Delaware
|
000-28304
|
33-0704889
|
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(I.R.S. Employer
Identification No.)
|
3756 Central Avenue, Riverside, California
|
92506
|
(Address of principal executive offices)
|
(Zip Code)
|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.
|
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
|
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
|
(d)
|
Exhibits
|
99.1
|
News release of the Corporation’s quarterly results for the quarter ended December 31, 2011.
|
99.2
|
Investor Presentation of Provident Financial Holdings, Inc. dated December 31, 2011.
|
Date: January 31, 2012 | PROVIDENT FINANCIAL HOLDINGS, INC. |
/s/ Donavon P. Ternes | |
Donavon P. Ternes | |
President, Chief Operating Officer and | |
Chief Financial Officer | |
(Principal Financial and Accounting Officer) |
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3756 Central Avenue
Riverside, CA 92506
(951) 686-6060
|
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Contacts: | Craig G. Blunden | Donavon P. Ternes |
Chairman and | President, Chief Operating Officer, | |
Chief Executive Officer | and Chief Financial Officer |
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PROVIDENT FINANCIAL HOLDINGS, INC.
Condensed Consolidated Statements of Financial Condition
(Unaudited –In Thousands, Except Share Information)
|
||||||||
December 31,
2011
|
June 30,
2011
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
$ | 133,507 | $ | 142,550 | ||||
Investment securities – available for sale at fair value
|
24,106 | 26,193 | ||||||
Loans held for investment, net of allowance for loan losses of
|
||||||||
$26,901 and $30,482, respectively
|
845,476 | 881,610 | ||||||
Loans held for sale, at fair value
|
226,790 | 191,678 | ||||||
Accrued interest receivable
|
3,570 | 3,778 | ||||||
Real estate owned, net
|
7,853 | 8,329 | ||||||
FHLB – San Francisco stock
|
24,585 | 26,976 | ||||||
Premises and equipment, net
|
5,962 | 4,805 | ||||||
Prepaid expenses and other assets
|
26,710 | 28,630 | ||||||
Total assets
|
$ | 1,298,559 | $ | 1,314,549 | ||||
Liabilities and Stockholders’ Equity
|
||||||||
Liabilities:
|
||||||||
Non interest-bearing deposits
|
$ | 51,785 | $ | 45,437 | ||||
Interest-bearing deposits
|
902,071 | 900,330 | ||||||
Total deposits
|
953,856 | 945,767 | ||||||
Borrowings
|
176,573 | 206,598 | ||||||
Accounts payable, accrued interest and other liabilities
|
25,260 | 20,441 | ||||||
Total liabilities
|
1,155,689 | 1,172,806 | ||||||
Stockholders’ equity:
|
||||||||
Preferred stock, $.01 par value (2,000,000 shares authorized;
none issued and outstanding)
|
||||||||
- | - | |||||||
Common stock, $.01 par value (40,000,000 and 40,000,000 shares
authorized, respectively; 17,610,865 and 17,610,865 shares
issued, respectively; 11,175,761 and 11,418,654 shares
outstanding, respectively)
|
||||||||
176 | 176 | |||||||
Additional paid-in capital
|
86,265 | 85,432 | ||||||
Retained earnings
|
151,633 | 148,147 | ||||||
Treasury stock at cost (6,435,104 and 6,192,211 shares,
respectively)
|
||||||||
(95,757 | ) | (92,650 | ) | |||||
Accumulated other comprehensive income, net of tax
|
553 | 638 | ||||||
Total stockholders’ equity
|
142,870 | 141,743 | ||||||
Total liabilities and stockholders’ equity
|
$ | 1,298,559 | $ | 1,314,549 |
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PROVIDENT FINANCIAL HOLDINGS, INC.
Condensed Consolidated Statements of Financial Condition – Sequential Quarter
(Unaudited –In Thousands, Except Share Information)
|
||||||||
December 31,
2011
|
September 30,
2011
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
$ | 133,507 | $ | 80,156 | ||||
Investment securities – available for sale at fair value
|
24,106 | 25,253 | ||||||
Loans held for investment, net of allowance for loan losses of
|
||||||||
$26,901 and $28,704, respectively
|
845,476 | 859,649 | ||||||
Loans held for sale, at fair value
|
226,790 | 278,212 | ||||||
Accrued interest receivable
|
3,570 | 3,480 | ||||||
Real estate owned, net
|
7,853 | 7,300 | ||||||
FHLB – San Francisco stock
|
24,585 | 25,777 | ||||||
Premises and equipment, net
|
5,962 | 4,941 | ||||||
Prepaid expenses and other assets
|
26,710 | 35,100 | ||||||
Total assets
|
$ | 1,298,559 | $ | 1,319,868 | ||||
Liabilities and Stockholders’ Equity
|
||||||||
Liabilities:
|
||||||||
Non interest-bearing deposits
|
$ | 51,785 | $ | 46,044 | ||||
Interest-bearing deposits
|
902,071 | 915,832 | ||||||
Total deposits
|
953,856 | 961,876 | ||||||
Borrowings
|
176,573 | 186,586 | ||||||
Accounts payable, accrued interest and other liabilities
|
25,260 | 27,810 | ||||||
Total liabilities
|
1,155,689 | 1,176,272 | ||||||
Stockholders’ equity:
|
||||||||
Preferred stock, $.01 par value (2,000,000 shares authorized;
none issued and outstanding)
|
||||||||
- | - | |||||||
Common stock, $.01 par value (40,000,000 and 40,000,000 shares
authorized, respectively; 17,610,865 and 17,610,865 shares
issued, respectively; 11,175,761 and 11,439,264 shares
outstanding, respectively)
|
||||||||
176 | 176 | |||||||
Additional paid-in capital
|
86,265 | 86,021 | ||||||
Retained earnings
|
151,633 | 150,120 | ||||||
Treasury stock at cost (6,435,104 and 6,171,601 shares,
respectively)
|
||||||||
(95,757 | ) | (93,316 | ) | |||||
Accumulated other comprehensive income, net of tax
|
553 | 595 | ||||||
Total stockholders’ equity
|
142,870 | 143,596 | ||||||
Total liabilities and stockholders’ equity
|
$ | 1,298,559 | $ | 1,319,868 |
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PROVIDENT FINANCIAL HOLDINGS, INC.
Condensed Consolidated Statements of Operations
(Unaudited - In Thousands, Except Earnings Per Share)
|
||||||||||||||||
Quarter Ended
December 31,
|
Six Months Ended
December 31,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Interest income:
|
||||||||||||||||
Loans receivable, net
|
$ | 13,261 | $ | 14,888 | $ | 26,010 | $ | 30,449 | ||||||||
Investment securities
|
134 | 217 | 281 | 458 | ||||||||||||
FHLB – San Francisco stock
|
20 | 30 | 38 | 66 | ||||||||||||
Interest-earning deposits
|
37 | 65 | 134 | 130 | ||||||||||||
Total interest income
|
13,452 | 15,200 | 26,463 | 31,103 | ||||||||||||
Interest expense:
|
||||||||||||||||
Checking and money market deposits
|
176 | 271 | 376 | 576 | ||||||||||||
Savings deposits
|
191 | 287 | 416 | 627 | ||||||||||||
Time deposits
|
1,824 | 2,051 | 3,730 | 4,235 | ||||||||||||
Borrowings
|
1,755 | 2,883 | 3,637 | 6,145 | ||||||||||||
Total interest expense
|
3,946 | 5,492 | 8,159 | 11,583 | ||||||||||||
Net interest income, before provision for loan losses
|
9,506 | 9,708 | 18,304 | 19,520 | ||||||||||||
Provision for loan losses
|
1,132 | 1,048 | 2,104 | 1,925 | ||||||||||||
Net interest income, after provision for loan losses
|
8,374 | 8,660 | 16,200 | 17,595 | ||||||||||||
Non-interest income:
|
||||||||||||||||
Loan servicing and other fees
|
176 | 275 | 308 | 399 | ||||||||||||
Gain on sale of loans, net
|
5,897 | 9,332 | 13,173 | 18,779 | ||||||||||||
Deposit account fees
|
