UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 20, 2005
PROVIDENT FINANCIAL HOLDINGS, INC.
|
Delaware |
000-28304 |
33-0704889 |
|
(State or other jurisdiction |
(Commission |
(I.R.S. Employer |
|
3756 Central Avenue, Riverside, California |
92506 |
|
(Address of principal executive offices) |
(Zip Code) |
Registrant's telephone number, including area code: (951) 686-6060
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions. | ||
|
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
||
|
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
||
|
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |
||
|
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act |
<PAGE>
Item 2.02 Results of Operations and Financial Condition
On October 20, 2005, Provident Financial Holdings, Inc. issued its earnings release for the quarter ended September 30, 2005. A copy of the earnings release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(c) Exhibits
99.1 Earnings Release of Provident Financial Holdings, Inc. dated October 20, 2005.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: October 20, 2005 PROVIDENT FINANCIAL HOLDINGS, INC.
/s/ Craig G. Blunden
Craig G. Blunden
Chairman, President and Chief Executive Officer
(Principal Executive Officer)
/s/ Donavon P. Ternes
Donavon P. Ternes
Chief Financial Officer
(Principal Financial and Accounting Officer)
<PAGE>
EXHIBIT 99.1
<PAGE>
3756 Central Avenue Contacts:
Riverside, CA 92506 Craig G. Blunden, CEO
(951) 686 - 6060 Donavon P. Ternes, CFO
PROVIDENT FINANCIAL HOLDINGS, INC.
REPORTS FIRST QUARTER EARNINGS
First Quarter Net Income Increases 16%
First Quarter EPS of $0.71, Up 18%
Deposit Growth Accelerates
Strong Loan Origination Volume
Riverside, Calif. - October 20, 2005 - Provident Financial Holdings, Inc. ("Company"), Nasdaq: PROV, the holding company for Provident Savings Bank, F.S.B. ("Bank"), today announced earnings for the first quarter of its fiscal year ending June 30, 2006.
For the quarter ended September 30, 2005, the Company reported net income of $4.93 million, or 71 cents per diluted share (on 6.93 million weighted-average shares outstanding), compared to net income of $4.26 million, or 60 cents per diluted share (on 7.07 million weighted-average shares outstanding), in the comparable period a year ago.
"We continue to benefit from the growth opportunities available within the Inland Empire of Southern California," said Craig G. Blunden, Chairman, President and Chief Executive Officer of the Company. "Moreover, the prudent growth of our Company has offset the flat yield curve environment, which has negatively impacted our net interest margin."
Page 1 of 13
<PAGE>
Return on average assets for the first quarter of fiscal 2006 was 1.22 percent, compared to 1.24 percent for the same period of fiscal 2005. Return on average stockholders' equity for the first quarter of fiscal 2006 was 15.80 percent, compared to 15.35 percent for the comparable period of fiscal 2005.
On a sequential quarter basis, net income for the first quarter of fiscal 2006 increased by $103,000 to $4.93 million, or two percent, from $4.83 million in the fourth quarter of fiscal 2005; and diluted earnings per share increased 3 cents to 71 cents, or four percent, from 68 cents in the fourth quarter of fiscal 2005 results. Return on average assets remained unchanged at 1.22 percent for the first quarter of fiscal 2006 as compared to the fourth quarter of fiscal 2005, while return on average equity decreased 13 basis points to 15.80 percent for the first quarter of fiscal 2006 from 15.93 percent in the fourth quarter of fiscal 2005.
Net interest income before provision for loan losses increased $1.02 million, or 10 percent, to $10.97 million in the first quarter of fiscal 2006 from $9.95 million for the same period in fiscal 2005. Non-interest income decreased $138,000, or two percent, to $5.96 million in the first quarter of fiscal 2006 from $6.09 million in the comparable period of fiscal 2005. Non-interest expense increased $543,000, or seven percent, to $8.15 million in the first quarter of fiscal 2006 from $7.61 million in the comparable period in fiscal 2005.
