November 10, 1998
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Provident Bank Home Equity Loan Trust 1998-1 Home Equity Loan
Asset-Backed Certificates, Series 1998-1; File No. 333-45369.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of the trust fund (the
"Trust") created pursuant to a Pooling and Servicing Agreement dated
as of March 1, 1998 (the "Pooling and Servicing Agreement")
between The Provident Bank, as Seller (the "Seller"), as Document
Custodian (the "Document Custodian") and as Master Servicer (the
"Master Servicer"), and Bankers Trust Company of California, N.A.,
as Trustee.
The Home Equity Loan Asset-Backed Certificates, Series 1998-1 (the
"Certificates"), will consist of ten Classes (each, a "Class") of
Certificates: the Class A-1 Certificates, the Class A-2 Certificates,
the Class A-3 Certificates, the Class A-4 Certificates, the Class A-5
Certificates and the Class A-6 Certificates (collectively, the "Class
A Certificates"), the Class X-1 Certificates and the X-2 Certificates
(collectively, the "Class X Certificates") and the Class R-1
Certificates and Class R-2 Certificates (collectively, the Class R
Certificates"). Only the Class A Certificates (the "Offered
Certificates") are being offered hereby. The rights of the holders
of the Class X-1 Certificates and the Class X-2 Certificates to
receive distributions with respect to the Mortgage Loans will be
subordinate to the rights of the holders of the Class A Certificates
and the Class X Certificates.
The Certificates will evidence in the aggregate the entire beneficial
interest in a pool (the "Mortgage Pool") of closed-end fixed and
adjustable rate mortgage loans (the "Mortgage Loans") consisting of
two groups ("Loan Group" 1" and "Loan Group 2", respectively, and
each a "Loan Group") held by Provident Bank Home Equity Loan Trust
1998-1 (the "Trust") to be formed pursuant to the Pooling and
Servicing Agreement. The Class A-1 Certificates, the Class A-2
Certificates, the Class A-3 Certificates, Class A-4 Certificates and
the Class A-5 Certificates (the "Group 1 Certificates") will
represent undivided ownership interests in Loan Group 1 which
consists of Mortgage Loans with fixed interest rates. The Class A-6
Certificates (the "Group 2 Certificates") will represent undivided
ownership interests in Loan Group 2 which consists of Mortgage Loans
with adjustable interest rates. The assets of the Trust will also
include certain other property. The Mortgage Loans are secured by
first and second deeds of trust or mortgages primarily on one-to
four-family residential properties.
The Offered Certificates were registered under the Securities Act of
1933, as amended, by a Registration Statement on Form S-11 (File No.
333-45369). As a result, the Trust is subject to the filing
requirements of Section 15(d) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"). The Trust intends to fulfill these
filing requirements in the manner described herein:
The Trust will file, promptly after each Distribution Date (as
defined in the Pooling and Servicing Agreement), a Current Report on
Form 8-K in substantially the form enclosed herewith, including as
an exhibit thereto the applicable Distribution Date report. Each
such Current Report will also disclose under Item 5 any matter
occurring during the relevant reporting period which would be
reportable under Item 1, 2, 4 or 5 of Part II of Form 10-Q.
The Trust will file a Current Report on Form 8-K promptly after the
occurrence of any event described under Item 2, 3, 4 or 5 thereof,
responding to the requirements of the applicable Item.
Within 90 days after the end of each fiscal year, the Trust will file
an annual report of Form 10-K which responds to Items 2, 3, and 4 of
Part I, Items 5 and 9 of Part II, Items 12 and 13 of Part III and
Item 14 of Part IV thereof, and include as exhibits thereto certain
information from the Distribution Date reports aggregated for such
year and a copy of the independent accountants' annual compliance
statement required under the Pooling and Servicing Agreement.
The Trust will follow the above procedures except for any fiscal year
as to which its reporting obligations under Section 15(d) of the
Exchange Act have been suspended pursuant to such Section. In such
event, the Trust will file a Form 15 as required under Rule 15d-6.
Should you wish to discuss the above filing procedures, please call
Judy L. Gomez at (714) 253-7562.
Sincerely,
/s/ Judy L. Gomez
Assistant Vice President
Bankers Trust Company of California, N.A.
S.E.C. Reporting Agent for Provident Home Equity Loan Trust 1998-1
Home Equity Loan Asset-Backed Certificates, Series 1998-1.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant To Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 27,
1998.
THE PROVIDENT BANK
(The Provident Bank, as Seller (the "Seller"), as Document
Custodian (the "Document Custodian") and as Master Servicer (the
"Master Servicer"), and Bankers Trust Company of California, N.A.,
as Trustee.
PROVIDENT HOME EQUITY LOAN TRUST 1998-1
HOME EQUITY LOAN ASSET-BACKED CERTIFICATES, SERIES 1998-1.
(Exact name of Registrant as specified in its Charter)
OHIO
(State or Other Jurisdiction of Incorporation)
333-45369 31-0412725
(Commission File Number) (I.R.S. Employer Identification No.)
ONE EAST FOURTH STREET
CINCINNATI, OHIO 45202
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (513) 579-2000
Item 5. Other Events
Attached hereto is a copy of the Monthly Remittance Statements
to the Certificateholders which was derived from the monthly
information submitted by the Master Servicer of the Trust to the
Trustee.
Item 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Report to Certificateholders as to distributions made on
April 27, 1998.
Monthly Report to Certificateholders as to distributions made on
May 26, 1998.
Monthly Report to Certificateholders as to distributions made on
June 25, 1998.
Monthly Report to Certificateholders as to distributions made on
July 27, 1998.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, hereunto duly authorized.
Bankers Trust Company of California,
N.A., not in its individual capacity,
but solely as a duly authorized agent
of the Registrant pursuant to the
Pooling and Servicing Agreement, dated
as of March 1, 1998.
Date: November 10, 1998 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Sequential
Document Page Number
Monthly Report to Certificateholders as to distributions 5
made on April 27, 1998.
Monthly Report to Certificateholders as to distributions 13
made on May 26, 1998.
Monthly Report to Certificateholders as to distributions 21
made on June 25, 1998.
Monthly Report to Certificateholders as to distributions 29
made on July 27, 1998.
