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PROVIDENT BANCORP ANNOUNCES IMPROVED THIRD QUARTER RESULTS BEFORE NON-RECURRING MERGER CHARGES

 PROVIDENT BANCORP ANNOUNCES IMPROVED THIRD QUARTER RESULTS
 BEFORE NON-RECURRING MERGER CHARGES
 CINCINNATI, Oct. 14 /PRNewswire/ -- Provident Bancorp, Inc. (NASDAQ-NMS: PRBK) announced today that net earnings for the nine months ended Sept. 30, 1992 were $32.2 million compared to net earnings for the comparable period in 1991 of $26.3 million. For the third quarter 1992, before non-recurring charges relating to Bancorp's acquisition of four mutual savings associations and prepayments of debt, net earnings were $11.4 million ($.98 per fully diluted share) compared to net earnings for the comparable period in 1991 of $10.8 million.
 Allen L. Davis, president, said that he is optimistic the company will have a strong fourth quarter.
 Third quarter non-recurring after-tax charges were:
 -- $4.3 million tax charge attributable to differing tax treatments for loan loss reserve for savings and loans.
 -- $470,000 of expense associated with the mutual acquisitions, principally conversion of data processing operations.
 -- $340,000 pre-payment penalty on the early retirement of approximately $17 million of debt carrying an interest rate of 10.25 percent.
 Taking these charges into account, third quarter 1992 earnings were $6.3 million ($.54 per fully diluted share). None of these charges relate to underlying core operations nor are they an adverse indication of Bancorp's operations.
 Net interest margin for the quarter improved to 4.55 percent from 4.20 percent in the second quarter. Net loans have grown by $223 million since December, 1991. Those factors have contributed to an improved net interest income of 11 percent in the third quarter of 1992 when compared to 1991 and 8 percent for the nine months ended Sept. 30, 1992.
 Also included in the third quarter results was a $1.5 million charge for the write-down of real estate owned reflecting current valuations based on recent appraisals.
 Included in net earnings for the first nine months of 1992 was a first quarter after tax gain of $7.6 million from the sale of certain investment securities and loans acquired in the acquisition of Hunter Savings Association.
 As a result of the fourth quarter 1991 acquisition of Hunter and the third quarter 1992 conversion mergers of the four mutuals, all previous net earnings have been restated to include their results in a manner similar to poolings-of-interests. Therefore, historic earnings per share for prior periods have been omitted due to the lack of comparability.
 Provident Bancorp, Inc. is a bank holding company headquartered in Cincinnati, Ohio. Its banking subsidiaries are The Provident Bank, which has 54 offices - 40 in the greater Cincinnati area, 11 in the greater Dayton area, two in Cleveland and one in Columbus and The Provident Bank of Kentucky, which has six offices in Northern Kentucky.
 -0- 10/14/92
 /CONTACT: Mark Magee of Provident Bancorp, 513-579-2861/
 /FIRST ADD -- FINANCIAL HIGHLIGHTS -- TO FOLLOW/
 (PRBK) CO: Provident Bancorp, Inc. ST: Ohio IN: FIN SU: ERN


TM -- CL022 -- 0139 10/14/92 18:59 EDT
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Publication:PR Newswire
Date:Oct 14, 1992
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