Provident Financial Holdings, Inc. (“Company”), NASDAQ GS: PROV,
the holding company for Provident Savings Bank, F.S.B. (“Bank”),
today announced second quarter earnings for the fiscal year ending
June 30, 2023.
For the quarter ended December 31, 2022, the
Company reported net income of $2.37 million, or $0.33 per diluted
share (on 7.24 million average diluted shares outstanding), up five
percent from net income of $2.26 million, or $0.30 per diluted
share (on 7.48 million average diluted shares outstanding), in the
comparable period a year ago. The increase in earnings was
primarily attributable to a $1.72 million increase in net interest
income and a $101,000 decrease in non-interest expenses, partly
offset by a $1.26 million change to the provision for loan losses
to a $191,000 provision for loan losses this quarter in contrast to
a $1.07 million recovery from the allowance for loan losses in the
same quarter last year and a $412,000 decrease in non-interest
income.
“We are pleased with our recent financial
results and the growth of the Company. Loans held for investment
are expanding, net interest income is increasing, the net interest
margin is stable and operating expenses are well-controlled,” said
Craig G. Blunden, Chairman and Chief Executive Officer of the
Company. “Credit quality remains strong and we have not seen any
deterioration in the performance of our loan portfolio despite the
higher interest rate and inflationary economic environment,”
concluded Blunden.
Return on average assets for the second quarter
of fiscal 2023 was 0.75 percent, down slightly from 0.76 percent
for the same period of fiscal 2022; but return on average
stockholders’ equity for the second quarter of fiscal 2023 was 7.27
percent, up from 7.11 percent for the comparable period of fiscal
2022.
On a sequential quarter basis, the $2.37 million
net income for the second quarter of fiscal 2023 reflects a 13
percent increase from $2.09 million in the first quarter of fiscal
2023. The increase was primarily attributable to a $420,000
increase in net interest income and a $143,000 decrease in
non-interest expenses (mainly a decrease in professional expenses,
partly offset by an increase in salaries and employee benefits
expenses), partly offset by a $121,000 increase in the provision
for loan losses. Diluted earnings per share for the second quarter
of fiscal 2023 were $0.33 per share, up 14 percent from the $0.29
per share during the first quarter of fiscal 2023. Return on
average assets was 0.75 percent for the second quarter of fiscal
2023, up from 0.69 percent in the first quarter of fiscal 2023; and
return on average stockholders’ equity for the second quarter of
fiscal 2023 was 7.27 percent, up from 6.42 percent for the first
quarter of fiscal 2023.
For the six months ended December 31, 2022, net
income decreased $470,000, or 10 percent, to $4.46 million from
$4.93 million in the comparable period ended December 31, 2021.
Diluted earnings per share for the six months ended December 31,
2022 decreased six percent to $0.61 per share (on 7.27 million
average diluted shares outstanding) from $0.65 per share (on 7.53
million average diluted shares outstanding) for the comparable
six-month period last year. The decrease in earnings was primarily
attributable to a $1.67 million change in the provision for loan
losses to a $261,000 provision for loan losses in the first six
months ended December 31, 2022 in contrast to a $1.41 million
recovery from the allowance for loan losses in the comparable
period last year, and a $1.17 million increase in non-interest
expense (primarily attributable to the $1.20 million employee
retention tax credit recorded in the first quarter of fiscal 2022
and not replicated in the current quarter) and a $478,000 decrease
in non-interest income (mainly a decrease in loan prepayment fees),
partly offset by a $2.80 million increase in net-interest
income.
In the second quarter of fiscal 2023, net
interest income increased $1.73 million, or 23 percent, to $9.39
million from $7.66 million for the same quarter last year. The
increase in net interest income was primarily due to a higher net
interest margin due to a shift in the composition of
interest-earning assets towards higher yielding loans held for
investment and an increase in the average yield on interest-earning
deposits reflecting recent increases in the targeted federal funds
rate, partly offset by increases in the average cost of
interest-bearing liabilities. The net interest margin during the
second quarter of fiscal 2023 increased 41 basis points to 3.05
percent from 2.64 percent in the same quarter last year. The
average yield on interest-earning assets increased 70 basis points
to 3.63 percent in the second quarter of fiscal 2023 from 2.93
percent in the same quarter last year while the average cost of
interest-bearing liabilities increased by 31 basis points to 0.63
percent in the second quarter of fiscal 2023 from 0.32 percent in
the same quarter last year. The average balance of interest-earning
assets increased by six percent to $1.23 billion in the second
quarter of fiscal 2023 from $1.16 billion in the same quarter last
year. This increase was attributable to the increase in the average
balance of loans held for investment, partly offset by decreases in
the average balance of investment securities and interest-earning
deposits.
Interest income on loans receivable increased by
$2.32 million, or 29 percent, to $10.24 million in the second
quarter of fiscal 2023 from $7.92 million in the same quarter of
fiscal 2022. The increase was due to a higher average balance and,
to a lesser extent, a higher average loan yield. The average
balance of loans receivable increased by $167.4 million, or 20
percent, to $1.02 billion in the second quarter of fiscal 2023 from
$854.3 million in the same quarter last year. Total loans
originated and purchased for investment in the second quarter of
fiscal 2023 were $74.3 million, up 14 percent from $65.3 million in
the same quarter last year. Loan principal payments received in the
second quarter of fiscal 2023 were $28.0 million, down 61 percent
from $72.5 million in the same quarter last year. The average yield
on loans receivable increased by 30 basis points to 4.01 percent in
the second quarter of fiscal 2023 from 3.71 percent in the same
quarter last year. Net deferred loan cost amortization in the
second quarter of fiscal 2023 decreased 67 percent to $203,000 from
$622,000 in the same quarter last year, attributable primarily to
fewer loan payoffs.
Interest income from investment securities
increased $115,000, or 27 percent, to $548,000 in the second
quarter of fiscal 2023 from $433,000 for the same quarter of fiscal
2022. This increase was attributable to a higher average yield,
partly offset by a lower average balance. The average yield on
investment securities increased 42 basis points to 1.25 percent in
the second quarter of fiscal 2023 from 0.83 percent for the same
quarter last year. The increase in the average investment
securities yield was primarily attributable to a lower premium
amortization during the current quarter in comparison to the same
quarter last year ($203,000 vs. $443,000) attributable to a lower
total principal repayment ($7.6 million vs. $15.5 million) and, to
a lesser extent, the upward repricing of adjustable-rate
mortgage-backed securities. The average balance of investment
securities decreased by $34.5 million, or 16 percent, to $175.2
million in the second quarter of fiscal 2023 from $209.7 million in
the same quarter last year.
