Provident Financial Q1 Profit Climbs - Quick Facts

(RTTNews) - Provident Financial Holdings, Inc. (PROV), the holding company for Provident Savings Bank, F.S.B., Wednesday reported that its first-quarter net income climbed 58 percent to $2.39 million or $0.25 per share from last year's $1.51 million or $0.14 per share. Earnings per share grew 79 percent.

On average, two analysts polled by Thomson Reuters expected earnings of $0.23 per share for the quarter. Analysts' estimates typically exclude special items.

The increase in net income was primarily attributable to a 13 percent increase in the gain on sale of loans and an $871,000 decrease in salaries and employee benefits expense, partly offset by higher provision for income taxes.

Net interest income decreased $24,000 to $7.94 million, attributable to a five percent decrease in average interest-earning assets. Non-interest income increased 11 percent, to $9.11 million.

The net interest margin during the first quarter of fiscal 2015 increased 14 basis points to 2.96 percent.

In the first quarter of fiscal 2015, the Federal Home Loan Bank - San Francisco announced a $144,000 cash dividend, compared to last year's $208,000 cash dividend.