Latest news with #Riverside
Yahoo
7 hours ago
- Automotive
- Yahoo
GreenPower Provides Business Update and Reports Year-End Fiscal 2025 Results
Webinar Scheduled for August 4, 2025 at 4:15 p.m. EST/1:15 p.m. PST VANCOUVER, BC, July 30, 2025 /CNW/ -- GreenPower Motor Company Inc. (Nasdaq: GP) (TSXV: GPV) ("GreenPower" and the "Company"), a leading manufacturer and distributor of all-electric, purpose-built, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, today reported its year-end fiscal year 2025 results. "Fiscal year 2025 was a transformative year for GreenPower as the political winds shifted and federal EV incentives and policies began to change," said GreenPower CEO Fraser Atkinson. "While GreenPower continued to manufacturer and deliver class leading all-electric, purpose-built, zero-emission school buses and commercial vehicles, the Company was focused on adapting to these changes by streamlining production and retooling operations to be successful in the space." During the year GreenPower consolidated its California operations from multiple locations in the state to one facility in Riverside. "Consolidating our operations from five different facilities spread throughout California to one larger facility has reduced our costs and increased efficiency," said GreenPower President Brendan Riley. "Having our U.S. corporate headquarters, engineers, project managers, upfitting operations and west coast manufacturing in one location better positions the company for managed growth and success." Manufacturing in the West Virginia facility continued during the fiscal year with the first BEAST Type D school buses rolling off the manufacturing line for in-state orders and a Round 2 EPA Clean School Bus Program (CSBP) grant that was awarded to multiple school districts in the state during fiscal 2025. In the western half of the country, school bus manufacturing and deliveries also continued during the fiscal year under a variety of programs including the CSBP. Type D BEASTs and Type A Nano BEASTs from GreenPower's California facilities were delivered through its dealers to schools in Arizona, California and Oregon. "As the only all-electric, purpose-built school bus OEM manufacturing both a Type A and a Type D school bus in facilities on both sides of the country, GreenPower is perfectly positioned to meet the market demand nationwide," Atkinson continued. "GreenPower innovation remained at the forefront of activities in fiscal year 2025, as two new Class 4 all-electric, purpose-built, zero-emission commercial vehicles were introduced into the marketplace," Riley stated. The first new vehicle was the EV Star Utility Truck which is built for day-to-day demands and workloads and is equipped with optional power sources, providing accessible power through built-in plugs to accommodate tool charging conveniently on a job site. The front box of the vehicle has optional full pass-through capacity, allowing for oversize tools and supplies. The EV Star Utility Truck offers tailored contractor body configurations, coming in a standard bed size of 16 feet, with the option to customize the length to meet the customer's needs, allowing for more room and applications. The second new vehicle unveiled during the fiscal year was the EV Star REEFERX, a new modern offering, all-electric refrigerated medium-duty delivery truck. Built on GreenPower's EV Star Cab & Chassis platform, the EV Star REEFERX is purpose-built and fully customizable with a lighter body to allow for increased payload. Designed to serve mid to last-mile refrigerated delivery and catering applications, the EV Star REEFERX moves goods that need to be temperature controlled, such as fresh and frozen foods, flowers and pharmaceuticals, among other applications. The vehicle body features a one interior wall structure to allow for seamless sanitation, consistent insulation throughout and a longer life. 2025 Year-End Highlights: Generated revenues of $19.8 million for the year ended March 31, 2025. GreenPower delivered a total of 84 vehicles, which were comprised of 34 BEAST Type D school buses, two Nano BEAST Type A school buses, 23 EV Star Cargo and EV Star Cargo Plus commercial vehicles and 25 EV Star Passenger Vans. GreenPower had working capital of $8.1 million at year-end. At the end of the year GreenPower had inventory of $25.6 million, consisting of $10.1 million of finished goods, $11.3 million of work-in-process and $4.2 million of parts and components. The Company had Deferred revenue of $10.1 million at year-end. Completed an underwritten offering of 3,000,000 common shares raising gross proceeds of $3 million in October 2024 and a unit offering in which it issued 1,500,000 common shares and warrants to purchase 1,575,000 common shares for gross proceeds of $2,325,750. For additional information on the results of operations for the year ended March 31, 2025 review the audited financial statements and related reports posted on GreenPower's website as well as on or filed on EDGAR. Webinar on August 4, 2025 Red Chip will be hosting a webinar for GreenPower on Monday August 4, 2025 at 1:15 p.m. PST/4:15 p.m. EST Register in advance for this webinar: For further information contact: Fraser Atkinson, CEO(604) 220-8048 Brendan Riley, President(510) 910-3377 Michael Sieffert, CFO(604) 563-4144 About GreenPower Motor Company designs, builds and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo van and a cab and chassis. GreenPower employs a clean-sheet design to manufacture all-electric vehicles that are purpose built to be battery powered with zero emissions while integrating global suppliers for key components. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. GreenPower was founded in Vancouver, Canada with primary operational facilities in southern California. Listed on the Toronto exchange since November 2015, GreenPower completed its U.S. IPO and NASDAQ listing in August 2020. For further information go to Forward-Looking StatementsThis document contains forward-looking statements relating to, among other things, GreenPower's business and operations and the environment in which it operates, which are based on GreenPower's operations, estimates, forecasts and projections. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "upon", "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. A number of important factors including those set forth in other public filings (filed under the Company's profile on could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. GreenPower disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. All amounts in U.S. dollars. ©2025 GreenPower Motor Company Inc. All rights reserved. View original content to download multimedia: SOURCE GreenPower Motor Company View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
3 days ago
- Business
- Globe and Mail
Provident Financial Holdings Reports Fourth Quarter and Fiscal Year 2025 Results
