RIVERSIDE, Calif., May 12, 2025 (GLOBE NEWSWIRE) -- Provident Financial Holdings, Inc. (“Company” or “Provident”), NASDAQ GS: PROV, the holding company for Provident Savings Bank, F.S.B. (“Bank” or “Provident”), today announced that Peter C. Fan has been appointed Senior Vice President, Chief Financial Officer, and Corporate Secretary of the Company and the Bank, effective May 12, 2025. Mr. Fan most recently served as Senior Vice President – Director of Finance and Treasury at Royal Business Bank since Febr ...

Table of Contents For the quarterly period ended March 31, 2025 [ ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to _________________ Commission File Number 000-28304 PROVIDENT FINANCIAL HOLDINGS, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [ ✓ ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Indicate by check mark whether t ...

Financial Data and Key Metrics Changes - The company originated $27.9 million in loans held for investment, a 23% decrease from $36.4 million in the prior sequential quarter [5] - Loan principal payments and payoffs were $23 million, down 33% from $34.3 million in the previous quarter [5] - Non-performing assets decreased to $1.4 million from $2.5 million, indicating improved asset quality [6] - The allowance for credit losses to gross loans held for investment decreased from 66 basis points to 62 basis points [9] - Net interest margin increased by 11 basis points to 3.02% compared to 2.91% in the previous quarter [9] Business Line Data and Key Metrics Changes - Loans held for investment increased by approximately $5.4 million compared to the previous quarter, driven by an increase in single-family loans [6] - There were declines in multifamily, commercial real estate, construction, and commercial business loans [6] - The company has seen more consumer demand for single-family adjustable-rate mortgage products due to higher fixed-rate mortgage interest rates [6] Market Data and Key Metrics Changes - Economic uncertainty has increased due to current fiscal policy, impacting real estate investor activity [6] - The company noted a shift in consumer demand towards adjustable-rate mortgage products as fixed rates rise [6] Company Strategy and Development Direction - The company aims for disciplined growth of the loan portfolio, recognizing the shift to looser monetary policy [13] - The strategy includes maintaining cash dividends and utilizing stock buyback programs as a capital management tool [14] - The company is focused on improving operating efficiencies to lower operating expenses [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for net interest margin expansion in the upcoming quarter, albeit at a slower pace than the current quarter [11] - The company is monitoring commercial real estate loans, particularly those secured by office buildings, and remains confident in their performance [7] - Management acknowledged the challenges posed by higher mortgage rates and economic uncertainty but indicated a commitment to growth [6][13] Other Important Information - The company repurchased approximately 52,000 shares of common stock in the March quarter [14] - For the fiscal year to date, the company has distributed approximately $2.8 million in cash dividends and repurchased approximately $3.1 million worth of common stock [14] Q&A Session Summary Question: Inquiry about CD growth in the quarter - Management indicated that the growth was due to a remix of the liability profile and the opening of a government deposit desk, allowing for liquidity to pay down Federal Home Loan Bank advances [17] Question: Were new CDs at a better rate than wholesale market? - Management noted that the rates were similar to wholesale, and the strategy was adjusted due to lower short-term rates [18] Question: Thoughts on prepayment activity over the next twelve months? - Management stated that prepayment activity is difficult to predict, with lower prepayments observed in the March quarter due to mortgage rate volatility [28] Question: Capital allocation and potential buyback adjustments? - Management emphasized the importance of maintaining capital during uncertainty but indicated that if stock prices decline, they would consider repurchasing more shares [32][34] Question: Changes in loan competition behavior? - Management noted no significant changes in competition but acknowledged aggressive pricing in the multifamily loan market [35][36]

Provident Financial (PROV) Q3 2025 Earnings Call April 29, 2025 12:00 PM ET Company Participants Donavon Ternes - President & CEOTimothy Coffey - MD & Associate Director of Depository Research Conference Call Participants Andrew Liesch - MD & Senior Research Analyst Operator Hello, and thank you for standing by. My name is Lacey, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the Provident Financial Holdings Third Quarter of Fiscal twenty twenty five Earni ...