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
REVISED
Statement to Certficateholders
DISTRIBUTION IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
1 29,191,000.00 29,191,000.00 246,640.23 191,318.53
2 20,809,000.00 20,809,000.00 175,819.14 0.00
3 10,700,000.00 10,700,000.00 90,406.30 0.00
4 11,300,000.00 11,300,000.00 95,475.82 0.00
5 8,000,000.00 8,000,000.00 67,593.50 0.00
6 120,000,000.00 120,000,000.00 977,468.51 381,100.10
R1 0.00 0.00 0.00 0.00
TOT. 200,000,000.00 200,000,000.00 1,653,403.50 572,418.63
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
1 437,958.76 0.00 0.00 28,999,681.47
2 175,819.14 0.00 0.00 20,809,000.00
3 90,406.30 0.00 0.00 10,700,000.00
4 95,475.82 0.00 0.00 11,300,000.00
5 67,593.50 0.00 0.00 8,000,000.00
6 1,358,568.61 0.00 0.00 119,618,899.90
R1 0.00 0.00 0.00 0.00
TOTALS 2,225,822.13 0.00 0.00 199,427,581.37
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
1 PB9801101 1,000.000000 8.449187 6.554025
2 PB9801102 1,000.000000 8.449187 0.000000
3 PB9801103 1,000.000000 8.449187 0.000000
4 PB9801104 1,000.000000 8.449188 0.000000
5 PB9801105 1,000.000000 8.449188 0.000000
6 PB9801106 1,000.000000 8.145571 3.175834
R1 PB9801107 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL TOTAL BALANCE
1 15.003212 993.445975
2 8.449187 1,000.000000
3 8.449187 1,000.000000
4 8.449188 1,000.000000
5 8.449188 1,000.000000
6 11.321405 996.824166
R1 0.000000 0.000000
PASS-THROUGH RATES
CLASS CURRENT NEXT
1 11.265583% 10.321731%
2 10.139025% 10.321731%
3 10.139025% 10.321731%
4 10.139025% 10.321731%
5 10.139025% 10.321731%
6 10.860761% 9.944485%
R1 0.000000% 0.000000%
SELLER: Provident Bank
SERVICER: Provident Bank
LEAD UNDERWRITER: Lehman Brothers
RECORD DATE: March 31, 1998
DISTRIBUTION DATE: April 27, 1998
ADMINISTRATOR: Alan Sueda
Bankers Trust Company
3 Park Plaza
Irvine, CA 92614
FACTOR INFORMATION: (800)735-7777
Page 1 of 5 COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
REVISED
Statement to Certificateholders
DISTRIBUTION IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A1 29,191,000.00 29,191,000.00 125,338.86 191,318.53
A2 20,809,000.00 20,809,000.00 111,848.38 0.00
A3 10,700,000.00 10,700,000.00 59,295.83 0.00
A4 11,300,000.00 11,300,000.00 66,105.00 0.00
A5 8,000,000.00 8,000,000.00 43,866.67 0.00
A6 120,000,000.00 120,000,000.00 526,050.00 381,100.10
X1 0.00 0.00 269,480.26 0.00
X2 0.00 0.00 451,418.50 0.00
R2 0.00 0.00 1,023.41 0.00
TOT. 200,000,000.00 200,000,000.00 1,654,426.91 572,418.63
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
A1 316,657.39 0.00 0.00 28,999,681.47
A2 111,848.38 0.00 0.00 20,809,000.00
A3 59,295.83 0.00 0.00 10,700,000.00
A4 66,105.00 0.00 0.00 11,300,000.00
A5 43,866.67 0.00 0.00 8,000,000.00
A6 907,150.10 0.00 0.00 119,618,899.90
X1 269,480.26 0.00 0.00 0.00
X2 451,418.50 0.00 0.00 0.00
R2 1,023.41 0.00 0.00 0.00
TOT. 2,226,845.54 0.00 0.00 199,427,581.37
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A1 743844BA9 1,000.000000 4.293750 6.554025
A2 743844BB7 1,000.000000 5.375000 0.000000
A3 743844BC5 1,000.000000 5.541666 0.000000
A4 743844BD3 1,000.000000 5.850000 0.000000
A5 743844BE1 1,000.000000 5.483334 0.000000
A6 743844BF8 1,000.000000 4.383750 3.175834
X1 PB9801201 0.000000 1.347401 0.000000
X2 PB9801202 0.000000 2.257093 0.000000
R2 PB9801203 0.000000 0.005117 0.000000
CURRENT
PRINCIPAL
CLASS TOTAL BALANCE
A1 10.847775 993.445975
A2 5.375000 1,000.000000
A3 5.541666 1,000.000000
A4 5.850000 1,000.000000
A5 5.483334 1.000.000000
A6 7.559584 996.824166
X1 1.347401 0.000000
X2 2.257093 0.000000
R2 0.005117 0.000000
PASS-THROUGH RATES
CLASS CURRENT NEXT
A1 5.725000% 5.756250%
A2 6.450000% 6.450000%
A3 6.650000% 6.650000%
A4 7.020000% 7.020000%
A5 6.580000% 6.580000%
A6 5.845000% 5.876250%
X1 4.042204% 3.947966%
X2 4.514185% 3.932627%
R 0.000000% 0.000000%
SELLER: Provident Bank
SERVICER: Provident Bank
LEAD UNDERWRITER: Lehman Brothers
RECORD DATE: March 31, 1998
DISTRIBUTION DATE: April 27, 1998
ADMINISTRATOR: Alan Sueda
Bankers Trust Company
3 Park Plaza
Irvine, CA 92614
FACTOR INFORMATION: (800)735-7777
Page 2 of 5 COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
Statement To Certificateholders
Distribution Date: April 27, 1998
DELINQUENT AND
FORCLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS
INFORMATION DAYS DAYS DAYS
GROUP I PRIN. BAL. 1,025,204.92 0.00 0.00
% OF POOL BALANCE 1.2828% 0.0000% 0.0000%
NUMBER OF LOANS 10 0 0
% OF LOANS 0.7570% 0.0000% 0.0000%
GROUP 2 PRINCIPAL BAL. 264,231.59 0.00 0.00
% OF POOL BALANCE 0.2209% 0.0000% 0.0000%
NUMBER OF LOANS 4 0 0
% OF LOANS 0.3019% 0.0000% 0.0000%
DELINQUENT AND LOANS LOANS LOANS
FORCLOSURE LOAN IN IN IN
INFORMATION FORECLOSURE REO BANKRUPTCY
GROUP I PRIN. BAL. 0.00 0.00 0.00
% OF POOL BALANCE 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 0 0 0
% OF LOANS 0.0000% 0.0000% 0.0000%
GROUP 2 PRINCIPAL BAL. 0.00 0.00 0.00
% OF POOL BALANCE 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 0 0 0
% OF LOANS 0.0000% 0.0000% 0.0000%
Note: Quantity and Principal Balance of Foreclosures,
Bankruptcies, & REOs are Included in the Delinquency Figures.
