Exhibit 99
Provident Financial Group Announces Second Quarter of 2003 Financial Results
CINCINNATI, July 16 /PRNewswire-FirstCall/ -- Provident Financial Group,
Inc. (Nasdaq: PFGI) announced today its financial results for the second
quarter ended June 30, 2003. As previously announced, the company sold
$471.0 million of subprime residential mortgages at a $40.1 million net
discount, and also sold its Merchant Services business for a gain of
$19.0 million. The company reported second quarter 2003 earnings per share of
26 cents and net income of $13.2 million, compared with earnings per share of
46 cents and net income of $23.2 million reported for 2002's second quarter.
Excluding the impact from the sales of the subprime mortgages and the Merchant
Services business, second quarter 2003 earnings per share and net income
increased over 17 percent to 54 cents and $27.4 million, respectively.
Provident's President and Chief Executive Officer, Robert L. Hoverson,
said, "Our second quarter operating performance was within the range of our
expectations. We continue to reduce balance sheet risk and earnings
volatility. Non-performing assets decreased by $56 million, reaching their
lowest level in nearly two years. $53 million of this decrease was
attributable to the subprime loans we sold. We are pleased with the positive
trends we are seeing in our credit metrics, and although we foresee modest
improvements throughout the remainder of the year, we remain cautious due to
continued uncertainties in the economy."
Hoverson also noted, "Our announcement last week on the two transactions
that closed in the second quarter and the sale of our Florida operations
scheduled to close in the third quarter contribute to our lower risk strategy,
improve capital and liquidity levels, and further help us focus our attention
on our core Midwest retail and commercial banking franchise. We expect the
sale of our Florida operations to result in an after-tax gain of approximately
$47 million in the third quarter. The aggregate impact to earnings from all
three transactions should result in an after-tax gain of approximately
$33 million or 65 cents per share. The chart below outlines the impact of all
three transactions."
Pre-Tax After-Tax
Gain/(Loss) Gain/(Loss) EPS
Impact of Second Quarter 2003
Transactions
Earnings, excluding impact of
transactions $40.8 $27.4 $0.54
Sale of $471 million subprime
residential mortgage loans (40.1)* (26.9) (0.53)
Sale of Merchant Services
Business 19.0 12.7 0.25
Earnings impact of
transactions (21.1) (14.2) (0.28)
Reported earnings, including
impact of transactions 19.7 13.2 0.26
Estimated Impact of Third Quarter
2003 Transaction
Sale of Florida Operations 70.0 47.0 0.93
Estimated Aggregate Impact of
Second & Third Quarter 2003
Transactions $48.9 $32.8 $0.65
* net of $16 million of applicable allowance
Revenue & Expenses
Second quarter 2003 net interest income increased 7 percent to
$84.5 million from $78.7 million in last year's second quarter, and non-
interest income was $213.8 million compared with $206.6 million. Revenue,
comprised of net interest income and non-interest income, was $298.2 million
compared with $285.3 million in last year's second quarter. Excluding the sale
of the Merchant Service business, revenue was $279.2 million. The net interest
margin was 2.32 percent compared with 2.37 percent last quarter and
2.45 percent in last year's second quarter. Second quarter 2003 non-interest
expenses were $226.1 million compared with $216.6 million in last year's
second quarter.
Loans & Asset Quality
Average loans for 2003's second quarter were $9.2 billion compared with
$8.6 billion in last year's second quarter. Total loans outstanding on June
30, 2003 were $8.9 billion compared with $8.7 billion on June 30, 2002.
Key asset quality indicators:
- The second quarter 2003 reported provision for loan and lease losses was
$52.5 million, compared with $16.5 million last quarter, and $33.6
million for 2002's second quarter. Excluding the impact from the sale of
the subprime loans, the second quarter 2003 provision for loan and lease
losses was $19.2 million.
- The second quarter 2003 reported annualized net charge-offs to average
total loans and leases was 2.98 percent, compared with 0.73 percent last
quarter, and 2.87 percent for 2002's second quarter. Excluding credit
costs related to the sale of the subprime loans, second quarter 2003 net
charge-offs were 84 basis points, or $19.2 million.
- The reserve for loan and lease losses on June 30, 2003 was
$185.0 million compared with $201.0 million on March 31, 2003, and
$214.9 million on June 30, 2002. The reserve for loan and lease losses
on June 30, 2003 was 2.09 percent of total loans and leases compared
with 2.20 percent on March 31, 2003 and 2.46 percent on June 30, 2002.
The reserve for loan and lease losses on June 30, 2003 was 126 percent
of non-performing assets compared with 99 percent on March 31, 2003 and
116 percent on June 30, 2002.
- Non-performing assets were $147.2 million on June 30, 2003 compared with
$203.4 million on March 31, 2003 and $186.0 million on June 30, 2002.
Non-performing assets were 1.66 percent of total loans, leases and other
non-performing assets on June 30, 2003 compared with 2.22 percent on
March 31, 2003 and 2.12 percent on June 30, 2002.
Deposits
Average retail and commercial deposits for 2003's second quarter were
$6.9 billion, an increase of 9 percent from $6.3 billion in 2002's second
quarter. For the period ended June 30, 2003, retail and commercial deposits
were $7.0 billion, an increase of 12 percent from $6.3 billion on June 30,
2002.
Capital Position
Common shareholders' equity was $878.6 million or $18.01 per share on June
30, 2003 compared with $872.0 million or $17.88 per share on March 31, 2003.
On June 30, 2003 common equity to assets was 4.94 percent and Tier I and total
risk-based capital ratios were 9.78 percent and 11.65 percent respectively.
Year-To-Date Results
For the six months ended June 30, 2003, earnings per share and net income
were 77 cents and $39.0 million, respectively, compared with 88 cents and
$44.8 million for the six months ended June 30, 2002. Returns on average
equity and assets were 8.77 percent and 0.44 percent, respectively, compared
with 10.69 percent and 0.55 percent for the six months ended June 30, 2002.
Revenue was $575.4 million compared with $559.8 million, and the net interest
margin was 2.35 percent compared with 2.46 percent. Excluding the impact of
the sale of the subprime loans and the Merchant Services business, earnings
per share were $1.05 and net income was $53.2 million and returns on average
equity and assets were 11.95 percent and 0.60 percent, respectively.