Financial Performance - Net income for the third quarter of fiscal 2025 was $1.86 million, up 113% from the previous quarter and up 24% from the same quarter last year[1][2][6]. - Net income for the quarter was $1,857 million, compared to $1,495 million for the same quarter last year, reflecting a year-over-year increase of 24.2%[42]. - Basic earnings per share rose to $0.28 for the quarter, up from $0.22 in the prior year, marking a 27.3% increase[42]. - Basic earnings per share increased to $0.28 for the quarter ended March 31, 2025, compared to $0.13 for the previous quarter[48]. Interest Income and Margin - Net interest margin increased to 3.02%, up 11 basis points from the previous quarter and 28 basis points from the same quarter last year[1][8]. - The average yield on interest-earning assets rose to 4.73%, an increase of 32 basis points from the same quarter last year[1][8]. - The net interest margin improved to 3.02% for the quarter, up from 2.74% in the same quarter of 2024, indicating enhanced profitability on interest-earning assets[46]. - The net interest margin improved to 3.02% for the quarter ended March 31, 2025, compared to 2.91% in the previous quarter[48]. Loans and Investments - Loans held for investment totaled $1.06 billion, a 1% increase from June 30, 2024[1][10]. - Total loans originated for investment were $27.9 million, a 53% increase from the same quarter last year[1][10]. - Loans originated for investment totaled $27,885 million for the quarter, significantly higher than $18,233 million in the same quarter of 2024, representing a 53.3% increase[46]. - Total loans held for investment amounted to $1.055 billion as of March 31, 2025, compared to $1.063 billion as of March 31, 2024, reflecting a slight decrease[52]. Deposits - Total deposits reached $901.3 million, up 2% from June 30, 2024[1][15]. - Total deposits increased to $901,319,000 as of March 31, 2025, from $867,515,000 as of December 31, 2024[40]. - Total deposits decreased to $901.319 million as of March 31, 2025, from $908.122 million as of March 31, 2024, indicating a decline of approximately 0.9%[53]. Non-Performing Assets - Non-performing assets decreased to $1.4 million, representing 0.11% of total assets, down from 0.20% at June 30, 2024[1][20]. - Non-performing loans to loans held for investment decreased to 0.13% as of March 31, 2025, down from 0.24% in the previous quarter[50]. - The total non-performing loans as of March 31, 2025, were $1.4 million, a decrease from $2.5 million as of March 31, 2024[61]. Expenses and Efficiency - Non-interest expense increased by $688,000, or 10 percent, to $7.86 million in Q3 fiscal 2025 from $7.17 million in the same quarter last year[26]. - The efficiency ratio for Q3 fiscal 2025 was 77.64 percent, up from 76.20 percent year-over-year but improved from 81.15 percent sequentially[27][28]. - The efficiency ratio improved to 77.64% for the quarter, compared to 79.26% in the same quarter of the previous year, indicating better cost management[46]. - The total non-interest expense increased to $7,856 million for the quarter, compared to $7,168 million in the same quarter last year, reflecting a rise of 9.6%[42]. Taxation - Provision for income taxes was $797,000 in Q3 fiscal 2025, a 29 percent increase from $620,000 in the same quarter last year and up 126 percent from $352,000 in Q2 fiscal 2025[29]. - The effective tax rate in Q3 fiscal 2025 was 30.0 percent, compared to 29.3 percent in the same quarter last year and 28.8 percent in Q2 fiscal 2025[29]. Shareholder Returns - The Company repurchased 51,869 shares at an average cost of $15.30 per share during the quarter ended March 31, 2025[30]. - Cash dividends per share remained stable at $0.14 for both the current and prior year quarter, indicating consistent shareholder returns[42]. Assets and Equity - Total assets as of March 31, 2025, were $1,260,180,000, compared to $1,254,966,000 as of December 31, 2024[40]. - Total stockholders' equity was $128,875,000 as of March 31, 2025, compared to $128,630,000 as of December 31, 2024[40]. - The book value per share increased to $19.37 as of March 31, 2025, from $19.18 as of December 31, 2024[48]. - The total stockholders' equity was $130.1 million as of March 31, 2025, slightly down from $130.9 million a year earlier[57].

