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Reportable Segments | 12 Months Ended
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Jun. 30, 2012
Reportable Segments: |
Reportable Segments |
17. | Reportable Segments:
The segment reporting is organized consistent with the Corporation’s executive summary and operating strategy. The business activities of the Corporation consist primarily of Provident Bank and Provident Bank Mortgage, a division of the Bank. Provident Bank operations primarily consist of accepting deposits from customers within the communities surrounding the Bank’s full service offices and investing those funds in single-family, multi-family, commercial real estate, construction, commercial business, consumer and other mortgage loans. Provident Bank Mortgage operations primarily consist of the origination and sale of mortgage loans secured by single-family residences. The following table and discussion explain the results of the Corporation’s two major reportable segments, Provident Bank and Provident Bank Mortgage. The following tables illustrate the Corporation’s operating segments for the years ended June 30, 2012, 2011 and 2010, respectively.
(In Thousands) | Year Ended June 30, 2012
Provident Bank | Provident Bank Mortgage | Consolidated Total
Net interest income, before provision for loan losses | $ 30,514 |  | $ 6,216 |  | $ 36,730 |
Provision (recovery) for loan losses | 5,932 |  | (155 | ) | 5,777 |
Net interest income, after provision for loan losses | 24,582 |  | 6,371 |  | 30,953 |
Non-interest income: |  |  |  |  |  |
| Loan servicing and other fees | 627 |  | 106 |  | 733 |
| (Loss) gain on sale of loans, net | (1,057 | ) | 39,074 |  | 38,017 |
| Deposit account fees | 2,438 |  | - |  | 2,438 |
| (Loss) gain on sale and operations of real estate owned acquired in the settlement of loans, net | (191 | ) | 71 |  | (120 | )
| Card and processing fees | 1,282 |  | - |  | 1,282 |
| Other | 800 |  | - |  | 800 |
| Total non-interest income | 3,899 |  | 39,251 |  | 43,150 |
Non-interest expense: |  |  |  |  |  |
| Salaries and employee benefits | 15,756 |  | 23,527 |  | 39,283 |
| Premises and occupancy | 2,449 |  | 1,314 |  | 3,763 |
| Operating and administrative expenses | 4,903 |  | 7,416 |  | 12,319 |
| Total non-interest expenses | 23,108 |  | 32,257 |  | 55,365 |
Income before income taxes | 5,373 |  | 13,365 |  | 18,738 |
Provision for income taxes | 2,309 |  | 5,619 |  | 7,928 |
Net income | $ 3,064 |  | $ 7,746 |  | $ 10,810 |
Total assets, end of fiscal year | $ 1,036,138 |  | $ 224,779 |  | $ 1,260,917 |
(In Thousands) | Year Ended June 30, 2011
Provident Bank | Provident Bank Mortgage | Consolidated Total
Net interest income, before provision for loan losses | $ 33,512 |  | $ 4,237 |  | $ 37,749 |
Provision for loan losses | 2,552 |  | 2,913 |  | 5,465 |
Net interest income, after provision for loan losses | 30,960 |  | 1,324 |  | 32,284 |
Non-interest income: |  |  |  |  |  |
| Loan servicing and other fees | 832 |  | 60 |  | 892 |
| (Loss) gain on sale of loans, net | (113 | ) | 31,307 |  | 31,194 |
| Deposit account fees | 2,504 |  | - |  | 2,504 |
| (Loss) gain on sale and operations of real estate owned acquired in the settlement of loans, net | (1,364 | ) | 13 |  | (1,351 | )
| Gain on sale of premises and equipment | 1,089 |  | - |  | 1,089 |
| Card and processing fees | 1,274 |  | - |  | 1,274 |
| Other | 753 |  | 2 |  | 755 |
| Total non-interest income | 4,975 |  | 31,382 |  | 36,357 |
Non-interest expense: |  |  |  |  |  |
| Salaries and employee benefits | 13,828 |  | 16,138 |  | 29,966 |
| Premises and occupancy | 2,289 |  | 981 |  | 3,270 |
| Operating and administrative expenses | 6,347 |  | 5,789 |  | 12,136 |
| Total non-interest expenses | 22,464 |  | 22,908 |  | 45,372 |
Income before income taxes | 13,471 |  | 9,798 |  | 23,269 |
Provision for income taxes | 5,929 |  | 4,120 |  | 10,049 |
Net income | $ 7,542 |  | $ 5,678 |  | $ 13,220 |
