This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

1 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs