Provident Financial Holdings, Inc. (NASDAQ:PROV) Q1 2022 Earnings Conference Call October 27, 2021 12:00 PM ET Company Participants Craig Blunden - Chairman & CEO Donavon Ternes - President, Chief Operating & Chief Financial Officer Conference Call Participants Nick Cucharale - Piper Sandler Ben Gerlinger - Hovde Group Tim Coffey - Janney Rob Cook - PRV Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are design ...

PART I [Business](index=4&type=section&id=Item%201.%20Business) Provident Financial Holdings, Inc. operates as a Southern California community bank with **$1.18 billion** in assets as of June 30, 2021, focusing on deposits and real estate loans while navigating regulatory oversight and COVID-19 impacts Consolidated Financial Highlights as of June 30, 2021 | Metric | Amount (Millions) | | :--- | :--- | | Total Assets | $1,180 | | Total Deposits | $938.0 | | Stockholders' Equity | $127.3 | - The company's primary business activities consist of community banking, investment services, and trustee services for real estate transactions, with revenues derived principally from interest on its loan and investment portfolios[13](index=13&type=chunk)[14](index=14&type=chunk) - The COVID-19 pandemic has significantly affected the company's communities, customers, and operations, leading to operational changes and uncertainties regarding its ultimate adverse impact[16](index=16&type=chunk) [Subsequent Events](index=6&type=section&id=Subsequent%20Events) Details events occurring after the reporting period, including a declared cash dividend - On July 22, 2021, the Board of Directors declared a cash dividend of **$0.14 per share**, which was paid on September 2, 2021[18](index=18&type=chunk) [Market Area](index=6&type=section&id=Market%20Area) The Bank operates **13 full-service offices** primarily in the Inland Empire, where it is the largest independent community bank - The Bank operates **13 full-service banking offices**, primarily in Riverside and San Bernardino counties (the "Inland Empire"), and is the largest independent community bank headquartered in Riverside County[19](index=19&type=chunk) - In June 2021, the unemployment rate in the Inland Empire was **7.9%**, higher than the national average of **5.9%** but significantly lower than the **13.3%** rate in June 2020. The median home price in the Inland Empire was **$525,000**, up **28%** from June 2020[20](index=20&type=chunk)[21](index=21&type=chunk) [Lending Activities](index=8&type=section&id=Lending%20Activities) The Bank's **$851.0 million** loan portfolio, primarily multi-family and single-family mortgages, is concentrated in California with a high proportion of adjustable-rate loans - Net loans held for investment were **$851.0 million** at June 30, 2021, a decrease from **$902.8 million** at June 30, 2020. The portfolio is primarily composed of multi-family (**56.9%**) and single-family (**31.5%**) mortgage loans[27](index=27&type=chunk)[29](index=29&type=chunk)[36](index=36&type=chunk)[47](index=47&type=chunk) Composition of Loans Held for Investment (Gross) | Loan Type | Amount at June 30, 2021 ($ thousands) | % of Total | Amount at June 30, 2020 ($ thousands) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Single family | $268,272 | 31.48% | $298,810 | 33.04% | | Multi family | $484,408 | 56.85% | $491,903 | 54.38% | | Commercial real estate | $95,279 | 11.18% | $105,235 | 11.64% | | Construction | $3,040 | 0.36% | $7,801 | 0.86% | | Other mortgage loans | $139 | 0.02% | $143 | 0.02% | | Commercial business loans | $849 | 0.10% | $480 | 0.05% | | Consumer loans | $95 | 0.01% | $94 | 0.01% | | **Total** | **$852,082** | **100.00%** | **$904,466** | **100.00%** | - At June 30, 2021, **96%** of loans held for investment due after one year had floating or adjustable interest rates, which helps mitigate interest rate risk[32](index=32&type=chunk) - The Bank's real estate secured loans are geographically concentrated in California, with **53%** in Southern California (excluding the Inland Empire), **27%** in other parts of California, and **20%** in the Inland Empire as of June 30, 2021[34](index=34&type=chunk) Loan Originations, Purchases, and Repayments (Fiscal Year) | Activity | 2021 ($ thousands) | 2020 ($ thousands) | | :--- | :--- | :--- | | Total loans originated for investment | 214,954 | 106,044 | | Total loans purchased for investment | 16,909 | 142,077 | | Loan principal repayments | (281,477) | (228,250) | [Loan Servicing](index=23&type=section&id=Loan%20Servicing) The Bank's loan servicing portfolio for others significantly decreased, leading to an impairment reserve on servicing assets - The Bank's loan servicing portfolio for others decreased by **42%** to **$50.4 million** at June 30, 2021, from **$86.5 million** at June 30, 2020, primarily due to loan prepayments[73](index=73&type=chunk) - Servicing assets had a carrying value of **$384,000** and a fair value of **$208,000** at June 30, 2021, with a required impairment reserve of **$176,000**[76](index=76&type=chunk) [Delinquencies and Classified Assets](index=25&type=section&id=Delinquencies%20and%20Classified%20Assets) Non-performing assets increased, primarily due to COVID-19 related loan forbearance, while total classified assets decreased Non-Performing Assets Summary | Metric | June 30, 2021 ($ million) | June 30, 2020 ($ million) | | :--- | :--- | :--- | | Total Non-Performing Assets | $8.6 | $4.9 | | As a % of Total Assets | 0.73% | 0.42% | | Total Non-Performing Loans | $8.6 | $4.9 | | As a % of Net Loans | 1.02% | 0.55% | - The outstanding balance of troubled debt restructurings (TDRs) increased to **$7.9 million** (**23 loans**) at June 30, 2021, from **$2.6 million** (**8 loans**) at June 30, 2020. The increase was primarily due to **19 COVID-19 related forbearance loans** being downgraded when their deferrals were extended beyond six months[85](index=85&type=chunk)[86](index=86&type=chunk)[369](index=369&type=chunk) - Total classified assets, including special mention loans, decreased by **26%** to **$10.4 million** at June 30, 2021, from **$14.1 million** at June 30, 2020[91](index=91&type=chunk) Allowance for Loan Losses Activity (Fiscal Year) | Metric | 2021 ($ thousands) | 2020 ($ thousands) | | :--- | :--- | :--- | | Allowance at beginning of period | $8,265 | $7,076 | | (Recovery) provision for loan losses | ($708) | $1,119 | | Net recoveries (charge-offs) | $30 | $70 | | **Allowance at end of period** | **$7,587** | **$8,265** | | **Allowance as a % of gross loans** | **0.88%** | **0.91%** | [Investment Securities Activities](index=35&type=section&id=Investment%20Securities%20Activities) The investment securities portfolio significantly increased to **$226.9 million**, primarily due to mortgage-backed securities purchases, with most held to maturity - The investment securities portfolio increased to **$226.9 million** at June 30, 2021, from **$123.3 million** at June 30, 2020, primarily due to the purchase of **$158.0 million** in mortgage-backed securities[108](index=108&type=chunk) Investment Securities Composition | Security Type | Amortized Cost at June 30, 2021 ($ thousands) | % of Total | Amortized Cost at June 30, 2020 ($ thousands) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Held to maturity | $223,306 | 98.4% | $118,627 | 96.3% | | Available for sale | $3,494 | 1.6% | $4,583 | 3.7% | | **Total** | **$226,800** | **100.0%** | **$123,210** | **100.0%** | [Deposit Activities and Other Sources of Funds](index=37&type=section&id=Deposit%20Activities%20and%20Other%20Sources%20of%20Funds) Total deposits grew with a strategic shift towards lower-cost transaction accounts, while FHLB borrowings decreased - Total deposits grew to **$938.0 million** at June 30, 2021. The deposit mix shifted towards lower-cost transaction accounts, which comprised **85%** of total deposits, up from **81%** in the prior year, while time deposits decreased to **15%** from **19%**[115](index=115&type=chunk)[350](index=350&type=chunk) Deposit Composition as of June 30, 2021 | Deposit Type | Balance ($ thousands) | % of Total | | :--- | :--- | :--- | | Non interest-bearing checking | $123,179 | 13.13% | | Interest-bearing checking | $327,388 | 34.90% | | Savings accounts | $307,299 | 32.76% | | Money market accounts | $39,670 | 4.23% | | Time deposits | $140,437 | 14.98% | | **Total Deposits** | **$937,973** | **100.00%** | - Borrowings from the FHLB – San Francisco decreased to **$101.0 million** at June 30, 2021, from **$141.0 million** a year prior. The Bank maintained significant additional borrowing capacity[119](index=119&type=chunk)[121](index=121&type=chunk) [Subsidiary Activities](index=42&type=section&id=Subsidiary%20Activities) The Bank operates three wholly-owned subsidiaries, with two currently inactive - The Bank has three wholly owned subsidiaries: Provident Financial Corp (PFC), which acts as a trustee and holds real estate; Profed Mortgage, Inc.; and First Service Corporation. The latter two are currently inactive[127](index=127&type=chunk) [Regulation](index=44&type=section&id=Regulation) The Corporation and Bank are extensively regulated by the OCC, FDIC, and Federal Reserve, with the Bank categorized as "well capitalized" - The Bank is primarily regulated by the Office of the Comptroller of the Currency (OCC) and the FDIC. The Corporation, as a savings and loan holding company, is regulated by the Federal Reserve Board (FRB)[132](index=132&type=chunk) - As of June 30, 2021, the Bank met the Qualified Thrift Lender (QTL) test, with **90.3%** of its portfolio assets in qualified thrift investments[149](index=149&type=chunk) - The Bank was categorized as "well capitalized" under the regulatory framework for prompt corrective action as of June 30, 2021, exceeding all minimum capital requirements[153](index=153&type=chunk)[156](index=156&type=chunk) [Taxation](index=58&type=section&id=Taxation) The Corporation and Bank are subject to federal and state income taxes, with a pre-1988 bad debt reserve that could be subject to recapture - The Corporation and Bank are subject to federal and state income taxes. The Tax Cuts and Jobs Act of 2017 reduced the corporate federal income tax rate to a flat **21%**[190](index=190&type=chunk) - As of June 30, 2021, the Bank had a pre-1988 bad debt reserve for tax purposes of approximately **$9.0 million**, which would be subject to recapture into taxable income if certain non-dividend distributions were made[191](index=191&type=chunk) [Employees and Human Capital](index=60&type=section&id=Employees%20and%20Human%20Capital) The Bank had **161 full-time equivalent employees** as of June 30, 2021, with a predominantly female workforce and long average tenure - As of June 30, 2021, the Bank had **161 full-time equivalent employees**. Approximately **75%** of the workforce was female, and the average tenure was **10.1 years**[198](index=198&type=chunk)[199](index=199&type=chunk) [Risk Factors](index=65&type=section&id=Item%201A.%20Risk%20Factors) The company faces diverse and significant risks, including macroeconomic, credit, market, regulatory, and operational challenges, particularly those stemming from its concentrated market and the ongoing COVID-19 pandemic - The COVID-19 pandemic has adversely impacted business operations and is expected to negatively affect financial results, with the ultimate impact remaining highly uncertain[215](index=215&type=chunk) - The business is heavily dependent on the Southern California economy, and a regional downturn could increase loan delinquencies, reduce collateral values, and decrease demand for products and services[223](index=223&type=chunk)[224](index=224&type=chunk) - Multi-family and commercial real estate loans, which constitute **68.0%** of the loan portfolio, involve higher principal amounts and greater credit risk than single-family loans[231](index=231&type=chunk)[233](index=233&type=chunk) - Fluctuating interest rates pose a significant risk to profitability by impacting net interest income, the value of the securities portfolio, and borrowers' ability to repay adjustable-rate loans[248](index=248&type=chunk)[249](index=249&type=chunk) - The company faces cybersecurity risks, including potential breaches of its information systems, which could jeopardize confidential information, cause operational interruptions, and result in financial losses or reputational damage[261](index=261&type=chunk)[263](index=263&type=chunk) - The planned discontinuation of the LIBOR interest rate index, to which a majority of the company's loans are tied, creates uncertainty and may result in significant transition expenses and potential disputes with customers[273](index=273&type=chunk)[274](index=274&type=chunk) [Unresolved Staff Comments](index=89&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[289](index=289&type=chunk) [Properties](index=89&type=section&id=Item%202.