Provident Financial Holdings, Inc. (“Company”), NASDAQ GS: PROV,
the holding company for Provident Savings Bank, F.S.B. (“Bank”),
today announced first quarter earnings for the fiscal year ending
June 30, 2023.
For the quarter ended September 30, 2022, the
Company reported net income of $2.09 million, or $0.29 per diluted
share (on 7.31 million average diluted shares outstanding), down 22
percent from net income of $2.67 million, or $0.35 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 decrease in earnings was primarily attributable to
salaries and employee benefits expenses increasing $1.02 million
resulting from the $1.20 million credit from the Employee Retention
Tax Credit (“ERTC”) recognized in the first quarter of last year
(not replicated this quarter) and a $409,000 change to a $70,000
provision for loan losses this quarter in contrast to a $339,000
recovery from the allowance for loan losses in the same quarter
last year, partly offset by a $1.08 million increase in net
interest income.
“We continue to make progress on improving our
fundamental financial performance as demonstrated by the growth in
loans held for investment, the expansion of the net interest
margin, our well controlled operating expenses, and strong credit
quality” said Craig G. Blunden, Chairman and Chief Executive
Officer of the Company. “To date, we have not experienced a
meaningful deterioration in the financial operating environment as
a result of higher inflation or higher interest rates. Nonetheless,
if deteriorating general economic conditions progress and begin to
impact us, we remain confident that our strong capital position
will help us weather the storm,” said Mr. Blunden.
Return on average assets for the first quarter
of fiscal 2023 was 0.69 percent, down from 0.89 percent for the
same period of fiscal 2022; and return on average stockholders’
equity for the first quarter of fiscal 2023 was 6.42 percent, down
from 8.39 percent for the comparable period of fiscal 2022(1).
On a sequential quarter basis, the $2.09 million
net income for the first quarter of fiscal 2023 reflects a 15
percent decrease from $2.46 million in the fourth quarter of fiscal
2022. The decrease in earnings for the first quarter of fiscal 2023
compared to the fourth quarter of fiscal 2022 was primarily
attributable to a $492,000 increase in non-interest expenses
(mainly in professional expenses and premises and occupancy
expenses), a $162,000 decrease in non-interest income and a
$481,000 change to a $70,000 provision for loan losses this quarter
in contrast to a $411,000 recovery from the allowance for loan
losses in the fourth quarter of fiscal 2022, partly offset by a
$459,000 increase in net interest income. Diluted earnings per
share for the first quarter of fiscal 2023 were $0.29 per share,
down 15 percent from the $0.34 per share during the fourth quarter
of fiscal 2022. Return on average assets was 0.69 percent for the
first quarter of fiscal 2023, down from 0.83 percent in the fourth
quarter of fiscal 2022; and return on average stockholders’ equity
for the first quarter of fiscal 2023 was 6.42 percent, down from
7.72 percent for the fourth quarter of fiscal 2022(1).
In the first quarter of fiscal 2023, net
interest income increased $1.08 million or 14 percent to $8.97
million from $7.89 million for the same quarter last year. The
increase in net interest income was primarily due to a higher net
interest margin primarily due to a shift in the composition of
interest-earning assets towards higher yielding loans held for
investment and an increase in the average yield on interest-earning
deposits reflecting recent increases in the targeted federal funds
rate. The net interest margin during the first quarter of fiscal
2023 increased 34 basis points to 3.05 percent from 2.71 percent in
the same quarter last year. The average yield on interest-earning
assets increased 35 basis points to 3.36 percent in the first
quarter of fiscal 2023 from 3.01 percent in the same quarter last
year while the average cost of interest-bearing liabilities
increased by only three basis points to 0.35 percent in the first
quarter of fiscal 2023 from 0.32 percent in the same quarter last
year. The average balance of interest-earning assets increased by
one percent to $1.18 billion in the first quarter of fiscal 2023
from $1.16 billion in the same quarter last year. The increase in
the average balance of loans held for investment was mainly offset
by decreases in the average balance of investment securities and
interest-earning deposits.
Interest income on loans receivable increased by
$925,000, or 11 percent, to $9.10 million in the first quarter of
fiscal 2023 from $8.18 million in the same quarter of fiscal 2022.
The increase was due to a higher average balance, partly offset by
a lower average yield. The average balance of loans receivable
increased by $107.9 million, or 13 percent, to $960.6 million in
the first quarter of fiscal 2023 from $852.7 million in the same
quarter last year. Total loans originated and purchased for
investment in the first quarter of fiscal 2023 were $84.6 million,
up 39 percent from $60.9 million in the same quarter last year.
Loan principal payments received in the first quarter of fiscal
2023 were $31.7 million, down 41 percent from $53.9 million in the
same quarter last year. The average yield on loans receivable
decreased by four basis points to 3.79 percent in the first quarter
of fiscal 2023 from an average yield of 3.83 percent in the same
quarter last year. Net deferred loan cost amortization in the first
quarter of fiscal 2023 decreased 33 percent to $296,000 from
$441,000 in the same quarter last year, attributable primarily to
fewer loan payoffs.
Interest income from investment securities
increased $118,000, or 28 percent, to $536,000 in the first quarter
of fiscal 2023 from $418,000 for the same quarter of fiscal 2022.
This increase was attributable to a higher average yield, partly
offset by a lower average balance. The average yield on investment
securities increased 40 basis points to 1.16 percent in the first
quarter of fiscal 2023 from 0.76 percent for the same quarter last
year. The increase in the average investment securities yield was
primarily attributable to a lower premium amortization during the
current quarter in comparison to the same quarter last year
($238,000 vs. $510,000) attributable to a lower total principal
repayment ($9.3 million vs. $17.0 million) and, to a lesser extent,
the upward repricing of adjustable-rate mortgage-backed securities.
The average balance of investment securities decreased by $35.5
million, or 16 percent, to $184.4 million in the first quarter of
fiscal 2023 from $219.9 million in the same quarter last year.
