Provident Financial Holdings Announces Extension of April 2020 Stock Repurchase Plan

Rhea-AI Summary

Provident Financial Holdings, Inc. (NASDAQ: PROV) has extended its stock repurchase plan for one year or until completed, as of April 27, 2021. The Board of Directors authorized the repurchase of 317,108 shares, which will be acquired through open market transactions or private negotiations based on market conditions and available cash. This move aims to bolster shareholder value amidst ongoing financial assessments.

Positive

• Extension of stock repurchase plan enhances shareholder value.
• 317,108 shares available for purchase indicates strong management confidence.

Negative

• None.

RIVERSIDE, Calif., April 27, 2021 (GLOBE NEWSWIRE) -- Provident Financial Holdings, Inc. (“Company”), NASDAQ GS: PROV, the holding company for Provident Savings Bank, F.S.B., today announced that the Company’s Board of Directors authorized an extension of the April 2020 Stock Repurchase Plan (“Plan”) for a period of one year or until completed, whichever occurs first. There are 317,108 shares currently available to be purchased under the Plan. The Corporation will purchase the shares from time to time in the open market or through privately negotiated transactions depending on market conditions, the capital requirements of the Corporation, and available cash that can be allocated to the stock repurchase program, among other considerations.

Safe-Harbor Statement

Certain matters in this News Release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to, among others, expectations of the business environment in which the Company operates, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding the Company’s mission and vision. These forward-looking statements are based upon current management expectations, and may, therefore, involve risks and uncertainties. The Company’s actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide range of factors including, but not limited to, the general business environment, interest rates, the California real estate market, competitive conditions between banks and non-bank financial services providers, regulatory changes, and other risks detailed in the Company’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 30, 2020.

Contacts:

Craig G. Blunden 
Chairman and 
Chief Executive Officer 

Donavon P. Ternes
President, Chief Operating Officer 
and Chief Financial Officer

(951) 686-6060

FAQ

What is the purpose of Provident Financial's stock repurchase plan?

The stock repurchase plan is designed to enhance shareholder value by reducing the number of outstanding shares.

How many shares are available for repurchase under PROV's plan?

There are currently 317,108 shares available for repurchase under the plan.

When was the stock repurchase plan for PROV extended?

The stock repurchase plan was extended on April 27, 2021.

How will Provident Financial execute the share buyback?

Shares will be purchased through open market transactions or privately negotiated transactions, depending on market conditions.

What could impact the stock repurchase plan for PROV?

The plan may be impacted by market conditions, capital requirements, and available cash.