<PAGE>                                   
                  SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C.  20549
                                   
                                   
                               FORM 10-Q
                                   
                                   
         Quarterly Report Pursuant to Section 13 or 15 (d) of
                  the Securities Exchange Act of 1934
                                   
For the Quarterly Period Ended                       Commission File
March 31, 1997                                            No. 1-8019


             P R O V I D E N T   B A N C O R P ,   I N C .
                                   
                                   
Incorporated under                                 IRS Employer I.D.
the Laws of Ohio                                      No. 31-0982792


            One East Fourth Street, Cincinnati, Ohio  45202
                         Phone:  513-579-2000
                                   
                                   
Indicate  by  check  mark whether the registrant  (1)  has  filed  all
reports  required to be filed by Section 13 or 15(d) of the Securities
Exchange  Act  of  1934 during the preceding 12 months  (or  for  such
shorter period that the registrant was required to file such reports),
and  (2) has been subject to such filing requirements for the past  90
days.

                      Yes    X         No ______
                                   
                                   
Indicate  the  number of shares outstanding of each  of  the  issuer's
classes  of  common stock, as of the latest practicable date:   Common
stock, without par value, outstanding at April 30, 1997 is 41,040,444.


                 Please address all correspondence to:
                                   
                          John R. Farrenkopf
              Vice President and Chief Financial Officer
                        Provident Bancorp, Inc.
                        One East Fourth Street
                        Cincinnati, Ohio  45202
                                   
                                 -1-
<PAGE>
                PART I.  FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS
<TABLE>
           PROVIDENT BANCORP, INC. AND SUBSIDIARIES
                 CONSOLIDATED BALANCE SHEETS
                    (Dollars in Thousands)
<CAPTION>
                                                                March 31,    December 31,
                                                                  1997           1996
                                                               (Unaudited)
                            ASSETS
<S>                                                             <C>           <C>
Cash and Noninterest Bearing Deposits                             $203,635      $208,097
Federal Funds Sold and Reverse Repurchase Agreements               261,829        70,650
Investment Securities Available for Sale
  (amortized cost - $1,032,566 and $1,026,784)                   1,027,452     1,032,907
Loans and Leases (Net of Unearned Income):
  Commercial Lending:
    Commercial and Financial                                     2,392,135     2,404,890
    Mortgage                                                       495,203       475,882
    Construction                                                   284,543       283,673
    Lease Financing                                                245,744       239,064
  Consumer Lending:
    Instalment                                                     890,241       924,561
    Residential - Held for Sale                                    134,193        73,545
    Residential - Portfolio                                              -       318,070
    Lease Financing                                                629,653       591,763
      Total Loans and Leases                                     5,071,712     5,311,448
  Reserve for Loan and Lease Losses                                (68,371)      (66,693)
      Net Loans and Leases                                       5,003,341     5,244,755
Premises and Equipment                                             143,447       145,641
Other Assets                                                       140,647       127,038
                                                                $6,780,351    $6,829,088

             LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
  Deposits:
    Noninterest Bearing                                           $528,452      $554,262
    Interest Bearing                                             4,294,335     4,042,218
      Total Deposits                                             4,822,787     4,596,480
  Short-Term Debt                                                  467,657       599,540
  Long-Term Debt                                                   766,170       949,913
  Accrued Interest and Other Liabilities                           183,068       166,350
      Total Liabilities                                          6,239,682     6,312,283
Shareholders' Equity:
  Preferred Stock, 5,000,000 Shares Authorized,
    Series D, 70,272 Issued                                          7,000         7,000
  Common Stock, No Par Value, $.30 Stated Value, 60,000,000
    Shares Authorized, 41,027,352 and 40,655,916 Issued             12,081        11,973
  Capital Surplus                                                  171,019       160,586
  Retained Earnings                                                346,893       326,599
  Reserve for Retirement of Capital Securities                       7,000         6,667
  Unrealized Gains (Losses) on Marketable Securities
    (net of deferred income tax)                                    (3,324)        3,980
      Total Shareholders' Equity                                   540,669       516,805
                                                                $6,780,351    $6,829,088
</TABLE>                                   
                                 -2-
<PAGE>
<TABLE>
             PROVIDENT BANCORP, INC. AND SUBSIDIARIES
               CONSOLIDATED STATEMENTS OF EARNINGS
                           (Unaudited)
             (In Thousands, Except Per Share Amounts)
<CAPTION>
                                                                    Three Months Ended
                                                                        March 31,
                                                                     1997        1996
<S>                                                                <C>         <C>
Interest Income:
  Interest and Fees on Loans and Leases                            $119,701    $110,400
  Interest on Investment Securities:
    Taxable                                                          17,314      15,017
    Exempt From Federal Income Taxes                                     55         103
                                                                     17,369      15,120
  Interest on Federal Funds Sold and
    Reverse Repurchase Agreements                                       216         278
      Total Interest Income                                         137,286     125,798
Interest Expense:
  Interest on Deposits:
    Savings and Demand Deposits                                       4,789       5,262
    Time Deposits                                                    47,044      41,660
      Total Interest on Deposits                                     51,833      46,922
  Interest on Short-Term Debt                                         7,651       8,981
  Interest on Long-Term Debt                                         14,269      12,431
    Total Interest Expense                                           73,753      68,334
      Net Interest Income                                            63,533      57,464
Provision for Loan and Lease Losses                                  11,000      10,000
  Net Interest Income After Provision
    for Loan and Lease Losses                                        52,533      47,464
Noninterest Income:
  Service Charges on Deposit Accounts                                 5,578       4,865
  Other Service Charges and Fees                                      9,233       9,227
  Gain on Sales of Loans and Leases                                  14,908         974
  Security Gains                                                      2,223           -
  Other                                                               4,850       3,742
    Total Noninterest Income                                         36,792      18,808
Noninterest Expense:
  Compensation:
    Salaries                                                         18,729      15,642
    Benefits                                                          3,439       2,808
    Profit Sharing                                                    1,559         976
  Occupancy                                                           2,646       2,373
  Equipment Expense                                                   3,267       2,359
  Professional Fees                                                   3,048       1,826
  Charges and Fees                                                    3,433       1,473
  Other                                                              11,149       8,815
    Total Noninterest Expense                                        47,270      36,272

Earnings Before Income Taxes                                         42,055      30,000
Applicable Income Taxes                                              14,748      10,325
  Net Earnings                                                      $27,307     $19,675

Net Earnings Per Common Share:
  Primary                                                              $.64        $.48
  Fully Diluted                                                         .63         .47
Average Primary Shares                                               42,205      40,589
Average Fully Diluted Shares                                         43,193      41,660
</TABLE>
                                 -3-
<PAGE>
<TABLE>
             PROVIDENT BANCORP, INC. AND SUBSIDIARIES
               CONSOLIDATED STATEMENTS OF CASH FLOWS
                            (Unaudited)
                      (Dollars in Thousands)
<CAPTION>
                                                                   Three Months Ended March 31,
                                                                      1997                1996
<S>                                                                 <C>                 <C>
Operating Activities:
  Net Earnings                                                       $27,307             $19,675
  Adjustments to Reconcile Net Earnings to
    Net Cash Provided by Operating Activities:
      Provision for Loan and Lease Losses                             11,000              10,000
      Amortization of Goodwill                                           381                 283
      Amortization of Unearned Income and Other                      (17,536)             (9,911)
      Depreciation of Premises and Equipment                           6,269               3,535
      Realized Investment Security Gains                              (2,223)                  -
      Proceeds from Sale of Loans Held for Sale                      409,287              41,408
      Origination of Loans Held for Sale                            (151,873)            (40,847)
      Realized Gains on Loans Held for Sale                          (13,729)               (561)
      Realized Gains on Sale of Other Loans and Leases                (1,179)               (413)
      (Increase) Decrease in Interest Receivable                          18              (2,756)
      (Increase) Decrease in Other Assets                            (10,774)              8,680
      Increase in Interest Payable                                    15,420              10,402
      Increase (Decrease) in Other Liabilities                         5,231                (968)
        Net Cash Provided By Operating Activities                    277,599              38,527

Investing Activities:
  Investment Securities Available for Sale:
    Proceeds from Sales                                              109,714                   -
    Proceeds from Maturities and Prepayments                          34,099             155,387
    Purchases                                                       (133,429)            (96,190)
  Net Increase in Loans and Leases                                    (8,653)            (66,913)
  Net Increase in Premises and Equipment                              (4,075)             (6,194)
  Acquisition                                                          3,918                   -
    Net Cash Provided By (Used In) Investing Activities                1,574             (13,910)

Financing Activities:
  Net Increase in Deposits                                           226,307              23,052
  Net Decrease in Short-Term Debt                                   (131,883)            (11,058)
  Principal Payments on Long-Term Debt                              (183,589)               (374)
  Proceeds From Issuance of Long-Term Debt                                 -                 248
  Cash Dividends Paid                                                 (6,680)             (4,948)
  Proceeds from Sale of Common Stock                                   3,389                 442
  Net Increase in Other Equity Items                                       -                  40
    Net Cash Provided By (Used In) Financing Activities              (92,456)              7,402
      Increase in Cash and Cash Equivalents                          186,717              32,019
  Cash and Cash Equivalents at Beginning of Period                   278,747             213,594
    Cash and Cash Equivalents at End of Period                      $465,464            $245,613

