Business
Provident Financial Holdings Reports Fourth Quarter and Fiscal 2020 Results
Company Reports Net Income of $1.58 Million in the June 2020 Quarter, up 101% from the June 2019 Quarter Non-Interest Expense Declines by 32% in the June 2020
About this update from Provident Financial Holdings, Inc.
[{"type":"text","content":"Company Reports Net Income of $1.58 Million in the June 2020 Quarter, up 101% from the June 2019 Quarter\n Non-Interest Expense Declines by 32% in the June 2020 Quarter from the June 2019 Quarter Loans Held for Investment Increase 3% to $902.8 Million from June 30, 2019 Total Deposits Increase 6% to $893.0 Million from June 30, 2019 Non-Performing Assets Decrease 21% to $4.9 Million at June 30, 2020 in Comparison to $6.2 Million at June 30, 2019 RIVERSIDE, Calif., July 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 fourth quarter and full year earnings results for the fiscal year ended June 30, 2020. For the quarter ended June 30, 2020, the Company reported net income of $1.58 million, or $0.21 per diluted share (on 7.49 million average diluted shares outstanding), up from net income of $787,000, or $0.10 per diluted share (on 7.63 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 lower non-interest expenses (mainly, lower salaries and employee benefits expenses related to fewer employees and reduced incentive compensation and lower equipment expenses resulting from the scaling back of saleable single-family loan originations), partly offset by lower net interest income and a higher provision for loan losses. “Provident is profitable, strongly capitalized and well-positioned to serve the residents and businesses of the Inland Empire. We have been able to navigate the COVID-19 pandemic reasonably well and we will continue to operate the Company in a prudent manner,” said Craig G. Blunden, Chairman and Chief Executive Officer of the Company. “I specifically wish to recognize and thank our employees who are working diligently to support our customers and communities under unprecedented circumstances,” said Mr. Blunden. Return on average assets for the fourth quarter of fiscal 2020 was 0.55 percent, up from 0.29 percent for the same period of fiscal 2019; and return on average stockholders’ equity for the fourth quarter of fiscal 2020 was 5.14 percent, up from 2.60 percent for the comparable period of fiscal 2019. On a sequential quarter basis, the $1.58 million net income for the f...