EX-99.1 2 prov8k42717exh991.htm EXHIBIT 99.1
Exhibit 99.1

3756 Central Avenue Riverside, CA 92506 (951) 686-6060 | NEWS RELEASE

PROVIDENT FINANCIAL HOLDINGS REPORTS
THIRD QUARTER OF FISCAL 2017 EARNINGS
Riverside, Calif. – April 27, 2017 – Provident Financial Holdings, Inc. ("Company"), NASDAQ GS: PROV, the holding company for Provident Savings Bank, F.S.B. ("Bank"), today announced third quarter earnings for the fiscal year ending June 30, 2017.
For the quarter ended March 31, 2017, the Company reported net income of $1.15 million, or $0.14 per diluted share (on 8.09 million average diluted shares outstanding), down 23 percent from net income of $1.49 million, or $0.18 per diluted share (on 8.52 million average diluted shares outstanding), in the comparable period a year ago. The decrease in net income for the third quarter of fiscal 2017, as compared to the same period last year, was primarily attributable to a decrease in the gain on sale of loans, partly offset by decreases in salaries and employee benefits expense and other non-interest expense.
"Although our most recent quarterly results have declined due to the volatility experienced in mortgage banking, our community banking results continue to strengthen and our outlook for community banking is favorable," said Craig G. Blunden, Chairman and Chief Executive Officer of the Company. "Poorer mortgage banking performance resulted from recently higher mortgage interest rates in addition to the typical seasonality associated with the March quarter of each year. We continue to adjust our mortgage

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banking business model in response to the weaker loan origination environment," Mr. Blunden concluded.
Return on average assets for the third quarter of fiscal 2017 decreased to 0.39 percent from 0.51 percent for the same period of fiscal 2016; and return on average stockholders' equity for the third quarter of fiscal 2017 decreased to 3.46 percent from 4.36 percent for the comparable period of fiscal 2016.
On a sequential quarter basis, net income for the third quarter of fiscal 2017 reflects a $359,000, or 24 percent, decrease from the net income of $1.50 million in the second quarter of fiscal 2017. The decrease in net income in the third quarter of fiscal 2017 compared to the second quarter of fiscal 2017 was primarily attributable to decreases in net interest income and the gain on sale of loans, partly offset by a decrease in other non-interest expense. Diluted earnings per share for the third quarter of fiscal 2017 were $0.14 per share, down 22 percent, from the $0.18 per share during the second quarter of fiscal 2017. Return on average assets decreased to 0.39 percent for the third quarter of fiscal 2017 from 0.50 percent in the second quarter of fiscal 2017; and return on average stockholders' equity for the third quarter of fiscal 2017 was 3.46 percent, compared to 4.53 percent for the second quarter of fiscal 2017.
For the nine months ended March 31, 2017, net income decreased $676,000, or 14 percent, to $4.24 million from $4.92 million in the comparable period ended March 31, 2016; and diluted earnings per share for the nine months ended March 31, 2017 decreased nine percent to $0.52 per share from $0.57 per share for the comparable nine month period last year.

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Net interest income increased $735,000, or nine percent, to $8.65 million in the third quarter of fiscal 2017 from $7.91 million for the same quarter of fiscal 2016, attributable to an increase in the net interest margin and a higher average earning assets balance. The net interest margin during the third quarter of fiscal 2017 increased 20 basis points to 3.00 percent from 2.80 percent in the same quarter last year, primarily due to the increase in the average yield of earning assets reflecting a change in the interest-earning-asset mix into additional higher yielding assets and a decrease in the average cost of interest-bearing liabilities. The average yield on interest-earning assets increased by 15 basis points to 3.56 percent in the third quarter of fiscal 2017 from 3.41 percent in the same quarter last year, while the average cost of liabilities decreased by five basis points to 0.64 percent in the third quarter of fiscal 2017 from 0.69 percent in the same quarter last year. The increase in the average yield on interest-earning assets was primarily due to the utilization of interest-earning deposits earning a nominal yield to fund higher balances of loans receivable and investment securities, which earned a significantly higher yield. The average interest-earning assets balance for the third quarter of fiscal 2017 was $1.15 billion, up two percent from $1.13 billion during the same period last year.
The average balance of loans outstanding, including loans held for sale, increased by $22.2 million, or two percent, to $974.2 million in the third quarter of fiscal 2017 from $952.0 million in the same quarter of fiscal 2016, primarily due to an increase in average loans held for investment, which was partly offset by a decrease in average loans held for sale attributable to a decrease in mortgage banking activity. The average yield on loans receivable increased by 11 basis points to 3.98 percent in the third quarter of fiscal 2017

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from an average yield of 3.87 percent in the same quarter of fiscal 2016. The increase in the average loan yield was primarily attributable to an increase in the average yield of loans held for sale and an increase in the average yield of loans held for investment. The average balance of loans held for sale in the third quarter of fiscal 2017 was $104.7 million with an average yield of 3.87 percent as compared to $146.2 million with an average yield of 3.75 percent in the same quarter of fiscal 2016. The outstanding balance of "preferred loans" (multi-family, commercial real estate, construction and commercial business loans) increased by $44.1 million, or eight percent, to $563.3 million at March 31, 2017 from $519.2 million at June 30, 2016, net of undisbursed loan funds of $9.5 million and $11.3 million, respectively. The percentage of preferred loans to total loans held for investment at March 31, 2017 increased to 64 percent from 61 percent at June 30, 2016. Loan principal payments received in the third quarter of fiscal 2017 were $46.2 million, compared to $56.3 million in the same quarter of fiscal 2016.
The average balance of investment securities increased by $22.4 million, or 90 percent, to $47.3 million in the third quarter of fiscal 2017 from $24.9 million in the same quarter of fiscal 2016. The increase was attributable to mortgage-backed securities purchases, partly offset by principal payments received on mortgage-backed securities. The average yield on investment securities decreased 34 basis points to 1.20 percent in the third quarter of fiscal 2017 from 1.54 percent for the same quarter of fiscal 2016. The decrease in the average yield was primarily attributable to mortgage-backed securities purchases which had lower average yields than the existing portfolio and an accelerated premium amortization resulting from higher prepayments.

