Exhibit 99.1

3756 Central Avenue	NEWS RELEASE
Riverside, CA 92506
(951) 686-6060

PROVIDENT FINANCIAL HOLDINGS REPORTS

FIRST QUARTER OF FISCAL 2022 RESULTS

Net Income of $2.67 Million in the September 2021 Quarter

Loans Held for Investment Increase 1% from June 30, 2021 to $859.0 Million

Total Deposits Increase 2% from June 30, 2021 to $956.7 Million

Improved Asset Quality with a $339,000 Recovery from the Allowance for Loan Losses

Net Interest Margin Improves 17 Basis Points from Prior Sequential Quarter

Non-Interest Expenses Remain Well-Controlled

Riverside, Calif. – October 26, 2021 – Provident Financial Holdings, Inc. (“Company”), NASDAQ GS: PROV, the holding company for Provident Savings Bank, F.S.B. (“Bank”), today announced first quarter earnings results for the fiscal year ending June 30, 2022.

For the quarter ended September 30, 2021, the Company reported net income of $2.67 million, or $0.35 per diluted share (on 7.58 million average diluted shares outstanding), up 80 percent from net income of $1.49 million, or $0.20 per diluted share (on 7.46 million average diluted shares outstanding), in the comparable period a year ago. Compared to the same quarter last year, the increase in earnings was primarily attributable to a $1.32 million decrease in non-interest expenses (mainly, lower salaries and employee benefits expenses) and a $559,000 improvement in the provision for loan losses last year to a $339,000 recovery from the allowance for loan losses, partly offset by lower net interest income and lower non-interest income (mainly, lower loan servicing and other fees).

“I am pleased that general economic conditions are improving and the United States is making progress in its fight against the COVID-19 pandemic,” said Craig G. Blunden, Chairman and Chief Executive Officer of the Company. “This quarter marks the second consecutive sequential quarter of growth in both loans held for investment and deposits, and more importantly, expansion of our net interest margin. I remain confident that Provident is well-positioned to benefit from improving general economic conditions and that our strong financial foundation will allow us to capitalize on future opportunities as they develop,” said Mr. Blunden.

Return on average assets for the first quarter of fiscal 2022 was 0.89 percent, up from 0.50 percent for the same period of fiscal 2021; and return on average stockholders’ equity for the first

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quarter of fiscal 2022 was 8.39 percent, up from 4.78 percent for the comparable period of fiscal 2021.

On a sequential quarter basis, the $2.67 million net income for the first quarter of fiscal 2022 reflects a 20 percent decrease from $3.34 million in the fourth quarter of fiscal 2021. The decrease in earnings for the first quarter of fiscal 2022 compared to the fourth quarter of fiscal 2021 was primarily attributable to a $745,000 increase in non-interest expenses, a $428,000 decrease in the recovery from the allowance for loan losses and a $172,000 decrease in non-interest income, partly offset by a $510,000 increase in net interest income. The decrease in the non-interest income was primarily due to lower loan servicing and other fees and lower card and processing fees.  The increase in the non-interest expenses was primarily due to higher salaries and employee benefits expenses (mainly attributable to a lower Employee Retention Tax Credit (“ERTC”)), partly offset by lower other non-interest expense (mainly attributable to a $125,000 legal settlement recorded as accredit to other non-interest expense). The ERTC credit was recorded for qualified wages consistent with the Consolidated Appropriations Act of 2021 and American Rescue Plan Act of 2021 where eligible employers can claim a maximum credit equal to 70 percent of $10,000 of qualified wages paid to an employee per calendar quarter. Diluted earnings per share for the first quarter of fiscal 2022 were $0.35 per share, down 20 percent from the $0.44 per share during the fourth quarter of fiscal 2021. Return on average assets was 0.89 percent for the first quarter of fiscal 2022, down from 1.12 percent in the fourth quarter of fiscal 2021; and return on average stockholders’ equity for the first quarter of fiscal 2022 was 8.39 percent, down from 10.65 percent for the fourth quarter of fiscal 2021.

