Teleconferência de Resultados do 1º Trimestre Fiscal de 2027 da Provident Financial Holdings (PROV): NIM Sobe, Crédito Estável

Destaques Principais

• A Provident Financial Holdings registrou um crescimento de empréstimos de aproximadamente US$ 4 milhões no 1º trimestre fiscal de 2027, impulsionado principalmente por empréstimos unifamiliares.
• As originações de empréstimos somaram US$ 45,4 milhões, em comparação com US$ 46,4 milhões no trimestre anterior. Os pagamentos de principal e liquidações antecipadas caíram 6% na comparação trimestral, para US$ 40,8 milhões.
• A margem financeira líquida subiu 11 pontos-base na comparação trimestral, para 3,32%. Um dividendo em dinheiro especial do Federal Home Loan Bank contribuiu com aproximadamente 10 pontos-base; excluindo esse benefício, a administração estimou a margem em cerca de 3,22%.
• A qualidade do crédito permaneceu estável. Os ativos inadimplentes foram de US$ 504.000, ou 4 pontos-base dos ativos totais, e não houve empréstimos em estágios iniciais de atraso.
• A administração espera que as originações de empréstimos no trimestre encerrado em dezembro de 2026 permaneçam dentro da faixa trimestral recente de US$ 29 milhões a US$ 46 milhões, enquanto a atividade de liquidação de empréstimos deve se moderar ainda mais.
• A empresa aprovou um novo programa de recompra de ações de 5% em 22 de outubro de 2026. As recompras e dividendos em dinheiro no 1º trimestre fiscal somaram aproximadamente US$ 2,48 milhões, o equivalente a cerca de 158% do lucro líquido trimestral.

Principais Dados Financeiros

Desempenho Operacional e dos Negócios

A produção de novos empréstimos continuou a sustentar os rendimentos dos ativos. Os empréstimos originados no trimestre encerrado em setembro de 2026 tiveram uma taxa média ponderada de 6,19%, em comparação com 5,43% da carteira mantida para investimento no final do trimestre.

Menores incentivos para refinanciamento reduziram a atividade de pré-pagamento. A administração afirmou que a esteira de operações estável deve sustentar a continuidade do crescimento dos empréstimos, embora o período de festas de fim de ano tipicamente pese sobre os volumes de originação.

As métricas de crédito permaneceram favoráveis. Os empréstimos garantidos por edifícios de escritórios somaram US$ 33,3 milhões, representando 3,2% dos empréstimos mantidos para investimento. A administração afirmou que os perfis dos tomadores e as características das garantias sustentam a continuidade do desempenho. Apenas três empréstimos imobiliários comerciais, totalizando US$ 424.000, vencem durante o restante do ano fiscal de 2027.

A empresa recomprou aproximadamente 86.000 ações por US$ 1,6 milhão durante o trimestre e pagou aproximadamente US$ 880.000 em dividendos em dinheiro.

Orientação da Administração

A administração espera que as originações de empréstimos no trimestre encerrado em dezembro de 2026 permaneçam dentro da faixa trimestral recente de US$ 29 milhões a US$ 46 milhões. Espera-se que os volumes de liquidação de empréstimos caiam em relação aos níveis registrados nos trimestres encerrados em junho e setembro, o que pode apoiar um modesto crescimento do balanço patrimonial.

Espera-se que aproximadamente US$ 116 milhões em empréstimos de taxa ajustável tenham suas taxas repactuadas durante o trimestre encerrado em dezembro de 2026. A administração antecipa um aumento de cerca de 65 pontos-base, elevando a taxa média ponderada de 6,56% para 7,21%.

Ao mesmo tempo, US$ 104,9 milhões em adiantamentos do Federal Home Loan Bank, certificados de depósito intermediados e certificados de depósito governamentais vencerão com uma taxa média ponderada de 3,94%. A administração espera que essas fontes de captação sejam repactuadas a taxas um pouco mais altas.

Excluindo o benefício do dividendo especial do FHLB, a administração espera que a margem financeira líquida se expanda no trimestre de dezembro, mas em ritmo inferior ao aumento registrado no 1º trimestre fiscal.

Riscos e Pontos de Atenção

Taxas de juros de mercado mais altas estão prolongando a vida útil esperada da carteira de empréstimos ao reduzir o incentivo dos tomadores para efetuar pré-pagamentos. Esse foi o principal fator para a provisão para perdas com crédito de US$ 777.000 no trimestre.

Os custos de captação continuam sendo uma limitação. A administração afirmou que a oportunidade de repactuar o financiamento no atacado a vencer para taxas mais baixas ficou em grande parte para trás, enquanto os vencimentos do trimestre de dezembro devem ser ajustados a taxas mais elevadas.

