Provident Financial Holdings Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Provident Financial Holdings Inc. filed its quarterly 10-Q report detailing financial positions as of December 31, 2023.</b>

AI Summary

PROVIDENT FINANCIAL HOLDINGS INC (PROV) filed a Quarterly Report (10-Q) with the SEC on February 8, 2024. Provident Financial Holdings Inc. filed a 10-Q report for the period ending December 31, 2023. The filing covers the fiscal quarter and year-to-date periods. Key financial statement data points such as Treasury Stock, Common Stock, Retained Earnings, Additional Paid-In Capital, and Accumulated Other Comprehensive Income are reported as of December 31, 2023, and comparative periods. Information regarding deposit accounts and credit card activities for the periods ending December 31, 2023, and December 31, 2022, is included. The company's fiscal year ends on June 30.

Why It Matters

For investors and stakeholders tracking PROVIDENT FINANCIAL HOLDINGS INC, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and position of Provident Financial Holdings Inc. for the quarter ending December 31, 2023, enabling informed investment decisions. The detailed financial data, including balance sheet items and segment information, allows for analysis of the company's operational health and trends compared to prior periods.

Risk Assessment

Risk Level: low — PROVIDENT FINANCIAL HOLDINGS INC shows low risk based on this filing. The filing is a routine 10-Q, which typically contains standard financial disclosures and does not indicate any unusual or significant events.

Analyst Insight

Monitor future 10-Q filings for trends in deposit growth, credit card performance, and changes in equity accounts.

Key Numbers

• 2023-12-31 — Period of Report (Fiscal quarter end date)
• 2024-02-08 — Filed As Of Date (Date the filing was submitted)
• 0630 — Fiscal Year End (Company's fiscal year end month and day)

Key Players & Entities

• PROVIDENT FINANCIAL HOLDINGS INC (company) — Filer name
• 2023-12-31 (date) — Period of report
• 2024-02-08 (date) — Filed as of date
• 3756 CENTRAL AVE (address) — Business address
• RIVERSIDE (location) — Business address city
• CA (location) — Business address state
• 92506 (postal_code) — Business address zip
• 9096866060 (phone_number) — Business phone

Forward-Looking Statements

• Provident Financial Holdings Inc. will continue to repurchase shares under its September 2023 plan. (Provident Financial Holdings Inc.) — medium confidence, target: 2024-06-30

FAQ

Industry Context

Provident Financial Holdings Inc. operates as a savings institution, federally chartered, within the financial services sector.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and disclosures.
2. Compare the reported balance sheet items (e.g., Treasury Stock, Retained Earnings) with previous periods.
3. Analyze the trends in deposit accounts and credit card activities.

Key Dates

• 2023-12-31: Quarterly Period End — End of the reporting period for the 10-Q.
• 2024-02-08: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This filing is a 10-Q for the period ending December 31, 2023, providing updated financial information since the last quarterly report.

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share PROV The NASDAQ Stock Mar

Filing Documents

• prov-20231231x10q.htm (10-Q) — 6111KB
• prov-20231231xex31d1.htm (EX-31.1) — 12KB
• prov-20231231xex31d2.htm (EX-31.2) — 12KB
• prov-20231231xex32d1.htm (EX-32.1) — 6KB
• prov-20231231xex32d2.htm (EX-32.2) — 6KB
• prov-20231231x10q001.jpg (GRAPHIC) — 36KB
• prov-20231231x10q002.jpg (GRAPHIC) — 34KB
• 0000939057-24-000046.txt (&nbsp;) — 25265KB
• prov-20231231.xsd (EX-101.SCH) — 74KB
• prov-20231231_cal.xml (EX-101.CAL) — 93KB
• prov-20231231_def.xml (EX-101.DEF) — 378KB
• prov-20231231_lab.xml (EX-101.LAB) — 545KB
• prov-20231231_pre.xml (EX-101.PRE) — 542KB
• prov-20231231x10q_htm.xml (XML) — 7683KB

Financial Statements. The Unaudited Interim Condensed Consolidated Financial Statements of

