PresentationIt is now my pleasure to turn today's meeting over to Mr. Donavon Ternes, President and Chief Executive Officer. Mr. Ternes, the floor is yours.Hello, and welcome to the Annual Meeting of Shareholders of Provident Financial Holdings, Inc. Please note that today's meeting is being recorded. During the meeting, we will have the question and answer session. Shareholders and proxy holders can submit questions at anytime at any time by clicking on the Q&A tab.Donavon TernesPresident & CEO Thank you, ...

PresentationAdam BeaumontSenior Vice President of Capital Markets [Presentation] Good morning, and good afternoon to everybody in Europe. Welcome to Northland Power's 2025 Investor Day. Thank you for joining us in the room and on the webcast. My name is Adam Beaumont, the Head of Capital Markets at Northland. And on behalf of the team, we look forward to providing you with an update on the business and our new strategy going forward. Today's presentation is being recorded and will be available on our websi ...

Provident Financial (NasdaqGS:PROV) FY 2025 Annual General Meeting November 20, 2025 02:00 PM ET Company ParticipantsNone - OperatorPeter Fan - SecretaryNone - Company RepresentativeDonavon Ternes - President and CEOConference Call ParticipantsNone - AnalystNoneHello and welcome to the annual meeting of shareholders of Provident Financial Holdings. Please note that today's meeting is being recorded. During the meeting, we will have a question-and-answer session. Shareholders and proxy holders can submit que ...

Provident Financial (NasdaqGS:PROV) FY 2025 Annual General Meeting November 20, 2025 02:00 PM ET Company ParticipantsNone - OperatorPeter Fan - SecretaryNone - Company RepresentativeDonavon Ternes - President and CEOConference Call ParticipantsNone - AnalystNoneHello and welcome to the Annual Meeting of shareholders of Provident Financial Holdings. Please note that today's meeting is being recorded. During the meeting, we will have a question-and-answer session. Shareholders and proxy holders can submit que ...

Financial Data and Key Metrics Changes - The company reported a total of 6,503,511 shares of common stock outstanding, with 5,736,174 shares present at the meeting, representing 88.20% of the total votes eligible to be cast [12] - The election results showed that Debbie H. Guthrie received 3,215,117 votes (60.67%), Kathy M. MacDougall received 3,217,063 votes (60.70%), and Matthew E. Webb received 3,216,572 votes (60.69%) [13] - The advisory vote on executive compensation received 2,796,098 votes in favor (52.75%) [14] Business Line Data and Key Metrics Changes - No specific data on business lines was provided in the meeting records Market Data and Key Metrics Changes - No specific market data was discussed in the meeting records Company Strategy and Development Direction and Industry Competition - The company appointed Deloitte & Touche, LLP as independent auditors for the fiscal year ending June 30, 2026, indicating a focus on maintaining strong governance and compliance [11] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during the meeting Other Important Information - The meeting confirmed that a quorum was present, allowing for the election of directors and other business to proceed [16] - The results of the votes will be verified and disclosed in a Form 8-K filing with the Securities and Exchange Commission [15] Q&A Session Summary - No questions were raised during the Q&A session, and the meeting proceeded without any inquiries [12]

