March 27, 1998
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Provident Bank Home Equity Loan Trust 1996-2 Home Equity Loan
Asset-Backed Certificates, Series 1996-2.
File No. 333-14293
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 December 1, 1996 (the "Pooling and Servicing Agreement")
among Lehman ABS Corporation, as Depositor (the "Depositor"), 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 "Trustee"), is a Current Report on Form 8-K (the
"Report").
The Home Equity Loan Asset-Backed Certificates, Series 1996-2 (the
"Certificates"), will consist of two Classes (each, a "Class") of
senior Certificates: The Class A-1 Certificates and the Class A-2
Certificates (collectively, the "Class A Certificates") and one
Class of subordinated Certificates (the "Class R Certificates").
Only the Class A Certificates (The "Offered Certificates") are
being offered hereby.
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 1996-2 (the "Trust") to be formed pursuant to the
Pooling and Servicing Agreement. The Class A-1 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-2 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.
All of the Initial Mortgage Loans will be acquired by Lehman ABS
Corporation (the "Depositor") from Provident.
The Offered Certificates were registered under the Securities Act of
1933, as amended, by a Registration Statement on Form S-11 (File No.
333-3911). 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 Bank Home Equity Loan Trust
1996-2 Home Equity Loan Asset-Backed Certificates, Series 1996-2
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): January 27, 1997
LEHMAN ABS CORPORATION
(as depositor under the Pooling and Servicing Agreement, dated as of
December 1, 1996, which forms Provident Bank Home Equity Loan Trust
1996-2, which will issue the Provident Bank Home Equity Loan Trust
1996-2, Home Equity Loan Asset-Backed Certificates, Series 1996-2)
LEHMAN ABS CORPORATION
(Exact name of Registrant as specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
333-3391 13-3447441
(Commission File Number) (I.R.S. Employer
Identification No.)
THREE WORLD FINANCIAL CENTER
200 VESEY STREET
NEW YORK, NEW YORK 10022
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (212) 526-7000
ITEM 5. Other Events
Attached hereto are copies of the Monthly Remittance Statements
to the Certificateholders which were 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 Remittance Statement to the Certificateholders dated as of
January 27, 1997.
Monthly Remittance Statement to the Certificateholders dated as of
February 25, 1997.
Monthly Remittance Statement to the Certificateholders dated as of
March 25, 1997.
Monthly Remittance Statement to the Certificateholders dated as of
April 25, 1997.
Monthly Remittance Statement to the Certificateholders dated as of
May 27, 1997.
Monthly Remittance Statement to the Certificateholders dated as of
June 25, 1997.
Monthly Remittance Statement to the Certificateholders dated as of
July 25, 1997.
Monthly Remittance Statement to the Certificateholders dated as of
August 25, 1997.
Monthly Remittance Statement to the Certificateholders dated as of
September 25, 1997.
Monthly Remittance Statement to the Certificateholders dated as of
October 27, 1997.
Monthly Remittance Statement to the Certificateholders dated as of
November 25, 1997.
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 December 1, 1996.
Date: March 27, 1998 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Sequential
Document Page Number
Monthly Remittance Statement to the Certificateholders
dated as of January 27, 1997. 5
Monthly Remittance Statement to the Certificateholders
dated as of February 25, 1997. 7
Monthly Remittance Statement to the Certificateholders
dated as of March 25, 1997. 8
Monthly Remittance Statement to the Certificateholders
dated as of April 25, 1997. 10
Monthly Remittance Statement to the Certificateholders
dated as of May 27, 1997. 11
Monthly Remittance Statement to the Certificateholders
dated as of June 25, 1997. 13
Monthly Remittance Statement to the Certificateholders
dated as of July 25, 1997. 15
Monthly Remittance Statement to the Certificateholders
dated as of August 25, 1997. 16
Monthly Remittance Statement to the Certificateholders
dated as of September 25, 1997. 18
Monthly Remittance Statement to the Certificateholders
dated as of October 27, 1997. 20
Monthly Remittance Statement to the Certificateholders
dated as of November 25, 1997. 21
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1996-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 35,000,000.00 35,000,000.00 196,000.00 409,360.88
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
605,360.88 9 0.00 0.00 34,590,639.12
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-2 75,000,000.00 75,000,000.00 553,078.13 650,268.66
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
1,203,346.79 0.00 0.00 74,349,731.34
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
R 0.00 0.00 0.00 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
0.00 0.00 0.00 0.00
TOTALS
PRIOR
ORIGINAL PRINCIPAL
FACE VALUE BALANCE INTEREST PRINCIPAL
110,000,000.00 110,000,000.00 749,078.13 1,059,629.54
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
1,808,707.67 0.00 0.00 108,940,370.46
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 743844AC6 1,000.000000 5.600000 11.696025 17.296025
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
988.303975 6.720000% 6.720000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-2 743844AD4 1,000.000000 7.374375 8.670249 16.044624
