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Condensed Financial Statements of Parent Only (Tables) | 12 Months Ended
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Dec. 31, 2020
Condensed Financial Statements of Parent Only [Abstract] |
Schedule of Parent Only Statement of Balance Sheet |
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
Schedule of Parent Only Income Statement |
|  | 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
Schedule of Parent Only Statement of Cash Flows |
|  | 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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