In This Story
Provident Financial Holdings Inc. (PROV-0.69%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a decrease in total assets to $1.25 billion from $1.27 billion at the end of the previous fiscal year. This decrease is attributed to reductions in cash equivalents and investment securities.
Total deposits decreased by $20.8 million, or two percent, to $867.5 million, due to decreases in all account categories except time deposits. The decrease in deposits was primarily due to customers seeking higher interest rates.
Net income for the quarter was $872,000, down from $2.1 million in the same period of the previous year. The decrease was primarily due to a provision for credit losses and increased non-interest expenses.
Net interest income decreased slightly to $8.8 million, with the net interest margin increasing to 2.91% from 2.78% in the same quarter last year. This was due to a higher yield on interest-earning assets.
Non-interest income for the quarter was $845,000, a decrease from $875,000 in the previous year. The decrease was due to lower loan servicing and deposit account fees, partially offset by an increase in unrealized gains on equity investments.
Non-interest expenses increased to $7.8 million, primarily due to higher salaries and employee benefits, as well as increased operational costs.
The provision for credit losses was $586,000, compared to a recovery of $720,000 in the same quarter of the previous year. This change was primarily due to adjustments in the estimated life of the loan portfolio.
The company reported a return on average assets of 0.28% and a return on average equity of 2.66% for the quarter, both down from the previous year.
Provident Financial Holdings continues to focus on managing its interest rate risk and maintaining adequate liquidity, with a reported liquidity ratio of 16% for the quarter.
The filing also details a stock repurchase plan, with 31,919 shares remaining available for purchase under the current authorization.
The company declared a quarterly cash dividend of $0.14 per share, payable on March 6, 2025, to shareholders of record as of February 13, 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Provident Financial Holdings Inc. quarterly 10-Q report dated February 7, 2025. To report an error, please email earnings@qz.com.