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PROVIDENT BANCORP, INC. ANNOUNCES FIRST QUARTER EARNINGS

 PROVIDENT BANCORP, INC. ANNOUNCES FIRST QUARTER EARNINGS
 CINCINNATI, Ohio, April 13 /PRNewswire/ -- Provident Bancorp, Inc. (NASDAQ: PRBK) announced today that net earnings for the first quarter of 1992 were $14.8 million or $1.70 per primary share. This is an increase of 130 percent over net earnings for the first quarter of 1991, which were $6.4 million or $.59 per primary share. Net earnings for the first quarter of 1992 included approximately $250,000 in after-tax gains from the sale of investment securities, compared to approximately $1.5 million for the first quarter of 1991. Also included in net earnings for 1992 were approximately $7.6 million of gains from the sale of certain investment securities and loans acquired in the fourth quarter 1991 acquisition of Hunter Savings Association ("Hunter") which were reported as mortgage instruments held for sale at Dec. 31, 1991.
 As a result of the 1991 acquisition of Hunter, net earnings for 1991 have been restated to include the results of Hunter and 1991 earnings per share have been reported on a pro forma basis.
 Provident Bancorp, Inc. is a bank holding company headquartered in Cincinnati. Its banking subsidiaries are The Provident Bank, which has 52 offices - 38 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 two offices in Campbell County, Ky.
 SUMMARY
 Consolidated Statement of Earnings Data 1992 1991
 Three Months Ended March 31:
 Net earnings $14,790,000 $6,439,000
 Primary earnings per share (A) 1.70 .59
 Average primary shares outstanding 8,209,000 8,176,000
 Fully diluted earnings per share (A) 1.49 .57
 Average fully diluted shares
 outstanding 9,914,000 9,972,000
 (A) 1991 earnings were restated and earnings per share are on a pro forma basis to reflect the acquisition of Hunter. Earnings per share on a pro forma basis assumes the Hunter transaction had occurred on Jan. 1, 1991 and includes the reduction of earnings associated with the issuance of notes payable and the payment of cash consideration and dividends in the Hunter transaction. Primary earnings per share also includes the reduction of earnings associated with the issuance of Series B Preferred Stock in the Hunter transaction.
 -0- 4/13/92
 /CONTACT: T. James Berry of Provident Bancorp Inc., 513-579-2644/
 (PRBK) CO: Provident Bancorp Inc. ST: Ohio IN: FIN SU: ERN


LC -- CL012 -- 7949 04/13/92 17:01 EDT
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Publication:PR Newswire
Date:Apr 13, 1992
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