Supplemental Disclosures of Cash Flow Information:
  Cash Paid for:
    Interest                                                         $58,333             $57,932
    Income Taxes                                                           -                   -
  Non-Cash Activity:
    Transfer of Loans and Premises and Equipment to
      Other Real Estate                                                4,882               7,776
    Securitization of Residential Loans                                    -              64,025
    Residual Interest Securities Created from the
      Sale of Residential Loans                                       13,737                   -
    Common Stock Issued To Acquire Business                            7,152                   -
</TABLE>                       
                                 -4-
<PAGE>                                   
               PROVIDENT BANCORP, INC. AND SUBSIDIARIES
              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   

In  the opinion of management, the accompanying unaudited consolidated
financial  statements  contain  all adjustments  (consisting  of  only
normal  recurring  accruals)  necessary  for  fair  presentation.  The
results   of  operations  for  interim  periods  are  not  necessarily
indicative of the results to be expected for the full year.

The   financial  statements  presented  herein  should  be   read   in
conjunction  with the financial statements and notes thereto  included
in  Provident  Bancorp, Inc.'s 1996 annual report on Form  10-K  filed
with the Securities and Exchange Commission.

All  data relating to Provident Bancorp's Common Stock and per  Common
Share  information has been adjusted for 3-for-2 common  stock  splits
effective May 24, 1996 and December 19, 1996.

Basis of Presentation

The   consolidated  financial  statements  include  the  accounts   of
Provident Bancorp, Inc. and its subsidiaries, all of which are  wholly
owned.  All  significant intercompany balances and  transactions  have
been  eliminated. Certain reclassifications have been made to  conform
to the current year presentation.

The accompanying financial statements have been prepared in accordance
with  the  instructions to Form 10-Q and therefore do not include  all
information and footnotes necessary to be in conformity with generally
accepted accounting principles.

Bancorp  adopted Statement of Financial Accounting Standards No.  125,
"Accounting  for  Transfers  and Servicing  of  Financial  Assets  and
Extinguishments  of  Liabilities" as amended  by  Statement  No.  127,
"Deferral  of  the  Effective  Date  of  Certain  Provisions  of  FASB
Statement No. 125, an amendment of FASB Statement No. 125" on  January
1,   1997.   This  Statement  provides  standards  for  distinguishing
transfers of financial assets that are sales from transfers  that  are
secured borrowings. Under this Statement, a company would remove  from
the  balance  sheet those assets it no longer controls and liabilities
it  has satisfied. The adoption of SFAS No. 125 had no material impact
on Bancorp's financial position or results of operations.

Statement No. 128, "Earnings per Share"  establishes revised standards
for  computing  and  presenting earnings per share.  It  replaces  the
presentation  of primary and fully diluted earnings per share  with  a
presentation  of basic and diluted earnings per share. Basic  earnings
per  share  excludes  dilution  and is  computed  by  dividing  income
available  to  common stockholders by the weighted-average  number  of
common  shares outstanding for the period. Diluted earnings per  share

                                 -5-
<PAGE>
reflects  the  potential dilution that could occur  if  securities  or
other contracts to issue common stock were exercised or converted into
common  stock  that then shared in the earnings of  the  entity.  This
Statement  is effective for financial statements for both interim  and
annual  periods  ending after December 15, 1997. Bancorp's  pro  forma
basic   and  diluted  earnings  per  share  would  not  have  differed
materially from primary and fully diluted earnings per share.

Stock Options

Options to purchase 48,000 shares of Bancorp Common Stock were granted
during  the  first  three months of 1997. The  options  have  exercise
prices ranging from $36.10 to $37.76.


Off-Balance Sheet Financial Agreements

In  the  normal  course  of business, Bancorp uses  various  financial
instruments  with off-balance sheet risk to manage its  interest  rate
risk  and  to meet the financing needs of its customers. At March  31,
1997, these off-balance sheet instruments consisted of standby letters
of  credit  of  $115.1 million, commitments to extend credit  of  $1.8
billion  and  interest  rate  swaps with a  notional  amount  of  $2.2
billion.