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In the third quarter of fiscal 2017, the Federal Home Loan Bank ("FHLB") – San Francisco distributed $184,000 of quarterly cash dividends to the Bank, a $21,000 or 13 percent increase from the cash dividends received by the Bank in the same quarter last year.
The average balance of the Company's interest-earning deposits, primarily cash with the Federal Reserve Bank of San Francisco, decreased $20.4 million, or 14 percent, to $125.2 million in the third quarter of fiscal 2017 from $145.6 million in the same quarter of fiscal 2016. The decrease in interest-earning deposits was primarily due to redeployment of excess cash to fund loans held for investment and purchases of investment securities. The average yield earned on interest-earning deposits in the third quarter of fiscal 2017 was 0.80 percent, up 30 basis points from 0.50 percent in the same quarter of fiscal 2016 as a result of the impact of the increases in the federal funds rate in March 2017 and December 2016.
Average deposits increased $7.7 million, or one percent, to $928.0 million in the third quarter of fiscal 2017 from $920.3 million in the same quarter of fiscal 2016. The average cost of deposits decreased by eight basis points to 0.40 percent in the third quarter of fiscal 2017 from 0.48 percent in the same quarter last year, primarily due to decreases in the average cost of transaction accounts and time deposits and a lower percentage of time deposits to the total deposit balance. Transaction account balances or "core deposits" increased $40.3 million, or seven percent, to $657.8 million at March 31, 2017 from $617.5 million at June 30, 2016, while time deposits decreased $28.4 million, or nine percent, to $280.5 million at March 31, 2017 from $308.9 million at June 30, 2016, consistent with the Bank's strategy to decrease the percentage of time deposits in

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its deposit base and to increase the percentage of lower cost checking and savings accounts.
The average balance of borrowings, which consisted of FHLB – San Francisco advances, increased $20.0 million, or 22 percent, to $111.3 million while the average cost of advances decreased 22 basis points to 2.60 percent in the third quarter of fiscal 2017, compared to an average balance of $91.3 million with an average cost of 2.82 percent in the same quarter of fiscal 2016. The decrease in the average cost of advances was primarily due to the long-term advances taken in August and September 2016 totaling $20.0 million with an average cost of 1.59 percent, well below the weighted average cost in the third quarter of fiscal 2016. The increase in the average balance of fixed-rate long-term advances is consistent with the Bank's management of interest rate risk embedded in the balance sheet.
During the third quarter of fiscal 2017, the Company recorded a recovery from the allowance for loan losses of $165,000 compared to the recovery of $694,000 recorded during the same period of fiscal 2016 and the $350,000 recovery recorded in the second quarter of fiscal 2017 (sequential quarter). These recoveries were primarily attributable to continued improvement in loan credit quality and net recoveries of previously charged-off loans.
Non-performing assets, with underlying collateral primarily located in California, decreased $1.4 million, or 11 percent, to $11.6 million, or 0.97 percent of total assets, at March 31, 2017, compared to $13.0 million, or 1.11 percent of total assets, at June 30, 2016. Non-performing loans at March 31, 2017 decreased $1.5 million or 14 percent since June 30, 2016 to $8.9 million and were primarily comprised of 29 single-

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family loans ($8.2 million); one multi-family loan ($372,000); one commercial real estate loan ($201,000); one commercial business loan ($68,000) and one consumer loan (fully reserved). Real estate owned acquired in the settlement of loans at March 31, 2017 increased $62,000, or two percent, to $2.8 million (five single-family properties) from $2.7 million (four single-family properties) at June 30, 2016.
Net recoveries for the quarter ended March 31, 2017 were $49,000 or 0.02 percent (annualized) of average loans receivable, compared to net recoveries of $126,000 or 0.05 percent (annualized) of average loans receivable for the quarter ended March 31, 2016 and net recoveries of $16,000 or 0.01 percent (annualized) of average loans receivable for the quarter ended December 31, 2016 (sequential quarter).
Classified assets at March 31, 2017 were $18.7 million, comprised of $7.1 million of loans in the special mention category, $8.8 million of loans in the substandard category and $2.8 million in real estate owned. Classified assets at June 30, 2016 were $21.9 million, comprised of $8.9 million of loans in the special mention category, $10.3 million of loans in the substandard category and $2.7 million in real estate owned. For the quarter ended March 31, 2017, no loans were restructured from their original terms or newly classified as a restructured loan.
The allowance for loan losses was $8.3 million at March 31, 2017, or 0.93 percent of gross loans held for investment, compared to $8.7 million at June 30, 2016, or 1.02 percent of gross loans held for investment. Management believes that, based on currently available information, the allowance for loan losses is sufficient to absorb potential losses inherent in loans held for investment at March 31, 2017.

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Non-interest income decreased by $1.63 million, or 19 percent, to $6.79 million in the third quarter of fiscal 2017 from $8.42 million in the same period of fiscal 2016, primarily as a result of a decrease in the gain on sale of loans, partly offset by a lower net loss on the sale and operations of real estate owned during the current quarter as compared to the comparable period last year. On a sequential quarter basis, non-interest income decreased $1.04 million, or 13 percent, primarily as a result of a decrease in the gain on sale of loans.
The gain on sale of loans decreased to $5.40 million for the quarter ended March 31, 2017 from $7.15 million in the comparable quarter last year, reflecting the impact of a lower loan sale volume, partly offset by a slightly higher average loan sale margin. Total loan sale volume, which includes the net change in commitments to extend credit on loans to be held for sale, was $342.2 million in the quarter ended March 31, 2017, down $109.5 million or 24 percent, from $451.7 million in the comparable quarter last year. The average loan sale margin from mortgage banking was 158 basis points for the quarter ended March 31, 2017, up one basis point from 157 basis points in the same quarter last year and up 19 basis points from 139 basis points in the second quarter of fiscal 2017 (sequential quarter). The gain on sale of loans includes a favorable fair-value adjustment on loans held for sale and derivative financial instruments (commitments to extend credit, commitments to sell loans, commitments to sell mortgage-backed securities, and option contracts) that amounted to a net gain of $635,000 in the third quarter of fiscal 2017, compared to a favorable fair-value adjustment that amounted to a net gain of $2.44 million in the same period last year.

