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Provident Financial Holdings Reports Second Quarter Fiscal 2013 Earnings

Net interest income before the provision for loan losses decreased $734,000, or eight percent, to $8.77 million in the second quarter of fiscal 2013 from $9.51 million for the same quarter of fiscal 2012, because of a 12 basis point decrease in the net interest margin and a $49.7 million, or four percent, decrease in average interest-earning assets. Non-interest income increased $12.72 million, or 174 percent, to $20.03 million in the second quarter of fiscal 2013 from $7.31 million in the same quarter of fiscal 2012. Non-interest expense increased $4.30 million, or 34 percent, to $16.77 million in the second quarter of fiscal 2013 from $12.47 million in the same quarter of fiscal 2012. The increases in non-interest income and non-interest expense relate primarily to mortgage banking operations.

The average balance of loans outstanding, including loans held for sale, decreased by $117.0 million, or 10 percent, to $1.04 billion in the second quarter of fiscal 2013 compared to $1.15 billion in the same quarter of fiscal 2012. The average yield on loans receivable decreased by 25 basis points to 4.35 percent in the second quarter of fiscal 2013 from an average yield of 4.60 percent in the same quarter of fiscal 2012. The decrease in the average loan yield was primarily attributable to payoffs of loans which had a higher yield than the average yield of loans held for investment, adjustable rate loans repricing to lower current market interest rates and a lower average yield on loans held for sale. The average yield on loans held for sale in the second quarter of fiscal 2013 was 3.45 percent as compared to 3.81 percent in the same quarter last year; and the average balance of loans held for sale was $269.2 million and $302.6 million, respectively. Loans originated and purchased for investment in the second quarter of fiscal 2013 totaled $26.3 million, consisting primarily of multi-family and commercial real estate loans. The outstanding balance of "preferred loans" (multi-family, commercial real estate, construction and commercial business loans) decreased by $36.9 million, or nine percent, to $365.4 million at December 31, 2012 from $402.3 million at December 31, 2011. The percentage of preferred loans to total loans held for investment at December 31, 2012 remained unchanged at 46 percent compared to December 31, 2011 as the outstanding balance of other loans declined at approximately the same rate. Loan principal payments received in the second quarter of fiscal 2013 were $32.5 million, compared to $32.9 million in the same quarter of fiscal 2012.  In addition, real estate acquired in the settlement of loans (real estate owned), gross of any allowances, in the second quarter of fiscal 2013 declined to $1.7 million, compared to $6.4 million in the same quarter of fiscal 2012.

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