Bank posts solid income gain

Provident Savings Bank reported a positive third quarter this week.

The Riverside-based bank reported a net income of $2.6 million for the quarter, with cash dividends of 12 cents per share to be paid to its stockholders, according to a company statement.

That’s an 86 percent increase compared with Provident Savings’ third-quarter performance last year, when the bank’s net income was $1.4 million. The bank’s current fiscal year ends June 30.

Much of Provident Savings’ recent income gains are the result of a $4.4 million increase in loan sales, according to the statement.

“We are pleased that the actions we have taken to overcome the more challenging environment have resulted in our improving financial results,” said Craig Blunden, chairman and chief executive officer of Provident Financial Holdings, in a statement. “In comparison to the same quarter last year, net interest income and fee income have both increased.”

Provident Financial Holdings is the holding company for Provident Savings, which has 15 banks and two loan production offices in Riverside and San Bernardino counties.