Provident Financial Holdings Announces New Stock Repurchase Plan

Rhea-AI Summary

Provident Financial Holdings, Inc. (NASDAQ: PROV) announced a stock repurchase program targeting up to 5% of its common stock, equating to approximately 364,259 shares. This initiative, effective April 28, 2022, will be executed over a one-year period, contingent on market conditions and capital availability. The repurchase aims to enhance shareholder value and optimize capital allocation.

Positive

• Authorization of a stock buyback program of 5%, indicating confidence in the company's financial position.
• Potential increase in shareholder value through the repurchase of approximately 364,259 shares.

Negative

• None.

RIVERSIDE, Calif., April 28, 2022 (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 364,259 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. The April 2022 stock repurchase plan will become effective on April 28, 2022 and will continue for a period of one year or until completed, whichever occurs first.

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, 2021.

Contact:	Craig G. Blunden	Donavon P. Ternes
	Chairman and President,	Chief Operating Officer,
	Chief Executive Officer	and Chief Financial Officer

FAQ

What is the purpose of Provident Financial Holdings' stock repurchase program?

The stock repurchase program is designed to enhance shareholder value and optimize capital allocation.

How many shares will Provident Financial Holdings repurchase?

The company plans to repurchase up to approximately 364,259 shares, which represents 5% of its common stock.

When does the stock repurchase program for Provident Financial Holdings start?

The stock repurchase program became effective on April 28, 2022.

What factors will influence the stock repurchase by Provident Financial Holdings?

The repurchase will depend on market conditions, capital requirements, and available cash.

What stock symbol is associated with Provident Financial Holdings?

The stock symbol for Provident Financial Holdings is PROV.