Provident Financial Q2 Profit Increases 45% - Quick Facts

(RTTNews) - Provident Financial Holdings, Inc. (PROV), the holding company for Provident Savings Bank, F.S.B., Wednesday reported that its second-quarter net income increased to $2.33 million or $0.25 per share from last year's $1.60 million or $0.16 per share.

On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.24 per share for the quarter. Analysts' estimates typically exclude special items.

The increase in net income was primarily attributable to higher gain on sale of loans, partly offset by increase in salaries and employee benefits expense, a decrease in the recovery from the allowance for loan losses and an increase in the provision for income taxes.

Net interest income for the quarter grew 6 percent to $8.11 million from last year's $7.66 million, reflecting a 27 basis point increase in the net interest margin to 3.01 percent. Meanwhile, total non-interest income increased 33 percent to $9.50 million from $7.14 million a year ago.

Wall Street analysts had a consensus revenue estimate of $17.09 million for the quarter.