Table of Contents 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 For the quarterly period ended September 30, 2024 [ ]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. (Exact name of registrant as ...

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 ...

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 ...

Core Points - Provident Financial Holdings, Inc. announced a quarterly cash dividend of $0.14 per share [1] - Shareholders of common stock as of August 15, 2024, will be eligible for the dividend [1] - The dividend payment is scheduled for September 5, 2024 [1] Summary by Category Dividend Announcement - The Board of Directors declared a cash dividend of $0.14 per share [1] - The record date for shareholders is August 15, 2024 [1] - Payment date for the dividend is set for September 5, 2024 [1]

Core Viewpoint - Provident Financial Holdings, Inc. will announce its earnings for the fourth quarter and fiscal year 2024 on July 29, 2024, prior to market opening [1] Group 1: Earnings Announcement - The earnings release will be distributed before the market opens on July 29, 2024 [1] - The company will host a conference call for institutional investors and bank analysts on July 30, 2024, at 9:00 a.m. Pacific Time to discuss the financial results [1] Group 2: 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 August 6, 2024, by dialing 1-800-770-2030 and referencing the same Conference ID number [1]

Financial Performance - Net income for the quarter ended March 31, 2024, was $1,495 thousand, down 35.6% from $2,323 thousand in the same quarter of 2023[13]. - Basic earnings per share for the quarter ended March 31, 2024, was $0.22, down from $0.33 in the same quarter of 2023, a decrease of 33.3%[13]. - Net income for the nine months ended March 31, 2024, was $5,398 million, compared to $6,784 million for the same period in 2023, reflecting a decrease of approximately 20.5%[24]. - Total comprehensive income for the quarter ended March 31, 2024, was $1,494 million, down from $2,331 million in the same quarter of 2023[15]. - Total non-interest income for the nine months ended March 31, 2024, was $2,474 million, a decrease of 16% from $2,940 million in the same period of 2023[13]. Asset and Liability Management - Total assets decreased from $1,332,948 thousand as of June 30, 2023, to $1,290,047 thousand as of March 31, 2024, representing a decline of approximately 3.2%[10]. - Total deposits decreased from $950,571 thousand as of June 30, 2023, to $908,122 thousand as of March 31, 2024, a decrease of 4.5%[10]. - Cash and cash equivalents decreased from $65,849 thousand as of June 30, 2023, to $51,731 thousand as of March 31, 2024, a decline of 21.4%[10]. - The corporation's total stockholders' equity slightly decreased from $129,687,000 as of June 30, 2023, to $129,506,000 as of March 31, 2024, reflecting a decrease of about 0.14%[10]. - The total loans held for investment, net of fair value adjustments, was $1,065.8 million as of March 31, 2024, a decrease from $1,077.6 million as of June 30, 2023[56]. Income and Expense Analysis - Total interest income increased to $13,807 thousand for the quarter ended March 31, 2024, compared to $12,008 thousand for the same quarter in 2023, reflecting a growth of 14.9%[13]. - Total non-interest income decreased to $848 thousand for the quarter ended March 31, 2024, from $981 thousand in the same quarter of 2023, a decline of 13.5%[13]. - Total non-interest expense increased to $7,168 thousand for the quarter ended March 31, 2024, compared to $6,924 thousand for the same quarter in 2023, an increase of 3.5%[13]. - Total interest expense for the quarter ended March 31, 2024, was $5,248 million, an increase of 101% from $2,607 million in the same quarter of 2023[13]. - The provision for credit losses for the quarter was $108,000, compared to a recovery of $35,000 in the same quarter of the previous year[84]. Credit Losses and Allowance Management - The allowance for credit losses (ACL) on loans increased to $7,108,000 as of March 31, 2024, up from $6,001,000 in the previous year[84]. - The ACL on loans as a percentage of gross loans held for investment rose to 0.67% for the quarter ended March 31, 2024, compared to 0.56% for the same period in 2023[84]. - The Corporation recognized a one-time increase of $1.2 million to its Allowance for Credit Losses (ACL) upon implementing CECL on July 1, 2023[71]. - The provision for credit losses included a recovery of $136,000 for single-family loans, while multi-family loans experienced a charge of $41,000[88]. - The total allowance for credit losses (ACL) at the end of the period increased to $7,108,000 from $7,000,000 at the beginning of the period, reflecting a provision for credit losses of $108,000[88]. Investment Securities and Fair Value - Total investment securities as of March 31, 2024, were valued at $137.924 million, with an unrealized loss of $15.8 million, compared to an unrealized loss of $18.9 million as of June 30, 2023[46]. - The fair value of loans held for investment at fair value is $1,054,000 as of March 31, 2024, reflecting management's estimates of specific credit risk attributes[124]. - The total fair value measurement using significant other unobservable inputs for the quarter ended March 31, 2023, was $1,458,000[125]. - The fair value of investment securities available for sale increased from $2,155,000 on June 30, 2023, to $1,935,000 on March 31, 2024[123]. - The total gains or losses included in earnings for Level 3 assets for the quarter ended March 31, 2024, show a loss of $28,000[124]. Dividends and Stock Repurchase - The company paid cash dividends of $0.14 per share in the quarter ended March 31, 2024[17]. - The Corporation's stock repurchase plan authorized the purchase of up to 350,353 shares as of September 28, 2023, with 237,592 shares remaining available for purchase as of March 31, 2024[155]. - During the quarter ended March 31, 2024, the Corporation repurchased 50,051 shares at a weighted average cost of $13.99 per share[155]. - A quarterly cash dividend of $0.14 per share was declared on April 25, 2024, payable on June 6, 2024[156]. - The average cost per share for stock repurchases over the nine months ended March 31, 2024, was $13.06[155].

