Provident Financial Holdings, Inc. (PROV) Bundle
A Brief History of Provident Financial Holdings, Inc. (PROV)
Foundation and Early Years
Foundation and Early Years
Provident Financial Holdings, Inc. was established in 1956 as a federal savings bank in Riverside, California. It was originally named Riverside Federal Savings and Loan Association.
Conversion to a Publicly Traded Company
In 1997, Provident converted from a mutual to a stock-based institution. The company completed its Initial Public Offering (IPO) in December 1997, raising approximately $40 million.
Acquisitions and Growth
In the early 2000s, Provident Financial expanded its operations through several acquisitions:
- Aquisition of K Bank in 2004
- Merger with First Security Financial, Inc. in 2005
- Acquisition of a branch of San Diego-based South West Bank in 2008
Financial Performance
As of September 30, 2023, Provident Financial Holdings reported total assets of $1.1 billion. The company’s net income for the fiscal year ending June 30, 2023, was approximately $8.4 million, representing an increase from $7.5 million in 2022.
Stock Performance
As of October 2023, the stock price of PROV is valued at approximately $14.50 per share. The market capitalization of Provident Financial Holdings stands at around $135 million.
Community Involvement
Provident Financial has continued to invest in local communities, contributing over $500,000 annually towards various charitable initiatives, including education and housing programs.
Recent Developments
In 2023, Provident Financial announced a strategic plan to increase its presence in the online banking sector, aiming for a projected growth rate of 15% annually in digital banking services.
| Year | Assets ($ Billion) | Net Income ($ Million) | Stock Price ($) |
|---|---|---|---|
| 2020 | 1.05 | 5.0 | 12.50 |
| 2021 | 1.07 | 6.2 | 13.00 |
| 2022 | 1.08 | 7.5 | 13.50 |
| 2023 (est.) | 1.1 | 8.4 | 14.50 |
Leadership and Governance
The company is led by a board of directors comprising seasoned professionals with extensive experience in finance and banking. The current CEO, Ronald J. Gallo, has been in his position since 2015.
Regulatory Environment
Provident Financial Holdings is regulated by the Office of the Comptroller of the Currency (OCC) and is a member of the Federal Deposit Insurance Corporation (FDIC).
Future Outlook
The forecast for Provident Financial Holdings indicates a cautious optimism, with expected earnings growth driven by expansion in digital banking and strategic lending initiatives.
A Who Owns Provident Financial Holdings, Inc. (PROV)
Shareholder Composition
As of the most recent filings in 2023, Provident Financial Holdings, Inc. (PROV) has a diverse ownership structure. The top institutional shareholders and their respective holdings are as follows:
| Shareholder | Shares Owned | Percentage of Ownership |
|---|---|---|
| BlackRock, Inc. | 220,000 | 10.8% |
| The Vanguard Group, Inc. | 190,000 | 9.4% |
| Dimensional Fund Advisors LP | 150,000 | 7.4% |
| Harris Associates L.P. | 130,000 | 6.4% |
| State Street Corporation | 125,000 | 6.1% |
Insider Ownership
Insider ownership plays a significant role in corporate governance. The following table outlines the top insiders and their respective stakes in PROV:
| Insider | Position | Shares Owned | Percentage of Ownership |
|---|---|---|---|
| Gary M. Kauffman | President & CEO | 50,000 | 2.5% |
| Suzanne M. Horan | CFO & Treasurer | 20,000 | 1.0% |
| Robert J. Delgrosso | Director | 15,000 | 0.7% |
| Mary E. McDonald | Director | 10,000 | 0.5% |
| John A. Smith | Director | 10,000 | 0.5% |
Stock Performance
The stock performance of PROV in the fiscal year 2023 has shown fluctuations. The following outlines key financial metrics relevant to its performance:
| Metric | Value |
|---|---|
| Current Stock Price | $14.50 |
| Market Capitalization | $295 million |
| 52-Week High | $16.00 |
| 52-Week Low | $12.50 |
| P/E Ratio | 12.5 |
Recent Shareholder Meetings
Recent annual shareholder meetings have outlined key actions and future strategies for the company. Here are notable resolutions and their approval status:
- Approval of the Executive Compensation Plan - Passed
- Election of Board of Directors - Passed
- Approval of Dividend Distribution - Passed
- Amendment to the Articles of Incorporation - Rejected
Conclusion of Ownership Landscape
Overall, the ownership landscape of Provident Financial Holdings, Inc. is characterized by a mix of institutional and insider ownership, reflecting strong governance and strategic direction.
Provident Financial Holdings, Inc. (PROV) Mission Statement
Company Overview
Company Overview
Provident Financial Holdings, Inc. (PROV), established in 1956, is a publicly traded financial institution headquartered in Riverside, California. It primarily focuses on providing a range of banking products and services to meet the needs of its customers. Its mission statement emphasizes the commitment to delivering excellent customer service while maintaining a strong position in the financial market.
Mission Statement
The mission statement of Provident Financial Holdings, Inc. articulates its goal to be a trusted financial partner for individuals and businesses. It seeks to provide high-quality financial products and exceptional customer service that enhances the lives of its customers.
Core Values
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Integrity: Maintaining honesty and transparency in all interactions.
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Customer Commitment: Prioritizing customer needs and striving to exceed their expectations.
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Community Involvement: Engaging in community services to foster local development.
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Innovation: Continuously improving products and services through innovative solutions.
Financial Performance
- Integrity: Maintaining honesty and transparency in all interactions.
- Customer Commitment: Prioritizing customer needs and striving to exceed their expectations.
- Community Involvement: Engaging in community services to foster local development.
- Innovation: Continuously improving products and services through innovative solutions.
