Provident Financial (US:PROV)2021-05-07 19:17Financial Performance - Net income for the quarter ended March 31, 2021, was $1,561,000, representing a 36.3% increase from $1,145,000 in the same quarter of 2020[14] - Basic earnings per share rose to $0.21 for the quarter ended March 31, 2021, compared to $0.15 for the same period in 2020, marking a 40.0% increase[14] - Net income for the nine months ended March 31, 2021, was $4,222,000, a decrease of 30.9% compared to $6,105,000 for the same period in 2020[26] - Basic earnings per share for the nine months ended March 31, 2021, was $0.57, down from $0.82 in the same period of 2020, indicating a decline of 30.5%[35] Assets and Liabilities - Total assets increased to $1,189,296,000 as of March 31, 2021, compared to $1,176,837,000 as of June 30, 2020, reflecting a growth of 1.0%[11] - Total deposits increased to $933,756,000 as of March 31, 2021, compared to $892,969,000 as of June 30, 2020, reflecting a growth of 4.6%[11] - Cash and cash equivalents decreased to $71,629,000 as of March 31, 2021, from $116,034,000 as of June 30, 2020, a decline of 38.2%[11] - Stockholders' equity increased to $125,750,000 as of March 31, 2021, from $123,976,000 as of June 30, 2020, reflecting a growth of 1.4%[11] Income and Expenses - Total interest income decreased to $8,430,000 for the quarter ended March 31, 2021, down 19.2% from $10,430,000 in the prior year quarter[14] - Non-interest income increased to $1,199,000 for the quarter ended March 31, 2021, up 8.9% from $1,101,000 in the same quarter of 2020[14] - Total non-interest expense decreased to $6,909,000 for the quarter ended March 31, 2021, down 7.9% from $7,505,000 in the prior year quarter[14] - Cash dividends per share remained stable at $0.14 for both the quarter ended March 31, 2021, and the same quarter in 2020[14] Loan Performance - The provision for loan losses showed a recovery of $200,000 for the quarter ended March 31, 2021, compared to a provision of $874,000 in the same quarter of 2020[14] - Total loans held for investment, net, decreased to $840.3 million as of March 31, 2021, from $902.8 million as of June 30, 2020[45] - Non-performing loans totaled $10,721,000 as of March 31, 2021, with $9,595,000 classified as single-family loans and $1,126,000 as multi-family loans[56] - The allowance for loan losses was $8,346,000 as of March 31, 2021, slightly up from $8,265,000 at June 30, 2020[45] Investment Securities - Total investment securities as of March 31, 2021, amounted to $243,312,000, with a fair value of $243,282,000[36] - Total investment securities held to maturity increased to $239.5 million as of March 31, 2021, from $118.6 million as of June 30, 2020[44] - The Corporation's total investment securities had an estimated fair value of $243,312,000 as of March 31, 2021, reflecting an increase from $125,918,000 as of June 30, 2020[38] Cash Flow - Net cash provided by operating activities increased to $9,025,000 for the nine months ended March 31, 2021, compared to $3,906,000 for the same period in 2020[26] - The Corporation reported a net cash used for investing activities of $(60,862,000) for the nine months ended March 31, 2021, compared to $(10,568,000) in the prior year[26] - Cash paid for income taxes increased to $2,970,000 for the nine months ended March 31, 2021, compared to $775,000 in the same period of 2020[26] Forbearance and Restructured Loans - As of March 31, 2021, a total of 67 loans were granted forbearance related to COVID-19, amounting to $28.08 million, with 60 loans completed forbearance totaling $24.986 million[77] - The total restructured loans amounted to $8.323 million as of March 31, 2021, an increase from $2.643 million as of June 30, 2020[86] - The Corporation held 23 restructured loans with a net outstanding balance of $8.3 million, of which $8.1 million were classified as substandard and on non-accrual status[82] Fair Value Measurements - The total fair value of financial assets as of March 31, 2021, was $10,012,000, compared to $5,306,000 as of June 30, 2020, indicating a substantial increase[118] - The fair value of loans held for investment was $1,879,000, with an unpaid principal balance of $1,948,000, resulting in an unrealized loss of $69,000[102] - The fair value of deposits as of March 31, 2021, was $901,496,000, down from $864,239,000 as of June 30, 2020, indicating a decrease of approximately 4.0%[123]