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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Provident Financial Holdings Inc | NASDAQ:PROV | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.20 | 12.20 | 12.70 | 12.20 | 12.20 | 12.20 | 91 | 15:20:09 |
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(State or other jurisdiction
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(Commission
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(I.R.S. Employer
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of incorporation)
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File Number)
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Identification No.)
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(Address of principal executive offices)
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(Zip Code)
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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.
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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99.1
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99.2
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||
104
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Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)
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Date: July 26, 2023
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PROVIDENT FINANCIAL HOLDINGS, INC.
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/s/ Donavon P. Ternes
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Donavon P. Ternes
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President, Chief Operating Officer and
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Chief Financial Officer
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(Principal Financial and Accounting Officer)
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3756 Central Avenue
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NEWS RELEASE
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Riverside, CA 92506
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(951) 686-6060
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Contacts:
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Craig G. Blunden
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Donavon P. Ternes
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Chairman and
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President, Chief Operating Officer,
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Chief Executive Officer
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and Chief Financial Officer
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![]() |
![]() |
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June 30,
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March 31,
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December 31,
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September 30,
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June 30,
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||||||
2023
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2023
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2022
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2022
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2022
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|||||||||||
Assets
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|||||
Cash and cash equivalents
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$
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65,849
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$
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60,771
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$
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24,840
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$
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38,701
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$
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23,414
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|||||
Investment securities – held to maturity, at cost
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154,337
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161,336
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168,232
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176,162
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185,745
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|||||
Investment securities - available for sale, at fair value
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2,155
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2,251
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2,377
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2,517
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2,676
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|||||
Loans held for investment, net of allowance for loan losses of $5,946; $6,001; $5,830; $5,638 and $5,564,
respectively; includes $1,312; $1,352; $1,345; $1,350 and $1,396 of loans held at fair value, respectively
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1,077,629
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1,077,704
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1,040,337
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993,942
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939,992
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|||||
Accrued interest receivable
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3,711
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3,610
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3,343
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3,054
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2,966
