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Provident Financial Holdings Reports Second Quarter of Fiscal 2023 Results

Provident Financial Holdings, Inc.
Provident Financial Holdings, Inc.

Net Income of $2.37 Million in the December 2022 Quarter

Net Interest Margin Expanded 41 Basis Points in Comparison
to the Same Quarter Last Year

Loans Held for Investment Increased 11% from June 30, 2022 to $1.04 Billion

Total Deposits Decreased 1% from June 30, 2022 to $945.3 Million

Strong Asset Quality with Non-Performing Assets to Total Assets Ratio of 0.08%

Non-Interest Expenses Remained Well-Controlled

RIVERSIDE, Calif., Jan. 27, 2023 (GLOBE NEWSWIRE) -- 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.

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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. Ternes
President, 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.