Provident Financial Holdings Inc. Files 2024 10-K

TL;DR

PFHD filed its 2024 10-K. All looks standard.

AI Summary

Provident Financial Holdings Inc. filed its 10-K for the fiscal year ending June 30, 2024. The company, headquartered in Riverside, CA, operates in the savings institution sector. The filing details financial performance and operational aspects for the period.

Why It Matters

This 10-K filing provides investors and stakeholders with a comprehensive overview of Provident Financial Holdings Inc.'s financial health and strategic direction for the past fiscal year.

Risk Assessment

Risk Level: low — The filing is a standard annual report with no immediate red flags or significant negative disclosures.

Key Players & Entities

• PROVIDENT FINANCIAL HOLDINGS INC (company) — Filer of the 10-K
• 20240630 (date) — Fiscal year end date
• 3756 CENTRAL AVE, RIVERSIDE, CA 92506 (location) — Company's business and mailing address
• 0000939057-24-000247 (filing_id) — Accession number for the filing

FAQ

Key Financial Figures

• $1.27 b — ration had consolidated total assets of $1.27 billion, total deposits of $888.3 million
• $888.3 million — ets of $1.27 billion, total deposits of $888.3 million and stockholders' equity of $129.9 mill
• $129.9 million — 8.3 million and stockholders' equity of $129.9 million. The Corporation has not engaged in any
• $500,000 — nties. The Foundation was funded with a $500,000 charitable contribution made by the Ban
• $40,000 — er of fiscal 2006. The Bank contributed $40,000 to the Foundation in both fiscal 2024 a
• $0.14 — f Directors declared a cash dividend of $0.14 per share. Shareholders of Provident co
• $908,040 — edian home price decreased by 0.8% from $908,040 in May 2024 to $900,720 in June 2024, m
• $900,720 — ed by 0.8% from $908,040 in May 2024 to $900,720 in June 2024, marking the third month i
• $900,000 b — king the third month in a row above the $900,000 benchmark. The June 2024 median home pric
• $837,850 — ian home price was 7.5% higher than the $837,850 recorded in June 2023, marking the 12th
• $1 million — t declined by 21.0%. Homes priced above $1 million now account for 36.3% of all sales, the
• $1.05 billion — nk's net loans held for investment were $1.05 billion at June 30, 2024, representing 83% of c
• $1.08 b — olidated total assets. This compares to $1.08 billion, or 81% of consolidated total ass
• $20.1 m — tities under applicable regulations was $20.1 million, or 15% of the Bank's unimpaired
• $5.0 million — ed of: four multi-family loans totaling $5.0 million to one group of borrowers; eight single

Filing Documents

• prov-20240630x10k.htm (10-K) — 7672KB
• prov-20240630xex13.htm (EX-13) — 288KB
• prov-20240630xex21d1.htm (EX-21.1) — 13KB
• prov-20240630xex23d1.htm (EX-23.1) — 3KB
• prov-20240630xex31d1.htm (EX-31.1) — 13KB
• prov-20240630xex31d2.htm (EX-31.2) — 12KB
• prov-20240630xex32d1.htm (EX-32.1) — 6KB
• prov-20240630xex32d2.htm (EX-32.2) — 6KB
• prov-20240630xex97.htm (EX-97) — 52KB
• prov-20240630x10k001.jpg (GRAPHIC) — 81KB
• prov-20240630x10k002.jpg (GRAPHIC) — 34KB
• prov-20240630xex13001.jpg (GRAPHIC) — 28KB
• prov-20240630xex13002.jpg (GRAPHIC) — 9KB
• prov-20240630xex13003.jpg (GRAPHIC) — 11KB
• 0000939057-24-000247.txt ( ) — 32439KB
• prov-20240630.xsd (EX-101.SCH) — 115KB
• prov-20240630_cal.xml (EX-101.CAL) — 137KB
• prov-20240630_def.xml (EX-101.DEF) — 575KB
• prov-20240630_lab.xml (EX-101.LAB) — 908KB
• prov-20240630_pre.xml (EX-101.PRE) — 876KB
• prov-20240630x10k_htm.xml (XML) — 8968KB

Risk Factors

Risk Factors 37 Item 1B. Unresolved Staff Comments 47 Item 1C. Cybersecurity 47 Item 2.

Properties

Properties 48 Item 3.

Legal Proceedings

Legal Proceedings 48 Item 4. Mine Safety Disclosures 49 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 49 Item 6. [Reserved] 50 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations: 51 General 52 Critical Accounting Estimates 52 Executive Summary and Operating Strategy 53 Comparison of Financial Condition at June 30, 2024 and 2023 54 Comparison of Operating Results for the Fiscal Years Ended June 30, 2024 and 2023 55 Average Balances, Interest and Average Yields/Costs 59 Rate/Volume Variance 60 Liquidity and Capital Resources 60 Impact of New Accounting Pronouncements 62 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 62 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 66 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 66 Item 9A.

Controls and Procedures

Controls and Procedures 66 Item 9B. Other Information 68 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 68 PART III Item 10. Directors, Executive Officers and Corporate Governance 68 Item 11.

Executive Compensation

Executive Compensation 69 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 69 Item 13. Certain Relationships and Related Transactions, and Director Independence 70 Item 14. Principal Accountant Fees and Services 70 PART IV Item 15. Exhibits and Financial Statement Schedules 71 Item 16. Form 10-K Summary 73

Signatures

Signatures 74 Table of Contents PART I

Business

Item 1. Business General Provident Financial Holdings, Inc. (the "Corporation"), a Delaware corporation, was organized in January 1996 for the purpose of becoming the holding company of Provident Savings Bank, F.S.B. (the "Bank") upon the Bank's conversion from a federal mutual to a federal stock savings bank ("Conversion"). The Conversion was completed on June 27, 1996. The Corporation is regulated by the Board of Governors of the Federal Reserve System ("Federal Reserve"). At June 30, 2024, the Corporation had consolidated total assets of $1.27 billion, total deposits of $888.3 million and stockholders' equity of $129.9 million. The Corporation has not engaged in any significant activity other than holding the stock of the Bank. Accordingly, the information set forth in this Annual Report on Form 10-K ("Form 10-K"), including the audited consolidated financial statements and related data, relates primarily to the Bank. As used in this report, the terms "we," "our," "us," and the "Corporation" refer to Provident Financial Holdings, Inc. and its consolidated subsidiaries, unless the context indicates otherwise. When we refer to the "Provident" in this report, we are referring to Provident Financial Holdings, Inc. When we refer to the "Bank" or "Provident Savings Bank" in this report, we are referring to Provident Savings Bank, F.S.B., a wholly owned subsidiary of Provident. The Bank, founded in 1956, is a federally chartered stock savings bank headquartered in Riverside, California. The Bank is regulated by the Office of the Comptroller of the Currency ("OCC"), its primary federal regulator, and the Federal Deposit Insurance Corporation ("FDIC"), the insurer of its deposits. The Bank's deposits are federally insured up to applicable limits by the FDIC. The Bank has been a member of the Federal Home Loan Bank ("FHLB") – San Francisco since 1956. The Bank is a financial services company committed to serving consumers and small to mid-sized businesses in the Inlan

View Full Filing

View this 10-K filing on SEC EDGAR