Holding Company Condensed Financial Information

12 Months Ended

Jun. 30, 2019

Condensed Financial Information Disclosure [Abstract]

Holding Company Condensed Financial Information

Note 19: Holding Company Condensed Financial Information

This information should be read in conjunction with the other notes to the consolidated financial statements. The following is the condensed statements of financial condition for Provident Financial Holdings (Holding Company only) as of June 30, 2019 and 2018 and condensed statements of operations, comprehensive income and cash flows for the fiscal years ended June 30, 2019 and 2018.

Condensed Statements of Financial Condition

	June 30,
(In Thousands)	2019		2018
Assets
Cash and cash equivalents	$	5,421	$	3,789
Investment in subsidiary		115,185		116,608
Other assets		131		123
	$	120,737	$	120,520
Liabilities and Stockholders’ Equity
Other liabilities	$	96	$	63
Stockholders’ equity		120,641		120,457
	$	120,737	$	120,520

Condensed Statements of Operations

	Year Ended June 30,
(In Thousands)	2019			2018
Dividend from the Bank	$	7,500		$	5,000
Interest and other income		17			19
Total income		7,517			5,019
General and administrative expenses		1,209			1,077
Earnings before income taxes and equity in undistributed earnings of the Bank		6,308			3,942
Income tax benefit		(352	)		(379	)
Earnings before equity in undistributed earnings of the Bank		6,660			4,321
Equity in undistributed earnings of the Bank		(2,243	)		(2,190	)
Net income	$	4,417		$	2,131

 Condensed Statements of Comprehensive Income

	Year Ended June 30,
(In Thousands)	2019		2018
Net income	$	4,417	$	2,131
Other comprehensive income		—		—
Total comprehensive income	$	4,417	$	2,131

Condensed Statements of Cash Flows

	Year Ended June 30,
(In Thousands)	2019			2018
Cash flows from operating activities:
Net income	$	4,417		$	2,131
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of the Bank		2,243			2,190
(Increase) decrease in other assets		(8	)		18
Increase in other liabilities		33			10
Net cash provided by operating activities		6,685			4,349
Cash flow from financing activities:
Exercise of stock options		553			677
Treasury stock purchases		(1,412	)		(7,347	)
Cash dividends		(4,194	)		(4,228	)
Net cash used for financing activities		(5,053	)		(10,898	)
Net increase (decrease) in cash and cash equivalents		1,632			(6,549	)
Cash and cash equivalents at beginning of year		3,789			10,338
Cash and cash equivalents at end of year	$	5,421		$	3,789