David Weiant
About David S. Weiant
David S. Weiant is Senior Vice President – Chief Lending Officer of Provident Savings Bank and a named executive officer of Provident Financial Holdings, Inc. His FY2025 compensation comprised $297,200 in salary and $35,018 in other compensation (401(k) match $8,916; ESOP contribution $17,102; car allowance $9,000), with no annual bonus paid as company performance fell below incentive plan thresholds . Company-level performance under SEC pay-versus-performance shows net income of $6.255 million in FY2025 (vs. $7.351 million in FY2024) and cumulative TSR (value of $100 initial investment) of $118.05 in FY2025 (vs. $91.70 in FY2024), indicating improved shareholder returns despite lower earnings .
Fixed Compensation
| Component | FY 2024 | FY 2025 |
|---|---|---|
| Base Salary ($) | $287,500 | $297,200 |
| Non-Equity Incentive (Annual Bonus) ($) | $0 | $0 |
| 401(k) Matching Contribution ($) | $8,625 | $8,916 |
| ESOP Contribution ($) | $16,646 | $17,102 |
| Car Allowance ($) | $9,000 | $9,000 |
| Total Other Compensation ($) | $34,271 | $35,018 |
Performance Compensation
Annual Incentive Participation Rates
| Participation Level (% of Base Salary) | FY 2024 | FY 2025 |
|---|---|---|
| Threshold | 10.0% | 10.0% |
| Target | 25.0% | 25.0% |
| Maximum | 46.9% | 46.9% |
Bonus determination: Individual components are not weighted; an overriding net income threshold must be met to trigger awards. No annual bonus was paid for FY2024 or FY2025 .
Incentive Metrics and Outcomes
| Metric | FY 2024 Target | FY 2024 Actual | FY 2025 Target | FY 2025 Actual |
|---|---|---|---|---|
| Net Income ($) | $10,375,000 | $7,351,000 | $10,395,000 | $6,255,000 |
| ROAA (%) | 0.76% | 0.57% | 0.82% | 0.50% |
| ROAE (%) | 7.97% | 5.62% | 8.05% | 4.79% |
| Efficiency Ratio (%) | 65.59% | 73.44% | 66.67% | 78.96% |
| Diluted EPS ($) | $1.48 | $1.06 | $1.54 | $0.93 |
| Bonus Payout ($) | $0 | $0 | $0 | $0 |
Equity Awards and Vesting Schedule
| Grant Date | Award Type | Shares | Grant-Date/Market Value ($) | Vesting Schedule |
|---|---|---|---|---|
| 08/12/2022 | Restricted Stock | 3,350 | $41,875 (MV at 6/28/24) | 50% on 08/12/2024; 50% on 08/12/2026 |
| 05/23/2024 | Restricted Stock | 9,000 | $99,540 (grant-date FV) | 50% on 05/23/2026; 50% on 05/23/2028 |
| 09/30/2014 | Stock Options | 17,500 | Exercise price $14.59; expiration 09/30/2024 | Options expired 09/30/2024 |
| Stock Vested in FY2025 | Shares | Value ($) |
|---|---|---|
| 08/12/2024 tranche (from 2022 grant) | 1,675 | $22,177 |
FY2025 grants: No new stock awards or option awards were granted to named executive officers .
Equity Ownership & Alignment
| Ownership Detail (as of record date) | FY 2024 | FY 2025 |
|---|---|---|
| Beneficially Owned Shares | 28,910 | 19,994 |
| Percent of Shares Outstanding | <1% (denoted “*”) | <1% (denoted “*”) |
| ESOP Shares Included | 13,898 | 14,982 |
| Unvested Restricted Shares (as of fiscal year-end) | 12,350 (3,350 from 2022; 9,000 from 2024) | 10,675 |
| Market Value of Unvested Shares ($) | $154,375 (at $12.50 on 6/28/24) | $165,463 (at $15.50 on 6/30/25) |
- Stock ownership/retention policy: Senior officers must hold stock valued at 100% of base salary; as of June 30, 2025, all directors and senior officers were in compliance .
- Hedging/pledging: Provident prohibits hedging and pledging of company stock for directors and senior officers .
- Insider selling pressure mitigants: 50% net shares from vesting must be retained until guidelines are met; plus no FY2025 bonus reduced immediate liquidity needs .
Employment Terms
| Agreement | Effective Date | Term | Key Economics |
|---|---|---|---|
| Change-in-Control Severance (Weiant) | 03/01/2025 | 1 year; auto-renewal by Board | Lump sum = 2x current base salary + 2x largest annual bonus paid in prior two years; plus continuation of life/medical/dental/disability for 2 years |
| Potential Payments Upon Termination (as of 6/30/2025) | Involuntary Termination ($) | Change in Control ($) | Value of Unvested Equity ($) |
|---|---|---|---|
| David S. Weiant | $630,975 | $630,975 | $165,463 (based on $15.50 closing price) |
- Equity acceleration: 2013 and 2022 Equity Incentive Plans accelerate vesting upon change in control and involuntary termination within 12 months (double trigger); older 2006 and 2010 plans accelerate solely upon change in control .
- Clawbacks: Company-wide Compensation Recovery Policy adopted Nov 28, 2023; incentive plans allow recovery for misconduct, excessive or unauthorized risk-taking, or restatements .
Investment Implications
- Pay-for-performance discipline: No annual bonuses in FY2024 and FY2025 as net income underperformed thresholds; equity-heavy long-term incentives and retention guidelines align with shareholder outcomes .
- Upcoming vesting supply: 4,500 shares from the 05/23/2024 grant vest on 05/23/2026 and 1,675 shares from the 08/12/2022 grant vest on 08/12/2026, creating potential near-term selling pressure, moderated by 50% net-share retention requirements .
- Severance economics: Double-trigger equity acceleration and cash benefits of 2x salary and 2x peak bonus (with two years of benefit continuation) suggest moderate change-of-control protections without single-trigger windfalls .
- Ownership alignment and risk: Beneficial ownership is <1% but policy compliance and prohibition on hedging/pledging improve alignment; no related-party transactions disclosed for FY2025, reducing governance risk .
- Company performance context: FY2025 net income declined YoY while TSR improved, indicating market confidence despite earnings pressure; incentive outcomes appropriately reflect operational performance .