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Stock impact report

Provident Bancorp, Inc. Reports Earnings for the December 31, 2019 Quarter and Year

Provident Bancorp, Inc. (PVBC) 
US:NASDAQ Investor Relations: theprovidentbank.com/investor-relations
Company Research Source: GlobeNewswire
AMESBURY, Mass., Jan. 23, 2020 (GLOBE NEWSWIRE) -- Provident Bancorp, Inc. (the “Company”) (NasdaqCM: PVBC), the holding company for The Provident Bank (the “Bank”), reported net income for the three months ended December 31, 2019 of $2.6 million, or $0.14 per diluted share, compared to $2.8 million, or $0.15 per diluted share, for the three months ended December 31, 2018. Net income for the year ended December 31, 2019 was $10.8 million, or $0.60 per diluted share, compared to $9.3 million, or $0.50 per diluted share, for the year ended December 31, 2018. As a result of the completion of the second-step conversion and related stock offering, all historical share and per share information has been restated to reflect the 2.0212-to-one exchange ratio. David Mansfield, CEO of The Provident Bank commented, “Our strong year-end financial performance is highlighted by the 20% increase in earnings per share over the previous year. These results were driven by our loan growth of 14.8%, a Show less Read more
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