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
TheStreet Open House

Provident Financial Holdings Reports Second Quarter Fiscal 2013 Earnings

In the second quarter of fiscal 2013, a total of $1.01 billion of loans were originated and purchased for sale, 60 percent higher than the $628.9 million for the same period last year, and 17 percent higher than the $860.5 million during the first quarter of fiscal 2013 (sequential quarter). The loan origination volume remains favorable from a historical perspective as a result of continued liquidity in the secondary mortgage markets particularly in FHA/VA, Fannie Mae and Freddie Mac loan products and very low mortgage interest rates. Total loans sold during the quarter ended December 31, 2012 were $1.01 billion, 50 percent higher than the $674.3 million sold during the same quarter last year, and 29 percent higher than the $787.9 million sold during the first quarter of fiscal 2013 (sequential quarter). Total loan originations (including loans originated and purchased for investment and loans originated and purchased for sale) were $1.04 billion in the second quarter of fiscal 2013, an increase of 59 percent from $649.3 million in the same quarter of fiscal 2012, and 18 percent higher than the $879.2 million in the first quarter of fiscal 2013 (sequential quarter).

The sale and operations of real estate owned acquired in the settlement of loans resulted in a net gain of $595,000 in the second quarter of fiscal 2013, compared to a net gain of $77,000 in the comparable period last year. Eleven real estate owned properties were sold in the quarter ended December 31, 2012 compared to 40 real estate owned properties sold in the same quarter last year. Five real estate owned properties were acquired in the settlement of loans during the second quarter of fiscal 2013, compared to 20 real estate owned properties acquired in the settlement of loans in the comparable period last year. As of December 31, 2012, the real estate owned balance was $2.4 million (12 properties), compared to $7.8 million (32 properties) at December 31, 2011 and $5.5 million (24 properties) at June 30, 2012.

8 of 10

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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 17,172.68 -107.06 -0.62%
S&P 500 1,994.29 -16.11 -0.80%
NASDAQ 4,527.6890 -52.10 -1.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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