Business
Provident Financial Holdings Reports Fourth Quarter and Fiscal Year 2023 Results
Net Income of $1.81 Million in the June 2023 Quarter Net Interest Margin Declined Five Basis Points in Comparisonto the Same Quarter Last Year Loans Held for
About this update from Provident Financial Holdings, Inc.
[{"type":"text","content":"Net Income of $1.81 Million in the June 2023 Quarter Net Interest Margin Declined Five Basis Points in Comparisonto the Same Quarter Last Year Loans Held for Investment Increased 15% from June 30, 2022 to $1.08 Billion Total Deposits Decreased 1% from June 30, 2022 to $950.6 Million Strong Asset Quality with Non-Performing Assets to Total Assets Ratio of 0.10% RIVERSIDE, Calif., July 26, 2023 (GLOBE NEWSWIRE) -- Provident Financial Holdings, Inc. (“Company”), NASDAQ GS: PROV, the holding company for Provident Savings Bank, F.S.B. (“Bank”), today announced earnings for the fourth quarter and the fiscal year ended June 30, 2023. For the quarter ended June 30, 2023, the Company reported net income of $1.81 million, or $0.26 per diluted share (on 7.07 million average diluted shares outstanding), down 27 percent from net income of $2.46 million, or $0.34 per diluted share (on 7.32 million average diluted shares outstanding), in the comparable period a year ago. The decrease in earnings was primarily attributable to a $1.16 million increase in non-interest expenses and a $355,000 decrease in the recovery from the allowance for loan losses, partly offset by a $728,000 increase in net interest income. “We are pleased that the banking industry turmoil from earlier this year seems to have subsided but note that the spotlight is shining on the near-term performance of the industry against the backdrop of tighter monetary policy, tighter liquidity conditions, concerns regarding future credit quality, and an uncertain economic environment,” said Craig G. Blunden, Chairman and Chief Executive Officer of the Company. “We, like others, have adjusted our short-term strategies to respond to current market conditions such as reducing the growth of our loan portfolios and augmenting our already robust contingency funding plans,” concluded Blunden. Return on average assets for the fourth quarter of fiscal 2023 was 0.55 percent, down from 0.83 percent for the same period of fiscal 2022; and return on average stockholders’ equity for the fourth quarter of fiscal 2023 was 5.52 percent, down from 7.72 percent for the comparable period of fiscal 2022. On a sequential quarter basis, the $1.81 million net income for the fourth quarter of fiscal 2023 reflects a 22 percent decrease from $2.32 million in the third quarter of fiscal 2023. The decrease was prim...