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Provident Financial Holdings Reports Second Quarter Fiscal 2013 Earnings

Net Income Increases by 274%

Net Charge-Offs Decline by 45%

Non-Performing Assets Decline by 32%

Repurchase of 93,580 Shares of Common Stock

40% Increase in the Cash Dividend

RIVERSIDE, Calif., Jan. 24, 2013 (GLOBE NEWSWIRE) -- – Provident Financial Holdings, Inc. ("Company"), (Nasdaq:PROV), the holding company for Provident Savings Bank, F.S.B. ("Bank"), today announced second quarter earnings for the fiscal year ending June 30, 2013.

For the quarter ended December 31, 2012, the Company reported net income of $6.94 million, or $0.64 per diluted share (on 10.82 million average shares outstanding), compared to net income of $1.85 million, or $0.16 per diluted share (on 11.38 million average shares outstanding), in the comparable period a year ago. The increase in net income for the second quarter of fiscal 2013 was primarily attributable to an $11.98 million increase in the gain on sale of loans, a $1.11 million decrease in the provision for loan losses and a $518,000 increase in the net gain on sale and operations of real estate owned acquired in the settlement of loans, partly offset by a $4.29 million increase in compensation expenses and a $734,000 decrease in net interest income (before provision for loan losses), compared to the same period one year ago.

"We are very pleased with our current operating results and are well-positioned to take advantage of growth opportunities," said Craig G. Blunden, Chairman and Chief Executive Officer of the Company. "Mortgage banking results remain strong, credit quality continues to improve, and we are beginning to see more held-for-investment lending opportunities."

As of December 31, 2012, the Bank exceeded all regulatory capital requirements with Tier 1 Leverage, Tier 1 Risk-Based and Total Risk-Based capital ratios of 12.26 percent, 18.79 percent and 20.05 percent, respectively. As of June 30, 2012, these ratios were 11.26 percent, 17.53 percent and 18.79 percent, respectively.

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