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PROVIDENT BANCORP ANNOUNCES 1991 EARNINGS

 PROVIDENT BANCORP ANNOUNCES 1991 EARNINGS
 CINCINNATI, Jan. 17 /PRNewswire/ -- Provident Bancorp, Inc.


(NASDAQ: PRBK) announced today that net earnings for the twelve months ended Dec. 31, 1991 were approximately $32 million, or $3.12 per primary share on a pro forma basis, before accounting for approximately $14.1 million in net after tax non-recurring charges related to the fourth quarter 1991 merger of The Provident Bank with Hunter Savings Association, as compared to net earnings of approximately $21.8 million in 1990. The merger related charges are one-time charges and are not a reflection on recurring operating results. Net earnings for 1991 after giving effect to the merger related charges were approximately $17.9 million, or $1.40 per primary share on a pro forma basis, compared to approximately $21.5 million for 1990.
 During the fourth quarter of 1991 a net loss of $6.9 million, or $1.04 per primary share on a pro forma basis was recorded, compared to net earnings of $5.1 million reported for 1990. The loss was due to non-recurring merger related charges of approximatley $13.5 million recorded during the fourth quarter.
 Of the $14.1 million in net after tax non-recurring charges, $12.1 million relate to charges to federal income tax expense. Approximately $11.4 million of the $12.1 million was recorded as a result of the recapture for tax purposes of Hunter's excess reserve for bad debts, as required by applicable tax law as a result of the merger of Hunter with The Provident Bank.
 Provident Bancorp is a Cincinnati-based bank holding company with assets of $3.5 billion at Dec. 31, 1991. Its banking subsidiaries are The Provident Bank, which has 52 offices - 38 greater Cincinnati area, 11 in the greater Dayton area, two in Cleveland and one in Columbus, Ohio and The Provident Bank of Kentucky, which as two offices in Campbell County, Kentucky.
 Summary
 Consolidated Statement of 1991 1990
 Earnings Data
 Twelve Months Ended December 31:
 Net earnings before merger charges $32,007,000 $21,839,000
 Merger related charges (14,124,000) (376,000)
 Net earnings(A) $17,883,000 $21,463,000
 Pro forma primary net earnings per
 share before merger charges(B) $3.12 ---
 Pro forma primary net earnings per
 share after merger charges(B) $1.40 ---
 Three Months Ended December 31:
 Net earnings before merger charges $ 6,592,000 $ 5,255,000
 Merger related charges (13,533,000) (112,000)
 Net earnings (loss) (A) $(6,941,000) $ 5,143,000
 Pro forma primary net earnings per
 share before merger charges(B) $ .61 ---
 Pro forma primary net loss per
 share after merger charges(B) $(1.04) ---
 (A) Earnings have been adjusted to give retroactive effect to the 1991 merger of The Provident Bank with Hunter Savings Association, as if the merger had been consummated for all periods presented. The merger was accounted for in a manner similar to a pooling of interests.
 (B) Historical earnings per share are not presented because they are not meaningful due to the Hunter merger. Earnings per share on a pro forma basis assumes the Hunter merger had occurred on Jan. 1, 1991 and includes the reduction of earnings associated with the issuance of notes payable and Series B Preferred Stock and the payment of cash consideration and dividends, as a result of the Hunter merger.
 -0- 1/17/92
 /CONTACT: Mark E. Magee of Provident Bancorp, Inc, 513-579-2861/
 (PRBK) CO: Provident Bancorp, Inc. ST: Ohio IN: FIN SU: ERN


CG -- CL005 -- 1156 01/17/92 17:08 EST
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Date:Jan 17, 1992
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