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Operating Segment Reports

3 Months Ended

Sep. 30, 2011

Note 4: Operating Segment Reports

The Corporation operates in two business segments: community banking through the Bank and mortgage banking through Provident Bank Mortgage (“PBM”), a division of the Bank.

The following tables set forth condensed consolidated statements of operations and total assets for the Corporation’s operating segments for the quarters ended September 30, 2011 and 2010, respectively (in thousands).

	For the Quarter Ended September 30, 2011
			Provident
	Provident		Bank	Consolidated
	Bank		Mortgage	Totals
Net interest income, before provision for loan losses	$ 7,558		$ 1,240	$ 8,798
Provision for loan losses	709		263	972
Net interest income, after provision for loan losses	6,849		977	7,826

Non-interest income:
Loan servicing and other fees	119		13	132
Gain on sale of loans, net	7		7,269	7,276
Deposit account fees	603		-	603
(Loss) gain on sale and operations of real estate owned acquired in the settlement of loans, net	(32	)	64	32
Card and processing fees	331		-	331
Other	174		-	174
Total non-interest income	1,202		7,346	8,548

Non-interest expense:
Salaries and employee benefits	4,189		4,665	8,854
Premises and occupancy	597		275	872
Operating and administrative expenses	940		1,637	2,577
Total non-interest expense	5,726		6,577	12,303
Income before income taxes	2,325		1,746	4,071
Provision for income taxes	1,019		734	1,753
Net income	$ 1,306		$ 1,012	$ 2,318
Total assets, end of period	$ 1,049,345		$ 270,523	$ 1,319,868

	For the Quarter Ended September 30, 2010
			Provident
	Provident		Bank	Consolidated
	Bank		Mortgage	Totals
Net interest income, before provision for loan losses	$ 8,705		$ 1,107	$ 9,812
Provision for loan losses	516		361	877
Net interest income, after provision for loan losses	8,189		746	8,935

Non-interest income:
Loan servicing and other fees	111		13	124
(Loss) gain on sale of loans, net	(131	)	9,578	9,447
Deposit account fees	629		-	629
(Loss) gain on sale and operations of real estate Owned acquired in the settlement of loans, net	(377	)	9	(368	)
Card and processing fess	316		-	316
Other	186		1	187
Total non-interest income	734		9,601	10,335

Non-interest expense:
Salaries and employee benefits	3,199		4,178	7,377
Premises and occupancy	610		210	820
Operating and administrative expenses	1,626		1,387	3,013
Total non-interest expense	5,435		5,775	11,210
Income before income taxes	3,488		4,572	8,060
Provision for income taxes	1,609		1,922	3,531
Net income	$ 1,879		$ 2,650	$ 4,529
Total assets, end of period	$ 1,163,125		$ 226,042	$ 1,389,167