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|||||
FHLB – San Francisco stock
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9,505
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8,239
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8,239
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8,239
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8,239
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|||||
Premises and equipment, net
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9,231
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9,193
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8,911
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8,707
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8,826
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|||||
Prepaid expenses and other assets
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10,531
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12,176
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14,763
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14,593
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15,180
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|||||
Total assets
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$
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1,332,948
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$
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1,335,280
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$
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1,271,042
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$
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1,245,915
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$
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1,187,038
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|||||
Liabilities and Stockholders’ Equity
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Liabilities:
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|||||
Non-interest-bearing deposits
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$
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103,006
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$
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108,479
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$
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108,891
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$
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123,314
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$
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125,089
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|||||
Interest-bearing deposits
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847,565
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874,567
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836,411
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862,010
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830,415
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|||||
Total deposits
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950,571
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983,046
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945,302
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985,324
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955,504
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|||||
Borrowings
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235,009
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205,010
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180,000
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115,000
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85,000
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|||||
Accounts payable, accrued interest and other liabilities
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17,681
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17,818
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16,499
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16,402
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17,884
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|||||
Total liabilities
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1,203,261
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1,205,874
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1,141,801
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1,116,726
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1,058,388
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|||||
Stockholders’ equity:
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|||||
Preferred stock, $.01 par value (2,000,000 shares authorized; none issued and outstanding)
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—
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—
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—
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—
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—
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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; 7,043,170; 7,033,963; 7,132,270; 7,235,560 and 7,285,184 shares outstanding, respectively)
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183
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183
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183
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183
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183
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|||||
Additional paid-in capital
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99,505
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98,962
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98,732
