Provident Financial Holdings, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2016
January 27, 2017 at 04:30 pm IST
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Provident Financial Holdings, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2016. For the quarter, the company's total interest income was $10,803,000 compared to $9,363,000 a year ago. Net interest income was $9,085,000 compared to $7,589,000 a year ago. Net interest income, after recovery from the allowance for loan losses was $9,435,000 compared to $7,951,000 a year ago. Income before taxes was $2,599,000 compared to $1,690,000 a year ago. Net income was $1,504,000 compared to $982,000 a year ago. Diluted earnings per share was $0.18 compared to $0.11 a year ago. Return on average assets was 0.50% compared to 0.34% a year ago. Return on average stockholders’ equity was 4.53% compared to 2.83% a year ago. Book value per share was $16.75 compared to $16.52 a year ago.
For the six months, the company's total interest income was $21,607,000 compared to $19,220,000 a year ago. Net interest income was $18,173,000 compared to $15,655,000 a year ago. Net interest income, after recovery from the allowance for loan losses was $18,673,000 compared to $16,055,000 a year ago. Income before taxes was $5,457,000 compared to $5,883,000 a year ago. Net income was $3,098,000 compared to $3,425,000 a year ago. Diluted earnings per share was $0.38 compared to $0.39 a year ago. Return on average assets was 0.51% compared to 0.58% a year ago. Return on average stockholders’ equity was 4.66% compared to 4.91% 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.