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
991.329751 5.771250% 5.757500%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
R 0.000000 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.000000% 0.000000%
SELLER: Provident Bank ADMINISTRATOR: David Arnold
SERVICER: Provident Bank Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers 3 Park Plaza
RECORD DATE: December 31, 1996 Irvine, CA 92714
DISTRIBUTION DATE: January 27, 1997
FACTOR INFORMATION: (800) 735-7777
Page 1 of 1 COPYRIGHT 1997 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1996-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 35,000,000.00 34,590,639.12 193,707.58 288,858.76
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
482,566.34 0.00 0.00 34,301,780.36
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-2 75,000,000.00 74,349,731.34 363,492.74 404,255.55
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
767,748.29 9 0.00 0.00 73,945,475.79
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
R 0.00 0.00 0.00 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
0.00 0.00 0.00 0.00
TOTALS
PRIOR
ORIGINAL PRINCIPAL
FACE VALUE BALANCE INTEREST PRINCIPAL
110,000,000.00 108,940,370.46 557,200.32 693,114.31
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
1,250,314.63 0.00 0.00 108,247,256.15
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 743844AC6 988.303975 5.534502 8.253108 13.787610
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
980.050867 6.720000% 6.720000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-2 743844AD4 991.329751 0 4.846570 5.390074 10.236644
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
985.939677 5.677500% 5.615000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
R 0.000000 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.000000% 0.000000%
SELLER: Provident Bank ADMINISTRATOR: David Arnold
SERVICER: Provident Bank Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers 3 Park Plaza
RECORD DATE: January 31, 1997 Irvine, CA 92714
DISTRIBUTION DATE: February 25, 1997
FACTOR INFORMATION: (800) 735-7777
Page 1 of 1 COPYRIGHT 1997 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1996-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 35,000,000.00 34,301,780.36 192,089.97 393,306.46
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
585,396.43 0.00 0.00 33,908,473.90
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-2 75,000,000.00 73,945,475.79 322,936.33 1,422,649.73
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
1,745,586.06 0.00 0.00 72,522,826.06
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
R 0.00 0.00 0.00 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
0.00 0.00 0.00 0.00
TOTALS
PRIOR
ORIGINAL PRINCIPAL
FACE VALUE BALANCE INTEREST PRINCIPAL
110,000,000.00 108,247,256.15 515,026.30 1,815,956.19
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
2,330,982.49 0.00 0.00 106,431,299.96
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 743844AC6 980.050867 5.488285 11.237327 16.725612
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
968.813540 6.720000% 6.720000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-2 743844AD4 985.939677 4.305818 18.968663 23.274481
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
966.971014 5.615000% 5.865000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
R 0.000000 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.000000% 0.000000%
SELLER: Provident Bank ADMINISTRATOR: David Arnold
SERVICER: Provident Bank Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers 3 Park Plaza
RECORD DATE: February 28, 1997 Irvine, CA 92714
DISTRIBUTION DATE: March 25, 1997
FACTOR INFORMATION: (800) 735-7777
Page 1 of 1 COPYRIGHT 1997 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1996-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 35,000,000.00 33,908,473.90 189,887.45 671,917.41
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
861,804.86 0.00 0.00 33,236,556.49
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-2 75,000,000.00 72,522,826.06 366,270.49 852,852.41
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
1,219,122.90 0.00 0.00 71,669,973.65
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
R 0.00 0.00 0.00 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
0.00 0.00 0.00 0.00
TOTALS
PRIOR
ORIGINAL PRINCIPAL
FACE VALUE BALANCE INTEREST PRINCIPAL
110,000,000.00 106,431,299.96 556,157.94 1,524,769.82
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
2,080,927.76 0.00 0.00 104,906,530.14
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 743844AC6 968.813540 5.425356 19.197640 24.622996
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
949.615900 6.720000% 6.720000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-2 743844AD4 966.971014 4.883607 11.371366 16.254972
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
955.599649 955.599649 5.927500%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
R 0.000000 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.000000% 0.000000%
SELLER: Provident Bank ADMINISTRATOR: David Arnold
SERVICER: Provident Bank Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers 3 Park Plaza
RECORD DATE: March 31, 1997 Irvine, CA 92714
DISTRIBUTION DATE: April 25, 1997
FACTOR INFORMATION: (800) 735-7777
Page 1 of 1 COPYRIGHT 1997 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1996-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 35,000,000.00 33,236,556.49 186,124.72 589,814.78
