Provident Financial Holdings Inc. Files 10-Q for Period Ending March 31, 2024

AI Summary

PROVIDENT FINANCIAL HOLDINGS INC (PROV) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Provident Financial Holdings Inc. filed a 10-Q for the period ending March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. It also includes comparative data for previous periods, such as March 31, 2023, and June 30, 2023. The company's fiscal year ends on June 30. Key financial statement components like retained earnings, additional paid-in capital, and accumulated other comprehensive income are detailed for various dates.

Why It Matters

For investors and stakeholders tracking PROVIDENT FINANCIAL HOLDINGS INC, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial data for Provident Financial Holdings Inc., enabling them to assess the company's performance and make informed investment decisions. The detailed breakdown of financial components and comparative data across periods allows for trend analysis and a deeper understanding of the company's financial health and strategic direction.

Risk Assessment

Risk Level: low — PROVIDENT FINANCIAL HOLDINGS INC shows low risk based on this filing. The filing is a standard 10-Q report, which is routine for publicly traded companies and does not contain immediate red flags.

Analyst Insight

Review the detailed financial statements and segment data within the 10-Q to understand Provident Financial Holdings Inc.'s current financial health and operational performance.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-08 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (Reporting period start date)
• 2023-03-31 — Prior Year Quarter End Date (Comparative period)
• 2023-06-30 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• PROVIDENT FINANCIAL HOLDINGS INC (company) — Filer name
• PROV (company) — Ticker symbol
• 3756 CENTRAL AVE (location) — Business address street 1
• RIVERSIDE (location) — Business address city
• CA (location) — Business address state
• 92506 (location) — Business address zip
• 9096866060 (phone) — Business phone
• DE (location) — State of incorporation

FAQ

Industry Context

Provident Financial Holdings Inc. operates within the savings institution sector, federally chartered.

Regulatory Implications

The company is subject to regulations governing financial institutions, as indicated by its filing of a 10-Q under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the balance sheet details for March 31, 2024, and compare them to prior periods.
2. Examine any disclosures related to stock repurchase plans mentioned in the filing.
3. Review the company's fiscal year-end date and its implications for future reporting.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-08: 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 March 31, 2024, providing an update on the company's financial status since its last reporting cycle.

Key Financial Figures

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

Filing Documents

• prov-20240331x10q.htm (10-Q) — 6852KB
• prov-20240331xex10d3.htm (EX-10.3) — 64KB
• prov-20240331xex31d1.htm (EX-31.1) — 12KB
• prov-20240331xex31d2.htm (EX-31.2) — 12KB
• prov-20240331xex32d1.htm (EX-32.1) — 6KB
• prov-20240331xex32d2.htm (EX-32.2) — 6KB
• prov-20240331x10q001.jpg (GRAPHIC) — 36KB
• prov-20240331x10q002.jpg (GRAPHIC) — 33KB
• 0000939057-24-000106.txt ( ) — 28647KB
• prov-20240331.xsd (EX-101.SCH) — 80KB
• prov-20240331_cal.xml (EX-101.CAL) — 100KB
• prov-20240331_def.xml (EX-101.DEF) — 406KB
• prov-20240331_lab.xml (EX-101.LAB) — 573KB
• prov-20240331_pre.xml (EX-101.PRE) — 578KB
• prov-20240331x10q_htm.xml (XML) — 8917KB

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 March 31, 2024 and June 30, 2023 1 Condensed Consolidated Statements of Operations for the Quarters and Nine Months Ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income for the Quarters and Nine Months Ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Stockholders' Equity for the Quarters and Nine Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2024 and 2023 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 40 Safe-Harbor Statement 41 Critical Accounting Estimates 41 Executive Summary and Operating Strategy 42 Commitments and Derivative Financial Instruments 43 Comparison of Financial Condition at March 31, 2024 and June 30, 2023 43 Comparison of Operating Results for the Quarters and Nine Months Ended March 31, 2024 and 2023 45 Asset Quality 54 Loan Volume Activities 56 Liquidity and Capital Resources 56 Supplemental Information 58 ITEM 3 -

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 58 ITEM 4 -

Controls and Procedures

Controls and Procedures 63 PART II - OTHER INFORMATION ITEM 1 -

Legal Proceedings

Legal Proceedings 63 ITEM 1A -

Risk Factors

Risk Factors 64 ITEM 2 - Unregistered Sales of Equity Securities and Use of Proceeds 64 ITEM 3 - Defaults Upon Senior Securities 64 ITEM 4 - Mine Safety Disclosures 64 ITEM 5 - Other Information 64 ITEM 6 - Exhibits 65

SIGNATURES

SIGNATURES 66 Table of Contents PROVIDENT FINANCIAL HOLDINGS, INC. Condensed Consolidated Statements of Financial Condition (Unaudited) In Thousands, Except Share and Per Share Information March 31, June 30, 2024 2023 Assets Cash and cash equivalents $ 51,731 $ 65,849 Investment securities - held to maturity, at cost with no allowance for credit losses 135,971 154,337 Investment securities - available for sale, at fair value with no allowance for credit losses 1,935 2,155 Loans held for investment, net of allowance for credit losses of $ 7,108 and $ 5,946 , respectively; includes $ 1,054 and $ 1,312 of loans held at fair value, respectively; $ 872.5 million and $ 967.6 million pledged to Federal Home Loan Bank ("FHLB") - San Francisco, respectively; $ 104.5 million and $ 0 pledged to Federal Reserve Bank ("FRB") - San Francisco, respectively 1,065,761 1,077,629 Accrued interest receivable 4,249 3,711 FHLB - San Francisco stock 9,505 9,505 Premises and equipment, net 9,637 9,231 Prepaid expenses and other assets 11,258 10,531 Total assets $ 1,290,047 $ 1,332,948 Liabilities and Stockholders' Equity Liabilities: Noninterest-bearing deposits $ 91,708 $ 103,007 Interest-bearing deposits 816,414 847,564 Total deposits 908,122 950,571 Borrowings 235,000 235,009 Accounts payable, accrued interest and other liabilities 17,419 17,681 Total liabilities 1,160,541 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 6,896,297 and 7,043,170 outstanding, respectively) 183 183 Additional paid-in capital 99,591 99,505 Retained earnings 208,923 207,274 Treasury stock at cost ( 11,333,318 and 11,186,445 shares, respectively) ( 179,

View Full Filing

View this 10-Q filing on SEC EDGAR