Provident Bancorp reports Q4 EPS 18c vs. 16c last year

In announcing these results, Joe Reilly, Co-CEO said “Over the course of the year, rising interest rates and industry turmoil created a challenging and unpredictable market for banks. High interest rates continue to drive competition for deposits and put downward pressure on net interest margins. While these challenges persist into 2024, we continue to focus our efforts on improving asset quality, cost discipline, growing our core business banking base, and prioritizing safe and sound strategic banking practices. Our team has made significant strides in winding down our digital asset loan portfolio, with a nearly 70% reduction year over year. I am proud of the results and profitability the team was able to achieve in 2023. Despite the economic challenges that continue to put pressure on net interest margins, I look forward to continued progress towards our strategic objectives in 2024.”