O setor imobiliário comercial, especialmente os empréstimos garantidos por escritórios, permanece sob rigoroso monitoramento, apesar da exposição limitada da empresa e do desempenho atual estável.

Destaques da Sessão de Perguntas e Respostas dos Analistas

Sobre o crescimento dos empréstimos, a administração afirmou que os volumes menores de liquidação devem ajudar a compensar a fraqueza sazonal das originações durante o período de festas de fim de ano. A empresa ainda espera algum crescimento no trimestre encerrado em dezembro de 2026 e, potencialmente, no trimestre encerrado em março.

Sobre as tendências da margem, a administração destacou os benefícios do reajuste de taxas de empréstimos a taxas ajustáveis e de novas originações precificadas acima da média da carteira existente. Esses ganhos serão parcialmente compensados pelos custos mais altos do financiamento no atacado a vencer.

Quando questionada sobre a reestruturação da carteira de títulos mantidos até o vencimento, a administração disse ter considerado a opção, mas não indicou planos de prosseguir. A carteira está sendo liquidada naturalmente, com os fluxos de caixa sendo reinvestidos a taxas significativamente mais altas.

Transcrição Completa da Teleconferência de Resultados

Transcrição completa da teleconferência de resultados

Comentários da administração

Operator

Hello, everyone. Thank you for joining us, and welcome to the Provident Financial Holdings First Quarter of Fiscal 2027 Earnings Call. [Operator Instructions]

I will now hand the conference over to Donavon Ternes, President and CEO. Donavon, please go ahead.

Donavon Ternes

Thank you, Rebecca. Good morning. 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. 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. 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, 2026, and from other SEC filings that are filed subsequent to the Form 10-K. 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 fiscal -- or our first quarter of fiscal 2027 results. In the most recent quarter, we achieved modest loan growth of approximately $4 million, primarily in our portfolio of single-family loans. We originated $45.4 million of loans held for investment, a slight decrease from the $46.4 million originated in the prior sequential quarter. Loan principal payments and payoffs declined to $40.8 million, a decrease of 6% from the $43.5 million in the June 2026 quarter.

Loan prepayment activity declined in the current interest rate environment as refinancing opportunities are less favorable. We continue to make adjustments to our underwriting requirements within certain loan segments to support disciplined, sustainable growth in origination volume. Despite the volatility in the market, our loan pipeline has remained stable, suggesting that our loan origination volume in the December 2026 quarter will remain within the range of recent quarters which has been between $29 million and $46 million.

We would also expect to see continued moderation in loan prepayment activity. Our credit quality remains strong -- you will note that nonperforming assets were just $504,000 or 4 basis points of total assets at September 30, 2026, essentially unchanged from $505,000 at June 30, 2026.

Additionally, there were no loans in the early stages of delinquency at September 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 only 3 CRE loans that totaled $424,000 maturing in the remainder of fiscal 2027. We recorded a $777,000 provision for credit losses in the September 2026 quarter. The provision recorded in the first quarter of fiscal 2027 was primarily attributable to an increase in the expected life of the loan portfolio, resulting from higher market interest rates which reduces the incentive for borrowers to prepay. The allowance for credit losses to gross loans held for investment was 64 basis points at September 30, 2026, an increase of 7 basis points from 57 basis points at June 30, 2026. Compared to the sequential quarter ended June 30, 2026, our net interest margin increased 11 basis points to 3.32% for the quarter ended September 30, 2026, comprised of a 20 basis point increase in asset yields partially offset by a 9 basis point increase in funding costs.

For the quarter ended September 30, 2026, our average cost of deposits increased 11 basis points to 1.47%, while our cost of borrowings decreased 3 basis points to 4.01%. The September 2026 quarter net interest margin was augmented by approximately 10 basis points as the result of a Federal Home Loan Bank special cash dividend. The net deferred loan cost amortization associated with loan payoffs in the September 2026 quarter compared to the average of the previous 5 quarters, positively impacted the net interest margin by 1 basis point compared to a positive impact of 3 basis points in the June 2026 quarter.

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 September 2026 quarter was 6.19%, compared to the weighted average rate of 5.43% for loans held for investment as of September 30, 2026. In the December 2026 quarter, our adjustable rate loans are repricing at interest rates that are higher than their current interest rates. We have approximately $116 million of loans repricing to an interest rate that we anticipate will be approximately 65 basis points higher to a weighted average interest rate of 7.21% from the current interest rate of 6.56%.

I would note that the opportunity to reprice maturing wholesale funding downward is largely behind us. We have approximately $104.9 million of Federal Home Loan Bank advances, brokered certificates of deposit and government certificates of deposit maturing in the December 2026 quarter at a weighted average interest rate of 3.94%. Given the current interest rate environment, we expect to reprice these maturities somewhat higher. All of this suggests that any net interest margin expansion, adjusted for the Federal Home Loan Bank special cash dividend in the September 2026 quarter will be something less than recent prior quarters.