%20Properties) The Bank operates **13 retail offices** (six owned, seven leased) primarily in Riverside County, with property and equipment valued at **$7.3 million** net book value - The Bank operates **13 retail banking offices**, with **12** in Riverside County and **one** in San Bernardino County. **Six** of these properties are owned, and **seven** are leased[290](index=290&type=chunk) [Legal Proceedings](index=89&type=section&id=Item%203.%20Legal%20Proceedings) The Corporation is not a party to any pending legal proceedings expected to have a material adverse effect on its financial condition or operations - The Corporation is not a party to any pending legal proceedings that it believes would have a material adverse effect on its financial condition, operations or cash flows[291](index=291&type=chunk) [Mine Safety Disclosures](index=89&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the Corporation - Not applicable[292](index=292&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=89&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The Corporation's common stock trades on NASDAQ under PROV, with a policy of quarterly cash dividends and recent share repurchases - The Corporation's common stock trades on the NASDAQ Global Select Market under the symbol **PROV**. As of June 30, 2021, there were **7,436,315 shares outstanding** held by **436 shareholders of record**[294](index=294&type=chunk) - The Board of Directors has declared quarterly cash dividends consecutively since September 2002. A dividend of **$0.14 per share** was declared on July 22, 2021[295](index=295&type=chunk)[297](index=297&type=chunk) Common Stock Purchases - Q4 FY2021 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2021 | 5,581 | $16.23 | | May 2021 | 35,254 | $16.47 | | June 2021 | 40,993 | $17.48 | | **Total Q4** | **81,828** | **$16.96** | - As of June 30, 2021, **266,833 shares** remained available for future purchases under the April 2020 stock repurchase plan[298](index=298&type=chunk) [Selected Financial Data](index=92&type=section&id=Item%206.%20Selected%20Financial%20Data) This section incorporates the "Financial Highlights" from the Corporation's Annual Report to Shareholders by reference [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=93&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Fiscal year 2021 net income decreased to **$7.6 million** due to lower net interest income, offset by a loan loss recovery and reduced non-interest expense, with assets growing to **$1.18 billion** and deposits shifting to lower-cost accounts [Comparison of Financial Condition at June 30, 2021 and 2020](index=104&type=section&id=Comparison%20of%20Financial%20Condition%20at%20June%2030%2C%202021%20and%202020) Total assets increased to **$1.18 billion** due to higher investment securities, offset by decreased loans and cash, while deposits grew with a shift to lower-cost funding - Total assets increased by **$6.8 million** (**1%**) to **$1.18 billion**, primarily due to a **$103.6 million** (**84%**) increase in investment securities, offset by a **$51.8 million** (**6%**) decrease in loans held for investment and a **$45.7 million** (**39%**) decrease in cash[346](index=346&type=chunk)[347](index=347&type=chunk)[348](index=348&type=chunk)[349](index=349&type=chunk) - Total deposits increased by **$45.0 million** (**5%**) to **$938.0 million**, with transaction accounts growing by **10%** while time deposits decreased by **17%**, reflecting a strategic shift to lower-cost funding[350](index=350&type=chunk) - Borrowings decreased by **$40.0 million** (**28%**) to **$101.0 million** due to scheduled maturities and prepayments of FHLB advances[351](index=351&type=chunk) [Comparison of Operating Results for the Years Ended June 30, 2021 and 2020](index=106&type=section&id=Comparison%20of%20Operating%20Results%20for%20the%20Years%20Ended%20June%2030%2C%202021%20and%202020) Net income slightly decreased due to lower net interest income, largely offset by a loan loss recovery and reduced non-interest expenses, including an ERTC credit Key Operating Results (Fiscal Year) | Metric | 2021 (Millions) | 2020 (Millions) | | :--- | :--- | :--- | | Net Income | $7.6 | $7.7 | | Diluted EPS | $1.00 | $1.01 | | Return on Average Assets | 0.64% | 0.69% | | Return on Average Stockholders' Equity | 6.05% | 6.26% | - Net interest income decreased by **$5.8 million** (**16%**) to **$30.6 million**, as the net interest margin fell **70 basis points** to **2.66%** due to a sharp decline in the average yield on interest-earning assets[355](index=355&type=chunk) - The company recorded a **$708,000 recovery** from the allowance for loan losses in fiscal 2021, compared to a **$1.1 million provision** in fiscal 2020. The recovery was driven by an improved economic outlook and a decrease in the loan portfolio[366](index=366&type=chunk) - Non-interest expense decreased by **$3.2 million** (**11%**) to **$25.7 million**, primarily due to a **$3.7 million** decrease in salaries and benefits, which included a **$2.4 million credit** from the Employee Retention Tax Credit (ERTC)[377](index=377&type=chunk)[378](index=378&type=chunk)[474](index=474&type=chunk) [Average Balances, Interest and Average Yields/Costs](index=113&type=section&id=Average%20Balances%2C%20Interest%20and%20Average%20Yields%2FCosts) The net interest margin compressed due to a significant decline in the average yield on interest-earning assets Net Interest Margin Analysis (Fiscal Year) | Metric | 2021 | 2020 | | :--- | :--- | :--- | | Average Yield on Interest-Earning Assets | 3.06% | 3.92% | | Average Cost of Interest-Bearing Liabilities | 0.44% | 0.62% | | **Net Interest Spread** | **2.62%** | **3.30%** | | **Net Interest Margin** | **2.66%** | **3.36%** | [Liquidity and Capital Resources](index=117&type=section&id=Liquidity%20and%20Capital%20Resources) The Bank maintains strong liquidity through deposits, loan repayments, and FHLB advances, exceeding all minimum regulatory capital requirements - Primary sources of funds are deposits, loan repayments, and FHLB advances. At June 30, 2021, cash and cash equivalents were **$70.3 million**[391](index=391&type=chunk)[394](index=394&type=chunk) - The Bank maintained