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Provident Financial Holdings Reports Fourth Quarter and Fiscal Year 2022 Results

Provident Financial Holdings, Inc.
Provident Financial Holdings, Inc.

Net Income of $2.46 Million in the June 2022 Quarter

Net Income of $9.09 Million for Fiscal 2022

Net Interest Margin Expands 32 Basis Points in Comparison
to the Prior Sequential Quarter

Loans Held for Investment Increase 11% from June 30, 2021 to $940.0 Million

Total Deposits Increase 2% from June 30, 2021 to $955.5 Million

Improved Asset Quality with a $411,000 Recovery from the Allowance for Loan Losses

Non-Interest Expenses Remain Well-Controlled

RIVERSIDE, Calif., July 26, 2022 (GLOBE NEWSWIRE) -- Provident Financial Holdings, Inc. (“Company”), NASDAQ GS: PROV, the holding company for Provident Savings Bank, F.S.B. (“Bank”), today announced fourth quarter and full year earnings for the fiscal year ended June 30, 2022.

For the quarter ended June 30, 2022, the Company reported net income of $2.46 million, or $0.34 per diluted share (on 7.32 million average diluted shares outstanding), down 26 percent from net income of $3.34 million, or $0.44 per diluted share (on 7.59 million average diluted shares outstanding), in the comparable period a year ago. Compared to the same quarter last year, the decrease in earnings was primarily attributable to lower salaries and employee benefits expenses due to the $2.44 million credit from the Employee Retention Tax Credit (“ERTC”) in the fourth quarter last year (not replicated this quarter) and the $356,000 lower recovery from the allowance for loan losses, partly offset by the $1.13 million net interest income increase.

“I am pleased with our financial results for the June 2022 quarter and encouraged that our fundamentals continue to improve. For example, the net interest margin expanded by 32 basis points from the prior sequential quarter, we achieved a second consecutive quarter of compelling loan portfolio growth, and operating expenses are well-controlled,” said Craig G. Blunden, Chairman and Chief Executive Officer of the Company. “And while much has recently been written about a potential economic downturn, I am confident that our credit quality and strong capital position provides a robust financial foundation to weather the challenges that may arise,” said Mr. Blunden.

Return on average assets for the fourth quarter of fiscal 2022 was 0.83 percent, down from 1.12 percent for the same period of fiscal 2021; and return on average stockholders’ equity for the fourth quarter of fiscal 2022 was 7.72 percent, down from 10.65 percent for the comparable period of fiscal 2021.

On a sequential quarter basis, the $2.46 million net income for the fourth quarter of fiscal 2022 reflects a 45 percent increase from $1.70 million in the third quarter of fiscal 2022. The increase in earnings for the fourth quarter of fiscal 2022 compared to the third quarter of fiscal 2022 was primarily attributable to a $968,000 increase in net interest income and a $450,000 decrease in non-interest expenses, partly offset by a $234,000 decrease in the recovery from the allowance for loan losses. The decrease in non-interest expenses was primarily due to lower salaries and employee benefits, premises and equipment and other operating expenses. Diluted earnings per share for the fourth quarter of fiscal 2022 were $0.34 per share, up 48 percent from the $0.23 per share during the third quarter of fiscal 2022. Return on average assets was 0.83 percent for the fourth quarter of fiscal 2022, up from 0.57 percent in the third quarter of fiscal 2022; and return on average stockholders’ equity for the fourth quarter of fiscal 2022 was 7.72 percent, up from 5.33 percent for the third quarter of fiscal 2022.

For the fiscal year ended June 30, 2022, net income increased $1.53 million, or 20 percent, to $9.09 million from $7.56 million for the fiscal year ended June 30, 2021; and diluted earnings per share for the fiscal year ended June 30, 2022 increased 22 percent to $1.22 per share (on 7.45 million average diluted shares outstanding) from $1.00 per share (on 7.54 million average diluted shares outstanding) for the last fiscal year. Compared to the last fiscal year, the increase in earnings was primarily attributable to a $1.75 million increase in the recovery from the allowance for loan losses and a $956,000 increase in net interest income.

In the fourth quarter of fiscal 2022, net interest income increased $1.13 million or 15 percent to $8.51 million from $7.38 million for the same quarter last year. The increase in net interest income was primarily due to a higher net interest margin primarily due to a shift in the composition of interest-earning assets towards higher yielding loans held for investment and an increase in the average yield on interest-earning deposits reflecting recent increases in the targeted federal funds rate. The net interest margin during the fourth quarter of fiscal 2022 increased by 39 basis points to 2.93 percent from 2.54 percent in the same quarter last year. The average yield on interest-earning assets increased by 31 basis points to 3.18 percent in the fourth quarter of fiscal 2022 from 2.87 percent in the same quarter last year while the average cost of interest-bearing liabilities decreased by 10 basis points to 0.27 percent in the fourth quarter of fiscal 2022 from 0.37 percent in the same quarter last year. The average balance of interest-earning assets was virtually unchanged at $1.16 billion in the fourth quarter of fiscal 2022 as compared to the same quarter last year. The increase in the average balance of loans held for investment was mainly offset by decreases in the average balance of lower yielding investment securities and interest-earning deposits.

Interest income on loans receivable increased by $750,000, or 10 percent, to $8.49 million in the fourth quarter of fiscal 2022 from $7.74 million in the same quarter of fiscal 2021. The increase was due to a higher average balance and, to a lesser extent, a higher average yield. The average balance of loans receivable increased by $67.6 million, or eight percent, to $916.2 million in the fourth quarter of fiscal 2022 from $848.6 million in the same quarter last year. Total loans originated and purchased for investment in the fourth quarter of fiscal 2022 were $85.9 million, down eight percent from $93.3 million in the same quarter last year. Loan principal payments received in the fourth quarter of fiscal 2022 were $41.3 million, down 48 percent from $79.9 million in the same quarter last year. The average yield on loans receivable increased by five basis points to 3.70 percent in the fourth quarter of fiscal 2022 from an average yield of 3.65 percent in the same quarter last year. Net deferred loan cost amortization in the fourth quarter of fiscal 2022 decreased 75 percent to $191,000 from $752,000 in the same quarter last year. The decrease in the net deferred loan cost amortization was due primarily to lower total loan principal payments ($41.3 million vs. $79.9 million) and, to a lesser extent, a $94,000 deferred loan fee recovery from a legacy restructured loan that was paid off in the fourth quarter of fiscal 2022 (not incurred in the same quarter last year).

Interest income from investment securities increased $69,000, or 15 percent, to $540,000 in the fourth quarter of fiscal 2022 from $471,000 for the same quarter of fiscal 2021. This increase was attributable to a higher average yield, partly offset by a lower average balance. The average yield on investment securities increased 31 basis points to 1.11 percent in the fourth quarter of fiscal 2022 from 0.80 percent for the same quarter last year. The increase in the average investment securities yield was primarily attributable to the upward repricing of adjustable-rate mortgage-backed securities and a lower premium amortization during the current quarter in comparison to the same quarter last year ($270,000 vs. $535,000), attributable to a lower total principal repayment ($10.5 million vs. $15.8 million). The average balance of investment securities decreased by $41.7 million, or 18 percent, to $194.5 million in the fourth quarter of fiscal 2022 from $236.2 million in the same quarter last year.

In the fourth quarter of fiscal 2022, the Federal Home Loan Bank – San Francisco (“FHLB”) distributed a $121,000 cash dividend to the Bank on its FHLB stock, up $3,000 or three percent from $118,000 in the same quarter last year. The average balance of FHLB – San Francisco stock in the fourth quarter of fiscal 2022 increased $97,000, or one percent, to $8.2 million from $8.1 million in the same quarter of fiscal 2021 and the average yield increased to 5.89 percent in the fourth quarter of fiscal 2022 from 5.81 percent in the same quarter last year.

Interest income from interest-earning deposits, primarily cash deposited at the Federal Reserve Bank of San Francisco, was $69,000 in the fourth quarter of fiscal 2022, up 263 percent from $19,000 in the same quarter of fiscal 2021. The increase was due to a higher average yield, partly offset by a lower average balance. The average yield earned on interest-earning deposits in the fourth quarter of fiscal 2022 was 0.68 percent, up 57 basis points from 0.11 percent in the same quarter last year. The average balance of the Company’s interest-earning deposits decreased $29.5 million, or 42 percent, to $40.4 million in the fourth quarter of fiscal 2022 from $69.9 million in the same quarter last year primarily due to the utilization of these excess funds for loan portfolio growth.

Interest expense on deposits for the fourth quarter of fiscal 2022 was $255,000 as compared to $346,000 for the same period last year, a decrease of $91,000, or 26 percent. The decrease in interest expense on deposits was attributable to a lower average cost of deposits, partly offset by a higher average balance. The average cost of deposits improved, decreasing by four basis points to 0.11 percent in the fourth quarter of fiscal 2022 from 0.15 percent in the same quarter last year. The average balance of deposits increased $29.6 million, or three percent, to $968.6 million in the fourth quarter of fiscal 2022 from $939.0 million in the same quarter last year, primarily due to increases in transaction accounts, partly offset by a managed run-off of higher cost time deposits.

Transaction account balances or “core deposits” increased $36.9 million, or five percent, to $834.4 million at June 30, 2022 from $797.5 million at June 30, 2021, while time deposits decreased $19.3 million, or 14 percent, to $121.1 million at June 30, 2022 from $140.4 million at June 30, 2021.

Interest expense on borrowings, consisting of FHLB – San Francisco advances, for the fourth quarter of fiscal 2022 decreased $165,000, or 27 percent, to $454,000 from $619,000 for the same period last year. The decrease in interest expense on borrowings was the result of a lower average balance, partly offset by a slightly higher average cost. The average balance of borrowings decreased $30.3 million, or 27 percent, to $80.5 million while the average cost of borrowings increased two basis points to 2.26 percent in the fourth quarter of fiscal 2022, compared to an average balance of $110.8 million with an average cost of 2.24 percent in the same quarter last year. The decrease in the average balance and the increase in the average cost of borrowings were primarily due to prepayments and maturities of borrowings with a lower average cost than our remaining borrowings.

During the fourth quarter of fiscal 2022, the Company recorded a recovery from the allowance for loan losses of $411,000, as compared to the $767,000 recovery recorded during the same period last year and the $645,000 recovery from the allowance for loan losses recorded in the third quarter of fiscal 2022 (sequential quarter). The recoveries from the allowance for loan losses primarily reflects improved credit quality and improving general economic conditions, partly offset by increases in loans held for investment during the respective periods.

Non-performing assets, comprised solely of non-performing loans with underlying collateral located in California, decreased $7.2 million or 84 percent to $1.4 million, or 0.12 percent of total assets, at June 30, 2022, compared to $8.6 million, or 0.73 percent of total assets, at June 30, 2021. The non-performing loans at June 30, 2022 are comprised of seven single-family loans, while the non-performing loans at June 30, 2021 were comprised of 27 single-family loans and one multi-family loan. At both June 30, 2022 and June 30, 2021, there was no real estate owned.

Net loan recoveries for the quarter ended June 30, 2022 were $6,000 or 0.00 percent (annualized) of average loans receivable, as compared to net loan recoveries of $8,000 or 0.00 percent (annualized) of average loans receivable for the quarter ended June 30, 2021 and net loan recoveries of $6,000 or 0.00 percent (annualized) of average loans receivable for the quarter ended March 31, 2022 (sequential quarter).

Classified assets, comprised solely of loans, were $1.6 million at June 30, 2022 which consist of $224,000 of loans in the special mention category and $1.4 million of loans in the substandard category; while classified assets at June 30, 2021 were $10.4 million, consisting of $1.8 million of loans in the special mention category and $8.6 million of loans in the substandard category.

The allowance for loan losses was $5.6 million or 0.59 percent of gross loans held for investment at June 30, 2022, down from the $7.6 million or 0.88 percent of gross loans held for investment at June 30, 2021. Management believes that, based on currently available information, the allowance for loan losses is sufficient to absorb potential losses inherent in loans held for investment at June 30, 2022 under the incurred loss methodology.

Non-interest income decreased by $76,000, or six percent, to $1.17 million in the fourth quarter of fiscal 2022 from $1.24 million in the same period last year, primarily due to a $101,000 decrease in loan servicing and other fees. On a sequential quarter basis, non-interest income increased $51,000, or five percent, primarily as a result of an increase in card and processing fees, partly offset by a decrease in loan servicing and other fees.

Non-interest expenses increased by $1.53 million or 31 percent to $6.45 million in the fourth quarter of fiscal 2022 from $4.92 million for the same quarter last year. The increase in the non-interest expense in the fourth quarter of fiscal 2022 was primarily due to the $2.44 million credit from the ERTC in the fourth quarter last year (not replicated this quarter), partly offset by the retirement benefits expense recovery ($198,000 expense recovery in comparison to a $115,000 expense accrual) and a $136,000 refund from a vendor on previously paid network services invoices that were overstated when billed. On a sequential quarter basis, non-interest expenses decreased by $450,000 or seven percent to $6.45 million in the fourth quarter of fiscal 2022 from $6.90 million in the third quarter of fiscal 2022.

The Company’s efficiency ratio, defined as non-interest expense divided by the sum of net interest income and non-interest income, in the fourth quarter of fiscal 2022 was 67 percent, up from 57 percent in the same quarter last year but improved from 80 percent in the third quarter of fiscal 2022 (sequential quarter).

The Company’s provision for income taxes was $1.17 million for the fourth quarter of fiscal 2022, up four percent from $1.12 million in the same quarter last year primarily due to an increase in the effective tax rate in the fourth quarter of fiscal 2022 to 32.2 percent from 25.2 percent in the same quarter last year. The lower than normal effective tax rate in the fourth quarter of last year was primarily attributable to the recognition of tax benefits resulting from the exercise of stock options and the non-taxable treatment of the ERTC for state tax purposes.

The Company repurchased 35,488 shares of its common stock with an average cost of $15.90 per share during the quarter ended June 30, 2022 pursuant to its April 2020 stock repurchase plan that expired on April 27, 2022. For fiscal 2022, there were 257,285 shares of PROV common stock purchased at an average cost of $16.73 per share. The Board of Directors approved a new stock repurchase plan on April 28, 2022 which authorized 364,259 shares for repurchase, all of which remain available for purchase at June 30, 2022.

The Bank currently operates 13 retail/business banking offices in Riverside County and San Bernardino County (Inland Empire).

The Company will host a conference call for institutional investors and bank analysts on Wednesday, July 27, 2022 at 9:00 a.m. (Pacific) to discuss its financial results. The conference call can be accessed by dialing 1-844-291-6356 and referencing access code number 2262909. An audio replay of the conference call will be available through Wednesday, August 3, 2022 by dialing 1-866-207-1041 and referencing access code number 5500963.

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

This press release contains statements that the Company believes are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to the Company’s financial condition, liquidity, results of operations, plans, objectives, future performance or business. You should not place undue reliance on these statements, as they are subject to risks and uncertainties. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements the Company may make. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors which could cause actual results to differ materially from the results anticipated or implied by our forward-looking statements include, but are not limited to potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company's business operations or financial markets, generally, resulting from the ongoing novel coronavirus of 2019 (“COVID-19”) and any governmental or societal responses thereto; increased competitive pressures; changes in the interest rate environment; changes in general economic conditions, including the effects of inflation, and conditions within the securities markets; legislative and regulatory changes, including as a result of the COVID-19 pandemic; and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission (“SEC”) - which are available on our website at www.myprovident.com and on the SEC’s website at www.sec.gov. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements whether as a result of new information, future events or otherwise. These risks could cause our actual results for fiscal 2023 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of us and could negatively affect our operating and stock price performance.

Contacts:

Craig G. Blunden 
Chairman and 
Chief Executive Officer

Donavon P. Ternes
President, Chief Operating Officer 
and Chief Financial Officer

(951) 686-6060


PROVIDENT FINANCIAL HOLDINGS, INC.
Condensed Consolidated Statements of Financial Condition
(Unaudited –In Thousands, Except Share Information)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

    

March 31,

    

December 31,

    

September 30,

    

June 30,

 

2022

 

2022

 

2021

 

2021

 

2021

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

23,414

 

 

$

60,121

 

 

$

85,680

 

 

$

88,249

 

 

$

70,270

 

Investment securities – held to maturity, at cost

 

185,745

 

 

 

195,579

 

 

 

205,065

 

 

 

205,821

 

 

 

223,306

 

Investment securities - available for sale, at fair value

 

2,676

 

 

 

2,944

 

 

 

3,118

 

 

 

3,316

 

 

 

3,587

 

Loans held for investment, net of allowance for loan losses of $5,564; $5,969; $6,608; $7,413 and $7,587, respectively; includes $1,396; $1,470; $1,555; $1,577 and $1,874 at fair value, respectively

 

939,992

 

 

 

893,563

 

 

 

852,006

 

 

 

859,035

 

 

 

850,960

 

Accrued interest receivable

 

2,966

 

 

 

2,850

 

 

 

2,862

 

 

 

2,909

 

 

 

2,999

 

FHLB – San Francisco stock

 

8,239

 

 

 

8,155

 

 

 

8,155

 

 

 

8,155

 

 

 

8,155

 

Premises and equipment, net

 

8,826

 

 

 

8,957

 

 

 

8,942

 

 

 

9,014

 

 

 

9,377

 

Prepaid expenses and other assets

 

15,180

 

 

 

15,665

 

 

 

16,577

 

 

 

15,782

 

 

 

14,942

 

Total assets

$

1,187,038

 

 

$

1,187,834

 

 

$

1,182,405

 

 

$

1,192,281

 

 

$

1,183,596

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non interest-bearing deposits

$

125,089

 

 

$

117,097

 

 

$

112,022

 

 

$

120,883

 

 

$

123,179

 

Interest-bearing deposits

 

830,415

 

 

 

846,403

 

 

 

844,326

 

 

 

835,859

 

 

 

814,794

 

Total deposits

 

955,504

 

 

 

963,500

 

 

 

956,348

 

 

 

956,742

 

 

 

937,973

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings

 

85,000

 

 

 

80,000

 

 

 

80,000

 

 

 

90,000

 

 

 

100,983

 

Accounts payable, accrued interest and other liabilities

 

17,884

 

 

 

16,717

 

 

 

18,123

 

 

 

17,304

 

 

 

17,360

 

Total liabilities

 

1,058,388

 

 

 

1,060,217

 

 

 

1,054,471

 

 

 

1,064,046

 

 

 

1,056,316

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock, $.01 par value (2,000,000 shares authorized; none issued and outstanding)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock, $.01 par value; (40,000,000 shares authorized; 18,229,615; 18,229,615; 18,229,615; 18,229,615 and 18,229,615 shares issued respectively; 7,285,184; 7,320,672; 7,389,943; 7,491,705 and 7,541,469 shares outstanding, respectively)

 

183

 

 

 

183

 

 

 

183

 

 

 

183

 

 

 

183

 

Additional paid-in capital

 

98,826

 

 

 

98,617

 

 

 

98,404

 

 

 

98,179

 

 

 

97,978

 

Retained earnings

 

202,680

 

 

 

201,237

 

 

 

200,569

 

 

 

199,344

 

 

 

197,733

 

Treasury stock at cost (10,944,431; 10,908,943; 10,839,672; 10,737,910 and 10,688,146 shares, respectively)

 

(173,041

)

 

 

(172,459

)

 

 

(171,280

)

 

 

(169,537

)

 

 

(168,686

)

Accumulated other comprehensive income, net of tax

 

2

 

 

 

39

 

 

 

58

 

 

 

66

 

 

 

72

 

Total stockholders’ equity

 

128,650

 

 

 

127,617

 

 

 

127,934

 

 

 

128,235

 

 

 

127,280

 

Total liabilities and stockholders’ equity

$

1,187,038

 

 

$

1,187,834

 

 

$

1,182,405

 

 

$

1,192,281

 

 

$

1,183,596

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROVIDENT FINANCIAL HOLDINGS, INC.
Condensed Consolidated Statements of Operations
(Unaudited - In Thousands, Except Earnings Per Share)

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

Fiscal Year Ended

 

June 30,

    

June 30,

 

2022

    

2021

    

2022

    

2021

Interest income:

 

 

 

 

 

 

 

 

 

 

 

Loans receivable, net

$

8,485

 

 

$

7,735

 

 

$

32,161

 

 

$

32,856

 

Investment securities

 

540

 

 

 

471

 

 

 

1,906

 

 

 

1,849

 

FHLB – San Francisco stock

 

121

 

 

 

118

 

 

 

489

 

 

 

418

 

Interest-earning deposits

 

69

 

 

 

19

 

 

 

174

 

 

 

78

 

Total interest income

 

9,215

 

 

 

8,343

 

 

 

34,730

 

 

 

35,201

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

Checking and money market deposits

 

51

 

 

 

48

 

 

 

220

 

 

 

268

 

Savings deposits

 

44

 

 

 

38

 

 

 

172

 

 

 

208

 

Time deposits

 

160

 

 

 

260

 

 

 

752

 

 

 

1,269

 

Borrowings

 

454

 

 

 

619

 

 

 

1,991

 

 

 

2,817

 

Total interest expense

 

709

 

 

 

965

 

 

 

3,135

 

 

 

4,562

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

8,506

 

 

 

7,378

 

 

 

31,595

 

 

 

30,639

 

Recovery from the allowance for loan losses

 

(411

)

 

 

(767

)

 

 

(2,462

)

 

 

(708

)

Net interest income, after recovery from the allowance for loan losses

 

8,917

 

 

 

8,145

 

 

 

34,057

 

 

 

31,347

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

Loan servicing and other fees

 

189

 

 

 

290

 

 

 

1,056

 

 

 

1,170

 

Deposit account fees

 

336

 

 

 

290

 

 

 

1,302

 

 

 

1,247

 

Card and processing fees

 

457

 

 

 

507

 

 

 

1,639

 

 

 

1,605

 

Other

 

183

 

 

 

154

 

 

 

719

 

 

 

551

 

Total non-interest income

 

1,165

 

 

 

1,241

 

 

 

4,716

 

 

 

4,573

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

4,055

 

 

 

2,172

 

 

 

15,833

 

 

 

15,157

 

Premises and occupancy

 

690

 

 

 

869

 

 

 

3,189

 

 

 

3,500

 

Equipment

 

350

 