Net Income of $1.63 million in the June 2025 Quarter, Down 12% from the Sequential Quarter and Down 17% from the Comparable Quarter Last Year Net Interest Margin of 2.94% in the June 2025 Quarter, Down Eight Basis Points from the Sequential Quarter, Up 20 Basis Points from the Comparable Quarter Last Year Loans Held for Investment of $1.05 Billion at June 30, 2025, Down 1% from June 30, 2024 Total Deposits of $888.8 Million at June 30, 2025, virtually Unchanged from June 30, 2024 Non-Performing Assets to Total Assets Ratio of 0.11% at June 30, 2025, Improved from 0.20% at June 30, 2024 RIVERSIDE, Calif., July 28, 2025 (GLOBE NEWSWIRE) -- Provident Financial Holdings, Inc. ('Company'), NASDAQ GS: PROV, the holding company for Provident Savings Bank, F.S.B. ('Bank'), today announced earnings for the fourth quarter and fiscal year ended June 30, 2025. The Company reported net income of $1.63 million, or $0.24 per diluted share (on 6.65 million average diluted shares outstanding), for the quarter ended June 30, 2025, down 17 percent from net income of $1.95 million, or $0.28 per diluted share (on 6.89 million average diluted shares outstanding), in the comparable period a year ago. The decrease was due primarily to a $587,000 decrease in non-interest income (primarily attributable to the absence of a $540,000 net unrealized gain on other equity investments recorded in the fourth quarter last year) and a $448,000 increase in non-interest expense (primarily attributable to higher salaries and employee benefits and other operating expenses), partly offset by a $431,000 increase in net interest income and a $152,000 increase in credit loss recoveries. "The operating environment for Provident has improved over the course of fiscal 2025, although an increase in loan prepayments during the June quarter interrupted two consecutive quarters of loan portfolio growth,' stated Donavon P. Ternes, President and Chief Executive Officer of the Company. 'Nonetheless, we have seen meaningful progress this year: our net interest margin has improved, deposit balances have stabilized, borrowings have declined for three consecutive quarters, and credit quality remains strong. We continue to actively repurchase shares under our stock buyback program and have maintained a consistent quarterly cash dividend. As we look ahead to the start of fiscal 2026, we are optimistic about the outlook and anticipate improving fundamentals, supported by stable general economic conditions and the potential return of an upwardly sloping yield curve,' concluded Ternes. Return on average assets was 0.53 percent for the fourth quarter of fiscal 2025, compared to 0.59 percent in the third quarter of fiscal 2025 and 0.62 percent for the fourth quarter of fiscal 2024. Return on average stockholders' equity for the fourth quarter of fiscal 2025 was 5.01 percent, compared to 5.71 percent for the third quarter of fiscal 2025 and 5.96 percent for the fourth quarter of fiscal 2024. On a sequential quarter basis, the $1.63 million net income for the fourth quarter of fiscal 2025 reflects a 12 percent decrease from $1.86 million in the third quarter of fiscal 2025. The decrease was primarily attributable to a $330,000 decrease in net interest income (primarily due to lower net interest margin and lower interest-earning assets) and a $227,000 decline in credit loss recoveries, partly offset by a $236,000 decrease in non-interest expense (primarily attributable to a non-recurring $239,000 litigation settlement expense recorded in the third quarter). Diluted earnings per share for the fourth quarter of fiscal 2025 were $0.24 per share, down 14 percent from $0.28 per share in the third quarter of fiscal 2025. For the fiscal year ended June 30, 2025, net income decreased $1.09 million, or 15 percent, to $6.26 million from $7.35 million in the comparable period last year. Diluted earnings per share for the fiscal year ended June 30, 2025 decreased 12 percent to $0.93 per share (on 6.76 million average diluted shares outstanding) from $1.06 per share (on 6.96 million average diluted shares outstanding) for the comparable period last year. The decrease was primarily attributable to a $2.25 million increase in non-interest expense (primarily due to an increase in salaries and employee benefits, equipment and other operating expenses) and a $410,000 decrease in non-interest income (primarily due to decreases in unrealized gain on other equity investments and card and processing fees), partly offset by a $603,000 increase in credit loss recoveries and a $546,000 increase in net interest income. In the fourth quarter of fiscal 2025, net interest income increased $431,000 or five percent to $8.88 million from $8.45 million for the same quarter last year. The increase was due to a higher net interest margin, which rose 20 basis points to 2.94 percent from 2.74 percent in the same quarter last year, reflecting higher yields on interest-earning assets and a slight decline in funding costs. The average yield on interest-earning assets increased 16 basis points to 4.67 percent in the fourth quarter of fiscal 2025 from 4.51 percent in the same quarter last year, while average funding costs decreased six basis points to 1.91 percent from 1.97 percent, primarily due to lower costs on borrowings and checking/money market deposits. These benefits were partially offset by a two percent decrease in the average balance of interest-earning assets, which totaled $1.21 billion in the fourth quarter of fiscal 2025, down from $1.23 billion in the same quarter last year, primarily due to decreases in investment securities and loans receivable. Interest income on loans receivable increased $276,000, or two percent, to $13.10 million in the fourth quarter of fiscal 2025 from $12.83 million in the same quarter of fiscal 2024. The increase was due to a higher average loan yield, partly offset by a lower average loan balance. The average yield on loans receivable increased 13 basis points to 4.97 percent in the fourth quarter of fiscal 2025 from 4.84 percent in the same quarter last year. Adjustable-rate loans of approximately $116.6 million repriced upward in the fourth quarter of fiscal 2025 by approximately 26 basis points, from a weighted average rate of 6.91 percent to 7.17 percent. Net deferred loan cost amortization was $463,000 in the fourth quarter of fiscal 2025, up 59 percent from $291,000 in the same quarter last year. The average balance of loans receivable decreased $6.6 million, or one percent, to $1.05 billion in the fourth quarter of fiscal 2025 from $1.06 billion in the same quarter last year. Total loans originated for investment in the fourth quarter of fiscal 2025 were $29.4 million, up 58 percent from $18.6 million in the same quarter last year, while loan principal payments received in the fourth quarter of fiscal 2025 were $42.0 million, up 37 percent from $30.6 million in the same quarter last year. Interest income from investment securities decreased $56,000, or 11 percent, to $446,000 in the fourth quarter of fiscal 2025 from $502,000 for the same quarter of fiscal 2024. This decrease was attributable to a lower average balance, partly offset by a higher average yield. The average balance of investment securities decreased $21.9 million, or 16 percent, to $113.6 million in the fourth quarter of fiscal 2025 from $135.5 million in the same quarter last year. The decrease in the average balance was due to scheduled principal payments and prepayments of investment securities. The average yield on investment securities increased nine basis points to 1.57 percent in the fourth quarter of fiscal 2025 from 1.48 percent for the same quarter last year. The increase in the average yield was primarily attributable to a lower premium amortization during the current quarter in comparison to the same quarter last year ($80,000 vs. $117,000) due to lower total principal repayments ($5.2 million vs. $5.9 million) and, to a lesser extent, the upward repricing of adjustable-rate mortgage-backed securities. In the fourth quarter of fiscal 2025, the Bank received $209,000 in cash dividends from the Federal Home Loan Bank ('FHLB') – San Francisco stock and other equity investments, unchanged from the same quarter last year, resulting in a lower average yield that was offset by a higher average balance. The average yield decreased 33 basis points to 8.12 percent in the fourth quarter of fiscal 2025 from 8.45 percent in the same quarter last year, while the average balance in the fourth quarter of fiscal 2025 was $10.3 million, up from $9.9 million in the same quarter of fiscal 2024. Interest income from interest-earning deposits, primarily cash deposited at the Federal Reserve Bank ('FRB') of San Francisco, was $342,000 in the fourth quarter of fiscal 2025, down $37,000 or 10 percent from $379,000 in the same quarter of fiscal 2024. The decrease was due to a lower average yield, partly offset by a higher average balance. The average yield earned on interest-earning deposits in the fourth quarter of fiscal 2025 was 4.40 percent, down 99 basis points from 5.39 percent in the same quarter last year. The decrease in the average yield was due to a lower average interest rate on the FRB's reserve balances resulting from decreases in the targeted federal funds rate during the comparable periods. The average balance of the Company's interest-earning deposits increased $2.9 million, or 10 percent, to $30.7 million in the fourth quarter of fiscal 2025 from $27.8 million in the same quarter last year. Interest expense on deposits for the fourth quarter of fiscal 2025 was $2.98 million, an increase of $149,000 or five percent from $2.83 million for the same period last year. The increase was primarily attributable to higher rates paid on deposits, while the average balance remained virtually unchanged. The average cost of deposits was 1.33 percent in the fourth quarter of fiscal 2025, up six basis points from 1.27 percent in the same quarter last year, primarily due to a greater proportion of time deposits, including brokered certificates of deposit which carry higher interest rates. The average balance of deposits remained virtually unchanged at $898.5 million in the fourth quarter of fiscal 2025 from $898.4 million in the same quarter last year. Transaction account balances, or 'core deposits,' decreased $38.0 million, or six percent, to $576.5 million at June 30, 2025 from $614.5 million at June 30, 2024. Time deposits increased $38.4 million, or 14 percent, to $312.3 million at June 30, 2025 from $273.9 million at June 30, 2024, due primarily to growth in retail time deposits. Brokered certificates of deposit totaled $131.0 million at June 30, 2025, down from $131.8 million at June 30, 2024. The weighted average cost of brokered certificates of deposit was 4.24 percent and 5.18 percent (including broker fees) at June 30, 2025 and June 30, 2024, respectively. Interest expense on borrowings, primarily comprised of FHLB advances, decreased $397,000, or 15 percent, to $2.24 million during the fourth quarter of fiscal 2025, compared to $2.63 million for the same period last year. This decrease was due primarily to a $23.0 million, or 11 percent, decrease in average borrowings to $195.8 million, along with a 26-basis point decrease in average borrowing costs to 4.58 percent. At June 30, 2025, the Bank had approximately $282.3 million of remaining borrowing capacity with the FHLB, an additional $142.5 million available through a borrowing facility with the Federal Reserve Bank of San Francisco, and an unused unsecured federal funds borrowing facility of $50.0 million with its correspondent bank. Total available borrowing capacity across all sources was approximately $474.8 million at June 30, 2025. During the fourth quarter of fiscal 2025, the Company recorded a recovery of credit losses totaling $164,000, which included an $11,000 recovery related to unfunded loan commitment reserves. This compares to a $12,000 recovery of credit losses in the same quarter last year and a $391,000 recovery of credit losses in the third quarter of fiscal 2025 (sequential quarter). The recovery of credit losses recorded in the fourth quarter of fiscal 2025 was primarily attributable to the decline in loans held for investment balance and lower historical loss rates, compared to the prior quarter. Non-performing assets, comprised solely of non-accrual loans secured by properties located in California, decreased $1.2 million, or 46 percent, to $1.4 million, representing 0.11 percent of total assets at June 30, 2025, compared to $2.6 million, or 0.20 percent, of total assets at June 30, 2024. At June 30, 2025, non-performing loans were comprised of seven single-family loans and one multi-family loan, compared to 10 single-family loans at June 30, 2024. At both dates, the Bank had no real estate owned and no loans 90 days or more past due that were still accruing interest. Additionally, no loan charge-offs occurred during the quarters ended June 30, 2025 and 2024. Classified assets were $5.0 million at June 30, 2025, consisting of $1.1 million of loans in the special mention category and $3.9 million of loans in the substandard category. Classified assets. This compares to $5.8 million at June 30, 2024 were $5.8 million, consisting of $1.1 million of loans in the special mention category and $4.7 million of loans in the substandard category. The allowance for credit losses on loans held for investment was $6.4 million, or 0.62 percent of gross loans held for investment, at June 30, 2025, down from $7.1 million, or 0.67 percent of gross loans held for investment, at June 30, 2024. The decrease in the allowance for credit losses was due primarily to improved qualitative factors related to the single-family residential collateral and lower historical loss rates. These improvements were partially offset by an increase in the single-family loan portfolio and a longer estimated average life of the loan portfolio, reflecting lower loan prepayment expectations as of June 30, 2025. Management believes, based on currently available information, the allowance for credit losses is sufficient to absorb expected losses inherent in loans held for investment at June 30, 