Provident Financial: Fiscal Q4 Earnings Snapshot
The Riverside, California-based company said it had profit of 24 cents per share.
The holding company for Provident Savings Bank posted revenue of $15 million in the period. Its adjusted revenue was $9.8 million.
_____
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hill
14 minutes ago
- The Hill
Sarepta will resume gene therapy shipments after FDA review of recent patient death
WASHINGTON (AP) — Shares of beleaguered drugmaker Sarepta Therapeutics jumped in afterhours trading Monday after the company said it would resume shipping its gene therapy for some patients, following a brief pause requested by regulators. The Food and Drug Administration said it recommended lifting the hold for young patients with Duchenne's muscular dystrophy who are still able to walk. Regulators had requested the pause after the deaths of two older teenagers who were taking the therapy. The FDA also said in a statement it determined that a recently reported death of an 8-year-old boy was unrelated to the therapy. Company shares surged more than 16% after the announcement to $13.86 in afterhours trading. The jump is the latest in a series of drastic stock movements triggered by changing fortunes for the company's best-selling product. Elevidys is the first gene therapy approved in the U.S. for Duchenne's muscular dystrophy, the fatal muscle-wasting disease that affects boys and young men, resulting in early death. It received accelerated approval in 2023 for a narrow range of young patients and was expanded last year for use in older patients, including those who can no longer walk. The FDA decision Monday 'significantly improves Elevidys' sales outlook in the near-term,' Jefferies analyst Andrew Tsai told investors, in a note after the announcement. 'The street will feel relieved about the situation, suggesting meaningful stock upside potential.' Sarepta's therapy has been under scrutiny from regulators after two teenage boys died earlier this year from acute liver injury, a known side effect of the treatment. The FDA then requested a pause in shipments of the drug after the death of a third patient taking a different Sarepta therapy. FDA officials have suggested the company will need to provide new study data on safety to resume Elevidys' use in older patients. 'The FDA will continue to work with the sponsor regarding non-ambulatory patients, which remains subject to a voluntary hold, following two deaths,' FDA said in its statement. ___ The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute's Department of Science Education and the Robert Wood Johnson Foundation. The AP is solely responsible for all content.
San Francisco Chronicle
14 minutes ago
- San Francisco Chronicle
California's major home insurers are likely to raise rates soon. Here's why
California home insurance companies could begin requesting rate increases within weeks, after state regulators approved a key step that will undergird new rate filings. Insurance rates have soared in California in recent years, but insurers say they still don't reflect the cost of doing business in the expensive, wildfire-prone state. To prevent insurers from further pulling back coverage or leaving the state, the California Department of Insurance recently enacted a set of reforms, called the Sustainable Insurance Strategy, that will make it easier for insurers to justify rate increases — though the state plans to ensure that the carriers continue to cover, and even expand, in parts of the state considered at risk for wildfires. A key step in the reform process occurred last week, when the Department of Insurance said it would allow insurers to use a catastrophe model to evaluate future risks. Previously, insurers have only been allowed to use backwards-looking information as the basis for rate increase requests — and thus could not take global warming or other predicted future changes into account. Insurers and regulators have long said that a more accurate assessment of future risks is critical for them to remain viable in California. California is an outlier: Other states already allow carriers to forecast risks using catastrophe models. The newly approved model was created by the New Jersey company Verisk. Two other catastrophe models, made by Moody's and Karen Clark, are now under review, according to Deputy Insurance Commissioner Michael Soller. 'I'm expecting (that) within a matter of weeks we could have our first filing from a major carrier,' Soller said in an interview Thursday. Exactly how much rates are likely to rise in the immediate future is unknown, and will undoubtedly vary by insurer. Mercury, a Los Angeles-based insurer that is one of California's largest carriers, said it is currently preparing a rate change request for homeowners insurance using the Verisk model. 'The move is a direct result of the ongoing implementation of (Insurance Commissioner Ricardo Lara's) Sustainable Insurance Strategy, which the company believes will provide California homeowners with more insurance options and lead to a more resilient insurance marketplace,' the company said. The use of catastrophe models is one of several key changes made by Lara under his Sustainable Insurance Strategy. Another key change is allowing insurers to partially pass on the cost of reinsurance (insurance for insurance companies) to policyholders — something not previously allowed in California, though it is common in other states. As soon as they file for updated rates, insurance companies will be required to tell regulators if they plan to write new policies, and if so, how many new policies. Insurers will also be asked to describe how they'll be seeking new policies to write — for example, if they'll offer full coverage to customers whom they partially cover under a companion policy to California's FAIR plan. (The FAIR Plan is California's insurer of last resort and covers only damage from wildfires, whereas traditional insurers include other risks such as liability and plumbing problems.) There have been virtually no rate increase requests filed after the devastating Los Angeles wildfires in January. In prior years, large rate increase requests tended to flow in after major fires, Soller said. But this time, insurers have been waiting for the catastrophe models to be approved. 'It's why we are doing this,' Soller said, noting that really large rate increases after wildfires are 'not a sustainable path for us.'
San Francisco Chronicle
14 minutes ago
- San Francisco Chronicle
Sarepta will resume gene therapy shipments after FDA review of recent patient death
WASHINGTON (AP) — Shares of beleaguered drugmaker Sarepta Therapeutics jumped in afterhours trading Monday after the company said it would resume shipping its gene therapy for some patients, following a brief pause requested by regulators. The Food and Drug Administration said it recommended lifting the hold for young patients with Duchenne's muscular dystrophy who are still able to walk. Regulators had requested the pause after the deaths of two older teenagers who were taking the therapy. The FDA also said in a statement it determined that a recently reported death of an 8-year-old boy was unrelated to the therapy. Company shares surged more than 16% after the announcement to $13.86 in afterhours trading. The jump is the latest in a series of drastic stock movements triggered by changing fortunes for the company's best-selling product. Elevidys is the first gene therapy approved in the U.S. for Duchenne's muscular dystrophy, the fatal muscle-wasting disease that affects boys and young men, resulting in early death. It received accelerated approval in 2023 for a narrow range of young patients and was expanded last year for use in older patients, including those who can no longer walk. The FDA decision Monday 'significantly improves Elevidys' sales outlook in the near-term,' Jefferies analyst Andrew Tsai told investors, in a note after the announcement. 'The street will feel relieved about the situation, suggesting meaningful stock upside potential.' Sarepta's therapy has been under scrutiny from regulators after two teenage boys died earlier this year from acute liver injury, a known side effect of the treatment. The FDA then requested a pause in shipments of the drug after the death of a third patient taking a different Sarepta therapy. FDA officials have suggested the company will need to provide new study data on safety to resume Elevidys' use in older patients. 'The FDA will continue to work with the sponsor regarding non-ambulatory patients, which remains subject to a voluntary hold, following two deaths,' FDA said in its statement. ___ The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute's Department of Science Education and the Robert Wood Johnson Foundation. The AP is solely responsible for all content.
