Business
Provident Financial Holdings Reports Fourth Quarter and Fiscal Year 2022 Results
Net Income of $2.46 Million in the June 2022 Quarter Net Income of $9.09 Million for Fiscal 2022 Net Interest Margin Expands 32 Basis Points in Comparisonto
About this update from Provident Financial Holdings, Inc.
[{"type":"text","content":"Net Income of $2.46 Million in the June 2022 Quarter Net Income of $9.09 Million for Fiscal 2022 Net Interest Margin Expands 32 Basis Points in Comparisonto the Prior Sequential Quarter Loans Held for Investment Increase 11% from June 30, 2021 to $940.0 Million Total Deposits Increase 2% from June 30, 2021 to $955.5 Million Improved Asset Quality with a $411,000 Recovery from the Allowance for Loan Losses Non-Interest Expenses Remain Well-Controlled RIVERSIDE, Calif., July 26, 2022 (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 for the fiscal year ended June 30, 2022. For the quarter ended June 30, 2022, the Company reported net income of $2.46 million, or $0.34 per diluted share (on 7.32 million average diluted shares outstanding), down 26 percent from net income of $3.34 million, or $0.44 per diluted share (on 7.59 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 salaries and employee benefits expenses due to the $2.44 million credit from the Employee Retention Tax Credit (“ERTC”) in the fourth quarter last year (not replicated this quarter) and the $356,000 lower recovery from the allowance for loan losses, partly offset by the $1.13 million net interest income increase. “I am pleased with our financial results for the June 2022 quarter and encouraged that our fundamentals continue to improve. For example, the net interest margin expanded by 32 basis points from the prior sequential quarter, we achieved a second consecutive quarter of compelling loan portfolio growth, and operating expenses are well-controlled,” said Craig G. Blunden, Chairman and Chief Executive Officer of the Company. “And while much has recently been written about a potential economic downturn, I am confident that our credit quality and strong capital position provides a robust financial foundation to weather the challenges that may arise,” said Mr. Blunden. Return on average assets for the fourth quarter of fiscal 2022 was 0.83 percent, down from 1.12 percent for the same period of fiscal 2021; and return on average stockholders’ equity for the fourth quarter of fiscal ...