2025. Non-interest income decreased by $587,000, or 40 percent, to $880,000 in the fourth quarter of fiscal 2025 from $1.47 million in the same period last year, due primarily to the absence of a $540,000 net unrealized gain in the prior year's quarter in connection with the VISA share conversion, not replicated this quarter. On a sequential quarter basis, non-interest income decreased $27,000, or three percent, primarily due to small decreases in loan servicing and other fees, deposit account fees and other non-interest income, partly offset by an increase in card and processing fees. Non-interest expense increased $448,000, or six percent, to $7.62 million in the fourth quarter of fiscal 2025 from $7.17 million for the same quarter last year, primarily due to a $352,000 increase in salaries and employee benefits expenses and a $103,000 increase in other operating expenses. The higher salaries and employee benefits expenses were primarily due to increased compensation expenses, a higher accrual for the supplemental executive retirement plan, increased group insurance costs and higher equity incentive expenses, partly offset by a decrease in retirement plan benefit expenses. On a sequential quarter basis, non-interest expense decreased $236,000, or three percent, as compared to $7.86 million in the third quarter of fiscal 2025, due primarily to a $239,000 litigation settlement recorded in the third quarter of fiscal 2025 that did not recur this quarter. The Company's efficiency ratio, defined as non-interest expense divided by the sum of net interest income and non-interest income, in the fourth quarter of fiscal 2025 was 78.06 percent, an increase from 72.31 percent in the same quarter last year and 77.64 percent in the third quarter of fiscal 2025 (sequential quarter), reflecting higher operating costs relative to revenue generation. The Company's provision for income taxes was $680,000 for the fourth quarter of fiscal 2025, down 16 percent from $805,000 in the same quarter last year and down 15 percent from $797,000 for the third quarter of fiscal 2025 (sequential quarter). The decrease during the current quarter compared to both the sequential quarter and same quarter last year was due to a decrease in pre-tax income. The effective tax rate in the fourth quarter of fiscal 2025 was 29.5 percent as compared to 29.2 percent in the same quarter last year and 30.0 percent for the third quarter of fiscal 2025 (sequential quarter). The Company repurchased 76,104 shares of its common stock at an average cost of $15.00 per share during the quarter ended June 30, 2025. In fiscal 2025, the Company repurchased 285,170 shares of its common stock at an average cost of $15.04 per share. As of June 30, 2025, a total of 217,028 shares remained available for future purchase under the Company's current repurchase program. The Bank currently operates 13 retail/business banking offices in Riverside County and San Bernardino County (Inland Empire). The Company will host a conference call for institutional investors and bank analysts on Tuesday, July 29, 2025 at 9:00 a.m. (Pacific) to discuss its financial results. The conference call can be accessed by dialing 1-800-715-9871 and referencing Conference ID number 7361828. An audio replay of the conference call will be available through Tuesday, August 5, 2025 by dialing 1-800-770-2030 and referencing Conference ID number 7361828. For more financial information about the Company please visit the website at and click on the 'Investor Relations' section. Safe-Harbor Statement This press release contains statements that the Company believes are 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to the Company's financial condition, liquidity, results of operations, plans, objectives, future performance or business. You should not place undue reliance on these statements as they are subject to various risks and uncertainties. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements the Company may make. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors which could cause actual results to differ materially from the results anticipated or implied by our forward-looking statements include, but are not limited to: adverse economic conditions in our local market areas or other markets where we have lending relationships; effects of employment levels, labor shortages, persistent inflation, recessionary pressures or slowing economic growth; changes in interest rate levels and the duration of such changes, including actions by the Board of Governors of the Federal Reserve Board (the 'Federal Reserve'), which could adversely affect our revenues and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and monetary and fiscal policy responses thereto, and their impact on consumer and business behavior; the effects of a Federal government shutdown, debt ceiling standoff, or other fiscal policy uncertainty; credit risks of lending activities, including loan delinquencies, write-offs, changes in our allowance for credit losses ('ACL'), and provision for credit losses; increased competitive pressures, including repricing and competitors' pricing initiatives, and their impact on our market position, loan, and deposit products; quality and composition of our securities portfolio and the impact of adverse changes in the securities markets; fluctuations in deposits; secondary market conditions for loans and our ability to sell loans in the secondary market; liquidity issues, including our ability to borrow funds or raise additional capital, if necessary; expectations regarding key growth initiatives and strategic priorities; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; results of examinations of us by regulatory authorities, which may the possibility that any such regulatory authority may, among other things, institute a formal or informal enforcement action against us or our bank subsidiary which could require us to increase our ACL, write-down assets, change our regulatory capital position or affect our ability to borrow funds or maintain or increase deposits or impose additional requirements or restrictions on us, any of which could adversely affect our liquidity and earnings; the ability to adapt to rapid technological changes, including advancements in artificial intelligence, digital banking, and cybersecurity; legislative or regulatory changes, including but not limited to shifts in capital requirements, banking regulation, tax laws, or consumer protection laws; use of estimates in determining the fair value of assets, which may prove incorrect; vulnerabilities in information systems or third-party service providers, including disruptions, breaches, or attacks; geopolitical developments and international conflicts, including but not limited to tensions or instability in Eastern Europe, the Middle East, and Asia, or the imposition of new or increased tariffs and trade restrictions, which may disrupt financial markets, global supply chains, energy prices, or economic activity in specific industry sectors; staffing fluctuations