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DATE : April 22 , 2021 PROVIDENT BANCORP , INC . By : / s / David P. Mansfield David P. Mansfield President and Chief Executive Officer Provident Bancorp , Inc. Reports Earnings for the March 31 , 2021 Quarter and Continues Payment of Quarterly Cash Dividends of $ 0.04 per Share Company Release - 04/22/2021 Amesbury , Massachusetts - Provident Bancorp , Inc. ( the " Company " ) ( NasdaqCM : PVBC ) , the holding company for The Provident Bank ( the " Bank " ) , reported net income for the three months ended March 31 , 2021 of $ 4.3 million , or $ 0.24 per diluted share , compared to $ 1.2 million , or $ 0.07 per diluted share , for the three months ended March 31 , 2020. The increase in net income is primarily attributable to the impact COVID - 19 had on the 2020 provision for loan losses which were $ 3.1 million for the three months ended March 31 , 2020 compared to $ 753,000 for the same period in 2021 . The Company also announced that its Board of Directors has declared a quarterly cash dividend of $ 0.04 per share , which will be paid on May 21 , 2021 to stockholders of record as of May 7 , 2021 . In announcing these results , Dave Mansfield , Chief Executive Officer said , " We entered this year eager to embrace the future of banking and excited to form new relationships and explore potential business opportunities . We have been particularly focused on meeting the full - service banking needs of our growing list of digital asset customers . In the first quarter we have nearly doubled our digital asset deposit portfolio . We are optimistic about putting this deposit growth to work on our robust pipeline of loans . I am very proud of our first quarter's financial results and am encouraged by the increase in economic activity we are currently seeing and expect to continue to see as more people are vaccinated against COVID - 19 and businesses are able to return to normal operations . We are excited to share our financial success and announce an increase in this quarter's cash dividend to $ 0.04 per share . ” COVID - 19 Response Since the distribution of the first COVID - 19 vaccination began in December , additional vaccines have been approved for use and the Company's market area has progressed through different phases of the vaccine rollout . As larger percentages of the population become fully vaccinated , and warmer weather has begun , there has been an uptick in economic activity , particularly in those industries that had been most heavily impacted by the economic downturn caused by the COVID - 19 pandemic . In December 2020 , Congress approved a bill which allocated additional funds to the Small Business Administration ( " SBA " ) for a second round of Paycheck Protection Program ( " PPP " ) loans to assist with the economic fall out caused by the COVID - 19 pandemic . The SBA , in consultation with the U.S. Treasury department , announced that the PPP was to resume in January of 2021 and has since extended the program through May 31 , 2021. During the first round of the PPP , which ran from March to August 2020 , the Company originated $ 78.0 million in PPP loans . As of March 31 , 2021 , the Company has originated an additional $ 42.7 million under the second round of the PPP . The Company continues to work with customers who received PPP loans on applying for loan forgiveness , and as of March 31 , 2021 , of the $ 120.7 million in