The average balance of loans outstanding increased by $274.8 million to $1.30 billion in the first quarter of fiscal 2006 from $1.03 billion in the same quarter of fiscal 2005, and the average yield increased by 13 basis points to 5.86 percent in the first quarter of fiscal 2006 from an average yield of 5.73 percent in the same quarter of fiscal
Page 2 of 13
<PAGE>
2005. The increase in the average loan yield was primarily attributable to new loans and the repricing of adjustable rate loans. Total portfolio loan originations (including loans purchased for investment) in the first quarter of fiscal 2006 were $166.1 million, which consisted primarily of single-family, multi-family, commercial real estate and construction loans. This compares to total portfolio loan originations (including loans purchased for investment) of $221.9 million in the first quarter of fiscal 2005. The outstanding balance of "preferred loans" (multi-family, commercial real estate, construction and commercial business loans) increased by $46.9 million, or 17 percent, to $318.9 million at September 30, 2005 from $272.0 million at September 30, 2004. The ratio of preferred loans to total portfolio loans remained unchanged at 28 percent at September 30, 2005 as compared to the ratio at September 30, 2004. Loan prepayments in the first quarter of fiscal 2006 were $143.8 million, compared to $129.5 million in the same quarter of fiscal 2005.
Average deposits increased by $65.7 million to $936.9 million and the average cost of deposits increased by 50 basis points to 2.11 percent in the first quarter of fiscal 2006, compared to an average balance of $871.2 million and an average cost of 1.61 percent in the same quarter last year. Transaction account balances (core deposits) decreased by $68.9 million, or 13 percent, to $474.6 million at September 30, 2005 from $543.5 million at September 30, 2004. The decrease is attributable to a decline in money market and savings accounts, partly offset by an increase in checking accounts. Time deposits increased by $157.3 million, or 47 percent, to $488.5 million at September 30, 2005 as compared to $331.2 million at September 30, 2004. The increase is primarily
Page 3 of 13
<PAGE>
attributable to the Company's successful time deposit marketing campaign and depositors switching from money market accounts.
The average balance of FHLB advances increased by $170.1 million to $526.3 million, and the average cost of advances increased 2 basis points to 4.04 percent in the first quarter of fiscal 2006, compared to an average balance of $356.2 million and an average cost of 4.02 percent in the same quarter of fiscal 2005. The increase in the average cost of FHLB advances was primarily the result of new long-term advances at a higher average cost, partly offset by a higher percentage of overnight advances to total advances, which have a lower average cost.
The net interest margin during the first quarter of fiscal 2006 decreased 23 basis points to 2.80 percent, compared to 3.03 percent during the same quarter last year. On a sequential quarter basis, the net interest margin in the first quarter of fiscal 2006 decreased 10 basis points from 2.90 percent in the fourth quarter of fiscal 2005.
During the first quarter of fiscal 2006, the provision for loan losses was $65,000, compared to $642,000 during the same period of fiscal 2005. The decrease was primarily attributable to a smaller provision on impaired loans, partly offset by an increase in non-performing loans. The allowance for loan losses is considered sufficient to absorb potential losses inherent in loans held for investment.
The decrease in non-interest income in the first quarter of fiscal 2006 compared to the same period of fiscal 2005 was primarily the result of a gain on sale of investment securities in the first quarter of fiscal 2005 which was not replicated in the first quarter of fiscal 2006. The gain on sale of loans was $4.39 million as compared to $4.38 million in the comparable quarter last year. The average loan sale margin for mortgage banking
Page 4 of 13
<PAGE>
was 123 basis points, down 30 basis points from 153 basis points in the comparable quarter last year, while the volume of loans originated for sale increased. On a sequential quarter basis, the average loan sale margin for mortgage banking in the first quarter of fiscal 2006 decreased by 17 basis points from 140 basis points in the prior quarter and was largely the result of poorer execution (lower prices), partly offset by a favorable fair value adjustment required by Statement of Financial Accounting Standards ("SFAS") No. 133. The volume of loans originated for sale remained strong, totaling $389.3 million in the first quarter of fiscal 2006 as compared to $299.3 million during the same period last year, as a result of relatively low mortgage interest rates and continued strength in the Southern California real estate market. In the first quarter of fiscal 2006, the Company sold $18.5 million of loans held for investment which contained certain higher risk characteristics and recognized an $11,000 gain on sale. Total loan originations (including purchased loans) were $555.4 million in the first quarter of fiscal 2006, up from $521.2 million in the same quarter of fiscal 2005.