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In the third quarter of fiscal 2017, a total of $317.9 million of loans were originated and purchased for sale, 19 percent lower than the $392.9 million for the same period last year, and 41 percent lower than the $541.9 million during the second quarter of fiscal 2017 (sequential quarter). The loan origination volume has decreased from the previous year because increased mortgage interest rates have reduced refinance activity. Total loans sold during the quarter ended March 31, 2017 were $369.5 million, four percent lower than the $383.6 million sold during the same quarter last year, and 42 percent lower than the $638.5 million sold during the second quarter of fiscal 2017 (sequential quarter). Total loan originations (including loans originated and purchased for investment and loans originated and purchased for sale) were $375.9 million in the third quarter of fiscal 2017, a decrease of 14 percent from $439.5 million in the same quarter of fiscal 2016, and 38 percent lower than the $605.3 million in the second quarter of fiscal 2017 (sequential quarter).
The sale and operations of real estate owned acquired in the settlement of loans resulted in a net loss of $74,000 in the third quarter of fiscal 2017, compared to a $276,000 net loss in the comparable period last year. One real estate owned property was sold in the quarter ended March 31, 2017 compared to three real estate owned properties sold in the same quarter last year. Two real estate owned properties were acquired in the settlement of loans during the third quarter of fiscal 2017, the same number of properties acquired in the comparable period last year. As of March 31, 2017, the real estate owned balance was $2.8 million (five properties), compared to $2.7 million (four properties) at June 30, 2016.

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Non-interest expenses decreased $717,000 to $13.77 million in the third quarter of fiscal 2017 from $14.49 million in the same quarter last year. The decrease was primarily a result of decreases in salaries and employee benefits expense, professional expenses and other non-interest expense. The decrease in salaries and employee benefits expense was primarily related to lower mortgage banking loan originations; while the decrease in professional expenses was attributable to lower legal expenses. The decrease in other non-interest expense was related to a $668,000 reversal of loan origination liability accruals recorded in prior periods and no longer required because the potential exposure was mitigated.
The Company's efficiency ratio remained unchanged at 89 percent in the third quarter of fiscal 2017 as compared to the same quarter last year.
The Company's provision for income taxes was $690,000 for the third quarter of fiscal 2017, a decrease of $361,000 or 34 percent, from $1.05 million in the same quarter last year, as a result of the decrease in income before taxes and a lower effective income tax rate. The effective income tax rate for the quarter ended March 31, 2017 was 37.6 percent, down from 41.3 percent in the same quarter last year. The decrease in the effective tax rate was attributable to the tax effect of stock-based compensation in the third quarter of fiscal 2017. The Company believes that the tax provision recorded in the third quarter of fiscal 2017 reflects its current income tax obligations.
The Company repurchased 89,819 shares of its common stock during the quarter ended March 31, 2017 at an average cost of $18.68 per share. As of March 31, 2017, a total of 207,505 shares or 52 percent of the shares authorized in the May 2016 stock

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repurchase plan have been purchased, leaving 189,495 shares available for future purchases.
The Bank currently operates 14 retail/business banking offices in Riverside County and San Bernardino County (Inland Empire). Provident Bank Mortgage operates two wholesale loan production offices and 12 retail loan production offices located throughout California.
The Company will host a conference call for institutional investors and bank analysts on Friday, April 28, 2017 at 9:00 a.m. (Pacific) to discuss its financial results. The conference call can be accessed by dialing 1-800-230-1059 and requesting the Provident Financial Holdings Earnings Release Conference Call. An audio replay of the conference call will be available through Friday, May 5, 2017 by dialing 1-800-475-6701 and referencing access code number 422360.
For more financial information about the Company please visit the website at www.myprovident.com and click on the "Investor Relations" section.
Safe-Harbor Statement
This press release contains statements that the Company believes are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to the Company's financial condition, liquidity, results of operations, plans, objectives, future performance or business. You should not place undue reliance on these statements, as they are subject to risks and uncertainties. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements the Company may make. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors which could cause actual results to differ materially from the results anticipated or implied by our forward-looking statements include, but are not limited to increased competitive pressures; changes in the interest rate environment; secondary market conditions for loans and our ability to sell loans in the secondary market; changes in general economic conditions and conditions within the securities markets; legislative and regulatory changes; and other factors described in the Company's latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission ("SEC") - which are available on our website at www.myprovident.com and on the SEC's website at www.sec.gov. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements whether as a result of new information, future events or otherwise. These risks could cause our actual results for fiscal 2017 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of us and could negatively affect our operating and stock price performance.

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Contacts: | Craig G. Blunden | Donavon P. Ternes
| Chairman and Chief Executive Officer | President, Chief Operating Officer, and Chief Financial Officer

