Business
Provident Financial Holdings Reports Third Quarter Fiscal 2023 Results
Net Income of $2.32 Million in the March 2023 Quarter Net Interest Margin Expanded 39 Basis Points in Comparison to the Same Quarter Last Year Loans Held for
About this update from Provident Financial Holdings, Inc.
[{"type":"text","content":"Net Income of $2.32 Million in the March 2023 Quarter Net Interest Margin Expanded 39 Basis Points in Comparison to the Same Quarter Last Year Loans Held for Investment Increased 15% from June 30, 2022 to $1.08 Billion Total Deposits Increased 3% from June 30, 2022 to $983.0 Million Strong Asset Quality with Non-Performing Assets to Total Assets Ratio of 0.07% Non-Interest Expenses Remained Well-Controlled RIVERSIDE, Calif., April 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 third quarter earnings for the fiscal year ending June 30, 2023. For the quarter ended March 31, 2023, the Company reported net income of $2.32 million, or $0.33 per diluted share (on 7.15 million average diluted shares outstanding), up 37 percent from net income of $1.70 million, or $0.23 per diluted share (on 7.41 million average diluted shares outstanding), in the comparable period a year ago. The increase in earnings was primarily attributable to a $1.86 million increase in net interest income, partly offset by an $814,000 change to the provision for loan losses to a $169,000 provision for loan losses this quarter in contrast to a $645,000 recovery from the allowance for loan losses in the same quarter last year and a $133,000 decrease in non-interest income. “We are pleased with our recent financial results particularly when evaluated against the backdrop of recent industry turmoil. Our community banking organization is well-capitalized, profitable, regulatorily compliant and built on a strong financial foundation. We primarily make loans on homes and apartment buildings and offer checking accounts, savings accounts, and certificates of deposit to individuals, families and small businesses,” said Craig G. Blunden, Chairman and Chief Executive Officer of the Company. “Our community banking focus is conservative, easily understood and has served and is expected to continue to serve our local customers and communities very well for many, many years,” concluded Blunden. Return on average assets for the third quarter of fiscal 2023 was 0.72 percent, up from 0.57 percent for the same period of fiscal 2022; and return on average stockholders’ equity for the third quarter of fiscal 2023 was 7.12 percent, up from 5.33 percent for the ...