PROV•Provident Financial Holdings’ fiscal first-quarter net income fell 28% sequentially and 6% year over year to $1.57 million. Earnings per share were $0.25, unchanged from a year earlier, while net interest income rose 9% to $9.77 million.
Provident Financial Holdings said higher provisions for credit losses drove the decline in fiscal first-quarter profit, as higher interest rates increased the expected life of its loan portfolio. Net interest income rose 9% year over year, reflecting higher average yields on interest-earning assets and lower funding costs; non-interest income declined on lower loan servicing, deposit account and card fees. The company reported a quarterly dividend of $0.14 and gave no specific financial guidance.