Financial Performance - Net income for the quarter ended September 30, 2025, was $1,681 thousand, a decrease of 11.5% compared to $1,900 thousand for the same quarter in 2024[12]. - Basic earnings per share for the quarter ended September 30, 2025, was $0.26, compared to $0.28 for the same quarter in 2024, a decrease of 7.1%[12]. - The corporation reported a net income of $1,681,000 for the quarter ended September 30, 2025, compared to $1,900,000 for the same quarter in 2024, indicating a decrease of 11.6%[133]. - The corporation's diluted earnings per share for the quarter ended September 30, 2025, was $0.25, down from $0.28 in the same quarter of 2024, a decline of 10.7%[133]. - Total non-interest income decreased to $813 thousand for the quarter ended September 30, 2025, down from $899 thousand in the same quarter of 2024, a decline of 9.6%[12]. - Total non-interest expense increased to $7,634,000, up 1.48% from $7,523,000 year-over-year[12]. Assets and Liabilities - As of September 30, 2025, total assets decreased to $1,230,807 thousand from $1,245,613 thousand as of June 30, 2025, representing a decline of approximately 1.2%[10]. - Total liabilities decreased to $1,102,437 thousand as of September 30, 2025, from $1,117,068 thousand as of June 30, 2025, a reduction of approximately 1.3%[10]. - The company’s total stockholders' equity as of September 30, 2025, was $128,370 thousand, down from $128,545 thousand as of June 30, 2025, reflecting a decrease of 0.1%[10]. - Cash and cash equivalents at the end of the period were $49,407,000, a decrease from $48,193,000 year-over-year[20]. Interest Income and Expenses - Total interest income increased slightly to $14,146 thousand for the quarter ended September 30, 2025, compared to $14,075 thousand for the same quarter in 2024, reflecting a growth of 0.5%[12]. - Net interest income after recovery of credit losses rose to $9,556 thousand for the quarter ended September 30, 2025, up from $9,313 thousand in the same quarter of 2024, indicating a year-over-year increase of 2.6%[12]. - Cash paid for interest was $5,652,000, slightly up from $5,608,000 in the same quarter of 2024[20]. Credit Losses and Allowance - The allowance for credit losses (ACL) is calculated quarterly, reflecting management's estimates based on historical loss rates and current economic conditions[53]. - The total recoveries for the quarter were reported as $0, indicating no recoveries during this period[64]. - The ACL on loans as a percentage of gross loans held for investment is 0.56%, down from 0.61% in the previous year[64]. - The provision for credit losses is adjusted quarterly to maintain the ACL at appropriate levels based on historical loss experience and current conditions[62]. - The total current period gross charge-offs were reported as $1,365,000, indicating a significant increase compared to previous periods[51]. Loan Portfolio - Total loans held for investment amounted to $1,037,825,000, with single-family loans at $549,535,000, multi-family loans at $415,175,000, and commercial real estate loans at $71,010,000[38]. - Loans held for investment, net of fair value adjustments, totaled $1,041.8 million as of September 30, 2025, slightly down from $1,045.7 million on June 30, 2025[37]. - The total balance of non-owner occupied loans was $60,754,000, with 21% in Inland Empire and 48% in Southern California[43]. - The total commercial real estate portfolio amounted to $72,766,000, with 54% in Southern California and 27% in other regions[46]. Non-Performing Loans - As of September 30, 2025, the total recorded investment in non-performing loans was $1.892 million, down from $1.421 million on June 30, 2025, indicating a decrease in non-performing loans[71][73]. - The average recorded investment in non-performing loans for the quarter ended September 30, 2025, was $1.4 million, compared to $2.4 million for the same quarter in 2024, reflecting a significant reduction[75]. - Interest income recognized from non-performing loans for the quarter ended September 30, 2025, was $24,000, down from $39,000 in the same quarter of 2024[75][76]. Investment Securities - Total investment securities amounted to $105,401,000 as of September 30, 2025, with a fair value of $96,198,000, reflecting unrealized losses of $9,365,000[30]. - The total investment securities held to maturity amounted to $103,877,000, with a fair value of $94,654,000, reflecting unrealized losses of $9,365,000[30]. - The fair value of investment securities available for sale was $1,544,000 as of September 30, 2025, with $1,469,000 classified under Level 2[99]. Dividends and Shareholder Returns - Cash dividends of $0.14 per share were paid in the quarter ended September 30, 2025[15]. - The corporation's cash dividend declared on October 23, 2025, is $0.14 per share, payable on December 4, 2025[134].