In the second quarter of fiscal 2023, the
Federal Home Loan Bank – San Francisco (“FHLB”) distributed a
$145,000 cash dividend to the Bank on its FHLB stock, up 18 percent
from $123,000 in the same quarter last year. The average balance of
FHLB – San Francisco stock in the second quarter of fiscal 2023 was
$8.2 million, virtually unchanged from the same quarter of fiscal
2022 while the average yield increased by 101 basis points to 7.04
percent in the second quarter of fiscal 2023 from 6.03 percent in
the same quarter last year.
Interest income from interest-earning deposits,
primarily cash deposited at the Federal Reserve Bank of San
Francisco, was $241,000 in the second quarter of fiscal 2023, up
589 percent from $35,000 in the same quarter of fiscal 2022. The
increase was due to a higher average yield, partly offset by a
lower average balance. The average yield earned on interest-earning
deposits in the second quarter of fiscal 2023 was 3.89 percent, up
374 basis points from 0.15 percent in the same quarter last year.
The average balance of the Company’s interest-earning deposits
decreased $66.8 million, or 73 percent, to $24.2 million in the
second quarter of fiscal 2023 from $91.0 million in the same
quarter last year primarily due to the utilization of excess funds
for loan portfolio growth.
Interest expense on deposits for the second
quarter of fiscal 2023 was $475,000, a 57 percent increase from
$302,000 for the same period last year. The increase in interest
expense on deposits was attributable to a higher weighted average
cost. The average cost of deposits was 0.20 percent in the second
quarter of fiscal 2023, up eight basis points from 0.12 percent in
the same quarter last year. The average balance of deposits
increased slightly to $962.4 million in the second quarter of
fiscal 2023 from $962.1 million in the same quarter last year.
Transaction account balances or “core deposits”
decreased $32.7 million, or four percent, to $801.7 million at
December 31, 2022 from $834.4 million at June 30, 2022 and time
deposits increased $22.5 million, or 19 percent, to $143.6 million
at December 31, 2022 from $121.1 million at June 30, 2022. The
increase in time deposits was primarily due to a $31.2 million
increase in brokered certificates of deposit with a weighted
average cost of 2.90 percent (including broker fees).
Interest expense on borrowings, consisting of
FHLB – San Francisco advances, for the second quarter of fiscal
2023 increased $765,000, or 140 percent, to $1.31 million from
$546,000 for the same period last year. The increase in interest
expense on borrowings was primarily the result of a higher average
balance and, to a lesser extent, a higher average cost. The average
balance of borrowings increased by $64.7 million, or 73 percent, to
$153.7 million in the second quarter of fiscal 2023 from $89.0
million in the same quarter last year and the average cost of
borrowings increased by 95 basis points to 3.38 percent in the
second quarter of fiscal 2023 from 2.43 percent in the same quarter
last year.
During the second quarter of fiscal 2023, the
Company recorded a provision for loan losses of $191,000, as
compared to the $1.07 million recovery from the allowance for loan
losses recorded during the same period last year and the $70,000
provision for loan losses recorded in the first quarter of fiscal
2023 (sequential quarter). The provision for loan losses primarily
reflects an increase in loans held for investment in the second
quarter of fiscal 2023 while the overall loan credit quality
remains very strong.
Non-performing assets, comprised solely of
non-performing loans with underlying collateral located in
California, decreased $467,000 or 33 percent to $956,000, or 0.08
percent of total assets, at December 31, 2022, compared to $1.4
million, or 0.12 percent of total assets, at June 30, 2022. The
non-performing loans at December 31, 2022 are comprised of five
single-family loans, while the non-performing loans at June 30,
2022 were comprised of seven single-family loans. At both December
31, 2022 and June 30, 2022, there was no real estate owned. Net
loan recoveries for the quarter ended December 31, 2022 were
$1,000, as compared to $262,000 for the quarter ended December 31,
2021 and $4,000 for the quarter ended September 30, 2022
(sequential quarter).
Classified assets were $2.0 million at December
31, 2022 which consist of $514,000 of loans in the special mention
category and $1.5 million of loans in the substandard category.
Classified assets at June 30, 2022 were $1.6 million, consisting of
$224,000 of loans in the special mention category and $1.4 million
of loans in the substandard category.
The allowance for loan losses was $5.8 million,
or 0.56 percent of gross loans held for investment, at December 31,
2022, up from the $5.6 million but down from 0.59 percent of gross
loans held for investment at June 30, 2022. Management believes
that, based on currently available information, the allowance for
loan losses is sufficient to absorb potential losses inherent in
loans held for investment at December 31, 2022 under the incurred
loss methodology.
Non-interest income decreased by $412,000, or 30
percent, to $956,000 in the second quarter of fiscal 2023 from
$1.37 million in the same period last year, primarily due to a
$329,000 decrease in loan servicing and other fees, attributable
primarily to lower loan prepayment fees. On a sequential quarter
basis, non-interest income decreased $47,000 or five percent.
Non-interest expenses decreased by $101,000 or
one percent to $6.80 million in the second quarter of fiscal 2023
from $6.90 million for the same quarter last year. The decrease in
the non-interest expenses in the second quarter of fiscal 2023 was
primarily due to lower salaries and employee benefits expenses and
lower equipment expenses. On a sequential quarter basis,
non-interest expenses decreased by $143,000 or two percent to $6.80
million in the second quarter of fiscal 2023 from $6.94 million in
the first quarter of fiscal 2023, primarily due to a decrease in
professional expenses (mainly a decrease in legal costs), partly
offset by an increase in salaries and employee benefits
expenses.
The Company’s efficiency ratio, defined as
non-interest expense divided by the sum of net interest income and
non-interest income, in the second quarter of fiscal 2023 was 65.74
percent, improving from 76.39 percent in the same quarter last year
and 69.63 percent in the first quarter of fiscal 2023 (sequential
quarter). The improvement in the efficiency ratio is due to both
lower non-interest expenses and higher total revenues during the
current quarter, compared to the comparable quarter last year and
the sequential quarter.
The Company’s provision for income taxes was
$981,000 for the second quarter of fiscal 2023, up five percent
from $935,000 in the same quarter last year primarily due to an
increase in income before income taxes. The effective tax rate in
the second quarter of fiscal 2023 was 29.3 percent as compared to
29.2 percent in the same quarter last year.
