Welcome to our dedicated page for Provident Financial Hldgs news (Ticker: PROV), a resource for investors and traders seeking the latest updates and insights on Provident Financial Hldgs stock.
Provident Financial Holdings Inc. (PROV), chartered in 1956, operates as the largest independent community bank in Riverside County, California. Originally founded as Provident Federal Savings and Loan Association, the bank has always prioritized its customers, adapting to their changing needs and expectations over the years.
Provident Bank is committed to local decision-making, believing that communities are better served when financial products and services are tailored by people who understand the local markets. This philosophy is ingrained in their corporate values, which emphasize understanding the unique financial needs of customers and delivering reliable products and services to foster long-term client relationships.
The company's primary business segment is community and mortgage banking. It provides a wide range of banking services to consumers and small to mid-sized businesses in the Inland Empire region of Southern California. Key activities include attracting deposits, offering business checking accounts, and originating and purchasing various types of loans, such as single-family, multi-family, commercial real estate, construction, and consumer loans. Additionally, Provident Bank services loans for other entities.
Recent achievements and current projects reflect Provident Bank's dedication to maintaining high asset quality and supporting the financial health of its community. The bank continues to innovate, ensuring its offerings meet the evolving needs of its customers.
Provident Financial Holdings, Inc. (NASDAQ: PROV) reported a net income of $2.32 million for the third quarter of fiscal 2023, up 37% from $1.70 million year-over-year. The earnings per share were $0.33, consistent with the previous quarter. The company's net interest margin improved by 39 basis points to 3.00%, driven by higher yields on loans and a $1.86 million increase in net interest income. Loans held for investment rose 15% to $1.08 billion, while total deposits increased 3% to $983 million. Non-performing assets remained low at 0.07% of total assets. However, a 2% decrease in sequential earnings reflects a rise in non-interest expenses. Overall, the company maintains a strong financial foundation.
Provident Financial Holdings, Inc. (Nasdaq GS: PROV) announced its plan to release earnings for the third quarter of fiscal 2023 before the market opens on April 26, 2023. The company will provide insights during a conference call for institutional investors and bank analysts on April 27, 2023, at 9:00 a.m. (Pacific). Participants can join the call by dialing 1-877-692-8955 with access code 3665390. An audio replay will be available until May 4, 2023.
Provident Financial Holdings, Inc. (NASDAQ: PROV) reported a net income of $2.37 million for the quarter ended December 31, 2022, a 5% increase from the previous year. This represents earnings of $0.33 per diluted share, up from $0.30 a year prior. The growth was driven by a $1.72 million rise in net interest income, partially offset by a change in the provision for loan losses. Loans held for investment increased 11% to $1.04 billion, while total deposits decreased slightly by 1% to $945.3 million. The company’s net interest margin expanded by 41 basis points to 3.05%. Strong asset quality is highlighted by a low non-performing assets ratio of 0.08%.
Provident Financial Holdings, Inc. (NASDAQ: PROV) declared a quarterly cash dividend of $0.14 per share. Shareholders on record as of February 14, 2023, will receive this dividend on March 7, 2023. The announcement reflects the company's ongoing commitment to return value to its shareholders.
This decision highlights the company's financial stability and confidence in future performance, despite the potential risks and uncertainties associated with the business environment, such as interest rates and competitive conditions.
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