in response to product demand or corporate implementation strategies; our ability to pay dividends on our common stock; environmental, social and governance goals; effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, domestic political unrest and other external events; and other factors described in the Company's latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other reports filed with and furnished to the Securities and Exchange Commission ('SEC'), which are available on our website at and on the SEC's website at We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements whether as a result of new information, future events or otherwise. These risks could cause our actual results for fiscal 2026 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of us and could negatively affect our operating and stock price performance. June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024 Assets Cash and cash equivalents $ 53,090 $ 50,915 $ 45,539 $ 48,193 $ 51,376 Investment securities - held to maturity, at cost with no allowance for credit losses 109,399 113,617 118,888 124,268 130,051 Investment securities - available for sale, at fair value 1,607 1,681 1,750 1,809 1,849 Loans held for investment, net of allowance for credit losses of $6,424, $6,577, $6,956, $6,329 and $7,065, respectively; includes $1,018, $1,032, $1,016, $1,082 and $1,047 of loans held at fair value, respectively 1,045,745 1,058,980 1,053,603 1,048,633 1,052,979 Accrued interest receivable 4,215 4,263 4,167 4,287 4,287 FHLB - San Francisco stock and other equity investments, includes $730, $721, $650, $565 and $540 of other equity investments at fair value, respectively 10,298 10,289 10,218 10,133 10,108 Premises and equipment, net 9,324 9,388 9,474 9,615 9,313 Prepaid expenses and other assets 11,935 11,047 11,327 10,442 12,237 Total assets $ 1,245,613 $ 1,260,180 $ 1,254,966 $ 1,257,380 $ 1,272,200 Liabilities and Stockholders' Equity Liabilities: Noninterest-bearing deposits $ 83,566 $ 89,103 $ 85,399 $ 86,458 $ 95,627 Interest-bearing deposits 805,206 812,216 782,116 777,406 792,721 Total deposits 888,772 901,319 867,515 863,864 888,348 Borrowings 213,073 215,580 245,500 249,500 238,500 Accounts payable, accrued interest and other liabilities 15,223 14,406 13,321 14,410 15,411 Total liabilities 1,117,068 1,131,305 1,126,336 1,127,774 1,142,259 Stockholders' equity: Preferred stock, $.01 par value (2,000,000 shares authorized; none issued and outstanding) — — — — — Common stock, $.01 par value; (40,000,000 shares authorized; 18,229,615, 18,229,615, 18,229,615, 18,229,615 and 18,229,615 shares issued respectively; 6,577,718, 6,653,822, 6,705,691, 6,769,247 and 6,847,821 shares outstanding, respectively) 183 183 183 183 183 Additional paid-in capital 99,149 99,096 98,747 98,711 98,532 Retained earnings 212,403 211,701 210,779 210,853 209,914 Treasury stock at cost (11,651,897, 11,575,793, 11,523,924, 11,460,368, and 11,381,794 shares, respectively) (183,207) (182,121) (181,094) (180,155) (178,685) Accumulated other comprehensive income (loss), net of tax 17 16 15 14 (3) Total stockholders' equity 128,545 128,875 128,630 129,606 129,941 Total liabilities and stockholders' equity $ 1,245,613 $ 1,260,180 $ 1,254,966 $ 1,257,380 $ 1,272,200 PROVIDENT FINANCIAL HOLDINGS, INC. Condensed Consolidated Statements of Operations (Unaudited - In Thousands, Except Per Share Information) For the Quarter Ended Fiscal Year Ended June 30, June 30, 2025 2024 2025 2024 Interest income: Loans receivable, net $ 13,102 $ 12,826 $ 52,543 $ 50,194 Investment securities 446 502 1,858 2,060 FHLB - San Francisco stock and other equity investments 209 209 845 802 Interest-earning deposits 342 379 1,378 1,674 Total interest income 14,099 13,916 56,624 54,730 Interest expense: Checking and money market deposits 40 71 190 290 Savings deposits 144 105 500 313 Time deposits 2,798 2,657 10,536 9,063 Borrowings 2,235 2,632 9,929 10,141 Total interest expense 5,217 5,465 21,155 19,807 Net interest income 8,882 8,451 35,469 34,923 Recovery of credit losses (164) (12) (666) (63) Net interest income, after recovery of credit losses 9,046 8,463 36,135 34,986 Non-interest income: Loan servicing and other fees 120 142 419 337 Deposit account fees 256 278 1,112 1,154 Card and processing fees 354 381 1,265 1,384 Other 150 666 735 1,066 Total non-interest income 880 1,467 3,531 3,941 Non-interest expense: Salaries and employee benefits 4,771 4,419 19,006 17,642 Premises and occupancy 886 945 3,634 3,586 Equipment 403 347 1,542 1,309 Professional 355 327 1,579 1,530 Sales and marketing 173 193 714 709 Deposit insurance premiums and regulatory assessments 172 184 740 780 Other 860 757 3,578 2,984 Total non-interest expense 7,620 7,172 30,793 28,540 Income before income taxes 2,306 2,758 8,873 10,387 Provision for income taxes 680 805 2,618 3,036 Net income $ 1,626 $ 1,953 $ 6,255 $ 7,351 Basic earnings per share $ 0.25 $ 0.28 $ 0.93 $ 1.06 Diluted earnings per share $ 0.24 $ 0.28 $ 0.93 $ 1.06 Cash dividends per share $ 0.14 $ 0.14 $ 0.56 $ 0.56 PROVIDENT FINANCIAL HOLDINGS, INC. Condensed Consolidated Statements of Operations – Sequential Quarters (Unaudited – In Thousands, Except Per Share Information) For the Quarter Ended June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024 Interest income: Loans receivable, net $ 13,102 $ 13,368 $ 13,050 $ 13,023 $ 12,826 Investment securities 446 459 471 482 502 FHLB - San Francisco stock and other equity investments 209 213 213 210 209 Interest-earning deposits 342 389 287 360 379 Total interest income 14,099 14,429 14,021 14,075 13,916 Interest expense: Checking and money market deposits 40 46 51 53 71 Savings deposits 144 127 117 112 105 Time deposits 2,798 2,573 2,506 2,659 2,657 Borrowings 2,235 2,471 2,588 2,635 2,632 Total interest expense 5,217 5,217 5,262 5,459 5,465 Net interest income 8,882 9,212 8,759 8,616 8,451 (Recovery of) provision for credit losses (164) (391) 586 (697) (12) Net interest income, after (recovery of) provision for credit losses 9,046 9,603 8,173 9,313 8,463 Non-interest income: Loan servicing and other fees 120 135 60 104 142 Deposit account fees 256 276 282 298 278 Card and processing fees 354 291 300 320 381 Other 150 205 203 177 666 Total non-interest income 880 907 845 899 1,467 Non-interest expense: Salaries and employee benefits 4,771 4,776 4,826 4,633 4,419 Premises and occupancy 886 880 917 951 945 Equipment 403 417 379 343 347 Professional 355 386 412 426 327 Sales and marketing 173 181 187 173 193 Deposit insurance premiums and regulatory assessments 172 195 190 183 184 Other 860 1,021 883 814 757 Total non-interest expense 7,620 7,856 7,794 7,523 7,172 Income before income taxes 2,306 2,654 1,224 2,689 2,758 Provision for income taxes 680 797 352 789 805 Net income $ 1,626 $ 1,857 $ 872 $ 1,900 $ 1,953 Basic earnings per share $ 0.25 $ 0.28 $ 0.13 $ 0.28 $ 0.28 Diluted earnings per share $ 0.24 $ 0.28 $ 0.13 $ 0.28 $ 0.28 Cash dividends per share $ 0.14 $ 0.14 $ 0.14 $ 0.14 $ 0.14 PROVIDENT FINANCIAL HOLDINGS, INC. Financial