Business
Provident Financial Holdings Reports First Quarter Fiscal 2021 Results
The Company Reports Net Income of $1.49 Million in the September 2020 Quarter Loans Held for Investment Decrease 2% from June 30, 2020 to $885.0 Million Total
About this update from Provident Financial Holdings, Inc.
[{"type":"text","content":"The Company Reports Net Income of $1.49 Million in the September 2020 Quarter\n Loans Held for Investment Decrease 2% from June 30, 2020 to $885.0 Million Total Deposits Increase 1% from June 30, 2020 to $904.7 Million Non-Performing Assets Decrease 8% to $4.5 Million at September 30, 2020 in Comparison to $4.9 Million at June 30, 2020 Non-Interest Expense Declines 3% to $6.99 Million in the September 2020 Quarter in Comparison to the September 2019 Quarter RIVERSIDE, Calif., Oct. 28, 2020 (GLOBE NEWSWIRE) -- Provident Financial Holdings, Inc. (“Company”), NASDAQ GS: PROV, the holding company for Provident Savings Bank, F.S.B. (“Bank”), today announced first quarter earnings results for the fiscal year ending June 30, 2021. For the quarter ended September 30, 2020, the Company reported net income of $1.49 million, or $0.20 per diluted share (on 7.46 million average diluted shares outstanding), down from net income of $2.56 million, or $0.33 per diluted share (on 7.65 million average diluted shares outstanding), in the comparable period a year ago. Compared to the same quarter last year, the decrease in earnings was primarily attributable to lower net interest income and a higher provision for loan losses, partly offset by lower non-interest expenses (mainly, lower salaries and employee benefits expenses related to fewer employees and reduced incentive compensation). “To date, Provident has successfully navigated the weak economic conditions resulting from the COVID-19 pandemic. The Company was well-positioned for an economic downturn before the pandemic struck and our employees have been exceptional in overcoming the operational challenges subsequent to its onset,” said Craig G. Blunden, Chairman and Chief Executive Officer of the Company. “We will continue to operate the Company in a prudent manner and respond as required to the elevated risks in the current operating environment,” said Mr. Blunden. Return on average assets for the first quarter of fiscal 2021 was 0.50 percent, down from 0.95 percent for the same period of fiscal 2020; and return on average stockholders’ equity for the first quarter of fiscal 2021 was 4.78 percent, down from 8.46 percent for the comparable period of fiscal 2020. On a sequential quarter basis, the $1.49 million net income for the first quarter of fiscal 2021 reflects a six percent decrease from ...