Provident Financial Holdings, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2017; provides tax guidance for the third and fourth quarters of fiscal 2018 and for the full year 2019
January 29, 2018 at 11:00 am
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Provident Financial Holdings, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2017. For the quarter, the company's total interest income was $10,365,000 compared to $10,803,000 a year ago. Net interest income was $8,751,000 compared to $9,085,000 a year ago. Net interest income, after recovery for loan losses was $8,762,000 compared to $9,435,000 a year ago. Income before taxes was $1,290,000 compared to $2,599,000 a year ago. Net loss was $777,000 or $0.10 per diluted share compared to net income of $1,504,000 or $0.18 per diluted share a year ago. Loss on average assets was 0.27% compared to return on average assets of 0.50% a year ago. Loss on average stockholders' equity was 2.50% compared to return on average stockholders' equity of 4.53% a year ago. Book value per share was $16.15 compared to $16.75 a year ago.
For the six months, the company's total interest income was $21,110,000 compared to $21,607,000 a year ago. Net interest income was $17,711,000 compared to $18,173,000 a year ago. Net interest income, after recovery for loan losses was $17,711,000 compared to $18,673,000 a year ago. Income before taxes was $857,000 compared to $5,457,000 a year ago. Net loss was $1,002,000 or $0.13 per diluted share compared to net income of $3,098,000 or $0.38 per diluted share a year ago. Loss on average assets was 0.17% compared to return on average assets of 0.51% a year ago. Loss on average stockholders' equity was 1.59% compared to return on average stockholders' equity of 4.66% a year ago.
The estimated combined federal and state statutory tax rates, before discrete items, for the remainder of fiscal 2018 and for fiscal 2019 are as follows. For the third and fourth quarters of fiscal 2018, the company expects federal and state statutory tax rates to be 28.06% and 10.84% respectively
For the fiscal 2019, the company expects federal and state statutory tax rates to be 21.00% and 10.84% respectively.
Provident Financial Holdings, Inc. is a holding company of Provident Savings Bank, F.S.B. (the Bank). The Bank is a federally chartered stock savings bank. The Bank is a financial services company serving consumers and small to mid-sized businesses in the Inland Empire region of Southern California. The Bank conducts its business operations as Provident Bank, and through its subsidiary, Provident Financial Corp (PFC). The business activities of the Bank consist of community banking, investment services and trustee services for real estate transactions. The Bankâs community banking operations primarily consist of accepting deposits from customers within the communities surrounding its full-service offices and investing those funds in single-family, multi-family, commercial real estate, construction and other mortgage loans. The Bank conducts trustee services for its real estate transactions through PFC. It operates approximately 12 full-service banking offices in Riverside County.
Provident Financial Holdings, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2017; provides tax guidance for the third and fourth quarters of fiscal 2018 and for the full year 2019