Provident Financial Holdings Inc. Reports Operating Results (10-Q)
Provident Financial Holdings Inc. has a market cap of $105.7 million; its shares were traded at around $9.19 with a P/E ratio of 9.7 and P/S ratio of 1.1. The dividend yield of Provident Financial Holdings Inc. stocks is 1.3%.
Highlight of Business Operations:Return on average assets for the quarter ended September 30, 2011 was 0.71 percent, down 58 basis points from 1.29 percent in the same period last year. Return on average equity for the quarter ended September 30, 2011 was 6.51 percent compared to 13.93 percent for the same period last year. Diluted earnings per share for the quarter ended September 30, 2011 were $0.20, compared to $0.40 per share for the quarter ended September 30, 2010.
For the Quarters Ended September 30, 2011 and 2010. Net interest income (before the provision for loan losses) decreased $1.0 million, or 10 percent, to $8.8 million for the quarter ended September 30, 2011 from $9.8 million in the comparable period in fiscal 2011, due to a decline in average earning assets and a decline in the net interest margin. The average balance of earning assets decreased $71.5 million, or five percent, to $1.26 billion in the first quarter of fiscal 2012 from $1.33 billion in the comparable period of fiscal 2011, consistent with the Corporation s strategy of managing liquidity and credit risks during the current economic uncertainty. The net interest margin was 2.79 percent in the first quarter of fiscal 2012, down 16 basis points from 2.95 percent in the same period of fiscal 2011 due to the declining yield of interest-earning assets outpacing the decline in the average cost of liabilities. The weighted-average yield of interest-earning assets decreased by 64 basis points to 4.13 percent, while the weighted-average cost of interest-bearing liabilities decreased by 49 basis points to 1.45 percent for the first quarter of fiscal 2012 as compared to the same period last year.
Interest income from interest-earning deposits, primarily cash deposited at the Federal Reserve Bank of San Francisco, was $97,000 in the first quarter of fiscal 2012, up from $65,000 in the same quarter of fiscal 2011. The increase was due to a higher average balance for the quarter ending September 30, 2011 as compared to the same period last year as the average yield was unchanged at 25 basis points. The average balance of the interest-earning deposits in the first quarter of fiscal 2012 was $152.3 million, an increase of $50.0 million or 49 percent, from $102.3 million in the same quarter of fiscal 2011.
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