Provident Financial Holdings Announces New Stock Repurchase Plan

Rhea-AI Summary

Provident Financial Holdings, Inc. authorized the repurchase of up to 5% of its common stock, approximately 350,353 shares, over a one-year period. The April 2022 stock repurchase program has been canceled. The Company's actual results may differ from forward-looking statements due to various factors.

Positive

• Provident Financial Holdings, Inc. authorized stock repurchase program

Negative

• Cancellation of April 2022 stock repurchase program

RIVERSIDE, Calif., Sept. 28, 2023 (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 the repurchase of up to five percent (5%) of the Company’s common stock, approximately 350,353 shares. The Company will purchase the shares from time to time in the open market or through privately negotiated transactions over a one-year period depending on market conditions, the capital requirements of the Company, and available cash that can be allocated to the stock repurchase program, among other considerations. Additionally, the April 2022 stock repurchase program which was extended on April 27, 2023 is canceled effective September 28, 2023. There were 25,428 remaining shares eligible for repurchase in the April 2022 stock repurchase program that will no longer be repurchased.

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, 2023.

Contacts:

Craig G. Blunden 
Chairman and 
Chief Executive Officer 

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

(951) 686-6060