Business
Provident Financial Holdings Reports First Quarter of Fiscal 2020 Results
Net Income Increases by 41% in the September 2019 Quarter in Comparison to the September 2018 Quarter Net Interest Margin Expands 34 Basis Points to 3.64% in
About this update from Provident Financial Holdings, Inc.
[{"type":"text","content":"Net Income Increases by 41% in the September 2019 Quarter in Comparison to the September 2018 Quarter\n Net Interest Margin Expands 34 Basis Points to 3.64% in the September 2019 Quarter in Comparison to the September 2018 Quarter and by 12 Basis Points in Comparison to the Prior Sequential Quarter Classified Assets Decrease 20% to $13.0 Million at September 30, 2019 in Comparison to $16.2 Million at June 30, 2019 RIVERSIDE, Calif., Oct. 29, 2019 (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, 2020. For the quarter ended September 30, 2019, the Company reported net income of $2.56 million, or $0.33 per diluted share (on 7.65 million average diluted shares outstanding), up 41 percent from the net income of $1.82 million, or $0.24 per diluted share (on 7.56 million average diluted shares outstanding), in the comparable period a year ago. Compared to the same quarter last year, the increase in earnings was primarily attributable to higher net interest income and lower non-interest expenses, partly offset by lower non-interest income. “I am pleased with our financial results for the September 2019 quarter and pleased that our fundamentals continue to improve. For example, our net interest margin continues to expand, loans originated and purchased for investment increased, our credit quality metrics are very good, and our capital levels are strong,” said Craig G. Blunden, Chairman and Chief Executive Officer of the Company. “We believe the Company is well-positioned for fiscal 2020,” Mr. Blunden concluded. Return on average assets for the first quarter of fiscal 2020 was 0.95 percent compared to 0.63 percent for the same period of fiscal 2019; and return on average stockholders’ equity for the first quarter of fiscal 2020 was 8.46 percent compared to 6.03 percent for the comparable period of fiscal 2019. On a sequential quarter basis, the $2.56 million net income for the first quarter of fiscal 2020 reflects a $1.78 million or 226 percent increase from $787,000 in the fourth quarter of fiscal 2019. The increase in earnings for the first quarter of fiscal 2020 compared to the fourth quarter of fiscal 2019 was primarily attributable to higher net interes...