Provident Bancorp Q1 net income $5.0M ($0.30 EPS), up from $2.1M a year ago

Provident Bancorp, Inc. /MD/

2024-Q1 EPS reported $0.30

Net income $5.0M vs $2.1M in Q1 2023; diluted EPS $0.30 vs $0.13.
Net interest income $12.5M, down 8.0% from Q4 2023 and 21.1% from Q1 2023.
Credit loss benefit of $5.6M drove allowance reduction to 1.18% of loans.
Non-performing assets fell to $12.4M (0.74% of assets) from $16.5M at Dec 2023.
Exited last digital asset lending relationship in early April; no remaining exposure.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Provident Bancorp, Inc. /MD/ reported the quarter ended March 31, 2024 results: net income $5.0 million, EPS $0.30 per diluted share.

Period: the quarter ended March 31, 2024
Net income: $5.0 million
EPS: $0.30 per diluted share
Result: reported results

Exact text from the filing

Provident Bancorp, Inc. Reports First Quarter Net Income of $5.0 Million

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Source: SEC EDGAR

accession 0001778784-24-000013

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