significant borrowing capacity, with **$296.8 million** available from the FHLB-San Francisco and a **$206.1 million** discount window facility at the Federal Reserve Bank[394](index=394&type=chunk) Bank Regulatory Capital Ratios as of June 30, 2021 | Ratio | Actual | Minimum to be Well Capitalized | | :--- | :--- | :--- | | Tier 1 Leverage Capital | 10.19% | 5.00% | | CET1 Capital | 18.58% | 6.50% | | Tier 1 Capital | 18.58% | 8.00% | | Total Capital | 19.76% | 10.00% | [Quantitative and Qualitative Disclosures about Market Risk](index=119&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The Corporation manages interest rate risk, showing asset sensitivity where a **+100 basis point** rate shock is estimated to increase Net Portfolio Value by **$42.5 million** and Net Interest Income by **0.23%** Net Portfolio Value (NPV) Sensitivity Analysis as of June 30, 2021 | Rate Change (Basis Points) | Change in NPV ($ thousands) | NPV as % of Portfolio Value Assets | | :--- | :--- | :--- | | +300 bp | $102,842 | 19.50% | | +200 bp | $75,230 | 17.72% | | +100 bp | $42,534 | 15.53% | | Base Case | $0 | 12.54% | | -100 bp | ($17,691) | 11.25% | Net Interest Income (NII) Sensitivity Analysis (Next 12 Months) | Rate Change (Basis Points) | Change in NII (as of June 30, 2021) | | :--- | :--- | | +300 bp | +4.55% | | +200 bp | +2.06% | | +100 bp | +0.23% | | -100 bp | +0.22% | [Financial Statements and Supplementary Data](index=127&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section incorporates the Consolidated Financial Statements and Notes to Consolidated Financial Statements by reference [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=127&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants regarding accounting and financial disclosure - None[419](index=419&type=chunk) [Controls and Procedures](index=127&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the Corporation's disclosure controls and internal control over financial reporting were effective as of June 30, 2021 - The CEO and CFO concluded that the Corporation's disclosure controls and procedures were effective at a reasonable assurance level as of June 30, 2021[421](index=421&type=chunk) - Management concluded that as of June 30, 2021, the Corporation's internal control over financial reporting was effective based on the criteria established in the Internal Control-Integrated Framework (2013)[425](index=425&type=chunk) [Other Information](index=130&type=section&id=Item%209B.%20Other%20Information) This item is not applicable PART III [Directors, Executive Officers and Corporate Governance](index=130&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors is incorporated by reference from the Proxy Statement, and the company has a Code of Ethics and an audit committee with a financial expert - Information regarding the Board of Directors is incorporated by reference from the Proxy Statement[431](index=431&type=chunk) - The Corporation has adopted a Code of Ethics and has a designated audit committee financial expert, Joseph P. Barr[433](index=433&type=chunk)[434](index=434&type=chunk) [Executive Compensation](index=130&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the company's Proxy Statement [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=132&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership and equity compensation plans is incorporated by reference from the company's Proxy Statement Equity Compensation Plan Information as of June 30, 2021 | Plan Category | Securities to Be Issued Upon Exercise (a) | Weighted-Average Exercise Price (b) | Securities Available for Future Issuance (c) | | :--- | :--- | :--- | :--- | | **Equity compensation plans approved by security holders** | | | | | Stock Options | 417,000 | $16.22 | 57,500 | | Restricted Stock | 101,250 | N/A | 62,750 | | **Total** | **518,250** | **$16.22** | **120,250** | [Certain Relationships and Related Transactions, and Director Independence](index=134&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on certain relationships, related transactions, and director independence is incorporated by reference from the company's Proxy Statement [Principal Accountant Fees and Services](index=134&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the company's Proxy Statement PART IV [Exhibits, Financial Statement Schedules](index=134&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists the financial statements, schedules, and exhibits filed as part of the Form 10-K, including corporate governance and employment documents Consolidated Financial Statements [Notes to Consolidated Financial Statements](index=148&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes detail the Corporation's accounting policies and financial data, covering loan loss allowance, investment securities, loan portfolio credit quality, deposits, borrowings, regulatory capital, and fair value measurements [Note 2: Investment Securities](index=160&type=section&id=Note%202%3A%20Investment%20Securities) This note provides a detailed breakdown of the investment securities portfolio by type, amortized cost, and estimated fair value Investment Securities by Type as of June 30, 2021 | Security Type | Amortized Cost ($ thousands) | Estimated Fair Value ($ thousands) | | :--- | :--- | :--- | | **Held to maturity** | | | | U.S. government sponsored enterprise MBS | $220,448 | $221,847 | | U.S. SBA securities | $1,858 | $1,874 | | Certificate of deposits | $1,000 | $1,000 | | **Available for sale** | | | | U.S. government agency MBS | $2,146 | $2,222 | | U.S. government sponsored enterprise MBS | $1,197 | $1,211 | | Private issue CMO | $151 | $154 | | **Total** | **$226,800** | **$228,308** | [Note 3: Loans Held for Investment](index=164&type=section&id=Note%203%3A%20Loans%20Held%20for%20Investment) This note details the loan portfolio by risk category and provides an update on COVID-19 related loan forbearance status Loan Portfolio by Risk Category as of June 30, 2021 | Risk Category | Amount ($ thousands) | % of Total | | :--- | :--- | :--- | | Pass | $840,908 | 98.69% | | Special Mention | $1,767 | 0.21% | | Substandard | $9,407 | 1.10% | | **Total** | **$852,082** | **100.00%** | COVID-19 Loan Forbearance Status as of June 30, 2021 | Loan Type | Forbearance Granted (Amount) ($ thousands) | Forbearance Remaining (Amount) ($ thousands) | | :--- | :--- | :--- | | Single-family