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98,559
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98,826
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Retained earnings
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207,274
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206,449
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205,117
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203,750
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202,680
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Treasury stock at cost (11,186,445; 11,195,652; 11,097,345; 10,994,055 and 10,944,431 shares, respectively)
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(177,237)
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(176,163)
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(174,758)
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(173,286)
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(173,041)
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Accumulated other comprehensive (loss) income, net of tax
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(38)
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(25)
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(33)
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(17)
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2
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|||||
Total stockholders’ equity
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129,687
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129,406
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129,241
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129,189
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128,650
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|||||
Total liabilities and stockholders’ equity
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$
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1,332,948
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$
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1,335,280
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$
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1,271,042
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$
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1,245,915
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$
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1,187,038
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![]() |
Quarter Ended
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Fiscal Year Ended
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|||||||||||
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June 30,
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June 30,
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|||||||||
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2023
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2022
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2023
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2022
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Interest income:
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Loans receivable, net
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$
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11,826
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$
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8,485
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$
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42,191
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$
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32,161
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Investment securities
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537
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540
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2,169
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1,906
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FHLB – San Francisco stock
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142
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121
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556
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489
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Interest-earning deposits
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410
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69
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1,076
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|
174
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||||
Total interest income
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12,915
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9,215
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45,992
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34,730
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||||
Interest expense:
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Checking and money market deposits
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50
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51
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227
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|
220
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||||
Savings deposits
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38
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44
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168
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172
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Time deposits
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1,387
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160
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2,751
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752
