普罗维登斯金融控股 (PROV) 2027财年第一季度业绩电话会议：净息差上升，信贷保持稳定

核心要点

• Provident Financial Holdings在2027财年第一季度录得约400万美元的贷款增长，主要来自单户住宅贷款。
• 新增贷款发放总额为4540万美元，上季度为4640万美元。本金偿还与提前还款额环比下降6%至4080万美元。
• 净息差环比上升11个基点至3.32%。联邦住房贷款银行（FHLB）特别现金股息贡献了约10个基点；剔除该收益后，管理层估计净息差约为3.22%。
• 信贷质量保持稳定。不良资产为50.4万美元，占总资产的4个基点，且无处于早期逾期状态的贷款。
• 管理层预计，截至2026年12月止季度的贷款发放额将保持在近期2900万至4600万美元的季度区间内，同时贷款提前还款活动预计将进一步放缓。
• 该公司于2026年10月22日批准了一项新的5%股票回购计划。2027财年第一季度的股票回购和现金股息总计约248万美元，约占季度净利润的158%。

关键财务数据

业务与经营业绩

新发放贷款继续支撑资产收益率。截至2026年9月止季度内发放的新增贷款加权平均利率为6.19%，而季度末持有以备投资的贷款组合加权平均利率为5.43%。

再融资动机减弱使提前还款活动有所减少。管理层表示，稳定的待放款储备应能支持贷款持续增长，尽管假期季节通常会对贷款发放量造成拖累。

信贷指标保持良好。写字楼抵押贷款总额为3330万美元，占持有以备投资贷款的3.2%。管理层表示，借款人状况和抵押品特征支持其持续良好表现。在2027财年剩余时间内，仅有三笔总计42.4万美元的商业地产贷款到期。

该公司在该季度内以160万美元的价格回购了约8.6万股股票，并支付了约88万美元的现金股息。

管理层业绩指引

管理层预计截至2026年12月止季度的贷款发放额将保持在近期2900万至4600万美元的季度区间内。预计贷款提前还款量将低于6月和9月止季度的水平，这有望支持资产负债表实现适度增长。

预计约有1.16亿美元的浮动利率贷款将在截至2026年12月止季度内重新定价。管理层预计利率将上升约65个基点，使加权平均利率从6.56%升至7.21%。

与此同时，1.049亿美元的联邦住房贷款银行预付款、经纪商大额存单和政府大额存单将到期，其加权平均利率为3.94%。管理层预计这些资金来源在重新定价后利率将略有上升。

在剔除FHLB特别股息收益后，管理层预计截至12月止季度的净息差将继续扩大，但增幅将小于第一财季报告的水平。

风险与关注领域

较高的市场利率降低了借款人提前还款的意愿，从而延长了贷款组合的预计存续期。这是该季度录得77.7万美元信贷损失拨备的主要驱动因素。

资金成本仍是一个制约因素。管理层表示，对到期的批发性资金进行下调重定价的机会大体已成为过去，而12月止季度到期的资金预计将以更高利率重置。

尽管公司的风险敞口有限且当前表现稳定，但商业地产（特别是写字楼抵押贷款）仍受到密切监控。

分析师问答环节要点

关于贷款增长，管理层表示，还款量的减少应有助于抵消假日期间季节性偏软的贷款发放。公司仍预计截至2026年12月止季度以及可能在3月止季度实现一定增长。

关于净息差趋势，管理层强调了浮动利率贷款重定价以及高于现有组合平均水平的新发放贷款带来的收益。这些收益将被到期批发性资金的高成本部分抵消。

在被问及重组持有至到期证券组合的问题时，管理层表示曾考虑过该选项，但并未表明有推行的计划。该证券组合正在自然到期减持，现金流正以明显更高的利率重新投资。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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.