The Company repurchased 103,290 shares of its
common stock with an average cost of $14.26 per share during the
quarter ended December 31, 2022 pursuant to its April 2022 stock
repurchase plan. As of December 31, 2022, a total of 211,345 shares
or 58 percent of the shares authorized for repurchase under the
plan remain available to purchase until the plan expires on April
28, 2023.
The Bank currently operates 13 retail/business
banking offices in Riverside County and San Bernardino County
(Inland Empire).
The Company will host a conference call for
institutional investors and bank analysts on Monday, January 30,
2023 at 9:00 a.m. (Pacific) to discuss its financial results. The
conference call can be accessed by dialing 1-877-336-4436 and
referencing access code number 2633623. An audio replay of the
conference call will be available through Monday, February 6, 2023
by dialing 1-866-207-1041 and referencing access code number
2446007.
For more financial information about the Company
please visit the website at www.myprovident.com and click on the
“Investor Relations” section.
Safe-Harbor Statement
This press release 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 statements, as they are subject to risks and uncertainties.
When considering these forward-looking statements, you should keep
in mind these risks and uncertainties, as well as any cautionary
statements the Company may make. Moreover, you should treat these
statements as speaking only as of the date they are made and based
only on information then actually known to the Company. There are a
number of important factors that could cause future results to
differ materially from historical performance and these
forward-looking statements. Factors which could cause actual
results to differ materially from the results anticipated or
implied by our forward-looking statements include, but are not
limited to potential adverse impacts to economic conditions in our
local market areas, other markets where the Company has lending
relationships, or other aspects of the Company's business
operations or financial markets, including, without limitation, as
a result of employment levels, labor shortages and the effects of
inflation, a potential recession or slowed economic growth caused
by increasing political instability from acts of war including
Russia’s invasion of Ukraine, as well as increasing oil prices and
supply chain disruptions, and any governmental or societal
responses to new COVID-19 variants; increased competitive
pressures; changes in the interest rate environment; changes in
general economic conditions, including the effects of inflation,
and conditions within the securities markets; legislative and
regulatory changes, including as a result of the COVID-19 pandemic;
and other factors described in the Company’s latest Annual Report
on Form 10-K and Quarterly Reports on Form 10-Q and other filings
with the Securities and Exchange Commission (“SEC”) - which are
available on our website at www.myprovident.com and on the SEC’s
website at www.sec.gov. We do not undertake and specifically
disclaim any obligation to revise any forward-looking statements to
reflect the occurrence of anticipated or unanticipated events or
circumstances after the date of such statements whether as a result
of new information, future events or otherwise. These risks could
cause our actual results for fiscal 2023 and beyond to differ
materially from those expressed in any forward-looking statements
by, or on behalf of us and could negatively affect our operating
and stock price performance.
Contacts:
Craig G. Blunden Chairman and Chief
Executive Officer
Donavon P. TernesPresident, Chief Operating
Officer and Chief Financial Officer(951) 686-6060
PROVIDENT FINANCIAL HOLDINGS,
INC.Condensed Consolidated Statements of Financial
Condition(Unaudited –In Thousands, Except Share
Information)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|
2022 |
|
2022 |
|
2022 |
|
2022 |
|
2021 |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
24,840 |
|
|
$ |
38,701 |
|
|
$ |
23,414 |
|
|
$ |
60,121 |
|
|
$ |
85,680 |
|
Investment securities – held to maturity, at cost |
|
|
168,232 |
|
|
|
176,162 |
|
|
|
185,745 |
|
|
|
195,579 |
|
|
|
205,065 |
|
Investment securities - available for sale, at fair value |
|
|
2,377 |
|
|
|
2,517 |
|
|
|
2,676 |
|
|
|
2,944 |
|
|
|
3,118 |
|
Loans held for investment, net of allowance for loan losses of
$5,830; $5,638; $5,564; $5,969 and $6,608, respectively; includes
$1,345; $1,350; $1,396; $1,470 and $1,555 at fair value,
respectively |
|
|
1,040,337 |
|
|
|
993,942 |
|
|
|
939,992 |
|
|
|
893,563 |
|
|
|
852,006 |
|
Accrued interest receivable |
|
|
3,343 |
|
|
|
3,054 |
|
|
|
2,966 |
|
|
|
2,850 |
|
|
|
2,862 |
|
FHLB – San Francisco stock |
|
|
8,239 |
|
|
|
8,239 |
|
|
|
8,239 |
|
|
|
8,155 |
|
|
|
8,155 |
|
Premises and equipment, net |
|
|
8,911 |
|
|
|
8,707 |
|
|
|
8,826 |
|
|
|
8,957 |
|
|
|
8,942 |
|
Prepaid expenses and other assets |
|
|
14,763 |
|
|
