Provident Bancorp reports September quarter EPS 4c vs. 15c last year

In announcing these results, Joseph Reilly, CEO, said, “We are pleased to report net income for the quarter as we continue to execute our strategic plan. These results once again include an increase to a valuation adjustment on a loan relationship in our enterprise value portfolio, which somewhat overshadows positive momentum in the general achievement of our strategic objectives. We are excited that our exhaustive efforts to strengthen our retail deposit base are yielding positive results, with consistent increases in our branch activity and balances since the prior quarter and throughout 2024. These results are enabling us to run off high-cost third-party deposits, strengthen our liquidity position and optimize the benefit from the late-September interest rate reduction by the Federal Reserve, which should serve to highlight the importance of these efforts and result in meaningful reductions in our cost of funds.”