Provident Financial (US:PROV)2023-05-05 17:59Financial Performance - Net income for the nine months ended March 31, 2023, was $6,784,000, compared to $6,630,000 for the same period in 2022, reflecting a growth of 2.3%[13] - For the quarter ended March 31, 2023, net income available to common stockholders was $2,323,000, an increase of 36.7% compared to $1,699,000 for the same period in 2022[32] - Net income for the third quarter of fiscal 2023 was $2.3 million, up $624,000 or 37% from $1.7 million in the same period of fiscal 2022[171] - For the first nine months of fiscal 2023, net income was $6.8 million, an increase of $154,000, or 2%, from $6.6 million in the same period of fiscal 2022[172] Earnings and Dividends - Basic earnings per share for the quarter ended March 31, 2023, was $0.33, up from $0.23 in the same quarter of 2022, indicating a 43.5% increase[11] - The company paid cash dividends of $0.14 per share in the quarter ended March 31, 2023[15] - Total cash dividends paid were $3,015,000 for the nine months ended March 31, 2023, compared to $3,126,000 in the prior year, indicating a decrease of about 3.5%[22] - Diluted earnings per share for the third quarter of fiscal 2023 were $0.33, up 43% from $0.23 in the same period last year[176] Assets and Liabilities - Total assets increased to $1,335,280,000 as of March 31, 2023, up from $1,187,038,000 on June 30, 2022, representing a growth of approximately 12.4%[9] - Total liabilities rose to $1,205,874,000 as of March 31, 2023, compared to $1,058,388,000 on June 30, 2022, an increase of 13.9%[9] - Total stockholders' equity as of March 31, 2023, was $129,406,000, an increase from $127,617,000 as of March 31, 2022, reflecting a growth of approximately 1.4%[20] Deposits and Cash - Total deposits increased to $983,046,000 as of March 31, 2023, compared to $955,504,000 on June 30, 2022, marking a rise of 2.9%[9] - Cash and cash equivalents increased significantly to $60,771,000 as of March 31, 2023, from $23,414,000 on June 30, 2022, representing a growth of 159.5%[9] - Total uninsured deposits were approximately $177.8 million at March 31, 2023, compared to $169.7 million at June 30, 2022[166] Loans and Provisions - Total loans held for investment increased to $1,074,160,000 as of March 31, 2023, up 14.4% from $937,970,000 as of June 30, 2022[45] - The provision for loan losses was $169,000 for the quarter ended March 31, 2023, compared to a recovery of $(645,000) in the same quarter of 2022, indicating a shift in loan loss provisioning[11] - The allowance for loan losses was $6,001,000 as of March 31, 2023, compared to $5,564,000 a year earlier, indicating a 7.9% increase[45] Interest Income and Expense - Net interest income for the quarter ended March 31, 2023, was $9,401,000, an increase of 24.5% compared to $7,538,000 for the same quarter in 2022[11] - Total interest income increased by $3.7 million, or 45%, to $12.0 million for the third quarter of fiscal 2023[181] - Total interest expense increased by $2.9 million, or 120 percent, to $5.3 million in the first nine months of fiscal 2023 from $2.4 million in the same period last year[196] Non-Interest Income - Non-interest income for the nine months ended March 31, 2023, was $2,940,000, down from $3,551,000 in the same period of 2022, a decrease of 17.2%[11] - Total non-interest income for the quarter ended March 31, 2023, was $981,000, a decrease of 11.9% from $1,114,000 in the same quarter of 2022[122] Investment Securities - Total investment securities held to maturity as of March 31, 2023, amounted to $161,336,000, with an unrealized loss of $17,467,000[33] - Investment securities decreased by $24.8 million, or 13 percent, to $163.6 million at March 31, 2023, from $188.4 million at June 30, 2022[161] Risk Management - The Corporation's management continually evaluates the credit quality of the loan portfolio, indicating a proactive risk assessment strategy[47] - Non-performing loans are charged-off when they become 150 days delinquent for real estate secured loans, indicating a stringent risk management approach[49] Stock Repurchase - The Corporation purchased 98,307 shares of its common stock during the quarter ended March 31, 2023, at a weighted average cost of $14.20 per share[136] - As of March 31, 2023, there were 113,038 shares, or 31% of authorized shares, remaining available for purchase under the stock repurchase plan[136]