Provident Financial Holdings Inc. Q1 2025 Update

TL;DR

PFHD Q1 2025: Capital structure and stock repurchase plan details filed.

AI Summary

Provident Financial Holdings Inc. reported its Q1 2025 results for the period ending September 30, 2024. The company's filing details common stock, treasury stock, retained earnings, and additional paid-in capital as of September 30, 2024. It also references a stock repurchase plan initiated in September 2023.

Why It Matters

This filing provides insight into Provident Financial Holdings Inc.'s capital structure and shareholder activities for the first quarter of fiscal year 2025.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant risks.

Key Numbers

• Q1 2025 — Fiscal Quarter (Reporting period ending September 30, 2024.)

Key Players & Entities

• PROVIDENT FINANCIAL HOLDINGS INC (company) — Filer
• 0000939057-24-000297 (other) — Accession Number
• 20240930 (date) — Period of Report
• 20241107 (date) — Filing Date
• September Two Thousand Twenty Three Stock Repurchase Plan (other) — Stock Repurchase Plan

FAQ

Key Financial Figures

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

Filing Documents

• prov-20240930x10q.htm (10-Q) — 5440KB
• prov-20240930xex31d1.htm (EX-31.1) — 12KB
• prov-20240930xex31d2.htm (EX-31.2) — 12KB
• prov-20240930xex32d1.htm (EX-32.1) — 6KB
• prov-20240930xex32d2.htm (EX-32.2) — 6KB
• prov-20240930x10q001.jpg (GRAPHIC) — 41KB
• prov-20240930x10q002.jpg (GRAPHIC) — 43KB
• 0000939057-24-000297.txt ( ) — 23581KB
• prov-20240930.xsd (EX-101.SCH) — 77KB
• prov-20240930_cal.xml (EX-101.CAL) — 100KB
• prov-20240930_def.xml (EX-101.DEF) — 357KB
• prov-20240930_lab.xml (EX-101.LAB) — 550KB
• prov-20240930_pre.xml (EX-101.PRE) — 521KB
• prov-20240930x10q_htm.xml (XML) — 7286KB

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 September 30, 2024 and June 30, 2024 1 Condensed Consolidated Statements of Operations for the Quarters Ended September 30, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income for the Quarters Ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Stockholders' Equity for the Quarters Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the Three Months Ended September 30, 2024 and 2023 5 Notes to Unaudited Interim Condensed Consolidated Financial Statements 6 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 33 Safe-Harbor Statement 34 Critical Accounting Estimates 35 Executive Summary and Operating Strategy 36 Commitments and Derivative Financial Instruments 36 Comparison of Financial Condition at September 30, 2024 and June 30, 2024 37 Comparison of Operating Results for the Quarters Ended September 30, 2024 and 2023 38 Asset Quality 44 Loan Volume Activities 46 Liquidity and Capital Resources 46 Supplemental Information 49 ITEM 3 -

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 49 ITEM 4 -

Controls and Procedures

Controls and Procedures 53 PART II - OTHER INFORMATION ITEM 1 -

Legal Proceedings

Legal Proceedings 53 ITEM 1A -

Risk Factors

Risk Factors 54 ITEM 2 - Unregistered Sales of Equity Securities and Use of Proceeds 54 ITEM 3 - Defaults Upon Senior Securities 54 ITEM 4 - Mine Safety Disclosures 54 ITEM 5 - Other Information 54 ITEM 6 - Exhibits 55

