Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
The common stock of Provident Financial Holdings, Inc. is listed on the NASDAQ Global Select Market under the symbol PROV. At June 30, 2020, there were 7,436,315 shares of common stock issued and
outstanding held by 422 shareholders of record, and there were approximately 1,707 persons or entities that hold stock in nominee or “street name” accounts with brokers.
The Corporation’s cash dividend payout policy is reviewed regularly by management and the Board of Directors. The Board of directors has declared quarterly cash dividends on the Corporation’s
common stock for consecutive quarters since September 30, 2002. On July 30, 2020, the Corporation declared a quarterly cash dividend of $0.14 per share. The Corporation’s shareholders of record at the close of business on August 20, 2020 will
receive the cash dividend, which is payable on September 10, 2020. Future declarations or payments of dividends will be subject to the consideration of the Corporation’s Board of Directors, which will take into account the Corporation’s financial
condition, results of operations, tax considerations, capital requirements, industry standards, legal restrictions, economic conditions and other factors, including the regulatory restrictions which affect the payment of dividends by the Bank to the
Corporation. Under Delaware law, dividends may be paid either out of surplus or, if there is no surplus, out of net profits for the current fiscal year and/or the preceding fiscal year in which the dividend is declared.
The Corporation repurchases its common stock consistent with Board-approved stock repurchase plans. During the quarter ended June 30, 2020, the Corporation did not purchase any shares of the
Corporation’s common stock. For the fiscal year ended June 30, 2020, the Corporation purchased 66,041 shares of the Corporation’s common stock at an average cost of $19.43 per share. As of June 30, 2020, no shares have been repurchased under the
April 2020 stock repurchase plan, leaving all 371,815 shares available for future purchases.
During the quarter ended June 30, 2020, the Corporation did not issue any shares of common stock from the exercise of certain stock options and no shares of restricted common stock vested. For the
fiscal year ended June 30, 2020, the Corporation issued 16,250 shares of common stock consistent with the exercise of certain stock options and no shares of restricted common stock vested. During the quarter and fiscal year ended June 30, 2020, the
Corporation did not sell any securities that were not registered under the Securities Act of 1933.
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The table below sets forth information regarding the Corporation’s purchases of its common stock during the fourth quarter of fiscal 2020.
Period
(a) Total Number of
Shares Purchased
(b) Average Price
Paid per Share
(c) Total Number of
Shares Purchased as
Part of Publicly
Announced Plan
(d) Maximum
Number of Shares
that May Yet Be
Purchased Under
the Plan (1)
April 1, 2020 – April 30, 2020
—
$
—
—
371,815
May 1, 2020 – May 31, 2020
—
$
—
—
371,815
June 1, 2020 – June 30, 2020
—
$
—
—
371,815
Total
—
$
—
—
371,815
(1)
Represents the remaining shares available for future purchases under the April 2020 stock repurchase plan.
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Performance Graph
The following graph compares the cumulative total shareholder return on the Corporation’s common stock with the cumulative total return of the Nasdaq Stock Index (U.S. Stock) and Nasdaq Bank
Index. Total return assumes the reinvestment of all dividends.
6/30/2015
6/30/2016
6/30/2017
6/30/2018
6/30/2019
6/30/2020
PROV
$
100.00
$
112.41
$
121.53
$
124.14
$
140.68
$
92.67
NASDAQ Stock Index
$
100.00
$
102.33
$
121.37
$
139.39
$
151.92
$
162.49
NASDAQ Bank Index
$
100.00
$
88.29
$
129.42
$
143.50
$
142.81
$
110.36
(1) Assumes that the value of the investment in the Corporation’s common stock and each index was $100 on June 30, 2015 and that all
dividends were reinvested.
For additional information, see Part III, Item 12 of this Form 10-K for information regarding the Corporation’s Equity Compensation Plans, which is incorporated into this Item 5 by reference.
Item 6. Selected Financial Data
The information contained under the heading “Financial Highlights” in the Corporation’s Annual Report to Shareholders is included as Exhibit 13 to this Form 10-K and is incorporated herein by
reference. This information is qualified in its entirety by the detailed information included elsewhere herein and should be read along with Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Item 8.
“Financial Statements and Supplementary Data” included in this Form 10-K.
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