Acquisition

On  February  12,  1997,  Bancorp completed its  previously  announced
acquisition  of South Hillsborough Community Bank. South Hillsborough,
which  had  $40 million in assets at the time of merger, is a  Florida
state  chartered  bank  having three offices in  Hillsborough  County,
Florida.  This  transaction  was accounted  for  as  a  purchase,  and
accordingly, the assets acquired and liabilities assumed were recorded
at  estimated  fair value. South Hillsborough's shareholders  received
189,259  shares of Bancorp Common Stock having an aggregate  value  of
$7,151,900 as a result of the merger.

                                 -6-
<PAGE>
Item  2.   Management's Discussion and Analysis of Financial Condition
and Results of Operations

Results of Operations

Summary

Bancorp's  net  earnings  for the first quarter  of  1997  were  $27.3
million  compared to $19.7 million for the first quarter of 1996.  Net
interest income increased by $6.1 million, or 11%, over the comparable
period  in  1996. Interest income increased by $11.5 million,  or  9%,
which  more than offset the $5.4 million, or 8%, increase in  interest
expense. The provision for loan and lease losses was $11.0 million, an
increase  of  $1.0 million from the first quarter in 1996. Noninterest
income  increased  $18.0  million, or  96%,  due  primarily  to  gains
recognized  on  the  sale  of  loans and leases.  Noninterest  expense
increased  $11.0  million,  or  30%, primarily  as  a  result  of  the
restructuring  of  retail  banking's  delivery  channels  and  lending
functions,  the  national  expansion of Provident  Consumer  Financial
Services  ("PCFS")  and  the continued development  of  the  MeritValu
division.

As  noted  above, the recognition of gains on the sale  of  loans  and
leases  made a significant contribution to Bancorp's net income during
the  first quarter of 1997. Of the $14.9 million gain recorded  during
this  period,  $10.5  million was realized from  the  sale  of  $140.1
million  of  residential closed-end nonconforming  home  equity  loans
originated by PCFS. The following is a summary of selected operational
data for PCFS for the past five quarters (in millions):
<TABLE>
<CAPTION>
                                                  Quarter Ended
                             Mar. 1997  Dec. 1996  Sept. 1996 June 1996  March 1996
<S>                             <C>        <C>        <C>         <C>        <C>
  Loan Originations             $143.3     $130.2     $111.4      $76.7      $41.4
  Loan Sales                     140.1      110.0      204.0          -          -
  Gain on Sale of Loans           10.5        9.5       14.5          -          -
  Interest and Fees on Loans       4.2        2.5        4.2        2.8        1.3
</TABLE>
The  following ratios compare Bancorp's returns on average assets  and
average  equity for the first three months of 1997 and  for  the  year
1996.
<TABLE>
<CAPTION>
                                                Three Months Ended      Year Ended
                                                  March 31, 1997     December 31, 1996
<S>                                                      <C>                <C>
  Net Earnings to Average Assets(1)                       1.62%              1.28%
  Net Earnings to Average Shareholders' Equity(1)        20.76%             17.67%
<FN>
  (1)Net earnings for the three months ended March 31, 1997 have been annualized.
</TABLE>

                                 -7-
<PAGE>
The   ratio   of   noninterest  expense  to  tax  equivalent   revenue
("efficiency  ratio")  was 48.1% for the first three  months  of  1997
compared to 47.5% for the first three months of 1996. For purposes  of
calculating  the efficiency ratio, noninterest expense  excludes  non-
recurring expenses. Tax equivalent revenue includes tax equivalent net
interest  income  and  noninterest income but  excludes  non-recurring
income, and security gains or losses.

Nonperforming  assets  as  of March 31, 1997  increased  $5.9  million
compared to December 31, 1996, but decreased $7.8 million compared  to
March  31,  1996. The ratio of nonperforming loans to total loans  and
leases  was  .47% at March 31, 1997, compared to .41% at December  31,
1996 and .66% at March 31, 1996. The ratio of nonperforming assets  to
total loans, leases and other real estate owned was .68% at March  31,
1997,  compared  to .54% at December 31, 1996 and .86%  at  March  31,
1996.

Net Interest Income

See  Table  1  for net interest income on a tax equivalent  basis  and
Table  2  for  consolidated average balances, average  rates  and  net
interest margin.

