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
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(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.)