Non-interest expenses 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 last year, primarily as a result of increases in salaries and employee benefits, premises and occupancy, equipment, and sales and marketing expenses, partly offset by lower professional expenses, deposit insurance premiums and regulatory assessments and other operating expenses. The increase in salaries and employee benefits, premises and occupancy and sales and marketing expenses was primarily related to the increase in mortgage banking loan production.The Company's efficiency ratio improved to 58 percent in the second quarter of fiscal 2013 from 74 percent in the second quarter of fiscal 2012. The improvement was the result of the increase in non-interest income, outpacing the increase in non-interest expense.
Provident Financial Holdings Reports Second Quarter Fiscal 2013 Earnings
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