Financial Data and Key Metrics Changes - In Q1 2026, the company originated $29.6 million in loans held for investment, a 1% increase from $29.4 million in the previous quarter [5] - Loan principal payments and payoffs decreased by 18% to $34.5 million from $42 million in the previous quarter [5] - Nonperforming assets increased to $1.9 million from $1.4 million in the previous quarter [6] - The allowance for credit losses to gross loans held for investment decreased to 56 basis points from 62 basis points [7] - Net interest margin increased by six basis points to 3% compared to 2.94% in the previous quarter [8] Business Line Data and Key Metrics Changes - Loans held for investment decreased by approximately $4 million, with declines in multifamily and commercial real estate loans, partially offset by an increase in single-family loans [6] - The weighted average rate of loans originated in September was 6.62%, compared to 5.2% for loans held for investment as of September 30, 2025 [9] Market Data and Key Metrics Changes - The company has approximately $107 million of loans repricing in December, expected to increase to a weighted average interest rate of 6.89% [10] - The average cost of deposits increased to 1.34%, while the cost of borrowing also increased to 4.59% [9] Company Strategy and Development Direction - The company is focusing on prudent adjustments to underwriting requirements to encourage higher loan origination volume [6] - The short-term strategy for balance sheet management is more growth-oriented than the previous fiscal year, with a disciplined loan growth approach [12] - The company aims to maintain cash dividends and has repurchased approximately 67,000 shares of common stock [13] Management's Comments on Operating Environment and Future Outlook - Management noted that real estate investors remain cautious due to market uncertainties, although there has been an increase in activity as mortgage interest rates decline [5] - The company expects modest or moderate net interest margin expansion in the upcoming quarters [20] - Management is optimistic about the potential for refinance activity due to declining mortgage interest rates [16] Other Important Information - Operating expenses remained unchanged at $7.6 million, representing a normalized run rate [12] - The company distributed $921,000 in cash dividends and repurchased approximately $1.1 million worth of common stock in the first quarter [14] Q&A Session Summary Question: Challenges in loan growth trajectory for 2026 - Management acknowledged hesitancy among borrowers in multifamily and commercial real estate due to higher mortgage rates, but noted that declining rates could present more opportunities [16] Question: Expectation for margin expansion - Management indicated that it is reasonable to expect margin expansion similar to the previous quarter, citing a growth in net interest margin from 2.74% to 3% over the past year [20] Question: Impact of lower interest rates on loan portfolio - Management explained that lower interest rates could lead to increased refinance activity, shortening the average life of the loan portfolio and potentially impacting credit loss provisions [22][24]

Financial Performance - Net income increased approximately 3%[19] - Pre-Provision, Pre-Tax Income decreased approximately 2%[19] - Net Interest Margin increased six basis points to 300%[19] - Net Interest Income decreased approximately 1%[19] - Non-Interest Income decreased approximately 8%[19] Balance Sheet & Loan Portfolio - Loans Held for Investment balance remained virtually unchanged while the yield increased four basis points at September 30, 2025[46] - Total Deposits balance decreased approximately 2% and the cost decreased two basis points at September 30, 2025[46] - Total Borrowings balance remained virtually unchanged while the cost decreased four basis points at September 30, 2025[46] - As of September 30, 2025, Single-Family loans accounted for 53%, Multi-Family loans 40%, and Commercial Real Estate loans 7% of the loan portfolio[49] Capital Management - Provident Bank purchased approximately 67000 shares of common stock in the first quarter of fiscal 2026[95]