In the first quarter of fiscal 2023, the Federal
Home Loan Bank – San Francisco (“FHLB”) distributed a $123,000 cash
dividend to the Bank on its FHLB stock, up slightly from $122,000
in the same quarter last year. The average balance of FHLB – San
Francisco stock in the first quarter of fiscal 2023 was $8.2
million, virtually unchanged from the same quarter of fiscal 2022
and the average yield was also virtually unchanged.
Interest income from interest-earning deposits,
primarily cash deposited at the Federal Reserve Bank of San
Francisco, was $139,000 in the first quarter of fiscal 2023, up 348
percent from $31,000 in the same quarter of fiscal 2022. The
increase was due to a higher average yield, partly offset by a
lower average balance. The average yield earned on interest-earning
deposits in the first quarter of fiscal 2023 was 2.30 percent, up
215 basis points from 0.15 percent in the same quarter last year.
The average balance of the Company’s interest-earning deposits
decreased $58.6 million, or 71 percent, to $23.6 million in the
first quarter of fiscal 2023 from $82.2 million in the same quarter
last year primarily due to the utilization of these excess funds
for loan portfolio growth.
Interest expense on deposits for the first
quarter of fiscal 2023 was $317,000, a small increase from $313,000
for the same period last year. The increase in interest expense on
deposits was attributable to a higher average balance. The average
balance of deposits increased $10.0 million, or one percent, to
$962.3 million in the first quarter of fiscal 2023 from $952.3
million in the same quarter last year. The average cost of deposits
was unchanged at 0.13 percent as compared to the same quarter last
year.
Transaction account balances or “core deposits”
increased $7.9 million, or one percent, to $842.3 million at
September 30, 2022 from $834.4 million at June 30, 2022 and time
deposits increased $21.9 million, or 18 percent, to $143.0 million
at September 30, 2022 from $121.1 million at June 30, 2022. The
increase in time deposits was primarily due to an increase in
brokered certificates of deposit of $30.0 million with a weighted
average cost of 2.83% (including broker fees).
Interest expense on borrowings, consisting of
FHLB – San Francisco advances, for the first quarter of fiscal 2023
increased $71,000, or 13 percent, to $616,000 from $545,000 for the
same period last year. The increase in interest expense on
borrowings was primarily the result of a higher average cost and,
to a lesser extent, a higher average balance. The average cost of
borrowings increased by 18 basis points to 2.39 percent in the
first quarter of fiscal 2023 from 2.21 percent in the same quarter
last year, and the average balance of borrowings increased by $4.5
million to $102.2 million in the first quarter of fiscal 2023 from
$97.7 million in the same quarter last year.
During the first quarter of fiscal 2023, the
Company recorded a provision for loan losses of $70,000, as
compared to the $339,000 recovery from the allowance for loan
losses recorded during the same period last year and the $411,000
recovery from the allowance for loan losses recorded in the fourth
quarter of fiscal 2022 (sequential quarter). The provision for loan
losses primarily reflects an increase in loans held for investment
in the first quarter of fiscal 2023 while the overall loan credit
quality remains very strong.
Non-performing assets, comprised solely of
non-performing loans with underlying collateral located in
California, decreased $459,000 or 32 percent to $964,000, or 0.08
percent of total assets, at September 30, 2022, compared to $1.4
million, or 0.12 percent of total assets, at June 30, 2022. The
non-performing loans at September 30, 2022 are comprised of five
single-family loans, while the non-performing loans at June 30,
2022 were comprised of seven single-family loans. At both September
30, 2022 and June 30, 2022, there was no real estate owned.
Net loan recoveries for the quarter ended
September 30, 2022 were $4,000 or 0.00 percent (annualized) of
average loans receivable, as compared to net loan recoveries of
$165,000 or 0.08 percent (annualized) of average loans receivable
for the quarter ended September 30, 2021 and net loan recoveries of
$6,000 or 0.00 percent (annualized) of average loans receivable for
the quarter ended June 30, 2022 (sequential quarter).
Classified assets were $964,000 at September 30,
2022 which consist solely of loans in the substandard category;
while classified assets at June 30, 2022 were $1.6 million,
consisting of $224,000 of loans in the special mention category and
$1.4 million of loans in the substandard category.
The allowance for loan losses was $5.6 million
or 0.57 percent of gross loans held for investment at September 30,
2022, virtually unchanged from the $5.6 million or 0.59 percent of
gross loans held for investment at June 30, 2022. Management
believes that, based on currently available information, the
allowance for loan losses is sufficient to absorb potential losses
inherent in loans held for investment at September 30, 2022 under
the incurred loss methodology.
Non-interest income decreased by $66,000, or six
percent, to $1.00 million in the first quarter of fiscal 2023 from
$1.07 million in the same period last year, primarily due to a
$78,000 decrease in loan servicing and other fees, attributable
primarily to lower loan prepayment fees. On a sequential quarter
basis, non-interest income decreased $162,000, or 14 percent,
primarily as a result of decreases in loan servicing and other fees
and in card and processing fees.
Non-interest expenses increased by $1.27 million
or 22 percent to $6.94 million in the first quarter of fiscal 2023
from $5.67 million for the same quarter last year. The increase in
the non-interest expense in the first quarter of fiscal 2023 was
primarily due to the $1.20 million credit from the ERTC in the
first quarter last year (not replicated this quarter). On a
sequential quarter basis, non-interest expenses increased by
$492,000 or eight percent to $6.94 million in the first quarter of
fiscal 2023 from $6.45 million in the fourth quarter of fiscal
2022, primarily due to increases in professional expenses and
premises and occupancy expenses.
The Company’s efficiency ratio(1), defined as
non-interest expense divided by the sum of net interest income and
non-interest income, in the first quarter of fiscal 2023 was 70
percent, up from 63 percent in the same quarter last year and 67
percent in the fourth quarter of fiscal 2022 (sequential
quarter).
The Company’s provision for income taxes was
$867,000 for the first quarter of fiscal 2023, down 10 percent from
$961,000 in the same quarter last year primarily due to a decrease
in income before income taxes. The effective tax rate in the first
quarter of fiscal 2023 was 29.3 percent, up from 26.5 percent in
the same quarter last year. The higher effective tax rate in the
first quarter of last year was primarily attributable to the
non-taxable treatment of the ERTC for state tax purposes in the
first quarter of fiscal 2022 that was not applicable in this
quarter.
