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): December 28,
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
December 28, 1998.
Monthly Report to Certificateholders as to distributions made on
January 25, 1999.
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: January 29, 1999 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Report to Certificateholders as to distributions
made on December 28, 1998.
Monthly Report to Certificateholders as to distributions
made on January 25, 1999.
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
1 29,191,000.00 18,924,744.96 156,960.39 1,354,317.64 1,
>511,278.03 0.00 0.00 17,570,427.32
2 20,809,000.00 20,809,000.00 172,588.27 0.00
>172,588.27 0.00 0.00 20,809,000.00
3 10,700,000.00 10,700,000.00 88,744.98 0.00
> 88,744.98 0.00 0.00 10,700,000.00
4 11,300,000.00 11,300,000.00 93,721.34 0.00
> 93,721.34 0.00 0.00 11,300,000.00
5 8,000,000.00 8,000,000.00 66,351.39 0.00
> 66,351.39 0.00 0.00 8,000,000.00
6 120,000,000.00 106,319,454.13 860,597.23 2,222,067.87 3,
>082,665.10 0.00 0.00 104,097,386.26
R1 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 200,000,000.00 176,053,199.09 1,438,963.60 3,576,385.51 5,
>015,349.11 0.00 0.00 172,476,813.58
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
1 PB9801101 648.307525 5.377013 46.395041
> 51.772054 601.912484 9.047917% 10.676128%
2 PB9801102 1,000.000000 8.293924 0.000000
> 8.293924 1,000.000000 9.952709% 9.964386%
3 PB9801103 1,000.000000 8.293923 0.000000
> 8.293923 1,000.000000 9.952709% 9.964386%
4 PB9801104 1,000.000000 8.293924 0.000000
> 8.293924 1,000.000000 9.952709% 9.964386%
5 PB9801105 1,000.000000 8.293924 0.000000
> 8.293924 1,000.000000 9.952709% 9.964386%
6 PB9801106 885.995451 7.171644 18.517232
> 25.688876 867.478219 9.713337% 9.708687%
R1 PB9801107 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
SELLER: Provident Bank ADMI
>NISTRATOR: Alan Sueda
SERVICER: Provident Bank
> Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers
> 3 Park Plaza
RECORD DATE: November 30, 1998
> Irvine, CA 92714
DISTRIBUTION DATE: December 28, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A1 29,191,000.00 18,924,744.96 89,207.68 1,354,317.64 1,
>443,525.32 0.00 0.00 17,570,427.32
A2 20,809,000.00 20,809,000.00 111,848.38 0.00
>111,848.38 0.00 0.00 20,809,000.00
A3 10,700,000.00 10,700,000.00 59,295.83 0.00
> 59,295.83 0.00 0.00 10,700,000.00
A4 11,300,000.00 11,300,000.00 66,105.00 0.00
> 66,105.00 0.00 0.00 11,300,000.00
A5 8,000,000.00 8,000,000.00 43,866.67 0.00
> 43,866.67 0.00 0.00 8,000,000.00
A6 120,000,000.00 106,319,454.13 512,865.02 2,222,067.87 2,
>734,932.89 0.00 0.00 104,097,386.26
X1 0.00 0.00 208,042.81 0.00
>208,042.81 0.00 0.00 0.00
X2 0.00 0.00 347,732.21 0.00
>347,732.21 0.00 0.00 0.00
R2 0.00 0.00 1,021.76 0.00
> 1,021.76 0.00 0.00 0.00
TOTALS 200,000,000.00 176,053,199.09 1,439,985.36 3,576,385.51 5,
>016,370.87 0.00 0.00 172,476,813.58
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A1 743844BA9 648.307525 3.055999 46.395041
> 49.451040 601.912484 5.142340% 5.724380%
A2 743844BB7 1,000.000000 5.375000 0.000000
> 5.375000 1,000.000000 6.450000% 6.450000%
A3 743844BC5 1,000.000000 5.541666 0.000000
