Quarterly ResultApr 28, 2026, 06:03 AM
PROV Q3 Net Income $1.35M, Down 27%; New 5% Stock Buyback Program
AI Summary
Provident Financial Holdings, Inc. reported net income of $1.35 million, or $0.21 per diluted share, for the third quarter of fiscal year 2026, a 27% decrease from the prior year. The decrease was primarily due to a provision for credit losses and lower non-interest income. Despite this, the company's net interest margin expanded to 3.13%, and credit quality remained strong with non-performing assets decreasing. The Board of Directors also authorized a new stock repurchase program for up to five percent of outstanding shares, reflecting confidence in the company's capital position and long-term outlook.
Key Highlights
- Net income for Q3 fiscal 2026 was $1.35 million, down 27% from $1.86 million a year ago.
- Diluted earnings per share were $0.21, down from $0.28 in the comparable quarter last year.
- Net Interest Margin expanded to 3.13%, up 11 basis points from the comparable quarter last year.
- Loans Held for Investment totaled $1.03 billion, a 2% decrease from $1.05 billion at June 30, 2025.
- Total Deposits increased to $892.9 million from $888.8 million at June 30, 2025.
- Non-Performing Assets to Total Assets Ratio improved to 0.08% from 0.11% at June 30, 2025.
- Board authorized a new stock repurchase program for up to 5% of outstanding shares.
- Return on average assets was 0.45% for the quarter.