Net  interest income on a tax equivalent basis increased approximately
$6.0  million  for the first three months of 1997 over the  comparable
period  in  1996. This increase resulted from a $3.6 million  increase
due  to changes in volume and a $2.4 million increase which was caused
by  changes  in  rates. Volume changes are caused by  changes  in  the
average  balances  of  interest earning assets  and  interest  bearing
liabilities.  The net interest margin was 4.04% for  the  first  three
months of 1997 as compared to 3.95% for the comparable period in 1996.
The improvement in the net interest margin during this period reflects
the  increase in the average rate received on interest earning  assets
of  9  basis points, more than offsetting the increase in the  average
rate  paid  on  interest bearing liabilities of 5  basis  points.  The
increase in Bancorp's overall rate on interest earning assets was  due
to the increase in the rate received on equipment leases. The increase
in the average rate paid on interest bearing liabilities was due to  a
higher  average  rate  paid  on demand deposits  and  long-term  debt.
Interest  rate  swaps increased the net interest margin  by  27  basis
points  and 17 basis points during the first three months of 1997  and
1996, respectively.

In  preparing the net interest margin tables, nonaccrual loan balances
are  included  in  the  average balances for loans  and  leases.  Fees
included  in  interest and fees on loans and leases during  the  first
quarter  of  1997  and  1996  were  $3.9  million  and  $5.0  million,
respectively.

                                 -8-
<PAGE>
Noninterest Income

Noninterest income increased $18.0 million during the first quarter of
1997  compared to the same quarter in 1996. Service charges on deposit
accounts increased primarily as a result of increased fees received on
corporate  demand deposit accounts. Gain on sales of loans and  leases
increased primarily as a result of $10.5 million in gains on the  sale
of  non-conforming home equity loans by PCFS and $2.8 million in gains
on  the  sale  of seasoned residential loans. Security gains  of  $2.2
million  were  recognized primarily from the sale  of  mortgage-backed
securities.  The  increase  in  other  income  was  due  primarily  to
additional   revenues  from  operating  leases  resulting   from   the
acquisition of Information Leasing Corporation.

Noninterest Expense

Noninterest  expense increased $11.0 million during the first  quarter
of   1997  when  compared  to  1996.  Compensation  expense  increased
primarily  as a result of the acquisition of Information Leasing,  the
expansion  of  PCFS and MeritValu, and the restructuring  of  consumer
lending  and  retail  distribution. Equipment  expense  increased  due
primarily  to  the depreciation of expanded telebanking  and  computer
equipment.  Professional  fees increased due  primarily  to  increased
management consulting fees. Charges and fees increased primarily as  a
result  of  a $1.0 million charge-off on other real estate  owned  and
increased  loan  origination costs. Marketing  expense  and  franchise
taxes were the primary reasons for the increase in other expense.

Financial Condition

Short-Term Investments

Federal funds sold and reverse repurchase agreements increased  $191.2
million during 1997. The amount of federal funds sold changes daily as
cash is managed to meet reserve requirements and customer needs. After
funds have been allocated to meet lending and investment requirements,
the  remainder is placed in overnight federal funds. The higher  level
of  federal  funds  sold  at March 31, 1997 was  a  result  of  having
additional funds available from the sale of residential loans  at  the
end of the quarter.

Loans and Leases

Total  loans  and  leases decreased $239.7 million  during  1997.  The
decrease  was  due  primarily  to  the  sale  of  $409.3  million   in
residential loans during the first three months of 1997.

                                 -9-
<PAGE>
The  following  table  shows the composition  of  the  commercial  and
financial loan category by industry type at March 31, 1997 (dollars in
millions):

                                                             Amount on
             Type                     Amount         %      Nonaccrual
  Construction                         $89.4         4            $1.2
  Manufacturing                        537.8        22             3.9
  Transportation/Utilities             155.3         6             3.5
  Wholesale Trade                      207.4         9             2.0
  Retail Trade                         254.3        11              .5
  Finance & Insurance                  109.6         5              .4
  Real Estate Operators/Investment     299.2        12              .8
  Service Industries                   353.1        15              .7
  Automobile Dealers                   118.6         5               -
  Other(1)                             267.4        11             1.6
     Total                          $2,392.1       100           $14.6

  (1) Includes various kinds of loans, such as small business loans
      and loans with balances under $100,000.

The  composition  of  the commercial mortgage  and  construction  loan
categories  by  property  type at March  31,  1997  is  shown  in  the
following table (dollars in millions):

                                                             Amount on
                    Type             Amount         %       Nonaccrual
  Apartments                          $124.9        16              $-
  Office/Warehouse                     163.6        21               -
  Residential Development               90.6        12              .2
  Shopping/Retail                      191.2        24               -
  Land                                  42.2         5               -
  Industrial Plants                     15.2         2               -
  Hotels/Motels                         29.0         4               -
  Health Facilities                      4.4         1               -
  Auto Sales and Service                26.0         3               -
  Churches                              12.2         2               -
  Mobile Home Parks                      7.8         1               -
  Other Commercial Properties           72.6         9               -
     Total                            $779.7       100             $.2