626 | 671 | 1,229 | 1,300 | ||||||||||||
Gain (loss) on sale and operations of real estate
owned acquired in the settlement of loans
|
77 | (690 | ) | 109 | (1,058 | ) | ||||||||||
Card and processing fees
|
309 | 312 | 640 | 628 | ||||||||||||
Other
|
228 | 197 | 402 | 384 | ||||||||||||
Total non-interest income
|
7,313 | 10,097 | 15,861 | 20,432 | ||||||||||||
Non-interest expense:
|
||||||||||||||||
Salaries and employee benefits
|
8,380 | 7,565 | 17,234 | 14,942 | ||||||||||||
Premises and occupancy
|
956 | 804 | 1,828 | 1,624 | ||||||||||||
Equipment
|
410 | 378 | 724 | 703 | ||||||||||||
Professional expenses
|
455 | 418 | 888 | 801 | ||||||||||||
Sales and marketing expenses
|
178 | 160 | 377 | 294 | ||||||||||||
Deposit insurance and regulatory assessments
|
461 | 664 | 632 | 1,345 | ||||||||||||
Other
|
1,634 | 1,353 | 3,094 | 2,843 | ||||||||||||
Total non-interest expense
|
12,474 | 11,342 | 24,777 | 22,552 | ||||||||||||
Income before taxes
|
3,213 | 7,415 | 7,284 | 15,475 | ||||||||||||
Provision for income taxes
|
1,359 | 3,160 | 3,112 | 6,691 | ||||||||||||
Net income
|
$ | 1,854 | $ | 4,255 | $ | 4,172 | $ | 8,784 | ||||||||
Basic earnings per share
|
$ | 0.16 | $ | 0.37 | $ | 0.37 | $ | 0.77 | ||||||||
Diluted earnings per share
|
$ | 0.16 | $ | 0.37 | $ | 0.36 | $ | 0.77 | ||||||||
Cash dividends per share
|
$ | 0.03 | $ | 0.01 | $ | 0.06 | $ | 0.02 |
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PROVIDENT FINANCIAL HOLDINGS, INC.
Condensed Consolidated Statements of Operations – Sequential Quarter
(Unaudited – In Thousands, Except Share Information)
|
||||||||
Quarter Ended
|
||||||||
December 31,
|
September 30,
|
|||||||
2011
|
2011
|
|||||||
Interest income:
|
||||||||
Loans receivable, net
|
$ | 13,261 | $ | 12,749 | ||||
Investment securities
|
134 | 147 | ||||||
FHLB – San Francisco stock
|
20 | 18 | ||||||
Interest-earning deposits
|
37 | 97 | ||||||
Total interest income
|
13,452 | 13,011 | ||||||
Interest expense:
|
||||||||
Checking and money market deposits
|
176 | 200 | ||||||
Savings deposits
|
191 | 225 | ||||||
Time deposits
|
1,824 | 1,906 | ||||||
Borrowings
|
1,755 | 1,882 | ||||||
Total interest expense
|
3,946 | 4,213 | ||||||
Net interest income, before provision for loan losses
|
9,506 | 8,798 | ||||||
Provision for loan losses
|
1,132 | 972 | ||||||
Net interest income, after provision for loan losses
|
8,374 | 7,826 | ||||||
Non-interest income:
|
||||||||
Loan servicing and other fees
|
176 | 132 | ||||||
Gain on sale of loans, net
|
5,897 | 7,276 | ||||||
Deposit account fees
|
626 | 603 | ||||||
Gain on sale and operations of real estate owned
acquired in the settlement of loans, net
|
77 | 32 | ||||||
Card and processing fees
|
309 | 331 | ||||||
Other
|
228 | 174 | ||||||
Total non-interest income
|
7,313 | 8,548 | ||||||
Non-interest expense:
|
||||||||
Salaries and employee benefits
|
8,380 | 8,854 | ||||||
Premises and occupancy
|
956 | 872 | ||||||
Equipment
|
410 | 314 | ||||||
Professional expenses
|
455 | 433 | ||||||
Sales and marketing expenses
|
178 | 199 | ||||||
Deposit insurance premiums and regulatory assessments
|
461 | 171 | ||||||
Other
|
1,634 | 1,460 | ||||||
Total non-interest expense
|
12,474 | 12,303 | ||||||
Income before taxes
|
3,213 | 4,071 | ||||||
Provision for income taxes
|
1,359 | 1,753 | ||||||
Net income
|
$ | 1,854 | $ | 2,318 | ||||
Basic earnings per share
|
$ | 0.16 | $ | 0.20 | ||||
Diluted earnings per share
|
$ | 0.16 | $ | 0.20 | ||||
Cash dividends per share
|
$ | 0.03 | $ | 0.03 |
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PROVIDENT FINANCIAL HOLDINGS, INC.
