asset lending relationships and focusing on traditional lending segments. The company's credit loss benefit, decreasing non-performing assets, and efforts to lower noninterest expenses were notable achievements. While total assets saw a slight decrease, net loans and total deposits showed positive trends. Shareholders' equity increased, leading to improved equity ratios. Market value per share decreased, but the company remains well capitalized according to regulatory standards.

Provident Bancorp, Inc. (PVBC) appoints Julienne Cassarino, a seasoned bank analyst and investor, to its Board of Directors and BankProv's Board. Cassarino's extensive experience and expertise in bank analysis and investment will enhance governance. She is the founder of Sycamore Analytics LLC and co-creator of VirtualBankConference.com, bringing a unique perspective to the commercial bank. Cassarino's educational background includes an MBA from Wharton, MSc from LSE, and BA from Trinity College.

BankProv (NASDAQ: PVBC) announces the addition of Sandra Ennin as Vice President, Business Banking Officer. Ennin brings 15 years of industry experience and will drive the growth of the Bank's small business loan portfolio. She will also collaborate with community organizations in the Newburyport and Amesbury markets to support the region's economic well-being.

Provident Bancorp, Inc. (NASDAQ: PVBC) has appointed Dennis Pollack to its Board of Directors and the Board of Directors of its operating subsidiary, BankProv. Pollack brings extensive banking experience and a deep market understanding, having held executive positions at various institutions. He is expected to contribute to the strategic vision of the company and provide guidance in the interest of shareholders. Pollack's background includes executive roles at Sony Corporation of America, the Connecticut Bank of Commerce, the Savings Bank of Rockland County, and Paulson & Company. He has been recognized for his contributions to the banking industry and holds degrees in Economics and Business Administration from reputable universities.

Provident Bancorp, Inc. reported net income of $2.9 million for Q4 2023, compared to $2.5 million in Q3 2023 and $2.7 million in Q4 2022. For the year ended December 31, 2023, net income was $11.0 million, compared to a net loss of $21.5 million in 2022. The company's net interest and dividend income, as well as noninterest income and expenses, showed both positive and negative trends.