Holding Company Condensed Financial Information

12 Months Ended

Jun. 30, 2021

Holding Company Condensed Financial Information

Holding Company Condensed Financial Information

Note 18: 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, 2021 and 2020 and condensed statements of operations and cash flows for the fiscal years ended June 30, 2021 and 2020.

Condensed Statements of Financial Condition

	June 30,
(In Thousands)	2021		2020
Assets
Cash and cash equivalents	$	5,576	$	6,842
Investment in subsidiary		121,696		117,080
Other assets		60		108
	$	127,332	$	124,030
Liabilities and Stockholders’ Equity
Other liabilities	$	52	$	54
Stockholders’ equity		127,280		123,976
	$	127,332	$	124,030

Condensed Statements of Operations

	Year Ended June 30,
(In Thousands)	2021		2020
Dividend from the Bank	$	5,000	$	7,500
Interest and other income		5		19
Total income		5,005		7,519
General and administrative expenses		1,117		1,166
Earnings before income taxes and equity in undistributed earnings of the Bank		3,888		6,353
Income tax benefit		(328)		(338)
Earnings before equity in undistributed earnings of the Bank		4,216		6,691
Equity in undistributed earnings of the Bank		3,345		998
Net income	$	7,561	$	7,689

Condensed Statements of Cash Flows

	Year Ended June 30,
(In Thousands)	2021		2020
Cash flow from operating activities:
Net income	$	7,561	$	7,689
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of the Bank		(3,345)		(998)
Increase in other assets		48		23
Decrease in other liabilities		(2)		(42)
Net cash provided by operating activities		4,262		6,672
Cash flow from financing activities:
Exercise of stock options		981		215
Treasury stock purchases		(2,336)		(1,283)
Cash dividends		(4,173)		(4,183)
Net cash used for financing activities		(5,528)		(5,251)
Net (decrease) increase in cash during the year		(1,266)		1,421
Cash and cash equivalents at beginning of year		6,842		5,421
Cash and cash equivalents at end of year	$	5,576	$	6,842