GROUP 1 GROUP 2
BOOK VALUE OF LOANS IN REO: 0.00 0.00
NUMBER OF LOANS IN BANKRUPTCY
PROCEEDINGS LESS THAN 30 DAYS DELINQUENT 0 0
PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY
PROCEEDINGS LESS THAN 30 DAYS DELINQUENT 0.00 0.00
WEIGHTED AVERAGE MORTGAGE INTEREST RATE: 10.649025% 10.284685%
WEIGHTED AVERAGE REMAINING TERM TO MATURITY 255 358
PRIOR NUMBER OF
MORTGAGE LOANS INCLUDED IN THE POOL 1,323 1,330
CURRENT NUMBER OF
MORTGAGE LOANS INCLUDED IN THE POOL 1,321 1,325
PRIOR AGGREGATE PRINCIPAL
BALANCE OF THE MORTGAGE LOANS 80,112,048.73 120,009,417.48
CURRENT AGGREGATE PRINCIPAL
BALANCE OF THE MORTGAGE LOANS 79,920,730.20 119,628,317.38
POOL FACTOR OF LOAN GROUPS 127.773560% 63.770590%
NUMBER OF LOANS
SUBJECT TO PRINCIPAL PREPAYMENTS 2 5
SCHEDULE PRICIPAL RECEIVED 78,667.52 27,457.45
PREPAYMENTS IN FULL 112,595.49 353,643.39
CURTAILMENTS 55.52 (0.74)
NET LIQUIDATIONS 0.00 0.00
INSURANCE PRINCIPAL PROCEEDS 0.00 0.00
REPURCHASED PRINCIPAL AMOUNTS 0.00 0.00
TOTAL PRINCIPAL RECEIVED: 191,318.53 381,100.10
SERVICER ADVANCES: 73,385.35 110,780.43
CUM NET FUNDS CAP
CARRYOVER AMOUNT WITH RESPECT TO A-6 CERTIFICATES ERR
3 MONTH ROLLING AVERAGE OF
PRINCIPAL BALANCE OF ALL LOANS 90 OR MORE DELINQUENT 0.00
Page 3 of 5 COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
Statement To Certificateholders
Distribution Date: April 27, 1998
GROUP 1 GROUP 2
SCHEDULED INTEREST 710,929.33 1,028,549.21
LIQUIDATION INTEREST 0.00 0.00
REPURCHASE INTEREST 0.00 0.00
STOP ADVANCE INTEREST 0.00 0.00
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 33,380.02 50,003.92
TOTAL SERVICING FEES DUE MASTER SERVICR: 33,380.02 50,003.92
LESS: COMPENSATING INTEREST 0.00 0.00
LESS: DELINQUENT SERVICE FEES: (3,376.56) (5,433.24)
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 30,003.46 44,570.68
AMOUNTS PAID TO CERTIFICATE INSURER
PURSUANT SECT 5.09(a)(i)(4) AND 5.01(a)(ii)(4) 0.00 0.00
REIMBURSEMENT AMOUNT 0.00 0.00
PREMIUM AMOUNT PAID 0.00 0.00
PER $1,000 OF ORIGINAL AMOUNT 0.00000000 0.00000000
REIMBURSEMENTS TO MASTER
SERVICER PURSUANT TO SECT 3.03 0.00 0.00
INSURED PAYMENTS 0.00 0.00
PER $1,000 OF ORIGINAL AMOUNT 0.00000000 0.00000000
TOTAL PRINCIPAL COLLECTED 191,318.53 381,100.10
TOTAL INTEREST COLLECTED 677,549.31 978,545.28
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION 868,867.84 1,359,645.38
BASE SPREAD ACCOUNT REQUIREMENT 6,400,000.00 13,800,000.00
SPREAD ACCOUNT BALANCE BEGINNING 6,400,000.00 13,800,000.00
SPREAD ACCOUNT BALANCE ENDING 6,400,000.00 13,800,000.00
NET LIQUIDATION PROCEEDS 0.00 0.00
OUTSTANDING CLASS INTEREST CARRYOVER SHORTFALL 0.00 0.00
OUTSTANDING CLASS A PRICIPAL SHORTFALL AMOUNT 0.00 0.00
CURRENT NET LOSSES 0.00 0.00
CUMULATIVE NET LOSSES 0.00 0.00
Page 4 of 5 COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
Trustee Remittance Report
Distribution Date: April 27, 1998
GROUP 1 GROUP 2
SCHEDULED INTEREST 710,929.33 1,028,549.21
LIQUIDATION INTEREST 0.00 0.00
STOP ADVANCE INTEREST 0.00 0.00
COMPENSATING INTEREST 0.00 0.00
REIMBURSEMENTS TO MASTER
SERVICER PURSUANT TO SECT 3.03 0.00 0.00
INSURED PAYMENTS
PER $1,000 OF ORIGINAL AMOUNT 0.00000000 0.00000000
TOTAL PRINCIPAL COLLECTED 191,318.53 381,100.10
TOTAL INTEREST COLLECTED 677,549.31 978,545.28
TOT. AVAILABLE FUNDS FOR DISTRIBUTION 868,867.84 1,359,645.38
O/C AMOUNT 112,048.73 9,417.48
OUTSTANDING CLASS INTEREST CARRYOVER SHORTFALL 0.00 0.00
OUTSTANDING CLASS A PRINCIPAL SHORTFALL AMOUNT 0.00 0.00
Page 5 of 5 COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
REVISED
Statement to Certficateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
1 29,191,000.00 28,999,681.47 241,124.45 547,001.91
2 20,809,000.00 20,809,000.00 173,021.17 0.00
3 10,700,000.00 10,700,000.00 88,967.58 0.00
4 11,300,000.00 11,300,000.00 93,956.42 0.00
5 8,000,000.00 8,000,000.00 66,517.82 0.00
6 120,000,000.00 119,618,899.90 958,475.88 791,089.69
R1 0.00 0.00 0.00 0.00
TOT. 200,000,000.00 199,427,581.37 1,622,063.31 1,338,091.60
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
1 788,126.36 0.00 0.00 28,452,679.56
2 173,021.17 0.00 0.00 20,809,000.00
3 88,967.58 0.00 0.00 10,700,000.00
4 93,956.42 0.00 0.00 11,300,000.00
5 66,517.82 0.00 0.00 8,000,000.00
6 1,749,565.57 0.00 0.00 118,827,810.21
R1 0.00 0.00 0.00 0.00
TOTALS 2,960,154.91 0.00 0.00 198,089,489.77
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
1 PB9801101 993.445975 8.260233 18.738718
2 PB9801102 1,000.000000 8.314728 0.000000
3 PB9801103 1,000.000000 8.314727 0.000000
4 PB9801104 1,000.000000 8.314727 0.000000
5 PB9801105 1,000.000000 8.314728 0.000000
6 PB9801106 996.824166 7.987299 6.592414
R1 PB9801107 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL TOTAL
BALANCE
1 26.998950 974.707258
2 8.314728 1,000.000000
3 8.314727 1,000.000000
4 8.314727 1,000.000000
5 8.314728 1,000.000000
6 14.579713 990.231752
R1 0.000000 0.000000
PASS-THROUGH RATES
CLASS CURRENT NEXT
1 10.321731% 9.975082%
2 9.977673% 9.975082%
3 9.977673% 9.975082%
4 9.977673% 9.975082%
5 9.977673% 9.975082%
6 9.946857% 9.617719%
R1 0.000000% 0.000000%
SELLER: Provident Bank
SERVICER: Provident Bank
LEAD UNDERWRITER: Lehman Brothers