The Company repurchased 49,624 shares of its
common stock with an average cost of $14.57 per share during the
quarter ended September 30, 2022 pursuant to its April 2022 stock
repurchase plan. As of September 30, 2022, a total of 314,635
shares or 86 percent of the shares authorized for repurchase under
the plan remain available to purchase until the plan expires on
April 28, 2023.
The Bank currently operates 13 retail/business
banking offices in Riverside County and San Bernardino County
(Inland Empire).
The Company will host a conference call for
institutional investors and bank analysts on Wednesday, October 26,
2022 at 9:00 a.m. (Pacific) to discuss its financial results. The
conference call can be accessed by dialing 1-844-291-5491 and
referencing access code number 3547024. An audio replay of the
conference call will be available through Wednesday, November 2,
2022 by dialing 1-866-207-1041 and referencing access code number
7668330.
For more financial information about the Company
please visit the website at www.myprovident.com and click on the
“Investor Relations” section.
(1) |
The Company uses certain non-GAAP financial measures to provide
meaningful supplemental information regarding the Company’s
operational performance and to enhance investors’ overall
understanding of such financial performance. However, these
non-GAAP financial measures are supplemental and are not a
substitute for an analysis based on GAAP measures. As other
companies may use different calculations for these adjusted
measures, this presentation may not be comparable to other
similarly titled adjusted measures reported by other
companies. |
|
|
Safe-Harbor Statement
This press release contains statements that the
Company believes are “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
These statements relate to the Company’s financial condition,
liquidity, results of operations, plans, objectives, future
performance or business. You should not place undue reliance on
these statements, as they are subject to risks and uncertainties.
When considering these forward-looking statements, you should keep
in mind these risks and uncertainties, as well as any cautionary
statements the Company may make. Moreover, you should treat these
statements as speaking only as of the date they are made and based
only on information then actually known to the Company. There are a
number of important factors that could cause future results to
differ materially from historical performance and these
forward-looking statements. Factors which could cause actual
results to differ materially from the results anticipated or
implied by our forward-looking statements include, but are not
limited to potential adverse impacts to economic conditions in our
local market areas, other markets where the Company has lending
relationships, or other aspects of the Company's business
operations or financial markets, including, without limitation, as
a result of employment levels, labor shortages and the effects of
inflation, a potential recession or slowed economic growth caused
by increasing political instability from acts of war including
Russia’s invasion of Ukraine, as well as increasing oil prices and
supply chain disruptions, and any governmental or societal
responses to the COVID-19 pandemic, including the possibility of
new COVID-19 variants; increased competitive pressures; changes in
the interest rate environment; changes in general economic
conditions, including the effects of inflation, and conditions
within the securities markets; legislative and regulatory changes,
including as a result of the COVID-19 pandemic; and other factors
described in the Company’s latest Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q and other filings with the
Securities and Exchange Commission (“SEC”) - which are available on
our website at www.myprovident.com and on the SEC’s website at
www.sec.gov. We do not undertake and specifically disclaim any
obligation to revise any forward-looking statements to reflect the
occurrence of anticipated or unanticipated events or circumstances
after the date of such statements whether as a result of new
information, future events or otherwise. These risks could cause
our actual results for fiscal 2023 and beyond to differ materially
from those expressed in any forward-looking statements by, or on
behalf of us and could negatively affect our operating and stock
price performance.
Contacts:
Craig G. Blunden Chairman and Chief
Executive Officer
Donavon P. TernesPresident, Chief Operating
Officer and Chief Financial Officer
