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Provident Financial Holdings Reports Q4 Losses

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Jul 28, 2008 12:06 pm US/Pacific

Provident Financial Holdings Reports Q4 Losses

RIVERSIDE (CBS) ― The largest financial institution based in Riverside County Monday reported a net fourth-quarter loss of $1.14 million -- 19 cents per share -- for the fiscal year that ended June 30.

Provident Financial Holdings Inc.officials attributed the losses was "partly offset by an increase in net interest income and a decrease in compensation expense."

For the same quarter a year ago, Provident -- the holding company for
Provident Savings Bank -- recorded a net income of $1.83 million, or 28 cents per share.

"The loss in the quarter ended June 30, 2008, was primarily attributable to an increase in the provision for loan losses and a decrease in non-interest income ...," the company reported in an earnings statement.

Net interest income before provisions for loan losses increased $1.94
million to $11.78 million, up 20 percent from the $9.84 million for the same period a year earlier.

(© 2008 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)

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