Highlights (Unaudited - Dollars in Thousands, Except Share and Per Share Information) As of and For the Quarter Ended Fiscal Year Ended June 30, June 30, 2025 2024 2025 2024 SELECTED FINANCIAL RATIOS: Return on average assets 0.53 % 0.62 % 0.50 % 0.57 % Return on average stockholders' equity 5.01 % 5.96 % 4.79 % 5.62 % Stockholders' equity to total assets 10.32 % 10.21 % 10.32 % 10.21 % Net interest spread 2.76 % 2.54 % 2.74 % 2.62 % Net interest margin 2.94 % 2.74 % 2.93 % 2.78 % Efficiency ratio 78.06 % 72.31 % 78.96 % 73.44 % Average interest-earning assets to average interest-bearing liabilities 110.41 % 110.40 % 110.38 % 110.28 % SELECTED FINANCIAL DATA: Basic earnings per share $ 0.25 $ 0.28 $ 0.93 $ 1.06 Diluted earnings per share $ 0.24 $ 0.28 $ 0.93 $ 1.06 Book value per share $ 19.54 $ 18.98 $ 19.54 $ 18.98 Shares used for basic EPS computation 6,604,758 6,867,521 6,716,086 6,942,918 Shares used for diluted EPS computation 6,653,214 6,893,813 6,760,962 6,959,143 Total shares issued and outstanding 6,577,718 6,847,821 6,577,718 6,847,821 LOANS ORIGINATED FOR INVESTMENT: Mortgage loans: Single-family $ 18,303 $ 10,862 $ 92,498 $ 40,920 Multi-family 9,343 4,526 25,115 22,112 Commercial real estate 1,017 1,710 3,777 9,757 Construction 725 1,480 725 1,480 Commercial business loans — — 550 1,250 Total loans originated for investment $ 29,388 $ 18,578 $ 122,665 $ 75,519 PROVIDENT FINANCIAL HOLDINGS, INC. Financial Highlights As of and For the Quarter Quarter Quarter Quarter Quarter Ended Ended Ended Ended Ended 06/30/25 03/31/25 12/31/24 09/30/24 06/30/24 SELECTED FINANCIAL RATIOS: Return on average assets 0.53 % 0.59 % 0.28 % 0.61 % 0.62 % Return on average stockholders' equity 5.01 % 5.71 % 2.66 % 5.78 % 5.96 % Stockholders' equity to total assets 10.32 % 10.23 % 10.25 % 10.31 % 10.21 % Net interest spread 2.76 % 2.82 % 2.74 % 2.66 % 2.54 % Net interest margin 2.94 % 3.02 % 2.91 % 2.84 % 2.74 % Efficiency ratio 78.06 % 77.64 % 81.15 % 79.06 % 72.31 % Average interest-earning assets to average interest-bearing liabilities 110.41 % 110.25 % 110.52 % 110.34 % 110.40 % SELECTED FINANCIAL DATA: Basic earnings per share $ 0.25 $ 0.28 $ 0.13 $ 0.28 $ 0.28 Diluted earnings per share $ 0.24 $ 0.28 $ 0.13 $ 0.28 $ 0.28 Book value per share $ 19.54 $ 19.37 $ 19.18 $ 19.15 $ 18.98 Average shares used for basic EPS 6,604,758 6,679,808 6,744,653 6,833,125 6,867,521 Average shares used for diluted EPS 6,653,214 6,732,794 6,792,759 6,863,083 6,893,813 Total shares issued and outstanding 6,577,718 6,653,822 6,705,691 6,769,247 6,847,821 LOANS ORIGINATED FOR INVESTMENT: Mortgage loans: Single-family $ 18,303 $ 22,163 $ 29,583 $ 22,449 $ 10,862 Multi-family 9,343 4,087 6,495 5,190 4,526 Commercial real estate 1,017 1,135 365 1,260 1,710 Construction 725 — — — 1,480 Commercial business loans — 500 — 50 — Total loans originated for investment $ 29,388 $ 27,885 $ 36,443 $ 28,949 $ 18,578 PROVIDENT FINANCIAL HOLDINGS, INC. Financial Highlights (Unaudited - Dollars in Thousands) As of As of As of As of As of 06/30/25 03/31/25 12/31/24 09/30/24 06/30/24 ASSET QUALITY RATIOS AND DELINQUENT LOANS: Recourse reserve for loans sold $ 23 $ 23 $ 23 $ 23 $ 26 Allowance for credit losses on loans held for investment $ 6,424 $ 6,577 $ 6,956 $ 6,329 $ 7,065 Non-performing loans to loans held for investment, net 0.14 % 0.13 % 0.24 % 0.20 % 0.25 % Non-performing assets to total assets 0.11 % 0.11 % 0.20 % 0.17 % 0.20 % Allowance for credit losses on loans to gross loans held for investment 0.62 % 0.62 % 0.66 % 0.61 % 0.67 % Net loan charge-offs (recoveries) to average loans receivable (annualized) — % — % — % — % — % Non-performing loans $ 1,414 $ 1,395 $ 2,530 $ 2,106 $ 2,596 Loans 30 to 89 days delinquent $ 2 $ 199 $ 3 $ 2 $ 1 06/30/25 03/31/25 12/31/24 09/30/24 06/30/24 (Recovery) recourse provision for loans sold $ — $ — $ — $ (3) $ (5) (Recovery of) provision for credit losses $ (164) $ (391) $ 586 $ (697) $ (12) Net loan charge-offs (recoveries) $ — $ — $ — $ — $ — 06/30/2025 03/31/2025 12/31/2024 09/30/2024 06/30/2024 REGULATORY CAPITAL RATIOS (BANK): Tier 1 leverage ratio 10.11 % 9.85 % 9.81 % 9.63 % 10.02 % Common equity tier 1 capital ratio 19.50 % 19.01 % 18.60 % 18.36 % 19.29 % Tier 1 risk-based capital ratio 19.50 % 19.01 % 18.60 % 18.36 % 19.29 % Total risk-based capital ratio 20.51 % 20.03 % 19.67 % 19.35 % 20.38 % As of June 30, 2025 2024 Balance Rate (1) Balance Rate (1) INVESTMENT SECURITIES: Held to maturity (at cost): U.S. SBA securities $ 325 4.85 % $ 455 5.85 % U.S. government sponsored enterprise MBS 104,549 1.60 125,883 1.55 U.S. government sponsored enterprise CMO 4,525 2.72 3,713 2.16 Total investment securities held to maturity $ 109,399 1.66 % $ 130,051 1.58 % Available for sale (at fair value): U.S. government agency MBS $ 1,082 4.90 % $ 1,208 3.89 % U.S. government sponsored enterprise MBS 446 6.66 553 6.59 Private issue CMO 79 5.78 88 6.17 Total investment securities available for sale $ 1,607 5.43 % $ 1,849 4.81 % Total investment securities $ 111,006 1.71 % $ 131,900 1.63 % (1) Weighted-average yield earned on all instruments included in the balance of the respective line item. PROVIDENT FINANCIAL HOLDINGS, INC. Financial Highlights (Unaudited - Dollars in Thousands) As of June 30, 2025 2024 Balance Rate (1) Balance Rate (1) LOANS HELD FOR INVESTMENT: Mortgage loans: Single-family (1 to 4 units) $ 544,425 4.69 % $ 518,091 4.49 % Multi-family (5 or more units) 423,417 5.52 445,182 5.31 Commercial real estate 72,766 6.59 83,349 6.52 Construction 402 9.17 2,692 9.11 Other 89 5.25 95 5.25 Commercial business loans 1,267 9.59 1,372 10.50 Consumer loans 57 17.50 65 18.50 Total loans held for investment, gross 1,042,423 5.16 % 1,050,846 5.02 % Advance payments of escrows 293 102 Deferred loan costs, net 9,453 9,096 Allowance for credit losses on loans (6,424) (7,065) Total loans held for investment, net $ 1,045,745 $ 1,052,979 Purchased loans serviced by others included above $ 1,673 5.72 % $ 1,803 5.73 % (1) Weighted-average yield earned on all instruments included in the balance of the respective line item. As of June 30, 2025 2024 Balance Rate (1) Balance Rate (1) DEPOSITS: Checking accounts – noninterest-bearing $ 83,566 — % $ 95,627 — % Checking accounts – interest-bearing 240,597 0.04 254,624 0.04 Savings accounts 230,610 0.28 238,878 0.18 Money market accounts 21,703 0.32 25,324 0.50 Time deposits 312,296 3.56 273,895 3.93 Total deposits (2)(3) $ 888,772 1.34 % $ 888,348 1.29 % Brokered CDs included in time deposits above $ 130,970 4.24 % $ 131,800 5.18 % BORROWINGS: Overnight $ 20,000 4.64 % $ 20,000 5.65 % Three months or less 5,000 5.33 33,000 5.34 Over three to six months 54,000 5.03 30,000 5.22 Over six months to one year 84,000 4.39 62,500 4.05 Over one year to two years 35,000 4.35 68,000 5.11 Over two years to three years 5,073 4.22 10,000 5.03 Over three years to four years 10,000 4.51 5,000 4.22 Over four years to five years — — 10,000 4.51 Over five years — — — — Total borrowings (4) $ 213,073 4.59 % $ 238,500 4.88 % (1) Weighted-average