Conference Call & Webcast
A conference call and webcast will be held today at 2:00 p.m. (ET). The
live call can be accessed by calling 1-877-818-4511. A Replay of the call will
be available from 4:00 p.m. today through Monday, July 21, 2003 at 11:59 p.m.
by calling 1-800-642-1687 (passcode 156 80 46). The webcast will be available
for replay immediately after the call. Both the live and archived webcast can
be accessed from the Investor Relations area of Provident's website
at http://www.providentbank.com .
Forward-Looking Statements
This document contains certain forward-looking statements that are subject
to numerous assumptions, risks or uncertainties. The Private Securities
Litigation Reform Act of 1995 provides a safe harbor for forward-looking
statements. Forward-looking statements may be identified by words such as
estimates, anticipates, projects, plans, expects, intends, believes, should
and similar expressions and by the context in which they are used. Such
statements are based upon current expectations of the company and speak only
as of the date made. Actual results could differ materially from those
contained in or implied by such forward-looking statements for a variety of
factors including: sharp and/or rapid changes in interest rates; significant
changes in the anticipated economic scenario which could materially change
anticipated credit quality trends; the ability to generate loans and leases;
significant cost, delay in, or ability to execute strategic initiatives
designed to grow revenues and/or manage expenses; consummation of significant
business combinations or divestitures; and significant changes in accounting,
tax, or regulatory practices or requirements and factors noted in connection
with forward-looking statements. Additionally, borrowers could suffer
unanticipated losses without regard to general economic conditions. The
results of these and other factors could cause differences from expectations
in the level of defaults, changes in the risk characteristics of the loan and
lease portfolio, and change sin the provision for loan and lease losses.
Provident undertakes no obligations to update any forward-looking statements
to reflect events or circumstances arising after the date on which they are
made.
About Provident Financial Group, Inc.
Provident Financial Group, Inc. is a bank holding company located in
Cincinnati, Ohio. Its main subsidiary, The Provident Bank, provides a diverse
line of banking and financial products, services and solutions through retail
banking offices located in Southwestern Ohio, Northern Kentucky and the West
Coast of Florida, and through commercial lending offices located throughout
Ohio and surrounding states. Customers have access to banking services 24-
hours a day through Provident's extensive network of ATMs, Telebank, a
telephone customer service center, and the Internet at www.providentbank.com.
At June 30, 2003, Provident Financial Group had $8.9 billion in loans
outstanding, $11.0 billion in deposits, and assets of $17.8 billion. Provident
has served the financial needs of its customers for 100 years, and currently
3,400 Provident associates serve approximately 500,000 customers. Provident
Financial Group's common stock trades on the Nasdaq Stock Market under the
symbol PFGI.
For further information, please contact:
Christopher J. Carey
Executive Vice President & Chief Financial Officer
1-513-639-4644 / 1-800-851-9521
e-mail: IR@provident-financial.com
Provident Financial Group, Inc. and Subsidiaries
Consolidated Financial Highlights
(unaudited)
Three Months Six Months
For The Period Ended
June 30 2003 2002 % Change 2003 2002 % Change
PER COMMON SHARE:
Net Income
Basic $.27 $.47 (42.6)% $.79 $.91 (13.2)%
Diluted $.26 $.46 (43.5)% .77 .88 (12.5)%
Dividends $.24 $.24 0.0% .48 .48 0.0%
Book Value 18.01 17.22 4.6%
RESULTS OF OPERATIONS:
(In Millions)
Net Interest Income $84.5 $78.7 7.3% $167.5 $157.0 6.6%
Provision for Loan
and Lease Losses 52.5 33.6 56.3% 69.0 57.8 19.4%
Net Income 13.2 23.2 (43.0)% 39.0 44.8 (12.9)%
FINANCIAL RATIOS:
Performance Ratios:
Return on
Average Assets 0.30% 0.57% 0.44% 0.55%
Return on
Average
Shareholders'
Equity 5.86 10.91 8.77 10.69
Average
Shareholders'
Equity to
Average Assets 5.04 5.21 5.03 5.13
Net Interest
Margin 2.32 2.45 2.35 2.46
Capital Adequacy
Ratios (Period
End):
Shareholders'
Equity to Total
Assets 4.98 5.10
Tier I Leverage
Ratio 7.61 7.96
Risk-Based
Capital Ratio -
Tier I Capital 9.78 9.75
Risk-Based
Capital Ratio -
Total Capital 11.65 11.91
(Current
Period
Regulatory
Ratios are
Estimated)
ASSET QUALITY RATIOS:
Reserve for Loan and
Lease Losses to:
Total Loans and
Leases 2.09% 2.46%
Nonaccrual Loans 138.80 133.82
Nonperforming Assets
to:
Total Loans,
Leases and Other
Nonperforming
Assets 1.66 2.12
Total Assets .83 1.12
Net Charge-Off's to
Average Total
Loans and Leases
(Annualized) 2.98% 2.87% 1.86 1.94
AVERAGE BALANCES: (In Millions)
Total Loans and
Leases $9,183 $8,619 6.5% $9,134 $8,688 5.1%
Earning Assets 14,593 12,911 13.0% 14,395 12,892 11.7%
Leased Equipment 2,101 2,505 (16.1)% 2,174 2,556 (14.9)%
Assets 17,872 16,306 9.6% 17,705 16,333 8.4%
Deposits 10,918 9,348 16.8% 10,514 9,082 15.8%
Interest Bearing
Liabilities 15,137 14,082 7.5% 15,059 14,137 6.5%
Shareholders' Equity 901 849 6.1% 890 838 6.2%
PERIOD END BALANCES: (In Millions)
Total Loans and
Leases $8,864 $8,740 1.4%
Leased Equipment 2,007 2,479 (19.0)%
Assets 17,794 16,575 7.4%
Deposits 10,956 9,393 16.6%
Shareholders' Equity 886 845 4.9%
OFF-BALANCE SHEET SECURITIZED LOANS AND
LEASES: (In Millions)
Residential Mortgage $1,469 $2,181 (32.6)%
Home Equity 163 245 (33.5)%
Direct Finance
Leasing 64 151 (57.6)%
Total Off-Balance
Sheet Securitized
Loans and Leases $1,696 $2,577 (34.2)%
(See Asset Securitization Sales Note to Consolidated Financial Statements
within the Company's Form 10-K for further discussion of these off-
balance sheet assets.)
