PROV — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2026-09-02

• On July 23, 2026, the Corporation announced that Donavon P. Ternes was appointed to serve on the Boards of Directors of the Corporation and the Bank to fill the vacancy resulting from the death of Director William E. Thomas in April 2026. Mr. Ternes will serve until the Corporation’s 2027 Annual Mee…

• of Stockholders. The Bank also announced the appointment of Michael S. Van Stockum as Senior Vice President and Chief Lending Officer of the Bank.

• The Bank is headquartered in Riverside, California and, as of June 30, 2026, operates 12 full-service banking offices in Riverside County and one full-service banking office in San Bernardino County. Management considers Southern California, including Riverside County, western San Bernardino County …

• According to the 2020 Census Bureau, Riverside and San Bernardino counties have the fourth and fifth largest populations in California, respectively, and are part of the greater Los Angeles metropolitan area, consisting primarily of suburban and urban communities. The Inland Empire, with a populatio…

• Management monitors the revenue and expense components of the various products and services the Bank offers, but operations are managed and financial performance is evaluated on a corporation-wide basis in comparison to a business plan which is developed each year. Accordingly, management considers …

Text removed vs the prior filing · source: 10-K · 2025-08-29

• The Bank is headquartered in Riverside, California and, as of June 30, 2025, operates 12 full-service banking offices in Riverside County and one full-service banking office in San Bernardino County. Management considers Southern California, including Riverside County, western San Bernardino County …

• According to the 2020 Census Bureau, Riverside and San Bernardino counties have the fourth and fifth largest populations in California, respectively, and are part of the greater Los Angeles metropolitan area, consisting primarily of suburban and urban communities. The Inland Empire, with a populatio…

• Economic growth for the Inland Empire, also known as the Riverside-San Bernardino-Ontario Metropolitan Statistical Area, is expected to rise modestly in 2025. Last year, the outlook was highlighted with concerns about potential headwinds related the uncertainty surrounding the 2024 presidential elec…

• Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 264,260 in June 2025. The statewide annualized sales figure represents what would be the total number of homes sold during 2025 if sales maintained the June 2025 pace througho…

• than the Bank and therefore have greater financial and marketing resources than the Bank. This competition may limit the Bank’s growth and profitability in the future.

Text added vs the prior filing · source: 10-K · 2026-09-02

• We originate multi-family and commercial real estate loans for individuals and businesses for various purposes, which are secured by residential and non-residential properties. At June 30, 2026, we had $462.6 million or 45% of total loans held for investment in multi-family and commercial real estat…

• in amounts sufficient to cover operating expenses and debt service, which may be adversely affected by changes in the economy or local market conditions. For example, if the cash flow from the borrower's project is reduced as a result of leases not being obtained or renewed, the borrower's ability t…

• Our estimate of expected credit losses reflects management's assessment of current and forecasted economic conditions, collateral values, and other factors that may affect borrower repayment and credit performance. Unexpected events, including natural disasters such as wildfires, earthquakes, floods…

• The rising cost and reduced availability of property and casualty insurance in California could adversely affect our borrowers, the value of our collateral, and our results of operations.

• Substantially all of our loans are secured by real property located in California, where the market for property insurance has deteriorated significantly in recent years. Following a series of catastrophic wildfires over several years, a number of major insurers have limited or ceased writing new ho…

Text removed vs the prior filing · source: 10-K · 2025-08-29

• material availability. If we must liquidate a significant amount of collateral during a period of reduced real estate values, our financial condition and profitability could be adversely affected.

• We originate multi-family and commercial real estate loans for individuals and businesses for various purposes, which are secured by residential and non-residential properties. At June 30, 2025, we had $496.2 million or 48% of total loans held for investment in multi-family and commercial real estat…

• payments upon maturity, which would require the borrower to either sell or refinance the underlying property to make the balloon payment at maturity, thus increasing the risk of default or non-payment.

