Provident Financial Holdings Inc (PROV) 2026 Q4 法說會逐字稿

Hello and thank you for standing by. My name is Lacey and I will be your conference operator today. At this time, I would like to welcome everyone to the Provident Financial Holdings fourth quarter and fiscal 2026 earnings call.(Operator Instructions)

您好，感謝您耐心等候。我叫 Lacey，今天將擔任您本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 Provident Financial Holdings 2026 會計年度第四季暨全年財報電話會議。（接線員說明）

Thank you. I would now like to turn the call over to Donavon Ternes. Please go ahead.

謝謝。接下來我想把電話交給 Donavon Ternes。請開始。

Thank you, Lacey. Good morning.

謝謝你，Lacey。各位早安。

This is Donavon Ternes, President and CEO of Provident Financial Holdings. And on the call with me is Peter Fan, our Senior Vice President and Chief Financial Officer.

我是 Provident Financial Holdings 的總裁兼執行長 Donavon Ternes。與我一同參與電話會議的還有我們的資深副總裁兼財務長 Peter Fan。

Before we begin, I have a brief administrative item to address. Our presentation today discusses the company's business outlook and will include forward-looking statements. Those statements include descriptions of management's plans, objectives or goals for future operations, products or services, forecasts of financial or other performance measures and statements about the company's general outlook for interest rates, economic and business conditions. We also may make forward-looking statements during the question-and-answer period following management's presentation.

在開始之前，我先說明一項簡短的行政事項。我們今天的簡報將討論公司業務展望，並包含前瞻性陳述。這些陳述包括對管理階層未來營運、產品或服務之計畫、目標或宗旨的描述，對財務或其他績效衡量指標的預測，以及關於公司對利率、經濟與商業情勢之整體展望的陳述。在管理階層簡報後的問答時段，我們也可能會提出前瞻性陳述。

These forward-looking statements are subject to a number of risks and uncertainties, and actual results may differ materially from those discussed today. Information on the risk factors that could cause actual results to differ from any forward-looking statement is available from the earnings release that was distributed yesterday from the annual report on Form 10-K for the year ended June 30, 2025, and from the Form 10-Qs and other SEC filings that are filed subsequent to the Form 10-K.

這些前瞻性陳述受到多項風險與不確定性影響，實際結果可能與我們今天討論的內容有重大差異。可能導致實際結果與任何前瞻性陳述不同的風險因素資訊，可參閱我們昨日發布的財報新聞稿、截至 2025 年 6 月 30 日止年度的 Form 10-K 年報，以及在該 Form 10-K 之後提交的 Form 10-Q 與其他向 SEC 申報的文件。

Forward-looking statements are effective only as of the date that they are made, and the company assumes no obligation to update this information. To begin with, thank you for participating in our call. I hope that each of you has had an opportunity to review our earnings release that we distributed yesterday, which describes our fourth quarter and fiscal 2026 results. In the most recent quarter, loan originations increased while loan prepayments declined, resulting in a modest loan growth of approximately $3 million, primarily in our portfolio of single-family loans.

前瞻性陳述僅在其作成之日有效，公司不承擔更新此等資訊之義務。首先，感謝各位參與本次電話會議。希望各位都有機會閱讀我們昨日發布的財報新聞稿，其中說明了我們第四季及 2026 會計年度的業績。在最近一季，貸款承作量增加而貸款提前償還下降，使貸款餘額小幅成長約 300 萬美元，主要來自我們的單戶住宅貸款組合。

We originated $46.4 million of loans held for investment, a 5% increase from the $44.2 million originated in the prior sequential quarter. Loan principal payments and payoffs declined to $43.5 million, a decrease of 16% from the $52.1 million in the March 2026 quarter.We have seen loan prepayment activity decline in the current interest rate environment as refinancing opportunities are less attractive. We continue to make adjustments to our underwriting requirements within certain loan segments to support disciplined, sustainable growth and origination volume.Despite the volatility in the market, our loan pipeline has remained stable, suggesting our loan origination volume in the September 2026 quarter will remain at the upper end of the range of recent quarters which has been between $29 million and $46 million. We would also expect to see continued moderation in prepayment activity.