|
14,593 |
|
|
|
15,180 |
|
|
|
15,665 |
|
|
|
16,577 |
|
Total assets |
|
$ |
1,271,042 |
|
|
$ |
1,245,915 |
|
|
$ |
1,187,038 |
|
|
$ |
1,187,834 |
|
|
$ |
1,182,405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest-bearing deposits |
|
$ |
108,891 |
|
|
$ |
123,314 |
|
|
$ |
125,089 |
|
|
$ |
117,097 |
|
|
$ |
112,022 |
|
Interest-bearing deposits |
|
|
836,411 |
|
|
|
862,010 |
|
|
|
830,415 |
|
|
|
846,403 |
|
|
|
844,326 |
|
Total deposits |
|
|
945,302 |
|
|
|
985,324 |
|
|
|
955,504 |
|
|
|
963,500 |
|
|
|
956,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings |
|
|
180,000 |
|
|
|
115,000 |
|
|
|
85,000 |
|
|
|
80,000 |
|
|
|
80,000 |
|
Accounts payable, accrued interest and other liabilities |
|
|
16,499 |
|
|
|
16,402 |
|
|
|
17,884 |
|
|
|
16,717 |
|
|
|
18,123 |
|
Total liabilities |
|
|
1,141,801 |
|
|
|
1,116,726 |
|
|
|
1,058,388 |
|
|
|
1,060,217 |
|
|
|
1,054,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, $.01 par value (2,000,000 shares authorized; none
issued and outstanding) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Common stock, $.01 par value; (40,000,000 shares authorized;
18,229,615; 18,229,615; 18,229,615; 18,229,615 and 18,229,615
shares issued respectively; 7,132,270; 7,235,560; 7,285,184;
7,320,672 and 7,389,943 shares outstanding, respectively) |
|
|
183 |
|
|
|
183 |
|
|
|
183 |
|
|
|
183 |
|
|
|
183 |
|
Additional paid-in capital |
|
|
98,732 |
|
|
|
98,559 |
|
|
|
98,826 |
|
|
|
98,617 |
|
|
|
98,404 |
|
Retained earnings |
|
|
205,117 |
|
|
|
203,750 |
|
|
|
202,680 |
|
|
|
201,237 |
|
|
|
200,569 |
|
Treasury stock at cost (11,097,345; 10,994,055; 10,944,431;
10,908,943 and 10,839,672 shares, respectively) |
|
|
(174,758 |
) |
|
|
(173,286 |
) |
|
|
(173,041 |
) |
|
|
(172,459 |
) |
|
|
(171,280 |
) |
Accumulated other comprehensive income, net of tax |
|
|
(33 |
) |
|
|
(17 |
) |
|
|
2 |
|
|
|
39 |
|
|
|
58 |
|
Total stockholders’ equity |
|
|
129,241 |
|
|
|
129,189 |
|
|
|
128,650 |
|
|
|
127,617 |
|
|
|
127,934 |
|
Total liabilities and stockholders’ equity |
|
$ |
1,271,042 |
|
|
$ |
1,245,915 |
|
|
$ |
1,187,038 |
|
|
$ |
1,187,834 |
|
|
$ |
1,182,405 |
|
PROVIDENT FINANCIAL HOLDINGS,
INC.Condensed Consolidated Statements of
Operations(Unaudited - In Thousands, Except Earnings Per
Share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Six Months Ended |
|
|
December 31, |
|
December 31, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable, net |
|
$ |
10,237 |
|
|
$ |
7,920 |
|
|
$ |
19,337 |
|
|
$ |
16,095 |
|
Investment securities |
|
|
548 |
|
|
|
433 |
|
|
|
1,084 |
|
|
|
851 |
|
FHLB – San Francisco stock |
|
|
145 |
|
|
|
123 |
|
|
|
268 |
|
|
|
245 |
|
Interest-earning deposits |
|
|
241 |
|
|
|
35 |
|
|
|
380 |
|
|
|
66 |
|
Total interest income |
|
|
11,171 |
|
|
|
8,511 |
|
|
|
21,069 |
|
|
|
17,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Checking and money market deposits |
|
|
61 |
|
|
|
58 |
|
|
|
121 |
|
|
|
115 |
|
Savings deposits |
|
|
44 |
|
|
|
45 |
|
|
|
88 |
|
|
|
86 |
|
Time deposits |
|
|
370 |
|
|
|
199 |
|
|
|
583 |
|
|
|
414 |
|
Borrowings |
|
|
1,311 |
|
|
|
546 |
|
|
|
1,927 |
|
|
|
1,091 |
|
Total interest expense |
|
|
1,786 |
|
|
|
848 |
|
|
|
2,719 |
|
|
|
1,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
9,385 |
|
|
|
7,663 |
|
|
|
18,350 |
|
|
|
15,551 |
|
Provision (recovery) for loan
losses |
|
|
191 |
|
|
|
(1,067 |
) |
|
|
261 |
|
|
|
(1,406 |
) |
Net interest income, after
provision (recovery) for loan losses |
|
|
9,194 |
|
|
|
8,730 |
|
|
|
18,089 |
|
|
|
16,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan servicing and other fees |
|
|
115 |
|
|
|
444 |
|
|
|
223 |
|
|
|
630 |
|
Deposit account fees |
|
|
327 |
|
|
|
325 |
|
|
|
670 |
|
|
|
637 |
|
Card and processing fees |
|
|
367 |
|
|
|
399 |
|
|
|
748 |
|
|
|
804 |
|
Other |
|
|
147 |
|
|
|
200 |
|
|
|
318 |
|
|
|
366 |
|
Total non-interest income |
|
|
956 |
|
|
|
1,368 |
|
|
|
1,959 |
|
|
|
2,437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
4,384 |
|
|
|
4,455 |
|
|
|
8,523 |
|
|
|
7,575 |
|
Premises and occupancy |
|
|
796 |
|
|
|
758 |
|
|
|
1,657 |
|
|
|
1,663 |
|
Equipment |
|
|
258 |
|
|
|
314 |
|
|
|
569 |
|
|
|
602 |
|
Professional expenses |
|
|
310 |
|
|
|
348 |
|
|
|
902 |
|
|
|
809 |
|
Sales and marketing expenses |
|
|
175 |
|
|
|
149 |
|
|
|
322 |
|
|
|
291 |
|
Deposit insurance premiums and regulatory assessments |
|
|
139 |
|
|
|
136 |
|
|
|
274 |
|
|
|
273 |
|
Other |
|
|
736 |
|
|
|
739 |
|
|
|
1,492 |
|
|
|
1,354 |
|
Total non-interest expense |
|
|
6,798 |
|
|
|
6,899 |
|
|
|
13,739 |
|
|
|
12,567 |
|
Income before income
taxes |
|
|
3,352 |
|
|
|
3,199 |
|
|
|
6,309 |
|
|
|
6,827 |
|
Provision for income
taxes |
|
|
981 |
|
|
|
935 |
|
|
|
1,848 |
|
|
|
1,896 |
|
Net income |
|
$ |
2,371 |
|
|
$ |
2,264 |
|
|
$ |
4,461 |
|
|
$ |
4,931 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share |
|
$ |
0.33 |
|
|
$ |
0.30 |
|
|
$ |
0.62 |
|
|
$ |
0.66 |
|
Diluted earnings per
share |
|
$ |
0.33 |
|