loans | $23,551,000 | $897,000 | | Multi-family loans | $2,321,000 | $0 | | Commercial real estate loans | $2,000,000 | $945,000 | | **Total** | **$27,872,000** | **$1,842,000** | - As of June 30, 2021, **four loans** with a total balance of **$1.8 million** remained in forbearance under the CARES Act. The company ceased offering new forbearance relief on March 31, 2021[561](index=561&type=chunk)[564](index=564&type=chunk) [Note 7: Deposits](index=186&type=section&id=Note%207%3A%20Deposits) This note provides a breakdown of time deposit maturities as of June 30, 2021 Maturities of Time Deposits as of June 30, 2021 | Maturity Period | Amount ($ thousands) | | :--- | :--- | | One year or less | $76,705 | | Over one to two years | $37,687 | | Over two to five years | $25,646 | | Over five years | $399 | | **Total** | **$140,437** | [Note 12: Incentive Plans](index=198&type=section&id=Note%2012%3A%20Incentive%20Plans) This note details the activity for stock options and restricted stock under the company's incentive plans for fiscal year 2021 Stock Option Activity (Fiscal Year 2021) | Activity | Shares | Weighted-Average Exercise Price | | :--- | :--- | :--- | | Outstanding at June 30, 2020 | 554,500 | $14.07 | | Exercised | (132,000) | $7.43 | | Forfeited | (5,500) | $10.68 | | **Outstanding at June 30, 2021** | **417,000** | **$16.22** | Restricted Stock Activity (Fiscal Year 2021) | Activity | Shares | Weighted-Average Award Date Fair Value | | :--- | :--- | :--- | | Unvested at June 30, 2020 | 225,500 | $18.55 | | Vested | (112,750) | $18.53 | | Forfeited | (11,500) | $18.57 | | **Unvested at June 30, 2021** | **101,250** | **$18.57** | [Note 16: Fair Value of Financial Instruments](index=204&type=section&id=Note%2016%3A%20Fair%20Value%20of%20Financial%20Instruments) This note provides a breakdown of assets measured at fair value on both a recurring and nonrecurring basis, categorized by fair value hierarchy levels Assets Measured at Fair Value on a Recurring Basis (June 30, 2021) | Asset Type | Level 1 ($ thousands) | Level 2 ($ thousands) | Level 3 ($ thousands) | Total ($ thousands) | | :--- | :--- | :--- | :--- | :--- | | Investment securities - available for sale | $0 | $3,433 | $154 | $3,587 | | Loans held for investment, at fair value | $0 | $0 | $1,874 | $1,874 | | Interest-only strips | $0 | $0 | $10 | $10 | | **Total** | **$0** | **$3,433** | **$2,038** | **$5,471** | Assets Measured at Fair Value on a Nonrecurring Basis (June 30, 2021) | Asset Type | Level 2 ($ thousands) | Level 3 ($ thousands) | Total ($ thousands) | | :--- | :--- | :--- | :--- | | Non-performing loans | $899 | $7,747 | $8,646 | | Mortgage servicing assets | $0 | $208 | $208 | | **Total** | **$899** | **$7,955** | **$8,854** |

Financial Data and Key Metrics Changes - In Q4 2021, the company originated and purchased $93.3 million of loans held for investment, an increase from $61 million in the prior sequential quarter [5] - Nonperforming assets decreased to $8.6 million from $9.8 million on March 31, 2021 [7] - The allowance for loan losses to gross loans held for investment decreased to 88 basis points from 98 basis points [8] - The net interest margin compressed by 6 basis points to 2.54% due to a decrease in the average yield on total interest-bearing assets [8][9] Business Line Data and Key Metrics Changes - Loans held for investment increased by approximately 1% compared to March 31, 2021, with increases in single-family and multifamily loan categories [6] - The company recorded a $767,000 negative provision for loan losses in the June 2021 quarter [8] - The average cost of deposits decreased by 2 basis points to 15 basis points [9] Market Data and Key Metrics Changes - The purchase market remains active but is constrained by low inventory, with demand for single-family products being robust [15] - Refinance activity began to slow in the June quarter but has since grown as mortgage rates have decreased [14] Company Strategy and Development Direction - The company aims to leverage its balance sheet with prudent loan portfolio growth while redeploying excess liquidity into government-sponsored mortgage-backed securities [11][12] - Maintaining cash dividends is prioritized over stock buyback activity, although stock repurchase remains a valid capital management tool [12][22] Management's Comments on Operating Environment and Future Outlook - Management expressed that current health protocols may have a minor impact on loan originations, but overall market activity remains strong [24][25] - The company believes that the lending environment is normalizing back to pre-pandemic levels, despite challenges in the purchase market [15][24] Other Important Information - The company recorded a $2.4 million credit for the employee retention tax credit in the June 2021 quarter [10] - The FTE count decreased to 161 from 178 year-over-year, indicating a 10% decline [10] Q&A Session Summary Question: Has refinance activity slowed or is it still elevated? - Management noted that refinance activity began to slow in the June quarter but has since grown as mortgage rates have decreased [14] Question: Can you describe the overall lending environment? - Management indicated that the purchase market is active but constrained by low inventory, with demand for single-family products remaining strong [15] Question: Was the current tax rate partly attributable to the employee retention tax credit? - Management confirmed that the employee retention credit provided a benefit, affecting the tax rate for the quarter [16] Question: Can you expand on the expense base and potential for branch consolidation? - Management stated that branch consolidation is reviewed as leases become due, and they have reduced FTE count significantly [20][21] Question: Is there a threshold where stock repurchase would become a priority? - Management emphasized that supporting the cash dividend is the priority, but stock repurchase remains part of their capital management strategy [22] Question: What is the concern level about future loan originations given health warnings? - Management believes there may be a minor impact from health conditions, but overall market activity remains strong [24][25]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 [ ] 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 specified in its cha ...