Financial Highlights
(Unaudited - Dollars in Thousands, Except Share Information )
|
||||||||||||||||
Quarter Ended
December 31,
|
Six Months Ended
December 31,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
SELECTED FINANCIAL RATIOS:
|
||||||||||||||||
Return on average assets
|
0.57 | % | 1.24 | % | 0.64 | % | 1.27 | % | ||||||||
Return on average stockholders’ equity
|
5.16 | % | 12.62 | % | 5.83 | % | 13.26 | % | ||||||||
Stockholders’ equity to total assets
|
11.00 | % | 10.07 | % | 11.00 | % | 10.07 | % | ||||||||
Net interest spread
|
2.90 | % | 2.83 | % | 2.79 | % | 2.83 | % | ||||||||
Net interest margin
|
3.02 | % | 2.96 | % | 2.90 | % | 2.95 | % | ||||||||
Efficiency ratio
|
74.17 | % | 57.27 | % | 72.52 | % | 56.45 | % | ||||||||
Average interest-earning assets to average
|
||||||||||||||||
interest-bearing liabilities
|
110.52 | % | 108.22 | % | 110.03 | % | 107.54 | % | ||||||||
SELECTED FINANCIAL DATA:
|
||||||||||||||||
Basic earnings per share
|
$ | 0.16 | $ | 0.37 | $ | 0.37 | $ | 0.77 | ||||||||
Diluted earnings per share
|
$ | 0.16 | $ | 0.37 | $ | 0.36 | $ | 0.77 | ||||||||
Book value per share
|
$ | 12.78 | $ | 11.99 | $ | 12.78 | $ | 11.99 | ||||||||
Shares used for basic EPS computation
|
11,352,954 | 11,377,186 | 11,410,403 | 11,369,469 | ||||||||||||
Shares used for diluted EPS computation
|
11,383,737 | 11,386,838 | 11,449,321 | 11,374,295 | ||||||||||||
Total shares issued and outstanding
|
11,175,761 | 11,407,454 | 11,175,761 | 11,407,454 | ||||||||||||
LOANS ORIGINATED AND PURCHASED FOR SALE:
|
||||||||||||||||
Retail originations
|
$ | 220,272 | $ | 220,794 | $ | 427,821 | $ | 454,533 | ||||||||
Wholesale originations and purchases
|
408,672 | 399,748 | 769,183 | 815,480 | ||||||||||||
Total loans originated and purchased for sale
|
$ | 628,944 | $ | 620,542 | $ | 1,197,004 | $ | 1,270,013 | ||||||||
LOANS SOLD:
|
||||||||||||||||
Servicing released
|
$ | 670,753 | $ | 689,724 | $ | 1,152,146 | $ | 1,280,313 | ||||||||
Servicing retained
|
3,537 | - | 7,863 | 185 | ||||||||||||
Total loans sold
|
$ | 674,290 | $ | 689,724 | $ | 1,160,009 | $ | 1,280,498 |
As of
|
As of
|
As of
|
As of
|
As of
|
||||||||||||||||
12/31/11
|
09/30/11
|
06/30/11
|
03/31/11
|
12/31/10
|
||||||||||||||||
ASSET QUALITY RATIOS AND
DELINQUENT LOANS:
|
||||||||||||||||||||
Recourse reserve for loans sold
|
$ | 5,301 | $ | 5,221 | $ | 4,216 | $ | 4,059 | $ | 5,295 | ||||||||||
Allowance for loan losses
|
$ | 26,901 | $ | 28,704 | $ | 30,482 | $ | 34,478 | $ | 36,925 | ||||||||||
Non-performing loans to loans held for
investment, net
|
3.72 | % | 4.31 | % | 4.21 | % | 5.11 | % | 5.37 | % | ||||||||||
Non-performing assets to total assets
|
3.03 | % | 3.36 | % | 3.46 | % | 4.28 | % | 4.68 | % | ||||||||||
Allowance for loan losses to gross non-
performing loans
|
62.71 | % | 57.61 | % | 59.49 | % | 54.19 | % | 56.18 | % | ||||||||||
Allowance for loan losses to gross loans held for
|
||||||||||||||||||||
investment
|
3.08 | % | 3.23 | % | 3.34 | % | 3.64 | % | 3.81 | % | ||||||||||
Net charge-offs to average loans receivable
(annualized)
|
1.02 | % | 1.04 | % | 1.83 | % | 1.94 | % | 1.12 | % | ||||||||||
Non-performing loans
|
$ | 31,461 | $ | 37,055 | $ | 37,126 | $ | 46,649 | $ | 50,035 | ||||||||||
Loans 30 to 89 days delinquent
|
$ | 3,066 | $ | 2,517 | $ | 2,057 | $ | 5,662 | $ | 9,497 |
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PROVIDENT FINANCIAL HOLDINGS, INC.
