Provident Financial Holdings (PROV) in Riverside, Calif., plans to repurchase up to 5% of its outstanding stock.
The $1.2 billion-asset company said Thursday that its board had authorized the repurchase of about 523,000 shares of common stock. The total repurchase would cost $8.6 million at the company's stock price of roughly $16.50 a share on Friday morning.
The buyback will take place over the next year, the company said in a press release. Provident recently completed a repurchase program it announced last year, buying more than 160,000 shares, or about $2.6 million off stock, during the first quarter of 2013.