Financial Data and Key Metrics Changes - In Q3 2021, the company originated and purchased $61 million of loans held for investment, an increase from $29.6 million in the prior sequential quarter [6] - Loan principal payments and payoffs were $75.7 million, up from $59.6 million in the previous quarter [6] - Loans held for investment decreased by approximately 2% compared to December 31, 2020, with declines across various categories [6] - Non-performing assets decreased to $9.8 million from $10.3 million on December 31, 2020 [7] - The allowance for loan losses to gross loans held for investment decreased to 98 basis points from 99 basis points [9] - Net interest margin compressed by 6 basis points to 2.6% for the quarter ended March 31, 2021 [9][10] - Operating expenses declined to approximately $6.9 million, an 8% decrease compared to the same quarter last year [11] Business Line Data and Key Metrics Changes - The company experienced growth in single-family and multi-family pipelines, indicating potential for increased originations and purchases in the upcoming quarter [6] - The average cost of deposits decreased by 4 basis points to 17 basis points for the quarter [10] - The company recorded a $200,000 negative provision for loan losses in the March 2021 quarter [8] Market Data and Key Metrics Changes - Competition remains elevated for lower credit risk loan products, with multi-family and commercial real estate borrowers considering transactions due to improved economic conditions [6] - The California banking landscape has seen significant changes, with multiple deals announced recently, presenting potential opportunities for the company [25] Company Strategy and Development Direction - The company aims to leverage its balance sheet with prudent loan portfolio growth, although executing this strategy may be challenging in the current environment [11] - The company is redeploying excess liquidity into government-sponsored mortgage-backed securities [12] - Maintaining cash dividends is prioritized over stock buyback activities, although share repurchases have begun under the April 2020 program [12] Management's Comments on Operating Environment and Future Outlook - Management noted that current credit quality is holding up well, with no early-stage delinquency balances reported [7] - There is an expectation that payoff volume will decline, particularly in the single-family space, due to rising mortgage interest rates [30] - The company is optimistic about origination volume based on current pipelines and expects to meet or exceed previous quarter's performance [32] Other Important Information - The company has not adopted CECL, making its allowance methodology not directly comparable to CECL adopters [9] - The company is evaluating its branch structure to identify potential cost-saving opportunities [20][21] Q&A Session Summary Question: Expectations for changes in amortization due to rate changes - Management indicated that a decline in payoff volume could lead to a reduction in net deferred loan cost amortization, positively impacting net interest margin [16] Question: Considerations for stock buyback program - Management acknowledged that the stock is trading below book value, suggesting an opportunity for buybacks, but emphasized executing the existing plan [18] Question: Thoughts on expense base and cost reduction initiatives - Management is continuously looking to reduce operating costs and is evaluating branch structures for potential savings [20][21] Question: Broader market changes and opportunities - Management noted that consolidation in the California banking landscape could present opportunities for deposit and loan activity, although competition remains strong [26] Question: Outlook for loan growth and payoffs - Management expects a decline in payoff volume and is cautiously optimistic about loan growth based on current pipelines [30][32]

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=ITEM%201%20-%20Financial%20Statements) Unaudited interim financial statements detail the company's financial condition, operating results, and cash flows for the period [Condensed Consolidated Statements of Financial Condition](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Condition) Total assets decreased slightly to $1.17 billion, with a shift from cash and loans to investment securities Condensed Consolidated Statements of Financial Condition (In Thousands) | Account | December 31, 2020 | June 30, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $74,001 | $116,034 | | Investment securities | $207,256 | $123,344 | | Loans held for investment, net | $855,086 | $902,796 | | **Total Assets** | **$1,170,727** | **$1,176,837** | | **Liabilities** | | | | Total deposits | $909,968 | $892,969 | | Borrowings | $116,015 | $141,047 | | **Total Liabilities** | **$1,045,743** | **$1,052,861** | | **Total Stockholders' Equity** | **$124,984** | **$123,976** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net income declined significantly for the quarter and six-month period, driven primarily by lower net interest income Key Operating Results (In Thousands, Except Per Share Data) | Metric | Quarter Ended Dec 31, 2020 | Quarter Ended Dec 31, 2019 | Six Months Ended Dec 31, 2020 | Six Months Ended Dec 31, 2019 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $7,638 | $9,639 | $15,804 | $19,221 | | Provision for loan losses | $39 | $(22) | $259 | $(203) | | Non-interest Income | $974 | $1,344 | $2,133 | $2,414 | | Non-interest Expense | $6,916 | $7,554 | $13,901 | $14,792 | | **Net Income** | **$1,176** | **$2,398** | **$2,661** | **$4,960** | | **Diluted EPS** | **$0.16** | **$0.31** | **$0.36** | **$0.65** | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) A net decrease in cash of $42.0 million resulted from significant use of cash for investing and financing activities Cash Flow Summary for Six Months Ended December 31 (In Thousands) | Activity | 2020 | 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $6,733 | $2,077 | | Net cash used for investing activities | $(38,577) | $(44,524) | | Net cash (used for) provided by financing activities | $(10,189) | $20,048 | | **Net decrease in cash and cash equivalents** | **$(42,033)** | **$(22,399)** | [Notes to Unaudited Interim Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes reveal a mortgage-heavy loan portfolio, an increased allowance for loan losses, and the impact of COVID-19 - The loan portfolio is primarily composed of mortgage loans, with multi-family loans at **$488.4 million** and single-family loans at **$257.9 million** as of December 31, 2020[50](index=50&type=chunk) - The allowance for loan losses increased to **$8.54 million (0.99% of gross loans)** at Dec 31, 2020, from $8.27 million (0.91% of gross loans) at June 30, 2020, reflecting increased qualitative adjustments due to the COVID-19 pandemic's economic impact[56](index=56&type=chunk)[59](index=59&type=chunk)[240](index=240&type=chunk) - As of December 31, 2020, the Corporation had granted forbearance on 65 loans totaling **$26.7 million** related to COVID-19 hardship, with 8 loans totaling **$2.6 million** remaining in forbearance[96](index=96&type=chunk) - Restructured loans increased significantly to **$8.2 million** as of December 31, 2020, from $2.6 million at June 30, 2020, primarily due to extended COVID-19 related forbearance modifications[82](index=82&type=chunk)[83](index=83&type=chunk)[97](index=97&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=ITEM%202%20-%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes financial results, highlighting decreased profitability due to margin compression and the ongoing impact of COVID-19 [Executive Summary and Operating Strategy](index=45&type=section&id=Executive%20Summary%20and%20Operating%20Strategy) The company outlines its community banking strategy focused on real estate lending and improving its deposit mix amid economic headwinds - The company's primary business is community banking, focusing on deposits and real estate lending (single-family, multi-family, commercial) in Southern California[168](index=168&type=chunk)[169](index=169&type=chunk) - The operating strategy is to moderately increase total assets by growing various loan categories and to improve the deposit mix by increasing lower-cost checking/savings accounts and decreasing higher-cost time deposits[170](index=170&type=chunk) - Management anticipates that the COVID-19 pandemic and the **150 basis point reduction** in the federal funds rate in March 2020 will negatively impact net interest income and margin for calendar 2021 and possibly longer[170](index=170&type=chunk) [COVID-19 Impact to the Corporation](index=46&type=section&id=COVID-19%20Impact%20to%20the%20Corporation) The company is actively managing the pandemic's impact through customer relief programs, with a small number of loans remaining in forbearance Loan Forbearance Status as of December 31, 2020 (Dollars in Thousands) | Loan Type | Forbearance Granted (Count) | Forbearance Granted (Amount) | Forbearance Remaining (Count) | Forbearance Remaining (Amount) | | :--- | :--- | :--- | :--- | :--- | | Single-family loans | 58 | $23,239 | 6 | $1,835 | | Multi-family loans | 5 | $2,346 | 2 | $763 | | Commercial real estate loans | 2 | $1,066 | 0 | $0 | | **Total** | **65** | **$26,651** | **8** | **$2,598** | - Of the loans that completed their initial forbearance period, 16 single-family loans totaling **$6.3 million** were extended and subsequently reclassified as restructured loans[182](index=182&type=chunk) - Potential future impacts from COVID-19 include higher provisions for loan losses, negative pressure on net interest margin from low interest rates, a decline in non-interest income, and increased non-interest expenses[186](index=186&type=chunk) [Comparison of Financial Condition at December 31, 2020 and June 30, 2020](index=48&type=section&id=Comparison%20of%20Financial%20Condition%20at%20December%2031%2C%202020%20and%20June%2030%2C%202020) The balance sheet remained stable as a decrease in cash and loans was offset by a significant increase in investment securities - Total assets decreased by **$6.1 million (1%)** to $1.17 billion[189](index=189&type=chunk) - Cash and cash equivalents decreased by **$42.0 million (36%)** to $74.0 million, used to fund investment security purchases and pay down borrowings[190](index=190&type=chunk) - Loans held for investment decreased by **$47.7 million (5%)** to $855.1 million, primarily due to a decline in single-family loans as repayments outpaced originations[192](index=192&type=chunk) - Investment securities increased by **$84.0 million (68%)** to $207.3 million, following purchases of $106.4 million[191](index=191&type=chunk) - Total deposits increased by **$17.0 million (2%)** to $910.0 million, as a $33.2 million increase in transaction accounts offset a $16.2 million decrease in time deposits[196](index=196&type=chunk) - Total borrowings decreased by **$25.0 million (18%)** to $116.0 million due to repayments[197](index=197&type=chunk) [Comparison of Operating Results for the Quarter and Six Months ended December 31, 2020 and 2019](index=50&type=section&id=Comparison%20of%20Operating%20Results) Quarterly and six-month net income declined significantly year-over-year, driven by lower net interest income and a weaker efficiency ratio Key Performance Metrics | Metric | Q2 FY2021 | Q2 FY2020 | 6M FY2021 | 6M FY2020 | | :--- | :--- | :--- | :--- | :--- | | Net Income (in millions) | $1.2 | $2.4 | $2.7 | $5.0 | | Diluted EPS | $0.16 | $0.31 | $0.36 | $0.65 | | Return on Average Assets | 0.40% | 0.87% | 0.45% | 0.91% | | Return on Average Equity | 3.77% | 7.81% | 4.27% | 8.13% | | Efficiency Ratio | 80% | 69% | 78% | 68% | [Asset Quality](index=62&type=section&id=Asset%20Quality) Asset quality deteriorated as non-performing and restructured loans increased significantly from the previous period Non-Performing Assets (In Thousands) | Metric | Dec 31, 2020 | June 30, 2020 | | :--- | :--- | :--- | | Total non-performing loans | $10,270 | $4,924 | | Real estate owned, net | $0 | $0 | | **Total non-performing assets** | **$10,270** | **$4,924** | | NPLs as a % of loans held for investment, net | 1.20% | 0.55% | | NPAs as a % of total assets | 0.88% | 0.42% | - Total restructured loans increased by **215%** to **$8.2 million** at Dec 31, 2020, from $2.6 million at June 30, 2020, with all restructured loans on non-accrual status[260](index=260&type=chunk) Classified Assets (In Thousands) | Classification | Dec 31, 2020 | June 30, 2020 | | :--- | :--- | :--- | | Special