Matthew Webb
About Matthew Webb
Matthew E. Webb (age 66 as of June 30, 2025) is an independent director of Provident Financial Holdings, Inc. (PROV), first appointed in 2023 with a current term to expire in 2028, subject to reelection . He is President and Chief Executive Officer (and a director) of Albert A. Webb Associates since 1999 and holds B.S. and M.S. degrees in Civil Engineering from Stanford University, with licensure in civil engineering, traffic engineering, and land surveying in California and civil engineering registrations in Arizona, Nevada, Colorado, and Hawaii . Webb serves on PROV’s Audit Committee and Nominating and Corporate Governance Committee and is classified by the board as independent under Nasdaq rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Albert A. Webb Associates | President & CEO; Director | 1999–present | Leads multi-disciplinary consulting across municipalities, agencies, and developers; brings infrastructure and planning expertise to PROV |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Riverside Community Hospital Board | Director | Not disclosed | Healthcare system governance; not a public company board |
| Greater Riverside Chambers of Commerce Board | Director | Not disclosed | Regional business community leadership |
| Riverside Unified School District Foundation Board | Director | Not disclosed | Education foundation governance |
| Monday Morning Group | Director | Not disclosed | Civic leadership forum |
| Inland Empire American Heart Association | Former Chairman | Not disclosed | Community health leadership |
| Riverside/County General Plan Advisory Committees | Former member | Not disclosed | Regional planning advisory experience |
No other public company directorships are disclosed for Webb in PROV’s proxy statements, limiting potential interlocks with public competitors/suppliers/customers .
Board Governance
- Committees: Audit Committee member; Nominating and Corporate Governance Committee member .
- Committee chairs: None; Audit Committee chaired by Judy A. Carpenter; Nominating/Corporate Governance chaired by William E. Thomas .
- Independence: Board determined Webb is independent under Nasdaq rules; PROV has 6 of 7 directors independent .
- Meetings/attendance: PROV Board held 11 meetings in FY2025; Audit met 4 times; Nominating met once; no director attended fewer than 91% of meetings/assigned committees in FY2025 .
- Lead Independent Director: William E. Thomas; executive sessions held after each regular Board and committee meeting .
- Related-party transactions: None >$120,000 with related persons in FY2025 .
Fixed Compensation
| Year | Fees Earned or Paid in Cash ($) | Notes |
|---|---|---|
| FY2025 | 39,600 | Monthly retainer increased to $3,333; $400 per committee meeting; $1,000 per special board meeting; chairs receive $500 per committee meeting |
| FY2024 | 25,200 | Monthly retainer was $3,000; same fee structure otherwise; directors no longer covered under Bank medical/dental/vision policies effective Jan 1, 2024 |
- Board fee schedule: FY2025—$3,333 monthly retainer; $400/committee meeting; $1,000/special board; $500/committee chair per meeting; no separate fees for Bank board . FY2024—$3,000 monthly retainer; same fees; insurance coverage change noted .
Performance Compensation
| Year | Stock Awards ($) | Option Awards ($) | Equity Award Characteristics |
|---|---|---|---|
| FY2025 | — | — | Directors eligible for equity-based compensation; awards made historically every 1–4 years, averaging ~3 years; primarily stock options; multi-year vesting; exercise price ≥ 100% of fair market value on grant date; most recent director awards granted in fiscal 2024 |
| FY2024 | 12,090 | 45,960 | See characteristics above; awards not granted on a predetermined schedule; granted only when no MNPI to avoid improper valuation |
Equity plan metrics: Cliff vesting typically over four years (50% at two years, 50% at four years) for options under the 2022 Equity Incentive Plan; exercise price at least fair market value on grant date (plan-wide policy) . Directors had outstanding options at June 30, 2025, including Webb with 24,000 options; no restricted stock outstanding for directors at that date .
Other Directorships & Interlocks
| Company/Organization | Type | Overlap Risk |
|---|---|---|
| Riverside Community Hospital Board | Non-profit/private healthcare | No public company interlock disclosed |
| Greater Riverside Chambers of Commerce | Business association | Network influence; no direct conflicts disclosed |
| Riverside USD Foundation | Education foundation | No conflicts disclosed |
| Monday Morning Group | Civic forum | No conflicts disclosed |
Expertise & Qualifications
- Civil/infrastructure expertise across transportation, environment, planning, and engineering; triple California licensure plus multi-state engineering registrations .
- Leadership of a multi-disciplinary consulting firm serving municipalities and developers; deep community and regional planning engagement .
- Board experience on healthcare, business, and education-focused organizations, contributing stakeholder perspectives relevant to community banking .
Equity Ownership
| Metric | Value | Notes |
|---|---|---|
| Beneficial ownership (shares) | 1,000 | Less than 1% of outstanding shares; shares included only if currently exercisable within 60 days (not applicable to Webb’s options) |
| Options outstanding | 24,000 | Not counted in beneficial ownership if not exercisable within 60 days |
| Shares outstanding (record date) | 6,503,511 | As of October 6, 2025 |
| Stock ownership guidelines | 300% of base cash retainer for directors; retain 50% of net shares until guideline met | |
| Compliance with guidelines | All directors and senior officers in compliance as of June 30, 2025 | |
| Hedging/pledging policy | Hedging and pledging of Provident stock prohibited for directors; margin accounts/pledging disallowed |
Governance Assessment
- Strengths: Independent director; strong committee coverage across Audit and Nominating; robust attendance; executive sessions with lead independent oversight; firm-wide policies restricting hedging/pledging and enforcing clawbacks; director stock ownership/retention guidelines with confirmed compliance .
- Compensation/Alignment: Director pay structure predominately fixed cash with periodic equity awards (options) and multi-year vesting; retainer increased in FY2025, but award frequency not excessive and aligned to long-term incentives .
- Potential conflicts: No related-party transactions with related persons >$120,000 disclosed in FY2025; no public company interlocks reported for Webb, lowering conflict risk .
- Watch items (RED FLAGS): Say-on-pay failed at the November 21, 2024 annual meeting (49.43% For vs 50.31% Against), indicating shareholder concern on executive compensation; the Board disclosed ongoing engagement and policy adjustments, but this remains a governance signal to monitor .