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 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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