mention loans | $4,667 | $8,600 | | Substandard loans | $10,270 | $5,469 | | **Total classified assets** | **$14,937** | **$14,069** | [Liquidity and Capital Resources](index=66&type=section&id=Liquidity%20and%20Capital%20Resources) The Corporation maintains adequate liquidity and strong capital ratios that remain well above all regulatory requirements - Primary sources of funds are deposits and loan payments, and as of Dec 31, 2020, the Corporation had **$74.0 million** in cash and cash equivalents[268](index=268&type=chunk)[272](index=272&type=chunk) - The Corporation has significant secondary liquidity sources, including a remaining FHLB borrowing facility of **$277.9 million** and a **$176.2 million** discount window facility at the Federal Reserve[272](index=272&type=chunk) Bank Regulatory Capital Ratios as of December 31, 2020 | Ratio | Actual | Minimum to Be Well Capitalized | | :--- | :--- | :--- | | Tier 1 leverage capital | 9.78% | 5.00% | | CET1 capital | 18.30% | 6.50% | | Tier 1 capital | 18.30% | 8.00% | | Total capital | 19.56% | 10.00% | - The Bank paid a cash dividend of **$5.0 million** to the holding company in the first six months of fiscal 2021, while the holding company paid **$2.1 million** in dividends to its shareholders[278](index=278&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=69&type=section&id=ITEM%203%20-%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The Corporation is asset-sensitive and manages interest rate risk through its loan origination and investment strategies - The Corporation's strategy to mitigate interest rate risk involves originating adjustable-rate loans and holding frequently repricing mortgage-backed securities[281](index=281&type=chunk) Net Portfolio Value (NPV) Sensitivity as of December 31, 2020 (in thousands) | Basis Points Change in Rates | NPV Change | NPV as % of Portfolio Value Assets | | :--- | :--- | :--- | | +300 bp | $111,580 | 19.77% | | +200 bp | $82,528 | 17.88% | | +100 bp | $48,233 | 15.57% | | 0 bp | $0 | 12.14% | | -100 bp | $(19,278) | 10.73% | Net Interest Income (NII) Sensitivity (Next 12 Months) | Basis Point Change in Rates | Change in NII (Dec 31, 2020) | Change in NII (June 30, 2020) | | :--- | :--- | :--- | | +300 bp | 9.42% | 15.11% | | +200 bp | 6.28% | 9.95% | | +100 bp | 3.40% | 5.25% | | -100 bp | (0.10)% | (0.05)% | - The Corporation is asset sensitive, meaning its net interest income is projected to increase in a rising interest rate environment and decrease slightly in a falling rate environment[297](index=297&type=chunk) [Controls and Procedures](index=73&type=section&id=ITEM%204%20-%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls - The CEO and CFO concluded that the Corporation's disclosure controls and procedures were **effective** as of December 31, 2020[299](index=299&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, these controls[300](index=300&type=chunk) [PART II - OTHER INFORMATION](index=73&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=73&type=section&id=Item%201.%20Legal%20Proceedings) No pending legal proceedings are expected to have a material adverse effect on the Corporation's financial condition - The Corporation is not a party to any pending legal proceedings that it believes would have a **material adverse effect** on its financial condition or operations[301](index=301&type=chunk) [Risk Factors](index=74&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the most recent Annual Report - **No material changes** in risk factors were reported since the last Annual Report on Form 10-K[302](index=302&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=74&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The Corporation did not repurchase shares under its public plan but did acquire shares from employees for tax purposes - The Corporation did not purchase any shares under its April 2020 stock repurchase plan during the quarter[305](index=305&type=chunk) - As of December 31, 2020, **371,815 shares** were available for purchase under the plan, which expires on April 30, 2021[305](index=305&type=chunk) - The Corporation purchased **505 shares** from employees at an average price of $13.68 per share to satisfy their withholding tax obligations on vested restricted stock[304](index=304&type=chunk)[306](index=306&type=chunk)

Start Time: 12:00 January 1, 0000 12:29 PM ET Provident Financial Holdings, Inc. (NASDAQ:PROV) Q2 2021 Earnings Conference Call January 28, 2021, 12:00 PM ET Company Participants Craig Blunden - Chairman and CEO Donavon Ternes - President, COO and CFO Conference Call Participants Timothy Coffey - Janney Montgomery Scott Operator Ladies and gentlemen, thank you for standing by. Welcome to the Second Quarter Earnings Call. At this time, all participants are in a listen-only mode. Later, there will be an oppor ...

Provident Financial Holdings, Inc. (NASDAQ:PROV) Q3 2020 Results Earnings Conference Call October 29, 2020 12:00 PM ET Company Participants Craig Blunden - Chairman and CEO Donavon Ternes - President, Chief Operating and CFO Conference Call Participants Tim Coffey - Janney Montgomery Scott Matthew Clark - Piper Sandler & Co. Operator And ladies and gentlemen, thank you for standing by. Welcome to the Provident Financial Holdings First Quarter Earnings Conference Call. At this time, all participants are in l ...

TM | --- | --- | --- | |-------|-------|-------| | | | | | | | | | D | | | September 30, 2020 PROVIDENT2 www.myprovident.com Safe Harbor Statement This presentation contains statements that the Company believes are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to the Company's financial condition, liquidity, results of operations, plans, objectives, future performance or business. You should not place undue reliance on these ...

Provident Financial Holdings, Inc. (NASDAQ:PROV) Q4 2020 Earnings Conference Call July 29, 2020 12:00 PM ET Company Participants Craig Blunden - Chairman & CEO Donavon Ternes - President, COO, CFO & Corporate Secretary Conference Call Participants Matthew Clark - Piper Sandler & Co. Timothy Coffey - Janney Montgomery Scott Kevin Swanson - Hovde Group Operator Ladies and gentlemen, thank you for standing by, and welcome to the Provident Financial Holdings Fourth Quarter Earnings Conference Call. [Operator In ...