Business
Provident Financial Holdings Reports Second Quarter of Fiscal 2022 Results
Net Income of $2.26 Million in the December 2021 Quarter Loans Held for Investment Increase Slightly from June 30, 2021 to $852.0 Million Total Deposits
About this update from Provident Financial Holdings, Inc.
[{"type":"text","content":"Net Income of $2.26 Million in the December 2021 Quarter Loans Held for Investment Increase Slightly from June 30, 2021 to $852.0 Million Total Deposits Increase 2% from June 30, 2021 to $956.3 Million Improved Asset Quality with a $1.1 Million Recovery from the Allowance for Loan Losses Non-Interest Expenses Remain Well-Controlled RIVERSIDE, Calif., Jan. 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 second quarter earnings results for the fiscal year ending June 30, 2022. For the quarter ended December 31, 2021, the Company reported net income of $2.26 million, or $0.30 per diluted share (on 7.48 million average diluted shares outstanding), up 93 percent from net income of $1.18 million, or $0.16 per diluted share (on 7.49 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 $1.11 million improvement in the provision for loan losses and a $394,000 increase in non-interest income (mainly, higher loan servicing and other fees). “I am pleased that general economic conditions seem to be improving. I remain confident that Provident is well-positioned to benefit from the improving conditions and that our strong financial foundation will allow us to capitalize on future opportunities as they develop,” said Craig G. Blunden, Chairman and Chief Executive Officer of the Company. “Our loan origination volume is improving, deposits are growing, operating expenses are well-controlled, and credit quality is excellent,” said Mr. Blunden. Return on average assets for the second quarter of fiscal 2022 was 0.76 percent, up from 0.40 percent for the same period of fiscal 2021; and return on average stockholders’ equity for the second quarter of fiscal 2022 was 7.11 percent, up from 3.77 percent for the comparable period of fiscal 2021. On a sequential quarter basis, the $2.26 million net income for the second quarter of fiscal 2022 reflects a 15 percent decrease from $2.67 million in the first quarter of fiscal 2022. The decrease in earnings for the second quarter of fiscal 2022 compared to the first quarter of fiscal 2022 was primarily attributable to a $1.23 million increase in non-interest exp...