Net interest income decreased $278,000, or three percent, to $7.89 million in the first quarter of fiscal 2022 from $8.17 million for the same quarter last year, attributable to a decrease in the net interest margin, partly offset by a higher average balance of interest-earning assets. The net interest margin during the first quarter of fiscal 2022 decreased 13 basis points to 2.71 percent from 2.84 percent in the same quarter last year, primarily due to a decrease in the average yield on interest-earning assets, partly offset by a smaller decrease in the average cost of interest-bearing liabilities. The average yield on interest-earning assets decreased by 30 basis points to 3.01 percent in the first quarter of fiscal 2022 from 3.31 percent in the same quarter last year while the average cost of interest-bearing liabilities decreased by 20 basis points to 0.32 percent in the first quarter of fiscal 2022 from 0.52 percent in the same quarter last year. The average balance of interest-earning assets increased by $12.6 million, or one percent, to $1.16 billion in the first quarter of fiscal 2022 from $1.15 billion in the same quarter last year. The increase in the average balance of interest-earnings assets was due primarily to an increase in investment securities, partly offset by decreases in loans held for investment and interest-earning deposits.

The average balance of loans receivable decreased by $40.3 million, or five percent, to $852.7 million in the first quarter of fiscal 2022 from $893.0 million in the same quarter last year. The average yield on loans receivable decreased by 16 basis points to 3.83 percent in the first quarter of fiscal 2022 from an average yield of 3.99 percent in the same quarter last year. Net deferred loan cost amortization in the first quarter of fiscal 2022 decreased five percent to $441,000 from $466,000 in the same quarter last year. Total loans originated and purchased for investment

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in the first quarter of fiscal 2022 were $60.9 million, up 27 percent from $48.0 million in the same quarter last year. Loan principal payments received in the first quarter of fiscal 2022 were $53.9 million, down 19 percent from $66.3 million in the same quarter last year.

The average balance of investment securities increased by $63.7 million, or 41 percent, to $219.9 million in the first quarter of fiscal 2022 from $156.2 million in the same quarter last year as excess liquidity earning a nominal yield was deployed into higher earning assets. The average yield on investment securities decreased 46 basis points to 0.76 percent in the first quarter of fiscal 2022 from 1.22 percent for the same quarter last year. The decrease in the average yield was primarily attributable to investment security purchases during fiscal 2021 with a lower average yield than the legacy portfolio of investment securities, reflecting the current low interest rate environment. During the first quarter of fiscal 2022, the Bank did not purchase any investment securities.

In the first quarter of fiscal 2022, the Federal Home Loan Bank – San Francisco (“FHLB”) distributed a $122,000 cash dividend to the Bank on its FHLB stock, up $22,000 or 22 percent from $100,000 in the same quarter last year.

The average balance of the Company’s interest-earning deposits, primarily excess cash deposited with the Federal Reserve Bank of San Francisco, decreased $11.1 million, or 12 percent, to $82.2 million in the first quarter of fiscal 2022 from $93.3 million in the same quarter last year primarily as a result of purchases of investment securities in fiscal 2021. The average yield earned on interest-earning deposits in the first quarter of fiscal 2022 was 0.15 percent, up five basis points from 0.10 percent in the same quarter last year.

Average deposits increased $53.0 million, or six percent, to $952.3 million in the first quarter of fiscal 2022 from $899.3 million in the same quarter last year, primarily due to increases in transaction accounts, partly offset by a managed run-off of higher cost time deposits. The average cost of deposits improved, decreasing by 11 basis points to 0.13 percent in the first quarter of fiscal 2022 from 0.24 percent in the same quarter last year.

Transaction account balances or “core deposits” increased $23.8 million, or three percent, to $821.3 million at September 30, 2021 from $797.5 million at June 30, 2021, while time deposits decreased $4.9 million, or three percent, to $135.5 million at September 30, 2021 from $140.4 million at June 30, 2021.

The average balance of borrowings, which consisted of FHLB advances, decreased $43.0 million, or 31 percent, to $97.7 million while the average cost of borrowings decreased five basis points to 2.21 percent in the first quarter of fiscal 2022, compared to an average balance of $140.7 million with an average cost of 2.26 percent in the same quarter last year. The decrease in the average balance of borrowings was primarily due to prepayments and maturities of borrowings.

