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Provident Financial Holdings Reports Second Quarter Fiscal 2013 Earnings

Classified assets at December 31, 2012 were $48.7 million, comprised of $6.9 million in the special mention category, $39.4 million in the substandard category and $2.4 million in real estate owned. Classified assets at June 30, 2012 were $58.5 million, comprised of $4.9 million in the special mention category, $48.1 million in the substandard category and $5.5 million in real estate owned. 

For the quarter ended December 31, 2012, no loans were restructured as compared to the same quarter last year when the Bank modified four loans totaling $1.0 million, which were identified as restructured loans. As of December 31, 2012, the outstanding balance of restructured loans was $18.1 million: six loans were classified as pass, were not included in the classified asset totals described earlier and remain on accrual status ($2.7 million); four loans were classified as special mention and remain on accrual status ($1.7 million); and 32 loans were classified as substandard ($13.6 million; of which, 31 loans totaling $10.8 million are on non-accrual status). As of December 31, 2012, $9.8 million, or 54 percent, of the restructured loans were current with respect to their payment status.

The allowance for loan losses was $18.5 million at December 31, 2012, or 2.34 percent of gross loans held for investment, compared to $21.5 million at June 30, 2012, or 2.63 percent of gross loans held for investment. Management believes that, based on currently available information, the allowance for loan losses is sufficient to absorb potential losses inherent in loans held for investment at December 31, 2012.

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 period of fiscal 2012, primarily as a result of an $11.98 million increase in the gain on sale of loans. On a sequential quarter basis, non-interest income decreased $2.12 million, or 10 percent, primarily as a result of a $2.72 million decrease in the gain on sale of loans, partly offset by a $522,000 increase in the net gain on sale and operations of real estate owned acquired in the settlement of loans.

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