> 5.541666 1,000.000000 6.650000% 6.650000%
A4 743844BD3 1,000.000000 5.850000 0.000000
> 5.850000 1,000.000000 7.020000% 7.020000%
A5 743844BE1 1,000.000000 5.483334 0.000000
> 5.483334 1,000.000000 6.580000% 6.580000%
A6 743844BF8 885.995451 4.273875 18.517232
> 22.791107 867.478219 5.262340% 5.844380%
X1 PB9801201 0.000000 1.040214 0.000000
> 1.040214 0.000000 3.580066% 3.658198%
X2 PB9801202 0.000000 1.738661 0.000000
> 1.738661 0.000000 3.924763% 4.253932%
R2 PB9801203 0.000000 0.005109 0.000000
> 0.005109 0.000000 0.000000% 0.000000%
SELLER: Provident Bank ADMI
>NISTRATOR: Alan Sueda
SERVICER: Provident Bank
> Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers
> 3 Park Plaza
RECORD DATE: November 30, 1998
> Irvine, CA 92714
DISTRIBUTION DATE: December 28, 1998
> FACTOR INFORMATION(800) 735-7777
Page 2 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
Statement To Certificateholders
Distribution Date: December 28, 1998
DELINQUENT AND
> LOANS LOANS LOANS
FORECLOSURE LOAN 30 TO 59 60 TO 89
>90 PLUS IN IN IN
INFORMATION DAYS DAYS
> DAYS FORECLOSURE REO BANKRUPTCY
GROUP 1 PRINCIPAL BALANCE 641,982.57 875,527.41 1,
>539,458.43 915,257.06 38,392.99 1,202,967.31
PERCENTAGE OF POOL BALANCE 0.9373% 1.2783%
> 2.2477% 1.3363% 0.0561% 1.7564%
NUMBER OF LOANS 14 13
> 27 22 1 17
PERCENTAGE OF LOANS 1.1935% 1.1083%
> 2.3018% 1.8755% 0.0853% 1.4493%
GROUP 2 PRINCIPAL BALANCE 1,088,825.05 1,624,734.34 4,
>922,470.57 4,872,318.42 365,363.12 761,180.60
PERCENTAGE OF POOL BALANCE 1.0459% 1.5606%
> 4.7283% 4.6801% 0.3510% 0.7312%
NUMBER OF LOANS 14 18
> 45 43 2 11
PERCENTAGE OF LOANS 1.1966% 1.5385%
> 3.8462% 3.6752% 0.1709% 0.9402%
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:
> 42,197.43 392,361.82
NUMBER OF LOANS IN BANKRUPTCY PROCEEDINGS LESS THAN 30 DAYS DELINQUENT
> 6 7
PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY PROCEEDINGS LESS THAN 30 DAYS DELINQUE
>NT 350,862.46 528,706.63
WEIGHTED AVERAGE MORTGAGE INTEREST RATE:
> 10.622709% 10.383337%
WEIGHTED AVERAGE REMAINING TERM TO MATURITY
> 219 350
PRIOR NUMBER OF MORTGAGE LOANS INCLUDED IN THE POOL
> 1,195 1,188
CURRENT NUMBER OF MORTGAGE LOANS INCLUDED IN THE POOL
> 1,173 1,170
PRIOR AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS
> 69,845,793.69 106,328,871.61
CURRENT AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS
> 68,491,476.05 104,106,803.74
POOL FACTOR OF LOAN GROUPS
> 109.500998% 55.496495%
NUMBER OF LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
> 22 18
SCHEDULE PRINCIPAL RECEIVED
> 94,777.54 50,117.44
PREPAYMENTS IN FULL
> 1,259,540.32 2,171,951.65
CURTAILMENTS
> (0.22) (1.22)
LIQUIDATIONS
> 0.00 0.00
INSURANCE PRINCIPAL PROCEEDS
> 0.00 0.00
REPURCHASED PRINCIPAL AMOUNTS
> 0.00 0.00
TOTAL PRINCIPAL RECEIVED:
> 1,354,317.64 2,222,067.87
SERVICER ADVANCES:
> 137,511.76 249,931.78
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
> 5,093,135.69
Page 3 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
Statement To Certificateholders
Distribution Date: December 28, 1998
> GROUP 1 GROUP 2
SCHEDULED INTEREST
> 618,292.93 920,040.42
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:
> 29,102.41 44,303.70