RECORD DATE: April 30, 1998
DISTRIBUTION DATE: May 26, 1998
ADMINISTRATOR: Alan Sueda
Bankers Trust Company
3 Park Plaza
Irvine, CA 92614
FACTOR INFORMATION: (800)735-7777
Page 1 of 5 COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
REVISED
Statement to Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A1 29,191,000.00 28,999,681.47 134,470.92 547,001.91
A2 20,809,000.00 20,809,000.00 111,848.38 0.00
A3 10,700,000.00 10,700,000.00 59,295.83 0.00
A4 11,300,000.00 11,300,000.00 66,105.00 0.00
A5 8,000,000.00 8,000,000.00 43,866.67 0.00
A6 120,000,000.00 119,618,899.90 566,233.51 791,089.69
X1 0.00 0.00 248,000.65 0.00
X2 0.00 0.00 392,242.36 0.00
R2 0.00 0.00 1,023.28 0.00
TOT. 200,000,000.00 119,427,581.37 1,623,086.59 1,338,091.60
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
A1 618,472.83 0.00 0.00 28,452,679.56
A2 111,848.38 0.00 0.00 20,809,000.00
A3 59,295.83 0.00 0.00 10,700,000.00
A4 66,105.00 0.00 0.00 11,300,000.00
A5 43,866.67 0.00 0.00 8,000,000.00
A6 1,357,323.20 0.00 0.00 118,827,810.21
X1 248,000.65 0.00 0.00 0.00
X2 392,242.36 0.00 0.00 0.00
R2 1,023.28 0.00 0.00 0.00
TOT. 2,961,178.19 0.00 0.00 198,089,489.77
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A1 743844BA9 993.445975 4.606588 18.738718
A2 743844BB7 1,000.000000 5.375000 0.000000
A3 743844BC5 1,000.000000 5.541666 0.000000
A4 743844BD3 1,000.000000 5.850000 0.000000
A5 743844BE1 1,000.000000 5.483334 0.000000
A6 743844BF8 996.824166 4.718613 6.592414
X1 PB9801201 0.000000 1.240003 0.000000
X2 PB9801202 0.000000 1.961212 0.000000
R2 PB9801203 0.000000 0.005116 0.000000
CURRENT
PRINCIPAL
CLASS TOTAL BALANCE
A1 23.345306 974.707258
A2 5.375000 1,000.000000
A3 5.541666 1,000.000000
A4 5.850000 1,000.000000
A5 5.483334 1.000.000000
A6 11.311027 990.231752
X1 1.240003 0.000000
X2 1.961212 0.000000
R2 0.005116 0.000000
PASS-THROUGH RATES
CLASS CURRENT NEXT
A1 5.756250% 5.748440%
A2 6.450000% 6.450000%
A3 6.650000% 6.650000%
A4 7.020000% 7.020000%
A5 6.580000% 6.580000%
A6 5.876250% 5.868440%
X1 3.728927% 3.655539%
X2 3.934920% 3.749279%
R 0.000000% 0.000000%
SELLER: Provident Bank
SERVICER: Provident Bank
LEAD UNDERWRITER: Lehman Brothers
RECORD DATE: April 30, 1998
DISTRIBUTION DATE: May 26, 1998
ADMINISTRATOR: Alan Sueda
Bankers Trust Company
3 Park Plaza
Irvine, CA 92614
FACTOR INFORMATION: (800)735-7777
Page 2 of 5 COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
Statement To Certificateholders
Distribution Date: May 26, 1998
DELINQUENT AND
FORCLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS
INFORMATION DAYS DAYS DAYS
GROUP I PRIN. BAL. 326,992.04 173,679.31 0.00
% OF POOL BALANCE 0.4120% 0.2188% 0.0000%
NUMBER OF LOANS 7 5 0
% OF LOANS 0.5331% 0.3808% 0.0000%
GROUP 2 PRINCIPAL BAL. 1,171,624.13 264,231.59 0.00
% OF POOL BALANCE 0.9859% 0.2223% 0.0000%
NUMBER OF LOANS 13 4 0
% OF LOANS 0.9863% 0.3035% 0.0000%
DELINQUENT AND LOANS LOANS LOANS
FORCLOSURE LOAN IN IN IN
INFORMATION FORECLOSURE REO BANKRUPTCY
GROUP I PRIN. BAL. 19,912.00 0.00 39,000.00
% OF POOL BALANCE 0.0251% 0.0000% 0.0491%
NUMBER OF LOANS 1 0 1
% OF LOANS 0.0762% 0.0000% 0.0762%
GROUP 2 PRINCIPAL BAL. 0.00 0.00 185,834.94
% OF POOL BALANCE 0.0000% 0.0000% 0.1564%
NUMBER OF LOANS 0 0 2
% OF LOANS 0.0000% 0.0000% 0.1517%
Note: Quantity and Principal Balance of Foreclosures,
Bankruptcies, & REOs are Included in the Delinquency Figures.
GROUP 1 GROUP 2
BOOK VALUE OF LOANS IN REO: 0.00 0.00
NUMBER OF LOANS IN BANKRUPTCY
PROCEEDINGS LESS THAN 30 DAYS DELINQUENT 0 1
PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY
PROCEEDINGS LESS THAN 30 DAYS DELINQUENT 0.00 88,334.94
WEIGHTED AVERAGE MORTGAGE INTEREST RATE: 10.647673% 10.285295%
WEIGHTED AVERAGE REMAINING TERM TO MATURITY 224 357
PRIOR NUMBER OF
MORTGAGE LOANS INCLUDED IN THE POOL 1,321 1,325
CURRENT NUMBER OF
MORTGAGE LOANS INCLUDED IN THE POOL 1,313 1,318
PRIOR AGGREGATE PRINCIPAL
BALANCE OF THE MORTGAGE LOANS 79,920,730.20 119,628,317.38
CURRENT AGGREGATE PRINCIPAL
BALANCE OF THE MORTGAGE LOANS 79,373,728.29 118,837,227.69
POOL FACTOR OF LOAN GROUPS 126.899038% 63.348881%
NUMBER OF LOANS
SUBJECT TO PRINCIPAL PREPAYMENTS 8 7
SCHEDULE PRICIPAL RECEIVED 83,469.73 55,221.48
PREPAYMENTS IN FULL 463,532.58 735,868.59
CURTAILMENTS (0.40) (0.38)
NET LIQUIDATIONS 0.00 0.00
INSURANCE PRINCIPAL PROCEEDS 0.00 0.00
REPURCHASED PRINCIPAL AMOUNTS 0.00 0.00
TOTAL PRINCIPAL RECEIVED: 547,001.91 791,089.69
SERVICER ADVANCES: 87,659.13 107,668.21
CUM NET FUNDS CAP
CARRYOVER AMOUNT WITH RESPECT TO A-6 CERTIFICATES ERR
3 MONTH ROLLING AVERAGE OF
PRINCIPAL BALANCE OF ALL LOANS 90 OR MORE DELINQUENT 0.00
Page 3 of 5 COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
Statement To Certificateholders
Distribution Date: May 26, 1998
GROUP 1 GROUP 2
SCHEDULED INTEREST 709,141.50 1,025,343.80
LIQUIDATION INTEREST 0.00 0.00
REPURCHASE INTEREST 0.00 0.00
STOP ADVANCE INTEREST 0.00 0.00
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 33,300.30 49,845.13
TOTAL SERVICING FEES DUE MASTER SERVICR: 33,300.30 49,845.13
LESS: COMPENSATING INTEREST (546.88) 0.00
LESS: DELINQUENT SERVICE FEES: (4,048.81) (5,274.46)