In the first quarter of fiscal 2006, the fair-value adjustment of derivative financial instruments pursuant to SFAS No. 133 on the consolidated statement of operations was a favorable $319,000, compared to a favorable adjustment of $41,000 in the same period last year. The fair-value adjustment for SFAS No. 133 is derived from changes in the market value of commitments to extend credit on loans to be held for sale, forward loan sale agreements and option contracts. The SFAS No. 133 adjustment is relatively volatile and results in timing differences in the recognition of income, which may have an adverse impact on future earnings.
Page 5 of 13
<PAGE>
Non-interest expense for the first quarter of fiscal 2006 increased $543,000, or seven percent, to $8.15 million from $7.61 million in the same quarter in fiscal 2005. The increase in non-interest expense was primarily the result of an increase in variable compensation expense related to loan production volume in both business segments (community banking and mortgage banking), lease expense on new loan production offices and Sarbanes-Oxley compliance expenses. Also, on July 1, 2005, the Company adopted SFAS No. 123R (Share-Based Payment) and recorded $93,000 of stock option compensation expense in the first quarter of fiscal 2006. The Company's efficiency ratio increased slightly to 48 percent in the first quarter of fiscal 2006 from 47 percent in the first quarter of fiscal 2005.
Non-performing assets increased to $1.8 million, or 0.11 percent of total assets, at September 30, 2005, compared to $1.1 million, or 0.07 percent of total assets, at September 30, 2004. The allowance for loan losses was $9.3 million at September 30, 2005, or 0.82 percent of gross loans held for investment, compared to $8.3 million, or 0.86 percent of gross loans held for investment at September 30, 2004.
The effective income tax rate for the first quarter of fiscal 2006 was 43.3 percent as compared to 45.4 percent for the same quarter last year. The Company believes that the effective income tax rate applied in the first quarter of fiscal 2006 reflects its current income tax obligations.
On September 13, 2005, the Company announced the sale of a commercial office building located in Riverside, California (subject to certain conditions and contingencies). The Company anticipates that the transaction will close in the quarter ending December 31, 2005 and will result in a one-time gain (net of taxes) of approximately $3.4 million.
Page 6 of 13
<PAGE>
The Company repurchased 28,000 shares of its common stock during the quarter ended September 30, 2005 at an average cost of $28.30 per share. As of September 30, 2005, the Company has repurchased eight percent of the shares authorized by the June 2005 Stock Repurchase Program, leaving 319,840 shares available for future repurchase activity.
The Bank currently operates 12 retail/business banking offices in Riverside County and San Bernardino County (Inland Empire) along with 14 Provident Bank Mortgage loan production offices located throughout Southern California. During the first quarter of fiscal 2006, the Bank opened a retail loan production office in Carlsbad, California.
The Company will host a conference call for institutional investors and bank analysts on Friday, October 21, 2005 at 10:00 a.m. (Pacific Time) to discuss its financial results. The conference call can be accessed by dialing (877) 209-0397 and requesting the Provident Financial Holdings Earnings Release Conference Call. An audio replay of the conference call will be available through Friday, October 28, 2005 by dialing (800) 475-6701 and referencing access code number 798717.
For more financial information about the Company please visit the website at www.myprovident.com and click on the Investor Relations section.
Safe-Harbor Statement
Certain matters in this News Release and the conference call noted above may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to, among others, expectations of the business environment in which the Company operates, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding the Company's mission and vision. These forward-looking statements are based upon current management expectations, and may, therefore, involve risks and uncertainties. The Company's actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide range of factors including, but not limited to, the general business environment, interest rates, the California real estate market, competitive conditions between banks and non-bank financial services providers, regulatory changes, and other risks detailed in the Company's reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 30, 2005.
