Provident Financial Holdings (PROV) Announces Downward Revision to Q4, FY16 Earnings

September 13, 2016 6:19 AM EDT
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Provident Financial Holdings, Inc. (Nasdaq: PROV) announced that it has revised its fourth quarter and fiscal 2016 net income.

For the quarter ended June 30, 2016, the Company reported revised net income of $2.56 million, or $0.31 per diluted share, down from the net income of $2.80 million, or $0.34 per diluted share previously disclosed in its earnings release dated July 26, 2016. The downward revision was the result of an increase in other operating expenses of approximately $414,000 arising from additional loan origination costs that we determined were not properly credited to certain clients who financed their homes with the Company.

For the fiscal year ended June 30, 2016, as a result of this adjustment, net income was revised downward to $7.47 million from the previously reported $7.71 million and diluted earnings per share was revised to $0.88 from the previously reported $0.90 per share.

Other immaterial changes were made to the previously disclosed unaudited financial statements and management discussion denoted in the July 26, 2016 earnings release. We encourage all interested parties to refer to our audited financial statements and management discussion filed on Form 10-K with the Securities and Exchange Commission on September 12, 2016 for the fiscal year ended June 30, 2016.

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