Provident Financial Holdings, Inc. Reports Unaudited Consolidated Earnings Results for Second Quarter and Six Months Ended December 31, 2015
January 26, 2016 at 04:30 pm IST
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Provident Financial Holdings, Inc. reported unaudited consolidated earnings results for second quarter and six months ended December 31, 2015. For the quarter, the Company reported net income of $982,000, or $0.11 per diluted share, down from net income of $2.33 million, or $0.25 per diluted share, in the comparable period a year ago. The decrease in net income for the second quarter of fiscal 2016 was primarily attributable to decreases in net interest income and non-interest income, partly offset by a decrease in the provision for income taxes, compared to the same period one year ago. Return on average assets for the second quarter of fiscal 2016 decreased to 0.34% from 0.84% for the same period of fiscal 2015 while return on average stockholders' equity for the second quarter of fiscal 2016 decreased to 2.83% from 6.42% for the comparable period of fiscal 2015. Net interest income decreased $521,000, or 6%, to $7.59 million in the second quarter of fiscal 2016 from $8.11 million for the same quarter of fiscal 2015, attributable to a decrease in the net interest margin, partly offset by a higher average earning assets balance. Income before tax was $1.7 million against $4.0 million a year ago.
For the six months ended December 31, 2015, net income decreased $1.29 million, or 27%, to $3.43 million from $4.72 million in the comparable period ended December 31, 2014; and diluted earnings per share for the six months ended December 31, 2015 decreased $0.11, or 22%, to $0.39 from $0.50 for the comparable six month period last year. Return on average assets was 0.58% against 0.85% a year ago. Return on average stockholders' equity was 4.91% against 6.50% a year ago. Net interest income was $15.7 million against $16.0 million a year ago. Income before tax was $5.9 million against $8.2 million a year ago.
Provident Financial Holdings, Inc. is a holding company of Provident Savings Bank, F.S.B. (the Bank). The Bank is a federally chartered stock savings bank. The Bank is a financial services company serving consumers and small to mid-sized businesses in the Inland Empire region of Southern California. The Bank conducts its business operations as Provident Bank, and through its subsidiary, Provident Financial Corp (PFC). The business activities of the Bank consist of community banking, investment services and trustee services for real estate transactions. The Bankâs community banking operations primarily consist of accepting deposits from customers within the communities surrounding its full-service offices and investing those funds in single-family, multi-family, commercial real estate, construction and other mortgage loans. The Bank conducts trustee services for its real estate transactions through PFC. It operates approximately 12 full-service banking offices in Riverside County.