Total assets, end of fiscal year | $ 1,125,453 |  | $ 188,271 |  | $ 1,313,724 |
(In Thousands) | Year Ended June 30, 2010
Provident Bank | Provident Bank Mortgage | Consolidated Total
Net interest income, before provision for loan losses | $ 36,134 |  | $ 3,444 |  | $ 39,578 |
Provision for loan losses | 21,145 |  | 698 |  | 21,843 |
Net interest income, after provision for loan losses | 14,989 |  | 2,746 |  | 17,735 |
Non-interest income: |  |  |  |  |  |
| Loan servicing and other fees | 728 |  | 69 |  | 797 |
| Gain on sale of loans, net | 2 |  | 14,336 |  | 14,338 |
| Deposit account fees | 2,823 |  | - |  | 2,823 |
| Gain on sale of investment securities | 2,290 |  | - |  | 2,290 |
| Gain (loss) on sale and operations of real estate owned acquired in the settlement of loans, net | 111 |  | (95 | ) | 16 |
| Card and processing fees | 1,110 |  | - |  | 1,110 |
| Other | 878 |  | 7 |  | 885 |
| Total non-interest income | 7,942 |  | 14,317 |  | 22,259 |
Non-interest expense: |  |  |  |  |  |
| Salaries and employee benefits | 12,892 |  | 10,487 |  | 23,379 |
| Premises and occupancy | 2,342 |  | 706 |  | 3,048 |
| Operating and administrative expenses | 7,188 |  | 4,524 |  | 11,712 |
| Total non-interest expenses | 22,422 |  | 15,717 |  | 38,139 |
Income before income taxes | 509 |  | 1,346 |  | 1,855 |
Provision for income taxes | 174 |  | 566 |  | 740 |
Net income | $ 335 |  | $ 780 |  | $ 1,115 |
Total assets, end of fiscal year | $ 1,232,072 |  | $ 166,504 |  | $ 1,398,576 |
The information above was derived from the internal management reporting system used by management to measure performance of the segments. The Corporation’s internal transfer pricing arrangements determined by management primarily consist of the following:
1. | Borrowings for PBM are indexed monthly to the higher of the three-month FHLB – San Francisco advance rate on the first Friday of the month plus 50 basis points or the Bank’s cost of funds for the prior month.
2. | PBM receives servicing released premiums for new loans transferred to the Bank’s loans held for investment. The servicing released premiums in the years ended June 30, 2012, 2011 and 2010 were $3,000, $14,000 and $9,000, respectively.
3. | PBM receives a premium (gain on sale of loans) or a discount (loss on sale of loans) for the new loans transferred to the Bank’s loans held for investment. The (loss) gain on sale of loans in the years ended June 30, 2012, 2011 and 2010 was $(2,000), $(1,000) and $7,000, respectively.
4. | Loan servicing costs are charged to PBM by the Bank based on the number of loans held for sale at fair value multiplied by a fixed fee which is subject to management’s review. The loan servicing costs in the years ended June 30, 2012, 2011 and 2010 were $81,000, $72,000 and $64,000, respectively.
5. | The Bank allocates quality assurance costs to PBM for its loan production, subject to management’s review. Quality assurance costs allocated to PBM in the years ended June 30, 2012, 2011 and 2010 were $240,000, $213,000 and $182,000, respectively.
6. | The Bank allocates loan vault service costs to PBM for its loan production, subject to management’s review. The loan vault service costs allocated to PBM in the years ended June 30, 2012, 2011 and 2010 were $88,000, $71,000 and $59,000, respectively.
7. | Office rents for PBM offices located in the Bank branches or offices are internally charged based on the square footage used. Office rents allocated to PBM in the years ended June 30, 2012, 2011 and 2010 were $169,000, $146,000 and $138,000, respectively.
8. | A management fee, which is subject to regular review, is charged to PBM for services provided by the Bank. The management fee in the years ended June 30, 2012, 2011 and 2010 was $1.5 million, $1.3 million and $1.2 million, respectively.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 + Details
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