Citing declining real estate values in its market area, Provident Financial Holdings Inc. in Riverside, Calif., said Monday that its earnings in the quarter that ended March 31 fell by 59% from the same period a year earlier, to $957,000. Earnings per share fell 58%, to 16 cents.
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Much of the year-over-year declines can be attributed to deteriorating asset quality. The company recorded a loan-loss provision of nearly $3.2 million in its fiscal third quarter, up 165% from a year earlier. Nonperforming assets nearly doubled, to $27.3 million, and chargeoffs totaled $3.5 million, compared to just $3,000 a year earlier.