(951) 686-6060
|
PROVIDENT FINANCIAL HOLDINGS,
INC.Condensed Consolidated Statements of Financial
Condition(Unaudited –In Thousands, Except Share
Information) |
|
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
|
2022 |
|
2022 |
|
2022 |
|
2021 |
|
2021 |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
38,701 |
|
|
$ |
23,414 |
|
|
$ |
60,121 |
|
|
$ |
85,680 |
|
|
$ |
88,249 |
|
Investment securities – held to maturity, at cost |
|
|
176,162 |
|
|
|
185,745 |
|
|
|
195,579 |
|
|
|
205,065 |
|
|
|
205,821 |
|
Investment securities - available for sale, at fair value |
|
|
2,517 |
|
|
|
2,676 |
|
|
|
2,944 |
|
|
|
3,118 |
|
|
|
3,316 |
|
Loans held for investment, net of allowance for loan losses of
$5,638; $5,564; $5,969; $6,608 and $7,413, respectively; includes
$1,350; $1,396; $1,470; $1,555 and $1,577 at fair value,
respectively |
|
|
993,942 |
|
|
|
939,992 |
|
|
|
893,563 |
|
|
|
852,006 |
|
|
|
859,035 |
|
Accrued interest receivable |
|
|
3,054 |
|
|
|
2,966 |
|
|
|
2,850 |
|
|
|
2,862 |
|
|
|
2,909 |
|
FHLB – San Francisco stock |
|
|
8,239 |
|
|
|
8,239 |
|
|
|
8,155 |
|
|
|
8,155 |
|
|
|
8,155 |
|
Premises and equipment, net |
|
|
8,707 |
|
|
|
8,826 |
|
|
|
8,957 |
|
|
|
8,942 |
|
|
|
9,014 |
|
Prepaid expenses and other assets |
|
|
14,593 |
|
|
|
15,180 |
|
|
|
15,665 |
|
|
|
16,577 |
|
|
|
15,782 |
|
Total assets |
|
$ |
1,245,915 |
|
|
$ |
1,187,038 |
|
|
$ |
1,187,834 |
|
|
$ |
1,182,405 |
|
|
$ |
1,192,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest-bearing deposits |
|
$ |
123,314 |
|
|
$ |
125,089 |
|
|
$ |
117,097 |
|
|
$ |
112,022 |
|
|
$ |
120,883 |
|
Interest-bearing deposits |
|
|
862,010 |
|
|
|
830,415 |
|
|
|
846,403 |
|
|
|
844,326 |
|
|
|
835,859 |
|
Total deposits |
|
|
985,324 |
|
|
|
955,504 |
|
|
|
963,500 |
|
|
|
956,348 |
|
|
|
956,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings |
|
|
115,000 |
|
|
|
85,000 |
|
|
|
80,000 |
|
|
|
80,000 |
|
|
|
90,000 |
|
Accounts payable, accrued interest and other liabilities |
|
|
16,402 |
|
|
|
17,884 |
|
|
|
16,717 |
|
|
|
18,123 |
|
|
|
17,304 |
|
Total liabilities |
|
|
1,116,726 |
|
|
|
1,058,388 |
|
|
|
1,060,217 |
|
|
|
1,054,471 |
|
|
|
1,064,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, $.01 par value (2,000,000 shares authorized; none
issued and outstanding) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Common stock, $.01 par value; (40,000,000 shares authorized;
18,229,615; 18,229,615; 18,229,615; 18,229,615 and 18,229,615
shares issued respectively; 7,235,560; 7,285,184; 7,320,672;
7,389,943 and 7,491,705 shares outstanding, respectively) |
|
|
183 |
|
|
|
183 |
|
|
|
183 |
|
|
|
183 |
|
|
|
183 |
|
Additional paid-in capital |
|
|
98,559 |
|
|
|
98,826 |
|
|
|
98,617 |
|
|
|
98,404 |
|
|
|
98,179 |
|
Retained earnings |
|
|
203,750 |
|
|
|
202,680 |
|
|
|
201,237 |
|
|
|
200,569 |
|
|
|
199,344 |
|
Treasury stock at cost (10,994,055; 10,944,431; 10,908,943;
10,839,672 and 10,737,910 shares, respectively) |
|
|
(173,286 |
) |
|
|
(173,041 |
) |
|
|
(172,459 |
) |
|
|
(171,280 |
) |
|
|
(169,537 |
) |
Accumulated other comprehensive income, net of tax |
|
|
(17 |
) |
|
|
2 |
|
|
|
39 |
|
|
|
58 |
|
|
|
66 |
|
Total stockholders’ equity |
|
|
129,189 |
|
|
|
128,650 |
|
|
|
127,617 |
|
|
|
127,934 |
|
|
|
128,235 |
|
Total liabilities and stockholders’ equity |
|
$ |
1,245,915 |
|
|
$ |
1,187,038 |
|
|
$ |
1,187,834 |
|
|
$ |
1,182,405 |
|
|
$ |
1,192,281 |
|
PROVIDENT FINANCIAL HOLDINGS,
INC.Condensed Consolidated Statements of
Operations(Unaudited - In Thousands, Except Earnings Per
Share) |
|
|
|
Quarter Ended |
|
|
September 30, |
|
|
2022 |
|
2021 |
Interest income: |
|
|
|
|
|
|
|
Loans receivable, net |
|
$ |
9,100 |
|
|
$ |
8,175 |
|
Investment securities |
|
|
536 |
|
|
|
418 |
|
FHLB – San Francisco stock |
|
|
123 |
|
|
|
122 |
|
Interest-earning deposits |
|
|
139 |
|
|
|
31 |
|
Total interest income |
|
|
9,898 |
|
|
|
8,746 |
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
Checking and money market deposits |
|
|
60 |
|
|
|
57 |
|
Savings deposits |
|
|
44 |
|
|
|
41 |
|
Time deposits |
|
|
213 |
|
|
|
215 |
|
Borrowings |
|
|
616 |
|
|
|
545 |
|
Total interest expense |
|
|
933 |
|
|
|
858 |
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
8,965 |
|
|
|
7,888 |
|
Provision (recovery) for loan
losses |
|
|
70 |
|
|
|
(339 |
) |
Net interest income, after
provision (recovery) for loan losses |
|
|
8,895 |
|
|
|
8,227 |
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
Loan servicing and other fees |
|
|
108 |
|
|
|
186 |
|
Deposit account fees |
