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PROVIDENT Provident Financial Holdings , Inc. 3756 Central Avenue Riverside , CA 92506 ( 951 ) 686-6060 Exhibit 99.1 PROV ™ NASDAQ LISTED NEWS RELEASE PROVIDENT FINANCIAL HOLDINGS REPORTS FIRST QUARTER OF FISCAL 2022 RESULTS Net Income of $ 2.67 Million in the September 2021 Quarter Loans Held for Investment Increase 1 % from June 30 , 2021 to $ 859.0 Million Total Deposits Increase 2 % from June 30 , 2021 to $ 956.7 Million Improved Asset Quality with a $ 339,000 Recovery from the Allowance for Loan Losses Net Interest Margin Improves 17 Basis Points from Prior Sequential Quarter Non - Interest Expenses Remain Well - Controlled Riverside , Calif . - October 26 , 2021 – Provident Financial Holdings , Inc. ( “ Company ” ) , NASDAQ GS : PROV , the holding company for Provident Savings Bank , F.S.B. ( “ Bank ” ) , today announced first quarter earnings results for the fiscal year ending June 30 , 2022 . For the quarter ended September 30 , 2021 , the Company reported net income of $ 2.67 million , or $ 0.35 per diluted share ( on 7.58 million average diluted shares outstanding ) , up 80 percent from net income of $ 1.49 million , or $ 0.20 per diluted share ( on 7.46 million average diluted shares outstanding ) , in the comparable period a year ago . Compared to the same quarter last year , the increase in earnings was primarily attributable to a $ 1.32 million decrease in non - interest expenses ( mainly , lower salaries and employee benefits expenses ) and a $ 559,000 improvement in the provision for loan losses last year to a $ 339,000 recovery from the allowance for loan losses , partly offset by lower net interest income and lower non - interest income ( mainly , lower loan servicing and other fees ) . “ I am pleased that general economic conditions are improving and the United States is making progress in its fight against the COVID - 19 pandemic , ” said Craig G. Blunden , Chairman and Chief Executive Officer of the Company . “ This quarter marks the second consecutive sequential quarter of growth in both loans held for investment and deposits , and more importantly , expansion of our net interest margin . I remain confident that Provident is well - positioned to benefit from improving general economic conditions and that our strong financial foundation will allow us to capitalize on future opportunities as they develop , " said Mr. Blunden . Return on average assets for the first quarter of fiscal 2022 was 0.89 percent , up from 0.50 percent for the same period of fiscal 2021 ; and return on average stockholders ' equity for the first Page 1 of 14