<PAGE>

        On October 21, 2004, Provident Financial Holdings, Inc. issued its earnings release for the first quarter ended September 30, 2004. A copy of the earnings release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

        (c)     Exhibits

        99.1  Press Release of Provident Financial Holdings, Inc. dated October 21, 2004.

<PAGE>

        Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EXHIBIT 99.1

<PAGE>

3756 Central Avenue                                                                                    Contacts:
Riverside, CA 92506                                                                                    Craig G. Blunden, CEO
(951) 686 - 6060                                                                                            Donavon P. Ternes, CFO

PROVIDENT FINANCIAL HOLDINGS, INC.
REPORTS FIRST QUARTER EARNINGS

First Quarter Net Income Increases 19%

        Riverside, Calif. - October 21, 2004 - Provident Financial Holdings, Inc. ("Company"), Nasdaq: PROV, the holding company for Provident Savings Bank, F.S.B. ("Bank"), today announced earnings for the first quarter of its fiscal year ending June 30, 2005.

        For the quarter ended September 30, 2004, the Company reported net income of $4.26 million, or 60 cents per diluted share (on 7.07 million weighted-average shares outstanding), compared to net income of $3.58 million, or 49 cents per diluted share (on 7.26 million weighted-average shares outstanding), in the comparable period a year ago. The decrease in weighted-average shares outstanding reflects the activity in the Company's stock buyback programs that included the repurchase of 110,000 shares of common stock in the quarter just ended.

        "Our efforts to improve the results in our community banking business continue to pay off. I am very pleased with the progress that we are making," said Craig B. Blunden, Chairman, President and Chief Executive Officer of the Company. "Moreover,

the transition strategies that we have deployed to buffer our mortgage banking results from the end of a long-running refinance cycle have been successful to date."

        Return on average assets for the first quarter of fiscal 2005 was 1.24 percent, compared to 1.18 percent for the same period of fiscal 2004. Return on average stockholders' equity for the first quarter of fiscal 2005 was 15.35 percent, compared to 13.84 percent for the comparable period of fiscal 2004.

        On a sequential quarter basis, net income for the first quarter of fiscal 2005 decreased by $28,000 to $4.26 million, or one percent, from $4.28 million in the fourth quarter of fiscal 2004; and diluted earnings per share remained unchanged at 60 cents compared to the fourth quarter of fiscal 2004 results. Return on average assets decreased five basis points to 1.24 percent for the first quarter of fiscal 2005 from 1.29 percent in the fourth quarter of fiscal 2004, and return on average equity decreased 12 basis points to 15.35 percent for the first quarter of fiscal 2005 from 15.47 percent in the fourth quarter of fiscal 2004.

        Net interest income after provision for loan losses increased $927,000, or 11 percent, to $9.31 million in the first quarter of fiscal 2005 from $8.38 million for the same period in fiscal 2004. Non-interest income increased $1.36 million, or 29 percent, to $6.09 million in the first quarter of fiscal 2005 from $4.73 million in the comparable period of fiscal 2004. Non-interest expense increased $645,000, or nine percent, to $7.61 million in the first quarter of fiscal 2005 from $6.97 million in the comparable period in fiscal 2004.

        The average balance of loans outstanding increased by $152.5 million to $1.03 billion in the first quarter of fiscal 2005 from $872.9 million in the same quarter of fiscal

2004, while the average yield decreased by 15 basis points to 5.73 percent in the first quarter of fiscal 2005 from an average yield of 5.88 percent in the same quarter of fiscal 2004. The decrease in the average loan yield was primarily attributable to higher yielding loans prepaying and new loans funded at an average yield below the existing loan portfolio yield. Total portfolio loan originations (including purchased loans) in the first quarter of fiscal 2005 were $221.9 million, which consisted primarily of single-family, multi-family, commercial real estate and construction loans. This compares to total portfolio loan originations (including purchased loans) of $176.3 million in the first quarter of fiscal 2004. The outstanding balance of "preferred loans" (multi-family, construction, commercial real estate and commercial business loans) increased by $60.5 million, or 29 percent, to $272.0 million at September 30, 2004 from $211.5 million at September 30, 2003. The ratio of preferred loans to total portfolio loans increased to 28 percent at September 30, 2004 from 27 percent at September 30, 2003. Loan prepayments in the first quarter of fiscal 2005 were $129.5 million, compared to $119.0 million in the same quarter of fiscal 2004.

        The average balance of deposits increased by $98.8 million to $871.2 million and the average cost of deposits decreased by 15 basis points to 1.61 percent in the first quarter of fiscal 2005, compared to an average balance of $772.4 million and an average cost of 1.76 percent in the same quarter last year. Transaction account balances (core deposits) increased by $26.0 million, or five percent, to $543.5 million at September 30, 2004 from $517.5 million at September 30, 2003. Time deposits increased by $57.8 million, or 21 percent, to $331.2 million at September 30, 2004 as compared to $273.4 million at September 30, 2003.