 

 

293

 

 

 

1,282

 

 

 

1,153

 

Professional expenses

 

311

 

 

 

378

 

 

 

1,419

 

 

 

1,561

 

Sales and marketing expenses

 

165

 

 

 

210

 

 

 

642

 

 

 

680

 

Deposit insurance premiums and regulatory assessments

 

134

 

 

 

123

 

 

 

543

 

 

 

552

 

Other

 

744

 

 

 

878

 

 

 

3,007

 

 

 

3,130

 

Total non-interest expense

 

6,449

 

 

 

4,923

 

 

 

25,915

 

 

 

25,733

 

Income before income taxes

 

3,633

 

 

 

4,463

 

 

 

12,858

 

 

 

10,187

 

Provision for income taxes

 

1,170

 

 

 

1,124

 

 

 

3,765

 

 

 

2,626

 

Net income

$

2,463

 

 

$

3,339

 

 

$

9,093

 

 

$

7,561

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

0.34

 

 

$

0.44

 

 

$

1.23

 

 

$

1.01

 

Diluted earnings per share

$

0.34

 

 

$

0.44

 

 

$

1.22

 

 

$

1.00

 

Cash dividend per share

$

0.14

 

 

$

0.14

 

 

$

0.56

 

 

$

0.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROVIDENT FINANCIAL HOLDINGS, INC.
Condensed Consolidated Statements of Operations – Sequential Quarters
(Unaudited – In Thousands, Except Share Information)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

2022

    

2022

    

2021

    

2021

    

2021

Interest income:

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Loans receivable, net

$

8,485

 

 

$

7,581

 

 

$

7,920

 

 

$

8,175

 

 

$

7,735

 

Investment securities

 

540

 

 

 

515

 

 

 

433

 

 

 

418

 

 

 

471

 

FHLB – San Francisco stock

 

121

 

 

 

123

 

 

 

123

 

 

 

122

 

 

 

118

 

Interest-earning deposits

 

69

 

 

 

39

 

 

 

35

 

 

 

31

 

 

 

19

 

Total interest income

 

9,215

 

 

 

8,258

 

 

 

8,511

 

 

 

8,746

 

 

 

8,343

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Checking and money market deposits

 

51

 

 

 

54

 

 

 

58

 

 

 

57

 

 

 

48

 

Savings deposits

 

44

 

 

 

42

 

 

 

45

 

 

 

41

 

 

 

38

 

Time deposits

 

160

 

 

 

178

 

 

 

199

 

 

 

215

 

 

 

260

 

Borrowings

 

454

 

 

 

446

 

 

 

546

 

 

 

545

 

 

 

619

 

Total interest expense

 

709

 

 

 

720

 

 

 

848

 

 

 

858

 

 

 

965

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

8,506

 

 

 

7,538

 

 

 

7,663

 

 

 

7,888

 

 

 

7,378

 

Recovery from the allowance for loan losses

 

(411

)

 

 

(645

)

 

 

(1,067

)

 

 

(339

)

 

 

(767

)

Net interest income, after recovery from the allowance for loan losses

 

8,917

 

 

 

8,183

 

 

 

8,730

 

 

 

8,227

 

 

 

8,145

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Loan servicing and other fees

 

189

 

 

 

237

 

 

 

444

 

 

 

186

 

 

 

290

 

Deposit account fees

 

336

 

 

 

329

 

 

 

325

 

 

 

312

 

 

 

290

 

Card and processing fees

 

457

 

 

 

378

 

 

 

399

 

 

 

405

 

 

 

507

 

Other

 

183

 

 

 

170

 

 

 

200

 

 

 

166

 

 

 

154

 

Total non-interest income

 

1,165

 

 

 

1,114

 

 

 

1,368

 

 

 

1,069

 

 

 

1,241

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense:

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Salaries and employee benefits

 

4,055

 

 

 

4,203

 

 

 

4,455

 

 

 

3,120

 

 

 

2,172

 

Premises and occupancy

 

690

 

 

 

836

 

 

 

758

 

 

 

905

 

 

 

869

 

Equipment

 

350

 

 

 

330

 

 

 

314

 

 

 

288

 

 

 

293

 

Professional expenses

 

311

 

 

 

299

 

 

 

348

 

 

 

461

 

 

 

378

 

Sales and marketing expenses

 

165

 

 

 

186

 

 

 

149

 

 

 

142

 

 

 

210

 

Deposit insurance premiums and regulatory assessments

 

134

 

 

 

136

 

 

 

136

 

 

 

137

 

 

 

123

 

Other

 

744

 

 

 

909

 

 

 

739

 

 

 

615

 

 

 

878

 

Total non-interest expense

 

6,449

 

 

 

6,899

 

 

 

6,899

 

 

 

5,668

 

 

 

4,923

 

Income before income taxes

 

3,633

 

 

 

2,398

 

 

 

3,199

 

 

 

3,628

 

 

 

4,463

 

Provision for income taxes

 

1,170

 

 

 

699

 

 

 

935

 

 

 

961

 

 

 

1,124

 

Net income

$

2,463

 

 

$

1,699

 

 

$

2,264

 

 

$

2,667

 

 

$

3,339

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

0.34

 

 

$

0.23

 

 

$

0.30

 

 

$

0.35

 

 

$

0.44

 

Diluted earnings per share

$

0.34

 

 

$

0.23

 

 

$

0.30

 

 

$

0.35

 

 

$

0.44

 

Cash dividends per share

$

0.14

 

 

$

0.14

 

 

$

0.14

 

 

$

0.14

 

 

$

0.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROVIDENT FINANCIAL HOLDINGS, INC.
Financial Highlights
(Unaudited - Dollars in Thousands, Except Share Information)

 

 

Quarter Ended

 

