Provident Financial Q1 Net Income Falls 28% on $777K Credit Provision
PROV sits 21% above its 52-week low of $14.95.
Summary
Provident Financial reported fiscal Q1 2027 net income of $1.57 million, or $0.25 per diluted share, down 28% from the sequential quarter's $2.18 million and 6% below the $1.68 million earned a year ago. The drop was driven by a $777,000 provision for credit losses versus a $95,000 recovery in the prior quarter and a $626,000 recovery a year earlier, plus a $479,000 sequential decline in non-interest income. The core banking trend was better: net interest margin expanded to 3.32%, up 11 bps sequentially and 32 bps year-over-year, and the efficiency ratio improved to 72% from 78% a year ago. Credit quality remains clean with non-performing assets at 0.04% of total assets, though classified assets rose to $4.1 million from $2.5 million and the allowance for credit losses climbed to $6.59 million from $5.85 million. Deposits slipped 1% to $897.7 million. The company repurchased 86,431 shares at an average $18.30 during the quarter, with 88,174 shares left under the current program. A conference call is scheduled for Wednesday, October 28, 2026 at 9:00 a.m. Pacific.
At the time of this announcement, PROV was trading at $18.16 on NASDAQ in the Finance sector, with a market capitalization of approximately $113.2M. The 52-week trading range was $14.95 to $18.99. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.