Provident Financial (PROV) reported $9.52 million in revenue for the quarter ended September 2024, representing a year-over-year decline of 3.8%. EPS of $0.28 for the same period compares to $0.25 a year ago. The reported revenue represents a surprise of -2.26% over the Zacks Consensus Estimate of $9.74 million. With the consensus EPS estimate being $0.25, the EPS surprise was +12.00%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations t ...

Provident Financial (PROV) came out with quarterly earnings of $0.28 per share, beating the Zacks Consensus Estimate of $0.25 per share. This compares to earnings of $0.25 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 12%. A quarter ago, it was expected that this holding company for Provident Savings Bank would post earnings of $0.23 per share when it actually produced earnings of $0.28, delivering a surprise of 21.74%. Ove ...

Net Income of $1.90 Million in the September 2024 Quarter, Down 3% from the Sequential Quarter and Up 8% from the Comparable Quarter Last Year Net Interest Margin of 2.84% in the September 2024 Quarter, Up 10 Basis Points from the Sequential Quarter and Down Four Basis Points from the Comparable Quarter Last Year Loans Held for Investment of $1.05 Billion at September 30, 2024, Unchanged from June 30, 2024 Total Deposits of $863.9 Million at September 30, 2024, Down 3% from June 30, 2024 Non-Performing Asse ...

RIVERSIDE, Calif., Sept. 26, 2024 (GLOBE NEWSWIRE) -- Provident Financial Holdings, Inc. ("Company"), NASDAQ GS: PROV, the holding company for Provident Savings Bank, F.S.B., today announced that the Company's Board of Directors authorized an extension of the September 28, 2023 Stock Repurchase Plan ("Plan") for a period of one year or until completed, whichever occurs first. There are 99,968 shares currently available to be purchased under the Plan. The Corporation will purchase the shares from time to tim ...

Deposits and Borrowings - Time deposits represented approximately 31% of the Bank's deposit portfolio at June 30, 2024, up from 23% at June 30, 2023[102]. - The Bank's total deposits decreased by $62.2 million to $888.3 million at June 30, 2024, compared to $950.6 million at June 30, 2023[107]. - Brokered certificates of deposit amounted to $131.8 million at June 30, 2024, compared to $106.4 million at June 30, 2023[104]. - Uninsured deposits were approximately $122.7 million at June 30, 2024, down from $140.1 million at June 30, 2023[104]. - The Bank's outstanding borrowings from the FHLB – San Francisco were $238.5 million at June 30, 2024, with a weighted average interest rate of 4.88%[109]. - The remaining financing availability through the FHLB – San Francisco was $261.3 million as of June 30, 2024, compared to $287.9 million in the previous year[110]. - The Bank's borrowing capacity from the FHLB – San Francisco was $516.0 million as of June 30, 2024, down from $534.1 million in 2023[109]. - Outstanding borrowings from the FHLB – San Francisco amounted to $238.5 million with a weighted average interest rate of 4.88% as of June 30, 2024[109]. Interest Rates and Earnings - The weighted average interest rate for time deposits was 4.55% for terms of 30 days or less, and 4.61% for terms over 1 to 2 years[102]. - The Bank's interest credited increased to $9.7 million in 2024 from $3.1 million in 2023[107]. - The Bank's savings accounts had a weighted average interest rate of 0.18%[102]. Loans and Asset Quality - The Bank's total mortgage loans pledged to the FHLB – San Francisco decreased to $774.1 million at June 30, 2024, from $967.6 million at June 30, 2023[109]. - The Bank's total non-performing assets were $2.6 million, representing 0.20% of total assets, an increase from $1.3 million or 0.10% of total assets as of June 30, 2023[63]. - As of June 30, 2024, total non-performing loans increased to $2,596,000 from $1,300,000 in 2023, representing a 99% increase[64]. - Non-performing loans as a percentage of loans held for investment rose to 0.25% in 2024, compared to 0.12% in 2023[64]. - The allowance for credit losses (ACL) methodology was updated to the current expected credit loss (CECL) model effective July 1, 2023, impacting the assessment of credit losses[72]. - The Bank's provision for credit losses is adjusted quarterly to maintain the ACL at appropriate levels based on historical loss experience and current conditions[82]. Regulatory Compliance and Capital - The Corporation adopted the new accounting standard ASC 326 (CECL) on July 1, 2023, resulting in a one-time adjustment of $824,000 to retained earnings[135]. - As of June 30, 2024, the Bank was categorized as "well capitalized" under the regulatory framework for prompt corrective action[137]. - The Bank's capital conservation buffer must exceed 2.5% of risk-weighted assets to avoid limitations on paying dividends[132]. - The Bank's ability to make capital distributions is restricted if it does not meet capital requirements or exceeds net income-based limitations[138]. - The OCC may impose mandatory supervisory actions on undercapitalized institutions, including increased monitoring and restrictions on growth[136]. Employee and Workforce Information - As of June 30, 2024, the Bank had 160 full-time equivalent employees, with an average employee tenure of approximately 8.3 years, down from 8.5 years in the previous year[176]. - The workforce composition was 73.0% female and 27.0% male, with ethnic diversity including 40.5% White, 42.2% Hispanic or Latino, 6.5% African American or Black, and 6.0% Asian[177]. - The turnover rate for employees was 23.3% in fiscal 2024, significantly down from 41.4% in fiscal 2023[180]. Investment Securities - The Bank's investment securities portfolio decreased to $131.9 million in 2024 from $156.6 million in 2023, with no new purchases made during the fiscal years[90]. - The total investment securities held to maturity amounted to $130.1 million, with an estimated fair value of $114.4 million, reflecting a decrease from $154.3 million and $135.5 million respectively in the previous year[92]. - The Bank reported $15.8 million of unrealized holding losses on investment securities, which were in a loss position for 12 months or more[96]. Community Reinvestment and Compliance - The Bank received a satisfactory rating in its last evaluation for compliance with the Community Reinvestment Act (CRA)[142]. - The federal banking agencies issued a final rule on October 24, 2023, to modernize CRA regulations, with applicability starting January 1, 2026[143]. - The USA Patriot Act requires financial institutions to develop programs to prevent money laundering and terrorist activities, with obligations to file suspicious activity reports[144]. Tax and Regulatory Fees - The Bank's OCC annual assessments were $179,000 for fiscal 2024, down from $198,000 in fiscal 2023[121]. - The Bank's FDIC annual assessments increased to $601,000 in fiscal 2024 from $459,000 in fiscal 2023[126]. - The Corporation paid $200,000 in franchise taxes to the State of Delaware during fiscal 2024[175].

