Welcome to our dedicated page for Provident Bancorp news (Ticker: PVBC), a resource for investors and traders seeking the latest updates and insights on Provident Bancorp stock.
Provident Bancorp Inc (PVBC), a community banking institution with deep roots since 1828, maintains this dedicated news hub for stakeholders seeking authoritative updates about its financial operations and market position. Our curated collection features official press releases, regulatory disclosures, and third-party analyses to support informed decision-making.
Investors will find essential updates including quarterly earnings reports, regulatory filings, and strategic initiatives affecting the bank's commercial lending portfolio and regional market presence. The repository also tracks leadership announcements, operational milestones, and risk management developments central to understanding PVBC's position in the New England banking sector.
All content undergoes verification to ensure accuracy and relevance to PVBC's core business activities in commercial real estate lending, deposit services, and community-focused financial solutions. Bookmark this page for streamlined access to critical updates about one of Massachusetts' oldest financial institutions, or check back regularly for the latest developments impacting this FDIC-insured community bank.
Provident Bancorp (PVBC) reported a net income of $3.2 million for Q2 2021, slightly down from $3.3 million in Q2 2020. For the first six months of 2021, net income rose to $7.5 million, compared to $4.5 million in 2020. The company declared a quarterly cash dividend of $0.04 per share, payable on August 27, 2021. Notably, net interest income increased by 12% for Q2, fueled by a rise in deposits from digital asset clients. However, a higher provision for loan losses of $1.7 million was noted due to economic conditions related to COVID-19. Total assets rose to $1.59 billion, with a 6.8% increase in deposits.
BankProv, based in Amesbury, Massachusetts, has launched the ProvXchange™ network, enhancing its suite of industry-leading APIs. This network allows real-time transfers between clients without the delays of traditional payment systems. CEO Dave Mansfield emphasized the bank's commitment to adapting to the needs of its clients, particularly in the cryptocurrency sector. BankProv focuses on customized banking solutions, offering 100% insured USD deposits. The bank plans to continue innovating in the banking industry.
BankProv has partnered with Anchorage Digital to offer Ethereum-backed loan products to institutional clients, a first in the industry. This collaboration aims to enhance access to USD financing for crypto-heavy borrowers and positions BankProv as a key player in cryptocurrency lending. Both companies share a vision to provide traditional financing tools to the growing crypto market. BankProv guarantees 100% deposit insurance, bolstering its appeal as a commercial banking partner in the digital currency sector. The partnership aligns with Anchorage's mission to broaden participation in digital assets.
Provident Bancorp, Inc. (PVBC) reported a significant increase in net income for Q1 2021, reaching $4.3 million ($0.24 per diluted share), compared to $1.2 million ($0.07 per diluted share) in Q1 2020. This growth is mainly due to a substantial reduction in the provision for loan losses, decreasing from $3.1 million in Q1 2020 to $753,000 in Q1 2021. The company declared a quarterly cash dividend of $0.04 per share, payable on May 21, 2021. Notably, digital asset deposits nearly doubled, indicating strong growth in this sector.
Provident Bancorp (Nasdaq:PVBC) announced a stock repurchase program enabling the buyback of up to 1,400,000 shares, about 7.5% of its outstanding shares. The initiative follows a non-objection from the Federal Reserve Bank of Boston and complies with state regulations. Shares can be repurchased in open market or private transactions, with management determining timing and amount based on market conditions and financial performance. This program aims to enhance shareholder value while providing flexibility in capital management.
BankProv has promoted Kevin Barton to Senior Vice President and Team Leader of the Search Fund Lending team. Barton's extensive experience in leveraged cash flow finance, along with his tenure at reputable banks, makes him well-suited for this role. Since 2014, the Search Fund Lending team has doubled in size, and the bank plans to continue this growth by providing tailored solutions for clients seeking to become CEOs of growing businesses. The bank focuses on knowledge-based lending practices to support entrepreneurs nationwide.
Provident Bancorp (PVBC) reported a net income of $4.3 million ($0.24 per diluted share) for Q4 2020, an increase from $2.6 million ($0.14 per diluted share) in Q4 2019. For the full year, net income rose to $12.0 million ($0.66 per diluted share) from $10.8 million ($0.60 per diluted share) in 2019. The company declared a quarterly cash dividend of $0.03 per share, payable on February 26, 2021. Net interest income grew by 32.8% in Q4 2020, driven by a rise in interest-earning assets, despite a decrease in net interest margin to 4.37%. Total assets increased by 34.2% year-over-year, reaching $1.51 billion.
BankProv has expanded its small business lending team with the appointments of Joel Gianninoto and Ryan Fox to enhance support for local businesses. Gianninoto, with nearly a decade of experience, previously worked at Citizens Financial Group, while Fox brings firsthand knowledge from managing a small business. Both will assist small businesses in Bedford, New Hampshire, for purchasing and expansion needs. This strategic move aims to bolster BankProv's commitment to economic development in its service regions.
Provident Bancorp, Inc. (NasdaqCM: PVBC) reported net income of $3.2 million, or $0.18 per diluted share, for Q3 2020, down from $3.5 million, or $0.19 per diluted share, in Q3 2019. For the nine months ended September 30, 2020, net income was $7.7 million, or $0.42 per diluted share, compared to $8.3 million, or $0.44 per diluted share, for the same period in 2019. The Board declared a quarterly cash dividend of $0.03 per share. Total assets increased by 33.5% to $1.50 billion, driven by a 39.8% rise in net loans. However, noninterest income decreased by 12.4% due to lower service charges.
Provident Bancorp (NASDAQ:PVBC) has announced a stock repurchase program allowing the company to buy back up to 1,000,000 shares, approximately 5.2% of its outstanding shares. This decision follows the Federal Reserve Bank of Boston's non-objection and is in compliance with state regulations. The repurchases will take place after the quarterly trading blackout period and may occur via open market or private transactions. The management will consider market conditions and capital needs when executing the buybacks, which can be adjusted or suspended at any time.
