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, 2021, there were 7,436,315 shares of common stock issued and outstanding held by 436 shareholders of record, and there were approximately 1,746 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
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since September 30, 2002. On July 22, 2021, the Corporation declared a quarterly cash dividend of $0.14 per share with a record date on August 12, 2021 and the dividend was paid on September 2, 2021. 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, 2021, the Corporation purchased 81,828 shares of the Corporation’s common stock with an average cost of $16.96 per share, including 31,553 shares with an average cost of $17.40 per share of distributed restricted stock in settlement of employees’s withholding tax obligations. For the fiscal year ended June 30, 2021, the Corporation purchased 139,596 shares of the Corporation’s common stock at an average cost of $16.73 per share, including 34,614 shares with an average cost of $16.92 per share of distributed restricted stock in settlement of employees’s withholding tax obligations. As of June 30, 2021, 104,982 shares with an average cost of $16.67 per share have been repurchased under the April 2020 stock repurchase plan, leaving 266,833 shares available for future purchases.
During the quarter ended June 30, 2021, the Corporation issued 3,000 shares of common stock from the exercise of certain stock options and 103,750 shares of restricted common stock vested. For the fiscal year ended June 30, 2021, the Corporation issued 132,000 shares of common stock consistent with the exercise of certain stock options and 112,750 shares of restricted common stock vested. During the quarter and fiscal year ended June 30, 2021, the Corporation did not sell any securities that were not registered under the Securities Act of 1933.
The table below sets forth information regarding the Corporation’s purchases of its common stock during the fourth quarter of fiscal 2021.
(d) Maximum
(c) Total Number of
Number of Shares
Shares Purchased as
that May Yet Be
(a) Total Number of
(b) Average Price
Part of Publicly
Purchased Under
Period
Shares Purchased
Paid per Share
Announced Plan
the Plan (1)
April 1, 2021 – April 30, 2021
5,581
$
16.23
5,581
311,527
May 1, 2021 – May 31, 2021
35,254
$
16.47
35,254
276,273
June 1, 2021 – June 30, 2021
40,993
$
17.48
9,440
266,833
Total
81,828
$
16.96
50,275
266,833
(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.
COMPARISON OF CUMULATIVE TOTAL RETURNS (1)
6/30/2016
6/30/2017
6/30/2018
6/30/2019
6/30/2020
6/30/2021
PROV
$
100.00
$
108.12
$
110.44
$
125.15
$
82.44
$
110.32
NASDAQ Stock Index
$
100.00
$
118.61
$
136.21
$
148.46
$
158.79
$
229.40
NASDAQ Bank Index
$
100.00
$
146.59
$
162.54
$
161.76
$
125.00
$
216.08
(1) Assumes that the value of the investment in the Corporation’s common stock and each index was $100 on June 30, 2016 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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