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Provident Financial Holdings Reports Second Quarter Fiscal 2013 Earnings

Return on average assets for the second quarter of fiscal 2013 increased to 2.21 percent from 0.57 percent for the same period of fiscal 2012, and return on average stockholders' equity for the second quarter of fiscal 2013 increased to 18.14 percent from 5.19 percent for the comparable period of fiscal 2012.

On a sequential quarter basis, the second quarter net income of fiscal 2013 reflects a $1.79 million, or 21 percent, decrease from net income of $8.73 million in the first quarter of fiscal 2013. The decrease in net income in the second quarter of fiscal 2013 was primarily attributable to a decrease of $2.72 million in the gain on sale of loans and an increase of $569,000 in the provision for income taxes, partly offset by an increase of $522,000 in the net gain on sale and operations of real estate owned acquired in the settlement of loans, a decrease of $510,000 in the provision for loan losses and a decrease of $514,000 in compensation expenses, compared to the first quarter of fiscal 2013. The increase in the provision for income taxes was primarily due to the recovery of an $825,000 tax liability recorded in the first quarter of fiscal 2013, which was not replicated in the second quarter of fiscal 2013.  Diluted earnings per share for the second quarter of fiscal 2013 decreased by 20 percent to $0.64 per share from $0.80 per share in the first quarter of fiscal 2013. Return on average assets decreased to 2.21 percent for the second quarter of fiscal 2013 from 2.78 percent in the first quarter of fiscal 2013; and return on average stockholders' equity for the second quarter of fiscal 2013 was 18.14 percent, compared to 23.76 percent for the first quarter of fiscal 2013.

For the six months ended December 31, 2012, net income increased to $15.67 million from $4.17 million in the comparable period ended December 31, 2011; and diluted earnings per share for the six months ended December 31, 2012 increased to $1.44 from $0.36 for the comparable six-month period last year. The return on average assets for the six months ended December 31, 2012 increased to 2.50 percent from 0.64 percent for the comparable six-month period a year earlier. The return on average stockholders' equity for the six months ended December 31, 2012 increased to 20.89 percent from 5.87 percent for the comparable six-month period a year earlier.                 

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