Provident Financial Q1 EPS $0.29, down 22% YoY; net interest margin expands

PROVIDENT FINANCIAL HOLDINGS INC

2023-Q1 EPS reported $0.29

Net income of $2.09M ($0.29 diluted EPS) vs $2.67M ($0.35) a year ago, down 22%.
Net interest margin improved 34 bps YoY to 3.05%; loans held for investment rose 6% to $993.9M.
Total deposits increased 3% to $985.3M from June 30, 2022.
Provision for loan losses was $70,000 vs recovery of $339,000 last year; non-performing assets down 32% to $964,000.
Non-interest expenses up 22% YoY due to $1.20M ERTC credit not repeated; efficiency ratio 70%.

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