        The average balance of FHLB advances increased by $42.4 million to $356.2 million, and the average cost of advances increased 17 basis points to 4.02 percent in the first quarter of fiscal 2005, compared to an average balance of $313.8 million and an average cost of 3.85 percent in the same quarter of fiscal 2004. The increase in the average cost of FHLB advances was primarily the result of a lower percentage of overnight advances to total advances, which have a significantly lower average cost.

        The net interest margin during the first quarter of fiscal 2005 increased 15 basis points to 3.03 percent, compared to 2.88 percent during the same quarter last year. On a sequential quarter basis, the net interest margin in the first quarter of fiscal 2005 increased eight basis points from 2.95 percent in the fourth quarter of fiscal 2004.

        During the first quarter of fiscal 2005, the provision for loan losses was $642,000, compared to no provision during the same period of fiscal 2004. The increase in the provision was primarily attributable to the growth in the loan portfolio during the quarter.

        The increase in non-interest income in the first quarter of fiscal 2005 compared to the same period of fiscal 2004 was primarily the result of a gain on sale of investment securities and an increase in the gain on sale of loans. During the first quarter of fiscal 2005, the Company sold a portion of its investment in Freddie Mac common stock for a gain of $384,000. The gain on sale of loans increased by $1.2 million, or 38 percent, to $4.4 million, which was primarily attributable to a higher average loan sale margin, partly offset by a lower volume of loans originated for sale. The loan sale margin was 153 basis points in the first quarter of fiscal 2005, up from 119 basis points in the prior year. The volume of loans originated for sale remained relatively strong, totaling $299.3 million in

the first quarter of fiscal 2005 as compared to $343.0 million during the same period last year, as a result of relatively low mortgage interest rates and continued strength in the Southern California real estate market. Total loan originations (including purchased loans) was $521.2 million in the first quarter of fiscal 2005, up from $519.2 million in the same quarter of fiscal 2004.

        In the first quarter of fiscal 2005, the fair-value adjustment of derivative financial instruments (Statement of Financial Accounting Standards (("SFAS")) No. 133) on the consolidated statement of operations was a favorable $69,000, compared to an unfavorable adjustment of $17,000 in the same period last year. The fair-value adjustment for SFAS No. 133 is derived from changes in the market value of commitments to extend credit on loans to be held for sale, forward loan sale agreements and option contracts. The SFAS No. 133 adjustment is relatively volatile and may have an adverse impact on future earnings.

        Non-interest expense for the first quarter of fiscal 2005 increased $645,000, or nine percent, to $7.6 million from $7.0 million in the same quarter in fiscal 2004. The increase in non-interest expense was primarily the result of an increase in variable compensation expense related to loan production volume in the community banking business and the mortgage banking business. Although non-interest expense increased for the first quarter of fiscal 2005, the Company's efficiency ratio improved to 47 percent from 53 percent in the first quarter of fiscal 2004.

        Non-performing assets decreased to $1.1 million, or 0.07 percent of total assets, at September 30, 2004, compared to $1.4 million, or 0.12 percent of total assets, at September 30, 2003. The allowance for loan losses was $8.3 million at September 30,

2004, or 0.86 percent of gross loans held for investment, compared to $7.2 million, or 0.91 percent of gross loans held for investment, at September 30, 2003.

        The effective income tax rate for the first quarter of fiscal 2005 was 45.4 percent as compared to 41.7 percent for the same quarter last year. The Company believes that the effective income tax rate applied in the first quarter of fiscal 2005 reflects its current income tax obligations.

        The Company repurchased 110,000 shares of its common stock during the quarter ended September 30, 2004 at an average cost of $23.23 per share. As of September 30, 2004, the Company has repurchased 31 percent of the shares authorized by the June 2004 Stock Repurchase Program, leaving 244,585 shares available for repurchase activity.

        The Bank currently operates 12 retail/business banking offices in Riverside County and San Bernardino County (Inland Empire) along with 10 Provident Bank Mortgage loan production offices located throughout Southern California.

        The Company will host a conference call for institutional investors and bank analysts on Friday, October 22, 2004 at 10:00 a.m. (Pacific Time) to discuss its financial results. The conference call can be accessed by dialing (888) 273-9885 and requesting the Provident Financial Holdings Earnings Release Conference Call. An audio replay of the conference call will be available through Friday, October 29, 2004 by dialing (800) 475-6701 and referencing access code number 749900.

        For more financial information about the Company please visit the website at www.myprovident.com and click on the Investor Relations section.

Safe-Harbor Statement