PROVIDENT FINANCIAL HOLDINGS REPORTS FOURTH QUARTER AND FISCAL YEAR 2024 RESULTS Net Income of $1.95 Million in the June 2024 Quarter Exhibit 99.1 3756 Central Avenue NEWS RELEASE Riverside, CA 92506 (951) 686-6060 Net Interest Margin of 2.74% in the June 2024 Quarter Loans Held for Investment of $1.05 Billion at June 30, 2024, Down 2% from June 30, 2023 Total Deposits of $888.3 Million at June 30, 2024, Down 7% from June 30, 2023 Non-Performing Assets to Total Assets Ratio of 0.20% at June 30, 2024 Non-Int ...

While Provident Financial has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? This quarterly report represents an earnings surprise of 21.74%. A quarter ago, it was expected that this holding company for Provident Savings Bank would post earnings of $0.24 per share when it actually produced earnings of $0.22, delivering a surprise of -8.33%. Provident Financial, which belongs to the Zacks Financial - Savings and Loan industry, posted rev ...

Net Income of $1.95 Million in the June 2024 Quarter RIVERSIDE, Calif., July 29, 2024 (GLOBE NEWSWIRE) -- Provident Financial Holdings, Inc. ("Company"), NASDAQ GS: PROV, the holding company for Provident Savings Bank, F.S.B. ("Bank"), today announced earnings for the fourth quarter and fiscal year ended June 30, 2024. Return on average assets was 0.62 percent for the fourth quarter of fiscal 2024, compared to 0.47 percent in the third quarter of fiscal 2024 and 0.55 percent for the fourth quarter of fiscal ...

RIVERSIDE, Calif., July 25, 2024 (GLOBE NEWSWIRE) -- Provident Financial Holdings, Inc. ("Company"), NASDAQ GS: PROV, the holding company for Provident Savings Bank, F.S.B., today announced that the Company's Board of Directors declared a quarterly cash dividend of $0.14 per share. Shareholders of the Company's common stock at the close of business on August 15, 2024 will be entitled to receive the cash dividend. The cash dividend will be payable on September 5, 2024. Certain matters in this News Release ma ...

RIVERSIDE, Calif., July 25, 2024 (GLOBE NEWSWIRE) -- Provident Financial Holdings, Inc. ("Company"), NASDAQ GS: PROV, the holding company for Provident Savings Bank, F.S.B., today announced that the Company's Board of Directors declared a quarterly cash dividend of $0.14 per share. Shareholders of the Company's common stock at the close of business on August 15, 2024 will be entitled to receive the cash dividend. The cash dividend will be payable on September 5, 2024. Safe-Harbor Statement Certain matters i ...