During the first quarter of fiscal 2022, the Company recorded a recovery from the allowance for loan losses of $339,000, in contrast to a $220,000 provision for loan losses recorded during the same period last year and a $767,000 recovery from the allowance for loan losses

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recorded in the fourth quarter of fiscal 2021 (sequential quarter). The recovery from the allowance for loan losses for the current quarter primarily reflects improved credit quality and payoffs of non-performing loans as well as improving general economic conditions, partly offset by an  increase in loan portfolio balances during the current quarter; while the provision for loan losses recorded in the same quarter last year primarily reflected the deterioration in forecasted economic metrics reflecting the economic outlook that existed at the quarter end as a result of the COVID-19 pandemic, partly offset by a decrease in loan balances.

Non-performing assets, comprised solely of non-performing loans with underlying collateral located in California, decreased $2.0 million or 23 percent to $6.6 million, or 0.55 percent of total assets, at September 30, 2021, compared to $8.6 million, or 0.73 percent of total assets, at June 30, 2021. The non-performing loans at September 30, 2021 are comprised of 20 single-family loans and one multi-family loan. At both September 30, 2021 and June 30, 2021, there was no real estate owned.

Net loan recoveries for the quarter ended September 30, 2021 were $165,000 or 0.08 percent (annualized) of average loans receivable, as compared to net loan recoveries of $5,000 or 0.00 percent (annualized) of average loans receivable for the quarter ended September 30, 2020 and net loan recoveries of $8,000 or 0.00 percent (annualized) of average loans receivable for the quarter ended June 30, 2021 (sequential quarter).

Classified assets, comprised solely of loans, were $8.2 million at September 30, 2021, including $1.6 million of loans in the special mention category and $6.6 million of loans in the substandard category; while classified assets at June 30, 2021 were $10.4 million, including $1.8 million of loans in the special mention category and $8.6 million of loans in the substandard category.

As of September 30, 2021, only one single-family loan remained in a COVID-19 related forbearance with an outstanding balance of approximately $308,000 or 0.04 percent of gross loans held for investment. As of September 30, 2021, the Bank had no pending requests for payment relief.  The Bank ended its COVID-19 loan forbearance program on March 31, 2021.

The allowance for loan losses was $7.4 million or 0.86 percent of gross loans held for investment at September 30, 2021, down from the $7.6 million or 0.88 percent of gross loans held for investment at June 30, 2021. Management believes that, based on currently available information, the allowance for loan losses is sufficient to absorb potential losses inherent in loans held for investment at September 30, 2021 under the incurred loss methodology.

Non-interest income decreased by $90,000, or eight percent, to $1.07 million in the first quarter of fiscal 2022 from $1.16 million in the same period last year, primarily due to a $219,000 decrease in loan servicing and other fees. The decrease was due primarily to a decrease in prepayment fees resulting from lower loan payoffs, particularly in multi-family loans. On a sequential quarter basis, non-interest income decreased $172,000, or 14 percent, primarily as a result of decreases in loan servicing and other fees and card and processing fees.

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Non-interest expenses decreased $1.32 million, or 19 percent, to $5.67 million in the first quarter of fiscal 2022 from $6.99 million in the same quarter last year due primarily to lower salaries and employee benefits expense resulting from a $1.20 million credit for the ERTC. On a sequential quarter basis, non-interest expensesincreased $745,000, or 15 percent, from $4.92 million in the fourth quarter of fiscal 2021 due primarily to higher salaries and employee benefits expense resulting from a lower credit for the ERTC ($1.20 million vs. $2.44 million), partly offset by lower other non-interest expense.

The Company’s efficiency ratio in the first quarter of fiscal 2022 was 63 percent, an improvement from 75 percent in the same quarter last year but higher than the 57 percent in the fourth quarter of fiscal 2021 (sequential quarter).

The Company’s provision for income tax was $961,000 for the first quarter of fiscal 2022, up 51 percent from $635,000 in the same quarter last year primarily due to higher net income before the provision for income taxes. The effective tax rate in the first quarter of fiscal 2022 was 26.5 percent, lower than the 30.0 percent in the same quarter last year, attributable primarily to the tax benefit from the non-taxable treatment of the ERTC for state tax purposes. The Company believes that the tax provision recorded in the first quarter of fiscal 2022 reflects its current federal and state income tax obligations.

