Provident Bancorp, Inc. ( (PVBC) ) has released its Q1 earnings. Here is a breakdown of the information Provident Bancorp, Inc. presented to its investors.
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Provident Bancorp, Inc., the holding company for BankProv, is a full-service commercial bank based in Massachusetts, offering traditional banking services and innovative financial solutions, with a history dating back to 1828. In its latest earnings report for the quarter ending March 31, 2025, Provident Bancorp reported a net income of $2.2 million, a decrease from $4.9 million in the previous quarter, reflecting challenges in the current economic environment. Key financial metrics showed a decline in net interest and dividend income to $12.9 million, with a decrease in total interest and dividend income by 11% from the previous quarter. The company also reported a reduction in total deposits by 9.5% and an increase in total borrowings by 186.2%, indicating a strategic shift in its funding approach. Looking ahead, Provident Bancorp remains focused on executing its strategic plan, expanding its loan portfolio in targeted areas, and reducing exposure in riskier segments, with a commitment to maintaining strong customer relationships and financial stability.