Bancorp maintains a reserve to absorb potential losses in its loan and
lease  portfolio. Management's determination of the  adequacy  of  the
reserve is based on reviews of specific loans and leases, credit  loss
experience,  general economic conditions and other pertinent  factors.
Loans  and  leases deemed uncollectible are charged off  and  deducted
from the reserve and recoveries on loans and leases previously charged
off are added to the reserve. Management considers the present reserve
to  be appropriate and adequate to cover potential losses inherent  in
the   loan   and  lease  portfolio  based  on  the  current   economic
environment.  However, future economic changes  cannot  be  predicted.
Deterioration  in  general  economic conditions  could  result  in  an
increase  in the risk characteristics of the loan and lease  portfolio
and an increase in the provision for loan and lease losses.

                                -10-
<PAGE>
The  following table shows the progression of the reserve for loan and
lease losses (dollars in thousands):

                                               1997              1996
  Balance at January 1                       $66,693           $60,235
  Provision for Loan and Lease Losses         11,000            10,000
  Loans and Leases Charged Off               (11,572)          (10,002)
  Recoveries                                   2,250               733
  Balance at March 31                        $68,371           $60,966

Net  charge-offs  totaled $9.3 million for both the first  quarter  of
1997  and 1996. During the first quarter of 1997, net charge-offs  for
commercial lending were $1.2 million which was primarily caused by the
charge-off  of  one  commercial mortgage  loan.  Net  charge-offs  for
consumer lending were $8.1 million which consisted principally of auto
loans  and  credit  cards. As a percentage of total loans  and  leases
outstanding, the reserve was 1.35% at March 31, 1997 compared to 1.26%
at  December 31, 1996 and 1.25% at March 31, 1996. The increase in the
ratio  reflects the sale of low risk seasoned residential loans during
the first quarter of 1997.

Table  3  shows  a comparison of the major components of nonperforming
assets  over  the past five quarters along with various asset  quality
ratios.  Nonperforming assets have increased $5.9 million  during  the
first  three  months of 1997. Nonaccrual loans increased $2.2  million
due  primarily to one loan and two leases being added during the first
three  months  of 1997. Other real estate increased $4.0  million  due
primarily  to  foreclosing on one commercial property.  At  March  31,
1997, nonperforming assets as a percentage of total loans, leases  and
other real estate was .68% which compares favorably to Bancorp's  most
recent five-year average of .85%.

Short-Term Debt

Short-term  debt decreased $131.9 million, or 22%, to  $467.7  million
during  the  first quarter of 1997. The decrease was due primarily  to
the reduction of overnight federal funds.

Long-Term Debt

During the first three months of 1997, long-term debt decreased $183.7
million,  or 19%, reflecting the repayment of debt, primarily  to  the
Federal Home Loan Bank.

Capital Resources and Adequacy

During  the first three months of 1997, shareholders' equity increased
$23.9 million, or 5%, to $540.7 million. Dividends of $6.5 million  on
common  stock and $158,000 on preferred stock were paid in  the  first
quarter of 1997. Unrealized gains/losses on marketable securities, net
of  deferred  income taxes, decreased $7.3 million  during  the  first
three months of 1997.

                                -11-
<PAGE>
The  following  table of ratios is important to the  analysis  of  the
adequacy of capital resources.
<TABLE>
<CAPTION>
                                                  Three Months Ended      Year Ended
                                                    March 31, 1997     December 31, 1996
<S>                                                         <C>                <C>
  Average Shareholders' Equity to Average Assets             7.78%              7.23%
  Preferred Dividend Payout to Net Earnings                   .58                .66
  Common Dividend Payout to Net Earnings                    23.88              26.40
  Tier 1 Leverage Ratio                                      9.11               9.02
  Tier 1 Capital to Risk-Weighted Assets                     9.48               9.23
  Total Risk-Based Capital To Risk-Weighted Assets          13.25              13.05
</TABLE>
Capital expenditures planned by Bancorp for building improvements  and
furniture  and  equipment  in  1997  are  currently  estimated  to  be
approximately  $9  million.  Included in  this  amount  are  projected
capital  expenditures  for  the purchase  or  construction  of  system
applications,  data processing equipment, ATMs and  branches.  Through
March 31, 1997, approximately $2.7 million of these expenditures  have
been made.