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PROVIDENT FINANCIAL HOLDINGS, INC. Condensed Consolidated Statements of Financial Condition (Unaudited –In Thousands, Except Share Information) |
|  | March 31, 2017 |  |  | December 31, |  |  | June 30, 2016 |
|  | 2016 |
Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 125,298 |  |  | $ | 82,811 |  |  | $ | 51,206 |
Investment securities – held to maturity, at cost |  |  | 41,035 |  |  |  | 33,369 |  |  |  | 39,979 |
Investment securities - available for sale, at fair value |  |  | 9,862 |  |  |  | 10,278 |  |  |  | 11,543 |
Loans held for investment, net of allowance for loan losses of $8,275; $8,391 and $8,670, respectively; includes $6,250, $5,964 and $5,159 at fair value, respectively |  |  | 880,510 |  |  |  | 867,985 |  |  |  | 840,022 |
Loans held for sale, at fair value |  |  | 105,531 |  |  |  | 156,827 |  |  |  | 189,458 |
Accrued interest receivable |  |  | 2,724 |  |  |  | 2,919 |  |  |  | 2,781 |
Real estate owned, net |  |  | 2,768 |  |  |  | 2,949 |  |  |  | 2,706 |
FHLB – San Francisco stock |  |  | 8,094 |  |  |  | 8,094 |  |  |  | 8,094 |
Premises and equipment, net |  |  | 6,353 |  |  |  | 5,769 |  |  |  | 6,043 |
Prepaid expenses and other assets |  |  | 17,270 |  |  |  | 21,154 |  |  |  | 19,549 |
Total assets |  | $ | 1,199,445 |  |  | $ | 1,192,155 |  |  | $ | 1,171,381 |
Liabilities and Stockholders' Equity |  |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Non interest-bearing deposits |  | $ | 76,795 |  |  | $ | 73,830 |  |  | $ | 71,158 |
Interest-bearing deposits |  |  | 861,511 |  |  |  | 854,843 |  |  |  | 855,226 |
Total deposits |  |  | 938,306 |  |  |  | 928,673 |  |  |  | 926,384 |
Borrowings |  |  | 111,244 |  |  |  | 111,263 |  |  |  | 91,299 |
Accounts payable, accrued interest and other liabilities |  |  | 18,304 |  |  |  | 19,664 |  |  |  | 20,247 |
Total liabilities |  |  | 1,067,854 |  |  |  | 1,059,600 |  |  |  | 1,037,930 |
Stockholders' equity: |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock, $.01 par value (2,000,000 shares authorized; none issued and outstanding) |  |  |  |  |  |  |  |  |  |  |  |
|  | - |  |  |  | - |  |  |  | - |
Common stock, $.01 par value (40,000,000 shares authorized; 17,931,365; 17,871,115 and 17,847,365 shares issued, respectively; 7,885,547; 7,915,116 and 7,975,250 shares outstanding, respectively) |  |  |  |  |  |  |  |  |  |  |  |
|  | 179 |  |  |  | 179 |  |  |  | 178 |
Additional paid-in capital |  |  | 92,775 |  |  |  | 92,215 |  |  |  | 90,802 |
Retained earnings |  |  | 192,816 |  |  |  | 192,699 |  |  |  | 191,666 |
Treasury stock at cost (10,045,818; 9,955,999 and 9,872,115 shares, respectively) |  |  |  |  |  |  |  |  |  |  |  |
|  | (154,427 | ) |  |  | (152,802 | ) |  |  | (149,508 | )
Accumulated other comprehensive income, net of tax |  |  | 248 |  |  |  | 264 |  |  |  | 313 |
Total stockholders' equity |  |  | 131,591 |  |  |  | 132,555 |  |  |  | 133,451 |
Total liabilities and stockholders' equity |  | $ | 1,199,445 |  |  | $ | 1,192,155 |  |  | $ | 1,171,381 |

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PROVIDENT FINANCIAL HOLDINGS, INC. Condensed Consolidated Statements of Operations (Unaudited - In Thousands, Except Earnings Per Share) |

|  | Quarter Ended March 31, |  |  | Nine Months Ended March 31, |
|  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Interest income: |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable, net |  | $ | 9,704 |  |  | $ | 9,204 |  |  | $ | 30,300 |  |  | $ | 27,673 |
Investment securities |  |  | 142 |  |  |  | 96 |  |  |  | 354 |  |  |  | 234 |
FHLB – San Francisco stock |  |  | 184 |  |  |  | 163 |  |  |  | 827 |  |  |  | 542 |
Interest-earning deposits |  |  | 250 |  |  |  | 183 |  |  |  | 406 |  |  |  | 417 |
Total interest income |  |  | 10,280 |  |  |  | 9,646 |  |  |  | 31,887 |  |  |  | 28,866 |
Interest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Checking and money market deposits |  |  | 90 |  |  |  | 116 |  |  |  | 293 |  |  |  | 355 |
Savings deposits |  |  | 144 |  |  |  | 170 |  |  |  | 434 |  |  |  | 507 |
Time deposits |  |  | 686 |  |  |  | 807 |  |  |  | 2,189 |  |  |  | 2,500 |
Borrowings |  |  | 713 |  |  |  | 641 |  |  |  | 2,151 |  |  |  | 1,937 |
Total interest expense |  |  | 1,633 |  |  |  | 1,734 |  |  |  | 5,067 |  |  |  | 5,299 |
Net interest income |  |  | 8,647 |  |  |  | 7,912 |  |  |  | 26,820 |  |  |  | 23,567 |
Recovery from the allowance for loan losses |  |  | (165 | ) |  |  | (694 | ) |  |  | (665 | ) |  |  | (1,094 | )
Net interest income, after recovery from the allowance for loan losses |  |  | 8,812 |  |  |  | 8,606 |  |  |  | 27,485 |  |  |  | 24,661 |
Non-interest income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan servicing and other fees |  |  | 362 |  |  |  | 383 |  |  |  | 939 |  |  |  | 800 |
Gain on sale of loans, net |  |  | 5,395 |  |  |  | 7,145 |  |  |  | 19,869 |  |  |  | 22,113 |
Deposit account fees |  |  | 562 |  |  |  | 590 |  |  |  | 1,664 |  |  |  | 1,790 |
Loss on sale and operations of real estate owned acquired in the settlement of loans |  |  | (74 | ) |  |  | (276 | ) |  |  | (240 | ) |  |  | (12 | )
Card and processing fees |  |  | 338 |  |  |  | 355 |  |  |  | 1,063 |  |  |  | 1,069 |
Other |  |  | 208 |  |  |  | 227 |  |  |  | 580 |  |  |  | 711 |
Total non-interest income |  |  | 6,791 |  |  |  | 8,424 |  |  |  | 23,875 |  |  |  | 26,471 |
Non-interest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 10,370 |  |  |  | 10,630 |  |  |  | 32,033 |  |  |  | 31,393 |
Premises and occupancy |  |  | 1,241 |  |  |  | 1,146 |  |  |  | 3,765 |  |  |  | 3,424 |
Equipment |  |  | 352 |  |  |  | 349 |  |  |  | 1,054 |  |  |  | 1,158 |
Professional expenses |  |  | 436 |  |  |  | 583 |  |  |  | 1,571 |  |  |  | 1,555 |
Sales and marketing expenses |  |  | 421 |  |  |  | 356 |  |  |  | 970 |  |  |  | 952 |
Deposit insurance premiums and regulatory assessments |  |  | 189 |  |  |  | 252 |  |  |  | 614 |  |  |  | 764 |
Other |  |  | 759 |  |  |  | 1,169 |  |  |  | 4,061 |  |  |  | 3,458 |
Total non-interest expense |  |  | 13,768 |  |  |  | 14,485 |  |  |  | 44,068 |  |  |  | 42,704 |
Income before taxes |  |  | 1,835 |  |  |  | 2,545 |  |  |  | 7,292 |  |  |  | 8,428 |
Provision for income taxes |  |  | 690 |  |  |  | 1,051 |  |  |  | 3,049 |  |  |  | 3,509 |
Net income |  | $ | 1,145 |  |  | $ | 1,494 |  |  | $ | 4,243 |  |  | $ | 4,919 |
Basic earnings per share |  | $ | 0.14 |  |  | $ | 0.18 |  |  | $ | 0.53 |  |  | $ | 0.58 |
Diluted earnings per share |  | $ | 0.14 |  |  | $ | 0.18 |  |  | $ | 0.52 |  |  | $ | 0.57 |
Cash dividends per share |  | $ | 0.13 |  |  | $ | 0.12 |  |  | $ | 0.39 |  |  | $ | 0.36 |