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 28,704.61 44,570.67
AMOUNTS PAID TO CERTIFICATE INSURER
PURSUANT SECT 5.09(a)(i)(4) AND 5.01(a)(ii)(4) 0.00 0.00
REIMBURSEMENT AMOUNT 0.00 0.00
PREMIUM AMOUNT PAID 10,641.16 15,949.19
PER $1,000 OF ORIGINAL AMOUNT 0.17012593 0.08502078
REIMBURSEMENTS TO MASTER
SERVICER PURSUANT TO SECT 3.03 0.00 0.00
INSURED PAYMENTS 0.00 0.00
PER $1,000 OF ORIGINAL AMOUNT 0.00000000 0.00000000
TOTAL PRINCIPAL COLLECTED 547,001.91 791,089.69
TOTAL INTEREST COLLECTED 675,841.19 975,498.66
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION 1,222,843.10 1,766,588.35
BASE SPREAD ACCOUNT REQUIREMENT 6,400,000.00 13,800,000.00
SPREAD ACCOUNT BALANCE BEGINNING 6,400,000.00 13,800,000.00
SPREAD ACCOUNT BALANCE ENDING 6,400,000.00 13,800,000.00
NET LIQUIDATION PROCEEDS 0.00 0.00
OUTSTANDING CLASS INTEREST CARRYOVER SHORTFALL 0.00 0.00
OUTSTANDING CLASS A PRICIPAL SHORTFALL AMOUNT 0.00 0.00
CURRENT NET LOSSES 0.00 0.00
CUMULATIVE NET LOSSES 0.00 0.00
Page 4 of 5 COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
Trustee Remittance Report
Distribution Date: May 26, 1998
GROUP 1 GROUP 2
SCHEDULED INTEREST 709,141.50 1,025,343.80
LIQUIDATION INTEREST 0.00 0.00
STOP ADVANCE INTEREST 0.00 0.00
COMPENSATING INTEREST (546.88) 0.00
REIMBURSEMENTS TO MASTER
SERVICER PURSUANT TO SECT 3.03 0.00 0.00
INSURED PAYMENTS
PER $1,000 OF ORIGINAL AMOUNT 0.00000000 0.00000000
TOTAL PRINCIPAL COLLECTED 547,001.91 791,089.69
TOTAL INTEREST COLLECTED 675,841.19 975,498.66
TOT. AVAILABLE FUNDS FOR DISTRIBUTION 1,222,843.10 1,766,588.35
O/C AMOUNT 112,048.73 9,417.48
OUTSTANDING CLASS INTEREST CARRYOVER SHORTFALL 0.00 0.00
OUTSTANDING CLASS A PRINCIPAL SHORTFALL AMOUNT 0.00 0.00
Page 5 of 5 COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
REVISED
Statement to Certficateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
1 29,191,000.00 28,452,679.56 236,514.84 838,377.05
2 20,809,000.00 20,809,000.00 172,976.23 0.00
3 10,700,000.00 10,700,000.00 88,944.47 0.00
4 11,300,000.00 11,300,000.00 93,932.00 0.00
5 8,000,000.00 8,000,000.00 66,500.55 0.00
6 120,000,000.00 118,827,810.21 952,652.32 1,714,634.85
R1 0.00 0.00 0.00 0.00
TOT. 200,000,000.00 198,089,489.77 1,611,520.43 2,553,011.90
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
1 1,074,891.89 0.00 0.00 27,614,302.51
2 172,976.23 0.00 0.00 20,809,000.00
3 88,944.47 0.00 0.00 10,700,000.00
4 93,932.02 0.00 0.00 11,300,000.00
5 66,500.55 0.00 0.00 8,000,000.00
6 2,667,287.17 0.00 0.00 117,113,175.36
R1 0.00 0.00 0.00 0.00
TOTALS 4,164,532.33 0.00 0.00 195,536,477.87
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
1 PB9801101 974.707258 8.102321 28.720395
2 PB9801102 1,000.000000 8.312568 0.000000
3 PB9801103 1,000.000000 8.312567 0.000000
4 PB9801104 1,000.000000 8.312568 0.000000
5 PB9801105 1,000.000000 8.312569 0.000000
6 PB9801106 990.231752 7.938769 14.288624
R1 PB9801107 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL TOTAL
BALANCE
1 36.822716 945.986863
2 8.312568 1,000.000000
3 8.312567 1,000.000000
4 8.312568 1,000.000000
5 8.312569 1,000.000000
6 22.227393 975.943128
R1 0.000000 0.000000
PASS-THROUGH RATES
CLASS CURRENT NEXT
1 9.975082% 9.349282%
2 9.975082% 9.349282%
3 9.975082% 9.349282%
4 9.975082% 9.349282%
5 9.975082% 9.349282%
6 9.620498% 9.019898%
R1 0.000000% 0.000000%
SELLER: Provident Bank
SERVICER: Provident Bank
LEAD UNDERWRITER: Lehman Brothers
RECORD DATE: May 29, 1998
DISTRIBUTION DATE: June 25, 1998
ADMINISTRATOR: Alan Sueda
Bankers Trust Company
3 Park Plaza
Irvine, CA 92614
FACTOR INFORMATION: (800)735-7777
Page 1 of 5 COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
REVISED
Statement to Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A1 29,191,000.00 28,452,679.56 136,298.77 838,377.05
A2 20,809,000.00 20,809,000.00 111,848.38 0.00
A3 10,700,000.00 10,700,000.00 59,295.83 0.00
A4 11,300,000.00 11,300,000.00 66,105.00 0.00
A5 8,000,000.00 8,000,000.00 43,866.67 0.00
A6 120,000,000.00 118,827,810.21 581,111.56 1,714,634.85
X1 0.00 0.00 241,453.46 0.00
X2 0.00 0.00 371,540.75 0.00
R2 0.00 0.00 1,023.11 0.00
TOT. 200,000,000.00 198,089,489.77 1,612,543.53 2,553,011.90
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
A1 974,675.82 0.00 0.00 27,614,302.51
A2 111,848.38 0.00 0.00 20,809,000.00
A3 59,295.83 0.00 0.00 10,700,000.00
A4 66,105.00 0.00 0.00 11,300,000.00
A5 43,866.67 0.00 0.00 8,000,000.00
A6 2,295,746.41 0.00 0.00 117,113,175.36
X1 241,453.46 0.00 0.00 0.00
X2 371,540.75 0.00 0.00 0.00
R2 1,023.11 0.00 0.00 0.00
TOT. 4,165,555.43 0.00 0.00 195,536,477.87
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A1 743844BA9 974.707258 4.669205 28.720395
A2 743844BB7 1,000.000000 5.375000 0.000000
A3 743844BC5 1,000.000000 5.541666 0.000000
A4 743844BD3 1,000.000000 5.850000 0.000000
A5 743844BE1 1,000.000000 5.483334 0.000000
A6 743844BF8 990.231752 4.842596 14.288624
X1 PB9801201 0.000000 1.207267 0.000000
X2 PB9801202 0.000000 1.857704 0.000000
R2 PB9801203 0.000000 0.005116 0.000000
CURRENT
PRINCIPAL
CLASS TOTAL BALANCE
A1 33.389600 945.986863
A2 5.375000 1,000.000000
A3 5.541666 1,000.000000
