This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

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.

6 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs