Business
Provident Financial Holdings Reports Second Quarter of Fiscal 2020 Results
Net Income Increases by 22% in the December 2019 Quarter in Comparison to the December 2018 Quarter Net Interest Margin Expands Five Basis Points to 3.59% in
About this update from Provident Financial Holdings, Inc.
[{"type":"text","content":"Net Income Increases by 22% in the December 2019 Quarter in Comparison to the December 2018 Quarter\n Net Interest Margin Expands Five Basis Points to 3.59% in the December 2019 Quarter in Comparison to the December 2018 Quarter Loans Held for Investment Increase 7% to $941.7 Million from June 30, 2019 Non-Performing Assets Decrease 45% to $3.4 Million at December 31, 2019 in Comparison to $6.2 Million at June 30, 2019 RIVERSIDE, Calif., Jan. 27, 2020 (GLOBE NEWSWIRE) -- Provident Financial Holdings, Inc. (“Company”), NASDAQ GS: PROV, the holding company for Provident Savings Bank, F.S.B. (“Bank”), today announced second quarter earnings results for the fiscal year ending June 30, 2020. For the quarter ended December 31, 2019, the Company reported net income of $2.40 million, or $0.31 per diluted share (on 7.66 million average diluted shares outstanding), up 22 percent from the net income of $1.96 million, or $0.26 per diluted share (on 7.60 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, partly offset by lower non-interest income. “I am pleased with our financial results for the December 2019 quarter. We continue to demonstrate reasonable growth in our loan portfolio, our credit quality metrics are very good, operating expenses are under control, and our capital levels are strong,” said Craig G. Blunden, Chairman and Chief Executive Officer of the Company. “We look forward to 2020 and believe we are well-positioned for growth by serving the communities of the Inland Empire,” Mr. Blunden concluded. Return on average assets for the second quarter of fiscal 2020 was 0.87 percent compared to 0.69 percent for the same period of fiscal 2019; and return on average stockholders’ equity for the second quarter of fiscal 2020 was 7.81 percent compared to 6.42 percent for the comparable period of fiscal 2019. On a sequential quarter basis, the $2.40 million net income for the second quarter of fiscal 2020 reflects a $164,000 or six percent decrease from $2.56 million in the first quarter of fiscal 2020. The decrease in earnings for the second quarter of fiscal 2020 compared to the first quarter of fiscal 2020 was primarily attributable to higher non-interest expenses (primarily due to...