Business
Provident Financial Holdings Reports Second Quarter of Fiscal 2023 Results
Net Income of $2.37 Million in the December 2022 Quarter Net Interest Margin Expanded 41 Basis Points in Comparisonto the Same Quarter Last Year Loans Held
About this update from Provident Financial Holdings, Inc.
[{"type":"text","content":"Net Income of $2.37 Million in the December 2022 Quarter Net Interest Margin Expanded 41 Basis Points in Comparisonto the Same Quarter Last Year Loans Held for Investment Increased 11% from June 30, 2022 to $1.04 Billion Total Deposits Decreased 1% from June 30, 2022 to $945.3 Million Strong Asset Quality with Non-Performing Assets to Total Assets Ratio of 0.08% Non-Interest Expenses Remained Well-Controlled RIVERSIDE, Calif., Jan. 27, 2023 (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 for the fiscal year ending June 30, 2023. For the quarter ended December 31, 2022, the Company reported net income of $2.37 million, or $0.33 per diluted share (on 7.24 million average diluted shares outstanding), up five percent from net income of $2.26 million, or $0.30 per diluted share (on 7.48 million average diluted shares outstanding), in the comparable period a year ago. The increase in earnings was primarily attributable to a $1.72 million increase in net interest income and a $101,000 decrease in non-interest expenses, partly offset by a $1.26 million change to the provision for loan losses to a $191,000 provision for loan losses this quarter in contrast to a $1.07 million recovery from the allowance for loan losses in the same quarter last year and a $412,000 decrease in non-interest income. “We are pleased with our recent financial results and the growth of the Company. Loans held for investment are expanding, net interest income is increasing, the net interest margin is stable and operating expenses are well-controlled,” said Craig G. Blunden, Chairman and Chief Executive Officer of the Company. “Credit quality remains strong and we have not seen any deterioration in the performance of our loan portfolio despite the higher interest rate and inflationary economic environment,” concluded Blunden. Return on average assets for the second quarter of fiscal 2023 was 0.75 percent, down slightly from 0.76 percent for the same period of fiscal 2022; but return on average stockholders’ equity for the second quarter of fiscal 2023 was 7.27 percent, up from 7.11 percent for the comparable period of fiscal 2022. On a sequential quarter basis, the $2.37 million net income for the second quarter of fiscal 20...