我們承作了 4,640 萬美元的投資持有貸款，較前一個連續季度承作的 4,420 萬美元增加 5%。貸款本金償還與清償金額降至 4,350 萬美元，較 2026 年 3 月季度的 5,210 萬美元下降 16%。在目前利率環境下，由於再融資機會吸引力降低，我們看到貸款提前償還活動有所下降。我們持續在特定貸款區隔調整承作（核貸）要求，以支持審慎且可持續的成長與承作量。儘管市場波動，我們的貸款管線仍維持穩定，顯示 2026 年 9 月季度的貸款承作量將維持在近期季度區間（2,900 萬至 4,600 萬美元）的上緣。我們也預期提前償還活動將持續趨緩。

Our credit quality remains strong. You will note that nonperforming assets were just $505,000 or 4 basis points of total assets at June 30, 2026, a decrease from $978,000 at March 31, 2026.

我們的資產品質仍然強勁。各位會注意到，截至 2026 年 6 月 30 日，不良資產僅 50.5 萬美元，或占總資產 4 個基點，較 2026 年 3 月 31 日的 97.8 萬美元下降。

Additionally, there were no loans in the early stages of delinquency at June 30, 2026, indicating no emerging credit issues. We continue to closely monitor commercial real estate loans, particularly loans secured by office buildings, but we believe based on our borrower profiles and collateral characteristics that these loans will continue to perform in accordance with their terms. We have outlined these characteristics on Slide 13 of our quarterly investor presentation, which shows that our exposure to loans secured by various types of office buildings is limited to $33.3 million or 3.2% of loans held for investment. You should also note that we have just 4 CRE loans that totaled $818,000 maturing in fiscal 2027.

此外，截至 2026 年 6 月 30 日，沒有任何處於早期逾期階段的貸款，顯示並無新出現的信用問題。我們持續密切監控商用不動產（CRE）貸款，特別是以辦公大樓作為擔保的貸款；但根據借款人概況與擔保品特性，我們相信這些貸款將持續依其條款正常履約。我們已在季度投資人簡報第 13 頁列示這些特性，顯示我們對以各類型辦公大樓作擔保之貸款曝險有限，金額為 3,330 萬美元，或占投資持有貸款的 3.2%。各位也應注意，我們僅有 4 筆 CRE 貸款將於 2027 會計年度到期，合計 81.8 萬美元。

We recorded a $95,000 recovery of credit losses in the June 2026 quarter. The recovery recorded in the fourth quarter of fiscal 2026 was primarily attributable to a decrease in the expected life of the loan portfolio resulting from loans repricing higher during the quarter, resulting in a larger incentive for the borrower to prepay. The allowance for credit losses to gross loans held for investment was 57 basis points at June 30, 2026, a slight decrease from 58 basis points at March 31, 2026. Compared to the sequential quarter ended March 31, 2026, our net interest margin increased 8 basis points to 3.21% for the quarter ended June 30, 2026, comprised of a 7 basis point increase to the yield on interest-earning assets and a 4 basis point decrease in the cost of total interest-bearing liabilities.

我們在 2026 年 6 月季度認列 9.5 萬美元的信用損失回收。2026 會計年度第四季所認列的回收，主要歸因於本季貸款重新定價上調，使借款人提前清償誘因增加，進而降低了對貸款組合預期存續期間的估計。截至 2026 年 6 月 30 日，信用損失備抵占投資持有貸款總額為 57 個基點，較 2026 年 3 月 31 日的 58 個基點略降。與截至 2026 年 3 月 31 日的上一連續季度相比，截至 2026 年 6 月 30 日止季度的淨利差增加 8 個基點至 3.21%，其中包括生息資產收益率上升 7 個基點，以及整體計息負債成本下降 4 個基點。

For the quarter ended June 30, 2026, our cost of borrowings decreased 7 basis points to 4.04%, while our average cost of deposits increased 3 basis points to 1.36%. The net deferred loan cost amortization associated with loan payoffs in the June 2026 quarter compared to the average of the previous 5 quarters positively impacted the net interest margin by approximately 3 basis points in contrast to a negative impact of 7 basis points in the March 2026 quarter.