TOTAL SERVICING FEES DUE MASTER SERVICER:
> 29,102.41 44,303.70
LESS: COMPENSATING INTEREST
> (518.15) (2,525.06)
LESS: DELINQUENT SERVICE FEES:
> (6,397.81) (12,353.41)
COLLECTED SERVICING FEES FOR CURRENT PERIOD:
> 22,186.45 29,425.23
AMOUNTS PAID TO CERTIFICATE INSURER PURSUANT SECT 5.01 (a)(i)(4) AND 5.01 (a)(i
>i)(4) 0.00 0.00
REIMBURSEMENT AMOUNT
> 0.00 0.00
PREMIUM AMOUNT PAID
> 9,297.83 14,175.93
PER $1,000 OF ORIGINAL AMOUNT
> 0.14864940 0.07556801
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
> 1,354,317.64 2,222,067.87
TOTAL INTEREST COLLECTED
> 589,190.52 875,736.72
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION
> 1,943,508.16 3,097,804.59
BASE SPREAD ACCOUNT REQUIREMENT
> 6,400,000.00 13,800,000.00
SPREAD ACCOUNT BALANCE BEGINNING
> 6,400,000.00 13,780,265.36
SPREAD ACCOUNT BALANCE ENDING
> 6,400,000.00 13,780,265.36
NET LIQUIDATION PROCEEDS
> 0.00 0.00
OUTSTANDING CLASS INTEREST CARRYOVER SHORTFALL
> 0.00 0.00
OUTSTANDING CLASS A PRINCIPAL SHORTFALL AMOUNT
> 0.00 0.00
CURRENT NET LOSSES
> 0.00 0.00
CUMULATIVE NET LOSSES
> 0.00 19,812.07
CURRENT NONRECOVERABLE ADVANCES
> 0.00 0.00
CUMULATIVE NONRECOVERABLE ADVANCES
> 0.00 0.00
Page 4 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
Trustee Remittance Report
Distribution Date: December 28, 1998
> GROUP 1 GROUP 2
SCHEDULED INTEREST
> 618,292.93 920,040.42
LIQUIDATION INTEREST
> 0.00 0.00
STOP ADVANCE INTEREST
> 0.00 0.00
COMPENSATING INTEREST
> (518.15) (2,525.06)
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
> 1,354,317.64 2,222,067.87
TOTAL INTEREST COLLECTED
> 589,190.52 875,736.72
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION
> 1,943,508.16 3,097,804.59
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
> (c) COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
1 29,191,000.00 17,570,427.32 145,898.77 1,907,748.34 2,
>053,647.11 0.00 0.00 15,662,678.98
2 20,809,000.00 20,809,000.00 172,790.76 0.00
>172,790.76 0.00 0.00 20,809,000.00
3 10,700,000.00 10,700,000.00 88,849.10 0.00
> 88,849.10 0.00 0.00 10,700,000.00
4 11,300,000.00 11,300,000.00 93,831.30 0.00
> 93,831.30 0.00 0.00 11,300,000.00
5 8,000,000.00 8,000,000.00 66,429.24 0.00
> 66,429.24 0.00 0.00 8,000,000.00
6 120,000,000.00 104,097,386.26 842,432.34 2,446,429.51 3,
>288,861.85 0.00 0.00 101,650,956.75
R1 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 200,000,000.00 172,476,813.58 1,410,231.51 4,354,177.85 5,
>764,409.36 0.00 0.00 168,122,635.73
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
1 PB9801101 601.912484 4.998074 65.353991
> 70.352064 536.558493 10.676128% 9.643335%
2 PB9801102 1,000.000000 8.303655 0.000000
> 8.303655 1,000.000000 9.964386% 9.964779%
3 PB9801103 1,000.000000 8.303654 0.000000
> 8.303654 1,000.000000 9.964386% 9.964779%
4 PB9801104 1,000.000000 8.303655 0.000000
> 8.303655 1,000.000000 9.964386% 9.964779%
5 PB9801105 1,000.000000 8.303655 0.000000
> 8.303655 1,000.000000 9.964386% 9.964779%
6 PB9801106 867.478219 7.020270 20.386913
> 27.407182 847.091306 9.711279% 9.717407%
R1 PB9801107 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
SELLER: Provident Bank ADMI
>NISTRATOR: Alan Sueda
SERVICER: Provident Bank
> Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers
> 3 Park Plaza
RECORD DATE: December 31, 1998
> Irvine, CA 92714
DISTRIBUTION DATE: January 25, 1999
> FACTOR INFORMATION(800) 735-7777
Page 1 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A1 29,191,000.00 17,570,427.32 78,228.74 1,907,748.35 1,
>985,977.09 0.00 0.00 15,662,678.97
A2 20,809,000.00 20,809,000.00 111,848.38 0.00
>111,848.38 0.00 0.00 20,809,000.00
A3 10,700,000.00 10,700,000.00 59,295.83 0.00
> 59,295.83 0.00 0.00 10,700,000.00
A4 11,300,000.00 11,300,000.00 66,105.00 0.00
> 66,105.00 0.00 0.00 11,300,000.00
A5 8,000,000.00 8,000,000.00 43,866.67 0.00
> 43,866.67 0.00 0.00 8,000,000.00
A6 120,000,000.00 104,097,386.26 473,188.09 2,446,429.51 2,
>919,617.60 0.00 0.00 101,650,956.75
X1 0.00 0.00 208,454.55 0.00
>208,454.55 0.00 0.00 0.00
X2 0.00 0.00 369,244.25 0.00
>369,244.25 0.00 0.00 0.00
R2 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 200,000,000.00 172,476,813.58 1,410,231.51 4,354,177.86 5,
>764,409.37 0.00 0.00 168,122,635.72
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A1 743844BA9 601.912484 2.679892 65.353991
> 68.033883 536.558493 5.724380% 5.039690%
A2 743844BB7 1,000.000000 5.375000 0.000000
> 5.375000 1,000.000000 6.450000% 6.450000%
A3 743844BC5 1,000.000000 5.541666 0.000000
> 5.541666 1,000.000000 6.650000% 6.650000%
A4 743844BD3 1,000.000000 5.850000 0.000000
> 5.850000 1,000.000000 7.020000% 7.020000%
A5 743844BE1 1,000.000000 5.483334 0.000000
> 5.483334 1,000.000000 6.580000% 6.580000%
A6 743844BF8 867.478219 3.943234 20.386913
> 24.330147 847.091306 5.844380% 5.159690%
X1 PB9801201 0.000000 1.042273 0.000000
> 1.042273 0.000000 3.658198% 3.662768%
X2 PB9801202 0.000000 1.846221 0.000000
> 1.846221 0.000000 4.256525% 4.385727%
R2 PB9801203 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
SELLER: Provident Bank ADMI
>NISTRATOR: Alan Sueda
SERVICER: Provident Bank
> Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers
> 3 Park Plaza
RECORD DATE: December 31, 1998
> Irvine, CA 92714
DISTRIBUTION DATE: January 25, 1999
> FACTOR INFORMATION(800) 735-7777
Page 2 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
Statement To Certificateholders
Distribution Date: January 25, 1999
DELINQUENT AND
> LOANS LOANS LOANS
FORECLOSURE LOAN 30 TO 59 60 TO 89
>90 PLUS IN IN IN
INFORMATION DAYS DAYS
> DAYS FORECLOSURE REO BANKRUPTCY
GROUP 1 PRINCIPAL BALANCE 1,103,301.61 334,508.20 2,
>238,045.21 1,499,441.59 38,392.99 1,015,506.88
PERCENTAGE OF POOL BALANCE 1.6570% 0.5024%
> 3.3612% 2.2520% 0.0577% 1.5252%
NUMBER OF LOANS 19 8
> 36 31 1 14
PERCENTAGE OF LOANS 1.6667% 0.7018%
> 3.1579% 2.7193% 0.0877% 1.2281%
GROUP 2 PRINCIPAL BALANCE 1,379,118.83 514,467.36 6,
>298,909.75 5,734,158.16 365,363.12 769,591.15
PERCENTAGE OF POOL BALANCE 1.3566% 0.5061%
> 6.1960% 5.6405% 0.3594% 0.7570%
NUMBER OF LOANS 14 7
> 60 53 2 11
PERCENTAGE OF LOANS 1.2248% 0.6124%
> 5.2493% 4.6369% 0.1750% 0.9624%
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:
> 42,197.43 392,361.82
NUMBER OF LOANS IN BANKRUPTCY PROCEEDINGS LESS THAN 30 DAYS DELINQUENT
> 5 7
PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY PROCEEDINGS LESS THAN 30 DAYS DELINQUE