A4 5.850000 1,000.000000
A5 5.483334 1.000.000000
A6 19.131220 975.943128
X1 1.207267 0.000000
X2 1.857704 0.000000
R2 0.005116 0.000000
PASS-THROUGH RATES
CLASS CURRENT NEXT
A1 5.748440% 5.756250%
A2 6.450000% 6.450000%
A3 6.650000% 6.650000%
A4 7.020000% 7.020000%
A5 6.580000% 6.580000%
A6 5.868440% 5.876250%
X1 3.655539% 3.105229%
X2 3.752058% 3.353225%
R 0.000000% 0.000000%
SELLER: Provident Bank
SERVICER: Provident Bank
LEAD UNDERWRITER: Lehman Brothers
RECORD DATE: May 29, 1998
DISTRIBUTION DATE: June 25, 1998
ADMINISTRATOR: Alan Sueda
Bankers Trust Company
3 Park Plaza
Irvine, CA 92614
FACTOR INFORMATION: (800)735-7777
Page 2 of 5 COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
Statement To Certificateholders
Distribution Date: June 25, 1998
DELINQUENT AND
FORCLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS
INFORMATION DAYS DAYS DAYS
GROUP I PRIN. BAL. 1,657,762.84 21,977.94 173,679.31
% OF POOL BALANCE 2.1108% 0.0280% 0.2211%
NUMBER OF LOANS 12 1 5
% OF LOANS 0.9238% 0.0770% 0.3849%
GROUP 2 PRINCIPAL BAL. 1,405,848.02 593,585.31 264,231.59
% OF POOL BALANCE 1.2003% 0.5068% 0.2256%
NUMBER OF LOANS 13 6 4
% OF LOANS 0.9992% 0.4612% 0.3075%
DELINQUENT AND LOANS LOANS LOANS
FORCLOSURE LOAN IN IN IN
INFORMATION FORECLOSURE REO BANKRUPTCY
GROUP I PRIN. BAL. 96,286.32 0.00 238,716.80
% OF POOL BALANCE 0.1226% 0.0000% 0.3040%
NUMBER OF LOANS 3 0 4
% OF LOANS 0.2309% 0.0000% 0.3079%
GROUP 2 PRINCIPAL BAL. 0.00 0.00 185,834.94
% OF POOL BALANCE 0.0000% 0.0000% 0.1587%
NUMBER OF LOANS 0 0 2
% OF LOANS 0.0000% 0.0000% 0.1537%
Note: Quantity and Principal Balance of Foreclosures,
Bankruptcies, & REOs are Included in the Delinquency Figures.
GROUP 1 GROUP 2
BOOK VALUE OF LOANS IN REO: 0.00 0.00
NUMBER OF LOANS IN BANKRUPTCY
PROCEEDINGS LESS THAN 30 DAYS DELINQUENT 3 1
PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY
PROCEEDINGS LESS THAN 30 DAYS DELINQUENT 199,716.80 88,334.94
WEIGHTED AVERAGE MORTGAGE INTEREST RATE: 10.645082% 10.290498%
WEIGHTED AVERAGE REMAINING TERM TO MATURITY 223 356
PRIOR NUMBER OF
MORTGAGE LOANS INCLUDED IN THE POOL 1,313 1,318
CURRENT NUMBER OF
MORTGAGE LOANS INCLUDED IN THE POOL 1,299 1,301
PRIOR AGGREGATE PRINCIPAL
BALANCE OF THE MORTGAGE LOANS 79,373,728.29 118,837,227.69
CURRENT AGGREGATE PRINCIPAL
BALANCE OF THE MORTGAGE LOANS 78,535,351.24 117,122,592.84
POOL FACTOR OF LOAN GROUPS 125.558680% 62.434856%
NUMBER OF LOANS
SUBJECT TO PRINCIPAL PREPAYMENTS 14 17
SCHEDULE PRICIPAL RECEIVED 96,655.51 131,506.87
PREPAYMENTS IN FULL 741,721.90 1,583,110.38
CURTAILMENTS (0.36) 17.60
NET LIQUIDATIONS 0.00 0.00
INSURANCE PRINCIPAL PROCEEDS 0.00 0.00
REPURCHASED PRINCIPAL AMOUNTS 0.00 0.00
TOTAL PRINCIPAL RECEIVED: 838,377.05 1,714,634.85
SERVICER ADVANCES: 111,573.81 164,192.56
CUM NET FUNDS CAP
CARRYOVER AMOUNT WITH RESPECT TO A-6 CERTIFICATES ERR
3 MONTH ROLLING AVERAGE OF
PRINCIPAL BALANCE OF ALL LOANS 90 OR MORE DELINQUENT 145,970.30
Page 3 of 5 COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
Statement To Certificateholders
Distribution Date: June 25, 1998
GROUP 1 GROUP 2
SCHEDULED INTEREST 704,116.52 1,019,078.59
LIQUIDATION INTEREST 0.00 0.00
REPURCHASE INTEREST 0.00 0.00
STOP ADVANCE INTEREST 0.00 0.00
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 33,072.39 49,515.51
TOTAL SERVICING FEES DUE MASTER SERVICR: 33,072.39 49,515.51
LESS: COMPENSATING INTEREST (581.15) 0.00
LESS: DELINQUENT SERVICE FEES: (5,173.17) (8,131.96)
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 27,318.07 41,383.55
AMOUNTS PAID TO CERTIFICATE INSURER
PURSUANT SECT 5.09(a)(i)(4) AND 5.01(a)(ii)(4) 0.00 0.00
REIMBURSEMENT AMOUNT 0.00 0.00
PREMIUM AMOUNT PAID 10,568.22 15,843.71
PER $1,000 OF ORIGINAL AMOUNT 0.16895980 0.08445849
REIMBURSEMENTS TO MASTER
SERVICER PURSUANT TO SECT 3.03 0.00 0.00
INSURED PAYMENTS 0.00 0.00
PER $1,000 OF ORIGINAL AMOUNT 0.00000000 0.00000000
TOTAL PRINCIPAL COLLECTED 838,377.05 1,714,634.85
TOTAL INTEREST COLLECTED 671,044.14 969,563.08
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION 1,509,421.19 2,684,197.93
BASE SPREAD ACCOUNT REQUIREMENT 6,400,000.00 13,800,000.00
SPREAD ACCOUNT BALANCE BEGINNING 6,400,000.00 13,800,000.00
SPREAD ACCOUNT BALANCE ENDING 6,400,000.00 13,800,000.00
NET LIQUIDATION PROCEEDS 0.00 0.00
OUTSTANDING CLASS INTEREST CARRYOVER SHORTFALL 0.00 0.00
OUTSTANDING CLASS A PRICIPAL SHORTFALL AMOUNT 0.00 0.00
CURRENT NET LOSSES 0.00 0.00
CUMULATIVE NET LOSSES 0.00 0.00
Page 4 of 5 COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
Trustee Remittance Report
Distribution Date: June 25, 1998
GROUP 1 GROUP 2
SCHEDULED INTEREST 704,116.52 1,019,078.59
LIQUIDATION INTEREST 0.00 0.00
STOP ADVANCE INTEREST 0.00 0.00
COMPENSATING INTEREST (581.15) 0.00
REIMBURSEMENTS TO MASTER
SERVICER PURSUANT TO SECT 3.03 0.00 0.00
INSURED PAYMENTS
PER $1,000 OF ORIGINAL AMOUNT 0.00000000 0.00000000
TOTAL PRINCIPAL COLLECTED 838,377.05 1,714,634.85
TOTAL INTEREST COLLECTED 671,044.14 969,563.08
TOT. AVAILABLE FUNDS FOR DISTRIBUTION 1,509,421.19 2,684,197.93
O/C AMOUNT 112,048.73 9,417.48
OUTSTANDING CLASS INTEREST CARRYOVER SHORTFALL 0.00 0.00
