Provident Financial Q1 profit down 12% on lower non-interest income

Reuters

10/28

Provident Financial Q1 profit down 12% on lower non-interest income

Overview

Provident Financial Q1 net income rises 3% sequentially, down 12% yr/yr
Net interest margin improves to 3.00%, up from 2.84% last year
Company repurchased 66,707 shares at $15.75 each in Q1

Outlook

Company anticipates improving fundamentals due to favorable yield curve and stable economic conditions
Company notes balance sheet growth may remain a challenge

Result Drivers

CREDIT LOSS RECOVERY - Significant recovery from allowance for credit losses due to shorter expected average life of loan portfolio
NET INTEREST MARGIN - Improvement to 3.00% due to higher yields on interest-earning assets and lower funding costs
NON-INTEREST INCOME DECLINE - Decreased 10% due to declines in other non-interest income and deposit account fees

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 EPS		$0.25
Q1 Net Income		$1.68 mln
Q1 Net Interest Income		$8.93 mln
Q1 Dividend		$0.14

Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
Wall Street's median 12-month price target for Provident Financial Holdings Inc is $16.25, about 3.4% above its October 27 closing price of $15.70
The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 11 three months ago

Press Release: ID:nGNX47QVD

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.</p><p>(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Provident Financial Q1 profit down 12% on lower non-interest income</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.</p><p>(This story was created using Reuters automation and AI based on LSEG and company data. 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For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}