Provident Financial Holdings Announces Quarterly Cash Dividend

RIVERSIDE, Calif., July 31, 2008 (PRIME 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 $0.05 per share. Shareholders of the
Company's common stock at the close of business on August 25, 2008 will be
entitled to receive the cash dividend. The cash dividend will be payable on
September 19, 2008.

Safe-Harbor Statement
This press release contains statements that the Company believes are
"forward-looking statements." These statements relate to the Company's financial
condition, results of operations, plans, objectives, future performance or
business. You should not place undue reliance on these statements, as they are
subject to 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 include, but are not limited to, the credit
risks of lending activities, including changes in the level and trend of loan
delinquencies and write-offs; changes in general economic conditions, either
nationally or in our market areas; changes in the levels of general interest
rates, deposit interest rates, our net interest margin and funding sources;
fluctuations in the demand for loans, the number of unsold homes and other
properties and fluctuations in real estate values in our market areas; results
of examinations of us by the Office of Thrift Supervision and our bank
subsidiary by the Federal Deposit Insurance Corporation, the Office of Thrift
Supervision or other regulatory authorities, including the possibility that any
such regulatory authority may, among other things, require us to increase our
reserve for loan losses or to write-down assets; our ability to control
operating costs and expenses; our ability to implement our branch expansion
strategy; our ability to successfully integrate any assets, liabilities,
customers, systems, and management personnel we have acquired or may in the
future acquire into our operations and our ability to realize related revenue
synergies and cost savings within expected time frames and any goodwill charges
related thereto; our ability to manage loan delinquency rates; our ability to
retain key members of our senior management team; costs and effects of
litigation, including settlements and judgments; increased competitive pressures
among financial services companies; changes in consumer spending, borrowing and
savings habits; legislative or regulatory changes that adversely affect our
business; adverse changes in the securities markets; inability of key
third-party providers to perform their obligations to us; changes in accounting
policies and practices, as may be adopted by the financial institution
regulatory agencies or the Financial Accounting Standards Board; war or
terrorist activities; other economic, competitive, governmental, regulatory, and
technological factors affecting our operations, pricing, products and services
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, 2007, as amended.

-0-
CONTACT: Provident Financial Holdings
Craig G. Blunden, Chairman, President and CEO
Donavon P. Ternes, Chief Operating Officer and
Chief Financial Officer
(951) 686-6060