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Borrowings
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2,206
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454
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5,861
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1,991
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||||
Total interest expense
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3,681
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709
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9,007
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3,135
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||||
Net interest income
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9,234
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8,506
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36,985
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31,595
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||||
(Recovery) provision for loan losses
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(56)
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(411)
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374
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(2,462)
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||||
Net interest income, after (recovery) provision for loan losses
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9,290
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8,917
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36,611
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34,057
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||||
Non-interest income:
|
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|
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Loan servicing and other fees
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87
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189
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|
414
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1,056
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||||
Deposit account fees
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298
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336
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1,296
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1,302
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Card and processing fees
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416
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|
457
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1,525
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1,639
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Other
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334
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183
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|
840
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719
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||||
Total non-interest income
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1,135
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|
1,165
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|
4,075
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4,716
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||||
Non-interest expense:
|
|
|
|
|
|
|
|
|
||||
Salaries and employee benefits
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|
4,855
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4,055
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17,737
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15,833
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||||
Premises and occupancy
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|
947
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|
690
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3,447
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3,189
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||||
Equipment
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|
304
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|
350
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|
1,152
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|
1,282
|
||||
Professional expenses
|
|
355
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|
311
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|
1,517
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|
1,419
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||||
Sales and marketing expenses
|
|
118
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|
165
|
|
622
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|
642
|
||||
Deposit insurance premiums and regulatory assessments
|
|
192
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|
134
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|
657
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|
543
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||||
Other
|
|
836
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|
744
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|
3,138
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|
3,007
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||||
Total non-interest expense
|
|
7,607
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|
6,449
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|
28,270
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25,915
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||||
Income before income taxes
|
|
2,818
|
|
3,633
|
|
12,416
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|
12,858
|
||||
Provision for income taxes
|
|
1,010
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|
1,170
|
|
3,824
|
|
3,765
|
||||
Net income
|
$
|
1,808