Provident Financial Group, Inc. and Subsidiaries
Consolidated Statements Of Income
(unaudited)
Three Months Ended
June 30,
(Dollars In Thousands Except Per
Share Data) 2003 2002 % Change
Net Interest Income $84,494 $78,728 7.3%
Provision for Loan and Lease Losses 52,469 33,575 56.3%
Noninterest Income:
Service Charges on Deposit Accounts 12,391 10,915 13.5%
Loan Servicing Fees 9,428 8,414 12.1%
Commercial Mortgage Banking Revenue 10,849 6,021 80.2%
Other Service Charges and Fees 12,921 12,021 7.5%
Leasing Income 132,238 152,664 (13.4)%
Cash Gain on Sale of Loans 7,124 4,494 58.5%
Warrant Gains 1,308 8,186 (84.0)%
Net Securities Gains 858 654 31.2%
Net Gain on Merchant Services
Business 19,000 - n/m
Other 7,636 3,209 138.0%
Total Noninterest Income 213,753 206,578 3.5%
Noninterest Expense:
Salaries, Wages and Benefits 65,823 58,730 12.1%
Charges and Fees 7,867 8,099 (2.9)%
Occupancy 6,464 5,950 8.6%
Leasing Expense 90,750 104,537 (13.2)%
Equipment Expense 6,824 5,975 14.2%
Professional Services 8,418 6,219 35.4%
Minority Interest Expense 3,197 666 380.0%
Disposition Cost of Subprime Loans 6,914 - n/m
Other 29,816 26,461 12.7%
Total Noninterest Expense 226,073 216,637 4.4%
Income Before Income Taxes 19,705 35,094 (43.9)%
Applicable Income Taxes 6,502 11,924 (45.5)%
Net Income $13,203 $23,170 (43.0)%
Other Data:
Earnings Per Common Share - Basic $0.27 $0.47 (42.6)%
Earnings Per Common Share - Diluted $0.26 $0.46 (43.5)%
Dividends Paid Per Common Share $0.24 $0.24 0.0%
Return on Assets 0.30% 0.57%
Return on Equity 5.86% 10.91%
Net Interest Margin (FTE) 2.32% 2.45%
Full-Time Equivalent Employees 3,355 3,240
n/m - not meaningful
Provident Financial Group, Inc. and Subsidiaries
Consolidated Statements Of Income
(unaudited)
Six Months Ended
June 30,
(Dollars In Thousands Except Per
Share Data) 2003 2002 % Change
Net Interest Income $167,453 $157,023 6.6%
Provision for Loan and Lease Losses 68,990 57,780 19.4%
Noninterest Income:
Service Charges on Deposit Accounts 24,723 21,364 15.7%
Loan Servicing Fees 20,088 16,412 22.4%
Commercial Mortgage Banking Revenue 21,146 11,767 79.7%
Other Service Charges and Fees 24,657 21,920 12.5%
Leasing Income 271,099 307,645 (11.9)%
Cash Gain on Sale of Loans 12,066 7,134 69.1%
Warrant Gains 1,636 8,186 (80.0)%
Net Securities Gains 2,358 654 260.6%
Net Gain on Merchant Services
Business 19,000 - n/m
Other 11,154 7,726 44.4%
Total Noninterest Income 407,927 402,808 1.3%
Noninterest Expense:
Salaries, Wages and Benefits 127,807 115,119 11.0%
Charges and Fees 15,689 15,750 (0.4)%
Occupancy 12,692 11,968 6.0%
Leasing Expense 186,510 211,402 (11.8)%
Equipment Expense 13,773 12,182 13.1%
Professional Services 16,816 12,304 36.7%
Minority Interest Expense 6,394 666 860.1%
Disposition Cost of Subprime Loans 6,914 - n/m
Other 61,561 53,858 14.3%
Total Noninterest Expense 448,156 433,249 3.4%
Income Before Income Taxes 58,234 68,802 (15.4)%
Applicable Income Taxes 19,217 24,016 (20.0)%
Net Income $39,017 $44,786 (12.9)%
Other Data:
Earnings Per Common Share - Basic $0.79 $0.91 (13.2)%
Earnings Per Common Share - Diluted $0.77 $0.88 (12.5)%
Dividends Paid Per Common Share $0.48 $0.48 0.0%
Return on Assets 0.44% 0.55%
Return on Equity 8.77% 10.69%
Net Interest Margin (FTE) 2.35% 2.46%
Full-Time Equivalent Employees
n/m - not meaningful
Provident Financial Group, Inc. and Subsidiaries
Consolidated Quarterly Statements Of Income
(unaudited)
2003
(Dollars In Thousands Except Per Second First Year to
Share Data) Quarter Quarter Date
Net Interest Income $84,494 $82,959 $167,453
Provision for Loan and Lease Losses 52,469 16,521 68,990
Noninterest Income:
Service Charges on Deposit Accounts 12,391 12,332 24,723
Loan Servicing Fees 9,428 10,660 20,088
Commercial Mortgage Banking Revenue 10,849 10,297 21,146
Other Service Charges and Fees 12,921 11,736 24,657
Leasing Income 132,238 138,861 271,099
Cash Gain on Sale of Loans 7,124 4,942 12,066
Warrant Gains 1,308 328 1,636
Net Securities Gains 858 1,500 2,358
Net Gain on Merchant Services
Business 19,000 - 19,000
Other 7,636 3,518 11,154
Total Noninterest Income 213,753 194,174 407,927
Noninterest Expense:
Salaries, Wages and Benefits 65,823 61,984 127,807
Charges and Fees 7,867 7,822 15,689
Occupancy 6,464 6,228 12,692
Leasing Expense 90,750 95,760 186,510
Equipment Expense 6,824 6,949 13,773
Professional Services 8,418 8,398 16,816
Minority Interest Expense 3,197 3,197 6,394
Disposition Cost of Subprime Loans 6,914 - 6,914
Other 29,816 31,745 61,561
Total Noninterest Expense 226,073 222,083 448,156
Income Before Income Taxes 19,705 38,529 58,234
Applicable Income Taxes 6,502 12,715 19,217
Net Income $13,203 $25,814 $39,017
Other Data:
Earnings Per Common Share - Basic $0.27 $0.52 $0.79
Earnings Per Common Share - Diluted $0.26 $0.51 $0.77
Dividends Paid Per Common Share $0.24 $0.24 $0.48
Return on Assets 0.30% 0.59% 0.44%
Return on Equity 5.86% 11.76% 8.77%
Net Interest Margin (FTE) 2.32% 2.37% 2.35%