• allowance to absorb losses without additional provisions. A material decrease in the credit quality of our loan portfolio, significant changes in the risk profile of markets, industries, or customer groups, or inadequacy in the ACL could have a materially adverse impact on our business, financial co…

• Wildfires in California, including those that began in January 2025 and more recent events in other regions of the state, present ongoing risks to our loan portfolio. Borrowers in affected areas may experience financial hardship, which could increase loan defaults, reduce repayment capacity, and imp…

Text added vs the prior filing · source: 10-K · 2026-09-02

• These estimates involve significant uncertainty and are based on historical experience, current conditions, and other factors management believes to be reasonable under the circumstances. We evaluate these estimates on an ongoing basis and discuss them with the Audit Committee of our Board of Direct…

• Allowance for Credit Losses. The ACL involves significant judgment and assumptions by management, which have a material impact on the carrying value of financial assets. The Corporation adopted ASC 326 using the prospective transition approach for all financial assets measured at amortized cost and …

• Under ASC 326, the ACL is a valuation account that is deducted from the related loan’s amortized cost basis to present the net amount expected to be collected on the loans. The measurement of expected credit losses is based on relevant information about past events, including historical experience, …

• Provident Savings Bank, F.S.B., established in 1956, is a financial services company committed to serving consumers and small to mid-sized businesses in the Inland Empire region of Southern California. The Bank conducts its business operations as Provident Bank and through its subsidiary, PFC. The b…

• Community banking operations primarily consist of accepting deposits from customers within the communities surrounding the Bank’s full service offices and investing those funds in single-family, multi-family and commercial real estate loans. Also, to a lesser extent, the Bank may originate construct…

Text removed vs the prior filing · source: 10-K · 2025-08-29

• ●the allowance for credit losses on loans and investment securities, and

• These estimates involve significant uncertainty and are based on historical experience, current conditions, and other factors management believes to be reasonable under the circumstances. We evaluate these estimates on an ongoing basis and discuss them with the Audit Committee of our Board of Direct…

• Allowance for Credit Losses. The ACL involves significant judgment and assumptions by management, which has a material impact on the carrying value of financial assets. The Corporation adopted ASC 326 using the prospective transition approach for all financial assets measured at amortized cost and o…

• As required by ASC 326, on July 1, 2023 the Corporation implemented CECL and recognized a $1.2 million one-time increase to its ACL and a net of tax charge of $824,000 to retained earnings. Under ASC 326, the ACL is a valuation account that is deducted from the related loan’s amortized cost basis to…

• Provident Savings Bank, F.S.B., established in 1956, is a financial services company committed to serving consumers and small to mid-sized businesses in the Inland Empire region of Southern California. The Bank conducts its business

Text added vs the prior filing · source: 10-K · 2026-09-02

• The following table represents the interest rate gap analysis of the Corporation’s assets and liabilities as of June 30, 2026:

• At June 30, 2026 and 2025, the Corporation was asset sensitive as its interest-earning assets are expected to reprice more quickly than its interest-bearing liabilities during the subsequent 12-month period. Therefore at June 30, 2026, in a rising interest rate environment, the model projects an inc…

Text removed vs the prior filing · source: 10-K · 2025-08-29

• maturity, the table presents estimated principal cash flows and, as applicable, the Corporation's historical experience, management's judgment and statistical analysis concerning their most likely withdrawal behaviors.

• The following table represents the interest rate gap analysis of the Corporation’s assets and liabilities as of June 30, 2025:

• At June 30, 2025, the Corporation was asset sensitive as its interest-earning assets are expected to reprice more quickly than its interest-bearing liabilities during the subsequent 12-month period; while at June 30, 2024, the Corporation was close to neutral with regard to the sensitivity of net in…

• Therefore at June 30, 2025, in a rising interest rate environment, the model projects an increase in net interest income over the subsequent 12-month period, except at the +300 basis point scenario. In a falling interest rate environment, the results project a decrease in net interest income over th…