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

BankProv (NASDAQ: PVBC) has appointed Janine Jakubauskas as the new Senior Vice President, Enterprise Risk Officer. With over 10 years of experience, Jakubauskas previously held a leadership role at Signature Bank and has a strong background in risk management from HSBC and the Federal Reserve Bank of New York. This strategic appointment aims to enhance the bank's risk management, especially as it expands its services in the digital asset and fintech sectors. Jakubauskas' expertise is expected to strengthen the bank's ability to manage various risks associated with its growth.

Provident Bancorp (PVBC) reported a net income of $5.5 million, or $0.32 per diluted share for Q1 2022, a notable increase from $3.6 million in Q4 2021 and $4.3 million in Q1 2021. The company declared a quarterly cash dividend of $0.04 per share, payable on May 27, 2022. Net interest income rose 9.2% to $17.9 million, driven by a 6.5% rise in average loan balances. Non-interest income increased 8.0% to $1.3 million. Overall, total assets reached $1.79 billion, with deposits up by 4.3%.

BankProv, a subsidiary of Provident Bancorp (NASDAQ: PVBC), has formed a partnership with Synctera to enhance its Banking-as-a-Service (BaaS) offerings. This collaboration aims to streamline digital banking services and introduce a debit card BIN sponsorship program tailored for FinTech developers, particularly in the cryptocurrency market. BankProv, noted for its innovative banking solutions, is the eleventh community bank to join Synctera's marketplace, which focuses on providing scalable solutions for FinTechs. This partnership will expand access to banking services for clients nationwide.

BankProv has announced its membership in the Alloy Labs Alliance, a consortium aimed at fostering innovation among community and mid-sized banks. This initiative, launched in 2018, includes 50 member banks, providing an avenue for collaboration, best practices sharing, and strategic partnerships. CEO Dave Mansfield emphasized the importance of this collaboration in meeting customer needs and accelerating innovation. The alliance offers resources such as Centers of Excellence and a Concept Lab to help banks modernize and innovate efficiently.

BankProv has partnered with Rocketplace to offer Banking-as-a-Service (BaaS) solutions for its cryptocurrency exchange platform. This collaboration will provide Rocketplace with access to essential banking services, including white-labeled deposit products and enhanced payment solutions for users. The partnership aims to integrate traditional banking features with a commission-free trading experience for cryptocurrencies, thus facilitating smoother transactions for customers. Both companies emphasize the importance of speed and user trust in the evolving digital asset landscape.

Provident Bancorp, Inc. (NASDAQ: PVBC) appointed Katie Chase, COO of Coin Metrics, to its Board of Directors on January 27, 2022. With 25 years of experience in finance, including a decade at Fidelity Investments, Chase brings substantial expertise to the bank. This addition aligns with BankProv's strategy to expand into digital asset markets. CEO Dave Mansfield expressed optimism about Chase's contributions, highlighting the bank's commitment to innovative banking solutions in underserved markets like cryptocurrency.

On January 27, 2022, Mohammad 'Mo' Ali Shaikh was appointed to the Board of Directors of Provident Bancorp (NASDAQ: PVBC) and its subsidiary, BankProv. Shaikh's experience includes a significant role at Meta Platforms, where he contributed to its financial services system. His expertise in blockchain and financial services aims to bolster BankProv's digital asset solutions. Shaikh is also the founder of Meridio, a compliant blockchain platform, and has held positions at Blackrock and Boston Consulting Group, enhancing his strategic acumen.

Provident Bancorp (PVBC) reported net income of $3.6 million ($0.21 per diluted share) for Q4 2021, a decrease from $4.3 million ($0.24) in Q4 2020. The full year income rose to $16.1 million ($0.93) from $12.0 million ($0.66). An expense of $984,000 related to the resignation of a senior officer impacted quarterly earnings. The board declared a dividend of $0.04 per share, payable February 25, 2022. Total assets increased by 14.8% to $1.73 billion, while total liabilities rose 17.8% to $1.46 billion due to increased deposits. Loan growth in specialty areas is seen as a positive trend.

BankProv, based in Amesbury, Massachusetts, announced on January 18, 2022, its expansion of the Digital Asset team to enhance its banking services for the cryptocurrency community. The bank pioneered credit lines backed by Ether and launched innovative lending solutions for crypto-mining businesses. Key personnel include Joe Kenney as EVP and Chief Lending Officer, and Bill Papp as VP of Digital Asset Banking. CEO Dave Mansfield emphasized BankProv's commitment to providing tailored solutions for underserved markets, supporting the growth of the digital asset sector.