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$
|
2,463
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$
|
8,592
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$
|
9,093
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||||
Basic earnings per share
|
$
|
0.26
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$
|
0.34
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$
|
1.20
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$
|
1.23
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||||
Diluted earnings per share
|
$
|
0.26
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$
|
0.34
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$
|
1.19
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$
|
1.22
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||||
Cash dividends per share
|
$
|
0.14
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$
|
0.14
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$
|
0.56
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$
|
0.56
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![]() |
![]() |
Quarter Ended
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|||||||||||||||
June 30,
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March 31,
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December 31,
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September 30,
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June 30,
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|||||||||||
|
2023
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2023
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2022
|
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2022
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2022
|
||||||
Interest income:
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans receivable, net
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$
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11,826
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$
|
11,028
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$
|
10,237
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$
|
9,100
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$
|
8,485
|
|||||
Investment securities
|
|
537
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|
548
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|
548
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|
536
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|
540
|
|||||
FHLB – San Francisco stock
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|
142
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|
146
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|
145
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|
123
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|
121
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|||||
Interest-earning deposits
|
|
410
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|
286
|
|
241
|
|
139
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|
69
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|||||
Total interest income
|
|
12,915
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|
12,008
|
|
11,171
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|
9,898
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|
9,215
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|||||
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|||||
Checking and money market deposits
|
|
50
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|
56
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|
61
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|
60
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|
51
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|||||
Savings deposits
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|
38
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|
42
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|
44
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|
44
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|
44
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|||||
Time deposits
|
|
1,387
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|
781
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|
370
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|
213
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|
160
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|||||
Borrowings
|
|
2,206
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|
1,728
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|
1,311
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|
616
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|
454
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|||||
Total interest expense
|
|
3,681
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|
2,607
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|
1,786
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|
933
|
|
709
|
|||||
Net interest income
|
|
9,234
|
|
9,401
|
|
9,385
|
|
8,965
|
|
8,506
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|||||
(Recovery) provision for loan losses
|
|
(56)
|
|
169
|
|
191
|
|
70
|
|
(411)
|
|||||
Net interest income, after (recovery) provision for loan losses
|
|
9,290
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|
9,232
|
|
9,194
|
|
8,895
|
|
8,917
|
|||||
Non-interest income:
|
|
|
|
|
|
|
|
|
|
|
|||||
Loan servicing and other fees
|
|
87
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|
104
|
|
115
|
|
108
|
|
189
|
|||||
Deposit account fees
|
|
298
|
|
328
|
|
327
|
|
343
|
|
336
|
|||||
Card and processing fees
|
|
416
|
|
361
|
|
367
|
|
381
|
|
457
|
|||||
Other
|
|
334
|
|
188
|
|
147
|
|
171
|
|
183
|
|||||
Total non-interest income
|
|
1,135
|
|
981
|
|
956
|
|
1,003
|
|
1,165
|
|||||
Non-interest expense:
