Q4 2024 Provident Financial Holdings Inc Earnings Call Transcript
Key Points
- Loan originations increased to $18.6 million from $18.2 million in the prior quarter.
- Nonperforming assets remain low, with a slight increase to $2.6 million from $2.2 million.
- The company recorded a $12,000 recovery for credit losses in the June 2024 quarter.
- Net interest margin remained stable at 2.74% for the quarter.
- Provident Financial Holdings Inc repurchased approximately 48,000 shares of common stock and distributed $3.9 million in cash dividends in fiscal 2024.
- Loans held for investment decreased by approximately $12.8 million compared to the previous quarter.
- Higher mortgage and interest rates have reduced real estate investor activity.
- Operating expenses are expected to increase to approximately $7.4 million per quarter in fiscal 2025 due to higher wages and inflationary pressures.
- The cost of deposits and borrowing increased, impacting the net interest margin.
- The company is adopting a more conservative balance sheet management strategy due to tighter liquidity conditions and an inverted yield curve.
Thanks for standing by. My name is Mandeep, and I'll be your operator today. At this time, I'd like to welcome everyone to the Provident Financial Holdings Fourth Quarter and Fiscal 2024 Earnings Call. (Operator Instructions)
I would now like to turn the call over to Donavon Ternes, President and CEO. You may begin.
Good morning. This is Donavon Ternes, President and CEO of Provident Financial Holdings; and on the call with me is Tam Nguyen, our Senior Vice President and Chief Financial Officer.
Before we begin, I have a brief administrative item to address. Our presentation today discusses the company's business outlook and will include forward-looking statements. Those statements include descriptions of management's plans, objectives or goals for future operations, products or services, forecasts of financial or other performance measures and statements about the company's general outlook for economic and business conditions.
We also may make
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
