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Holding Company Condensed Financial Information

12 Months Ended

Jun. 30, 2020

Holding Company Condensed Financial Information

Holding Company Condensed Financial Information

Note 18: 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, 2020 and 2019 and condensed statements of operations, comprehensive income and cash flows for the fiscal years ended June 30, 2020 and 2019.

Condensed Statements of Financial Condition

		June 30,
(In Thousands)		2020			2019
Assets
Cash and cash equivalents		$	6,842		$	5,421
Investment in subsidiary			117,080			115,185
Other assets			108			131
		$	124,030		$	120,737
Liabilities and Stockholders’ Equity
Other liabilities		$	54		$	96
Stockholders’ equity			123,976			120,641
		$	124,030		$	120,737

Condensed Statements of Operations

		Year Ended June 30,
(In Thousands)		2020			2019
Dividend from the Bank		$	7,500		$	7,500
Interest and other income			19			17
Total income			7,519			7,517
General and administrative expenses			1,166			1,209
Earnings before income taxes and equity in undistributed earnings of the Bank			6,353			6,308
Income tax benefit			(338)			(352)
Earnings before equity in undistributed earnings of the Bank			6,691			6,660
Equity in undistributed earnings of the Bank			998			(2,243)
Net income		$	7,689		$	4,417

Condensed Statements of Cash Flows

		Year Ended June 30,
(In Thousands)		2020			2019
Cash flow from operating activities:
Net income		$	7,689		$	4,417
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of the Bank			(998)			2,243
Decrease (increase) in other assets			23			(8)
(Decrease) increase in other liabilities			(42)			33
Net cash provided by operating activities			6,672			6,685
Cash flow from financing activities:
Exercise of stock options			215			553
Treasury stock purchases			(1,283)			(1,412)
Cash dividends			(4,183)			(4,194)
Net cash used for financing activities			(5,251)			(5,053)
Net increase in cash and cash equivalents			1,421			1,632
Cash and cash equivalents at beginning of year			5,421			3,789
Cash and cash equivalents at end of year		$	6,842		$	5,421

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- References

No definition available.

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- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04)
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683

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