Provident Bancorp reports Q1 EPS 30c vs.13c last year

In announcing these results, Joseph Reilly, CEO, said, “The banking industry continues to face pressure from a challenging interest rate environment, so we are excited to report earnings for the quarter of $5.0 million. These earnings highlight the Bank’s successful efforts to improve asset quality, stabilize our net interest margin and reduce certain large, recurring expenses. We are happy to report that in early April 2024, the Bank exited our one remaining digital asset lending relationship, fully eliminating our lending exposure in this area. We look forward to experiencing continued benefits from successfully executing the Company’s strategic plan by mindfully managing our balance sheet in response to market conditions and seeking opportunities to reduce operating expenses.”