SIGNATURES

SIGNATURES 56 Table of Contents PROVIDENT FINANCIAL HOLDINGS, INC. Condensed Consolidated Statements of Financial Condition (Unaudited) In Thousands, Except Share and Per Share Information September 30, June 30, 2024 2024 Assets Cash and cash equivalents $ 48,193 $ 51,376 Investment securities - held to maturity, at cost with no allowance for credit losses 124,268 130,051 Investment securities - available for sale, at fair value 1,809 1,849 Loans held for investment, net of allowance for credit losses of $ 6.3 million and $ 7.1 million, respectively; includes $ 1.1 million and $ 1.0 million of loans held at fair value, respectively; $ 774.1 million and $ 861.1 million pledged to Federal Home Loan Bank ("FHLB") - San Francisco, respectively; $ 174.4 million and $ 178.6 million pledged to Federal Reserve Bank ("FRB") - San Francisco, respectively 1,048,633 1,052,979 Accrued interest receivable 4,287 4,287 FHLB - San Francisco stock and other equity investments, includes $ 565 and $ 540 of other equity investments at fair value, respectively 10,133 10,108 Premises and equipment, net 9,615 9,313 Prepaid expenses and other assets 10,442 12,237 Total assets $ 1,257,380 $ 1,272,200 Liabilities and Stockholders' Equity Liabilities: Noninterest-bearing deposits $ 86,458 $ 95,627 Interest-bearing deposits 777,406 792,721 Total deposits 863,864 888,348 Borrowings 249,500 238,500 Accounts payable, accrued interest and other liabilities 14,410 15,411 Total liabilities 1,127,774 1,142,259 Commitments and Contingencies (Notes 6 and 9) 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 6,769,247 and 6,847,821 outstanding, respectively) 183 183 Additional paid-in capital 98,711

Description of Securities

Description of Securities Value Losses Value Losses Value Losses Held to maturity U.S. government sponsored enterprise MBS $ — $ — $ 104,182 $ 11,264 $ 104,182 $ 11,264 U.S. government sponsored enterprise CMO — — 3,543 157 3,543 157 U.S. SBA securities 439 1 — — 439 1 Total investment securities - held to maturity 439 1 107,725 11,421 108,164 11,422 Available for sale U.S government agency MBS — — 389 2 389 2 Private issue CMO — — 16 1 16 1 Total investment securities - available for sale — — 405 3 405 3 Total investment securities $ 439 $ 1 108,130 $ 11,424 $ 108,569 $ 11,425 8 Table of Contents As of June 30, 2024 Unrealized Holding Losses Unrealized Holding Losses Unrealized Holding Losses (In Thousands) Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized

Description of Securities

Description of Securities Value Losses Value Losses Value Losses Held to maturity U.S. government sponsored enterprise MBS $ — $ — $ 105,530 $ 15,481 $ 105,530 $ 15,481 U.S. government sponsored enterprise CMO — — 3,460 253 3,460 253 U.S. SBA securities 455 — — — 455 — Total investment securities - held to maturity 455 — 108,990 15,734 109,445 15,734 Available for sale U.S government agency MBS 91 — 1,117 14 1,208 14 U.S. government sponsored enterprise MBS — — 8 — 8 — Private issue CMO — — 88 3 88 3 Total investment securities - available for sale 91 — 1,213 17 1,304 17 Total investment securities $ 546 $ — $ 110,203 $ 15,751 $ 110,749 $ 15,751 The Corporation evaluates individual investment securities quarterly for impairment based on the adoption of ASC 326 on July 1, 2023. At September 30, 2024, most of the $ 11.4 million of unrealized holding losses were in a loss position for 12 months or more, except $ 1,000 of unrealized holding losses were in a loss position for less than 12 months; while at June 30, 2024, all $ 15.8 million of unrealized holding losses were in a loss position for 12 months or more. The unrealized losses on investment securities were attributable to changes in interest rates relative to when the investment securities were purchased and not due to the credit quality of the investment securities, which are predominately U.S. government sponsored enterprise securities that are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. Therefore, the Corporation has determined that the unrealized losses are due to the fluctuating nature of interest rates, and not related to any potential credit risks within the investment portfolio. The Bank does not currently intend to sell any investment securities classified as held to maturity recorded at amortized cost or availa

View Full Filing

View this 10-Q filing on SEC EDGAR