Fiscal Year Ended

 

 

June 30,

 

June 30,

 

 

2022

    

2021

    

2022

    

2021

 

SELECTED FINANCIAL RATIOS:

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

0.83

%

 

1.12

%

 

0.76

%

 

0.64

%

Return on average stockholders' equity

 

7.72

%

 

10.65

%

 

7.14

%

 

6.05

%

Stockholders’ equity to total assets

 

10.84

%

 

10.75

%

 

10.84

%

 

10.75

%

Net interest spread

 

2.91

%

 

2.50

%

 

2.69

%

 

2.62

%

Net interest margin

 

2.93

%

 

2.54

%

 

2.72

%

 

2.66

%

Efficiency ratio

 

66.68

%

 

57.12

%

 

71.37

%

 

73.08

%

Average interest-earning assets to average interest-bearing liabilities

 

110.51

%

 

110.77

%

 

110.67

%

 

110.78

%

 

 

 

 

 

 

 

 

 

 

 

 

 

SELECTED FINANCIAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

0.34

 

$

0.44

 

$

1.23

 

$

1.01

 

Diluted earnings per share

$

0.34

 

$

0.44

 

$

1.22

 

$

1.00

 

Book value per share

$

17.66

 

$

16.88

 

$

17.66

 

$

16.88

 

Shares used for basic EPS computation

 

7,291,046

 

 

7,518,542

 

 

7,404,089

 

 

7,464,814

 

Shares used for diluted EPS computation

 

7,323,138

 

 

7,590,312

 

 

7,449,004

 

 

7,538,409

 

Total shares issued and outstanding

 

7,285,184

 

 

7,541,469

 

 

7,285,184

 

 

7,541,469

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOANS ORIGINATED AND PURCHASED FOR INVESTMENT:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Loans:

 

 

 

 

 

 

 

 

 

 

 

 

Single-family

$

62,908

 

$

51,574

 

$

198,026

 

$

126,145

 

Multi-family

 

16,013

 

 

36,987

 

 

87,738

 

 

96,474

 

Commercial real estate

 

6,971

 

 

1,128

 

 

18,187

 

 

3,818

 

Construction

 

 

 

3,598

 

 

2,228

 

 

5,426

 

Total loans originated and purchased for investment

$

85,892

 

$

93,287

 

$

306,179

 

$

231,863

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROVIDENT FINANCIAL HOLDINGS, INC.
Financial Highlights
(Unaudited - Dollars in Thousands, Except Share Information)

 

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

 

Ended

 

Ended

 

Ended

 

Ended

 

Ended

 

 

06/30/22

    

03/31/22

    

12/31/21

    

09/30/21

    

06/30/21

 

SELECTED FINANCIAL RATIOS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

0.83

%

 

0.57

%

 

0.76

%

 

0.89

%

 

1.12

%

Return on average stockholders' equity

 

7.72

%

 

5.33

%

 

7.11

%

 

8.39

%

 

10.65

%

Stockholders’ equity to total assets

 

10.84

%

 

10.74

%

 

10.82

%

 

10.76

%

 

10.75

%

Net interest spread

 

2.91

%

 

2.58

%

 

2.61

%

 

2.69

%

 

2.50

%

Net interest margin

 

2.93

%

 

2.61

%

 

2.64

%

 

2.71

%

 

2.54

%

Efficiency ratio

 

66.68

%

 

79.74

%

 

76.39

%

 

63.28

%

 

57.12

%

Average interest-earning assets to average interest-bearing liabilities

 

110.51

%

 

110.79

%

 

110.65

%

 

110.76

%

 

110.77

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SELECTED FINANCIAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

0.34

 

$

0.23

 

$

0.30

 

$

0.35

 

$

0.44

 

Diluted earnings per share

$

0.34

 

$

0.23

 

$

0.30

 

$

0.35

 

$

0.44

 

Book value per share

$

17.66

 

$

17.43

 

$

17.31

 

$

17.12

 

$

16.88

 

Average shares used for basic EPS

 

7,291,046

 

 

7,357,989

 

 

7,435,218

 

 

7,529,870

 

 

7,518,542

 

Average shares used for diluted EPS

 

7,323,138

 

 

7,412,516

 

 

7,482,812

 

 

7,575,320

 

 

7,590,312

 

Total shares issued and outstanding

 

7,285,184

 

 

7,320,672

 

 

7,389,943

 

 

7,491,705

 

 

7,541,469

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOANS ORIGINATED AND PURCHASED FOR INVESTMENT:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Single-family

$

62,908

 

$

54,978

 

$

45,720

 

$

34,420

 

$

51,574

 

Multi-family

 

16,013

 

 

31,487

 

 

14,920

 

 

25,318

 

 

36,987

 

Commercial real estate

 

6,971

 

 

7,011

 

 

3,005

 

 

1,200

 

 

1,128

 

Construction

 

 

 

544

 

 

1,684

 

 

 

 

3,598

 

Total loans originated and purchased for investment

$

85,892

 

$

94,020

 

$

65,329

 

$

60,938

 

$

93,287

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROVIDENT FINANCIAL HOLDINGS, INC.
Financial Highlights
(Unaudited - Dollars in Thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

    

 

As of

    

 

As of

    

As of

    

As of

 

 

06/30/22

 

 

03/31/22

 

 

12/31/21

 

09/30/21

 

06/30/21

 

ASSET QUALITY RATIOS AND DELINQUENT LOANS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recourse reserve for loans sold

$

160

 

 

$

160

 

 

$

160

 

 

$

200

 

 

$

200

 

Allowance for loan losses

$

5,564

 

 

$

5,969

 

 

$

6,608

 

 

$

7,413

 

 

$

7,587

 