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PROVIDENT FINANCIAL HOLDINGS, INC. Condensed Consolidated Statements of Operations – Sequential Quarter (Unaudited – In Thousands, Except Share Information) |
|  | Quarter Ended |
|  | March 31, |  |  | December 31, |
|  | 2017 |  |  | 2016 |
Interest income: |  |  |  |  |  |
Loans receivable, net |  | $ | 9,704 |  |  | $ | 10,116 |
Investment securities |  |  | 142 |  |  |  | 128 |
FHLB – San Francisco stock |  |  | 184 |  |  |  | 458 |
Interest-earning deposits |  |  | 250 |  |  |  | 101 |
Total interest income |  |  | 10,280 |  |  |  | 10,803 |
Interest expense: |  |  |  |  |  |  |  |
Checking and money market deposits |  |  | 90 |  |  |  | 105 |
Savings deposits |  |  | 144 |  |  |  | 146 |
Time deposits |  |  | 686 |  |  |  | 731 |
Borrowings |  |  | 713 |  |  |  | 736 |
Total interest expense |  |  | 1,633 |  |  |  | 1,718 |
Net interest income |  |  | 8,647 |  |  |  | 9,085 |
Recovery from the allowance for loan losses |  |  | (165 | ) |  |  | (350 | )
Net interest income, after recovery from the allowance for loan losses |  |  | 8,812 |  |  |  | 9,435 |
Non-interest income: |  |  |  |  |  |  |  |
Loan servicing and other fees |  |  | 362 |  |  |  | 310 |
Gain on sale of loans, net |  |  | 5,395 |  |  |  | 6,478 |
Deposit account fees |  |  | 562 |  |  |  | 552 |
Loss on sale and operations of real estate owned acquired in the settlement of loans, net |  |  | (74 | ) |  |  | (63 | )
Card and processing fees |  |  | 338 |  |  |  | 361 |
Other |  |  | 208 |  |  |  | 194 |
Total non-interest income |  |  | 6,791 |  |  |  | 7,832 |
Non-interest expense: |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 10,370 |  |  |  | 10,349 |
Premises and occupancy |  |  | 1,241 |  |  |  | 1,235 |
Equipment |  |  | 352 |  |  |  | 340 |
Professional expenses |  |  | 436 |  |  |  | 630 |
Sales and marketing expenses |  |  | 421 |  |  |  | 253 |
Deposit insurance premiums and regulatory assessments |  |  | 189 |  |  |  | 177 |
Other |  |  | 759 |  |  |  | 1,684 |
Total non-interest expense |  |  | 13,768 |  |  |  | 14,668 |
Income before taxes |  |  | 1,835 |  |  |  | 2,599 |
Provision for income taxes |  |  | 690 |  |  |  | 1,095 |
Net income |  | $ | 1,145 |  |  | $ | 1,504 |
Basic earnings per share |  | $ | 0.14 |  |  | $ | 0.19 |
Diluted earnings per share |  | $ | 0.14 |  |  | $ | 0.18 |
Cash dividends per share |  | $ | 0.13 |  |  | $ | 0.13 |

Page 15 of 20

PROVIDENT FINANCIAL HOLDINGS, INC. Financial Highlights (Unaudited - Dollars in Thousands, Except Share Information ) |

|  | Quarter Ended March 31, |  |  | Nine Months Ended March 31, |
|  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
SELECTED FINANCIAL RATIOS: |  |  |  |  |  |  |  |  |  |  |  |
Return on average assets |  |  | 0.39 | % |  |  | 0.51 | % |  |  | 0.47 | % |  |  | 0.56 | %
Return on average stockholders' equity |  |  | 3.46 | % |  |  | 4.36 | % |  |  | 4.26 | % |  |  | 4.73 | %
Stockholders' equity to total assets |  |  | 10.97 | % |  |  | 11.56 | % |  |  | 10.97 | % |  |  | 11.56 | %
Net interest spread |  |  | 2.92 | % |  |  | 2.72 | % |  |  | 2.99 | % |  |  | 2.69 | %
Net interest margin |  |  | 3.00 | % |  |  | 2.80 | % |  |  | 3.06 | % |  |  | 2.77 | %
Efficiency ratio |  |  | 89.18 | % |  |  | 88.67 | % |  |  | 86.93 | % |  |  | 85.34 | %
Average interest-earning assets to average |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
interest-bearing liabilities |  |  | 111.11 | % |  |  | 111.76 | % |  |  | 111.15 | % |  |  | 111.93 | %
SELECTED FINANCIAL DATA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings per share |  | $ | 0.14 |  |  | $ | 0.18 |  |  | $ | 0.53 |  |  | $ | 0.58 |
Diluted earnings per share |  | $ | 0.14 |  |  | $ | 0.18 |  |  | $ | 0.52 |  |  | $ | 0.57 |
Book value per share |  | $ | 16.69 |  |  | $ | 16.54 |  |  | $ | 16.69 |  |  | $ | 16.54 |
Shares used for basic EPS computation |  |  | 7,925,531 |  |  |  | 8,318,075 |  |  |  | 7,942,903 |  |  |  | 8,427,075 |
Shares used for diluted EPS computation |  |  | 8,093,571 |  |  |  | 8,516,542 |  |  |  | 8,126,051 |  |  |  | 8,620,045 |
Total shares issued and outstanding |  |  | 7,885,547 |  |  |  | 8,201,883 |  |  |  | 7,885,547 |  |  |  | 8,201,883 |
LOANS ORIGINATED AND PURCHASED FOR SALE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail originations |  | $ | 185,668 |  |  | $ | 214,294 |  |  | $ | 769,495 |  |  | $ | 737,681 |
Wholesale originations and purchases |  |  | 132,241 |  |  |  | 178,585 |  |  |  | 737,667 |  |  |  | 667,990 |
Total loans originated and purchased for sale |  | $ | 317,909 |  |  | $ | 392,879 |  |  | $ | 1,507,162 |  |  | $ | 1,405,671 |
LOANS SOLD: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Servicing released |  | $ | 363,443 |  |  | $ | 376,291 |  |  | $ | 1,547,435 |  |  | $ | 1,403,456 |
Servicing retained |  |  | 6,074 |  |  |  | 7,356 |  |  |  | 28,895 |  |  |  | 39,621 |
Total loans sold |  | $ | 369,517 |  |  | $ | 383,647 |  |  | $ | 1,576,330 |  |  | $ | 1,443,077 |