The Company repurchased 49,764 shares of its common stock with an average cost of $17.10 per share during the quarter ended September 30, 2021 pursuant to its stock repurchase plan. As of September 30, 2021, a total of 217,069 shares or 58 percent of the shares authorized for repurchase under the April 2020 stock repurchase plan remain available to purchase until the plan expires on April 27, 2022.

The Bank currently operates 13 retail/business banking offices in Riverside County and San Bernardino County (Inland Empire).

The Company will host a conference call for institutional investors and bank analysts on Wednesday, October 27, 2021 at 9:00 a.m. (Pacific) to discuss its financial results.  The conference call can be accessed by dialing 1-877-226-8163 and referencing access code number 4589704.  An audio replay of the conference call will be available through Wednesday, November 3, 2021 by dialing 1-866-207-1041 and referencing access code number 3655739.

For more financial information about the Company please visit the website at www.myprovident.com and click on the “Investor Relations” section.

Safe-Harbor Statement

This press release contains statements that the Company believes are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to the Company’s financial condition, liquidity, results of operations, plans, objectives, future performance or business. You should not place undue reliance on these statements, as they are subject to risks and uncertainties. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements the

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Company may make. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors which could cause actual results to differ materially from the results anticipated or implied by our forward-looking statements include, but are not limited  to the effect of the COVID-19 pandemic, including on Company’s credit quality and business operations, as well as its impact on general economic and financial market conditions and other uncertainties resulting from the COVID-19 pandemic, such as the extent and duration of the impact on public health, the U.S. and global economies, and consumer and corporate customers, including economic activity, employment levels and market liquidity; increased competitive pressures; changes in the interest rate environment; changes in general economic conditions and conditions within the securities markets; legislative and regulatory changes,; including as a result of the COVID-19 pandemic; and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission (“SEC”) - which are available on our website at www.myprovident.com and on the SEC’s website at www.sec.gov. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements whether as a result of new information, future events or otherwise. These risks could cause our actual results for fiscal 2022 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of us and could negatively affect our operating and stock price performance

Contacts:	Craig G. Blunden	Donavon P. Ternes
	Chairman and	President, Chief Operating Officer,
	Chief Executive Officer	and Chief Financial Officer

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PROVIDENT FINANCIAL HOLDINGS, INC.

Condensed Consolidated Statements of Financial Condition

(Unaudited –In Thousands, Except Share Information)

	September 30,		June 30,		March 31,		December 31,		September 30,
	2021		2021		2021		2020		2020
Assets
Cash and cash equivalents	$	88,249	$	70,270	$	71,629	$	74,001	$	66,467
Investment securities – held to maturity, at cost		205,821		223,306		239,480		203,098		193,868
Investment securities - available for sale, at fair value		3,316		3,587		3,802		4,158		4,416
Loans held for investment, net of allowance for loan losses   of $7,413; $7,587; $8,346; $8,538 and $8,490, respectively;    includes $1,577; $1,874; $1,879; $1,972 and $2,240 at fair   value, respectively		859,035		850,960		840,274		855,086		884,953
Accrued interest receivable		2,909		2,999		3,060		3,126		3,373
FHLB – San Francisco stock		8,155		8,155		7,970		7,970		7,970
Premises and equipment, net		9,014		9,377		9,608		9,980		10,099
Prepaid expenses and other assets		15,782		14,942		13,473		13,308		12,887
Total assets	$	1,192,281	$	1,183,596	$	1,189,296	$	1,170,727	$	1,184,033
Liabilities and Stockholders’ Equity
Liabilities:
Non interest-bearing deposits	$	120,883	$	123,179	$	124,043	$	109,609	$	114,537
Interest-bearing deposits		835,859		814,794		809,713		800,359		790,149
Total deposits		956,742		937,973		933,756		909,968		904,686
Borrowings		90,000		100,983		111,000		116,015		136,031
Accounts payable, accrued interest and other liabilities		17,304		17,360		18,790		19,760		18,657
Total liabilities		1,064,046		1,056,316		1,063,546		1,045,743		1,059,374
Stockholders’ equity:
Preferred stock, $.01 par value (2,000,000 shares authorized;   none issued and outstanding)		—		—		—		—		—
Common stock, $.01 par value; (40,000,000 shares    authorized; 18,229,615; 18,229,615; 18,226,615; 18,097,615    and 18,097,615 shares issued respectively;  7,491,705;    7,541,469; 7,516,547; 7,442,254 and 7,441,259 shares    outstanding, respectively)		183		183		182		181		181
Additional paid-in capital		98,179		97,978		97,323		96,164		95,948
Retained earnings		199,344		197,733		195,443		194,923		194,789
Treasury stock at cost (10,737,910; 10,688,146; 10,710,068;    10,655,361 and 10,656,356 shares, respectively)		(169,537)		(168,686)		(167,276)		(166,364)		(166,358)
Accumulated other comprehensive income, net of tax		66		72		78		80		99
Total stockholders’ equity		128,235		127,280		125,750		124,984		124,659
Total liabilities and stockholders’ equity	$	1,192,281	$	1,183,596	$	1,189,296	$	1,170,727	$	1,184,033

