The average balance of investment securities decreased by $3.0 million, or 12 percent, to $21.7 million in the second quarter of fiscal 2013 from $24.7 million in the same quarter of fiscal 2012. The decrease was attributable to principal payments received on mortgage-backed securities during the last 12 months. The average yield on investment securities decreased 15 basis points to 2.02 percent in the second quarter of fiscal 2013 from 2.17 percent for the same quarter of fiscal 2012. The decline in the average yield was primarily attributable to the downward repricing of adjustable rate mortgage-backed securities.In November 2012, the Federal Home Loan Bank ("FHLB") – San Francisco announced a partial redemption of excess capital stock held by member banks and a cash dividend. As a result, a total of $2.0 million of excess capital stock was redeemed at par and a $137,000 cash dividend was received by the Bank in the second quarter of fiscal 2013. This is comparable to the same quarter last year when the Bank received a $1.2 million stock redemption and a $20,000 cash dividend.
Provident Financial Holdings Reports Second Quarter Fiscal 2013 Earnings
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