Provident Financial Holdings Increases Quarterly Cash Dividend and Announces Stock Repurchase Plan

RIVERSIDE, Calif., July 21, 2011 (GLOBE NEWSWIRE) — Provident Financial Holdings, Inc. (“Company”) (Nasdaq:PROV), 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 .03 per share, an increase from last quarter’s .01 per share. Shareholders of the Company’s common stock at the close of business on August 19, 2011 will be entitled to receive the cash dividend.�The cash dividend will be payable on September 16, 2011.

Additionally, the Board of Directors authorized the repurchase of up to five percent (5%) of the Company’s common stock, or approximately 570,932 shares. The Company will purchase the shares from time to time in the open market or through privately negotiated transactions over a one-year period depending on market conditions, the capital requirements of the Company, and available cash that can be allocated to the stock repurchase plan.

Safe-Harbor Statement

Certain matters in this News Release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.�These forward-looking statements may relate to, among others, expectations of the business environment in which the Company operates, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding the Company’s mission and vision. These forward-looking statements are based upon current management expectations, and may, therefore, involve risks and uncertainties. The Company’s actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide range of factors including, but not limited to, the general business environment, interest rates, the California real estate market, competitive conditions between banks and non-bank financial services providers, regulatory changes, and other risks detailed in the Company’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 30, 2010.

CONTACT: Craig G. Blunden
         Chairman and
         Chief Executive Officer

         Donavon P. Ternes
         President, Chief Operating Officer,
         and Chief Financial Officer

         3756 Central Avenue
         Riverside, CA 92506
         (951) 686-6060

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