rate paid on all instruments included in the balance of the respective line item. (2) Includes uninsured deposits of approximately $158.7 million (of which, $54.0 million are collateralized) and $122.7 million (of which, $9.0 million are collateralized) at June 30, 2025 and 2024, respectively. (3) The average balance of deposit accounts was approximately $37 thousand and $34 thousand at June 30, 2025 and 2024, respectively. (4) The Bank had approximately $282.3 million and $261.3 million of remaining borrowing capacity at the FHLB – San Francisco, approximately $142.5 million and $208.6 million of borrowing capacity at the FRB of San Francisco and $50.0 million and $50.0 million of borrowing capacity with its correspondent bank at June 30, 2025 and 2024, respectively. (1) Weighted-average yield earned or rate paid on all instruments included in the balance of the respective line item. (2) Includes the average balance of noninterest-bearing checking accounts of $87.5 million and $92.5 million during the quarters ended June 30, 2025 and 2024, respectively. The average balance of uninsured deposits of $125.8 million and $125.5 million in the quarters ended June 30, 2025 and 2024, respectively. Fiscal Year Ended Fiscal Year Ended June 30, 2025 June 30, 2024 Balance Rate (1) Balance Rate (1) SELECTED AVERAGE BALANCE SHEETS: Loans receivable, net $ 1,051,448 5.00 % $ 1,069,616 4.69 % Investment securities 121,399 1.53 144,466 1.43 FHLB - San Francisco stock and other equity investments 10,213 8.27 9,601 8.35 Interest-earning deposits 28,990 4.69 30,610 5.38 Total interest-earning assets $ 1,212,050 4.67 % $ 1,254,293 4.36 % Total assets $ 1,242,402 $ 1,284,948 Deposits (2) $ 881,738 1.27 % $ 916,050 1.06 % Borrowings 216,290 4.59 221,368 4.58 Total interest-bearing liabilities (2) $ 1,098,028 1.93 % $ 1,137,418 1.74 % Total stockholders' equity $ 130,664 $ 130,799 (1) Weighted-average yield earned or rate paid on all instruments included in the balance of the respective line item. (2) Includes the average balance of noninterest-bearing checking accounts of $88.2 million and $97.3 million during the fiscal years ended June 30, 2025 and 2024, respectively. The average balance of uninsured deposits of $127.1 million and $135.7 million in the fiscal years ended June 30, 2025 and 2024, respectively. ASSET QUALITY: As of As of As of As of As of 06/30/25 03/31/25 12/31/24 09/30/24 06/30/24 Loans on non-accrual status Mortgage loans: Single-family $ 948 $ 925 $ 2,530 $ 2,106 $ 2,596 Multi-family 466 470 — — — Total 1,414 1,395 2,530 2,106 2,596 Accruing loans past due 90 days or more: — — — — — Total — — — — — Total non-performing loans (1) 1,414 1,395 2,530 2,106 2,596 Real estate owned, net — — — — — Total non-performing assets $ 1,414 $ 1,395 $ 2,530 $ 2,106 $ 2,596 (1) The non-performing loan balances are net of individually evaluated or collectively evaluated allowances, specifically attached to the individual loans.
CBS News
4 days ago
- CBS News
Two arrested for child abuse, drug trafficking in Riverside
Two people were arrested after a child abuse investigation led to the discovery of a large amount of narcotics inside of a Riverside home, according to police. Investigators with the Riverside Police Department began to look into allegations of child abuse back in May after learning that three children may have been physically abused by their parents at a home int he 7900 block of Magnolia Avenue, according to a news release from the department. "By then, the children had already been removed by Riverside County Child Protective Services and placed in temporary foster care," the release said. "During the investigation, detectives also suspected the parents were trafficking illegal narcotics from the home." On July 15, detectives served a search warrant at the home and found more than 900 grams of suspect heroin, over 300 grams of cocaine, nearly 155 grams of ecstasy and approximately 200 grams of suspected fentanyl pills, according to police. They also found cash and packaging materials. "The drugs were found in areas easily accessible to the children, and detectives believe the children were also exposed to the manufacturing and distribution of narcotics," police said. Miguel Jacobo, 34, and Alma Dominguez, 34, were both arrested and remain behind bars without bail. Police reported that Jacobo was booked for suspicion of narcotics violations, child abuse and child endangerment, among other felony charges, while Dominguez was booked on suspicion of felony child endangerment.
Yahoo
24-07-2025
- Health
- Yahoo
Novel synthetic drug 100 times stronger than fentanyl responsible for Riverside overdose
A synthetic drug considered 100 times more potent than fentanyl was determined to have caused the death of a Riverside man, marking the latest in an increase in overdoses involving the synthetic drug, public health officials said. Carfentanil is a schedule II synthetic drug with a similar chemical as fentanyl and is used in Wildnil, an anesthetic for elephants, according to the National Library of Medicine. A Riverside man in his forties fatally overdosed on the substance in March but the cause was not officially determined until this month, the Riverside University Health System said in a news release. Illegally manufactured fentanyl drugs such as carfentanil entered illicit markets in the northeast U.S. as a substitute for white-powder heroin in 2013, the CDC said in a report. Carfentanil, which is 10,000 times more potent than morphine, can be lethal at a fraction of the two milligram range for fentanyl, health officials said. "Every life lost from opioids is one too many,' Riverside County Public Health Officer Dr. Jennifer Chevinsky said in the release. Read more: L.A. County sees a sharp decline in drug overdose deaths in 2024 Cases of carfentanil overdoses are rare, but on the rise, the release said. U.S. deaths involving carfentanil increased from 29 in the first half of 2023 to 238 during the same period last year, according to the Centers for Disease Control and Prevention. Carfentanil is defined as a unique illegally manufactured fentanyl, an opioid produced without the regulations of pharmaceutical-grade fentanyl. That means it can go undetected by some fentanyl test strips, which can lead to an increase in accidental overdoses, health officials added. While overall opioid overdoses have decreased both nationally and in Riverside County, according to the release, the CDC said that the reemergence of carfentanil "may threaten this progress." 'Together, we can continue to raise awareness about the risks associated with drug use and work as a community to support safety, reduce harm and care for one another," Chevinsky said. The Riverside University Health System recommended that individuals carry naloxone to treat someone overdosing on fentanyl and avoid using carfentanil even in small doses due to the unpredictability and potency of the substance. Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week. This story originally appeared in Los Angeles Times.