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PROVIDENT FINANCIAL HOLDINGS, INC.

Condensed Consolidated Statements of Operations

(Unaudited - In Thousands, Except Earnings Per Share)

	Quarter Ended
	September 30,
	2021		2020
Interest income:
Loans receivable, net	$	8,175	$	8,917
Investment securities		418		478
FHLB – San Francisco stock		122		100
Interest-earning deposits		31		24
Total interest income		8,746		9,519
Interest expense:
Checking and money market deposits		57		91
Savings deposits		41		78
Time deposits		215		382
Borrowings		545		802
Total interest expense		858		1,353
Net interest income		7,888		8,166
(Recovery) provision for loan losses		(339)		220
Net interest income, after (recovery) provision for loan losses		8,227		7,946
Non-interest income:
Loan servicing and other fees		186		405
Deposit account fees		312		310
Card and processing fees		405		364
Other		166		80
Total non-interest income		1,069		1,159
Non-interest expense:
Salaries and employee benefits		3,120		4,443
Premises and occupancy		905		903
Equipment		288		275
Professional expenses		461		414
Sales and marketing expenses		142		113
Deposit insurance premiums and regulatory assessments		137		134
Other		615		703
Total non-interest expense		5,668		6,985
Income before income taxes		3,628		2,120
Provision for income taxes		961		635
Net income	$	2,667	$	1,485
Basic earnings per share	$	0.35	$	0.20
Diluted earnings per share	$	0.35	$	0.20
Cash dividend per share	$	0.14	$	0.14

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PROVIDENT FINANCIAL HOLDINGS, INC.

Condensed Consolidated Statements of Operations – Sequential Quarters

(Unaudited – In Thousands, Except Share Information)

	Quarter Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
	2021		2021		2021		2020		2020
Interest income:
Loans receivable, net	$	8,175	$	7,735	$	7,860	$	8,344	$	8,917
Investment securities		418		471		452		448		478
FHLB – San Francisco stock		122		118		100		100		100
Interest-earning deposits		31		19		18		17		24
Total interest income		8,746		8,343		8,430		8,909		9,519
Interest expense:
Checking and money market deposits		57		48		50		79		91
Savings deposits		41		38		38		54		78
Time deposits		215		260		292		335		382
Borrowings		545		619		593		803		802
Total interest expense		858		965		973		1,271		1,353
Net interest income		7,888		7,378		7,457		7,638		8,166
(Recovery) provision for loan losses		(339)		(767)		(200)		39		220
Net interest income, after (recovery) provision for loan losses		8,227		8,145		7,657		7,599		7,946
Non-interest income:
Loan servicing and other fees		186		290		355		120		405
Deposit account fees		312		290		318		329		310
Card and processing fees		405		507		366		368		364
Other		166		154		160		157		80
Total non-interest income		1,069		1,241		1,199		974		1,159
Non-interest expense:
Salaries and employee benefits		3,120		2,172		4,241		4,301		4,443
Premises and occupancy		905		869		863		865		903
Equipment		288		293		312		273		275
Professional expenses		461		378		367		402		414
Sales and marketing expenses		142		210		130		227		113
Deposit insurance premiums and regulatory assessments		137		123		154		141		134
Other		615		878		842		707		703
Total non-interest expense		5,668		4,923		6,909		6,916		6,985
Income before income taxes		3,628		4,463		1,947		1,657		2,120
Provision for income taxes		961		1,124		386		481		635
Net income	$	2,667	$	3,339	$	1,561	$	1,176	$	1,485
Basic earnings per share	$	0.35	$	0.44	$	0.21	$	0.16	$	0.20
Diluted earnings per share	$	0.35	$	0.44	$	0.21	$	0.16	$	0.20
Cash dividends per share	$	0.14	$	0.14	$	0.14	$	0.14	$	0.14