Full-Time Equivalent Employees 3,355 3,333
Provident Financial Group, Inc. and Subsidiaries
Consolidated Quarterly Statements Of Income
(unaudited)
2002
(Dollars In Thousands Fourth Third Second First Full
Except Per Share Data) Quarter Quarter Quarter Quarter Year
Net Interest Income $80,909 $77,626 $78,728 $78,295 $315,558
Provision for Loan and Lease
Losses 18,237 23,532 33,575 24,205 99,549
Noninterest Income:
Service Charges on Deposit
Accounts 12,139 11,681 10,915 10,449 45,184
Loan Servicing Fees 11,550 9,018 8,414 7,998 36,980
Commercial Mortgage
Banking Revenue 8,222 5,365 6,021 5,746 25,354
Other Service Charges and
Fees 12,754 10,744 12,021 9,899 45,418
Leasing Income 148,107 150,135 152,664 154,981 605,887
Cash Gain on Sale of Loans 3,556 5,001 4,494 2,640 15,691
Warrant Gains - - 8,186 - 8,186
Net Securities Gains 1,309 633 654 - 2,596
Other 6,650 5,820 3,209 4,517 20,196
Total Noninterest
Income 204,287 198,397 206,578 196,230 805,492
Noninterest Expense:
Salaries, Wages and
Benefits 60,918 57,141 58,730 56,389 233,178
Charges and Fees 7,752 7,029 8,099 7,651 30,531
Occupancy 5,808 5,861 5,950 6,018 23,637
Leasing Expense 102,416 102,690 104,537 106,865 416,508
Equipment Expense 6,483 5,680 5,975 6,207 24,345
Professional Services 7,679 6,007 6,219 6,085 25,990
Minority Interest Expense 3,180 3,223 666 - 7,069
Other 32,464 28,448 26,461 27,397 114,770
Total Noninterest
Expense 226,700 216,079 216,637 216,612 876,028
Income Before Income
Taxes 40,259 36,412 35,094 33,708 145,473
Applicable Income Taxes 13,630 12,376 11,924 12,092 50,022
Net Income $26,629 $24,036 $23,170 $21,616 $95,451
Other Data:
Earnings Per Common Share
- Basic $0.54 $0.49 $0.47 $0.43 $1.94
Earnings Per Common Share
- Diluted $0.52 $0.47 $0.46 $0.43 $1.88
Dividends Paid Per Common
Share $0.24 $0.24 $0.24 $0.24 $0.96
Return on Assets 0.62% 0.59% 0.57% 0.53% 0.58%
Return on Equity 12.38% 11.33% 10.91% 10.45% 11.27%
Net Interest Margin (FTE) 2.36% 2.37% 2.45% 2.47% 2.41%
Full-Time Equivalent
Employees 3,307 3,214 3,240 3,204
Provident Financial Group, Inc. and Subsidiaries
Consolidated Period End Balance Sheets
(unaudited)
2003
Second First
(In Thousands) Quarter Quarter
ASSETS
Cash and Due From Banks $352,241 $340,141
Federal Funds Sold and
Reverse Repurchase Agreements 337,006 561,446
Trading Account Securities 105,877 111,516
Loans and Leases Held For Sale 447,039 255,593
Investment Securities 4,760,894 4,320,723
Loans and Leases:
Corporate Lending:
Commercial 4,459,612 4,515,888
Mortgage 1,017,061 947,205
Construction 516,348 528,824
Lease Financing 1,253,851 1,233,533
Total Corporate
Lending 7,246,872 7,225,450
Consumer Lending:
Installment 1,424,207 1,362,896
Residential 37,741 519,632
Lease Financing 155,577 43,522
Total Consumer Lending 1,617,525 1,926,050
Total Loans and Leases 8,864,397 9,151,500
Reserve for Loan and Lease Losses (185,019) (201,020)
Net Loans and Leases 8,679,378 8,950,480
Leased Equipment 2,006,999 2,181,823
Premises and Equipment 97,070 98,853
Goodwill 83,979 82,651
Other Assets 923,516 823,194
$17,793,999 $17,726,420
LIABILITIES AND
SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Noninterest Bearing $1,357,468 $1,163,209
Interest Bearing 9,598,344 9,502,086
Total Deposits 10,955,812 10,665,295
Short-Term Debt 1,268,198 1,506,797
Long-Term Debt 3,624,262 3,661,219
Guaranteed Preferred Beneficial
Interests in Company's Junior
Subordinated Debentures 451,284 451,179
Minority Interest 164,163 160,966
Accrued Interest and Other
Liabilities 444,728 401,981
Total Liabilities 16,908,447 16,847,437
Shareholders' Equity:
Preferred Stock 7,000 7,000
Common Stock 14,461 14,454
Capital Surplus 298,838 298,498
Retained Earnings 613,670 619,444
Accumulated Other
Comprehensive Income (48,417) (60,413)
Total Shareholders' Equity 885,552 878,983
$17,793,999 $17,726,420
Provident Financial Group, Inc. and Subsidiaries
Consolidated Period End Balance Sheets
(unaudited)
2002
Fourth Third Second First
(In Thousands) Quarter Quarter Quarter Quarter
ASSETS
Cash and Due From
Banks $351,994 $327,467 $244,147 $227,137
Federal Funds Sold
and Reverse Repurchase
Agreements 188,925 119,464 56,337 96,313
Trading Account
Securities 127,848 204,202 81,739 100,002
Loans and Leases
Held For Sale 436,884 189,581 328,453 125,421
Investment
Securities 4,215,238 4,138,464 3,815,609 3,897,222
Loans and Leases:
Corporate
Lending:
Commercial 4,482,373 4,418,133 4,289,690 4,321,443
Mortgage 960,636 973,833 873,726 862,514
Construction 510,331 510,410 575,655 563,425
Lease
Financing 1,273,901 1,255,574 1,242,558 1,143,657
Total Corporate
Lending 7,227,241 7,157,950 6,981,629 6,891,039
Consumer Lending:
Installment 1,306,761 1,164,509 1,008,386 911,151
Residential 599,793 676,971 750,045 848,676
Lease
Financing - - - -
Total Consumer
Lending 1,906,554 1,841,480 1,758,431 1,759,827
Total Loans and
Leases 9,133,795 8,999,430 8,740,060 8,650,866
Reserve for Loan
and Lease Losses (201,051) (204,809) (214,860) (243,019)