Yahoo
23-07-2025
- Sport
- Yahoo
Little League Bat-Flip Suspension Sparks New Jersey Dad's Lawsuit
The father of a boy suspended from participating in Thursday's New Jersey Little League State Tournament because he flipped his bat after hitting a home run has sued Little League Baseball. The suit filed Tuesday in a New Jersey superior court seeks a restraining order that would allow his son to play in the 12-and-under game. Represented by attorneys Brian A. Berkley and Michael Fitzgerald of Fox Rothschild, Joseph Rocco says his son, Marco, was feeling a 'rush of excitement, pride and joy' when he homered last Wednesday in the 2025 Little League Baseball Tournament Section 4 New Jersey Championship. Rocco acknowledged Marco, who plays for the Haddonfield Little League 12U All-Star district team, did a 'bat flip' before he began his home run trot around the bases. More from Riverside Faces Sex-Abuse Trial as Judge Denies Summary Judgment Rare Honus Wagner Card Hits Auction, Early Bids Pass $3.2 Million Riverside's Defense Rebuked in Youth Basketball Sex Abuse Case Rocco's case will face hurdles, as judges are usually reluctant to Monday morning quarterback umpires' judgment calls. Sports associations are also typically accorded broad deference in how they apply their own rules, especially when safety is a factor. Whether a bat flip is an appropriate gesture for a baseball player, let alone a child in Little League, has long sparked debates in baseball. Some regard it as showy and distasteful, including to the pitcher who gave up the homer, while others see it more—as Rocco put it—'a brief moment of celebration to admire an athletic accomplishment that some would call the most difficult task in all of sports.' It seems the home plate umpire was in the former group. Rocco says the umpire intended to call Marco out and void the home run, but after conferring with other umpires and allegedly a tournament director and regional headquarters in Connecticut (but not, Rocco claims, the Tournament Committee in Williamsport), the home run was deemed to count. But the good news quickly turned bad for Marco: He was ejected from the game, which under the rules renders him ineligible for Thursday's state tournament. Rocco says the umpires neither explained the decision nor gave warning 'prior to this more egregious and arbitrary decision.' Sportico has obtained Rocco's complaint and an accompanying brief for showing cause. They raise a breach of contract claim on the theory that Rocco paid dues for Marco to play Little League, and now his son can't play. Negligence is also alleged, with Little League portrayed as breaching a duty of care to Marco by suspending him 'without warning, justification, explanation, or reasoning.' There's also a claim for promissory estoppel, which refers to Rocco detrimentally relying on the promise that his son could play Little League if Rocco paid dues. Rocco asserts there are many examples of Little League players performing bat flips without being tossed from their games and that there is no specific rule outlawing the practice. In fact, Rocco claims, Marco performed two bat flips in recent games and wasn't warned by the umpires, let alone thrown out of the game. The brief also repeatedly mentions that in recent years, Little League social media platforms have, in a positive light, shown players flipping bats. Major League Baseball itself launched a marketing campaign in 2019 titled, 'Let the Kids Play,' featuring star players celebrating with bat flips and more in an attempt to distance itself from the game's staid emotional reputation while catering to a younger generation of fans. But not all bat flips are equal—which could become a key point in Rocco v. Little League. The brief references what it says were communications between Rocco's attorneys and Little League 'in an effort to settle this matter' without a lawsuit. As the brief tells it, Little League says Marco's bat flip was 'extreme' and not only 'far exceeded a celebratory bat flip that players on occasion indulge in' but 'actually endangered the safety of the catcher, the plate umpire and [Marco's] own team, and was a clear violation of the standards of sportsmanship and safety required by [Little League's] rules.' The response also allegedly referenced rules prohibiting 'horse play' and 'intentional throwing of equipment' that could endanger others. Rocco disputes this depiction of his son's bat flip. He says the flip 'was nowhere near the umpire or catcher' and that Marco's 'teammates did not enter the field until the bat was on the ground.' Rocco insists an injunction is warranted since his son would suffer irreparable harm—meaning a harm that can't be remedied by money. Marco, the brief argues, 'will suffer substantial, immediate and irreparable harm in the absence of injunctive relief.' To that end, Rocco asserts, Marco 'will not be able to participate in game one of the New Jersey Little League State Tournament. This game will never occur again and [Marco] will never have the opportunity to play in this game ever again.' The brief also contends that 'Little League will not be injured whatsoever if [Marco] is allowed to participate in this game.' When Little League responds to the court filing, it will disagree that Marco playing would cause the association no injury. Little League has an interest in applying its rules and not having judges second-guess game decisions. Little League will argue those decisions are non-reviewable. This is not a new topic in sports law. Judges have generally steered clear of reversing or altering officiating calls, because once they do so, other athletes, teams and parents could feel incentivized to sue. In 2014, Oklahoma District Court Judge Bernard Jones presided over a lawsuit, Independent School District No. 1-89 v. Oklahoma Secondary School Activities Association, involving a clearly bad call in a high school playoff football game—the referee negated a touchdown due to misunderstanding a rule, and the team that had been wronged lost by one point. Jones sympathized with the defeated team but said judges 'ought not to meddle' in games. The judge also stressed that athletic associations have the right to interpret their own rules without judicial interference. Referee interpretations are upheld unless they are arbitrary and capricious—an extremely deferential standard of review. A similar outcome occurred last year in New Jersey. A referee's bad call on a game-winning 3-pointer in the Group 2 boys basketball semifinal between Manasquan High School and Camden High School led to a challenge that came up short. The reason: The call, even if wrong, was final, conclusive and unrevivable. But sometimes legal challenges involving youth athletes prevail in New Jersey. Earlier this year, a New Jersey judge ruled that St. John Vianney wrestler Anthony Knox Jr. could compete for a state championship after he faced a New Jersey State Interscholastic Athletic Association (NJSIAA) suspension for violating the organization's sportsmanship policy. During a tournament, Knox had left the bench area and allegedly partook in an altercation in the stands. A judge reasoned Knox had been denied due process. Knox's case is different from the one involving Marco Rocco, including because the NJSIAA is a state actor, meaning it is a public entity and can be sued on constitutional grounds. Still, Knox's win might provide hope to Joseph Rocco and his son. Rocco insists his case is a winner. What happened to Marco, as the elder Rocco sees it, wasn't about a called strike or ball, whether a line drive stayed fair or veered foul or some other judgment call. It was instead about process and reflects a wrong that the law ought to remedy. Whether a judge agrees remains to be seen. A judge might regard what happened as a reasonable umpire decision about safety and appropriate behavior in a youth sports event and not one that warrants a court's time and attention. Said another way, not all harms are legal ones. Expect a swift decision with the game set for Thursday. Best of College Athletes as Employees: Answering 25 Key Questions