Our FTE count at September 30, 2026, was 160 compared to 164 1 year ago. We continue to look for operating efficiencies throughout the company to lower operating expenses. Operating expenses were $7.6 million in the September 2026 quarter, a slight decline from $7.7 million in the June 2026 quarter. Our short-term strategy focuses on disciplined balance sheet growth by expanding our loan portfolio. We believe this approach is well suited to the current economic environment and the normalized yield curve. During the September 2026 quarter, we made progress on the execution of this strategy, maintaining our loan origination volume while benefiting from a more moderate level of loan prepayments.

We exceed well-capitalized capital ratios by a significant margin, providing flexibility to execute on our business plan and capital management goals. 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. To that end, we approved a new 5% stock buyback plan on October 22, 2026. During the September 2026 quarter, we repurchased approximately 86,000 shares at a total cost of $1.6 million. Combined with approximately $880,000 of cash dividends paid to our shareholders, total capital returned to shareholders represented approximately 158% of the September quarter's net income.

We encourage everyone to review our September 30 investor presentation that has been posted to 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.

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

Operator

[Operator Instructions] Your first question comes from Adam Kroll with Piper Sandler.

Perguntas e respostas

Adam Kroll

I'm on for Matthew Clark. Maybe just starting out on loan growth, it looks like balances held pretty steady and some small origination volume during the quarter. But I guess I'd be curious to hear how pipelines are shaping up so far this quarter. And if you expect any potential change in prepayments with the drop in rates since the end of the quarter?

Donavon Ternes

Sure. So we started the quarter with pipelines relatively similar to where they were during much of the September quarter. We are entering, however, in the December quarter and the beginning of the March quarter. The holiday season which there is typically drops with respect to loan origination volume unless the country is in a refinance position where interest rates are such that refinance activity is elevated. That is not the case today. In fact, we would expect our loan payoff volume to decline from what we saw in the September and June quarters, for instance, as interest rates have risen to a point where it really is a small percentage of total mortgages outstanding that are in the money with respect to the ability to refinance at a lower rate.

So on that side, we think payoffs will come down. That will help growth. But additionally, we are entering the poor season, if you will, with respect to origination activity because we're entering the holiday season. Nonetheless, we do expect that we will be able to gin up some growth in the December quarter and perhaps in the March quarter.

Adam Kroll

Got it. I appreciate the color there. Maybe moving to the margin. Obviously, you have some nice tailwinds on the loan repricing side of things. But maybe if I could get an updated outlook or how you think the margin will perform and walk through sort of your deposit beta assumptions if we were to get a couple of more rate hikes.

Donavon Ternes

Of course. So if we think about where our back book of loans are, we described it in the prepared remarks, we're going to see a good bit of loans repricing in the December quarter, and they're repricing upward nicely to the tune of about 65 basis points. Additionally, with respect to new origination volume, we would expect to see new origination volume maybe coming in at 150 basis points higher than the existing loan portfolio or so, and that would also help net interest margin.

What we also described in the prepared remarks is that our maturing wholesale borrowings in the December quarter which are similar in balance to what is repricing on the loan side, they're going to reprice upward and I think they could reprice upward similarly to what the loans are repricing at. And so if I were to think about where our net interest margin on an adjusted basis, taking out approximately 10 basis points for the Federal Home Loan Bank special cash dividend, that puts us at about a 3.22% margin for the September quarter. We were at a 3.21% margin in the June quarter. So I would think that we will still expand our net interest margin in the December quarter, but it won't be what we saw with respect to 11 basis points from the June to September quarter if we take out that special cash dividend from the Federal Home Loan Bank.

So I think margin expands. I think it expands at a lower amount than what we saw this quarter.

Adam Kroll

Got it. And then last 1 for me. Just given the really strong capital levels you have today, has there been any consideration or thoughts into just restructuring the HTM portfolio?

Donavon Ternes

We have given it some thought. I don't know that, that's something that we're going to take on at this point. We like the strong capital ratios that we have, and that book of business with respect to investment securities is burning off quite nicely, and that cash flow is being reinvested at significantly higher rates. And so I think we'll let it take its normal course as we go down the time line.

Operator

There are currently no further questions at this time. I will now turn the call back to Mr. Ternes for closing remarks.

Donavon Ternes

Thank you, Rebecca, and thank you, everyone, for attending our earnings call this quarter, and I look forward to speaking with you at the end of next quarter. Have a good day.

Operator

This concludes today's call. Thank you for attending. You may now disconnect.