|
|
|
|
|
|
|
|
|
|
|
|||||
Salaries and employee benefits
|
|
4,855
|
|
4,359
|
|
4,384
|
|
4,139
|
|
4,055
|
|||||
Premises and occupancy
|
|
947
|
|
843
|
|
796
|
|
861
|
|
690
|
|||||
Equipment
|
|
304
|
|
279
|
|
258
|
|
311
|
|
350
|
|||||
Professional expenses
|
|
355
|
|
260
|
|
310
|
|
592
|
|
311
|
|||||
Sales and marketing expenses
|
|
118
|
|
182
|
|
175
|
|
147
|
|
165
|
|||||
Deposit insurance premiums and regulatory assessments
|
|
192
|
|
191
|
|
139
|
|
135
|
|
134
|
|||||
Other
|
|
836
|
|
810
|
|
736
|
|
756
|
|
744
|
|||||
Total non-interest expense
|
|
7,607
|
|
6,924
|
|
6,798
|
|
6,941
|
|
6,449
|
|||||
Income before income taxes
|
|
2,818
|
|
3,289
|
|
3,352
|
|
2,957
|
|
3,633
|
|||||
Provision for income taxes
|
|
1,010
|
|
966
|
|
981
|
|
867
|
|
1,170
|
|||||
Net income
|
$
|
1,808
|
$
|
2,323
|
$
|
2,371
|
$
|
2,090
|
$
|
2,463
|
|||||
Basic earnings per share
|
$
|
0.26
|
$
|
0.33
|
$
|
0.33
|
$
|
0.29
|
$
|
0.34
|
|||||
Diluted earnings per share
|
$
|
0.26
|
$
|
0.33
|
$
|
0.33
|
$
|
0.29
|
$
|
0.34
|
|||||
Cash dividends per share
|
$
|
0.14
|
$
|
0.14
|
$
|
0.14
|
$
|
0.14
|
$
|
0.14
|
![]() |
![]() |
As of and For the
|
|||||||||||||
Quarter Ended
|
Fiscal Year Ended
|
|
|||||||||||
June 30,
|
June 30,
|
|
|||||||||||
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|||||
SELECTED FINANCIAL RATIOS:
|
|
|
|
|
|
|
|
|
|||||
Return on average assets
|
|
0.55
|
%
|
0.83
|
%
|
0.68
|
%
|
0.76
|
%
|
||||
Return on average stockholders' equity
|
|
5.52
|
%
|
7.72
|
%
|
6.58
|
%
|
7.14
|
%
|
||||
Stockholders’ equity to total assets
|
|
9.73
|
%
|
10.84
|
%
|
9.73
|
%
|
10.84
|
%
|
||||
Net interest spread
|
|
2.76
|
%
|
2.91
|
%
|
2.92
|
%
|
2.69
|
%
|
||||
Net interest margin
|
|
2.88
|
%
|
2.93
|
%
|
2.99
|
%
|
2.72
|
%
|
||||
Efficiency ratio
|
|
73.36
|
%
|
66.68
|
%
|
68.85
|
%
|
71.37
|
%
|
||||
Average interest-earning assets to average interest-
bearing liabilities
|
|
110.18
|
%
|
110.51
|
%
|
110.27
|
%
|
110.67
|
%
|
||||
SELECTED FINANCIAL DATA:
|
|
|
|
|
|
|
|
|
|||||
Basic earnings per share
|
$
|
0.26
|
$
|
0.34
|
$
|
1.20
|
$
|
1.23
|
|||||
Diluted earnings per share
|
$
|
0.26
|
$
|
0.34
|
$
|
1.19
|
$
|
1.22
|
|||||
Book value per share
|
$
|
18.41
|
$
|
17.66
|
$
|
18.41
|
$
|
17.66
|
|||||
Shares used for basic EPS computation
|
|
7,031,674
|
|
7,291,046
|
|
7,143,273
|
|
7,404,089
|
|||||
Shares used for diluted EPS computation
|
|
7,071,644
|
|
7,323,138
|
|
7,191,685
|
|
7,449,004
|
|||||
Total shares issued and outstanding
|
|
7,043,170
|
|
7,285,184
|
|
7,043,170
|
|
7,285,184
|
|||||
LOANS ORIGINATED AND PURCHASED
FOR INVESTMENT:
|
|
|
|
|
|
|
|
|
|||||
Mortgage Loans:
|
|
|
|
|
|
|
|
|
|||||
Single-family
|
$
|
12,271
|
$
|
62,908
|
$
|
165,942
|
$
|
198,026
|
|||||
Multi-family
|
|
6,804
|
|
16,013
|
|
50,323
|
|
87,738
|
|||||
Commercial real estate
|
|
5,207
|
|
6,971
|
|
18,979
|
|
18,187
|
|||||
Construction
|
|
—
|
|
—
|
|
1,648
|
|
2,228
|
|||||
Commercial business loans
|
|
—
|
|
—
|
|
190
|
|
—
|
|||||
Total loans originated and purchased for investment
|
$
|
24,282
|
$
|
85,892
|
$
|
237,082
|
$
|
306,179
|
|||||
![]() |
![]() |
As of and For the
|
||||||||||||||||
Quarter
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
|
|||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
|
|||||||||||
|
06/30/23
|
|
03/31/23
|
|
12/31/22
|
|
09/30/22
|
|
06/30/22
|
|
||||||
SELECTED FINANCIAL
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
||||||
Return on average assets
|
|
0.55
|
%
|
0.72
|
%
|
0.75
|
%
|
0.69
|
%
|
0.83
|
%
|
|||||
Return on average stockholders'
equity
|
|
5.52
|
%
|
7.12
|
%
|
7.27
|
%
|
6.42
|
%
|
7.72
|
%
|
|||||
Stockholders’ equity to total assets
|
|
9.73
|
%
|
9.69
|
%
|
10.17
|
%
|
10.37
|
%
|
10.84
|
%
|
|||||
Net interest spread
|
|
2.76
|
%
|
2.90
|
%
|
3.00
|
%
|
3.01
|
%
|
2.91
|
%
|
|||||
Net interest margin
|
|
2.88
|
%
|
3.00
|
%
|
3.05
|
%
|
3.05
|
%
|
2.93
|
%
|
|||||
Efficiency ratio
|
|
73.36
|
%
|
66.69
|
%
|
65.74
|
%
|
69.63
|
%
|
66.68
|
%
|
|||||
Average interest-earning assets to
average interest-bearing liabilities
|
|
110.18
|
%
|
110.23
|
%
|
110.14
|
%
|
110.56
|
%
|
110.51
|
%
|
|||||
SELECTED FINANCIAL
DATA:
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic earnings per share
|
$
|
0.26
|
$
|
0.33
|
$
|
0.33
|
$
|
0.29
|
$
|
0.34
|
||||||
Diluted earnings per share
|
$
|
0.26
|
$
|
0.33
|
$
|
0.33
|
$
|
0.29
|
$
|
0.34
|
||||||
Book value per share
|
$
|
18.41
|
$
|
18.40
|
$
|
18.12
|
$
|
17.85
|
$
|
17.66
|
||||||
Average shares used for basic EPS
|
|
7,031,674
|
|
7,080,817
|
|
7,184,652
|
|
7,273,377
|
|
7,291,046
|
||||||
Average shares used for diluted
EPS
|
|
7,071,644
|
|
7,145,583
|
|
7,236,451
|
|
7,310,490
|
|
7,323,138
|
||||||
Total shares issued and outstanding
|
|
7,043,170
|
|
7,033,963
|
|
7,132,270
|
|
7,235,560
|
|
7,285,184
|
||||||
LOANS ORIGINATED AND
PURCHASED FOR
INVESTMENT:
|
|
|
|
|
|
|
|
|
|
|
||||||
Mortgage loans:
|
|
|
|
|
|
|
|
|
|
|
||||||
Single-family
|
$
|
12,271
|
$
|
39,543
|
$
|
57,079
|
$
|
57,049
|
$
|
62,908
|
||||||
Multi-family
|
|
6,804
|
|
10,660
|
|
8,663
|
|
24,196
|
|
16,013
|
||||||
Commercial real estate
|
|
5,207
|
|
3,422
|
|
7,025
|
|
3,325
|
|
6,971
|
||||||
Construction
|
|
—
|
|
260
|
|
1,388
|
|
—
|
|
—
|
||||||
Commercial business loans
|
|
—
|
|
—
|
|
190
|
|
—
|
|
—
|
||||||
Total loans originated and purchased for investment
|
$
|
24,282
|
$
|
53,885
|
$
|
74,345
|
$
|
84,570
|
$
|
85,892
|
![]() |
![]() |
|
As of
|
|
As of
|
|
As of
|
|
As of
|
|
As of
|
|
||||||
06/30/23
|
03/31/23
|
12/31/22
|
09/30/22
|
06/30/22
|
|
|||||||||||
ASSET QUALITY
RATIOS AND DELINQUENT
LOANS:
|
|
|
|
|
|
|
|
|
|
|
||||||
Recourse reserve for loans sold
|
$
|
33
|
$
|
160
|
$
|
160
|
$
|
160
|
$
|
160
|
||||||
Allowance for loan losses
|
$
|
5,946
|
$
|
6,001
|
$
|
5,830
|
$
|
5,638
|
$
|