|
|
343 |
|
|
|
312 |
|
Card and processing fees |
|
|
381 |
|
|
|
405 |
|
Other |
|
|
171 |
|
|
|
166 |
|
Total non-interest income |
|
|
1,003 |
|
|
|
1,069 |
|
|
|
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
4,139 |
|
|
|
3,120 |
|
Premises and occupancy |
|
|
861 |
|
|
|
905 |
|
Equipment |
|
|
311 |
|
|
|
288 |
|
Professional expenses |
|
|
592 |
|
|
|
461 |
|
Sales and marketing expenses |
|
|
147 |
|
|
|
142 |
|
Deposit insurance premiums and regulatory assessments |
|
|
135 |
|
|
|
137 |
|
Other |
|
|
756 |
|
|
|
615 |
|
Total non-interest expense |
|
|
6,941 |
|
|
|
5,668 |
|
Income before income
taxes |
|
|
2,957 |
|
|
|
3,628 |
|
Provision for income
taxes |
|
|
867 |
|
|
|
961 |
|
Net income |
|
$ |
2,090 |
|
|
$ |
2,667 |
|
|
|
|
|
|
|
|
|
Basic earnings per
share |
|
$ |
0.29 |
|
|
$ |
0.35 |
|
Diluted earnings per
share |
|
$ |
0.29 |
|
|
$ |
0.35 |
|
Cash dividend per
share |
|
$ |
0.14 |
|
|
$ |
0.14 |
|
PROVIDENT FINANCIAL HOLDINGS,
INC.Condensed Consolidated Statements of
Operations – Sequential Quarters(Unaudited – In Thousands,
Except Share Information) |
|
|
|
Quarter Ended |
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
|
2022 |
|
2022 |
|
2022 |
|
2021 |
|
2021 |
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable, net |
|
$ |
9,100 |
|
|
$ |
8,485 |
|
|
$ |
7,581 |
|
|
$ |
7,920 |
|
|
$ |
8,175 |
|
Investment securities |
|
|
536 |
|
|
|
540 |
|
|
|
515 |
|
|
|
433 |
|
|
|
418 |
|
FHLB – San Francisco stock |
|
|
123 |
|
|
|
121 |
|
|
|
123 |
|
|
|
123 |
|
|
|
122 |
|
Interest-earning deposits |
|
|
139 |
|
|
|
69 |
|
|
|
39 |
|
|
|
35 |
|
|
|
31 |
|
Total interest income |
|
|
9,898 |
|
|
|
9,215 |
|
|
|
8,258 |
|
|
|
8,511 |
|
|
|
8,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Checking and money market deposits |
|
|
60 |
|
|
|
51 |
|
|
|
54 |
|
|
|
58 |
|
|
|
57 |
|
Savings deposits |
|
|
44 |
|
|
|
44 |
|
|
|
42 |
|
|
|
45 |
|
|
|
41 |
|
Time deposits |
|
|
213 |
|
|
|
160 |
|
|
|
178 |
|
|
|
199 |
|
|
|
215 |
|
Borrowings |
|
|
616 |
|
|
|
454 |
|
|
|
446 |
|
|
|
546 |
|
|
|
545 |
|
Total interest expense |
|
|
933 |
|
|
|
709 |
|
|
|
720 |
|
|
|
848 |
|
|
|
858 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
8,965 |
|
|
|
8,506 |
|
|
|
7,538 |
|
|
|
7,663 |
|
|
|
7,888 |
|
Provision (recovery) for loan
losses |
|
|
70 |
|
|
|
(411 |
) |
|
|
(645 |
) |
|
|
(1,067 |
) |
|
|
(339 |
) |
Net interest income, after
provision (recovery) for loan losses |
|
|
8,895 |
|
|
|
8,917 |
|
|
|
8,183 |
|
|
|
8,730 |
|
|
|
8,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan servicing and other fees |
|
|
108 |
|
|
|
189 |
|
|
|
237 |
|
|
|
444 |
|
|
|
186 |
|
Deposit account fees |
|
|
343 |
|
|
|
336 |
|
|
|
329 |
|
|
|
325 |
|
|
|
312 |
|
Card and processing fees |
|
|
381 |
|
|
|
457 |
|
|
|
378 |
|
|
|
399 |
|
|
|
405 |
|
Other |
|
|
171 |
|
|
|
183 |
|
|
|
170 |
|
|
|
200 |
|
|
|
166 |
|
Total non-interest income |
|
|
1,003 |
|
|
|
1,165 |
|
|
|
1,114 |
|
|
|
1,368 |
|
|
|
1,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
4,139 |
|
|
|
4,055 |
|
|
|
4,203 |
|
|
|
4,455 |
|
|
|
3,120 |
|
Premises and occupancy |
|
|
861 |
|
|
|
690 |
|
|
|
836 |
|
|
|
758 |
|
|
|
905 |
|
Equipment |
|
|
311 |
|
|
|
350 |
|
|
|
330 |
|
|
|
314 |
|
|
|
288 |
|
Professional expenses |
|
|
592 |
|
|
|
311 |
|
|
|
299 |
|
|
|
348 |
|
|
|
461 |
|
Sales and marketing expenses |
|
|
147 |
|
|
|
165 |
|
|
|
186 |
|
|
|
149 |
|
|
|
142 |
|
Deposit insurance premiums and regulatory assessments |
|
|
135 |
|
|
|
134 |
|
|
|
136 |
|
|
|
136 |
|
|
|
137 |
|
Other |
|
|
756 |
|
|
|
744 |
|
|
|
909 |
|
|
|
739 |
|
|
|
615 |
|
Total non-interest expense |
|
|
6,941 |
|
|
|
6,449 |
|
|
|
6,899 |
|
|
|
6,899 |
|
|
|
5,668 |
|
Income before income
taxes |
|
|
2,957 |
|
|
|
3,633 |
|
|
|
2,398 |
|
|
|
3,199 |
|
|
|
3,628 |
|
Provision for income
taxes |
|
|
867 |
|
|
|
1,170 |
|
|
|
699 |
|
|
|
935 |
|
|
|
961 |
|
Net income |
|
$ |
2,090 |
|
|
$ |
2,463 |
|
|
$ |
1,699 |
|
|
$ |
2,264 |
|
|
$ |
2,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share |
|
$ |
0.29 |
|
|
$ |
0.34 |
|
|
$ |
0.23 |
|
|
$ |
0.30 |
|
|
$ |
0.35 |
|
Diluted earnings per
share |
|
$ |
0.29 |
|
|
$ |
0.34 |
|
|
$ |
0.23 |
|
|
$ |
0.30 |
|
|
$ |
0.35 |
|
Cash dividends per
share |
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
PROVIDENT FINANCIAL HOLDINGS,
INC.Financial Highlights(Unaudited -
Dollars in Thousands, Except Share Information) |
|
|
|
Quarter Ended |
|
|
|
September 30, |
|
|
|
2022 |
|
|
2021 |
|
SELECTED FINANCIAL RATIOS: |
|
|
|
|
|
|
|
|
Return on average assets |