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PROVIDENT FINANCIAL HOLDINGS, INC.

Financial Highlights

(Unaudited - Dollars in Thousands, Except Share Information)

	Quarter Ended
	September 30,
	2021			2020
SELECTED FINANCIAL RATIOS:
Return on average assets		0.89	%		0.50	%
Return on average stockholders' equity		8.39	%		4.78	%
Stockholders’ equity to total assets		10.76	%		10.53	%
Net interest spread		2.69	%		2.79	%
Net interest margin		2.71	%		2.84	%
Efficiency ratio		63.28	%		74.91	%
Average interest-earning assets to average interest-bearing liabilities		110.76	%		110.62	%
SELECTED FINANCIAL DATA:
Basic earnings per share	$	0.35		$	0.20
Diluted earnings per share	$	0.35		$	0.20
Book value per share	$	17.12		$	16.75
Shares used for basic EPS computation		7,529,870			7,436,476
Shares used for diluted EPS computation		7,575,320			7,457,282
Total shares issued and outstanding		7,491,705			7,441,259
LOANS ORIGINATED AND PURCHASED FOR INVESTMENT:
Mortgage Loans:
Single-family	$	34,420		$	23,199
Multi-family		25,318			21,847
Commercial real estate		1,200			1,860
Construction		—			1,140
Total loans originated and purchased for investment	$	60,938		$	48,046

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PROVIDENT FINANCIAL HOLDINGS, INC.

Financial Highlights

(Unaudited - Dollars in Thousands, Except Share Information)

	Quarter			Quarter			Quarter			Quarter			Quarter
	Ended			Ended			Ended			Ended			Ended
	09/30/21			06/30/21			03/31/21			12/31/20			09/30/20
SELECTED FINANCIAL RATIOS:
Return on average assets		0.89	%		1.12	%		0.53	%		0.40	%		0.50	%
Return on average stockholders' equity		8.39	%		10.65	%		4.99	%		3.77	%		4.78	%
Stockholders’ equity to total assets		10.76	%		10.75	%		10.57	%		10.68	%		10.53	%
Net interest spread		2.69	%		2.50	%		2.56	%		2.61	%		2.79	%
Net interest margin		2.71	%		2.54	%		2.60	%		2.66	%		2.84	%
Efficiency ratio		63.28	%		57.12	%		79.82	%		80.31	%		74.91	%
Average interest-earning assets to   average interest-bearing liabilities		110.76	%		110.77	%		110.94	%		110.82	%		110.62	%
SELECTED FINANCIAL DATA:
Basic earnings per share	$	0.35		$	0.44		$	0.21		$	0.16		$	0.20
Diluted earnings per share	$	0.35		$	0.44		$	0.21		$	0.16		$	0.20
Book value per share	$	17.12		$	16.88		$	16.73		$	16.79		$	16.75
Average shares used for basic EPS		7,529,870			7,518,542			7,462,795			7,441,984			7,436,476
Average shares used for diluted EPS		7,575,320			7,590,312			7,579,897			7,492,040			7,457,282
Total shares issued and outstanding		7,491,705			7,541,469			7,516,547			7,442,254			7,441,259
LOANS ORIGINATED AND PURCHASED FOR INVESTMENT:
Mortgage loans:
Single-family	$	34,420		$	51,574		$	38,928		$	12,444		$	23,199
Multi-family		25,318			36,987			21,208			16,432			21,847
Commercial real estate		1,200			1,128			830			—			1,860
Construction		—			3,598			—			688			1,140
Total loans originated and purchased for investment	$	60,938		$	93,287		$	60,966		$	29,564		$	48,046

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PROVIDENT FINANCIAL HOLDINGS, INC.