Financial Highlights
(Unaudited)
|
||||||||||||||||||||
(Dollars in Thousands)
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
|||||||||||||||
12/31/11
|
09/30/11
|
06/30/11
|
03/31/11
|
12/31/10
|
||||||||||||||||
Recourse provision (recovery) for loans sold
|
$ | 672 | $ | 1,101 | $ | 402 | $ | (1,236 | ) | $ | 173 | |||||||||
Provision for loan losses
|
$ | 1,132 | $ | 972 | $ | 847 | $ | 2,693 | $ | 1,048 | ||||||||||
Net charge-offs
|
$ | 2,935 | $ | 2,750 | $ | 4,843 | $ | 5,140 | $ | 3,209 | ||||||||||
As of
|
As of
|
As of
|
As of
|
As of
|
||||||||||||||||
12/31/11
|
09/30/11
|
06/30/11
|
03/31/11
|
12/31/10
|
||||||||||||||||
REGULATORY CAPITAL RATIOS (BANK):
|
||||||||||||||||||||
Tangible equity ratio
|
10.68 | % | 10.34 | % | 10.53 | % | 10.16 | % | 9.80 | % | ||||||||||
Core capital ratio
|
10.68 | % | 10.34 | % | 10.53 | % | 10.16 | % | 9.80 | % | ||||||||||
Total risk-based capital ratio
|
18.21 | % | 16.91 | % | 17.56 | % | 16.07 | % | 15.23 | % | ||||||||||
Tier 1 risk-based capital ratio
|
16.96 | % | 15.65 | % | 16.30 | % | 14.82 | % | 13.97 | % |
As of December 31,
|
||||||||||||||||
2011
|
2010
|
|||||||||||||||
INVESTMENT SECURITIES:
|
Balance
|
Rate (1)
|
Balance
|
Rate (1)
|
||||||||||||
Available for sale (at fair value):
|
||||||||||||||||
U.S. government sponsored enterprise debt securities
|
$ | - | - | % | $ | 3,259 | 4.00 | % | ||||||||
U.S. government agency MBS
|
13,083 | 2.12 | 15,421 | 2.77 | ||||||||||||
U.S. government sponsored enterprise MBS
|
9,779 | 2.44 | 11,024 | 2.59 | ||||||||||||
Private issue collateralized mortgage obligations
|
1,244 | 2.53 | 1,400 | 2.65 | ||||||||||||
Total investment securities available for sale
|
$ | 24,106 | 2.27 | % | $ | 31,104 | 2.83 | % | ||||||||
LOANS HELD FOR INVESTMENT:
|
||||||||||||||||
Single-family (1 to 4 units)
|
$ | 465,606 | 3.89 | % | $ | 531,686 | 4.51 | % | ||||||||
Multi-family (5 or more units)
|
298,285 | 5.84 | 320,279 | 6.13 | ||||||||||||
Commercial real estate
|
99,718 | 6.84 | 105,720 | 6.86 | ||||||||||||
Construction
|
- | - | 400 | 5.25 | ||||||||||||
Other mortgage
|
1,528 | 5.69 | 1,531 | 5.69 | ||||||||||||
Commercial business
|
4,332 | 7.43 | 5,723 | 7.12 | ||||||||||||
Consumer
|
604 | 8.02 | 792 | 7.71 | ||||||||||||
Total loans held for investment
|
870,073 | 4.92 | % | 966,131 | 5.32 | % | ||||||||||
Deferred loan costs, net
|
2,304 | 2,993 | ||||||||||||||
Allowance for loan losses
|
(26,901 | ) | (36,925 | ) | ||||||||||||
Total loans held for investment, net
|
$ | 845,476 | $ | 932,199 | ||||||||||||
Purchased loans serviced by others included above
|
$ | 19,701 | 4.72 | % | $ | 21,296 | 4.76 | % | ||||||||
DEPOSITS:
|
||||||||||||||||
Checking accounts – non interest-bearing
|
$ | 51,785 | - | % | $ | 45,475 | - | % | ||||||||
Checking accounts – interest-bearing
|
198,683 | 0.26 | 185,086 | 0.37 | ||||||||||||
Savings accounts
|
214,846 | 0.35 | 203,940 | 0.50 | ||||||||||||
Money market accounts
|
30,275 | 0.57 | 32,182 | 0.66 | ||||||||||||
Time deposits
|
458,267 | 1.51 | 459,897 | 1.68 | ||||||||||||
Total deposits
|
$ | 953,856 | 0.88 | % | $ | 926,580 | 1.04 | % | ||||||||
(1) The interest rate or yield/cost described in the rate or yield/cost column is the weighted-average interest rate or yield/cost of all instruments, which are included in the balance of the respective line item.