|
|
0.69 |
% |
|
|
0.89 |
% |
Return on average
stockholders' equity |
|
|
6.42 |
% |
|
|
8.39 |
% |
Stockholders’ equity to total
assets |
|
|
10.37 |
% |
|
|
10.76 |
% |
Net interest spread |
|
|
3.01 |
% |
|
|
2.69 |
% |
Net interest margin |
|
|
3.05 |
% |
|
|
2.71 |
% |
Efficiency ratio |
|
|
69.63 |
% |
|
|
63.28 |
% |
Average interest-earning
assets to average interest-bearing liabilities |
|
|
110.56 |
% |
|
|
110.76 |
% |
|
|
|
|
|
|
|
|
|
SELECTED FINANCIAL
DATA: |
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
0.29 |
|
|
$ |
0.35 |
|
Diluted earnings per
share |
|
$ |
0.29 |
|
|
$ |
0.35 |
|
Book value per share |
|
$ |
17.85 |
|
|
$ |
17.12 |
|
Shares used for basic EPS
computation |
|
|
7,273,377 |
|
|
|
7,529,870 |
|
Shares used for diluted EPS
computation |
|
|
7,310,490 |
|
|
|
7,575,320 |
|
Total shares issued and
outstanding |
|
|
7,235,560 |
|
|
|
7,491,705 |
|
|
|
|
|
|
|
|
|
|
LOANS ORIGINATED AND
PURCHASED FOR INVESTMENT: |
|
|
|
|
|
|
|
|
Mortgage Loans: |
|
|
|
|
|
|
|
|
Single-family |
|
$ |
57,049 |
|
|
$ |
34,420 |
|
Multi-family |
|
|
24,196 |
|
|
|
25,318 |
|
Commercial real estate |
|
|
3,325 |
|
|
|
1,200 |
|
Total loans originated and purchased for investment |
|
$ |
84,570 |
|
|
$ |
60,938 |
|
PROVIDENT FINANCIAL HOLDINGS,
INC.Financial Highlights(Unaudited -
Dollars in Thousands, Except Share Information) |
|
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
|
|
Ended |
|
|
Ended |
|
|
Ended |
|
|
Ended |
|
|
Ended |
|
|
|
09/30/22 |
|
|
06/30/22 |
|
|
03/31/22 |
|
|
12/31/21 |
|
|
09/30/21 |
|
SELECTED FINANCIAL RATIOS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
0.69 |
% |
|
|
0.83 |
% |
|
|
0.57 |
% |
|
|
0.76 |
% |
|
|
0.89 |
% |
Return on average
stockholders' equity |
|
|
6.42 |
% |
|
|
7.72 |
% |
|
|
5.33 |
% |
|
|
7.11 |
% |
|
|
8.39 |
% |
Stockholders’ equity to total
assets |
|
|
10.37 |
% |
|
|
10.84 |
% |
|
|
10.74 |
% |
|
|
10.82 |
% |
|
|
10.76 |
% |
Net interest spread |
|
|
3.01 |
% |
|
|
2.91 |
% |
|
|
2.58 |
% |
|
|
2.61 |
% |
|
|
2.69 |
% |
Net interest margin |
|
|
3.05 |
% |
|
|
2.93 |
% |
|
|
2.61 |
% |
|
|
2.64 |
% |
|
|
2.71 |
% |
Efficiency ratio |
|
|
69.63 |
% |
|
|
66.68 |
% |
|
|
79.74 |
% |
|
|
76.39 |
% |
|
|
63.28 |
% |
Average interest-earning
assets to average interest-bearing liabilities |
|
|
110.56 |
% |
|
|
110.51 |
% |
|
|
110.79 |
% |
|
|
110.65 |
% |
|
|
110.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED FINANCIAL
DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
0.29 |
|
|
$ |
0.34 |
|
|
$ |
0.23 |
|
|
$ |
0.30 |
|
|
$ |
0.35 |
|
Diluted earnings per
share |
|
$ |
0.29 |
|
|
$ |
0.34 |
|
|
$ |
0.23 |
|
|
$ |
0.30 |
|
|
$ |
0.35 |
|
Book value per share |
|
$ |
17.85 |
|
|
$ |
17.66 |
|
|
$ |
17.43 |
|
|
$ |
17.31 |
|
|
$ |
17.12 |
|
Average shares used for basic
EPS |
|
|
7,273,377 |
|
|
|
7,291,046 |
|
|
|
7,357,989 |
|
|
|
7,435,218 |
|
|
|
7,529,870 |
|
Average shares used for
diluted EPS |
|
|
7,310,490 |
|
|
|
7,323,138 |
|
|
|
7,412,516 |
|
|
|
7,482,812 |
|
|
|
7,575,320 |
|
Total shares issued and
outstanding |
|
|
7,235,560 |
|
|
|
7,285,184 |
|
|
|
7,320,672 |
|
|
|
7,389,943 |
|
|
|
7,491,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOANS ORIGINATED AND
PURCHASED FOR INVESTMENT: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Single-family |
|
$ |
57,049 |
|
|
$ |
62,908 |
|
|
$ |
54,978 |
|
|
$ |
45,720 |
|
|
$ |
34,420 |
|
Multi-family |
|
|
24,196 |
|
|
|
16,013 |
|
|
|
31,487 |
|
|
|
14,920 |
|
|
|
25,318 |
|
Commercial real estate |
|
|
3,325 |
|
|
|
6,971 |
|
|
|
7,011 |
|
|
|
3,005 |
|
|
|
1,200 |
|
Construction |
|
|
— |
|
|
|
— |
|
|
|
544 |
|
|
|
1,684 |
|
|
|
— |
|
Total loans originated and purchased for investment |
|
$ |
84,570 |
|
|
$ |
85,892 |
|
|
$ |
94,020 |
|
|
$ |
65,329 |
|
|
$ |
60,938 |
|
PROVIDENT FINANCIAL HOLDINGS,
INC.Financial Highlights(Unaudited -
Dollars in Thousands) |
|
|
|
As of |
|
|
As of |
|
|
As of |
|
|
As of |
|
|
As of |
|
|
|
09/30/22 |
|
|
06/30/22 |
|
|
03/31/22 |
|
|
12/31/21 |
|
|
09/30/21 |
|
ASSET QUALITY RATIOS ANDDELINQUENT
LOANS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recourse reserve for loans
sold |
|
$ |
160 |
|
|
$ |
160 |
|
|
$ |
160 |
|
|
$ |
160 |
|
|
$ |
200 |
|
Allowance for loan losses |
|
$ |
5,638 |
|
|
$ |
5,564 |
|
|
$ |
5,969 |
|
|
$ |
6,608 |
|
|
$ |
7,413 |
|
Non-performing loans to loans
held for investment, net |
|
|
0.10 |
% |
|
|
0.15 |
% |
|
|
0.22 |
% |
|
|
0.33 |
% |
|
|
0.77 |
% |
Non-performing assets to total
assets |
|
|
0.08 |
% |
|
|
0.12 |
% |
|
|
0.17 |
% |
|