Page 7 of 13
<PAGE>
PROVIDENT FINANCIAL HOLDINGS, INC. |
|||||
|
September 30, |
June 30, |
||||
|
Assets |
|||||
|
Cash and due from banks |
$ 22,389 |
$ 20,342 |
|||
|
Federal funds sold |
59,000 |
5,560 |
|||
|
Cash and cash equivalents |
81,389 |
25,902 |
|||
|
Investment securities - held to maturity |
|||||
|
(fair value $51,036 and $51,327, respectively) |
52,228 |
52,228 |
|||
|
Investment securities - available for sale at fair value |
161,850 |
180,204 |
|||
|
Loans held for investment, net of allowance for loan losses of |
|||||
|
$9,280 and $9,215, respectively |
1,127,538 |
1,131,905 |
|||
|
Loans held for sale, at lower of cost or market |
13,918 |
5,691 |
|||
|
Receivable from sale of loans |
124,605 |
167,813 |
|||
|
Accrued interest receivable |
5,849 |
6,294 |
|||
|
Real estate held for investment, net |
9,693 |
9,853 |
|||
|
Federal Home Loan Bank ("FHLB") - San Francisco stock |
38,412 |
37,130 |
|||
|
Premises and equipment, net |
7,424 |
7,443 |
|||
|
Prepaid expenses and other assets |
8,323 |
7,659 |
|||
|
Total assets |
$ 1,631,229 |
$ 1,632,122 |
|||
|
|
|
||||
|
Liabilities and Stockholders' Equity |
|||||
|
Liabilities: |
|||||
|
Non-interest bearing deposits |
$ 52,651 |
$ 48,173 |
|||
|
Interest bearing deposits |
910,456 |
870,458 |
|||
|
Total deposits |
963,107 |
918,631 |
|||
|
Borrowings |
507,337 |
560,845 |
|||
|
Accounts payable, accrued interest and other liabilities |
34,499 |
29,657 |
|||
|
Total liabilities |
1,504,943 |
1,509,133 |
|||
|
Stockholders' equity: |
|||||
|
Preferred stock, $.01 par value; (2,000,000 shares authorized; |
|||||
|
- |
- |
||||
|
Common stock, $.01 par value; (15,000,000 shares authorized; |
|||||
|
120 |
120 |
||||
|
Additional paid-in capital |
60,037 |
59,497 |
|||
|
Retained earnings |
130,340 |
126,381 |
|||
|
Treasury stock at cost (5,045,387 and 5,016,525 shares, |
|||||
|
(62,865 |
) |
(62,046 |
) |
||
|
Unearned stock compensation |
(1,117 |
) |
(1,272 |
) |
|
|
Accumulated other comprehensive (loss) income, net of tax |
(229 |
) |
309 |
||
|
Total stockholders' equity |
126,286 |
122,989 |
|||
|
Total liabilities and stockholders' equity |
$ 1,631,229 |
$ 1,632,122 |
|||
Page 8 of 13
<PAGE>
|
PROVIDENT FINANCIAL HOLDINGS, INC. |
||||
|
Quarter Ended |
||||
|
|
2005 |
2004 |
||
|
Interest income: |
||||
|
Loans receivable, net |
$ 19,043 |
$ 14,683 |
||
|
Investment securities |
1,813 |
2,033 |
||
|
FHLB - San Francisco stock |
405 |
370 |
||
|
Interest-earning deposits |
40 |
5 |
||
|
Total interest income |
21,301 |
17,091 |
||
|
Interest expense: |
||||
|
Checking and money market deposits |
287 |
295 |
||
|
Savings deposits |
904 |
1,235 |
||
|
Time deposits |
3,782 |
2,004 |
||
|
Borrowings |
5,358 |
3,605 |
||
|
Total interest expense |
10,331 |
7,139 |
||
|
Net interest income |
10,970 |
9,952 |
||
|
Provision for loan losses |
65 |
642 |
||
|
Net interest income after provision for loan losses |
10,905 |
9,310 |
||
|
Non-interest income: |
||||
|
Loan servicing and other fees |
643 |
399 |
||
|
Gain on sale of loans, net |
4,393 |
4,376 |
||
|
Real estate operations, net |
5 |
120 |
||
|
Deposit account fees |
494 |
455 |
||
|
Gain on sale of investment securities |
- |
384 |
||
|
Other |
420 |
359 |
||
|
Total non-interest income |