OUTSTANDING CLASS A PRINCIPAL SHORTFALL AMOUNT 0.00 0.00
Page 5 of 5 COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
Statement to Certficateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
1 29,191,000.00 27,614,302.51 229,487.91 2,220,911.77
2 20,809,000.00 20,809,000.00 172,932.63 0.00
3 10,700,000.00 10,700,000.00 88,922.06 0.00
4 11,300,000.00 11,300,000.00 93,908.34 0.00
5 8,000,000.00 8,000,000.00 66,483.79 0.00
6 120,000,000.00 117,113,175.36 948,145.71 1,555,130.90
R1 0.00 0.00 0.00 0.00
TOT. 200,000,000.00 195,536,477.87 1,599,880.44 3,776,042.67
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
1 2,450,399.68 0.00 0.00 25,393,390.74
2 172,932.63 0.00 0.00 20,809,000.00
3 88,922.06 0.00 0.00 10,700,000.00
4 93,908.34 0.00 0.00 11,300,000.00
5 66,483.79 0.00 0.00 8,000,000.00
6 2,503,276.61 0.00 0.00 115,558,044.46
R1 0.00 0.00 0.00 0.00
TOTALS 5,375,923.11 0.00 0.00 191,760,435.20
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
1 PB9801101 945.986863 7.861598 76.082072
2 PB9801102 1,000.000000 8.310473 0.000000
3 PB9801103 1,000.000000 8.310473 0.000000
4 PB9801104 1,000.000000 8.310473 0.000000
5 PB9801105 1,000.000000 8.310474 0.000000
6 PB9801106 975.943128 7.901214 12.959424
R1 PB9801107 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL TOTAL
BALANCE
1 83.943670 869.904791
2 8.310473 1,000.000000
3 8.310473 1,000.000000
4 8.310473 1,000.000000
5 8.310474 1,000.000000
6 20.860638 962.983704
R1 0.000000 0.000000
PASS-THROUGH RATES
CLASS CURRENT NEXT
1 9.349282% 9.966861%
2 9.972567% 9.966861%
3 9.972567% 9.966861%
4 9.972567% 9.966861%
5 9.972567% 9.966861%
6 9.632246% 9.623290%
R1 0.000000% 0.000000%
SELLER: Provident Bank
SERVICER: Provident Bank
LEAD UNDERWRITER: Lehman Brothers
RECORD DATE: June 30, 1998
DISTRIBUTION DATE: July 27, 1998
ADMINISTRATOR: Alan Sueda
Bankers Trust Company
3 Park Plaza
Irvine, CA 92614
FACTOR INFORMATION: (800)735-7777
Page 1 of 5 COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
Statement to Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A1 29,191,000.00 27,614,302.51 141,293.18 2,220,911.77
A2 20,809,000.00 20,809,000.00 111,848.38 0.00
A3 10,700,000.00 10,700,000.00 59,295.83 0.00
A4 11,300,000.00 11,300,000.00 66,105.00 0.00
A5 8,000,000.00 8,000,000.00 43,866.67 0.00
A6 120,000,000.00 117,113,175.36 611,721.15 1,547,114.44
X1 0.00 0.00 229,325.67 0.00
X2 0.00 0.00 336,424.57 0.00
R2 0.00 0.00 946.11 0.00
TOT. 200,000,000.00 195,536,477.87 1,600,826.56 3,768,026.21
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
A1 2,362,204.95 0.00 0.00 25,393,390.74
A2 111,848.38 0.00 0.00 20,809,000.00
A3 59,295.83 0.00 0.00 10,700,000.00
A4 66,105.00 0.00 0.00 11,300,000.00
A5 43,866.67 0.00 0.00 8,000,000.00
A6 2,158,835.59 0.00 0.00 115,566,060.92
X1 229,325.67 0.00 0.00 0.00
X2 336,424.57 0.00 0.00 0.00
R2 946.11 0.00 0.00 0.00
TOT. 5,368,852.77 0.00 0.00 191,768,451.66
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A1 743844BA9 945.986863 4.840299 76.082072
A2 743844BB7 1,000.000000 5.375000 0.000000
A3 743844BC5 1,000.000000 5.541666 0.000000
A4 743844BD3 1,000.000000 5.850000 0.000000
A5 743844BE1 1,000.000000 5.483334 0.000000
A6 743844BF8 975.943128 5.097676 12.892620
X1 PB9801201 0.000000 1.146628 0.000000
X2 PB9801202 0.000000 1.682123 0.000000
R2 PB9801203 0.000000 0.004731 0.000000
CURRENT
PRINCIPAL
CLASS TOTAL BALANCE
A1 80.922372 869.904791
A2 5.375000 1,000.000000
A3 5.541666 1,000.000000
A4 5.850000 1,000.000000
A5 5.483334 1.000.000000
A6 17.990297 963.050508
X1 1.146628 0.000000
X2 1.682123 0.000000
R2 0.004731 0.000000
PASS-THROUGH RATES
CLASS CURRENT NEXT
A1 5.756250% 5.756250%
A2 6.450000% 6.450000%
A3 6.650000% 6.650000%
A4 7.020000% 7.020000%
A5 6.580000% 6.580000%
A6 5.876250% 5.876250%
X1 3.424699% 3.621787%
X2 3.153980% 3.747040%
R 0.000000% 0.000000%
SELLER: Provident Bank
SERVICER: Provident Bank
LEAD UNDERWRITER: Lehman Brothers
RECORD DATE: June 30, 1998
DISTRIBUTION DATE: July 27, 1998
ADMINISTRATOR: Alan Sueda
Bankers Trust Company
3 Park Plaza
Irvine, CA 92614
FACTOR INFORMATION: (800)735-7777
Page 2 of 5 COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
Statement To Certificateholders
Distribution Date: July 27, 1998
DELINQUENT AND
FORCLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS
INFORMATION DAYS DAYS DAYS
GROUP I PRIN. BAL. 945,953.95 179,205.21 195,657.25
% OF POOL BALANCE 1.2395% 0.2348% 0.2564%
NUMBER OF LOANS 16 1 6
% OF LOANS 1.2471% 0.0779% 0.4677%
GROUP 2 PRINCIPAL BAL. 1,685,442.88 1,185,442.68 564,537.44
% OF POOL BALANCE 1.4584% 1.0258% 0.4885%
NUMBER OF LOANS 18 8 9
% OF LOANS 1.3986% 0.6216% 0.6993%
DELINQUENT AND LOANS LOANS LOANS
FORCLOSURE LOAN IN IN IN
INFORMATION FORECLOSURE REO BANKRUPTCY
GROUP I PRIN. BAL. 134,679.31 0.00 200,366.23
% OF POOL BALANCE 0.1765% 0.0000% 0.2626%
NUMBER OF LOANS 4 0 4
% OF LOANS 0.3118% 0.0000% 0.3118%
GROUP 2 PRINCIPAL BAL. 583,736.28 0.00 403,618.53
% OF POOL BALANCE 0.5051% 0.0000% 0.3492%
NUMBER OF LOANS 6 0 6
% OF LOANS 0.4662% 0.0000% 0.4662%
Note: Quantity and Principal Balance of Foreclosures,
Bankruptcies, & REOs are Included in the Delinquency Figures.