Net Loans
and Leases 8,932,744 8,794,621 8,525,200 8,407,847
Leased Equipment 2,350,356 2,397,967 2,479,125 2,559,580
Premises and
Equipment 101,513 101,003 101,230 101,794
Goodwill 82,651 82,651 82,432 82,432
Other Assets 751,856 741,695 861,061 707,543
$17,540,009 $17,097,115 $16,575,333 $16,305,291
LIABILITIES AND
SHAREHOLDERS'
EQUITY
Liabilities:
Deposits:
Noninterest
Bearing $1,141,990 $988,508 $844,256 $849,694
Interest Bearing 8,706,989 8,284,737 8,548,319 8,056,706
Total Deposits 9,848,979 9,273,245 9,392,575 8,906,400
Short-Term Debt 1,925,005 1,886,715 1,314,980 1,668,360
Long-Term Debt 3,842,657 4,017,644 3,976,155 3,962,991
Guaranteed
Preferred
Beneficial
Interests in
Company's
Junior
Subordinated
Debentures 451,074 450,969 450,864 450,759
Minority Interest 160,966 163,337 161,213 -
Accrued Interest
and Other
Liabilities 430,957 449,889 434,465 490,767
Total
Liabilities 16,659,638 16,241,799 15,730,252 15,479,277
Shareholders' Equity:
Preferred Stock 7,000 7,000 7,000 7,000
Common Stock 14,454 14,409 14,427 14,603
Capital Surplus 298,025 298,731 298,898 322,836
Retained Earnings 604,013 589,533 577,579 566,481
Accumulated Other
Comprehensive
Income (43,121) (54,357) (52,823) (84,906)
Total
Shareholders'
Equity 880,371 855,316 845,081 826,014
$17,540,009 $17,097,115 $16,575,333 $16,305,291
Provident Financial Group, Inc. and Subsidiaries
Consolidated Credit Loss Experience
(unaudited)
2003
Second First Year to
(Dollars In Thousands) Quarter Quarter Date
Reserve for Loan and Lease Losses
At Beginning of Period $201,020 $201,051 $201,051
Provision Charged to Expense 52,469 16,521 68,990
Net Charge-Offs:
Corporate Lending:
Commercial 11,147 8,093 19,240
Mortgage 54 46 100
Construction (241) 65 (176)
Lease Financing 1,714 3,294 5,008
Net Corporate Lending 12,674 11,498 24,172
Consumer Lending:
Installment 1,467 576 2,043
Residential 54,320 4,478 58,798
Lease Financing 9 - 9
Net Consumer Lending 55,796 5,054 60,850
Net Charge-Offs 68,470 16,552 85,022
Reserve for Loan and Lease Losses
At End of Period $185,019 $201,020 $185,019
Net Charge-Offs to Average Total
Loans and Leases: (Annualized)
Corporate Lending:
Commercial 0.99% 0.73% 0.86%
Mortgage 0.02% 0.02% 0.02%
Construction (0.18%) 0.05% (0.07%)
Lease Financing 0.56% 1.06% 0.81%
Total Corporate Lending 0.70% 0.64% 0.67%
Consumer Lending:
Residential 44.70% 3.25% 22.67%
Installment 0.42% 0.17% 0.30%
Lease Financing 0.04% -% -%
Total Consumer Lending 11.21% 1.04% 6.20%
Total Loans and Leases 2.98% 0.73% 1.86%
Provident Financial Group, Inc. and Subsidiaries
Consolidated Credit Loss Experience
(unaudited)
2002
Fourth Third Second First Full
(Dollars In Thousands) Quarter Quarter Quarter Quarter Year
Reserve for Loan and
Lease Losses
At Beginning of Period $204,809 $214,860 $243,019 $241,143 $241,143
Provision Charged to
Expense 18,237 23,532 33,575 24,205 99,549
Net Charge-Offs:
Corporate Lending:
Commercial 7,244 24,859 25,057 13,937 71,097
Mortgage - 22 - 24 46
Construction 150 379 - 300 829
Lease Financing 10,101 2,620 21,635 4,324 38,680
Net Corporate
Lending 17,495 27,880 46,692 18,585 110,652
Consumer Lending:
Installment 753 850 782 727 3,112
Residential 3,747 4,853 14,260 3,017 25,877
Lease Financing - - - - -
Net Consumer
Lending 4,500 5,703 15,042 3,744 28,989
Net Charge-Offs 21,995 33,583 61,734 22,329 139,641
Reserve for Loan and
Lease Losses
At End of Period $201,051 $204,809 $214,860 $243,019 $201,051
Net Charge-Offs to
Average Total Loans and
Leases: (Annualized)
Corporate Lending:
Commercial 0.66% 2.35% 2.37% 1.27% 1.65%
Mortgage -% 0.01% -% 0.01% 0.01%
Construction 0.11% 0.28% -% 0.21% 0.15%
Lease Financing 3.25% 0.85% 7.25% 1.55% 3.23%
Total Corporate
Lending 0.98% 1.61% 2.72% 1.07% 1.59%
Consumer Lending:
Residential 2.46% 2.83% 7.21% 1.39% 3.51%
Installment 0.24% 0.31% 0.32% 0.31% 0.30%
Lease Financing -% -% -% -% -%
Total Consumer
Lending 0.98% 1.29% 3.43% 0.83% 1.62%
Total Loans and
Leases 0.98% 1.55% 2.87% 1.02% 1.59%
Provident Financial Group, Inc. and Subsidiaries
Consolidated Nonperforming Assets
(unaudited)
2003
Second First
(Dollars In Thousands) Quarter Quarter
Nonaccrual Loans:
Corporate Lending:
Commercial $116,926 $123,912
Mortgage 6,307 7,298
Construction 3,792 1,321
Lease Financing 2,267 2,792
Total Corporate Lending 129,292 135,323
Consumer Lending:
Installment - -
Residential 4,011 45,927
Lease Financing - -
Total Consumer Lending 4,011 45,927
Total Nonaccrual Loans 133,303 181,250
Other Nonperforming Assets 13,858 22,172
Total Nonperforming Assets $147,161 $203,422
Loans 90 Days Past Due Still Accruing $5,971 $36,038
Reserve for Loan and Lease Losses as
a Percent of:
Nonaccrual Loans 138.80% 110.91%
Nonperforming Assets 125.73% 98.82%
Total Loans and Leases 2.09% 2.20%
Nonaccrual Loans as a % of Total
Loans and Leases 1.50% 1.98%
Nonperforming Assets as a Percent of:
Total Loans, Leases and Other
Nonperforming Assets 1.66% 2.22%
Total Assets .83% 1.15%
Provident Financial Group, Inc. and Subsidiaries