Financial Statements. The Unaudited Interim Condensed Consolidated Financial Statements of Provident Financial Holdings, Inc. filed as a part of the report are as follows: Condensed Consolidated Statements of Financial Condition as of December 31, 2023 and June 30, 2023 1 Condensed Consolidated Statements of Operations for the Quarters and Six Months Ended December 31, 2023 and 2022 2 Condensed Consolidated Statements of Comprehensive Income for the Quarters and Six Months Ended December 31, 2023 and 2022 3 Condensed Consolidated Statements of Stockholders' Equity for the Quarters and Six Months Ended December 31, 2023 and 2022 4 Condensed Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2023 and 2022 6 Notes to Unaudited Interim Condensed Consolidated Financial Statements 7 ITEM 2 -

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

Management's Discussion and Analysis of Financial Condition and Results of Operations: General 37 Safe-Harbor Statement 38 Critical Accounting Estimates 38 Executive Summary and Operating Strategy 39 Commitments and Derivative Financial Instruments 39 Comparison of Financial Condition at December 31, 2023 and June 30, 2023 40 Comparison of Operating Results for the Quarters and Six Months Ended December 31, 2023 and 2022 41 Asset Quality 51 Loan Volume Activities 53 Liquidity and Capital Resources 53 Supplemental Information 55 ITEM 3 -

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 56 ITEM 4 -

Controls and Procedures

Controls and Procedures 60 PART II - OTHER INFORMATION ITEM 1 -

Legal Proceedings

Legal Proceedings 60 ITEM 1A -

Risk Factors

Risk Factors 61 ITEM 2 - Unregistered Sales of Equity Securities and Use of Proceeds 61 ITEM 3 - Defaults Upon Senior Securities 61 ITEM 4 - Mine Safety Disclosures 61 ITEM 5 - Other Information 61 ITEM 6 - Exhibits 62

SIGNATURES

SIGNATURES 63 Table of Contents PROVIDENT FINANCIAL HOLDINGS, INC. Condensed Consolidated Statements of Financial Condition (Unaudited) In Thousands, Except Share and Per Share Information December 31, June 30, 2023 2023 Assets Cash and cash equivalents $ 46,878 $ 65,849 Investment securities - held to maturity, at cost with no allowance for credit losses 141,692 154,337 Investment securities - available for sale, at fair value with no allowance for credit losses 1,996 2,155 Loans held for investment, net of allowance for credit losses of $ 7,000 and $ 5,946 , respectively; includes $ 1,092 and $ 1,312 of loans held at fair value, respectively; $ 864.6 million and $ 967.6 million pledged to Federal Home Loan Bank ("FHLB") - San Francisco, respectively; $ 107.0 million and $ 0 pledged to Federal Reserve Bank ("FRB") - San Francisco, respectively 1,075,765 1,077,629 Accrued interest receivable 4,076 3,711 FHLB - San Francisco stock 9,505 9,505 Premises and equipment, net 9,598 9,231 Prepaid expenses and other assets 11,583 10,531 Total assets $ 1,301,093 $ 1,332,948 Liabilities and Stockholders' Equity Liabilities: Noninterest-bearing deposits $ 94,030 $ 103,007 Interest-bearing deposits 817,950 847,564 Total deposits 911,980 950,571 Borrowings 242,500 235,009 Accounts payable, accrued interest and other liabilities 16,952 17,681 Total liabilities 1,171,432 1,203,261 Commitments and Contingencies Stockholders' equity: Preferred stock, $ 0.01 par value ( 2,000,000 shares authorized; none issued and outstanding) — — Common stock, $ 0.01 par value, ( 40,000,000 and 40,000,000 shares authorized, 18,229,615 and 18,229,615 shares issued, and 6,946,348 and 7,043,170 outstanding, respectively) 183 183 Additional paid-in capital 99,565 99,505 Retained earnings 208,396 207,274 Treasury stock at cost ( 11,283,267 and 11,186,445 shares, respectively) ( 1

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View this 10-Q filing on SEC EDGAR