|  | As of |  |  | As of |  |  | As of |  |  | As of |  |  | As of |
|  | 03/31/17 |  |  | 12/31/16 |  |  | 09/30/16 |  |  | 06/30/16 |  |  | 03/31/16 |
ASSET QUALITY RATIOS AND DELINQUENT LOANS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recourse reserve for loans sold |  | $ | 403 |  |  | $ | 412 |  |  | $ | 453 |  |  | $ | 453 |  |  | $ | 887 |
Allowance for loan losses |  | $ | 8,275 |  |  | $ | 8,391 |  |  | $ | 8,725 |  |  | $ | 8,670 |  |  | $ | 8,200 |
Non-performing loans to loans held for investment, net |  |  | 1.01 | % |  |  | 1.16 | % |  |  | 1.17 | % |  |  | 1.23 | % |  |  | 1.52 | %
Non-performing assets to total assets |  |  | 0.97 | % |  |  | 1.09 | % |  |  | 1.09 | % |  |  | 1.11 | % |  |  | 1.31 | %
Allowance for loan losses to gross non- performing loans |  |  | 90.05 | % |  |  | 78.69 | % |  |  | 79.93 | % |  |  | 77.38 | % |  |  | 62.31 | %
Allowance for loan losses to gross loans held |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
for investment |  |  | 0.93 | % |  |  | 0.96 | % |  |  | 1.01 | % |  |  | 1.02 | % |  |  | 1.01 | %
Net recoveries to average loans receivable (annualized) |  |  | (0.02 | )% |  |  | (0.01 | )% |  |  | (0.08 | )% |  |  | (0.45 | )% |  |  | (0.05 | )%
Non-performing loans |  | $ | 8,852 |  |  | $ | 10,065 |  |  | $ | 10,013 |  |  | $ | 10,309 |  |  | $ | 12,261 |
Loans 30 to 89 days delinquent |  | $ | 978 |  |  | $ | 1,298 |  |  | $ | 1,385 |  |  | $ | 1,644 |  |  | $ | 1,508 |

Page 16 of 20

PROVIDENT FINANCIAL HOLDINGS, INC. Financial Highlights (Unaudited - Dollars in Thousands) |
|  | Quarter Ended |  |  | Quarter Ended |  |  | Quarter Ended |  |  | Quarter Ended |  |  | Quarter Ended |
|  | 03/31/17 |  |  | 12/31/16 |  |  | 09/30/16 |  |  | 06/30/16 |  |  | 03/31/16 |
(Recovery) recourse provision for loans sold |  | $ | (9 | ) |  | $ | (30 | ) |  | $ | - |  |  | $ | 3 |  |  | $ | 119 |
Recovery from the allowance for loan losses |  | $ | (165 | ) |  | $ | (350 | ) |  | $ | (150 | ) |  | $ | (621 | ) |  | $ | (694 | )
Net (recoveries) charge-offs |  | $ | (49 | ) |  | $ | (16 | ) |  | $ | (205 | ) |  | $ | (1,091 | ) |  | $ | (126 | )
|  | As of |  |  | As of |  |  | As of |  |  | As of |  |  | As of |
|  | 03/31/17 |  |  | 12/31/16 |  |  | 09/30/16 |  |  | 06/30/16 |  |  | 03/31/16 |
REGULATORY CAPITAL RATIOS (BANK): |
Tier 1 leverage ratio |  |  | 9.79 | % |  |  | 9.50 | % |  |  | 9.32 | % |  |  | 10.29 | % |  |  | 10.06 | %
Common equity tier 1 capital ratio |  |  | 16.10 | % |  |  | 15.43 | % |  |  | 14.44 | % |  |  | 16.16 | % |  |  | 16.63 | %
Tier 1 risk-based capital ratio |  |  | 16.10 | % |  |  | 15.43 | % |  |  | 14.44 | % |  |  | 16.16 | % |  |  | 16.63 | %
Total risk-based capital ratio |  |  | 17.28 | % |  |  | 16.58 | % |  |  | 15.57 | % |  |  | 17.36 | % |  |  | 17.82 | %
REGULATORY CAPITAL RATIOS (COMPANY): |
Tier 1 leverage ratio |  |  | 11.07 | % |  |  | 10.94 | % |  |  | 10.98 | % |  |  | 11.40 | % |  |  | 11.61 | %
Common equity tier 1 capital ratio |  |  | 18.20 | % |  |  | 17.78 | % |  |  | 17.00 | % |  |  | 17.89 | % |  |  | 19.19 | %
Tier 1 risk-based capital ratio |  |  | 18.20 | % |  |  | 17.78 | % |  |  | 17.00 | % |  |  | 17.89 | % |  |  | 19.19 | %
Total risk-based capital ratio |  |  | 19.38 | % |  |  | 18.93 | % |  |  | 18.14 | % |  |  | 19.09 | % |  |  | 20.37 | %

