Business
Provident Financial Holdings Reports Third Quarter Of Fiscal 2022 Results
Net Income of $1.70 Million in the March 2022 Quarter Loans Held for Investment Increase 5% from June 30, 2021 to $893.6 Million Total Deposits Increase 3%
About this update from Provident Financial Holdings, Inc.
[{"type":"text","content":"Net Income of $1.70 Million in the March 2022 Quarter Loans Held for Investment Increase 5% from June 30, 2021 to $893.6 Million Total Deposits Increase 3% from June 30, 2021 to $963.5 Million Improved Asset Quality with a $645,000 Recovery from the Allowance for Loan Losses Non-Interest Expenses Remain Well-Controlled RIVERSIDE, Calif., April 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 third quarter earnings for the fiscal year ending June 30, 2022. For the quarter ended March 31, 2022, the Company reported net income of $1.70 million, or $0.23 per diluted share (on 7.41 million average diluted shares outstanding), up nine percent from net income of $1.56 million, or $0.21 per diluted share (on 7.58 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 $445,000 higher recovery from the allowance for loan losses. “I am pleased with our financial results this quarter and would like to highlight the robust loan portfolio growth, well-controlled operating expenses, and pristine credit quality. Each of these fundamentals will work to the Company’s benefit as we progress through 2022,” said Craig G. Blunden, Chairman and Chief Executive Officer of the Company. “And let’s not forget that the Company is well positioned to respond to future opportunities or challenges that may arise from current and future economic conditions as a result of our strong financial foundation,” said Mr. Blunden. Return on average assets for the third quarter of fiscal 2022 was 0.57 percent, up from 0.53 percent for the same period of fiscal 2021; and return on average stockholders’ equity for the third quarter of fiscal 2022 was 5.33 percent, up from 4.99 percent for the comparable period of fiscal 2021. On a sequential quarter basis, the $1.70 million net income for the third quarter of fiscal 2022 reflects a 25 percent decrease from $2.26 million in the second quarter of fiscal 2022. The decrease in earnings for the third quarter of fiscal 2022 compared to the second quarter of fiscal 2022 was primarily attributable to a $422,000 decrease in the recovery from the allowance for loan losses, a $254,000 dec...