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Condensed Financial Statements of Parent Only | 12 Months Ended
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Dec. 31, 2020
Condensed Financial Statements of Parent Only [Abstract] |
Condensed Financial Statements of Parent Only | NOTE 17 — CONDENSED FINANCIAL STATEMENTS OF PARENT ONLY Financial information pertaining only to Provident Bancorp, Inc. is as follows:
Provident Bancorp, Inc. - Parent Only Balance Sheet |  |  |  |  |  |
(In thousands) |  | 2020 |  | 2019
Assets |  |  |  |  |  |
Cash and due from banks |  | $ | 42,850 |  | $ | 51,634
Investment in common stock of The Provident Bank |  |  | 183,343 |  |  | 168,737
Other assets |  |  | 9,821 |  |  | 10,636
Total assets |  | $ | 236,014 |  | $ | 231,007
Liabilities and Shareholders' Equity |  |  |  |  |  |
Other liabilities |  | $ | 158 |  | $ | 74
Shareholders' equity |  |  | 235,856 |  |  | 230,933
Total liabilities and shareholders' equity |  | $ | 236,014 |  | $ | 231,007
|  | Years Ended
Provident Bancorp, Inc. - Parent Only Income Statement |  | December 31,
(In thousands) |  | 2020 |  | 2019
Total income |  | $ | 371 |  | $ | 245
Operating expenses |  |  | 494 |  |  | 105
Income before income taxes and equity in undistributed net income of ‎The Provident Bank |  |  | (123) |  |  | 140
Applicable income tax (benefit) provision |  |  | (34) |  |  | 39
Income before equity in income of subsidiaries |  |  | (89) |  |  | 101
Equity in undistributed net income of The Provident Bank |  |  | 12,074 |  |  | 10,707
Net income |  | $ | 11,985 |  | $ | 10,808
|  | Twelve Months Ended
Provident Bancorp, Inc. - Parent Only Statement of Cash Flows |  | December 31,
(In thousands) |  | 2020 |  | 2019
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 11,985 |  | $ | 10,808
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Equity in undistributed earnings of subsidiaries |  |  | (12,074) |  |  | (10,707)
Deferred tax benefit |  |  | 111 |  |  | —
Decrease (increase) in other assets |  |  | 704 |  |  | (7,381)
Increase in other liabilities |  |  | 82 |  |  | 39
Net cash (used in) provided by operating activities |  |  | 808 |  |  | (7,241)
Cash flows from investing activities: |  |  |  |  |  |
Investment in The Provident Bank |  |  | — |  |  | (37,631)
Purchase of other investment |  |  | — |  |  | (500)
Capital contribution from Provident Bancorp |  |  | — |  |  | 372
Net cash used in investing activities |  |  | — |  |  | (37,759)
Cash flows from financing activities: |  |  |  |  |  |
Proceeds from sale of common stock, net |  |  |  |  |  | 91,578
Cash dividends paid on common stock |  |  | (1,636) |  |  | —
Shares surrendered related to tax withholdings on restricted stock awards |  |  | (131) |  |  | (193)
Purchase of common stock |  |  | (7,825) |  |  | —
Net cash used in financing activities |  |  | (9,592) |  |  | 91,385
Net increase in cash and cash equivalents |  |  | (8,784) |  |  | 46,385
Cash and cash equivalents at beginning of year |  |  | 51,634 |  |  | 5,249
Cash and cash equivalents at end of year |  | $ | 42,850 |  | $ | 51,634

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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