Non-performing loans to loans held for investment, net

 

0.15

%

 

 

0.22

%

 

 

0.33

%

 

 

0.77

%

 

 

1.02

%

Non-performing assets to total assets

 

0.12

%

 

 

0.17

%

 

 

0.24

%

 

 

0.55

%

 

 

0.73

%

Allowance for loan losses to gross loans held for investment

 

0.59

%

 

 

0.66

%

 

 

0.77

%

 

 

0.86

%

 

 

0.88

%

Net loan charge-offs (recoveries) to average loans receivable (annualized)

 

%

 

 

%

 

 

(0.12

)%

 

 

(0.08

)%

 

 

%

Non-performing loans

$

1,423

 

 

$

1,996

 

 

$

2,802

 

 

$

6,616

 

 

$

8,646

 

Loans 30 to 89 days delinquent

$

3

 

 

$

2

 

 

$

3

 

 

$

20

 

 

$

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter

    

Quarter

    

Quarter

    

Quarter

    

Quarter

 

Ended

 

Ended

 

Ended

 

Ended

 

Ended

 

06/30/22

 

03/31/22

 

12/31/21

 

09/30/21

 

06/30/21

Recourse provision (recovery) for loans sold

$

 

 

$

 

 

$

(40

)

 

$

 

 

$

(15

)

(Recovery) provision for loan losses

$

(411

)

 

$

(645

)

 

$

(1,067

)

 

$

(339

)

 

$

(767

)

Net loan charge-offs (recoveries)

$

(6

)

 

$

(6

)

 

$

(262

)

 

$

(165

)

 

$

(8

)


 

 

As of

    

As of

    

As of

    

As of

    

As of

 

 

06/30/2022

 

03/31/2022

 

12/31/2021

 

09/30/2021

 

06/30/2021

 

REGULATORY CAPITAL RATIOS (BANK):

  

 

  

 

  

 

  

 

  

 

Tier 1 leverage ratio

10.47

%

10.27

%

10.02

%

9.81

%

10.19

%

Common equity tier 1 capital ratio

19.58

%

19.32

%

19.69

%

18.90

%

18.58

%

Tier 1 risk-based capital ratio

19.58

%

19.32

%

19.69

%

18.90

%

18.58

%

Total risk-based capital ratio

20.47

%

20.29

%

20.79

%

20.12

%

19.76

%


 

 

As of June 30,

 

 

2022

    

2021

 

 

Balance

    

Rate(1)

    

Balance

    

Rate(1)

 

INVESTMENT SECURITIES:

 

  

 

  

 

 

  

 

  

 

Held to maturity:

 

  

 

  

 

 

  

 

  

 

Certificates of deposit

$

400

 

0.73

%

$

1,000

 

0.28

%

U.S. SBA securities

 

940

 

0.85

 

 

1,858

 

0.60

 

U.S. government sponsored enterprise MBS

 

180,492

 

1.36

 

 

220,448

 

1.22

 

U.S. government sponsored enterprise CMO

 

3,913

 

2.23

 

 

 

 

Total investment securities held to maturity

$

185,745

 

1.37

%

$

223,306

 

1.21

%

 

 

 

 

 

 

 

 

 

 

 

Available for sale (at fair value):

 

  

 

  

 

 

  

 

  

 

U.S. government agency MBS

$

1,698

 

1.90

%

$

2,222

 

2.32

%

U.S. government sponsored enterprise MBS

 

865

 

2.67

 

 

1,211

 

2.32

 

Private issue CMO

 

113

 

3.02

 

 

154

 

2.52

 

Total investment securities available for sale

$

2,676

 

2.20

%

$

3,587

 

2.33

%

Total investment securities

$

188,421

 

1.39

%

$

226,893

 

1.23

%


(1)

The interest rate described in the rate column is the weighted-average interest rate or yield of all instruments, which are included in the balance of the respective line item.

 

 

PROVIDENT FINANCIAL HOLDINGS, INC.
Financial Highlights
(Unaudited - Dollars in Thousands)

 

 

 

 

 

 

 

 

 

 

 

 

As of June 30,

 

 

2022

    

2021

 

 

Balance

    

Rate(1)

    

Balance

    

Rate(1)

 

LOANS HELD FOR INVESTMENT:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Single-family (1 to 4 units)

$

378,234

 

 

3.34

%

$

268,272

 

 

3.42

%

Multi-family (5 or more units)

 

464,676

 

 

4.05

 

 

484,408

 

 

4.09

 

Commercial real estate

 

90,429

 

 

4.61

 

 

95,279

 

 

4.68

 

Construction

 

3,216

 

 

3.62

 

 

3,040

 

 

5.84

 

Other mortgage

 

123

 

 

5.25

 

 

139

 

 

5.25

 

Commercial business

 

1,206

 

 

6.66

 

 

849

 

 

6.39

 

Consumer

 

86

 

 

15.00

 

 

95

 

 

15.00

 

Total loans held for investment

 

937,970

 

 

3.82

%

 

852,082

 

 

3.96

%

 

 

 

 

 

 

 

 

 

 

 

Advance payments of escrows

 

47

 

 

 

 

 

157

 

 

 

 

Deferred loan costs, net

 

7,539

 

 

 

 

 

6,308

 

 

 

 

Allowance for loan losses

 

(5,564

)

 

 

 

 

(7,587

)

 

 

 

Total loans held for investment, net

$

939,992

 

 

 

 

$

850,960

 

 

 

 

Purchased loans serviced by others included above

$

11,394

 

 

3.50

%

$

13,556

 

 

3.53

%


(1)

The interest rate described in the rate column is the weighted-average interest rate or yield of all instruments, which are included in the balance of the respective line item.

