Provident Financial Holdings in Riverside, Calif., has restated earnings from its most-recent quarter after it booked higher loan-origination costs.
The $1.2 billion-asset holding company for Provident Savings Bank reduced its net income to $2.5 million from $2.8 million for the quarter ending June 30, according to a Monday news release. Earnings per share were cut to 31 cents from 34 cents.
Provident also reduced net income for the entire fiscal year to $7.5 million from $7.7 million.
Provident's restatement was a result of $414,000 in additional operating expenses. Provident had not properly credited loan-origination costs to customers who financed home purchases through its bank.