|  | As of March 31, |
|  | 2017 |  |  | 2016 |
|  | Balance |  |  | Rate(1) |  |  | Balance |  |  | Rate(1) |
INVESTMENT SECURITIES: |  |  |  |  |  |  |  |  |  |  |  |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  | $ | 800 |  |  |  | 0.86 | % |  | $ | 800 |  |  |  | 0.58 | %
U.S. government sponsored enterprise MBS |  |  | 40,235 |  |  |  | 1.91 |  |  |  | 20,214 |  |  |  | 1.46 |
Total investment securities held to maturity |  | $ | 41,035 |  |  |  | 1.89 | % |  | $ | 21,014 |  |  |  | 1.43 | %
Available for sale (at fair value): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency MBS |  | $ | 5,700 |  |  |  | 2.12 | % |  | $ | 6,947 |  |  |  | 1.84 | %
U.S. government sponsored enterprise MBS |  |  | 3,661 |  |  |  | 2.87 |  |  |  | 4,450 |  |  |  | 2.57 |
Private issue collateralized mortgage obligations |  |  | 501 |  |  |  | 2.82 |  |  |  | 617 |  |  |  | 2.56 |
Common stock – community development financial institution |  |  | - |  |  |  | - |  |  |  | 147 |  |  |  | 0.82 |
Total investment securities available for sale |  | $ | 9,862 |  |  |  | 2.43 | % |  | $ | 12,161 |  |  |  | 2.13 | %
Total investment securities |  | $ | 50,897 |  |  |  | 2.00 | % |  | $ | 33,175 |  |  |  | 1.68 | %
(1) The interest rate described in the rate column is the weighted-average interest rate or yield of all instruments, which are included in the balance of the respective line item. |

Page 17 of 20

PROVIDENT FINANCIAL HOLDINGS, INC. Financial Highlights (Unaudited - Dollars in Thousands) |
|  | As of March 31, |
|  | 2017 |  |  | 2016 |
|  | Balance |  |  | Rate(1) |  |  | Balance |  |  | Rate(1) |
LOANS HELD FOR INVESTMENT: |  |  |  |  |  |  |  |  |  |  |  |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
Single-family (1 to 4 units) |  | $ | 319,714 |  |  |  | 3.94 | % |  | $ | 335,797 |  |  |  | 3.51 | %
Multi-family (5 or more units) |  |  | 459,180 |  |  |  | 4.05 |  |  |  | 378,871 |  |  |  | 4.26 |
Commercial real estate |  |  | 96,364 |  |  |  | 4.63 |  |  |  | 93,384 |  |  |  | 4.85 |
Construction |  |  | 16,552 |  |  |  | 5.75 |  |  |  | 9,679 |  |  |  | 5.42 |
Other |  |  | 241 |  |  |  | 5.57 |  |  |  | 72 |  |  |  | 6.25 |
Commercial business |  |  | 668 |  |  |  | 6.11 |  |  |  | 452 |  |  |  | 6.57 |
Consumer |  |  | 126 |  |  |  | 13.48 |  |  |  | 230 |  |  |  | 10.13 |
Total loans held for investment |  |  | 892,845 |  |  |  | 4.11 | % |  |  | 818,485 |  |  |  | 4.03 | %
Undisbursed loan funds |  |  | (9,468 | ) |  |  |  |  |  |  | (8,648 | ) |  |  |  |
Advance payments of escrows |  |  | 165 |  |  |  |  |  |  |  | 247 |  |  |  |  |
Deferred loan costs, net |  |  | 5,243 |  |  |  |  |  |  |  | 3,683 |  |  |  |  |
Allowance for loan losses |  |  | (8,275 | ) |  |  |  |  |  |  | (8,200 | ) |  |  |  |
Total loans held for investment, net |  | $ | 880,510 |  |  |  |  |  |  | $ | 805,567 |  |  |  |  |
Purchased loans serviced by others included above |  | $ | 23,397 |  |  |  | 3.37 | % |  | $ | 816 |  |  |  | 5.88 | %
(1) The interest rate described in the rate column is the weighted-average interest rate or yield of all instruments, which are included in the balance of the respective line item. |

|  | As of March 31, |
|  | 2017 |  |  | 2016 |
|  | Balance |  |  | Rate(1) |  |  | Balance |  |  | Rate(1) |
DEPOSITS: |  |  |  |  |  |  |  |  |  |  |  |
Checking accounts – non interest-bearing |  | $ | 76,795 |  |  |  | - | % |  | $ | 68,748 |  |  |  | - | %
Checking accounts – interest-bearing |  |  | 258,197 |  |  |  | 0.11 |  |  |  | 240,502 |  |  |  | 0.15 |
Savings accounts |  |  | 290,158 |  |  |  | 0.20 |  |  |  | 269,909 |  |  |  | 0.26 |
Money market accounts |  |  | 32,648 |  |  |  | 0.21 |  |  |  | 31,171 |  |  |  | 0.26 |
Time deposits |  |  | 280,508 |  |  |  | 0.98 |  |  |  | 316,735 |  |  |  | 1.03 |
Total deposits |  | $ | 938,306 |  |  |  | 0.39 | % |  | $ | 927,065 |  |  |  | 0.47 | %
BORROWINGS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Overnight |  | $ | - |  |  |  | - | % |  | $ | - |  |  |  | - | %
Three months or less |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Over three to six months |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Over six months to one year |  |  | 10,017 |  |  |  | 3.01 |  |  |  | - |  |  |  | - |
Over one year to two years |  |  | - |  |  |  | - |  |  |  | 10,042 |  |  |  | 3.02 |
Over two years to three years |  |  | 10,000 |  |  |  | 1.53 |  |  |  | - |  |  |  | - |
Over three years to four years |  |  | 20,000 |  |  |  | 3.85 |  |  |  | 10,000 |  |  |  | 1.53 |
Over four years to five years |  |  | 21,227 |  |  |  | 2.08 |  |  |  | 20,000 |  |  |  | 3.85 |
Over five years |  |  | 50,000 |  |  |  | 2.36 |  |  |  | 51,275 |  |  |  | 2.55 |
Total borrowings |  | $ | 111,244 |  |  |  | 2.56 | % |  | $ | 91,317 |  |  |  | 2.78 | %

(1)The interest rate described in the rate column is the weighted-average interest rate or cost of all instruments, which are included in the balance of the respective line item.