|
$ |
0.30 |
|
|
$ |
0.61 |
|
|
$ |
0.65 |
|
Cash dividends per
share |
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.28 |
|
|
$ |
0.28 |
|
PROVIDENT FINANCIAL HOLDINGS,
INC.Condensed Consolidated Statements of
Operations – Sequential Quarters(Unaudited – In Thousands,
Except Share Information)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|
2022 |
|
2022 |
|
2022 |
|
2022 |
|
2021 |
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable, net |
|
$ |
10,237 |
|
|
$ |
9,100 |
|
|
$ |
8,485 |
|
|
$ |
7,581 |
|
|
$ |
7,920 |
|
Investment securities |
|
|
548 |
|
|
|
536 |
|
|
|
540 |
|
|
|
515 |
|
|
|
433 |
|
FHLB – San Francisco stock |
|
|
145 |
|
|
|
123 |
|
|
|
121 |
|
|
|
123 |
|
|
|
123 |
|
Interest-earning deposits |
|
|
241 |
|
|
|
139 |
|
|
|
69 |
|
|
|
39 |
|
|
|
35 |
|
Total interest income |
|
|
11,171 |
|
|
|
9,898 |
|
|
|
9,215 |
|
|
|
8,258 |
|
|
|
8,511 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Checking and money market deposits |
|
|
61 |
|
|
|
60 |
|
|
|
51 |
|
|
|
54 |
|
|
|
58 |
|
Savings deposits |
|
|
44 |
|
|
|
44 |
|
|
|
44 |
|
|
|
42 |
|
|
|
45 |
|
Time deposits |
|
|
370 |
|
|
|
213 |
|
|
|
160 |
|
|
|
178 |
|
|
|
199 |
|
Borrowings |
|
|
1,311 |
|
|
|
616 |
|
|
|
454 |
|
|
|
446 |
|
|
|
546 |
|
Total interest expense |
|
|
1,786 |
|
|
|
933 |
|
|
|
709 |
|
|
|
720 |
|
|
|
848 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
9,385 |
|
|
|
8,965 |
|
|
|
8,506 |
|
|
|
7,538 |
|
|
|
7,663 |
|
Provision (recovery) for loan
losses |
|
|
191 |
|
|
|
70 |
|
|
|
(411 |
) |
|
|
(645 |
) |
|
|
(1,067 |
) |
Net interest income, after
provision (recovery) for loan losses |
|
|
9,194 |
|
|
|
8,895 |
|
|
|
8,917 |
|
|
|
8,183 |
|
|
|
8,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan servicing and other fees |
|
|
115 |
|
|
|
108 |
|
|
|
189 |
|
|
|
237 |
|
|
|
444 |
|
Deposit account fees |
|
|
327 |
|
|
|
343 |
|
|
|
336 |
|
|
|
329 |
|
|
|
325 |
|
Card and processing fees |
|
|
367 |
|
|
|
381 |
|
|
|
457 |
|
|
|
378 |
|
|
|
399 |
|
Other |
|
|
147 |
|
|
|
171 |
|
|
|
183 |
|
|
|
170 |
|
|
|
200 |
|
Total non-interest income |
|
|
956 |
|
|
|
1,003 |
|
|
|
1,165 |
|
|
|
1,114 |
|
|
|
1,368 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
4,384 |
|
|
|
4,139 |
|
|
|
4,055 |
|
|
|
4,203 |
|
|
|
4,455 |
|
Premises and occupancy |
|
|
796 |
|
|
|
861 |
|
|
|
690 |
|
|
|
836 |
|
|
|
758 |
|
Equipment |
|
|
258 |
|
|
|
311 |
|
|
|
350 |
|
|
|
330 |
|
|
|
314 |
|
Professional expenses |
|
|
310 |
|
|
|
592 |
|
|
|
311 |
|
|
|
299 |
|
|
|
348 |
|
Sales and marketing expenses |
|
|
175 |
|
|
|
147 |
|
|
|
165 |
|
|
|
186 |
|
|
|
149 |
|
Deposit insurance premiums and regulatory assessments |
|
|
139 |
|
|
|
135 |
|
|
|
134 |
|
|
|
136 |
|
|
|
136 |
|
Other |
|
|
736 |
|
|
|
756 |
|
|
|
744 |
|
|
|
909 |
|
|
|
739 |
|
Total non-interest expense |
|
|
6,798 |
|
|
|
6,941 |
|
|
|
6,449 |
|
|
|
6,899 |
|
|
|
6,899 |
|
Income before income
taxes |
|
|
3,352 |
|
|
|
2,957 |
|
|
|
3,633 |
|
|
|
2,398 |
|
|
|
3,199 |
|
Provision for income
taxes |
|
|
981 |
|
|
|
867 |
|
|
|
1,170 |
|
|
|
699 |
|
|
|
935 |
|
Net income |
|
$ |
2,371 |
|
|
$ |
2,090 |
|
|
$ |
2,463 |
|
|
$ |
1,699 |
|
|
$ |
2,264 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share |
|
$ |
0.33 |
|
|
$ |
0.29 |
|
|
$ |
0.34 |
|
|
$ |
0.23 |
|
|
$ |
0.30 |
|
Diluted earnings per
share |
|
$ |
0.33 |
|
|
$ |
0.29 |
|
|
$ |
0.34 |
|
|
$ |
0.23 |
|
|
$ |
0.30 |
|
Cash dividends per
share |
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
PROVIDENT FINANCIAL HOLDINGS,
INC.Financial Highlights(Unaudited -
Dollars in Thousands, Except Share Information)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the |
|
|
|
Quarter Ended |
|
Six Months Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
SELECTED FINANCIAL
RATIOS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
0.75 |
% |
|
0.76 |
% |
|
0.72 |
% |
|
0.82 |
% |
Return on average
stockholders' equity |
|
|
7.27 |
% |
|
7.11 |
% |
|
6.85 |
% |
|
7.75 |
% |
Stockholders’ equity to total
assets |
|
|
10.17 |
% |
|
10.82 |
% |
|
10.17 |
% |
|
10.82 |
% |
Net interest spread |
|
|
3.00 |
% |
|
2.61 |
% |
|
3.01 |
% |
|
2.65 |
% |
Net interest margin |
|
|
3.05 |
% |
|
2.64 |
% |
|
3.05 |
% |
|
2.67 |
% |
Efficiency ratio |
|
|
65.74 |
% |
|
76.39 |
% |
|
67.65 |
% |
|
69.86 |
% |
Average interest-earning
assets to average interest-bearing liabilities |
|
|
110.14 |
% |
|
110.65 |
% |
|
110.34 |
% |
|
110.70 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED FINANCIAL
DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
0.33 |
|
$ |
0.30 |
|
$ |
0.62 |
|
$ |
0.66 |
|
Diluted earnings per
share |
|
$ |
0.33 |
|
$ |
0.30 |
|
$ |
0.61 |
|
$ |
0.65 |
|
Book value per share |
|
$ |
18.12 |
|
$ |
17.31 |
|
$ |
18.12 |
|
$ |
17.31 |
|
Shares used for basic EPS
computation |
|
|
7,184,652 |
|
|
7,435,218 |
|
|
7,229,015 |
|
|
7,482,544 |
|
Shares used for diluted EPS
computation |
|
|
7,236,451 |
|
|
7,482,812 |
|
|
7,273,470 |
|
|
7,529,067 |
|
