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Provident Financial Holdings Inc. Reports Operating Results (10-Q)

May 09, 2012 | About:
10qk

10qk

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Provident Financial Holdings Inc. (PROV) filed Quarterly Report for the period ended 2012-03-31.

Provident Finl has a market cap of $122.9 million; its shares were traded at around $10.89 with a P/E ratio of 14.7 and P/S ratio of 1.3. The dividend yield of Provident Finl stocks is 1.5%.

Highlight of Business Operations:

Diluted earnings per share for the quarter ended March 31, 2012 were $0.21, compared to $0.20 per share for the quarter ended March 31, 2011. For the nine months ended March 31, 2012 and 2011, the diluted earnings per share was $0.57 and $0.98, respectively.

For the Nine Months Ended March 31, 2012 and 2011. Net interest income (before the provision for loan losses) decreased $1.4 million, or five percent, to $27.3 million for the nine months ended March 31, 2012 from $28.7 million in the comparable period last year due primarily to a decline in average earning assets and a lower net interest margin. The average balance of earning assets decreased $58.0 million, or four percent, to $1.25 billion in the first nine months of fiscal 2012 from $1.31 billion in the comparable period of fiscal 2011. The net interest margin was 2.90 percent in the first nine months of fiscal 2012, a two-basis point decrease from 2.92 percent for the same period of fiscal 2011. The decrease in the net interest margin during the first nine months of fiscal 2012 was primarily attributable to the decrease in the weighted-average yield of interest-earning assets which was slightly more than the decrease in the weighted-average cost of interest-bearing liabilities. The weighted-average yield of interest-earning assets decreased by 45 basis points to 4.14 percent, while the weighted-average cost of interest-bearing liabilities decreased by 44 basis points to 1.36 percent for the first nine months 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 $93,000 in the third quarter of fiscal 2012, down 11 percent from $104,000 in the same quarter of fiscal 2011. The decrease was due to a lower average balance for the quarter ended March 31, 2012 as compared to the same period last year as the average yield was unchanged at 25 basis points. The average balance of the interest-

For the Nine Months Ended March 31, 2012 and 2011. Total interest income decreased by $6.2 million, or 14 percent, to $38.9 million for the first nine months of fiscal 2012 from $45.1 million in the comparable period of fiscal 2011. This decrease was the result of a lower average earning asset yield and, to a lesser extent, a lower average balance of earning assets. The average yield on earning assets during the first nine months of fiscal 2012 was 4.14 percent, 45 basis points lower than the average yield of 4.59 percent during the same period of fiscal 2011. The average balance of earning assets decreased $58.0 million, or four percent, to $1.25 billion during the first nine months of fiscal 2012 from $1.31 billion during the comparable period of fiscal 2011.

Interest income from interest-earning deposits, primarily cash deposited at the Federal Reserve Bank of San Francisco, was $227,000 in the first nine months of fiscal 2012, down slightly from $234,000 in the same period of fiscal 2011. The decrease was due to a lower average balance for the nine months ended March 31, 2012 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 nine months of fiscal 2012 was $119.7 million, a decrease of $4.7 million or four percent, from $124.4 million in the same period of fiscal 2011.

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10qk
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