Financial Data and Key Metrics Changes - The company originated $18.2 million of loans held for investment in Q3 2024, a decrease from $20.2 million in the prior quarter [16] - Net interest margin declined by 4 basis points to 2.74% for the quarter ended March 31, 2024, due to an increase in the cost of total interest-bearing liabilities [5] - The allowance for credit losses to gross loans held for investment increased to 67 basis points at March 31, 2024, from 65 basis points on December 31, 2023 [18] Business Line Data and Key Metrics Changes - Loans held for investment decreased by approximately $10 million compared to the previous quarter, with declines in single-family, multifamily, and commercial real estate loans [17] - New loan production is being originated at higher mortgage interest rates, with adjustable rate loans adjusting to higher rates [6] - The company recorded a $124,000 provision for credit losses in Q3 2024, primarily due to a longer estimated life of the single-family loan portfolio [18] Market Data and Key Metrics Changes - Many real estate investors have reduced their activity due to higher mortgage and interest rates, leading to increased consumer demand for adjustable rate mortgage products [3] - The company has $41.8 million in office-related commercial real estate loans, representing 3.9% of the loans held for investment portfolio [4] - The company expects loan originations in the June 2024 quarter to be similar to the current quarter, at the lower end of the recent range of $18 million to $75 million [3] Company Strategy and Development Direction - The company is focusing on operating efficiencies to lower operating expenses, maintaining a stable run rate of approximately $7.2 million per quarter [7] - The short-term strategy for balance sheet management is conservative, with a focus on slowing loan portfolio growth due to tighter liquidity conditions and an inverted yield curve [21] - The company believes maintaining cash dividends and prudent capital returns through stock buybacks is important for capital management [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underwriting characteristics of borrowers and collateral despite concerns regarding commercial real estate loans [4] - The company anticipates that current pressure on the net interest margin may soon subside due to opportunities to reprice maturing wholesale funding downward [20] - Management indicated that they could grow the loan portfolio when market conditions are favorable, but are currently cautious due to the inverted yield curve [41] Other Important Information - The company distributed approximately $2.9 million in cash dividends and repurchased about $2 million worth of common stock for the fiscal year-to-date [33] - The total interest-bearing liabilities composition improved with a decrease in the average balance of deposits and borrowings [8] Q&A Session All Questions and Answers Question: Why not replace FHLB advances with brokered CDs for a lower rate? - Management stated that while it is an option, they have chosen not to do so at this point due to the current composition of wholesale funding being appropriate from a risk standpoint [12] Question: Will there be a step-up in expenses in the fourth quarter? - Management indicated that they do not expect a large deviation from the $7.2 million run rate, with true-up items coming in at the end of the fiscal year [13] Question: Is there pent-up demand from real estate investors? - Management expressed uncertainty about pent-up demand, noting that it is sensitive to interest rates, but they believe they could grow the loan portfolio when conditions are right [41]