|
0.24 |
% |
|
|
0.55 |
% |
Allowance for loan losses to
gross loans held for investment |
|
|
0.57 |
% |
|
|
0.59 |
% |
|
|
0.66 |
% |
|
|
0.77 |
% |
|
|
0.86 |
% |
Net loan charge-offs
(recoveries) to average loans receivable (annualized) |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
(0.12 |
)% |
|
|
(0.08 |
)% |
Non-performing loans |
|
$ |
964 |
|
|
$ |
1,423 |
|
|
$ |
1,996 |
|
|
$ |
2,802 |
|
|
$ |
6,616 |
|
Loans 30 to 89 days
delinquent |
|
$ |
1 |
|
|
$ |
3 |
|
|
$ |
2 |
|
|
$ |
3 |
|
|
$ |
20 |
|
|
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
|
09/30/22 |
|
06/30/22 |
|
03/31/22 |
|
12/31/21 |
|
09/30/21 |
Recourse provision (recovery) for loans sold |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(40 |
) |
|
$ |
— |
|
Provision (recovery) for loan
losses |
|
$ |
70 |
|
|
$ |
(411 |
) |
|
$ |
(645 |
) |
|
$ |
(1,067 |
) |
|
$ |
(339 |
) |
Net loan charge-offs
(recoveries) |
|
$ |
(4 |
) |
|
$ |
(6 |
) |
|
$ |
(6 |
) |
|
$ |
(262 |
) |
|
$ |
(165 |
) |
|
|
As of |
|
|
As of |
|
|
As of |
|
|
As of |
|
|
As of |
|
|
|
09/30/2022 |
|
|
06/30/2022 |
|
|
03/31/2022 |
|
|
12/31/2021 |
|
|
09/30/2021 |
|
REGULATORY CAPITAL
RATIOS (BANK): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage ratio |
|
9.74 |
% |
|
10.47 |
% |
|
10.27 |
% |
|
10.02 |
% |
|
9.81 |
% |
Common equity tier 1 capital
ratio |
|
17.67 |
% |
|
19.58 |
% |
|
19.32 |
% |
|
19.69 |
% |
|
18.90 |
% |
Tier 1 risk-based capital
ratio |
|
17.67 |
% |
|
19.58 |
% |
|
19.32 |
% |
|
19.69 |
% |
|
18.90 |
% |
Total risk-based capital
ratio |
|
18.54 |
% |
|
20.47 |
% |
|
20.29 |
% |
|
20.79 |
% |
|
20.12 |
% |
|
|
As of September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
|
Balance |
|
Rate(2) |
|
|
Balance |
|
Rate(2) |
|
INVESTMENT SECURITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held to
maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit |
|
$ |
200 |
|
|
2.50 |
% |
|
$ |
800 |
|
|
0.23 |
% |
U.S. SBA securities |
|
|
720 |
|
|
2.10 |
|
|
|
1,272 |
|
|
0.60 |
|
U.S. government sponsored
enterprise MBS |
|
|
171,331 |
|
|
1.38 |
|
|
|
203,749 |
|
|
1.22 |
|
U.S. government sponsored
enterprise CMO |
|
|
3,911 |
|
|
2.21 |
|
|
|
— |
|
|
— |
|
Total investment securities held to maturity |
|
$ |
176,162 |
|
|
1.40 |
% |
|
$ |
205,821 |
|
|
1.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available for sale (at
fair value): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government agency
MBS |
|
$ |
1,610 |
|
|
2.17 |
% |
|
$ |
2,062 |
|
|
2.08 |
% |
U.S. government sponsored
enterprise MBS |
|
|
800 |
|
|
3.06 |
|
|
|
1,104 |
|
|
2.29 |
|
Private issue CMO |
|
|
107 |
|
|
3.02 |
|
|
|
150 |
|
|
2.53 |
|
Total investment securities
available for sale |
|
$ |
2,517 |
|
|
2.49 |
% |
|
$ |
3,316 |
|
|
2.17 |
% |
Total investment securities |
|
$ |
178,679 |
|
|
1.42 |
% |
|
$ |
209,137 |
|
|
1.23 |
% |
|
(2) The interest rate described in the rate column is the
weighted-average interest rate or yield of all instruments, which
are included in the balance of the respective line item. |
PROVIDENT FINANCIAL HOLDINGS,
INC.Financial Highlights(Unaudited -
Dollars in Thousands) |
|
|
|
As of September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
|
Balance |
|
Rate(2) |
|
|
Balance |
|
Rate(2) |
|
LOANS HELD FOR
INVESTMENT: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Single-family (1 to 4 units) |
|
$ |
429,575 |
|
|
3.56 |
% |
|
$ |
274,970 |
|
|
3.29 |
% |
Multi-family (5 or more
units) |
|
|
468,031 |
|
|
4.18 |
|
|
|
489,550 |
|
|
4.06 |
|
Commercial real estate |
|
|
89,339 |
|
|
4.89 |
|
|
|
91,779 |
|
|
4.67 |
|
Construction |
|
|
3,151 |
|
|
3.84 |
|
|
|
2,574 |
|
|
5.98 |
|
Other mortgage |
|
|
118 |
|
|
5.25 |
|
|
|
137 |
|
|
5.25 |
|
Commercial business |
|
|
1,117 |
|
|
7.97 |
|
|
|
865 |
|
|
6.41 |
|
Consumer |
|
|
70 |
|
|
15.50 |
|
|
|
84 |
|
|
15.00 |
|
Total loans held for investment |
|
|
991,401 |
|
|
3.98 |
% |
|
|
859,959 |
|
|
3.89 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Advance payments of
escrows |
|
|
20 |
|
|
|
|
|
|
68 |
|
|
|
|
Deferred loan costs, net |
|
|
8,159 |
|
|
|
|
|
|
6,421 |
|
|
|
|
Allowance for loan losses |
|
|
(5,638 |
) |
|
|
|
|
|
(7,413 |
) |
|
|
|
Total loans held for investment, net |
|
$ |
993,942 |
|
|
|
|
|
$ |
859,035 |
|
|
|
|
Purchased loans serviced by
others included above |
|
$ |
11,172 |
|
|
3.57 |
% |
|
$ |
13,100 |
|
|
3.50 |
% |
|
(2) The interest rate described in the rate column is the
weighted-average interest rate or yield of all instruments, which
are included in the balance of the respective line item. |