|
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PROVIDENT FINANCIAL HOLDINGS, INC.
Financial Highlights
(Unaudited)
|
||||||||||||||||
As of December 31,
|
||||||||||||||||
(Dollars in Thousands)
|
2011
|
2010
|
||||||||||||||
Balance
|
Rate (1)
|
Balance
|
Rate (1)
|
|||||||||||||
BORROWINGS:
|
||||||||||||||||
Overnight
|
$ | - | - | % | $ | - | - | % | ||||||||
Three months or less
|
30,000 | 4.01 | 60,000 | 3.87 | ||||||||||||
Over three to six months
|
30,000 | 3.70 | 25,000 | 5.00 | ||||||||||||
Over six months to one year
|
- | - | 30,000 | 3.84 | ||||||||||||
Over one year to two years
|
75,000 | 3.80 | 60,000 | 3.86 | ||||||||||||
Over two years to three years
|
10,000 | 2.93 | 75,000 | 3.80 | ||||||||||||
Over three years to four years
|
- | - | 10,000 | 2.93 | ||||||||||||
Over four years to five years
|
- | - | - | - | ||||||||||||
Over five years
|
31,573 | 3.71 | 11,623 | 4.27 | ||||||||||||
Total borrowings
|
$ | 176,573 | 3.75 | % | $ | 271,623 | 3.93 | % |
Quarter Ended
|
Six Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
SELECTED AVERAGE BALANCE
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
SHEETS:
|
Balance
|
Balance
|
Balance
|
Balance
|
||||||||||||
Loans receivable, net (2)
|
$ | 1,153,663 | $ | 1,146,220 | $ | 1,105,162 | $ | 1,155,746 | ||||||||
Investment securities
|
24,719 | 32,261 | 25,243 | 33,083 | ||||||||||||
FHLB – San Francisco stock
|
25,155 | 29,946 | 25,759 | 30,545 | ||||||||||||
Interest-earning deposits
|
57,201 | 103,643 | 104,765 | 102,975 | ||||||||||||
Total interest-earning assets
|
$ | 1,260,738 | $ | 1,312,070 | $ | 1,260,929 | $ | 1,322,349 | ||||||||
Total assets
|
$ | 1,307,733 | $ | 1,374,776 | $ | 1,310,852 | $ | 1,387,475 | ||||||||
Deposits
|
$ | 955,112 | $ | 932,980 | $ | 954,922 | $ | 935,376 | ||||||||
Borrowings
|
185,670 | 279,399 | 191,103 | 294,275 | ||||||||||||
Total interest-bearing liabilities
|
$ | 1,140,782 | $ | 1,212,379 | $ | 1,146,025 | $ | 1,229,651 | ||||||||
Total stockholders’ equity
|
$ | 143,599 | $ | 134,915 | $ | 143,060 | $ | 132,460 |
Quarter Ended
|
Six Months Ended
|
|||||||
December 31,
|
December 31,
|
|||||||
2011
|
2010
|
2011
|
2010
|
|||||
Yield/Cost
|
Yield/Cost
|
Yield/Cost
|
Yield/Cost
|
|||||
Loans receivable, net (2)
|
4.60%
|
5.20%
|
4.71%
|
5.27%
|
||||
Investment securities
|
2.17%
|
2.69%
|
2.23%
|
2.77%
|
||||
FHLB – San Francisco stock
|
0.32%
|
0.40%
|
0.29%
|
0.43%
|
||||
Interest-earning deposits
|
0.25%
|
0.25%
|
0.25%
|
0.25%
|
||||
Total interest-earning assets
|
4.27%
|
4.63%
|
4.20%
|
4.70%
|
||||
Deposits
|
0.91%
|
1.11%
|
0.94%
|
1.15%
|
||||
Borrowings
|
3.75%
|
4.09%
|
3.78%
|
4.14%
|
||||
Total interest-bearing liabilities
|
1.37%
|
1.80%
|
1.41%
|
1.87%
|
||||
(1) The interest rate or yield/cost described in the rate or yield/cost column is the weighted-average interest rate or yield/cost of all instruments, which are included in the balance of the respective line item.
