Business
Provident Financial Holdings Reports First Quarter of Fiscal 2022 Results
Net Income of $2.67 Million in the September 2021 Quarter Loans Held for Investment Increase 1% from June 30, 2021 to $859.0 Million Total Deposits Increase
About this update from Provident Financial Holdings, Inc.
[{"type":"text","content":"Net Income of $2.67 Million in the September 2021 Quarter Loans Held for Investment Increase 1% from June 30, 2021 to $859.0 Million Total Deposits Increase 2% from June 30, 2021 to $956.7 Million Improved Asset Quality with a $339,000 Recovery from the Allowance for Loan Losses Net Interest Margin Improves 17 Basis Points from Prior Sequential Quarter Non-Interest Expenses Remain Well-Controlled RIVERSIDE, Calif., Oct. 26, 2021 (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, 2022. For the quarter ended September 30, 2021, the Company reported net income of $2.67 million, or $0.35 per diluted share (on 7.58 million average diluted shares outstanding), up 80 percent from net income of $1.49 million, or $0.20 per diluted share (on 7.46 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 a $1.32 million decrease in non-interest expenses (mainly, lower salaries and employee benefits expenses) and a $559,000 improvement in the provision for loan losses last year to a $339,000 recovery from the allowance for loan losses, partly offset by lower net interest income and lower non-interest income (mainly, lower loan servicing and other fees). “I am pleased that general economic conditions are improving and the United States is making progress in its fight against the COVID-19 pandemic,” said Craig G. Blunden, Chairman and Chief Executive Officer of the Company. “This quarter marks the second consecutive sequential quarter of growth in both loans held for investment and deposits, and more importantly, expansion of our net interest margin. I remain confident that Provident is well-positioned to benefit from improving general economic conditions and that our strong financial foundation will allow us to capitalize on future opportunities as they develop,” said Mr. Blunden. Return on average assets for the first quarter of fiscal 2022 was 0.89 percent, up from 0.50 percent for the same period of fiscal 2021; and return on average stockholders’ equity for the first quarter of fiscal 2022 was 8.39 percent, up from 4.78 percent for the compar...