Consolidated Nonperforming Assets
(unaudited)
2002
Fourth Third Second First
(Dollars In Thousands) Quarter Quarter Quarter Quarter
Nonaccrual Loans:
Corporate Lending:
Commercial $99,805 $117,571 $108,330 $111,727
Mortgage 11,783 10,619 5,546 1,938
Construction 1,746 2,243 7,268 1,984
Lease Financing 4,008 3,952 3,497 5,223
Total Corporate Lending 117,342 134,385 124,641 120,872
Consumer Lending:
Installment - - - -
Residential 49,091 44,548 35,920 62,530
Lease Financing - - - -
Total Consumer Lending 49,091 44,548 35,920 62,530
Total Nonaccrual Loans 166,433 178,933 160,561 183,402
Other Nonperforming Assets 15,780 14,579 25,471 28,098
Total Nonperforming Assets $182,213 $193,512 $186,032 $211,500
Loans 90 Days Past Due Still
Accruing $29,918 $30,482 $29,186 $29,390
Reserve for Loan and Lease Losses
as a Percent of:
Nonaccrual Loans 120.80% 114.46% 133.82% 132.51%
Nonperforming Assets 110.34% 105.84% 115.50% 114.90%
Total Loans and Leases 2.20% 2.28% 2.46% 2.81%
Nonaccrual Loans as a % of Total
Loans and Leases 1.82% 1.99% 1.84% 2.12%
Nonperforming Assets as a Percent
of:
Total Loans, Leases and Other
Nonperforming Assets 1.99% 2.15% 2.12% 2.44%
Total Assets 1.04% 1.13% 1.12% 1.30%
Provident Financial Group, Inc. and Subsidiaries
Consolidated Average Balances and Rates
On a Fully Taxable Equivalent Basis
(unaudited)
2003
Second Quarter First Quarter Full Year
Average Average Average Average Average Average
(Dollars In Balance Rate Balance Rate Balance Rate
Millions)
Assets:
Loans and Leases:
Corporate
Lending:
Commercial $4,518 5.73 % $4,446 5.66 % $4,482 5.70 %
Mortgage 909 5.59 934 5.83 921 5.71
Construction 539 4.34 522 4.19 531 4.26
Lease
Financing 1,227 8.72 1,246 8.85 1,236 8.79
Total
Corporate
Lending 7,193 6.12 7,148 6.13 7,170 6.12
Consumer
Lending:
Installment 1,407 4.78 1,352 5.12 1,380 4.95
Residential 486 10.17 552 11.68 519 10.97
Lease
Financing 97 8.91 33 7.92 65 8.65
Total
Consumer
Lending 1,990 6.29 1,937 7.04 1,964 6.66
Total Loans
and Leases 9,183 6.16 9,085 6.32 9,134 6.24
Investment
Securities 4,471 4.32 4,292 4.90 4,382 4.60
Federal Funds Sold
and Reverse
Repurchase
Agreements 441 1.90 313 2.13 378 1.99
Other Short-Term
Investments 498 5.70 504 5.35 501 5.52
Total Earning
Assets 14,593 5.45 14,194 5.76 14,395 5.60
Cash and Due From
Banks 310 311 310
Leased Equipment 2,101 2,242 2,174
Other Assets 868 787 826
Total Assets $17,872 $17,534 $17,705
Liabilities and
Shareholders'
Equity:
Deposits:
Demand Deposits $1,204 1.51 $1,053 1.43 $1,129 1.47
Savings Deposits 1,460 1.80 1,419 1.76 1,440 1.78
Time Deposits 6,990 2.68 6,498 2.94 6,745 2.80
Total Deposits 9,654 2.40 8,970 2.57 9,314 2.48
Short-Term Debt:
Federal Funds
Purchased and
Repurchase
Agreements 1,129 2.37 1,488 2.11 1,308 2.22
Commercial Paper 265 1.24 300 1.47 283 1.36
Total Short-
Term Debt 1,394 2.16 1,788 2.00 1,591 2.07
Long-Term Debt 3,638 4.85 3,769 5.20 3,703 5.02
Junior
Subordinated
Debentures 451 4.09 451 4.22 451 4.15
Total Interest
Bearing
Liabilities 15,137 3.01 14,978 3.22 15,059 3.11
Noninterest
Bearing Deposits 1,264 1,137 1,200
Minority Interest 163 161 162
Other Liabilities 407 380 394
Shareholders'
Equity 901 878 890
Total
Liabilities
and Shareholders'
Equity $17,872 $17,534 $17,705
Net Interest Spread 2.44 % 2.54 % 2.49 %
Net Interest Margin 2.32 % 2.37 % 2.35 %
Provident Financial Group, Inc. and Subsidiaries
Consolidated Average Balances and Rates
On a Fully Taxable Equivalent Basis
(unaudited)
2002
Fourth Quarter Third Quarter Second Quarter
Average Average Average Average Average Average
(Dollars In Millions) Balance Rate Balance Rate Balance Rate
Assets:
Loans and Leases:
Corporate Lending:
Commercial $4,404 6.13 % $4,227 6.36 % $4,231 6.33 %
Mortgage 943 5.88 930 6.08 878 6.42
Construction 524 4.28 533 4.56 560 4.38
Lease
Financing 1,245 8.65 1,233 9.06 1,194 9.22
Total
Corporate
Lending 7,116 6.40 6,923 6.67 6,863 6.68
Consumer Lending:
Installment 1,232 5.50 1,080 6.16 965 6.41
Residential 609 9.83 685 9.64 791 9.60
Lease
Financing - - - - - -
Total
Consumer
Lending 1,841 6.94 1,765 7.51 1,756 7.85
Total Loans and
Leases 8,957 6.51 8,688 6.84 8,619 6.92
Investment Securities 4,149 5.26 3,789 5.49 3,866 5.90
Federal Funds Sold and
Reverse
Repurchase
Agreements 161 2.59 102 2.66 127 2.85
Other Short-Term
Investments 366 5.76 407 5.28 299 6.55
Total Earning
Assets 13,633 6.07 12,986 6.36 12,911 6.57
Cash and Due From
Banks 324 245 212
Leased Equipment 2,369 2,429 2,505
Other Assets 788 703 678
Total Assets $17,114 $16,363 $16,306
Liabilities and
Shareholders' Equity:
Deposits:
Demand Deposits $944 1.60 $778 1.61 $546 1.12
Savings Deposits 1,464 1.82 1,417 2.03 1,475 1.97
Time Deposits 5,960 3.43 6,211 3.49 6,446 3.66
Total Deposits 8,368 2.94 8,406 3.07 8,467 3.20
Short-Term Debt:
Federal Funds
Purchased and
Repurchase
Agreements 1,494 2.26 849 2.90 906 2.90
Commercial Paper 295 1.82 268 1.97 284 1.93
Total Short-Term
Debt 1,789 2.19 1,117 2.68 1,190 2.67
