| CONDENSED FINANCIAL STATEMENTS OF PARENT ONLY |
Note 18 – 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) |
|
2018 |
|
|
2017 |
|
| Assets |
|
|
|
|
|
|
|
|
| Cash and due from banks |
|
$ |
5,249 |
|
|
$ |
5,224 |
|
| Investment in common stock of The Provident Bank |
|
|
117,615 |
|
|
|
107,629 |
|
| Other assets |
|
|
2,755 |
|
|
|
2,946 |
|
| Total assets |
|
$ |
125,619 |
|
|
$ |
115,799 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
| Accrued expenses |
|
$ |
35 |
|
|
$ |
22 |
|
| Shareholders' equity |
|
|
125,584 |
|
|
|
115,777 |
|
| Total liabilities and shareholders' equity |
|
$ |
125,619 |
|
|
$ |
115,799 |
|
| Provident Bancorp, Inc. - Parent Only Income Statement |
|
Years Ended |
|
| |
|
December 31, |
|
| (In thousands) |
|
2018 |
|
|
2017 |
|
| Total income |
|
$ |
140 |
|
|
$ |
120 |
|
| Operating expenses |
|
|
90 |
|
|
|
88 |
|
| Income before income taxes and equity in undistributed net income of The Provident Bank |
|
|
50 |
|
|
|
32 |
|
| Applicable income tax provision |
|
|
14 |
|
|
|
13 |
|
| Income before equity in income of subsidiaries |
|
|
36 |
|
|
|
19 |
|
| Equity in undistributed net income of The Provident Bank |
|
|
9,289 |
|
|
|
7,896 |
|
| Net income |
|
$ |
9,325 |
|
|
$ |
7,915 |
|
| Provident Bancorp, Inc. - Parent Only Statement of Cash Flows |
|
Twelve Months Ended |
|
| |
|
December 31, |
|
| (In thousands) |
|
2018 |
|
|
2017 |
|
| Cash flows from operating activities: |
|
|
|
|
|
|
|
|
| Net income |
|
$ |
9,325 |
|
|
$ |
7,915 |
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
| Equity in undistributed earnings of subsidiaries |
|
|
(9,289 |
) |
|
|
(7,896 |
) |
| Decrease in other assets |
|
|
191 |
|
|
|
191 |
|
| Increase (decrease) in other liabilities |
|
|
13 |
|
|
|
(51 |
) |
| Net cash provided by operating activities |
|
|
240 |
|
|
|
159 |
|
| |
|
|
|
|
|
|
|
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
| Purchase of treasury stock |
|
|
(215 |
) |
|
|
(594 |
) |
| Net cash used in financing activities |
|
|
(215 |
) |
|
|
(594 |
) |
| |
|
|
|
|
|
|
|
|
| Net increase (decrease) in cash and cash equivalents |
|
|
25 |
|
|
|
(435 |
) |
| Cash and cash equivalents at beginning of year |
|
|
5,224 |
|
|
|
5,659 |
|
| Cash and cash equivalents at end of year |
|
$ |
5,249 |
|
|
$ |
5,224 |
|
|