Financial Highlights

(Unaudited - Dollars in Thousands)

	As of			As of			As of			As of			As of
	09/30/21			06/30/21			03/31/21			12/31/20			09/30/20
ASSET QUALITY RATIOS AND DELINQUENT LOANS:
Recourse reserve for loans sold	$	200		$	200		$	215		$	390		$	370
Allowance for loan losses	$	7,413		$	7,587		$	8,346		$	8,538		$	8,490
Non-performing loans to loans held for investment, net		0.77	%		1.02	%		1.16	%		1.20	%		0.51	%
Non-performing assets to total assets		0.55	%		0.73	%		0.82	%		0.88	%		0.38	%
Allowance for loan losses to gross loans held
for investment		0.86	%		0.88	%		0.98	%		0.99	%		0.95	%
Net loan charge-offs (recoveries) to average loans receivable (annualized)		(0.08)	%		—	%		—	%		—	%		—	%
Non-performing loans	$	6,616		$	8,646		$	9,759		$	10,270		$	4,532
Loans 30 to 89 days delinquent	$	20		$	—		$	—		$	350		$	2

	Quarter		Quarter		Quarter		Quarter		Quarter
	Ended		Ended		Ended		Ended		Ended
	09/30/21		06/30/21		03/31/21		12/31/20		09/30/20
Recourse provision (recovery) for loans sold	$	—	$	(15)	$	—	$	20	$	100
(Recovery) provision for loan losses	$	(339)	$	(767)	$	(200)	$	39	$	220
Net loan charge-offs (recoveries)	$	(165)	$	(8)	$	(8)	$	(9)	$	(5)

	As of		As of		As of		As of		As of
	09/30/2021		06/30/2021		03/31/2021		12/31/2020		09/30/2020
REGULATORY CAPITAL RATIOS (BANK):
Tier 1 leverage ratio	9.81	%	10.19	%	9.99	%	9.78	%	9.64	%
Common equity tier 1 capital ratio	18.90	%	18.58	%	18.77	%	18.30	%	16.94	%
Tier 1 risk-based capital ratio	18.90	%	18.58	%	18.77	%	18.30	%	16.94	%
Total risk-based capital ratio	20.12	%	19.76	%	20.02	%	19.56	%	18.19	%

	As of September 30,
	2021				2020
	Balance		Rate(1)		Balance		Rate(1)
INVESTMENT SECURITIES:
Held to maturity:
Certificates of deposit	$	800	0.23	%	$	600	0.32	%
U.S. SBA securities		1,272	0.60			2,044	0.60
U.S. government sponsored enterprise MBS		203,749	1.22			191,224	1.27
Total investment securities held to maturity	$	205,821	1.21	%	$	193,868	1.26	%
Available for sale (at fair value):
U.S. government agency MBS	$	2,062	2.08	%	$	2,726	3.08	%
U.S. government sponsored enterprise MBS		1,104	2.29			1,506	3.45
Private issue collateralized mortgage obligations		150	2.53			184	3.70
Total investment securities available for sale	$	3,316	2.17	%	$	4,416	3.23	%
Total investment securities	$	209,137	1.23	%	$	198,284	1.30	%

⁽¹⁾ The interest rate described in the rate column is the weighted-average interest rate or yield of all instruments, which are included in the balance of the respective line item.

Page 12 of 14

 

PROVIDENT FINANCIAL HOLDINGS, INC.

Financial Highlights

(Unaudited - Dollars in Thousands)

	As of September 30,
	2021				2020
	Balance		Rate(1)		Balance		Rate(1)
LOANS HELD FOR INVESTMENT:
Held to maturity:
Single-family (1 to 4 units)	$	274,970	3.29	%	$	288,790	3.93	%
Multi-family (5 or more units)		489,550	4.06			482,900	4.19
Commercial real estate		91,779	4.67			105,207	4.67
Construction		2,574	5.98			8,787	6.20
Other mortgage		137	5.25			142	5.25
Commercial business		865	6.41			923	6.47
Consumer		84	15.00			100	15.00
Total loans held for investment		859,959	3.89	%		886,849	4.19	%
Advance payments of escrows		68				39
Deferred loan costs, net		6,421				6,555
Allowance for loan losses		(7,413)				(8,490)
Total loans held for investment, net	$	859,035			$	884,953
Purchased loans serviced by others included above	$	13,100	3.50	%	$	20,777	3.72	%

⁽¹⁾ The interest rate described in the rate column is the weighted-average interest rate or yield of all instruments, which are included in the balance of the respective line item.

