Provident Financial Holdings, Inc. , the holding company for Provident Savings Bank, F.S.B., today announced that the Company’s Board of Directors declared a quarterly cash dividend of $0.14 per share. Shareholders of the Company’s common stock at the close of business on May 15, 2025 will be entitled to receive the cash dividend. The cash dividend will be payable on June 5, 2025.

Provident Financial Holdings, Inc. (the "Bank") has entered into a settlement agreement in principle regarding two ongoing lawsuits related to labor violations. The lawsuits, involving former employees Cheryl Jones and Jennifer Williams, stem from alleged wage and hour violations under California's Private Attorneys General Act (PAGA).

The two lawsuits were originally filed in 2023 and 2024. The claims primarily focus on issues such as misclassification of employees, failure to provide proper breaks, and missing wages. After mediation, the parties agreed to settle the cases, with the Bank agreeing to a total settlement payment of $231,600. This amount will cover individual and PAGA claims for non-exempt employees from November 16, 2022, and for exempt loan officers from February 16, 2022, through the date the Court approves the settlement.

The settlement includes a dismissal of all claims against the Bank and related parties, without an admission of liability. The settlement is subject to finalizing the Memorandum of Understanding, completing a Long-Form Joint Settlement Agreement, obtaining court approval, and fulfilling other customary conditions.

This settlement expense of $231,600 has been recognized by the Bank for the third quarter of fiscal 2025.