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, 2022, there were 7,285,184 shares of common stock issued and outstanding held by 429 shareholders of record, and there were approximately 1,813 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 28, 2022, the Corporation declared a quarterly cash dividend of $0.14 per share with a record date August 18, 2022 and the dividend is payable on September 8, 2022. 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, 2022, the Corporation purchased 35,488 shares of the Corporation’s common stock with an average cost
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of $15.90 per share pursuant to its April 2020 stock repurchase that expired on April 27, 2022. For the fiscal year ended June 30, 2022, the Corporation purchased 257,285 shares of the Corporation’s common stock at an average cost of $16.73 per share pursuant to its April 2020 stock repurchase plan. The Board of Directors approved a new stock repurchase plan on April 28, 2022 which authorized 364,259 shares for repurchase, all of which remain available for purchase at June 30, 2022. The repurchase plan terminates on April 28, 2023, unless completed sooner. The timing, volume and price of purchases are made at our discretion, and are contingent upon our overall financial condition, as well as general market and other conditions. The stock repurchase program does not obligate the Corporation to acquire any specific number of shares in any period, and may be expanded, extended, modified or discontinued at any time.
During the quarter ended June 30, 2022, there were no stock options exercised and no restricted common stock vested, while 2,000 shares of restricted stock were forfeited. For the fiscal year ended June 30, 2022, there were no stock options exercised, while 1,000 shares of restricted common stock were awarded and vested and 6,500 shares of restricted stock were forfeited. During the quarter and fiscal year ended June 30, 2022, 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 2022.
(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, 2022 – April 30, 2022
35,488
$
15.90
35,488
364,259
May 1, 2022 – May 31, 2022
—
$
—
—
364,259
June 1, 2022 – June 30, 2022
—
$
—
—
364,259
Total
35,488
$
15.90
35,488
364,259
(1) Represents the remaining shares available for future purchases under the April 2022 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.
6/30/2017
6/30/2018
6/30/2019
6/30/2020
6/30/2021
6/30/2022
PROV
$
100.00
$
102.15
$
115.75
$
76.25
$
102.04
$
90.67
NASDAQ Stock Index
$
100.00
$
114.84
$
125.17
$
133.88
$
193.41
$
165.89
NASDAQ Bank Index
$
100.00
$
110.88
$
110.35
$
85.27
$
147.41
$
120.38
(1) Assumes that the value of the investment in the Corporation’s common stock and each index was $100 on June 30, 2017 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. Reserved
None.
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