Condensed Financial Statements of Parent Only (Tables)

12 Months Ended

Dec. 31, 2020



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