Long-Term Debt 3,939 5.07 4,019 5.13 3,974 5.14
Junior Subordinated
Debentures 451 4.56 451 5.28 451 5.47
Total Interest
Bearing
Liabilities 14,547 3.48 13,993 3.70 14,082 3.78
Noninterest Bearing
Deposits 1,113 934 881
Minority Interest 160 162 34
Other Liabilities 434 425 460
Shareholders' Equity 860 849 849
Total Liabilities
and
Shareholders'
Equity $17,114 $16,363 $16,306
Net Interest Spread 2.59 % 2.66 % 2.79 %
Net Interest Margin 2.36 % 2.37 % 2.45 %
Provident Financial Group, Inc. and Subsidiaries
Consolidated Average Balances and Rates
On a Fully Taxable Equivalent Basis
(unaudited)
2002
First Quarter Full Year
Average Average Average Average
(Dollars In Millions) Balance Rate Balance Rate
Assets:
Loans and Leases:
Corporate Lending:
Commercial $4,386 6.55 % $4,312 6.34 %
Mortgage 882 6.54 909 6.22
Construction 567 4.82 546 4.51
Lease Financing 1,117 9.84 1,199 9.16
Total Corporate Lending 6,952 6.94 6,966 6.67
Consumer Lending:
Installment 937 6.99 1,054 6.21
Residential 869 9.30 737 9.59
Lease Financing - - - -
Total Consumer Lending 1,806 8.11 1,791 7.60
Total Loans and Leases 8,758 7.18 8,757 6.86
Investment Securities 3,721 5.82 3,882 5.61
Federal Funds Sold and Reverse
Repurchase Agreements 109 2.79 125 2.71
Other Short-Term Investments 285 6.15 341 5.85
Total Earning Assets 12,873 6.72 13,105 6.42
Cash and Due From Banks 238 255
Leased Equipment 2,606 2,477
Other Assets 644 701
Total Assets $16,361 $16,538
Liabilities and
Shareholders' Equity:
Deposits:
Demand Deposits $512 1.01 $696 1.40
Savings Deposits 1,535 2.05 1,472 1.97
Time Deposits 5,920 4.00 6,134 3.64
Total Deposits 7,967 3.43 8,302 3.16
Short-Term Debt:
Federal Funds Purchased and
Repurchase Agreements 1,481 2.47 1,182 2.56
Commercial Paper 273 1.92 280 1.91
Total Short-Term Debt 1,754 2.38 1,462 2.44
Long-Term Debt 4,022 5.18 3,990 5.13
Junior Subordinated Debentures 451 5.34 451 5.16
Total Interest Bearing
Liabilities 14,194 3.86 14,205 3.70
Noninterest Bearing Deposits 847 945
Minority Interest - 90
Other Liabilities 493 451
Shareholders' Equity 827 847
Total Liabilities and
Shareholders' Equity $16,361 $16,538
Net Interest Spread 2.86 % 2.72 %
Net Interest Margin 2.47 % 2.41 %
Provident Financial Group, Inc. and Subsidiaries
Consolidated Capital Data
(unaudited)
2003
Second First Year to
Quarter Quarter Date
Per Common Share:
Shares Outstanding (In Thousands):
Average - Basic 48,770 48,776 48,773
Average - Diluted 50,668 50,766 50,717
Period-End 48,783 48,759
Book Value $18.01 $17.88
Price:
High $26.45 $28.91 $28.91
Low 21.01 21.23 21.01
Period-End 25.75 21.23
Capital Ratios (Dollars in Millions):
Risk-Based Capital (Current Qtr
Estimated):
Risk-Adjusted Assets $13,863 $13,886
Tier 1 Capital $1,356 $1,359
Percentage of Risk Adjusted
Assets 9.78% 9.78%
Total Capital $1,615 $1,617
Percentage of Risk Adjusted
Assets 11.65% 11.65%
Tier 1 Leverage Ratio 7.61% 7.76%
Period End Shareholders' Equity
to Total Period-End Assets 4.98% 4.96%
Period-End Tangible Shareholders'
Equity to Total Period-End
Tangible Assets 4.47% 4.45%
Average Shareholders' Equity
to Total Average Assets 5.04% 5.01% 5.03%
Average Tangible Shareholders' Equity
to Total Average Tangible Assets 4.53% 4.48% 4.51%
Provident Financial Group, Inc. and Subsidiaries
Consolidated Capital Data
(unaudited)
2002
Fourth Third Second First Full
Quarter Quarter Quarter Quarter Year
Per Common Share:
Shares Outstanding (In
Thousands):
Average - Basic 48,744 48,616 48,646 49,228 48,806
Average - Diluted 50,740 50,727 50,915 50,588 50,743
Period-End 48,760 48,611 48,672 49,257
Book Value $17.91 $17.45 $17.22 $16.63
Price:
High $28.05 $29.51 $31.35 $29.97 $31.35
Low 21.48 24.28 24.42 22.17 21.48
Period-End 26.03 25.09 29.01 28.80
Capital Ratios (Dollars in
Millions):
Risk-Based Capital (Current
Qtr Estimated):
Risk-Adjusted Assets $14,226 $13,467 $13,279 $13,248
Tier 1 Capital $1,337 $1,321 $1,295 $1,104
Percentage of Risk
Adjusted Assets 9.40% 9.81% 9.75% 8.34%
Total Capital $1,625 $1,604 $1,582 $1,439
Percentage of Risk
Adjusted Assets 11.42% 11.91% 11.91% 10.86%
Tier 1 Leverage Ratio 7.81% 8.09% 7.96% 6.76%
Period End Shareholders'
Equity to Total Period-
End Assets 5.02% 5.00% 5.10% 5.07%
Period-End Tangible
Shareholders' Equity
to Total Period-End Tangible
Assets 4.49% 4.45% 4.53% 4.48%
Average Shareholders' Equity
to Total Average Assets 5.03% 5.19% 5.21% 5.06% 5.12%
Average Tangible Shareholders'
Equity to Total Average Tangible
Assets 4.48% 4.61% 4.62% 4.47% 4.55%
Provident Financial Group, Inc. and Subsidiaries
Financial Information Excluding Sale of Subprime and Merchant Services
Business
(unaudited)
In conjunction with the sale of subprime residential mortgage loans and
the Merchant Services business during the second quarter of 2003, the company
believes presenting financial information excluding these sales might be
beneficial to the reader as it provides data that is more comparable to
earlier periods contained within this document.