Total shares issued and
outstanding |
|
|
7,132,270 |
|
|
7,389,943 |
|
|
7,132,270 |
|
|
7,389,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOANS ORIGINATED AND
PURCHASED FOR INVESTMENT: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Single-family |
|
$ |
57,079 |
|
$ |
45,720 |
|
$ |
114,128 |
|
$ |
80,140 |
|
Multi-family |
|
|
8,663 |
|
|
14,920 |
|
|
32,859 |
|
|
40,238 |
|
Commercial real estate |
|
|
7,025 |
|
|
3,005 |
|
|
10,350 |
|
|
4,205 |
|
Construction |
|
|
1,388 |
|
|
1,684 |
|
|
1,388 |
|
|
1,684 |
|
Commercial business loans |
|
|
190 |
|
|
— |
|
|
190 |
|
|
— |
|
Total loans originated and purchased for investment |
|
$ |
74,345 |
|
$ |
65,329 |
|
$ |
158,915 |
|
$ |
126,267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVIDENT FINANCIAL HOLDINGS,
INC.Financial Highlights(Unaudited -
Dollars in Thousands, Except Share Information)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the |
|
|
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
|
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
|
|
12/31/22 |
|
09/30/22 |
|
06/30/22 |
|
03/31/22 |
|
12/31/21 |
|
SELECTED FINANCIAL
RATIOS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
0.75 |
% |
|
0.69 |
% |
|
0.83 |
% |
|
0.57 |
% |
|
0.76 |
% |
Return on average
stockholders' equity |
|
|
7.27 |
% |
|
6.42 |
% |
|
7.72 |
% |
|
5.33 |
% |
|
7.11 |
% |
Stockholders’ equity to total
assets |
|
|
10.17 |
% |
|
10.37 |
% |
|
10.84 |
% |
|
10.74 |
% |
|
10.82 |
% |
Net interest spread |
|
|
3.00 |
% |
|
3.01 |
% |
|
2.91 |
% |
|
2.58 |
% |
|
2.61 |
% |
Net interest margin |
|
|
3.05 |
% |
|
3.05 |
% |
|
2.93 |
% |
|
2.61 |
% |
|
2.64 |
% |
Efficiency ratio |
|
|
65.74 |
% |
|
69.63 |
% |
|
66.68 |
% |
|
79.74 |
% |
|
76.39 |
% |
Average interest-earning
assets to average interest-bearing liabilities |
|
|
110.14 |
% |
|
110.56 |
% |
|
110.51 |
% |
|
110.79 |
% |
|
110.65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED FINANCIAL
DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
0.33 |
|
$ |
0.29 |
|
$ |
0.34 |
|
$ |
0.23 |
|
$ |
0.30 |
|
Diluted earnings per
share |
|
$ |
0.33 |
|
$ |
0.29 |
|
$ |
0.34 |
|
$ |
0.23 |
|
$ |
0.30 |
|
Book value per share |
|
$ |
18.12 |
|
$ |
17.85 |
|
$ |
17.66 |
|
$ |
17.43 |
|
$ |
17.31 |
|
Average shares used for basic
EPS |
|
|
7,184,652 |
|
|
7,273,377 |
|
|
7,291,046 |
|
|
7,357,989 |
|
|
7,435,218 |
|
Average shares used for
diluted EPS |
|
|
7,236,451 |
|
|
7,310,490 |
|
|
7,323,138 |
|
|
7,412,516 |
|
|
7,482,812 |
|
Total shares issued and
outstanding |
|
|
7,132,270 |
|
|
7,235,560 |
|
|
7,285,184 |
|
|
7,320,672 |
|
|
7,389,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOANS ORIGINATED AND
PURCHASED FOR INVESTMENT: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Single-family |
|
$ |
57,079 |
|
$ |
57,049 |
|
$ |
62,908 |
|
$ |
54,978 |
|
$ |
45,720 |
|
Multi-family |
|
|
8,663 |
|
|
24,196 |
|
|
16,013 |
|
|
31,487 |
|
|
14,920 |
|
Commercial real estate |
|
|
7,025 |
|
|
3,325 |
|
|
6,971 |
|
|
7,011 |
|
|
3,005 |
|
Construction |
|
|
1,388 |
|
|
— |
|
|
— |
|
|
544 |
|
|
1,684 |
|
Commercial business loans |
|
|
190 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total loans originated and purchased for investment |
|
$ |
74,345 |
|
$ |
84,570 |
|
$ |
85,892 |
|
$ |
94,020 |
|
$ |
65,329 |
|
PROVIDENT FINANCIAL HOLDINGS,
INC.Financial Highlights(Unaudited -
Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
As of |
|
As of |
|
As of |
|
As of |
|
|
|
12/31/22 |
|
09/30/22 |
|
06/30/22 |
|
03/31/22 |
|
12/31/21 |
|
ASSET QUALITY RATIOS
ANDDELINQUENT LOANS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recourse reserve for loans sold |
|
$ |
160 |
|
$ |
160 |
|
$ |
160 |
|
$ |
160 |
|
$ |
160 |
|
|
Allowance for loan losses |
|
$ |
5,830 |
|
$ |
5,638 |
|
$ |
5,564 |
|
$ |
5,969 |
|
$ |
6,608 |
|
|
Non-performing loans to loans
held for investment, net |
|
|
0.09 |
% |
|
0.10 |
% |
|
0.15 |
% |
|
0.22 |
% |
|
0.33 |
|
% |
Non-performing assets to total
assets |
|
|
0.08 |
% |
|
0.08 |
% |
|
0.12 |
% |
|
0.17 |
% |
|
0.24 |
|
% |
Allowance for loan losses to
gross loans held for investment |
|
|
0.56 |
% |
|
0.57 |
% |
|
0.59 |
% |
|
0.66 |
% |
|
0.77 |
|
% |
Net loan charge-offs
(recoveries) to average loans receivable (annualized) |
|
|
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
(0.12 |
) |
% |
Non-performing loans |
|
$ |
956 |
|
$ |
964 |
|
$ |
1,423 |
|
$ |
1,996 |
|
$ |
2,802 |
|
|
Loans 30 to 89 days
delinquent |
|
$ |
4 |
|
$ |
1 |
|
$ |
3 |
|
$ |
2 |
|
$ |
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
|
12/31/22 |
|
09/30/22 |
|
06/30/22 |
|
03/31/22 |
|
12/31/21 |
Recourse provision (recovery) for loans sold |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(40 |
) |
Provision (recovery) for loan
losses |
|
$ |
191 |
|
|
$ |
70 |
|
|
$ |
(411 |
) |
|
$ |
(645 |
) |
|
$ |
(1,067 |
) |
Net loan charge-offs
(recoveries) |
|
$ |
(1 |
) |
|
$ |
(4 |
) |
|
$ |
(6 |
) |
|
$ |
(6 |
) |
|
$ |
(262 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