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
775,939.50 0.00 0.00 32,646,741.71
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-2 75,000,000.00 71,669,973.65 377,621.13 1,172,699.09
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
1,550,320.22 0.00 0.00 70,497,274.56
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
R 0.00 0.00 0.00 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
0.00 0.00 0.00 0.00
TOTALS
PRIOR
ORIGINAL PRINCIPAL
FACE VALUE BALANCE INTEREST PRINCIPAL
110,000,000.00 104,906,530.14 563,745.85 1,762,513.86
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
2,326,259.71 0.00 0.00 103,144,016.27
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 743844AC6 949.615900 5.317849 16.851851 22.169700
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
932.764049 6.720000% 6.720000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-2 743844AD4 955.599649 5.034948 15.635988 20.670936
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
939.963661 5.927500% 5.927500%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
R 0.000000 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.000000% 0.000000%
SELLER: Provident Bank ADMINISTRATOR: David Arnold
SERVICER: Provident Bank Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers 3 Park Plaza
RECORD DATE: April 30, 1997 Irvine, CA 92714
DISTRIBUTION DATE: May 27, 1997
FACTOR INFORMATION: (800) 735-7777
Page 1 of 1 COPYRIGHT 1997 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1996-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 35,000,000.00 32,646,741.71 182,821.75 602,564.59
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
785,386.34 0.00 0.00 32,044,177.12
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-2 75,000,000.00 70,497,274.56 336,619.59 1,788,485.88
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
2,125,105.47 0.00 0.00 68,708,788.68
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
R 0.00 0.00 0.00 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
0.00 0.00 0.00 0.00
TOTALS
PRIOR
ORIGINAL PRINCIPAL
FACE VALUE BALANCE INTEREST PRINCIPAL
110,000,000.00 103,144,016.27 519,441.34 2,391,050.47
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
2,910,491.81 0.00 0.00 100,752,965.80
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 743844AC6 932.764049 5.223479 17.216131 22.439610
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
915.547918 6.720000% 6.720000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-2 743844AD4 939.963661 4.488261 23.846478 28.334740
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
916.117182 5.927500% 5.927500%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
R 0.000000 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.000000% 0.000000%
SELLER: Provident Bank ADMINISTRATOR: David Arnold
SERVICER: Provident Bank Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers 3 Park Plaza
RECORD DATE: May 30, 1997 Irvine, CA 92714
DISTRIBUTION DATE: June 25, 1997
FACTOR INFORMATION: (800) 735-7777
Page 1 of 1 COPYRIGHT 1997 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1996-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 35,000,000.00 32,044,177.12 179,447.39 667,333.60
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
846,780.99 0.00 0.00 31,376,843.52
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-2 75,000,000.00 68,708,788.68 339,392.79 1,810,021.22
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
2,149,414.01 0.00 0.00 66,898,767.46
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
R 0.00 0.00 0.00 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
0.00 0.00 0.00 0.00
TOTALS
PRIOR
ORIGINAL PRINCIPAL
FACE VALUE BALANCE INTEREST PRINCIPAL
110,000,000.00 100,752,965.80 518,840.18 2,477,354.82
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
2,996,195.00 0.00 0.00 98,275,610.98
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 743844AC6 915.547918 5.127068 19.066674 24.193743
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
896.481243 6.720000% 6.720000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-2 743844AD4 916.117182 4.525237 24.133616 28.658853
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
891.983566 5.927500% 5.888440%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
R 0.000000 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.000000% 0.000000%
SELLER: Provident Bank ADMINISTRATOR: David Arnold
SERVICER: Provident Bank Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers 3 Park Plaza
RECORD DATE: June 30, 1997 Irvine, CA 92714
DISTRIBUTION DATE: July 25, 1997
FACTOR INFORMATION: (800) 735-7777
Page 1 of 1 COPYRIGHT 1997 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1996-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 35,000,000.00 31,376,843.52 175,710.32 898,556.11
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
1,074,266.43 0.00 0.00 30,478,287.41
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-2 75,000,000.00 66,898,767.46 339,216.96 1,610,261.15
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
1,949,478.11 0.00 0.00 65,288,506.31
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
R 0.00 0.00 0.00 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
0.00 0.00 0.00 0.00
TOTALS
PRIOR
ORIGINAL PRINCIPAL
FACE VALUE BALANCE INTEREST PRINCIPAL
110,000,000.00 98,275,610.98 514,927.28 2,508,817.26
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
3,023,744.54 0.00 0.00 95,766,793.72
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 743844AC6 896.481243 5.020295 25.673032 30.693327
