PROVIDENT FINANCIAL HOLDINGS, INC. (NASDAQ:PROV) Files An 8-K Other Events
Item 8.01 Other Events

On December 22, 2017, the Tax Cuts and Job Act ("Tax Legislation") was enacted into law. The Tax Legislation significantly revises the U.S. corporate income tax requirements by lowering corporate income tax rates, implementing the territorial tax system and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries, among other provisions. As a result, Provident Financial Holdings, Inc. ("the Corporation") will be required to revalue its deferred tax assets and liabilities to account for the future impact of lower corporate tax rates and other provisions of the Tax Legislation.

Based on currently available information, the Corporation expects to record a one-time net tax charge of approximately $1.84 million for the quarter ended December 31, 2017 primarily due to the revaluation of the Corporation's deferred tax assets and liabilities consistent with the lower corporate tax rates enacted by the Tax Legislation. Under this methodology, the estimated second quarter earnings impact will be approximately ($0.24) per diluted share based on approximately 7.73 million second quarter weighted average diluted shares and the estimated tangible book value impact will be approximately ($0.25) per share at December 31, 2017. The charge will be recorded as a one-time increase to the provision for income taxes and in addition to the normal provision for income taxes related to pre-tax operating results.

The impact of the Tax Legislation may differ from this estimate, possibly materially, due to, among other things, changes in interpretations and assumptions the Corporation has made, guidance that may be issued and actions the Corporation may take as a result of the Tax Legislation.

Forward-Looking Statements

This Report on Form 8-K includes "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts, but instead represent only the Corporation's beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside the firm's control. It is possible that the Corporation's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect the Corporation's future results and financial condition, see "Risk Factors" in Part I, Item 1A of the Corporation's Annual Report on Form 10-K for the fiscal year ended June 30, 2017.

Forward-looking statements include statements regarding the estimated effects of the Tax Legislation on the Corporation's earnings for the second quarter of fiscal 2018. These forward-looking statements consist of preliminary estimates, are based on currently available information, as well as our current interpretations, assumptions and expectations related to the Tax Legislation, and are subject to change, possibly materially, until the Corporation completes its

consolidated financial statements as of and for the fiscal year ending June 30, 2018 and remains subject to the completion of the Corporation's 2017 tax returns.

About PROVIDENT FINANCIAL HOLDINGS, INC. (NASDAQ:PROV)

Provident Financial Holdings, Inc. is the holding company of Provident Savings Bank, F.S.B. (the Bank). The Bank is a federally chartered stock savings bank. The Company operates through two segments: Provident Bank and Provident Bank Mortgage (PBM). The Bank’s 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 loans, multi-family loans, commercial real estate loans, construction loans, commercial business loans, consumer loans and other mortgage loans. PBM operations primarily consist of the origination, purchase and sale of mortgage loans secured by single-family residences. The Bank 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 offers business checking accounts, other business banking services and services loans for others.