As of |
|
As of |
|
As of |
|
As of |
|
|
|
12/31/2022 |
|
09/30/2022 |
|
06/30/2022 |
|
03/31/2022 |
|
12/31/2021 |
|
REGULATORY CAPITAL
RATIOS (BANK): |
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage ratio |
|
9.55 |
% |
9.74 |
% |
10.47 |
% |
10.27 |
% |
10.02 |
% |
Common equity tier 1 capital
ratio |
|
17.87 |
% |
17.67 |
% |
19.58 |
% |
19.32 |
% |
19.69 |
% |
Tier 1 risk-based capital
ratio |
|
17.87 |
% |
17.67 |
% |
19.58 |
% |
19.32 |
% |
19.69 |
% |
Total risk-based capital
ratio |
|
18.74 |
% |
18.54 |
% |
20.47 |
% |
20.29 |
% |
20.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
2022 |
|
2021 |
|
|
|
Balance |
|
Rate(1) |
|
Balance |
|
Rate(1) |
|
INVESTMENT
SECURITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Held to maturity (at
cost): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit |
|
$ |
— |
|
|
— |
% |
$ |
600 |
|
|
0.28 |
% |
U.S. SBA securities |
|
|
713 |
|
|
3.60 |
|
|
1,237 |
|
|
0.60 |
|
U.S. government sponsored
enterprise MBS |
|
|
163,612 |
|
|
1.40 |
|
|
203,228 |
|
|
1.26 |
|
U.S. government sponsored
enterprise CMO |
|
|
3,907 |
|
|
2.20 |
|
|
— |
|
|
— |
|
Total investment securities held to maturity |
|
$ |
168,232 |
|
|
1.43 |
% |
$ |
205,065 |
|
|
1.25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available for sale (at
fair value): |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government agency
MBS |
|
$ |
1,533 |
|
|
2.48 |
% |
$ |
1,965 |
|
|
1.88 |
% |
U.S. government sponsored
enterprise MBS |
|
|
742 |
|
|
3.55 |
|
|
1,007 |
|
|
2.29 |
|
Private issue CMO |
|
|
102 |
|
|
3.02 |
|
|
146 |
|
|
2.53 |
|
Total investment securities available for sale |
|
$ |
2,377 |
|
|
2.84 |
% |
$ |
3,118 |
|
|
2.04 |
% |
Total investment securities |
|
$ |
170,609 |
|
|
1.45 |
% |
$ |
208,183 |
|
|
1.26 |
% |
(1) The interest rate described in the rate column is the
weighted-average interest rate or yield of all instruments, which
are included in the balance of the respective line item.
PROVIDENT FINANCIAL HOLDINGS,
INC.Financial Highlights(Unaudited -
Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
2022 |
|
2021 |
|
|
|
Balance |
|
Rate(1) |
|
Balance |
|
Rate(1) |
|
LOANS HELD FOR
INVESTMENT: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Single-family (1 to 4 units) |
|
$ |
479,730 |
|
|
3.82 |
% |
$ |
290,245 |
|
|
3.17 |
% |
Multi-family (5 or more
units) |
|
|
465,350 |
|
|
4.33 |
|
|
466,467 |
|
|
4.04 |
|
Commercial real estate |
|
|
88,200 |
|
|
5.08 |
|
|
91,236 |
|
|
4.84 |
|
Construction |
|
|
2,388 |
|
|
4.69 |
|
|
3,501 |
|
|
5.35 |
|
Other mortgage |
|
|
112 |
|
|
5.25 |
|
|
134 |
|
|
5.25 |
|
Commercial business |
|
|
1,358 |
|
|
9.21 |
|
|
362 |
|
|
5.58 |
|
Consumer |
|
|
75 |
|
|
17.13 |
|
|
78 |
|
|
15.00 |
|
Total loans held for investment |
|
|
1,037,213 |
|
|
4.17 |
% |
|
852,023 |
|
|
3.84 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Advance payments of
escrows |
|
|
176 |
|
|
|
|
|
124 |
|
|
|
|
Deferred loan costs, net |
|
|
8,778 |
|
|
|
|
|
6,467 |
|
|
|
|
Allowance for loan losses |
|
|
(5,830 |
) |
|
|
|
|
(6,608 |
) |
|
|
|
Total loans held for investment, net |
|
$ |
1,040,337 |
|
|
|
|
$ |
852,006 |
|
|
|
|
Purchased loans serviced by
others included above |
|
$ |
10,876 |
|
|
3.86 |
% |
$ |
11,773 |
|
|
3.51 |
% |
(1) The interest rate described in the rate column is the
weighted-average interest rate or yield of all instruments, which
are included in the balance of the respective line item.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
2022 |
|
2021 |
|
|
|
Balance |
|
Rate(1) |
|
Balance |
|
Rate(1) |
|
DEPOSITS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Checking accounts – non
interest-bearing |
|
$ |
108,891 |
|
|
— |
% |
$ |
112,022 |
|
|
— |
% |
Checking accounts –
interest-bearing |
|
|
331,132 |
|
|
0.04 |
|
|
349,747 |
|
|
0.04 |
|
Savings accounts |
|
|
321,909 |
|
|
0.05 |
|
|
324,058 |
|
|
0.05 |
|
Money market accounts |
|
|
39,807 |
|
|
0.20 |
|
|
38,838 |
|
|
0.16 |
|
Time deposits |
|
|
143,563 |
|
|
1.18 |
|
|
131,683 |
|
|
0.60 |
|
Total deposits |
|
$ |
945,302 |
|
|
0.22 |
% |
$ |
956,348 |
|
|
0.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BORROWINGS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Overnight |
|
$ |
— |
|
|
— |
% |
$ |
— |
|
|
— |
% |
Three months or less |
|
|
95,000 |
|
|
4.52 |
|
|
— |
|
|
— |
|
Over three to six months |
|
|
10,000 |
|
|
2.25 |
|
|
— |
|
|
— |
|
Over six months to one
year |
|
|
35,000 |
|
|
3.74 |
|
|
20,000 |
|
|
1.75 |
|
Over one year to two
years |
|
|
20,000 |
|
|
2.50 |
|
|
20,000 |
|
|
2.00 |
|
Over two years to three
years |
|
|
20,000 |
|
|
2.70 |
|
|
20,000 |
|
|
2.50 |
|
Over three years to four
years |
|
|
— |
|
|
— |
|
|
20,000 |
|
|
2.70 |
|
Total borrowings |
|
$ |
180,000 |
|
|
3.82 |
% |
$ |
80,000 |
|
|
2.24 |
% |
(1) The interest rate described in the rate column is the
weighted-average interest rate or cost of all instruments, which
are included in the balance of the respective line item.