Page 18 of 20

PROVIDENT FINANCIAL HOLDINGS, INC.
Financial Highlights
(Unaudited - Dollars in Thousands)

|  | Quarter Ended |  |  | Quarter Ended |
|  | March 31, 2017 |  |  | March 31, 2016 |
|  | Balance |  |  | Rate(1) |  |  | Balance |  |  | Rate(1) |
SELECTED AVERAGE BALANCE SHEETS: |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable, net (2) |  | $ | 974,207 |  |  |  | 3.98 | % |  | $ | 951,996 |  |  |  | 3.87 | %
Investment securities |  |  | 47,283 |  |  |  | 1.20 | % |  |  | 24,861 |  |  |  | 1.54 | %
FHLB – San Francisco stock |  |  | 8,094 |  |  |  | 9.09 | % |  |  | 8,094 |  |  |  | 8.06 | %
Interest-earning deposits |  |  | 125,155 |  |  |  | 0.80 | % |  |  | 145,602 |  |  |  | 0.50 | %
Total interest-earning assets |  | $ | 1,154,739 |  |  |  | 3.56 | % |  | $ | 1,130,553 |  |  |  | 3.41 | %
Total assets |  | $ | 1,186,709 |  |  |  |  |  |  | $ | 1,165,410 |  |  |  |  |
Deposits |  | $ | 927,994 |  |  |  | 0.40 | % |  | $ | 920,312 |  |  |  | 0.48 | %
Borrowings |  |  | 111,251 |  |  |  | 2.60 | % |  |  | 91,322 |  |  |  | 2.82 | %
Total interest-bearing liabilities |  | $ | 1,039,245 |  |  |  | 0.64 | % |  | $ | 1,011,634 |  |  |  | 0.69 | %
Total stockholders' equity |  | $ | 132,218 |  |  |  |  |  |  | $ | 137,111 |  |  |  |  |

(1)The interest rate described in the rate column is the weighted-average interest rate or yield/cost of all instruments, which are included in the balance of the respective line item.
(2)Includes loans held for investment and loans held for sale at fair value, net of the allowance for loan losses.

|  | Nine Months Ended |  |  | Nine Months Ended |
|  | March 31, 2017 |  |  | March 31, 2016 |
|  | Balance |  |  | Rate(1) |  |  | Balance |  |  | Rate(1) |
SELECTED AVERAGE BALANCE SHEETS: |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable, net (2) |  | $ | 1,034,671 |  |  |  | 3.90 | % |  | $ | 945,761 |  |  |  | 3.90 | %
Investment securities |  |  | 47,495 |  |  |  | 0.99 | % |  |  | 18,350 |  |  |  | 1.70 | %
FHLB – San Francisco stock |  |  | 8,094 |  |  |  | 13.62 | % |  |  | 8,094 |  |  |  | 8.93 | %
Interest-earning deposits |  |  | 79,813 |  |  |  | 0.67 | % |  |  | 162,829 |  |  |  | 0.34 | %
Total interest-earning assets |  | $ | 1,170,073 |  |  |  | 3.63 | % |  | $ | 1,135,034 |  |  |  | 3.39 | %
Total assets |  | $ | 1,202,136 |  |  |  |  |  |  | $ | 1,169,679 |  |  |  |  |
Deposits |  | $ | 933,406 |  |  |  | 0.42 | % |  | $ | 922,746 |  |  |  | 0.48 | %
Borrowings |  |  | 119,299 |  |  |  | 2.40 | % |  |  | 91,340 |  |  |  | 2.82 | %
Total interest-bearing liabilities |  | $ | 1,052,705 |  |  |  | 0.64 | % |  | $ | 1,014,086 |  |  |  | 0.70 | %
Total stockholders' equity |  | $ | 132,769 |  |  |  |  |  |  | $ | 138,806 |  |  |  |  |

(1)The interest rate described in the rate column is the weighted-average interest rate or yield/cost of all instruments, which are included in the balance of the respective line item.
(2)Includes loans held for investment and loans held for sale at fair value, net of the allowance for loan losses.

Page 19 of 20

PROVIDENT FINANCIAL HOLDINGS, INC. Asset Quality (1) (Unaudited – Dollars in Thousands) |

|  | As of |  |  | As of |  |  | As of |  |  | As of |  |  | As of |
|  | 03/31/17 |  |  | 12/31/16 |  |  | 09/30/16 |  |  | 06/30/16 |  |  | 03/31/16 |
Loans on non-accrual status (excluding restructured loans): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family |  | $ | 4,704 |  |  | $ | 5,716 |  |  | $ | 5,586 |  |  | $ | 6,292 |  |  | $ | 6,918 |
Multi-family |  |  | 372 |  |  |  | 568 |  |  |  | 703 |  |  |  | 709 |  |  |  | 721 |
Commercial real estate |  |  | 201 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  |  | 5,277 |  |  |  | 6,284 |  |  |  | 6,289 |  |  |  | 7,001 |  |  |  | 7,639 |
Accruing loans past due 90 days or more: |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Restructured loans on non-accrual status: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family |  |  | 3,507 |  |  |  | 3,711 |  |  |  | 3,650 |  |  |  | 3,232 |  |  |  | 3,002 |
Multi-family |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,542 |
Commercial business loans |  |  | 68 |  |  |  | 70 |  |  |  | 74 |  |  |  | 76 |  |  |  | 78 |
Total |  |  | 3,575 |  |  |  | 3,781 |  |  |  | 3,724 |  |  |  | 3,308 |  |  |  | 4,622 |
Total non-performing loans |  |  | 8,852 |  |  |  | 10,065 |  |  |  | 10,013 |  |  |  | 10,309 |  |  |  | 12,261 |
Real estate owned, net |  |  | 2,768 |  |  |  | 2,949 |  |  |  | 3,496 |  |  |  | 2,706 |  |  |  | 3,165 |
Total non-performing assets |  | $ | 11,620 |  |  | $ | 13,014 |  |  | $ | 13,509 |  |  | $ | 13,015 |  |  | $ | 15,426 |

(1) | The non-performing loans balances are net of individually evaluated or collectively evaluated allowances, specifically attached to the individual loans and include fair value credit adjustments.

Page 20 of 20