View all Key Company Metrics for Provident Financial here>>> Shares of Provident Financial have returned +1.4% over the past month versus the Zacks S&P 500 composite's -4.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Net Interest Margin: 3% compared to the 3% average estimate based on two analysts. Efficiency ratio: 77.6% versus 75.9% estimated by two analysts on average. Total Non-Interest Income: $0.91 million ...

Provident Financial (PROV) came out with quarterly earnings of $0.28 per share, beating the Zacks Consensus Estimate of $0.24 per share. This compares to earnings of $0.22 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 16.67%. A quarter ago, it was expected that this holding company for Provident Savings Bank would post earnings of $0.26 per share when it actually produced earnings of $0.13, delivering a surprise of -50%. Em ...

Financial Performance - The company reported a net income of $1.86 million for the quarter ended March 31, 2025, representing a 113% increase from the previous quarter and a 24% increase from the same quarter last year [1][5][2] - Diluted earnings per share for the quarter were $0.28, up 115% from $0.13 in the previous quarter [5] - The net interest margin improved to 3.02%, an increase of 11 basis points from the previous quarter and 28 basis points from the same quarter last year [1][7] Income and Expenses - Net interest income increased by $653,000, or 8%, to $9.21 million compared to the same quarter last year, primarily due to a higher net interest margin [7][2] - Non-interest income rose by $59,000, or 7%, to $907,000, driven by increases in loan servicing and other fees [23][24] - Non-interest expense increased by $688,000, or 10%, to $7.86 million, mainly due to higher salaries and employee benefits [25] Asset Quality - The non-performing assets to total assets ratio decreased to 0.11% from 0.20% at the end of June 2024, indicating improved asset quality [1][19] - The company recorded a recovery of credit losses totaling $391,000, contrasting with a provision for credit losses in the same quarter last year [18][6] Loans and Deposits - Loans held for investment amounted to $1.06 billion, a 1% increase from June 30, 2024 [1] - Total deposits reached $901.3 million, up 2% from June 30, 2024 [1][13] - The average balance of interest-earning assets decreased by 2% to $1.22 billion compared to the same quarter last year [8] Capital Management - The company remains active in its stock repurchase plan, having repurchased 51,869 shares at an average cost of $15.30 per share during the quarter [28] - The efficiency ratio for the quarter was 77.64%, slightly up from 76.20% in the same quarter last year but improved from 81.15% in the previous quarter [26] Tax and Regulatory - The provision for income taxes was $797,000, up 29% from the same quarter last year, reflecting an increase in pre-tax income [27] - The effective tax rate for the quarter was 30.0%, compared to 29.3% in the same quarter last year [27]

Core Viewpoint - Provident Financial Holdings, Inc. will announce its earnings for the third quarter of fiscal 2025 on April 28, 2025, before the market opens, and will hold a conference call for discussion on April 29, 2025 [1] Earnings Announcement - The earnings announcement for the third quarter of fiscal 2025 is scheduled for April 28, 2025, prior to market opening [1] - The conference call for institutional investors and bank analysts will take place on April 29, 2025, at 9:00 a.m. Pacific Time [1] Conference Call Details - Access to the conference call can be obtained by dialing 1-800-715-9871 and referencing Conference ID number 7361828 [1] - An audio replay of the conference call will be available until May 6, 2025, by dialing 1-800-770-2030 and using the same Conference ID number [1]

Core Points - Provident Financial Holdings, Inc. has donated over $931,000 to local non-profits since the inception of its Community Partnership Program in 2006, with more than $39,000 donated in 2024 alone [1][2][3] - The Community Partnership Program allows non-profit organizations to receive annual donations by linking their unique ID number to their members who are customers of Provident Bank, incentivizing organizations to increase member participation [3] - Provident Bank, with approximately $1.3 billion in total assets, is the largest independent community bank in Riverside County, California, serving customers since 1956 [4]