Financial Performance - Net income for the first quarter of fiscal 2026 was $1.68 million, up 3% from the previous quarter but down 12% from the same quarter last year[2]. - Net interest income increased by $314,000, or 4%, to $8.93 million compared to the same quarter last year[6]. - Non-interest income decreased by 10% to $813,000, primarily due to a decline in other non-interest income[21]. - Net income for the quarter was $1,681,000, a decline from $1,900,000 year-over-year, which is a decrease of 11.6%[39]. - Basic earnings per share decreased to $0.26 from $0.28 in the same quarter last year, a decline of 7.1%[41]. - The efficiency ratio improved to 78.35% from 79.06% year-over-year, indicating better cost management[41]. Interest and Loans - Net interest margin increased to 3.00%, up six basis points from the previous quarter and up 16 basis points from the same quarter last year[1]. - Interest income on loans receivable increased by 1% to $13.13 million, with an average loan yield rising to 5.05%[7]. - Total loans originated for investment increased to $29,640,000, compared to $28,949,000 in the same quarter of 2024, a growth of 2.4%[41]. - The net interest margin improved to 3.00% from 2.84% year-over-year, reflecting enhanced interest income generation[41]. - Total loans originated for investment reached $29.640 million in the quarter ended September 30, 2025, up from $28.949 million in the same quarter last year, representing an increase of 2.39%[43]. Assets and Deposits - Total assets as of September 30, 2025, were $1,230,807,000, a decrease from $1,245,613,000 as of June 30, 2025[35]. - Total deposits decreased by 2% to $874.8 million compared to the previous quarter[1]. - Total deposits as of September 30, 2025, were $874,839,000, down from $888,772,000 as of June 30, 2025, reflecting a decrease of approximately 1.05%[35]. - Total investment securities held to maturity decreased to $103.877 million as of September 30, 2025, from $124.268 million a year earlier[45]. - The company reported total deposits of $884.9 million, slightly up from $880.6 million in the previous year, with an interest rate of 1.34%[52]. Non-Performing Assets - Non-performing assets to total assets ratio rose to 0.15%, up from 0.11% in the previous quarter[1]. - Non-performing loans to loans held for investment increased to 0.18% as of September 30, 2025, compared to 0.14% as of June 30, 2025[45]. - Non-performing loans totaled $1.9 million as of September 30, 2025, an increase from $2.1 million a year earlier[54]. Equity and Stock Repurchase - Total stockholders' equity as of September 30, 2025, was $128,370,000, a slight decrease from $128,545,000 as of June 30, 2025[35]. - The Company repurchased 66,707 shares of its common stock at an average cost of $15.75 per share during the quarter ended September 30, 2025[26]. - As of September 30, 2025, a total of 150,321 shares remained available for future purchase under the Company's current repurchase program[26]. Tax and Expenses - The provision for income taxes was $1.05 million, up 34% from the same quarter last year, with an effective tax rate of 38.5%[25]. - Non-interest expense increased by 1% to $7.63 million, driven by higher salaries and employee benefits[23]. - The allowance for credit losses was $5,780,000 as of September 30, 2025, indicating a slight decrease from $6,424,000 as of June 30, 2025[35]. Conference Call and Future Outlook - The Company will host a conference call for institutional investors and bank analysts on October 29, 2025, to discuss its financial results[27]. - An audio replay of the conference call will be available until November 5, 2025[28].

Core Viewpoint - Provident Financial reported quarterly earnings of $0.25 per share, missing the Zacks Consensus Estimate of $0.29 per share, representing a -13.79% earnings surprise [1] - The company has struggled to meet earnings expectations, surpassing consensus EPS estimates only once in the last four quarters [2] Financial Performance - Revenues for the quarter ended September 2025 were $9.74 million, missing the Zacks Consensus Estimate by 5.41%, compared to $9.52 million in the same quarter last year [2] - The current consensus EPS estimate for the upcoming quarter is $0.32 on revenues of $10.55 million, and for the current fiscal year, it is $1.19 on revenues of $41.9 million [7] Stock Performance - Provident Financial shares have declined approximately 1.3% year-to-date, while the S&P 500 has gained 16.9% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating it is expected to perform in line with the market in the near future [6] Industry Outlook - The Financial - Savings and Loan industry is currently in the top 36% of Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5]