5,955 |
6,093 |
||
|
Non-interest expense: |
||||
|
Salaries and employee benefits |
5,204 |
5,077 |
||
|
Premises and occupancy |
793 |
671 |
||
|
Equipment |
399 |
404 |
||
|
Professional expenses |
344 |
220 |
||
|
Sales and marketing expenses |
219 |
182 |
||
|
Other |
1,194 |
1,056 |
||
|
Total non-interest expense |
8,153 |
7,610 |
||
|
|
|
|
||
|
Income before taxes |
8,707 |
7,793 |
||
|
Provision for income taxes |
3,774 |
3,538 |
||
|
Net income |
$ 4,933 |
$ 4,255 |
||
|
Basic earnings per share |
$ 0.75 |
$ 0.64 |
||
|
Diluted earnings per share |
$ 0.71 |
$ 0.60 |
||
|
Cash dividends per share |
$ 0.14 |
$ 0.10 |
||
Page 9 of 13
<PAGE>
|
PROVIDENT FINANCIAL HOLDINGS, INC. |
|||
|
Quarter Ended |
|||
|
September 30, |
June 30, |
||
|
|
2005 |
2005 |
|
|
Interest income: |
|||
|
Loans receivable, net |
$ 19,043 |
$ 18,228 |
|
|
Investment securities |
1,813 |
1,975 |
|
|
FHLB - San Francisco stock |
405 |
405 |
|
|
Interest-earning deposits |
40 |
30 |
|
|
Total interest income |
21,301 |
20,638 |
|
|
Interest expense: |
|||
|
Checking and money market deposits |
287 |
291 |
|
|
Savings deposits |
904 |
1,001 |
|
|
Time deposits |
3,782 |
3,244 |
|
|
Borrowings |
5,358 |
4,947 |
|
|
Total interest expense |
10,331 |
9,483 |
|
|
|
|
||
|
Net interest income |
10,970 |
11,155 |
|
|
Provision for loan losses |
65 |
335 |
|
|
Net interest income after provision for loan losses |
10,905 |
10,820 |
|
|
Non-interest income: |
|||
|
Loan servicing and other fees |
643 |
500 |
|
|
Gain on sale of loans, net |
4,393 |
5,058 |
|
|
Real estate operations, net |
5 |
28 |
|
|
Deposit account fees |
494 |
459 |
|
|
Other |
420 |
413 |
|
|
Total non-interest income |
5,955 |
6,458 |
|
|
Non-interest expense: |
|||
|
Salaries and employee benefits |
5,204 |
5,953 |
|
|
Premises and occupancy |
793 |
770 |
|
|
Equipment |
399 |
368 |
|
|
Professional expenses |
344 |
450 |
|
|
Sales and marketing expenses |
219 |
217 |
|
|
Other |
1,194 |
1,160 |
|
|
Total non-interest expense |
8,153 |
8,918 |
|
|
|
|
||
|
Income before taxes |
8,707 |
8,360 |
|
|
Provision for income taxes |
3,774 |
3,530 |
|
|
Net income |
$ 4,933 |
$ 4,830 |
|
|
Basic earnings per share |
$ 0.75 |
$ 0.73 |
|
|
Diluted earnings per share |
$ 0.71 |
$ 0.68 |
|
|
Cash dividends per share |
$ 0.14 |
$ 0.14 |
|
Page 10 of 13
<PAGE>
|
PROVIDENT FINANCIAL HOLDINGS, INC. |
|||||||
|
(Dollars in Thousands, Except Share Information) |
Quarter Ended |
||||||
|
2005 |
2004 |
||||||
|
SELECTED FINANCIAL RATIOS: |
|||||||
|
Return on average assets |
1.22% |
1.24% |
|||||
|
Return on average stockholders' equity |
15.80% |
15.35% |
|||||
|
Stockholders' equity to total assets |
7.74% |
7.75% |
|||||
|
Net interest spread |
2.64% |
2.89% |
|||||
|
Net interest margin |
2.80% |
3.03% |
|||||
|
Efficiency ratio |
48.17% |
47.43% |
|||||
|
Average interest-earning assets to average |
|||||||
|
interest-bearing liabilities |
107.11% |
107.15% |
|||||
|
SELECTED FINANCIAL DATA: |
|||||||
|
Basic earnings per share |
$ 0.75 |
$ 0.64 |
|||||
|
Diluted earnings per share |
$ 0.71 |
$ 0.60 |
|||||
|
Book value per share |
$ 18.22 |
$ 16.03 |
|||||
|
Shares used for basic EPS computation |
6,584,785 |
6,601,760 |
|||||
|
Shares used for diluted EPS computation |
6,926,957 |
7,073,244 |