5,564
|
||||||
Non-performing loans to loans held for investment,
net
|
|
0.12
|
%
|
|
0.09
|
%
|
|
0.09
|
%
|
|
0.10
|
%
|
|
0.15
|
%
|
|
Non-performing assets to total assets
|
|
0.10
|
%
|
|
0.07
|
%
|
|
0.08
|
%
|
|
0.08
|
%
|
|
0.12
|
%
|
|
Allowance for loan losses to gross loans held for
investment
|
|
0.55
|
%
|
|
0.56
|
%
|
|
0.56
|
%
|
|
0.57
|
%
|
|
0.59
|
%
|
|
Net loan charge-offs (recoveries) to average loans
receivable (annualized)
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
Non-performing loans
|
$
|
1,300
|
$
|
945
|
$
|
956
|
$
|
964
|
$
|
1,423
|
||||||
Loans 30 to 89 days delinquent
|
$
|
1
|
$
|
963
|
$
|
4
|
$
|
1
|
$
|
3
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
||||||
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
|||||||||||
06/30/23
|
03/31/23
|
12/31/22
|
09/30/22
|
06/30/22
|
|||||||||||
Recourse (recovery) provision for loans
sold
|
$
|
(127)
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
|||||
(Recovery) provision for loan losses
|
$
|
(56)
|
$
|
169
|
$
|
191
|
$
|
70
|
$
|
(411)
|
|||||
Net loan charge-offs (recoveries)
|
$
|
(1)
|
$
|
(2)
|
$
|
(1)
|
$
|
(4)
|
$
|
(6)
|
|
As of
|
|
As of
|
|
As of
|
|
As of
|
|
As of
|
|
|
06/30/2023
|
03/31/2023
|
12/31/2022
|
09/30/2022
|
06/30/2022
|
|
||||||
REGULATORY CAPITAL RATIOS (BANK):
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage ratio
|
|
9.59
|
%
|
9.59
|
%
|
9.55
|
%
|
9.74
|
%
|
10.47
|
%
|
Common equity tier 1 capital ratio
|
|
18.50
|
%
|
17.90
|
%
|
17.87
|
%
|
17.67
|
%
|
19.58
|
%
|
Tier 1 risk-based capital ratio
|
|
18.50
|
%
|
17.90
|
%
|
17.87
|
%
|
17.67
|
%
|
19.58
|
%
|
Total risk-based capital ratio
|
|
19.38
|
%
|
18.78
|
%
|
18.74
|
%
|
18.54
|
%
|
20.47
|
%
|
As of June 30,
|
|
||||||||||
|
2023
|
|
2022
|
|
|||||||
|
Balance
|
|
Rate(1)
|
|
Balance
|
|
Rate(1)
|
|
|||
INVESTMENT SECURITIES:
|
|
|
|
|
|
|
|
||||
Held to maturity (at cost):
|
|
|
|
|
|
|
|
||||
Certificates of deposit
|
$
|
—
|
|
—
|
%
|
$
|
400
|
|
0.73
|
%
|
|
U.S. SBA securities
|
|
651
|
|
5.35
|
|
940
|
|
0.85
|
|||
U.S. government sponsored enterprise MBS
|
149,803
|
1.46
|
180,492
|
1.36
|
|||||||
U.S. government sponsored enterprise CMO
|
|
3,883
|
|
2.19
|
|
3,913
|
|
2.23
|
|||
Total investment securities held to maturity
|
$
|
154,337
|
|
1.49
|
%
|
$
|
185,745
|
|
1.37
|
%
|
|
Available for sale (at fair value):
|
|
|
|
|
|
|
|
|
|||
U.S. government agency MBS
|
$
|
1,370
|
|
2.90
|
%
|
$
|
1,698
|
|
1.90
|
%
|
|
U.S. government sponsored enterprise MBS
|
|
683
|
|
4.64
|
|
865
|
|
2.67
|
|||
Private issue CMO
|
|
102
|
|
4.67
|
|
113
|
|
3.02
|
|||
Total investment securities available for sale
|
$
|
2,155
|
|
3.54
|
%
|
$
|
2,676
|
|
2.20
|
%
|
|
Total investment securities
|
$
|
156,492
|
|
1.52
|
%
|
$
|
188,421
|
|
1.39
|
%
|
(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,
|
|
||||||||||
|
2023
|
|
2022
|
|
|||||||
|
Balance
|
|
Rate(1)
|
|
Balance
|
|
Rate(1)
|
|
|||
LOANS HELD FOR INVESTMENT:
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||||
Single-family (1 to 4 units)
|
$
|
518,821
|
|
4.12
|
%
|
$
|
378,234
|
|
3.34
|
%
|
|
Multi-family (5 or more units)
|
|
461,113
|
|
4.70
|
|
464,676
|
|
4.05
|
|||
Commercial real estate
|
|
90,558
|
|
5.73
|
|
90,429
|
|
4.61
|
|||
Construction
|
|
1,936
|
|
7.76
|
|
3,216
|
|
3.62
|
|||
Other mortgage
|
|
106
|
|
5.25
|
|
123
|
|
5.25
|
|||
Commercial business
|
|
1,565
|
|
10.24
|
|
1,206
|
|
6.66
|
|||
Consumer
|
|
65
|
|
18.25
|
|
86
|
|
15.00
|
|||
Total loans held for investment
|
|
1,074,164
|
|
4.52
|
%
|
|
937,970
|
|
3.82
|
%
|
|
Advance payments of escrows
|
|
148
|
|
|
47
|
|
|
||||
Deferred loan costs, net
|
|
9,263
|
|
|
7,539
|
|
|
||||
Allowance for loan losses
|
|
(5,946)
|
|
|
(5,564)
|
|
|
||||
Total loans held for investment, net
|
$
|
1,077,629
|
$
|
939,992
|
|
|
|||||
Purchased loans serviced by others included above
|
$
|
10,561
|
4.67
|
%
|
$
|
11,394
|
|
3.50
|
%
|
As of June 30,
|
|
||||||||||
|
2023
|
|
2022
|
|
|||||||
|
Balance
|
|
Rate(1)
|
|
Balance
|
|
Rate(1)
|
|
|||
DEPOSITS:
|
|
|
|
|
|
|
|
||||
Checking accounts – non interest-bearing
|
$
|
103,006
|
|
—
|
%
|
$
|
125,089
|
|
—
|
%
|
|
Checking accounts – interest-bearing
|
|
302,872
|
|
0.04
|
|
335,788
|
|
0.04
|
|||
Savings accounts
|
|
290,204
|
|
0.05
|
|
333,581
|
|
0.05
|
|||
Money market accounts
|
|
33,551
|
|
0.23
|
|
39,897
|
|
0.17
|
|||
Time deposits
|
|
220,938
|
|
2.98
|
|
121,149
|
|
0.52
|
|||
Total deposits(2)(3)
|
$
|
950,571
|
|
0.73
|
%
|
$
|
955,504
|
|
0.11
|
%
|
|
BORROWINGS:
|
|
|
|
|
|
|
|
|
|||
Overnight
|
$
|
—
|
|
—
|
%
|
$
|
5,000
|
|
1.66
|
%
|
|
Three months or less
|
|
45,009
|
|
4.44
|
|
20,000
|
|
1.75
|
|||
Over three to six months
|
|
25,000
|
|
5.30
|
|
—
|
|
—
|
|||
Over six months to one year
|
|
80,000
|
|
4.29
|
|
10,000
|
|
2.25
|
|||
Over one year to two years
|
|
70,000
|
|
3.99
|
|
30,000
|
|
2.25
|
|||
Over two years to three years
|
|
10,000
|
|
4.42
|
|
20,000
|
|
2.70
|
|||
Over three years to four years
|
|
—
|
|
—
|
|
—
|
|
—
|
|||
Over four years to five years
|
|
5,000
|
|
4.22
|
|
—
|
|
—
|
|||
Total borrowings(4)
|
$
|
235,009
|
|
4.34
|
%
|
$
|
85,000
|
|
2.20
|
%
|
(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.
|
(2)
|
Includes uninsured deposits of approximately $140.1 million and $173.7 million at June 30, 2023 and 2022, respectively.
|
(3)
|
The average balance of deposit accounts was approximately $34 thousand and $32 thousand at June 30, 2023 and 2022,
respectively.
|
(4)
|
The Bank had approximately $287.9 million and $310.3 million of remaining borrowing capacity at the FHLB – San Francisco,
approximately $139.0 million and $153.9 million of borrowing capacity at the Federal Reserve Bank of San Francisco and $50.0 million and $50.0 million of borrowing capacity with its correspondent bank at June 30, 2023 and 2022,
respectively.
