Business
Provident Financial Holdings Reports Third Quarter of Fiscal 2020 Results
Company Reports $1.14 Million of Net Income in the March 2020 Quarter in Comparison to the $151,000 Net Loss in the March 2019 Quarter Non-Interest Expense
About this update from Provident Financial Holdings, Inc.
[{"type":"text","content":"Company Reports $1.14 Million of Net Income in the March 2020 Quarter in Comparison to the $151,000 Net Loss in the March 2019 Quarter\n Non-Interest Expense Declines by 42% in the March 2020 Quarter in Comparison to the March 2019 Quarter Loans Held for Investment Increase 4% to $914.3 Million from June 30, 2019 Non-Performing Assets Decrease 42% to $3.6 Million at March 31, 2020 in Comparison to $6.2 Million at June 30, 2019 RIVERSIDE, Calif., April 28, 2020 (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 results for the fiscal year ending June 30, 2020. For the quarter ended March 31, 2020, the Company reported net income of $1.14 million, or $0.15 per diluted share (on 7.60 million average diluted shares outstanding), in contrast to the net loss of $151,000, or $(0.02) per diluted share (on 7.51 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 (mainly, lower salaries and employee benefits expenses related to fewer employees resulting from the scaling back of saleable single-family loan originations), partly offset by lower non-interest income (mainly, lower gain on sale of loans), a higher provision for loan losses and lower net interest income. “Like all companies, we began to see the early implications of the COVID-19 pandemic in the March 2020 quarter. As a result, we increased our provision for loan losses, we tightened our underwriting criteria for new loan originations and purchases, and we began developing programs to help those customers who may be impacted by this event,” said Craig G. Blunden, Chairman and Chief Executive Officer of the Company. “Nonetheless, we remain profitable, strongly capitalized and well-positioned to serve the communities of the Inland Empire,” said Mr. Blunden. Mr. Blunden went on to say, “We have suspended foreclosure sales, offered late fee waivers and implemented a payment forbearance plan, among other actions. Our branches are open and operating with normal branch hours. We’ve implemented social distancing recommendations, sanitizing and cleaning procedures, and are generally operating under sta...