|||||
|
Total shares issued and outstanding |
6,931,612 |
6,993,029 |
|||||
|
ASSET QUALITY RATIOS: |
|||||||
|
Non-performing loans to loans held for investment, net |
0.16% |
0.11% |
|||||
|
Non-performing assets to total assets |
0.11% |
0.07% |
|||||
|
Allowance for loan losses to non-performing loans |
512.42% |
768.44% |
|||||
|
Allowance for loan losses to gross loans held for investments |
0.82% |
0.86% |
|||||
|
REGULATORY CAPITAL RATIOS: |
|||||||
|
Tangible equity ratio |
6.90% |
6.43% |
|||||
|
Tier 1 (core) capital ratio |
6.90% |
6.43% |
|||||
|
Total risk-based capital ratio |
12.32% |
11.24% |
|||||
|
Tier 1 risk-based capital ratio |
11.36% |
10.31% |
|||||
|
LOANS ORIGINATED FOR SALE: |
|||||||
|
Retail originations |
$ 133,102 |
$ 82,312 |
|||||
|
Wholesale originations |
256,155 |
216,958 |
|||||
|
Total loans originated for sale |
$ 389,257 |
$ 299,270 |
|||||
|
LOANS SOLD: |
|||||||
|
Servicing released |
$ 392,860 |
$ 283,385 |
|||||
|
Servicing retained |
6,637 |
19,752 |
|||||
|
Total loans sold |
$ 399,497 |
$ 303,137 |
|||||
Page 11 of 13
<PAGE>
|
PROVIDENT FINANCIAL HOLDINGS, INC. |
|||||||||||||
|
(Dollars in Thousands) |
As of September 30, |
||||||||||||
|
2005 |
2004 |
||||||||||||
|
INVESTMENT SECURITIES: |
Balance |
Rate |
Balance |
Rate |
|||||||||
|
Held to maturity: |
|||||||||||||
|
U.S. government sponsored enterprise debt securities |
$ 51,027 |
2.82 |
% |
$ 54,031 |
2.78 |
% |
|||||||
|
U.S. government agency MBS |
3 |
10.00 |
5 |
11.12 |
|||||||||
|
Corporate bonds |
998 |
6.80 |
2,799 |
7.04 |
|||||||||
|
Certificates of deposit |
200 |
3.00 |
200 |
1.23 |
|||||||||
|
Total investment securities held to maturity |
52,228 |
2.90 |
57,035 |
2.98 |
|||||||||
|
Available for sale (at fair value): |
|||||||||||||
|
U.S. government sponsored enterprise debt securities |
24,246 |
2.86 |
24,622 |
2.86 |
|||||||||
|
U.S. government agency MBS |
50,222 |
4.09 |
54,933 |
3.86 |
|||||||||
|
U.S. government sponsored enterprise MBS |
80,355 |
3.72 |
122,835 |
3.72 |
|||||||||
|
Private issue CMO |
6,670 |
3.64 |
9,533 |
3.66 |
|||||||||
|
Freddie Mac common stock |
339 |
391 |
|||||||||||
|
Fannie Mae common stock |
18 |
25 |
|||||||||||
|
Total investment securities available for sale |
161,850 |
3.69 |
212,339 |
3.65 |
|||||||||
|
Total investment securities |
$ 214,078 |
3.50 |
% |
$ 269,374 |
3.51 |
% |
|||||||
|
LOANS HELD FOR INVESTMENT : |
|||||||||||||
|
Single-family (1 to 4 units) |
$ 802,962 |
5.46 |
% |
$ 678,481 |
5.35 |
% |
|||||||
|
Multi-family (5 or more units) |
118,828 |
5.80 |
85,254 |
5.57 |
|||||||||
|
Commercial real estate |
130,719 |
6.67 |
106,335 |
6.40 |
|||||||||
|
Construction |
150,793 |
7.76 |
143,549 |
5.70 |
|||||||||
|
Commercial business |
15,391 |
7.78 |
15,904 |
6.64 |
|||||||||
|
Consumer |
783 |
9.45 |
881 |
8.22 |
|||||||||
|
Other |
11,602 |
8.12 |
11,730 |
6.84 |
|||||||||
|
Total loans held for investment |
$ 1,231,078 |
5.96 |
% |
$ 1,042,134 |
5.56 |
% |
|||||||
|
Undisbursed loan funds |
(96,869 |
) |
(79,090 |
) |
|||||||||
|
Deferred loan costs |
2,609 |
1,755 |
|||||||||||
|
Allowance for loan losses |
(9,280 |
) |
(8,253 |
) |
|||||||||
|
Total loans held for investment, net |
$ 1,127,538 |
$ 956,546 |
|||||||||||
|