Financial Performance
As of the end of fiscal year 2022, Provident Financial Holdings reported the following financial highlights:
| Financial Metric | 2022 Amount | 2021 Amount |
|---|---|---|
| Total Assets | $1.12 billion | $1.05 billion |
| Total Deposits | $956 million | $895 million |
| Net Income | $9.1 million | $7.6 million |
| Earnings Per Share (EPS) | $0.98 | $0.80 |
| Return on Assets (ROA) | 0.81% | 0.73% |
| Return on Equity (ROE) | 8.73% | 7.11% |
Community Engagement
Provident Financial Holdings emphasizes community involvement as a part of its mission. In 2022, the bank contributed approximately $100,000 to local charities and community programs.
| Community Initiatives | 2022 Contribution Amount |
|---|---|
| Local Food Banks | $30,000 |
| Educational Programs | $25,000 |
| Health Organizations | $20,000 |
| Environmental Causes | $25,000 |
Future Objectives
Moving forward, Provident Financial Holdings aims to enhance its product offerings and expand its market presence, focusing on digital banking capabilities to attract a wider customer base. Specific objectives include:
- Increasing digital banking users by 20% by 2024.
- Expanding branch locations by 10% over the next five years.
- Launching three new financial products in 2023.
Conclusion
Through its mission statement and values, Provident Financial Holdings, Inc. strives to establish itself as a leader in providing financial services, committed to customer satisfaction and community development.
How Provident Financial Holdings, Inc. (PROV) Works
Business Overview
Provident Financial Holdings, Inc. is a financial services institution that focuses primarily on providing a wide range of banking products and services. The company operates under the following segments:
- Commercial Banking
- Consumer Lending
- Investment Services
Financial Performance
As of the latest financial reports, Provident Financial Holdings, Inc. has demonstrated solid performance:
| Financial Metric | 2023 (as of Q2) | 2022 |
|---|---|---|
| Total Assets | $1.2 billion | $1.1 billion |
| Total Deposits | $1.0 billion | $900 million |
| Net Income | $10 million | $9 million |
| Earnings Per Share (EPS) | $0.75 | $0.68 |
| Return on Assets (ROA) | 0.85% | 0.81% |
| Return on Equity (ROE) | 10.5% | 10.2% |
Core Business Functions
Provident Financial operates through various core business functions, including:
- Retail Banking
- Commercial Lending
- Mortgage Origination
- Wealth Management
Investment Portfolio
The investment portfolio of Provident Financial Holdings includes a diversified mix of securities:
| Investment Type | Market Value (2023) | Market Value (2022) |
|---|---|---|
| Government Securities | $300 million | $250 million |
| Corporate Bonds | $150 million | $140 million |
| Equity Securities | $75 million | $60 million |
| Mortgage-Backed Securities | $200 million | $180 million |
Risk Management
Provident Financial employs comprehensive risk management strategies, including:
- Credit Risk Assessment
- Market Risk Analysis
- Operational Risk Evaluation
- Regulatory Compliance Monitoring
Regulatory Environment
The company operates under various regulatory authorities, ensuring compliance with:
- Federal Deposit Insurance Corporation (FDIC)
- Office of Thrift Supervision (OTS)
- Consumer Financial Protection Bureau (CFPB)
Community Involvement
Provident Financial Holdings is committed to community engagement and support:
- Community Development Loans: $5 million in 2022
- Charitable Contributions: $200,000 in 2022
Future Outlook
According to the management's forecast, the company expects a stable growth trajectory, with anticipated increases in:
- Total Assets: Projected to reach $1.3 billion by 2024
- Net Income: Expected to exceed $12 million in 2024
How Provident Financial Holdings, Inc. (PROV) Makes Money
Core Banking Operations
Provident Financial Holdings, Inc. primarily operates through its banking subsidiary, Provident Savings Bank. The main revenue stream is derived from interest income generated through various loans and mortgage products.
Interest Income
As of the latest financial reports for the fiscal year ended June 30, 2023, the total interest income was reported at $32.1 million.
Loan Portfolio Breakdown
The loan portfolio is segmented into different categories as follows:
| Loan Type | Amount (in millions) | Percentage of Total Loans |
|---|---|---|
| Single-Family Residential Loans | $280.5 | 65% |
| Multi-Family Residential Loans | $50.3 | 12% |
| Commercial Real Estate Loans | $74.1 | 17% |
| Consumer Loans | $25.0 | 6% |
Non-Interest Income
In addition to interest income, Provident Financial also generates non-interest income, comprising fees and service charges. The total non-interest income reported was $5.6 million for the same fiscal year.
Investment Securities
Investment securities also contribute to income, with a reported market value of $145 million at the end of June 2023.
Expense Management
Operating expenses are a critical aspect of profitability. The total operating expenses for the year were $30 million, structured as follows:
| Expense Type | Amount (in millions) | Percentage of Total Expenses |
|---|---|---|
| Salaries and Benefits | $12.0 | 40% |
| Occupancy Costs | $5.1 | 17% |
| Data Processing | $3.5 | 12% |
| Professional Fees | $4.4 | 14% |
| Other Expenses | $5.0 | 17% |
Net Income
The net income for Provident Financial for the year was reported at $7.7 million, translating to an earnings per share (EPS) of $0.80.
Capital and Assets
The total assets of Provident Financial Holdings were reported at $1.2 billion as of June 30, 2023, showcasing a steady growth trajectory.
Conclusion of Financial Overview
Through its diverse revenue streams, which include interest income, non-interest income, and prudent management of expenses, Provident Financial Holdings, Inc. maintains a profitable operation in the competitive banking landscape.
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