Provident Financial Holdings, Inc. (NASDAQ:PROV) Q2 2024 Earnings Call Transcript

Tim Coffey: Right. Okay. And you kind of led into my sent question, which was look at demand for mortgages or even the payouts, as you mentioned, how much do rates need to come down to really start to ignite that activity?

Donavon Ternes: Well, I think totally, we’re starting to hear that activity has increased certainly from where we were in the December quarter. Now part of that could be entering a new fiscal year, the holiday calendar year, the holidays are over. And just generally, activity picks up in the March quarter historically. But I think as well, interest rates have come down 70, 80 basis points maybe from where they kind of peaked out before the Fed’s comments in middle of December, and they started reversing. So I think activity has already picked up. But certainly, if we see it’s begin to move down with their first rate movement, even though the market is kind of already forecasting that, I think that wakes up the consumer a little bit more than where they’re currently at and perhaps that denotes more refi activity and then ultimately, more loan activity.

Tim Coffey: Okay great those are my questions. Thank you very much.

Donavon Ternes: Thanks for your questions, Tim.

Operator: [Operator Instructions]. I am not seeing any other questions. So Mr. Ternes, I’ll turn it back over to you for any closing remarks.

Donavon Ternes: Well, thank you very much, Aaron. I appreciate the help on the call, and thank you to the participants, and I look forward to speaking with you all next quarter. Thank you.

Operator: Thank you. And ladies and gentlemen, that does conclude today’s call. Thank you all for joining. You may now disconnect. Have a great day.