截至 2026 年 6 月 30 日止季度，我們的借款成本下降 7 個基點至 4.04%，而存款平均成本上升 3 個基點至 1.36%。與前 5 個季度平均相比，2026 年 6 月季度因貸款清償所產生之遞延貸款成本淨攤銷，對淨利差約有 3 個基點的正面影響；相較之下，2026 年 3 月季度為 7 個基點的負面影響。

New loan production is being originated at higher mortgage interest rates than the weighted-average rate of the existing loan portfolio. The weighted-average rate of loans originated in the June 2026 quarter was 6.03%, compared to the weighted average rate of 5.31% for loans held for investment as of June 30, 2026.

新承作貸款的利率高於現有貸款組合的加權平均利率。2026 年 6 月季度承作貸款的加權平均利率為 6.03%，相較於截至 2026 年 6 月 30 日投資持有貸款的加權平均利率 5.31%。

In the September 2026 quarter, our adjustable rate loans are repricing at interest rates that are higher than their current interest rates. We have approximately $133 million of loans repricing in the September 2026 quarter to an interest rate that we forecast will be 79 basis points higher to a weighted-average interest rate of 7.10% from the current interest rate of 6.31%.I would note that the opportunity to reprice maturing wholesale funding downward is largely behind us in the current interest rate environment. We have approximately $81.7 million of Federal Home Loan Bank advances, brokered certificates of deposits and government certificates of deposit maturing in the September 2026 quarter at a weighted-average interest rate of 4.05%. Given the current interest rate environment, we expect to reprice these maturities at comparable cost of funds perhaps somewhat higher. All of this suggests that any net interest margin expansion in the September 2026 quarter will likely be driven by higher loan yields.Our FTE count at June 30, 2026, was 158 compared to 163 1 year ago. We continue to look for operating efficiencies throughout the company to lower operating expenses. Operating expenses were $7.7 million in the June 2026 quarter, a slight increase from $7.6 million in the March 2026 quarter. Our short-term strategy focuses on disciplined balance sheet growth by expanding our loan portfolio.

在 2026 年 9 月季度，我們的浮動利率貸款將以高於目前利率的水準重新定價。我們約有 1.33 億美元的貸款將於 2026 年 9 月季度重新定價至我們預估高出 79 個基點的利率，使加權平均利率由目前的 6.31% 上升至 7.10%。I我也要指出，在目前利率環境下，將到期的批發資金以下調利率重新定價的機會大致已經過去。我們約有 8,170 萬美元的聯邦住房貸款銀行（FHLB）預付款、經紀存單以及政府存單將於 2026 年 9 月季度到期，其加權平均利率為 4.05%。鑑於目前利率環境，我們預期這些到期資金將以相近的資金成本重新定價，可能略高一些。上述情況顯示，2026 年 9 月季度若有任何淨利差擴張，可能主要由較高的貸款收益率所帶動。我們截至 2026 年 6 月 30 日的全職當量（FTE）人數為 158 人，較一年前的 163 人下降。我們持續在全公司尋求營運效率，以降低營運費用。2026 年 6 月季度營運費用為 770 萬美元，較 2026 年 3 月季度的 760 萬美元略增。我們的短期策略著重於透過擴大貸款組合來推動審慎的資產負債表成長。

We believe this approach is well suited to the current economic environment and the normalized yield curve. During the June 2026 quarter, we were somewhat successful in the execution of this strategy with higher loan originated -- origination volume and more moderate level of loan prepayments.