|
||||||||
(2) Includes loans held for investment and loans held for sale at fair value, net of allowance for loan losses.
|
![]() |
![]() |
PROVIDENT FINANCIAL HOLDINGS, INC.
Asset Quality
(Unaudited – Dollars in Thousands)
|
||||||||||||||||||||
As of
|
As of
|
As of
|
As of
|
As of
|
||||||||||||||||
12/31/11
|
09/30/11
|
06/30/11
|
03/31/11
|
12/31/10
|
||||||||||||||||
Loans on non-accrual status (excluding
restructured loans):
|
||||||||||||||||||||
Mortgage loans:
|
||||||||||||||||||||
Single-family
|
$ | 15,483 | $ | 17,614 | $ | 16,705 | $ | 20,160 | $ | 23,975 | ||||||||||
Multi-family
|
1,789 | 1,437 | 1,463 | 2,558 | 1,525 | |||||||||||||||
Commercial real estate
|
938 | 939 | 560 | 375 | 1,645 | |||||||||||||||
Construction
|
- | - | - | 250 | 250 | |||||||||||||||
Commercial business loans
|
- | - | - | - | 37 | |||||||||||||||
Total
|
18,210 | 19,990 | 18,728 | 23,343 | 27,432 | |||||||||||||||
Accruing loans past due 90 days or more:
|
- | - | - | - | - | |||||||||||||||
Total
|
- | - | - | - | - | |||||||||||||||
Restructured loans on non-accrual status:
|
||||||||||||||||||||
Mortgage loans:
|
||||||||||||||||||||
Single-family
|
11,424 | 13,940 | 15,133 | 17,185 | 18,620 | |||||||||||||||
Multi-family
|
490 | 490 | 490 | 2,368 | 2,622 | |||||||||||||||
Commercial real estate
|
365 | 1,660 | 1,660 | 2,405 | 983 | |||||||||||||||
Other
|
972 | 972 | 972 | 1,203 | 232 | |||||||||||||||
Commercial business loans
|
- | 3 | 143 | 145 | 146 | |||||||||||||||
Total
|
13,251 | 17,065 | 18,398 | 23,306 | 22,603 | |||||||||||||||
Total non-performing loans
|
31,461 | 37,055 | 37,126 | 46,649 | 50,035 | |||||||||||||||
Real estate owned, net
|
7,853 | 7,300 | 8,329 | 10,659 | 13,470 | |||||||||||||||
Total non-performing assets
|
$ | 39,314 | $ | 44,355 | $ | 45,455 | $ | 57,308 | $ | 63,505 | ||||||||||
Restructured loans on accrual status:
|
||||||||||||||||||||
Mortgage loans:
|
||||||||||||||||||||
Single-family
|
$ | 10,092 | $ | 12,940 | $ | 15,589 | $ | 19,929 | $ | 16,149 | ||||||||||
Multi-family
|
4,168 | 4,172 | 3,665 | 914 | 918 | |||||||||||||||
Commercial real estate
|
2,772 | 1,473 | 1,142 | 536 | 1,830 | |||||||||||||||
Other
|
- | 236 | 237 | - | 1,292 | |||||||||||||||
Commercial business loans
|
219 | 189 | 125 | 90 | 94 | |||||||||||||||
Total
|
$ | 17,251 | $ | 19,010 | $ | 20,758 | $ | 21,469 | $ | 20,283 |
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