GROUP 1 GROUP 2
BOOK VALUE OF LOANS IN REO: 0.00 0.00
NUMBER OF LOANS IN BANKRUPTCY
PROCEEDINGS LESS THAN 30 DAYS DELINQUENT 2 1
PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY
PROCEEDINGS LESS THAN 30 DAYS DELINQUENT 139,388.29 41,940.41
WEIGHTED AVERAGE MORTGAGE INTEREST RATE: 10.642567% 10.302246%
WEIGHTED AVERAGE REMAINING TERM TO MATURITY 223 355
PRIOR NUMBER OF
MORTGAGE LOANS INCLUDED IN THE POOL 1,299 1,301
CURRENT NUMBER OF
MORTGAGE LOANS INCLUDED IN THE POOL 1,283 1,287
PRIOR AGGREGATE PRINCIPAL
BALANCE OF THE MORTGAGE LOANS 78,535,351.24 117,122,592.84
CURRENT AGGREGATE PRINCIPAL
BALANCE OF THE MORTGAGE LOANS 76,314,439.47 115,567,461.94
POOL FACTOR OF LOAN GROUPS 122.007989% 61.605858%
NUMBER OF LOANS
SUBJECT TO PRINCIPAL PREPAYMENTS 16 14
SCHEDULE PRICIPAL RECEIVED 97,151.11 64,322.63
PREPAYMENTS IN FULL 782,499.67 1,417,333.03
CURTAILMENTS (0.96) (0.62)
NET LIQUIDATIONS 0.00 0.00
INSURANCE PRINCIPAL PROCEEDS 0.00 0.00
REPURCHASED PRINCIPAL AMOUNTS 1,341,261.95 73,475.86
TOTAL PRINCIPAL RECEIVED: 2,220,911.77 1,555,130.90
SERVICER ADVANCES: 95,037.78 168,708.75
CUM NET FUNDS CAP
CARRYOVER AMOUNT WITH RESPECT TO A-6 CERTIFICATES 0.00
3 MONTH ROLLING AVERAGE OF
PRINCIPAL BALANCE OF ALL LOANS 90 OR MORE DELINQUENT 399,368.53
Page 3 of 5 COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
Statement To Certificateholders
Distribution Date: July 27, 1998
GROUP 1 GROUP 2
SCHEDULED INTEREST 684,398.52 1,004,824.95
LIQUIDATION INTEREST 0.00 0.00
REPURCHASE INTEREST 12,116.29 696.49
STOP ADVANCE INTEREST 0.00 0.00
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 32,723.06 48,801.08
TOTAL SERVICING FEES DUE MASTER SERVICR: 32,723.06 48,801.08
LESS: COMPENSATING INTEREST (652.93) 0.00
LESS: DELINQUENT SERVICE FEES: (4,361.68) (8,346.13)
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 27,708.45 40,454.95
AMOUNTS PAID TO CERTIFICATE INSURER
PURSUANT SECT 5.09(a)(i)(4) AND 5.01(a)(ii)(4) 0.00 0.00
REIMBURSEMENT AMOUNT 0.00 0.00
PREMIUM AMOUNT PAID 10,456.44 15,615.09
PER $1,000 OF ORIGINAL AMOUNT 0.16717272 0.08323978
REIMBURSEMENTS TO MASTER
SERVICER PURSUANT TO SECT 3.03 0.00 0.00
INSURED PAYMENTS 0.00 0.00
PER $1,000 OF ORIGINAL AMOUNT 0.00000000 0.00000000
TOTAL PRINCIPAL COLLECTED 2,220,911.77 1,555,130.90
TOTAL INTEREST COLLECTED 663,791.74 956,720.37
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION 2,884,703.51 2,511,851.27
BASE SPREAD ACCOUNT REQUIREMENT 6,400,000.00 13,800,000.00
SPREAD ACCOUNT BALANCE BEGINNING 6,400,000.00 13,800,000.00
SPREAD ACCOUNT BALANCE ENDING 6,400,000.00 13,800,000.00
NET LIQUIDATION PROCEEDS 0.00 0.00
OUTSTANDING CLASS INTEREST CARRYOVER SHORTFALL 0.00 0.00
OUTSTANDING CLASS A PRICIPAL SHORTFALL AMOUNT 0.00 0.00
CURRENT NET LOSSES 0.00 0.00
CUMULATIVE NET LOSSES 0.00 0.00
Page 4 of 5 COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
Trustee Remittance Report
Distribution Date: July 25, 1998
GROUP 1 GROUP 2
SCHEDULED INTEREST 684,398.52 1,004,824.95
LIQUIDATION INTEREST 0.00 0.00
STOP ADVANCE INTEREST 0.00 0.00
COMPENSATING INTEREST (652.93) 0.00
REIMBURSEMENTS TO MASTER
SERVICER PURSUANT TO SECT 3.03 0.00 0.00
INSURED PAYMENTS 0.00 0.00
PER $1,000 OF ORIGINAL AMOUNT 0.00000000 0.00000000
TOTAL PRINCIPAL COLLECTED 2,220,911.77 1,555,130.90
TOTAL INTEREST COLLECTED 663,791.74 956,720.37
TOT. AVAILABLE FUNDS FOR DISTRIBUTION 2,884,703.51 2,511,851.27
O/C AMOUNT 112,048.73 9,417.48
OUTSTANDING CLASS INTEREST CARRYOVER SHORTFALL 0.00 0.00
OUTSTANDING CLASS A PRINCIPAL SHORTFALL AMOUNT 0.00 0.00
Page 5 of 5 COPYRIGHT 1998 Bankers Trust Company