|
|
As of September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
|
Balance |
|
Rate(2) |
|
|
Balance |
|
Rate(2) |
|
DEPOSITS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Checking accounts – non
interest-bearing |
|
$ |
123,314 |
|
|
— |
% |
|
$ |
120,883 |
|
|
— |
% |
Checking accounts –
interest-bearing |
|
|
339,961 |
|
|
0.04 |
|
|
|
341,281 |
|
|
0.04 |
|
Savings accounts |
|
|
336,075 |
|
|
0.05 |
|
|
|
318,318 |
|
|
0.05 |
|
Money market accounts |
|
|
42,968 |
|
|
0.25 |
|
|
|
40,785 |
|
|
0.22 |
|
Time deposits |
|
|
143,006 |
|
|
0.95 |
|
|
|
135,475 |
|
|
0.65 |
|
Total deposits |
|
$ |
985,324 |
|
|
0.18 |
% |
|
$ |
956,742 |
|
|
0.13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BORROWINGS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overnight |
|
$ |
— |
|
|
— |
% |
|
$ |
— |
|
|
— |
% |
Three months or less |
|
|
55,000 |
|
|
3.16 |
|
|
|
— |
|
|
— |
|
Over three to six months |
|
|
— |
|
|
— |
|
|
|
10,000 |
|
|
2.20 |
|
Over six months to one
year |
|
|
20,000 |
|
|
2.00 |
|
|
|
20,000 |
|
|
1.75 |
|
Over one year to two
years |
|
|
20,000 |
|
|
2.50 |
|
|
|
20,000 |
|
|
2.00 |
|
Over two years to three
years |
|
|
20,000 |
|
|
2.70 |
|
|
|
20,000 |
|
|
2.50 |
|
Over three years to four
years |
|
|
— |
|
|
— |
|
|
|
20,000 |
|
|
2.70 |
|
Over four years to five
years |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
Over five years |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
Total borrowings |
|
$ |
115,000 |
|
|
2.76 |
% |
|
$ |
90,000 |
|
|
2.23 |
% |
|
(2) The interest rate described in the rate column is the
weighted-average interest rate or cost of all instruments, which
are included in the balance of the respective line item. |
PROVIDENT FINANCIAL HOLDINGS,
INC.Financial Highlights(Unaudited -
Dollars in Thousands) |
|
|
|
Quarter Ended |
|
|
Quarter Ended |
|
|
|
September 30, 2022 |
|
|
September 30, 2021 |
|
|
|
Balance |
|
Rate(2) |
|
|
Balance |
|
Rate(2) |
|
SELECTED AVERAGE BALANCE SHEETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable, net |
|
$ |
960,610 |
|
|
3.79 |
% |
|
$ |
852,741 |
|
|
3.83 |
% |
Investment securities |
|
|
184,352 |
|
|
1.16 |
|
|
|
219,907 |
|
|
0.76 |
|
FHLB – San Francisco
stock |
|
|
8,239 |
|
|
5.97 |
|
|
|
8,155 |
|
|
5.98 |
|
Interest-earning deposits |
|
|
23,614 |
|
|
2.30 |
|
|
|
82,207 |
|
|
0.15 |
|
Total interest-earning
assets |
|
$ |
1,176,815 |
|
|
3.36 |
% |
|
$ |
1,163,010 |
|
|
3.01 |
% |
Total assets |
|
$ |
1,210,762 |
|
|
|
|
|
$ |
1,194,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
$ |
962,266 |
|
|
0.13 |
% |
|
$ |
952,317 |
|
|
0.13 |
% |
Borrowings |
|
|
102,174 |
|
|
2.39 |
|
|
|
97,742 |
|
|
2.21 |
|
Total interest-bearing
liabilities |
|
$ |
1,064,440 |
|
|
0.35 |
% |
|
$ |
1,050,059 |
|
|
0.32 |
% |
Total stockholders’
equity |
|
$ |
130,166 |
|
|
|
|
|
$ |
127,160 |
|
|
|
|
|
(2) The interest rate described in the rate column is the
weighted-average interest rate or yield/cost of all instruments,
which are included in the balance of the respective line item. |
ASSET
QUALITY: |
|
|
As of |
|
As of |
|
As of |
|
As of |
|
As of |
|
|
09/30/22 |
|
06/30/22 |
|
03/31/22 |
|
12/31/21 |
|
09/30/21 |
Loans on non-accrual status (excluding restructured loans): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Single-family |
|
$ |
243 |
|
|
$ |
701 |
|
|
$ |
716 |
|
|
$ |
745 |
|
|
$ |
739 |
|
Multi-family |
|
|
— |
|
|
|
— |
|
|
|
306 |
|
|
|
1,077 |
|
|
|
775 |
|
Total |
|
|
243 |
|
|
|
701 |
|
|
|
1,022 |
|
|
|
1,822 |
|
|
|
1,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing loans past due 90
days or more: |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructured loans on
non-accrual status: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Single-family |
|
|
721 |
|
|
|
722 |
|
|
|
974 |
|
|
|
980 |
|
|
|
5,102 |
|
Total |
|
|
721 |
|
|
|
722 |
|
|
|
974 |
|
|
|
980 |
|
|
|
5,102 |
|
Total non-performing loans(3) |
|
|
964 |
|
|
|
1,423 |
|
|
|
1,996 |
|
|
|
2,802 |
|
|
|
6,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate owned, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total non-performing
assets |
|
$ |
964 |
|
|
$ |
1,423 |
|
|
$ |
1,996 |
|
|
$ |
2,802 |
|
|
$ |
6,616 |
|
|
(3) The non-performing loans balances are net of individually
evaluated or collectively evaluated allowances, specifically
attached to the individual loans. |
Grafico Azioni Provident Financial (NASDAQ:PROV)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Provident Financial (NASDAQ:PROV)
Storico
Da Giu 2023 a Giu 2024