Overview * Provident Financial Q1 net income rises 3% sequentially, down 12% yr/yr * Net interest margin improves to 3.00%, up from 2.84% last year * Company repurchased 66,707 shares at $15.75 each in Q1 Outlook * Company anticipates improving fundamentals due to favorable yield curve and stable economic conditions * Company notes balance sheet growth may remain a challenge Result Drivers * CREDIT LOSS RECOVERY – Significant recovery from allowance for credit losses due to shorter expected average life of loan portfolio * NET INTEREST MARGIN – Improvement to 3.00% due to higher yields on interest-earning assets and lower funding costs * NON-INTEREST INCOME DECLINE – Decreased 10% due to declines in other non-interest income and deposit account fees Key Details Metric Beat/Mis Actual Consensu s s Estimate Q1 EPS $0.25 Q1 Net $1.68 Income mln Q1 Net $8.93 Interest mln Income Q1 $0.14 Dividend Analyst Coverage * The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell" * Wall Street's median 12-month price target for Provident Financial Holdings Inc is $16.25, about 3.4% above its October 27 closing price of $15.70 * The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 11 three months ago Press Release: For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact . (This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)
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