Provident Bancorp Inc Stock Price, News & Analysis

BankProv has partnered with Capchase to launch Capchase Earn, which allows companies to generate high monthly rewards on idle cash and reduce their capital costs. This new product, part of Capchase's aim to support startup growth, integrates with Capchase’s platform and utilizes Modern Treasury for payments. BankProv will provide premium banking services, ensuring 100% deposit insurance. This partnership signifies BankProv's expansion into Banking-as-a-Service and highlights the innovative financial solutions aimed at nurturing the startup community.

Capchase has launched Capchase Earn, enabling companies to earn a 3% return on idle cash, designed to significantly reduce the overall cost of capital. This innovative product supports businesses by turning venture capital into a productive asset, extending their financial runway. FDIC and DIF insure funds beyond $250K, enhancing security for US clients. For instance, a $3M deposit can unlock $2M in financing at a 1.5% discount rate. This offering aims to reshape startup growth strategies by allowing companies to focus on building, not just fundraising.

Provident Bancorp (PVBC) reported a net income of $5.1 million or $0.30 per diluted share for Q3 2021, up from $3.2 million or $0.18 in Q3 2020. Year-to-date net income increased to $12.6 million or $0.72 per diluted share, compared to $7.7 million or $0.42 in 2020. The Board declared a $0.04 quarterly dividend, to be paid on November 29. The BankProv aimed at niche markets, closing $100 million in new loans, mainly to digital asset companies. Total assets grew 7.9% to $1.63 billion, driven by a 128.1% increase in cash and equivalents.

BankProv, a leading commercial bank, is enhancing its Specialty Lending team by appointing Ryan Fox as Assistant Vice President. This move aims to strengthen its offerings for the cryptocurrency sector, particularly by providing crypto-backed lending options to digital asset companies. Fox will also facilitate equipment loans for crypto mining and senior debt capital procurement. Since joining BankProv in 2020, Fox has leveraged his business ownership experience to create tailored lending solutions, which will be crucial for the bank's growth in the evolving digital asset market.

BankProv has joined the RTP® network, enabling instant payment receipt for customers. This innovative move positions BankProv as an early adopter of new domestic payment systems, enhancing transaction speed and efficiency. The RTP network allows for immediate settlement and availability of funds, beneficial for clients, particularly in cryptocurrency. BankProv plans to enable payment initiation functionality by the end of 2021, further expanding its capabilities and supporting a high-volume transaction environment.

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.