Business
Provident Financial Holdings Reports Second Quarter of Fiscal Year 2025 Results
Net Income of $872,000 in the December 2024 Quarter, Down 54% from the Sequential Quarter and 59% from the Comparable Quarter Last Year Net Interest Margin of
About this update from Provident Financial Holdings, Inc.
[{"type":"text","content":"Net Income of $872,000 in the December 2024 Quarter, Down 54% from the Sequential Quarter and 59% from the Comparable Quarter Last Year Net Interest Margin of 2.91% in the December 2024 Quarter, Up Seven Basis Points from the Sequential Quarter and 13 Basis Points from the Comparable Quarter Last Year Loans Held for Investment of $1.05 Billion at December 31, 2024, Unchanged from June 30, 2024 Total Deposits of $867.5 Million at December 31, 2024, Down 2% from June 30, 2024 Non-Performing Assets to Total Assets Ratio of 0.20% at December 31, 2024, Unchanged from June 30, 2024 Non-Interest Expenses Remain Well Controlled RIVERSIDE, Calif., Jan. 28, 2025 (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 second quarter of the fiscal year ending June 30, 2025. The Company reported net income of $872,000, or $0.13 per diluted share (on 6.79 million average diluted shares outstanding), for the quarter ended December 31, 2024, down 59 percent from net income of $2.14 million, or $0.31 per diluted share (on 6.98 million average diluted shares outstanding), in the comparable period a year ago. The decrease in earnings was due primarily to a $586,000 provision for credit losses, in contrast to a $720,000 recovery of credit losses in the comparable period a year ago, and a $450,000 increase in non-interest expenses (primarily attributable to higher salaries and employee benefits and other operating expenses). \"I am pleased with the progress we have made in our fundamental operating results. Net interest income increased by approximately two percent from the prior sequential quarter and was largely the result of an expanding net interest margin. Growth in the loans held for investment portfolio, which increased from the September 30, 2024 balance, also contributed to this improvement. Credit quality remains strong; however, the increase in mortgage interest rates has resulted in a longer estimated average life of our loan portfolio and a corresponding provision for credit losses. Additionally, we remain active in our stock repurchase plan with our Board of Directors recently approving a new plan, demonstrating our commitment to sound capital management practices,” stated Donavon P. Ternes, President and Chief...