 

 


 

 

As of June 30,

 

 

2022

    

2021

 

 

Balance

    

Rate(1)

    

Balance

    

Rate(1)

 

DEPOSITS:

 

 

 

 

 

 

 

 

 

 

Checking accounts – non interest-bearing

$

125,089

 

%

$

123,179

 

%

Checking accounts – interest-bearing

 

335,788

 

0.04

 

 

327,388

 

0.04

 

Savings accounts

 

333,581

 

0.05

 

 

307,299

 

0.05

 

Money market accounts

 

39,897

 

0.17

 

 

39,670

 

0.15

 

Time deposits

 

121,149

 

0.52

 

 

140,437

 

0.71

 

Total deposits

$

955,504

 

0.11

%

$

937,973

 

0.15

%

 

 

 

 

 

 

 

 

 

 

 

BORROWINGS:

 

 

 

 

 

 

 

 

 

 

Overnight

$

5,000

 

1.66

%

$

 

%

Three months or less

 

20,000

 

1.75

 

 

10,983

 

1.88

 

Over three to six months

 

 

 

 

 

 

Over six months to one year

 

10,000

 

2.25

 

 

10,000

 

2.20

 

Over one year to two years

 

30,000

 

2.25

 

 

30,000

 

1.92

 

Over two years to three years

 

20,000

 

2.70

 

 

30,000

 

2.25

 

Over three years to four years

 

 

 

 

20,000

 

2.70

 

Over four years to five years

 

 

 

 

 

 

Over five years

 

 

 

 

 

 

Total borrowings

$

85,000

 

2.20

%

$

100,983

 

2.19

%


(1)

The interest rate described in the rate column is the weighted-average interest rate or cost of all instruments, which are included in the balance of the respective line item.

 

 

PROVIDENT FINANCIAL HOLDINGS, INC.
Financial Highlights
(Unaudited - Dollars in Thousands)

 

 

Quarter Ended

 

Quarter Ended

 

 

June 30, 2022

 

June 30, 2021

 

 

Balance

    

Rate(1)

    

Balance

    

Rate(1)

 

SELECTED AVERAGE BALANCE SHEETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans receivable, net

$

916,241

 

 

3.70

%

$

848,587

 

3.65

%

Investment securities

 

194,524

 

 

1.11

 

 

236,236

 

0.80

 

FHLB – San Francisco stock

 

8,222

 

 

5.89

 

 

8,125

 

5.81

 

Interest-earning deposits

 

40,385

 

 

0.68

 

 

69,881

 

0.11

 

Total interest-earning assets

$

1,159,372

 

 

3.18

%

$

1,162,829

 

2.87

%

Total assets

$

1,192,583

 

 

 

 

$

1,193,534

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

$

968,554

 

 

0.11

%

$

938,990

 

0.15

%

Borrowings

 

80,549

 

 

2.26

 

 

110,769

 

2.24

 

Total interest-bearing liabilities

$

1,049,103

 

 

0.27

%

$

1,049,759

 

0.37

%

Total stockholders’ equity

$

127,561

 

 

 

 

$

125,408

 

 

 


(1)

The interest rate described in the rate column is the weighted-average interest rate or yield/cost of all instruments, which are included in the balance of the respective line item.

 

 


 

 

Fiscal Year Ended

 

Fiscal Year Ended

 

 

June 30, 2022

    

June 30, 2021

 

 

Balance

    

Rate(1)

    

Balance

    

Rate(1)

 

SELECTED AVERAGE BALANCE SHEETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans receivable, net

$

870,328

 

 

3.70

%

$

863,507

 

3.80

%

Investment securities

 

206,876

 

 

0.92

 

 

205,628

 

0.90

 

FHLB – San Francisco stock

 

8,172

 

 

5.98

 

 

8,008

 

5.22

 

Interest-earning deposits

 

74,897

 

 

0.23

 

 

74,952

 

0.10

 

Total interest-earning assets

$

1,160,273

 

 

2.99

%

$

1,152,095

 

3.06

%

Total assets

$

1,193,060

 

 

 

 

$

1,183,011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

$

961,497

 

 

0.12

%

$

914,351

 

0.19

%

Borrowings

 

86,883

 

 

2.29

 

 

125,589

 

2.24

 

Total interest-bearing liabilities

$

1,048,380

 

 

0.30

%

$

1,039,940

 

0.44

%

Total stockholders’ equity

$

127,408

 

 

 

 

$

124,913

 

 

 


(1)

The interest rate described in the rate column is the weighted-average interest rate or yield/cost of all instruments, which are included in the balance of the respective line item.

 

 

ASSET QUALITY:

 

 

As of

    

As of

    

As of

    

As of

    

As of

 

06/30/22

 

03/31/22

 

12/31/21

 

09/30/21

 

06/30/21

Loans on non-accrual status (excluding restructured loans):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Single-family

$

701

 

$

716

 

$

745

 

$

739

 

$

882

Multi-family

 

 

 

306

 

 

1,077

 

 

775

 

 

781

Total

 

701

 

 

1,022

 

 

1,822

 

 

1,514

 

 

1,663

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accruing loans past due 90 days or more:

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructured loans on non-accrual status:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Single-family

 

722

 

 

974

 

 

980

 

 

5,102

 

 

6,983

Total

 

722

 

 

974

 

 

980

 

 

5,102

 

 

6,983

Total non-performing loans (1)

 

1,423

 

 

1,996

 

 

2,802

 

 

6,616

 

 

8,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate owned, net

 

 

 

 

 

 

 

 

 

Total non-performing assets

$

1,423

 

$

1,996

 

$

2,802

 

$

6,616

 

$

8,646


(1)

The non-performing loans balances are net of individually evaluated or collectively evaluated allowances, specifically attached to the individual loans and include fair value adjustments.