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
Market Information and Holders
The common stock of Provident Financial Holdings, Inc. is listed on the NASDAQ Global Select Market under the symbol “PROV.” At June 30, 2023, there were 7,043,170 shares of common stock issued and outstanding held by 402 shareholders of record, and there were approximately 1,868 persons or entities that hold stock in nominee or “street name” accounts with brokers.
Dividends
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 April 27, 2023, the Corporation declared a quarterly cash dividend of $0.14 per share with a record date May 18, 2023 and the dividend was payable on June 8, 2023. 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
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net profits for the current fiscal year and/or the preceding fiscal year in which the dividend is declared. No assurances can be given that any dividends will be paid or that, if paid, will not be reduced or eliminated in future periods. Dividends on common stock from Provident depend substantially upon receipt of dividends from the Bank, which is Provident’s predominant source of income. Management’s projections show an expectation that cash dividends will continue for the foreseeable future.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
On April 28, 2022, the Board of Directors of the Corporation announced a stock repurchase plan which authorized 364,259 shares for repurchase over a one year period. On April 27, 2023, the Board of Directors of the Corporation announced an extension of its existing stock repurchase plan through April 28, 2024 or until completed, whichever occurs first. 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.
The table below sets forth information regarding the Corporation’s purchases of its common stock during the fourth quarter of fiscal 2023.
(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 (1)
Paid per Share
Announced Plan
the Plan (2)
April 1, 2023 – April 30, 2023
11,305
$
13.61
11,305
101,733
May 1, 2023 – May 31, 2023
49,166
$
12.10
16,121
85,612
June 1, 2023 – June 30, 2023
24,072
$
12.24
24,072
61,540
Total
84,543
$
12.34
51,498
61,540
(1) The shares repurchase in May 2023 includes 33,045 shares of distributed restricted stock in settlement of employees' withholding tax obligations.
(2) 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.
6/30/2018
6/30/2019
6/30/2020
6/30/2021
6/30/2022
6/30/2023
PROV
$
100.00
$
113.32
$
74.65
$
99.90
$
88.76
$
79.48
NASDAQ Stock Index
$
100.00
$
108.99
$
116.58
$
168.41
$
144.45
$
172.01
NASDAQ Bank Index
$
100.00
$
99.52
$
76.90
$
132.95
$
108.57
$
105.21
(1) Assumes that the value of the investment in the Corporation’s common stock and each index was $100 on June 30, 2018 and that all dividends were reinvested.
Securities Authorized for Issuance under Equity Compensation Plans
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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