As Impact from Sale of Excluding
Subprime Merchant
Reported Loans Services Sales
For the Three Months Ended June
30, 2003:
Condensed Income Statement (In
Thousands):
Net Interest Income $84,494 $- $- 84,494
Provision for Loan and
Leases Losses (52,469) (33,225) - (19,244)
Noninterest Income 213,753 - 19,000 194,753
Noninterest Expense (226,073) (6,914) - (219,159)
Income Before Income Taxes 19,705 (40,139) 19,000 40,844
Applicable Income Taxes (6,502) 13,246 (6,270) (13,478)
Net Income $13,203 $(26,893) $12,730 $27,366
Other Data:
Earnings Per Common Share -
Diluted $0.26 $(0.53) $0.25 $0.54
Return on Assets 0.30% (0.60)% 0.28% 0.61%
Return on Equity 5.86% (11.93)% 5.65% 12.14%
Net Charge Offs 68,470 49,225 n/a 19,245
Net Charge Offs to Average
Loans and Leases
(annualized) 2.98% n/a n/a 0.84%
For the Six Months Ended June
30, 2003:
Condensed Income Statement (In
Thousands):
Net Interest Income $167,453 $- $- 167,453
Provision for Loan and
Leases Losses (68,990) (33,225) - (35,765)
Noninterest Income 407,927 - 19,000 388,927
Noninterest Expense (448,156) (6,914) - (441,242)
Income Before Income Taxes 58,234 (40,139) 19,000 79,373
Applicable Income Taxes (19,217) 13,246 (6,270) (26,193)
Net Income $39,017 $(26,893) $12,730 $53,180
Other Data:
Earnings Per Common Share -
Diluted $0.77 $(0.53) $0.25 $1.05
Return on Assets 0.44% (0.30)% 0.14% 0.60%
Return on Equity 8.77% (6.04)% 2.86% 11.95%
Net Charge Offs 85,022 49,225 n/a 35,797
Net Charge Offs to Average
Loans and Leases
(annualized) 1.86% n/a n/a 0.78%
Provident Financial Group, Inc. and Subsidiaries
Supplementary Data
(unaudited)
In conjunction with the reclassification of the company's auto leases from
the loan category to leased equipment, which is not included in loans
or earning assets, the company believes this presentation aids in illustrating
the impact the reclassification has on certain performance measures
as illustrated below. This is not intended to imply that, if this
reclassification were not made, these measures would be precisely equal to the
adjusted measures listed below. Instead, we are providing this data to
demonstrate in a general sense how these measures would look if the
leased equipment were treated as an earning asset and operating lease income
and depreciation expense were included in revenues.
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30,
(In Thousands) 2003 2003 2003 2002
Net Interest Income $84,494 $82,959 $167,453 $157,023
Add: Operating
Lease Income 132,238 138,861 271,099 307,645
Less: Depreciation
on Operating
Leases (94,930) (99,653) (194,583) (213,504)
Net Financing Income $121,802 $122,167 $243,969 $251,164
Noninterest Income $213,753 $194,174 $407,927 $402,808
Less: Operating
Lease Income (132,238) (138,861) (271,099) (307,645)
Noninterest Income
Excluding Operating
Lease Income $81,515 $55,313 $136,828 $95,163
Total Financing
Revenues $203,317 $177,480 $380,797 $346,327
Noninterest Expenses $226,073 $222,083 $448,156 $433,249
Less: Depreciation
on Operating
Leases (94,930) (99,653) (194,583) (213,504)
Noninterest Expenses
Excluding
Depreciation on
Operating Leases $131,143 $122,430 $253,573 $219,745
Average Earning
Assets $14,593,000 $14,194,000 $14,395,000 $12,892,000
Add: Average
Leased Equipment 2,101,000 2,242,000 2,174,000 2,556,000
Average Earning
Assets Including
Leased Equipment $16,694,000 $16,436,000 $16,569,000 $15,448,000
Net Interest Margin
Ratio - GAAP Basis 2.32% 2.37% 2.35% 2.46%
Net Financing Income
Ratio 2.93% 3.01% 2.97% 3.28%
Noninterest Expenses
as a Percent of
Total Revenues -
GAAP Basis 76% 80% 78% 77%
Noninterest Expenses
Excluding
Depreciation on
Operating Leases
as a Percent of
Total Revenues
Which Includes
Depreciation on
Operating Leases 65% 69% 67% 63%
The company has average leased equipment which as a percentage of total
average assets were 12.3% and 15.6% for the six month periods
presented. Because of the significance of the leased equipment, which
generates significant revenues but are not included in earning assets in
the financial statements, the company believes that in order to compare some
of the company's key metrics to other banks, the impact these
financing assets have on the company's net interest margin and its noninterest
expenses as a percentage of total revenues should be illustrated.
Additionally, from an internal management perspective, the leased equipment is
included in the company's overall interest sensitivity analysis and
these assets are typically priced based on the company's cost of funds. In
the financial statements, the financing cost directly related to these
assets is included in net interest income and the related operating lease
revenue and depreciation is reported separately in noninterest income
and noninterest expense. The revenue and expense amounts listed above are
derived from the company's income statements and statements
of cash flows. The balance sheet data is derived from the company's average
balance sheets.
For further information, please contact:
Christopher J. Carey
Executive Vice President & Chief Financial Officer
1-513-639-4644/1-800-851-9521
e-mail: IR@provident-financial.com