我們認為此方法非常適合當前的經濟環境以及常態化的殖利率曲線。在2026年6月季度，我們在執行此策略方面取得了一定成效，貸款發放量（起貸量）提高，且貸款提前償還水準較為溫和。

As a result, the composition of our interest-earning assets and interest-bearing liabilities remain consistent with the prior quarter. We exceed well-capitalized capital ratios by a significant margin, providing flexibility to execute on our business plan and capital management goals without complications.

因此，我們的生息資產與計息負債的組成與上一季度保持一致。我們的資本比率大幅高於「資本充足」門檻，這使我們能夠在不受掣肘的情況下，靈活推進業務計畫與資本管理目標。

We believe that maintaining our cash dividend is very important. We also recognize that prudent capital returns to shareholders through stock buyback programs is a responsible and effective capital management tool. During the June 2026 quarter, we repurchased approximately 90,000 shares at a total cost of $1.5 billion (sic - "$1.5 million"), combined with approximately $874,000 of cash dividends paid to our shareholders. Total capital return to shareholders represented approximately 110% of the June quarter's net income.

我們認為維持現金股利非常重要。我們也認知到，透過股票回購計畫向股東進行審慎的資本回饋，是一項負責且有效的資本管理工具。在2026年6月季度，我們回購約90,000股，總成本為15億美元（原文誤植—「150萬美元」），並向股東支付約874,000美元的現金股利。對股東的資本回饋總額約相當於6月季度淨利的110%。

We encourage everyone to review our June 30 investor presentation that has been posted on our website. You will find that we included slides regarding financial metrics, asset quality and capital management, which we believe will provide additional insight on our solid financial foundation supporting the future growth of the company.

我們鼓勵各位查閱我們已發布於官網的6月30日投資人簡報。您將看到我們納入了關於財務指標、資產品質與資本管理的投影片；我們相信這將有助於進一步了解公司穩健的財務基礎如何支撐未來成長。

We will now entertain any questions that you may have regarding our financial results. Lacey?

接下來我們將回答各位對本次財務結果的任何提問。Lacey？

(Event Instructions) Matthew Clark with Piper Sandler. You may go ahead.

(活動說明) Piper Sandler 的 Matthew Clark。您可以開始。

Hey, good morning, everyone. This is Nick Branton on for Matthew. Thanks for taking my questions today.

各位早安。我是 Nick Branton，代替 Matthew 發言。感謝今天讓我提問。

Of course.

當然。

Maybe just starting on deposit costs, can you kind of just provide some more color on the trends you see and kind of where you see the total cost of deposits heading over the next couple of quarters?

先從存款成本開始，能否請您多分享一些您看到的趨勢，以及未來幾個季度您認為存款總成本將如何走向？

Well, I think the trend is pretty much what you've heard from peers. It is a very competitive deposit landscape.

我認為趨勢大致與同業所說的一樣。存款市場競爭非常激烈。

And as a result of that competitive pressure, there are many institutions that are offering specials with respect to their money market accounts, with respect to their certificates of deposit, and that, coupled with a pause by the Fed with respect to lowering of interest rates suggests that deposit costs have probably reached their low this cycle unless the Fed were to reverse course. And as a result of that, we would expect deposit costs and perhaps other wholesale funding to stabilize or slightly increase from these levels.

在這種競爭壓力下，許多機構針對貨幣市場帳戶與定期存款提供促銷方案；再加上聯準會暫停降息，這意味著除非聯準會轉向，否則本輪循環的存款成本可能已觸底。因此，我們預期存款成本以及可能的其他批發資金成本，將在目前水準附近持穩或小幅上升。

And as that works through our balance sheet and our liabilities, we would expect our deposit costs and perhaps our wholesale funding to go up a bit, although to forecast that specifically is pretty difficult. As I described, we have, I think it was $81.7 million of wholesale funding that is coming up for repricing in the September quarter. And the weighted-average cost of that wholesale funding coming up for repricing is 4.05%. And we don't see an ability to meaningfully reprice that wholesale funding at lower rates.

隨著這些因素逐步反映在我們的資產負債表與負債端，我們預期存款成本以及可能的批發資金成本會略有上升，但要精準預測相當困難。如我所述，我們有（我記得是）8,170萬美元的批發資金將在9月季度重新定價。該批發資金即將重新定價部分的加權平均成本為4.05%。我們看不到能以更低利率大幅重新定價該批發資金的可能性。

In fact, it will probably reprice up by a bit given the current economic environment.

事實上，考量目前的經濟環境，它很可能會小幅上調重新定價。

Got it. That's helpful. And then maybe switching to loan yields, saw a nice uptick there this quarter. Can you kind of similarly kind of walk through the main drivers there for the quarter and kind of see -- kind of let us know where you see the yields trending over the next couple of quarters as well?

了解。這很有幫助。接著談貸款收益率，本季看到不錯的上升。能否也請您說明本季的主要驅動因素，並談談未來幾個季度您預期收益率的趨勢？

Sure. So as we described in the prepared remarks, we have approximately $133 million of loans repricing in the September 2026 quarter. Many of those loans are repricing for the first time, which suggests that they were probably originated in the September 2021 quarter since many of our loans are 5/1 hybrids. And because they were originated perhaps 5 years ago, they were originated at much lower yields.

當然。如我們在事先準備的發言中所述，我們約有1.33億美元的貸款將在2026年9月季度重新定價。其中許多貸款是首次重新定價，這表示它們可能是在2021年9月季度發放，因為我們許多貸款是5/1混合型。由於它們可能是在約5年前發放，當時的收益率要低得多。

And so we described that our expectation for that $133 million is going to reprice upward by approximately 79 basis points to 7.10% in the September quarter. Additionally, any new loan production coming on is coming on at higher interest rates than the existing portfolio weighted average interest rate.So we would expect loan yields to continue to rise in the September quarter, essentially becoming a tailwind to net interest margin. Now the one caveat with respect to that and that can swing loan yields dramatically from one period to the next is what the payoff activity looks like and what that may mean for the accelerated net deferred loan cost amortization. And that can best be illustrated, I suppose, by comparing the March 2026 quarter when we had approximately $650,000 of accelerated net deferred loan cost amortization in contrast to approximately $400,000 in the June quarter. And that difference was probably about a 10 basis point swing in our loan yields just by virtue of that activity.

因此，我們提到對於這1.33億美元，我們預期其在9月季度將上調約79個基點，至7.10%。此外，任何新增放款的利率都高於現有投資組合的加權平均利率。因此，我們預期貸款收益率在9月季度將持續上升，基本上會成為淨利差的順風。不過有一點需要注意，可能使貸款收益率在各期之間大幅波動：即提前清償活動的情況，以及這對遞延貸款成本加速攤銷（淨額）的影響。最好的例子是比較2026年3月季度，我們約有650,000美元的遞延貸款成本加速攤銷（淨額），而6月季度約為400,000美元。僅因這項活動差異，就可能使我們的貸款收益率出現約10個基點的波動。

So we think it is a favorable tailwind with respect to loan yields. And we think overall, as a result of that, we still have some wind at our back with respect to what we believe net interest margin may do in the coming quarter, but probably at a slower pace than what we've realized over the past few quarters

因此，我們認為貸款收益率方面存在有利的順風。整體而言，基於此，我們仍認為未來一季淨利差可能仍有一些助力，但增速可能會比過去幾季我們所實現的更為放緩

Great. That's everything for me. Thank you.

很好。我這邊就這些。謝謝。

Mr. Ternes, there are no more questions.

Ternes 先生，沒有其他問題了。

Very good. I appreciate everybody's participation in the call today and we look forward to speaking with you next quarter. Thank you.

很好。感謝各位今天參與本次電話會議，我們期待在下個季度再與各位交流。謝謝。

Ladies and gentlemen, this concludes today's conference call. You may disconnect.

各位女士、先生，今天的電話會議到此結束。您可以掛線。