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
870.808212 6.720000% 6.720000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-2 743844AD4 891.983566 4.522893 21.470149 25.993041
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
870.513417 5.888440% 5.865000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
R 0.000000 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.000000% 0.000000%
SELLER: Provident Bank ADMINISTRATOR: David Arnold
SERVICER: Provident Bank Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers 3 Park Plaza
RECORD DATE: July 31, 1997 Irvine, CA 92714
DISTRIBUTION DATE: August 25, 1997
FACTOR INFORMATION: (800) 735-7777
Page 1 of 1 COPYRIGHT 1997 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1996-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 35,000,000.00 30,478,287.41 170,678.41 869,339.03
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
1,040,017.44 0.00 0.00 64,077,799.21
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-2 75,000,000.00 65,288,506.31 329,734.16 1,210,707.10
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
1,540,441.26 0.00 0.00 64,077,799.21
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
R 0.00 0.00 0.00 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
0.00 0.00 0.00 0.00
TOTALS
PRIOR
ORIGINAL PRINCIPAL
FACE VALUE BALANCE INTEREST PRINCIPAL
110,000,000.00 95,766,793.72 500,412.57 2,080,046.12
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
2,580,458.69 0.00 0.00 93,686,747.59
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 743844AC6 870.808212 4.876526 24.838258 29.714784
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
845.969954 6.720000% 6.720000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-2 743844AD4 870.513417 4.396455 16.142761 20.539217
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
854.370656 5.865000% 5.896250%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
R 0.000000 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.000000% 0.000000%
SELLER: Provident Bank ADMINISTRATOR: David Arnold
SERVICER: Provident Bank Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers 3 Park Plaza
RECORD DATE: August 29, 1997 Irvine, CA 92714
DISTRIBUTION DATE: September 25, 1997
FACTOR INFORMATION: (800) 735-7777
Page 1 of 1 COPYRIGHT 1997 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1996-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 35,000,000.00 29,608,948.38 165,810.11 648,487.76
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
814,297.87 0.00 0.00 28,960,460.62
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-2 75,000,000.00 64,077,799.21 335,838.87 2,360,897.33
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
2696,736.20 0.00 0.00 61,716,901.88
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
R 0.00 0.00 0.00 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
0.00 0.00 0.00 0.00
TOTALS
PRIOR
ORIGINAL PRINCIPAL
FACE VALUE BALANCE INTEREST PRINCIPAL
110,000,000.00 93,686,747.59 501,648.98 3,009,385.09
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
3,511,034.07 0.00 0.00 90,677,362.50
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 743844AC6 845.969954 4.737432 18.528222 23.265654
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
827.441732 6.720000% 6.720000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-2 743844AD4 854.370656 4.477852 31.478631 35.956483
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
822.892025 5.896250% 5.896250%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
R 0.000000 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.000000% 0.000000%
SELLER: Provident Bank ADMINISTRATOR: David Arnold
SERVICER: Provident Bank Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers 3 Park Plaza
RECORD DATE: September 30, 1997 Irvine, CA 92714
DISTRIBUTION DATE: October 27, 1997
FACTOR INFORMATION: (800) 735-7777
Page 1 of 1 COPYRIGHT 1997 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1996-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 35,000,000.00 28,960,460.62 162,178.58 837,573.69
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
999,752.27 0.00 0.00 28,122,886.93
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-2 75,000,000.00 61,716,901.88 293,140.28 2,910,486.86
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
3,203,627.14 0.00 0.00 58,806,415.02
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
R 0.00 0.00 0.00 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
0.00 0.00 0.00 0.00
TOTALS
PRIOR
ORIGINAL PRINCIPAL
FACE VALUE BALANCE INTEREST PRINCIPAL
110,000,000.00 90,677,362.50 455,318.86 3,748,060.56
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
4,203,379.42 0.00 0.00 86,929,301.95
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 743844AC6 827.441732 4.633674 23.930677 28.564351
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
803.511055 6.720000% 6.720000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-2 743844AD4 822.892025 3.908537 38.806491 42.715029
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
784.085534 5.896250% 5.927500%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
R 0.000000 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.000000% 0.000000%
SELLER: Provident Bank ADMINISTRATOR: David Arnold
SERVICER: Provident Bank Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers 3 Park Plaza
RECORD DATE: October 31, 1997 Irvine, CA 92714
DISTRIBUTION DATE: November 25, 1997
FACTOR INFORMATION: (800) 735-7777
Page 1 of 1 COPYRIGHT 1997 Bankers Trust Company
