Provident Bancorp reports June quarter EPS (20c) vs. 21c last year

In announcing these results, Joseph Reilly, CEO, said, “We continue to make positive strides in the execution of our strategic plan, including reducing our risk profile through the elimination of our digital asset lending portfolio and decreasing our exposure to enterprise value lending, while managing our balance sheet to improve projected earnings. This quarter’s results were overshadowed by a large reserve booked in our enterprise value portfolio and, coupled with the prevailing interest rate environment putting continued pressure on funding costs, resulted in a net loss for the quarter. We are confident that our current efforts to improve asset quality and earnings will provide the foundation to shift the mix of our loan portfolio towards traditional real estate and commercial lending, while reducing our cost of funds by capitalizing on the optionality presented by our funding positioning.”