The Provident Bank of Amesbury has reported "another strong year of earnings and expansion," according to President and CEO Charles R. Cullen and will expand its presence in New Hampshire later this year.

Last year, the bank expanded into Exeter, N.H. and is planning to open another branch in Hampton, N.H. later this year, Cullen said.

The Provident ended fiscal year 2008 with total assets exceeding $460 million, an 18 percent increase over year-end 2007. Earnings reflected an 8 percent gain over the prior year and deposits increased by 16 percent compared to fiscal year 2007. Loans also saw an increase, up by 14 percent. Cullen emphasized the bank’s overall positive performance and strong capital position.

"We continue to be profitable and stable despite the challenging regulatory and economic environment," he added. "The combination of our strategy, independent ownership as a mutual bank, dedicated staff and state-of-the-art technology has been important to the ongoing success of The Provident Bank."

Other 2008 highlights included the restructuring of Provident Financial Advisors; the purchase of an advisory book of business from iCapital, LLC, a wealth management company from Portsmouth, N.H.; and the acquisition of Eastern Data Solutions, a bank data processing and software systems development company based in Portsmouth, N.H.