Liquidity

Adequate  liquidity  is  necessary to meet  the  borrowing  needs  and
deposit  withdrawal requirements of customers as well  as  to  satisfy
liabilities, fund operations and support asset growth. Bancorp  has  a
number  of  sources to provide for liquidity needs.  First,  liquidity
needs  can  be met by the liquid assets on its balance sheet  such  as
cash, deposits with other banks and federal funds sold. Another source
is  the generation of new deposits. Bancorp may borrow both short-term
and   long-term  funds.  Bancorp  has  an  additional  $687.5  million
available  for  borrowing  under  a $1  billion  bank  notes  program.
Additional  sources  of  liquidity  include  the  sale  of  investment
securities and the sale of commercial and consumer loans and leases.

The major source of liquidity for Bancorp on a parent-only basis ("the
Parent")  is  dividends  paid to it by its subsidiaries.  Pursuant  to
Federal  Reserve  and state banking regulations,  the  maximum  amount
available for dividend distribution to the Parent at March 31, 1997 by
its  banking subsidiaries was approximately $128.3 million. The Parent
has  not  received  dividends from its subsidiaries during  the  first
quarter of 1997.

At  March  31,  1997,  the  Parent had $133.2  million  of  short-term
commercial  paper outstanding. A portion of commercial paper  proceeds
was  used  to  fund  short-term  loans. Contractual  lines  of  credit
totaling $175 million have been obtained by the Parent to support  its
commercial  paper  borrowings. Also, the Parent  has  $40  million  in
general  purpose  lines of credit. These lines had not  been  used  at
March  31, 1997. The Parent had approximately $231.0 million  in  cash
and interest earning deposits at March 31, 1997.

                                -12-
<PAGE>
<TABLE>
Provident Bancorp, Inc. and Subsidiaries
Condensed Consolidated Statements Of Earnings
(unaudited)
(In Thousands, Except Per Share Amounts)
Table 1.
<CAPTION>
                                                            Quarter Ended          
                                                           Mar.        Mar.    
                                                           1997        1996    
<S>                                                      <C>         <C>
Total Interest Income                                    $137,286    $125,798
Taxable Equivalent Adjustment                                  78         115

Taxable Equivalent Interest Income                        137,364     125,913
Total Interest Expense                                     73,753      68,334

Net Interest Income                                        63,611      57,579
Provision for Loan and Lease Losses                        11,000      10,000

Taxable Equivalent Net Interest Income After
  Provision for Loan and Lease Losses                      52,611      47,579

Noninterest Income                                         36,792      18,808
Noninterest Expense                                        47,270      36,272


Taxable Equivalent Earnings Before Income Taxes            42,133      30,115

Applicable Income Taxes                                    14,748      10,325

Taxable Equivalent Adjustment                                  78         115
Net Earnings                                              $27,307     $19,675
Net Earnings Applicable to Common Stock                   $27,149     $19,554
</TABLE>
                                -13-
<PAGE>
<TABLE>
Provident Bancorp, Inc. and Subsidiaries
Consolidated Average Balances, Rates and Yields
On a Fully Taxable Equivalent Basis
(unaudited)
(Dollars In Millions)
Table 2.
<CAPTION>
                                                               Quarter Ended                       
                                                     Mar. 31, 1997      Mar. 31, 1996    
                                                      Average    Avg     Average    Avg  
                                                      Balance    Rate    Balance    Rate 
<S>                                                    <C>       <C>      <C>        <C>
Assets:
 Loans and Leases (Net of Unearned Income):
  Commercial Lending:
   Commercial and Financial                            $2,392     9.21%   $2,224     9.59%
   Mortgage                                               481     9.39       441     8.93
   Construction                                           280     8.69       263     9.09
   Lease Financing                                        241    11.07       124     7.29
  Consumer Lending:
   Instalment                                             909     9.67     1,004     9.32
   Residential                                            425     7.98       474     8.04
   Lease Financing                                        615     7.69       360     7.46
    Total Loans and Leases                              5,343     9.09     4,890     9.08
 Investment Securities:
  Taxable                                               1,018     6.90       936     6.45
  Tax-Exempt                                                8     4.45        11     5.97
    Total Investment Securities                         1,026     6.88       947     6.45
 Federal Funds Sold and Reverse
   Repurchase Agreements                                   15     5.78        22     5.17
    Total Earning Assets                                6,384     8.73     5,859     8.64
 Cash and Noninterest Bearing Deposits                    169                139         
 Other Assets                                             208                125         
    Total Assets                                       $6,761             $6,123         
Liabilities and Shareholders' Equity:
 Deposits:
  Demand Deposits                                        $246     2.39      $252     1.94
  Savings Deposits                                        491     2.76       601     2.71
  Time Deposits                                         3,375     5.65     2,817     5.95
   Total Deposits                                       4,112     5.11     3,670     5.14
 Short-Term Debt:
  Federal Funds Purchased and
   Repurchase Agreements                                  441     5.24       519     5.34
  Commercial Paper                                        142     5.51       152     5.48
  Short-Term Notes Payable                                  1     5.96         1     6.91
   Total Short-Term Debt                                  584     5.31       672     5.37
 Long-Term Debt                                           878     6.59       820     6.10
   Total Interest Bearing Liabilities                   5,574     5.37     5,162     5.32
 Noninterest Bearing Deposits                             489                397         
 Other Liabilities                                        172                129         
 Shareholders' Equity                                     526                435         
   Total Liabilities and Shareholders' Equity          $6,761             $6,123         

