Provident Financial Holdings Inc. Reports Operating Results (10-Q)
Provident Financial Holdings Inc. has a market cap of $78.1 million; its shares were traded at around $6.85 with a P/E ratio of 6.3 and P/S ratio of 0.8. The dividend yield of Provident Financial Holdings Inc. stocks is 0.6%.PROV is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:Provident Financial Holdings, Inc., a Delaware corporation, was organized in January 1996 for the purpose of becoming the holding company of Provident Savings Bank, F.S.B. upon the Bank s conversion from a federal mutual to a federal stock savings bank (“Conversion”). The Conversion was completed on June 27, 1996. At September 30, 2010, the Corporation had total assets of $1.39 billion, total deposits of $932.2 million and total stockholders equity of $132.5 million. The Corporation has not engaged in any significant activity other than holding the stock of the Bank. Accordingly, the information set forth in this report, including financial statements and related data, relates primarily to the Bank and its subsidiaries.
Total assets decreased $10.2 million, or one percent, to $1.39 billion at September 30, 2010 from $1.40 billion at June 30, 2010. The decrease was primarily attributable to decreases in cash and cash equivalents and loans held for investment, partly offset by an increase in loans held for sale at fair value. The decline in total assets and the relatively high balance in cash and cash equivalents are consistent with the Corporation strategy of deleveraging the balance sheet to improve capital ratios and to mitigate credit and liquidity risk.
Total cash and cash equivalents, primarily excess cash at the Federal Reserve Bank of San Francisco, decreased $28.8 million, or 30 percent, to $67.4 million at September 30, 2010 from $96.2 million at June 30, 2010.
Total investment securities decreased $2.0 million, or six percent, to $33.0 million at September 30, 2010 from $35.0 million at June 30, 2010. The decrease was primarily the result of the scheduled and accelerated principal payments on mortgage-backed securities. The Bank evaluates individual investment securities quarterly for other-than-temporary declines in market value. The Bank does not believe that there are any other-than-temporary impairments at September 30, 2010; therefore, no impairment losses have been recorded for the quarter ended September 30, 2010.
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