|
![]() |
![]() |
Quarter Ended
|
Quarter Ended
|
|
||||||||||
June 30, 2023
|
June 30, 2022
|
|
||||||||||
|
Balance
|
|
Rate(1)
|
|
Balance
|
|
Rate(1)
|
|
||||
SELECTED AVERAGE BALANCE SHEETS:
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|||||
Loans receivable, net
|
$
|
1,080,440
|
|
4.38
|
%
|
$
|
916,241
|
|
3.70
|
%
|
||
Investment securities
|
|
160,572
|
|
1.34
|
|
194,524
|
|
1.11
|
||||
FHLB – San Francisco stock
|
|
9,240
|
|
6.15
|
|
8,222
|
|
5.89
|
||||
Interest-earning deposits
|
|
32,395
|
|
5.01
|
|
40,385
|
|
0.68
|
||||
Total interest-earning assets
|
$
|
1,282,647
|
|
4.03
|
%
|
$
|
1,159,372
|
|
3.18
|
%
|
||
Total assets
|
$
|
1,313,057
|
$
|
1,192,583
|
|
|
||||||
Deposits
|
$
|
956,701
|
|
0.62
|
%
|
$
|
968,554
|
|
0.11
|
%
|
||
Borrowings
|
|
207,483
|
|
4.26
|
|
80,549
|
|
2.26
|
||||
Total interest-bearing liabilities
|
$
|
1,164,184
|
|
1.27
|
%
|
$
|
1,049,103
|
|
0.27
|
%
|
||
Total stockholders’ equity
|
$
|
131,085
|
$
|
127,561
|
|
|
(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, 2023
|
|
June 30, 2022
|
|
||||||||
|
Balance
|
|
Rate(1)
|
|
Balance
|
|
Rate(1)
|
|
||||
SELECTED AVERAGE BALANCE SHEETS:
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
||||||
Loans receivable, net
|
$
|
1,029,000
|
|
4.10
|
%
|
$
|
870,328
|
|
3.70
|
%
|
||
Investment securities
|
|
172,005
|
|
1.26
|
|
206,876
|
|
0.92
|
||||
FHLB – San Francisco stock
|
|
8,488
|
|
6.55
|
|
8,172
|
|
5.98
|
||||
Interest-earning deposits
|
|
26,214
|
|
4.05
|
|
74,897
|
|
0.23
|
||||
Total interest-earning assets
|
$
|
1,235,707
|
|
3.72
|
%
|
$
|
1,160,273
|
|
2.99
|
%
|
||
Total assets
|
$
|
1,268,470
|
$
|
1,193,060
|
|
|
||||||
Deposits
|
$
|
960,860
|
|
0.33
|
%
|
$
|
961,497
|
|
0.12
|
%
|
||
Borrowings
|
|
159,742
|
|
3.67
|
|
86,883
|
|
2.29
|
||||
Total interest-bearing liabilities
|
$
|
1,120,602
|
|
0.80
|
%
|
$
|
1,048,380
|
|
0.30
|
%
|
||
Total stockholders’ equity
|
$
|
130,561
|
$
|
127,408
|
|
|
![]() |
![]() |
|
As of
|
|
As of
|
|
As of
|
|
As of
|
|
As of
|
||||||
06/30/23
|
03/31/23
|
12/31/22
|
09/30/22
|
06/30/22
|
|||||||||||
Loans on non-accrual status (excluding restructured loans):
|
|
|
|
|
|
|
|
|
|
|
|||||
Mortgage loans:
|
|||||||||||||||
Single-family
|
$
|
592
|
$
|
235
|
$
|
242
|
$
|
243
|
$
|
701
|
|||||
Total
|
|
592
|
|
235
|
|
242
|
|
243
|
|
701
|
|||||
Accruing loans past due 90 days or more:
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|||||
Total
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|||||
Restructured loans on non-accrual status:
|
|
|
|
|
|
|
|
|
|
|
|||||
Mortgage loans:
|
|
|
|
|
|
|
|
|
|
|
|||||
Single-family
|
|
708
|
|
710
|
|
714
|
|
721
|
|
722
|
|||||
Total
|
|
708
|
|
710
|
|
714
|
|
721
|
|
722
|
|||||
Total non-performing loans (1)
|
|
1,300
|
|
945
|
|
956
|
|
964
|
|
1,423
|
|||||
Real estate owned, net
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|||||
Total non-performing assets
|
$
|
1,300
|
$
|
945
|
$
|
956
|
$
|
964
|
$
|
1,423
|
(1)
|
The non-performing loan balances are net of individually evaluated or collectively evaluated allowances, specifically attached
to the individual loans.
|
Document and Entity Information |
Jul. 26, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jul. 26, 2023 |
Entity File Number | 000-28304 |
Entity Registrant Name | PROVIDENT FINANCIAL HOLDINGS, INC. |
Entity Central Index Key | 0001010470 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 33-0704889 |
Entity Address, Address Line One | 3756 Central Avenue |
Entity Address, City or Town | Riverside |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 92506 |
City Area Code | 951 |
Local Phone Number | 686-6060 |
Title of 12(b) Security | Common Stock, par value $.01 per share |
Trading Symbol | PROV |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
1 Year Provident Financial Chart |
1 Month Provident Financial Chart |
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