Welcome to our dedicated page for Provident Bancorp (MD) news (Ticker: PVBC), a resource for investors and traders seeking the latest updates and insights on Provident Bancorp (MD) stock.
Provident Bancorp, Inc. (PVBC), established in 1828, operates as a community-focused financial institution known as BankProv. Headquartered in Amesbury, Massachusetts, and with branches across Northeastern Massachusetts and New Hampshire, the bank offers a wide array of commercial lending and business services. It specializes in providing adaptive, technology-driven banking solutions, effectively serving niche markets including renewable energy, fintech, and enterprise value lending.
BankProv is committed to delivering excellence in service to its customers, communities, and employees. It offers a comprehensive suite of banking products such as commercial real estate loans, multi-family residential real estate loans, commercial business loans, construction and land development loans, home equity loans, and lines of credit, along with consumer loans. The bank also provides state-of-the-art APIs (application programming interfaces) for its business clients and Banking-as-a-Service (BaaS) partners.
Provident Bancorp's financial activities include attracting deposits from the public, originating loans, investing in securities, and offering services like insurance and deposit products. The bank's deposits are fully insured through a combination of insurance from the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF).
In recent developments, the company reported significant transformations in its loan portfolio, particularly with a focus on reducing exposure to digital assets. As of March 31, 2024, the bank announced the exit of its last remaining digital asset lending relationship, marking a milestone in its strategic shift towards improving asset quality and stability.
Provident Bancorp continues to focus on cost management, improving asset quality, and maintaining a disciplined approach to growth. The bank's strategic initiatives have been reinforced by updated internal metrics and comprehensive capital management policies to ensure a measured growth strategy, preventing undue operational risks while meeting supervisory expectations.
With an ongoing commitment to technological innovation and customer-centric services, BankProv is poised to navigate the challenges of the current financial landscape, ensuring sustainable growth and robust financial performance.
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.
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