Holding Company Condensed Financial Information Holding Company Condensed Financial Information

12 Months Ended

Jun. 30, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Holding Company Condensed Financial Information

This information should be read in conjunction with the other notes to the consolidated financial statements. The following is the condensed statements of financial condition for Provident Financial Holdings (Holding Company only) as of June 30, 2015 and 2014 and condensed statements of operations, comprehensive income and cash flows for the fiscal years ended June 30, 2015, 2014 and 2013.

Immaterial restatement of prior year holding company condensed financial information:

Subsequent to the issuance of the Corporation’s June 30, 2014 consolidated financial statements, management concluded that dividends received by the Holding Company from the Bank represent a return on investment rather than a return of investment and should be presented as cash from operating activities rather than cash from investing activities, to conform to ASC 230-10-45-16. The Corporation has determined that the restatement to correct for the error is immaterial to the financial statements for all respective prior periods. The impact of the restatement on the following line items within the condensed statements of operations is as follows for the years ended June 30, 2014 and 2013, respectively: (i) increase to dividend from Bank by $27.5 million and $10.0 million; and (ii) decrease to equity in undistributed earnings of the Bank by $27.5 million and $10.0 million. In addition, the impact of the restatement on the following line items within the condensed statements of cash flows is as follows for the years ended June 30, 2014 and 2013, respectively: (i) increase to equity in undistributed earnings of the Bank and to net cash flows from operating activities of $27.5 million and $10.0 million; and (ii) decrease to net cash flows from investing activities of $27.5 million and $10.0 million.

Condensed Statements of Financial Condition



	June 30,
(In Thousands)	2015		2014

Assets
Cash and cash equivalents	$	14,829	$	6,627
Investment in subsidiary	126,348		139,252
Other assets	20		19
	$	141,197	$	145,898

Liabilities and Stockholders’ Equity
Other liabilities	$	60	$	36
Stockholders’ equity	141,137		145,862
	$	141,197	$	145,898

Condensed Statements of Operations



	Year Ended June 30,
(In Thousands)	2015			2014			2013

Dividend from the Bank	$	25,000		$	27,500		$	10,000
Interest and other income	57			20			9
Total income	25,057			27,520			10,009

General and administrative expenses	860			838			791
Earnings before income taxes and equity in undistributed earnings of the Bank	24,197			26,682			9,218

Income tax benefit	(337		)	(337		)	(329		)
Earnings before equity in undistributed earnings of the Bank	24,534			27,019			9,547

Equity in undistributed earnings of the Bank	(14,731		)	(20,413		)	16,250
Net income	$	9,803		$	6,606		$	25,797

Condensed Statements of Comprehensive Income



	Year Ended June 30,
(In Thousands)	2015		2014		2013

Net income	$	9,803	$	6,606	$	25,797

Other comprehensive income	—		—		—

Total comprehensive income	$	9,803	$	6,606	$	25,797

Condensed Statements of Cash Flows



	Year Ended June 30,
(In Thousands)	2015			2014			2013

Cash flows from operating activities:
Net income	$	9,803		$	6,606		$	25,797
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of the Bank	14,731			20,413			(16,250		)
(Increase) decrease in other assets	(1		)	40			20
Increase (decrease) in other liabilities	24			(203		)	201
Net cash provided by operating activities	24,557			26,856			9,768

Cash flow from investing activities:

Net cash provided by investing activities	—			—			—

Cash flow from financing activities:
Exercise of stock options	380			385			296
Treasury stock purchases	(12,680		)	(17,182		)	(8,959		)
Cash dividends	(4,055		)	(3,964		)	(2,541		)
Net cash used for financing activities	(16,355		)	(20,761		)	(11,204		)
Net increase (decrease) in cash and cash equivalents	8,202			6,095			(1,436		)
Cash and cash equivalents at beginning of year	6,627			532			1,968
Cash and cash equivalents at end of year	$	14,829		$	6,627		$	532