Purchased loans serviced by others included above |
$ 57,630 |
6.65 |
% |
$ 47,949 |
5.82 |
% |
|||||||
|
DEPOSITS : |
|||||||||||||
|
Checking accounts - non-interest bearing |
$ 52,651 |
- |
% |
$ 44,975 |
- |
% |
|||||||
|
Checking accounts - interest bearing |
133,198 |
0.54 |
120,571 |
0.52 |
|||||||||
|
Savings accounts |
245,302 |
1.42 |
331,146 |
1.46 |
|||||||||
|
Money market accounts |
43,452 |
1.20 |
46,846 |
1.08 |
|||||||||
|
Time deposits |
488,504 |
3.40 |
331,224 |
2.64 |
|||||||||
|
Total deposits |
$ 963,107 |
2.21 |
% |
$ 874,762 |
1.68 |
% |
|||||||
|
Note: The interest rate or yield/cost described in the rate or yield/cost column is the weighted-average interest rate or yield/cost of all instruments, which are included in the balance of the respective line item. |
|||||||||||||
Page 12 of 13
<PAGE>
|
PROVIDENT FINANCIAL HOLDINGS, INC. |
|||||||||||||
|
As of September 30, |
|||||||||||||
|
(Dollars in Thousands) |
2005 |
2004 |
|||||||||||
|
Balance |
Rate |
Balance |
Rate |
||||||||||
|
BORROWINGS: |
|||||||||||||
|
Overnight |
$ 71,500 |
4.05 |
% |
$ 110,500 |
1.94 |
% |
|||||||
|
Six months or less |
47,000 |
3.76 |
10,000 |
5.79 |
|||||||||
|
Over six months to one year |
10,000 |
2.36 |
5,000 |
6.50 |
|||||||||
|
Over one year to two years |
60,000 |
3.46 |
32,000 |
3.37 |
|||||||||
|
Over two years to three years |
67,000 |
3.77 |
55,000 |
3.43 |
|||||||||
|
Over three years to four years |
50,000 |
3.74 |
42,000 |
3.80 |
|||||||||
|
Over four years to five years |
47,000 |
4.01 |
50,000 |
3.74 |
|||||||||
|
Over five years |
154,837 |
4.90 |
121,869 |
4.95 |
|||||||||
|
Total borrowings |
$ 507,337 |
4.11 |
% |
$ 426,369 |
3.64 |
% |
|||||||
|
Quarter Ended |
|||||||||||||
|
September 30, |
|||||||||||||
|
2005 |
2004 |
||||||||||||
|
SELECTED AVERAGE BALANCE SHEETS: |
Balance |
Balance |
|||||||||||
|
Loans receivable, net (1) |
$ 1,300,225 |
$ 1,025,428 |
|||||||||||
|
Investment securities |
224,366 |
259,483 |
|||||||||||
|
FHLB - San Francisco stock |
37,921 |
28,783 |
|||||||||||
|
Interest earning deposits |
4,699 |
1,467 |
|||||||||||
|
Total interest earning assets |
$ 1,567,211 |
$ 1,315,161 |
|||||||||||
|
Deposits |
$ 936,932 |
$ 871,193 |
|||||||||||
|
Borrowings |
526,281 |
356,209 |
|||||||||||
|
Total interest bearing liabilities |
$ 1,463,213 |
$ 1,227,402 |
|||||||||||
|
Quarter Ended |
|||||||||||||
|
September 30, |
|||||||||||||
|
2005 |
2004 |
||||||||||||
|
Yield/Cost |
Yield/Cost |
||||||||||||
|
Loans receivable, net (1) |
5.86% |
5.73% |
|||||||||||
|
Investment securities |
3.23% |
3.13% |
|||||||||||
|
FHLB - San Francisco stock |
4.27% |
5.14% |
|||||||||||
|
Interest earning deposits |
3.40% |
1.36% |
|||||||||||
|
Total interest earning assets |
5.44% |
5.20% |
|||||||||||
|
Deposits |
2.11% |
1.61% |
|||||||||||
|
Borrowings |
4.04% |
4.02% |
|||||||||||
|
Total interest bearing liabilities |
2.80% |
2.31% |
|||||||||||
| (1) Includes loans held for investment, loans held for sale and receivable from sale of loans. | |||||||||||||
|
Note: The interest rate or yield/cost described in the rate or yield/cost column is the weighted-average interest rate or yield/cost of all instruments, which are included in the balance of the respective line item. |
|||||||||||||
Page 13 of 13
<PAGE>