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Provident Financial Holdings, Inc. Announces Stock Repurchase Plan Extension

Riverside, California – September 26, 2024 (GLOBE NEWSWIRE) – Provident Financial Holdings, Inc. ("the Company"), which operates under NASDAQ GS: PROV, and serves as the holding entity for Provident Savings Bank, F.S.B., has made a significant announcement regarding its corporate finance strategy. The Board of Directors has approved an extension of the current Stock Repurchase Plan that was set to expire on September 28, 2023. This extension is now authorized to last for an additional year or until all shares have been repurchased, depending on which milestone is achieved first.

Overview of the Stock Repurchase Plan

Currently, the Company has 99,968 shares available for purchase under this Plan. The repurchase of shares will occur in the open market or through privately negotiated transactions, depending on various factors. These considerations include prevailing market conditions, the Corporation’s capital requirements, and the available liquidity that can be drawn upon for the stock repurchase program.

Importance of Forward-Looking Statements

Safe-Harbor Statement

It is crucial to note that this announcement may include forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements could encompass a range of topics, including but not limited to:

• Expectations regarding the business environment in which Provident operates.
• Projections related to future financial performance.
• Identification of perceived market opportunities.
• Anticipations regarding future credit experiences.
• The overall mission and vision of the Company, among other considerations.

These insights are generated based on the current management’s expectations and may inherently carry risks and uncertainties. Consequently, actual results, performance, or outcomes experienced by the Company could considerably differ from anything indicated, expressed, or implied in these forward-looking statements. Influencing factors may encompass a broad array of elements, including the general economic environment, fluctuations in interest rates, developments in the California real estate market, competitive dynamics between banking institutions and non-bank financial service providers, regulatory shifts, and a variety of other risks outlined in the Company’s reports filed with the Securities and Exchange Commission (SEC). This includes pertinent information contained in the Annual Report on Form 10-K for the fiscal year concluding June 30, 2024.

How AI legalese decoder Can Assist

Given the complex nature of these statements and the legal ramifications that may arise from them, tools like the AI legalese decoder can offer invaluable assistance. This AI-driven technology specializes in interpreting convoluted legal language, making it significantly easier for stakeholders—such as investors, analysts, and even employees—to understand the implications of such announcements.

The AI legalese decoder can break down intricate legal jargon into straightforward language, clarifying the meaning of forward-looking statements and financial reports. By translating dense legal terms into accessible explanations, it empowers users to make more informed decisions based on corporate disclosures and regulatory filings. This capability helps mitigate the risks often associated with misunderstandings in communication, ensuring that all parties are operating with a clear comprehension of the financial landscape.

Contact Information

For further inquiries, stakeholders can reach out to the following officials:

• Donavon P. Ternes
  President and Chief Executive Officer
  Phone: (951) 686-6060

• TamHao B. Nguyen
  Senior Vice President and Chief Financial Officer
  Phone: (951) 686-6060

In conclusion, Provident Financial Holdings, Inc.’s extension of its Stock Repurchase Plan signals a continued commitment to shareholder value, and resources like the AI legalese decoder can significantly enhance the clarity of such strategic communications in the financial domain.

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