Net Interest Spread                                               3.36%              3.32%

Net Interest Margin                                               4.04%              3.95%
</TABLE>
                                -14-
<PAGE>
<TABLE>
Provident Bancorp, Inc. and Subsidiaries
Consolidated Quarterly Nonperforming Assets
(unaudited)
(Dollars In Thousands)
Table 3.
<CAPTION>
                                                                            Quarter Ended
                                                       Mar.         Dec.        Sept.         June         Mar.
                                                       1997         1996         1996         1996         1996
<S>                                                  <C>          <C>          <C>          <C>          <C>
Nonaccrual Loans: (1)
 Commercial Lending:
   Commercial and Financial                            $14,597      $14,164      $18,024      $14,283      $26,749
   Mortgage                                                103          103           48          300        1,162
   Construction                                             71           71           71           71           78
   Lease Financing                                       4,980        3,973        2,653        2,720        2,664
 Consumer Lending:
   Instalment                                                -            -            -            -            -
   Residential                                           3,583        2,805        2,008        1,489        1,296
   Lease Financing                                           -            -            -            -            -
     Total Nonaccrual Loans                             23,334       21,116       22,804       18,863       31,949

Renegotiated Loans (2)                                     526          786          787          551          558
   Total Nonperforming Loans                            23,860       21,902       23,591       19,414       32,507

Other Real Estate and Equipment Owned:
   Commercial                                            5,191        6,102        6,477        7,341        7,460
   Closed bank branches                                      -            -            -            -            -
   Residential                                           3,752          475          480          897          989
   Multifamily                                               -            -            -            -          588
   Land                                                  1,615           15          660          661          663
     Total                                              10,558        6,592        7,617        8,899        9,700

     Total Nonperforming Assets                        $34,418      $28,494      $31,208      $28,313      $42,207

Loans 90 Days Past Due Still Accruing                  $11,848      $18,751      $19,989      $25,426      $31,178

Total Loans and Leases                               5,071,712    5,311,448    5,047,441    4,996,007    4,890,020

Reserve for Loan and Lease Losses                       68,371       66,693       63,665       61,169       60,966

Total Assets                                         6,780,351    6,829,088    6,483,920    6,428,464    6,243,785

Reserve for Loan and Lease Losses as a Percent of:
  Nonperforming Loans                                   286.55%      304.51%      269.87%      315.08%      187.55%
  Nonperforming Assets                                  198.65%      234.06%      204.00%      216.05%      144.45%
  Total Loans and Leases                                  1.35%        1.26%        1.26%        1.22%        1.25%

Nonperforming Loans as a % of Total
  Loans and Leases                                         .47%         .41%         .47%         .39%         .66%


Nonperforming Assets as a Percent of:
  Total Loans, Leases  and Other Real Estate               .68%         .54%         .62%         .57%         .86%
  Total Assets                                             .51%         .42%         .48%         .44%         .68%
<FN>
(1) Bancorp generally stops accruing interest on loans and leases when the payment of principal and/or
    interest is past due 90 days or more.
(2) Loans renegotiated to provide a reduction or deferral of interest or principal because of a
    deterioration in the financial position of the borrower.
</TABLE>
                                -15-
<PAGE>
                     PART II  -  OTHER INFORMATION



Item 6. Exhibits and Reports on Form 8-K

(a)  Exhibit filed:

       Exhibit 27 - Financial Data Schedule


All  other  items required in Part II of this form have  been  omitted
since they are not applicable or not required.

                                -16-
<PAGE>
                              SIGNATURES
                                   

Pursuant  to the requirements of the Securities Exchange Act of  1934,
the  Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.





                                            Provident Bancorp, Inc.
                                                  Registrant





Date:  May 7, 1997                          \s\ John R. Farrenkopf
                                              John R. Farrenkopf
                                              Vice President and
                                           Chief Financial Officer

                                -17-