Provident Financial (PROV) - 2025 Q2 - Quarterly Results

Financial Performance - Net income for the second quarter of fiscal 2025 was $872,000, down 54$872 million, a significant decrease of 59.3% from $2,141 million in the same quarter of 2023[44]. - Basic earnings per share for the quarter ended December 31, 2024, was$0.13, down from $0.31 in the same quarter of 2023, reflecting a decline of 58.1$0.13, a decrease of 53.57% compared to $0.31 in Q4 2023[50]. - The provision for income taxes was$352,000 for Q2 fiscal 2025, down 60 percent from $884,000 in the same quarter last year[31]. Interest Income and Margin - Net interest margin increased to 2.91$14,021 million, an increase of 2.6% from $13,665 million in the same quarter of 2023[44]. - Net interest income after provision for credit losses decreased to$8,173 million for the quarter ended December 31, 2024, down from $9,494 million in the prior year, representing a decline of 13.9$1.05 billion as of December 31, 2024[1]. - Total loans originated for investment increased by 80% to $36.4 million compared to$20.2 million in the same quarter last year[11]. - Total loans originated for investment in the quarter ended December 31, 2024, amounted to $36,443 million, a substantial increase from$20,204 million in the same quarter of 2023, representing an increase of 80.3%[48]. - Total loans held for investment decreased to $1.050 billion in Q4 2024 from$1.073 billion in Q4 2023, reflecting a decline of 2.23%[54]. Deposits and Liabilities - Total deposits decreased by 2% to $867.5 million compared to June 30, 2024[1]. - Total deposits were$867,515,000 as of December 31, 2024, compared to $888,348,000 in the previous quarter[41]. - Total deposits amounted to$867.515 million in Q4 2024, down 4.86% from $911.980 million in Q4 2023[55]. - Total interest-bearing liabilities for the quarter ended December 31, 2024, were$1,089.8 million at a rate of 1.92%, down from $1,145.2 million at 1.69$30,000, or three percent, to $845,000 in Q2 fiscal 2025 from$875,000 in the same period last year[27]. - Non-interest income totaled $845 million for the quarter ended December 31, 2024, a decrease of 3.4$875 million in the same quarter of 2023[44]. - Non-interest expense increased by $450,000, or six percent, to$7.79 million in Q2 fiscal 2025 from $7.34 million in the same quarter last year[28]. Efficiency and Ratios - The efficiency ratio in Q2 fiscal 2025 was 81.15 percent, an increase from 76.11 percent in the same quarter last year[30]. - The efficiency ratio increased to 81.15$586,000, contrasting with a $720,000 recovery in the same period last year[21]. - The allowance for credit losses on loans held for investment was$7.0 million, or 0.66% of gross loans held for investment[26]. - Non-performing assets to total assets ratio was 0.20%, unchanged from June 30, 2024[1]. - Non-performing loans as of December 31, 2024, totaled $2.5 million, an increase from$1.8 million in the same period of 2023[64]. Shareholder Equity and Stock Repurchase - The Company had a total stockholders' equity of $128,630,000 as of December 31, 2024[41]. - The Company repurchased 63,556 shares at an average cost of$16.04 per share during the quarter ended December 31, 2024[32]. - Total stockholders' equity increased slightly to $131.1 million as of December 31, 2024, from$130.6 million in 2023[60].