>NT 256,583.12 528,478.87
WEIGHTED AVERAGE MORTGAGE INTEREST RATE:
> 10.634386% 10.381279%
WEIGHTED AVERAGE REMAINING TERM TO MATURITY
> 218 349
PRIOR NUMBER OF MORTGAGE LOANS INCLUDED IN THE POOL
> 1,173 1,170
CURRENT NUMBER OF MORTGAGE LOANS INCLUDED IN THE POOL
> 1,140 1,143
PRIOR AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS
> 68,491,476.05 104,106,803.74
CURRENT AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS
> 66,583,727.70 101,660,374.23
POOL FACTOR OF LOAN GROUPS
> 106.450978% 54.192370%
NUMBER OF LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
> 33 27
SCHEDULE PRINCIPAL RECEIVED
> 84,565.94 46,690.64
PREPAYMENTS IN FULL
> 1,793,541.82 2,326,314.31
CURTAILMENTS
> (0.38) (0.28)
LIQUIDATIONS
> 29,640.97 73,424.84
INSURANCE PRINCIPAL PROCEEDS
> 0.00 0.00
REPURCHASED PRINCIPAL AMOUNTS
> 0.00 0.00
TOTAL PRINCIPAL RECEIVED:
> 1,907,748.35 2,446,429.51
SERVICER ADVANCES:
> 145,544.98 245,915.05
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
> 6,604,252.96
Page 3 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
Statement To Certificateholders
Distribution Date: January 25, 1999
> GROUP 1 GROUP 2
SCHEDULED INTEREST
> 606,674.25 899,944.96
LIQUIDATION INTEREST
> 296.41 689.89
REPURCHASE INTEREST
> 0.00 0.00
STOP ADVANCE INTEREST
> 0.00 0.00
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD:
> 28,538.12 43,377.83
TOTAL SERVICING FEES DUE MASTER SERVICER:
> 28,538.12 43,377.83
LESS: COMPENSATING INTEREST
> (758.59) (862.33)
LESS: DELINQUENT SERVICE FEES:
> (6,803.93) (12,038.87)
COLLECTED SERVICING FEES FOR CURRENT PERIOD:
> 20,975.60 30,476.63
AMOUNTS PAID TO CERTIFICATE INSURER PURSUANT SECT 5.01 (a)(i)(4) AND 5.01 (a)(i
>i)(4) 0.00 0.00
REIMBURSEMENT AMOUNT
> 0.00 0.00
PREMIUM AMOUNT PAID
> 9,117.26 13,879.65
PER $1,000 OF ORIGINAL AMOUNT
> 0.14576253 0.07398862
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
> 1,893,095.18 2,441,463.25
TOTAL INTEREST COLLECTED
> 578,432.54 857,257.02
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION
> 2,471,527.72 3,298,720.27
BASE SPREAD ACCOUNT REQUIREMENT
> 6,400,000.00 13,800,000.00
SPREAD ACCOUNT BALANCE BEGINNING
> 6,400,000.00 13,780,265.36
SPREAD ACCOUNT BALANCE ENDING
> 6,386,292.18 13,775,376.57
NET LIQUIDATION PROCEEDS
> 14,987.80 68,458.58
OUTSTANDING CLASS INTEREST CARRYOVER SHORTFALL
> 0.00 0.00
OUTSTANDING CLASS A PRINCIPAL SHORTFALL AMOUNT
> 0.00 0.00
CURRENT NET LOSSES
> 14,653.17 4,966.26
CUMULATIVE NET LOSSES
> 14,653.17 24,778.33
CURRENT NONRECOVERABLE ADVANCES
> 0.00 0.00
CUMULATIVE NONRECOVERABLE ADVANCES
> 0.00 0.00
Page 4 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
Trustee Remittance Report
Distribution Date: January 25, 1999
> GROUP 1 GROUP 2
SCHEDULED INTEREST
> 606,674.25 899,944.96
LIQUIDATION INTEREST
> 296.41 689.89
STOP ADVANCE INTEREST
> 0.00 0.00
COMPENSATING INTEREST
> (758.59) (862.33)
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
> 1,893,095.18 2,441,463.25
TOTAL INTEREST COLLECTED
> 578,432.54 857,257.02
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION
> 2,471,527.72 3,298,720.27
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
> (c) COPYRIGHT 1999 Bankers Trust Company