	As of September 30,
	2021				2020
	Balance		Rate(1)		Balance		Rate(1)
DEPOSITS:
Checking accounts – non interest-bearing	$	120,883	—	%	$	114,537	—	%
Checking accounts – interest-bearing		341,281	0.04			302,072	0.09
Savings accounts		318,318	0.05			281,863	0.11
Money market accounts		40,785	0.22			45,262	0.23
Time deposits		135,475	0.65			160,952	0.89
Total deposits	$	956,742	0.13	%	$	904,686	0.23	%
BORROWINGS:
Overnight	$	—	—	%	$	—	—	%
Three months or less		—	—			10,000	3.92
Over three to six months		10,000	2.20			10,000	3.79
Over six months to one year		20,000	1.75			26,031	1.42
Over one year to two years		20,000	2.00			30,000	1.90
Over two years to three years		20,000	2.50			20,000	2.00
Over three years to four years		20,000	2.70			20,000	2.50
Over four years to five years		—	—			20,000	2.70
Over five years		—	—			—	—
Total borrowings	$	90,000	2.23	%	$	136,031	2.32	%

⁽¹⁾ The interest rate described in the rate column is the weighted-average interest rate or cost of all instruments, which are included in the balance of the respective line item.

Page 13 of 14

 

PROVIDENT FINANCIAL HOLDINGS, INC.

Financial Highlights

(Unaudited - Dollars in Thousands)

	Quarter Ended					Quarter Ended
	September 30, 2021					September 30, 2020
	Balance		Rate(1)			Balance		Rate(1)
SELECTED AVERAGE BALANCE SHEETS:
Held to maturity:
Loans receivable, net	$	852,741		3.83	%	$	892,971	3.99	%
Investment securities		219,907		0.76			156,235	1.22
FHLB – San Francisco stock		8,155		5.98			7,970	5.02
Interest-earning deposits		82,207		0.15			93,276	0.10
Total interest-earning assets	$	1,163,010		3.01	%	$	1,150,452	3.31	%
Total assets	$	1,194,759				$	1,182,076
Deposits	$	952,317		0.13	%	$	899,286	0.24	%
Borrowings		97,742		2.21			140,711	2.26
Total interest-bearing liabilities	$	1,050,059		0.32	%	$	1,039,997	0.52	%
Total stockholders’ equity	$	127,160				$	124,344

⁽¹⁾ The interest rate described in the rate column is the weighted-average interest rate or yield/cost of all instruments, which are included in the balance of the respective line item.

ASSET QUALITY:

	As of		As of		As of		As of		As of
	09/30/21		06/30/21		03/31/21		12/31/20		09/30/20
Loans on non-accrual status (excluding restructured loans):
Mortgage loans:
Single-family	$	739	$	882	$	896	$	2,062	$	2,084
Multi-family		775		781		786		—		—
Total		1,514		1,663		1,682		2,062		2,084
Accruing loans past due 90 days or more:		—		—		—		—		—
Total		—		—		—		—		—
Restructured loans on non-accrual status:
Mortgage loans:
Single-family		5,102		6,983		8,077		8,208		2,421
Commercial business loans		—		—		—		—		27
Total		5,102		6,983		8,077		8,208		2,448
Total non-performing loans (1)		6,616		8,646		9,759		10,270		4,532
Real estate owned, net		—		—		—		—		—
Total non-performing assets	$	6,616	$	8,646	$	9,759	$	10,270	$	4,532

⁽¹⁾ The non-performing loans balances are net of individually evaluated or collectively evaluated allowances, specifically attached to the individual loans and include fair value adjustments.

 Page 14 of 14