PROVIDENT FINANCIAL HOLDINGS,
INC.Financial Highlights(Unaudited -
Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Quarter Ended |
|
|
|
December 31, 2022 |
|
December 31, 2021 |
|
|
|
Balance |
|
Rate(1) |
|
Balance |
|
Rate(1) |
|
SELECTED AVERAGE
BALANCE SHEETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable, net |
|
$ |
1,021,631 |
|
|
|
4.01 |
% |
$ |
854,270 |
|
|
3.71 |
% |
Investment securities |
|
|
175,199 |
|
|
|
1.25 |
|
|
209,686 |
|
|
0.83 |
|
FHLB – San Francisco
stock |
|
|
8,239 |
|
|
|
7.04 |
|
|
8,155 |
|
|
6.03 |
|
Interest-earning deposits |
|
|
24,231 |
|
|
|
3.89 |
|
|
90,990 |
|
|
0.15 |
|
Total interest-earning
assets |
|
$ |
1,229,300 |
|
|
|
3.63 |
% |
$ |
1,163,101 |
|
|
2.93 |
% |
Total assets |
|
$ |
1,263,577 |
|
|
|
|
|
$ |
1,196,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
$ |
962,409 |
|
|
|
0.20 |
% |
$ |
962,116 |
|
|
0.12 |
% |
Borrowings |
|
|
153,696 |
|
|
|
3.38 |
|
|
89,022 |
|
|
2.43 |
|
Total interest-bearing
liabilities |
|
$ |
1,116,105 |
|
|
|
0.63 |
% |
$ |
1,051,138 |
|
|
0.32 |
% |
Total stockholders’
equity |
|
$ |
130,453 |
|
|
|
|
|
$ |
127,397 |
|
|
|
|
(1) The interest rate described in the rate column is the
weighted-average interest rate or yield/cost of all instruments,
which are included in the balance of the respective line item.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
Six Months Ended |
|
|
|
December 31, 2022 |
|
December 31, 2021 |
|
|
|
Balance |
|
Rate(1) |
|
Balance |
|
Rate(1) |
|
SELECTED AVERAGE
BALANCE SHEETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable, net |
|
$ |
991,120 |
|
|
|
3.90 |
% |
$ |
853,505 |
|
|
3.77 |
% |
Investment securities |
|
|
179,775 |
|
|
|
1.21 |
|
|
214,797 |
|
|
0.79 |
|
FHLB – San Francisco
stock |
|
|
8,239 |
|
|
|
6.51 |
|
|
8,155 |
|
|
6.01 |
|
Interest-earning deposits |
|
|
23,923 |
|
|
|
3.11 |
|
|
86,598 |
|
|
0.15 |
|
Total interest-earning
assets |
|
$ |
1,203,057 |
|
|
|
3.50 |
% |
$ |
1,163,055 |
|
|
2.97 |
% |
Total assets |
|
$ |
1,237,169 |
|
|
|
|
|
$ |
1,195,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
$ |
962,338 |
|
|
|
0.16 |
% |
$ |
957,216 |
|
|
0.13 |
% |
Borrowings |
|
|
127,935 |
|
|
|
2.99 |
|
|
93,382 |
|
|
2.32 |
|
Total interest-bearing
liabilities |
|
$ |
1,090,273 |
|
|
|
0.49 |
% |
$ |
1,050,598 |
|
|
0.32 |
% |
Total stockholders’
equity |
|
$ |
130,309 |
|
|
|
|
|
$ |
127,278 |
|
|
|
|
(1) The interest rate described in the rate column is the
weighted-average interest rate or yield/cost of all instruments,
which are included in the balance of the respective line item.
PROVIDENT FINANCIAL HOLDINGS,
INC.Financial Highlights(Unaudited -
Dollars in Thousands)
ASSET QUALITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
As of |
|
As of |
|
As of |
|
As of |
|
|
12/31/22 |
|
09/30/22 |
|
06/30/22 |
|
03/31/22 |
|
12/31/21 |
Loans on non-accrual status
(excluding restructured loans): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Single-family |
|
$ |
242 |
|
|
$ |
243 |
|
|
$ |
701 |
|
|
$ |
716 |
|
|
$ |
745 |
|
Multi-family |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
306 |
|
|
|
1,077 |
|
Total |
|
|
242 |
|
|
|
243 |
|
|
|
701 |
|
|
|
1,022 |
|
|
|
1,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing loans past due 90
days or more: |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructured loans on
non-accrual status: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Single-family |
|
|
714 |
|
|
|
721 |
|
|
|
722 |
|
|
|
974 |
|
|
|
980 |
|
Total |
|
|
714 |
|
|
|
721 |
|
|
|
722 |
|
|
|
974 |
|
|
|
980 |
|
Total non-performing loans(1) |
|
|
956 |
|
|
|
964 |
|
|
|
1,423 |
|
|
|
1,996 |
|
|
|
2,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate owned, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total non-performing
assets |
|
$ |
956 |
|
|
$ |
964 |
|
|
$ |
1,423 |
|
|
$ |
1,996 |
|
|
$ |
2,802 |
|
(1) The non-performing loans balances are
net of individually evaluated or collectively evaluated allowances,
specifically attached to the individual loans.
Provident Financial (NASDAQ:PROV)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Provident Financial (NASDAQ:PROV)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024