Provident Bancorp, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
January 17, 2023 at 04:46 pm
Share
Provident Bancorp, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported net interest income was USD 19.76 million compared to USD 15.5 million a year ago. Net loss was USD 35.31 million compared to net income of USD 5.09 million a year ago. Basic loss per share from continuing operations was USD 2.15 compared to basic earnings per share from continuing operations of USD 0.31 a year ago. Diluted loss per share from continuing operations was USD 2.15 compared to diluted earnings per share from continuing operations of USD 0.3 a year ago.
For the nine months, net interest income was USD 56.29 million compared to USD 45.02 million a year ago. Net loss was USD 24.17 million compared to net income of USD 12.55 million a year ago. Basic loss per share from continuing operations was USD 1.47 compared to basic earnings per share from continuing operations of USD 0.74 a year ago. Diluted loss per share from continuing operations was USD 1.47 compared to diluted earnings per share from continuing operations of USD 0.72 a year ago.
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. 
