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Operating Segment Reports | 3 Months Ended
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Dec. 31, 2011
Operating Segment Reports |
Operating Segment Reports | 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 December 31, 2011 and 2010, respectively (in thousands).
| For the Quarter Ended December 31, 2011
|  | Provident |
| Provident | Bank | Consolidated
| Bank | Mortgage | Totals
Net interest income, before provision for loan losses | $ 7,640 |  | $ 1,866 |  | $ 9,506 |
Provision for loan losses | 1,082 |  | 50 |  | 1,132 |
Net interest income, after provision for loan losses | 6,558 |  | 1,816 |  | 8,374 |
Non-interest income: |  |  |  |  |  |
Loan servicing and other fees | 160 |  | 16 |  | 176 |
(Loss) gain on sale of loans, net | (626 | ) | 6,523 |  | 5,897 |
Deposit account fees | 626 |  | - |  | 626 |
Gain on sale and operations of real estate owned acquired in the settlement of loans, net | 69 |  | 8 |  | 77 |
Card and processing fees | 309 |  | - |  | 309 |
Other | 228 |  | - |  | 228 |
Total non-interest income | 766 |  | 6,547 |  | 7,313 |
Non-interest expense: |  |  |  |  |  |
Salaries and employee benefits | 3,264 |  | 5,116 |  | 8,380 |
Premises and occupancy | 676 |  | 280 |  | 956 |
Operating and administrative expenses | 1,417 |  | 1,721 |  | 3,138 |
Total non-interest expense | 5,357 |  | 7,117 |  | 12,474 |
Income before income taxes | 1,967 |  | 1,246 |  | 3,213 |
Provision for income taxes | 835 |  | 524 |  | 1,359 |
Net income | $ 1,132 |  | $ 722 |  | $ 1,854 |
Total assets, end of period | $ 1,076,995 |  | $ 221,564 |  | $ 1,298,559 |
| For the Quarter Ended December 31, 2010
|  | Provident |
| Provident | Bank | Consolidated
| Bank | Mortgage | Totals
Net interest income, before provision for loan losses | $ 8,619 |  | $ 1,089 |  | $ 9,708 |
Provision for loan losses | 677 |  | 371 |  | 1,048 |
Net interest income, after provision for loan losses | 7,942 |  | 718 |  | 8,660 |
Non-interest income: |  |  |  |  |  |
Loan servicing and other fees | 263 |  | 12 |  | 275 |
Gain on sale of loans, net | 10 |  | 9,322 |  | 9,332 |
Deposit account fees | 671 |  | - |  | 671 |
Loss on sale and operations of real estate owned acquired in the settlement of loans, net | (644 | ) | (46 | ) | (690 | )
Card and processing fees | 312 |  | - |  | 312 |
Other | 196 |  | 1 |  | 197 |
Total non-interest income | 808 |  | 9,289 |  | 10,097 |
Non-interest expense: |  |  |  |  |  |
Salaries and employee benefits | 3,277 |  | 4,288 |  | 7,565 |
Premises and occupancy | 546 |  | 258 |  | 804 |
Operating and administrative expenses | 1,584 |  | 1,389 |  | 2,973 |
Total non-interest expense | 5,407 |  | 5,935 |  | 11,342 |
Income before income taxes | 3,343 |  | 4,072 |  | 7,415 |
Provision for income taxes | 1,448 |  | 1,712 |  | 3,160 |
Net income | $ 1,895 |  | $ 2,360 |  | $ 4,255 |
Total assets, end of period | $ 1,203,862 |  | $ 154,224 |  | $ 1,358,086 |
The following tables set forth condensed consolidated statements of operations and total assets for the Corporation’s operating segments for the six months ended December 31, 2011 and 2010, respectively (in thousands).
| For the Six Months Ended December 31, 2011
|  | Provident |
| Provident | Bank | Consolidated
| Bank | Mortgage | Totals
Net interest income, before provision for loan losses | $ 15,198 |  | $ 3,106 |  | $ 18,304 |
Provision for loan losses | 1,791 |  | 313 |  | 2,104 |
Net interest income, after provision for loan losses | 13,407 |  | 2,793 |  | 16,200 |
Non-interest income: |  |  |  |  |  |
Loan servicing and other fees | 279 |  | 29 |  | 308 |
(Loss) gain on sale of loans, net | (619 | ) | 13,792 |  | 13,173 |
Deposit account fees | 1,229 |  | - |  | 1,229 |
Gain on sale and operations of real estate owned acquired in the settlement of loans, net | 37 |  | 72 |  | 109 |
Card and processing fees | 640 |  | - |  | 640 |
Other | 402 |  | - |  | 402 |
Total non-interest income | 1,968 |  | 13,893 |  | 15,861 |
Non-interest expense: |  |  |  |  |  |
Salaries and employee benefits | 7,453 |  | 9,781 |  | 17,234 |
Premises and occupancy | 1,273 |  | 555 |  | 1,828 |
Operating and administrative expenses | 2,357 |  | 3,358 |  | 5,715 |
Total non-interest expense | 11,083 |  | 13,694 |  | 24,777 |
Income before taxes | 4,292 |  | 2,992 |  | 7,284 |
Provision for income taxes | 1,854 |  | 1,258 |  | 3,112 |
Net income | $ 2,438 |  | $ 1,734 |  | $ 4,172 |
Total assets, end of period | $ 1,076,995 |  | $ 221,564 |  | $ 1,298,559 |
| For the Six Months Ended December 31, 2010
|  | Provident |
| Provident | Bank | Consolidated
| Bank | Mortgage | Totals
Net interest income, before provision for loan losses | $ 17,324 |  | $ 2,196 |  | $ 19,520 |
Provision for loan losses | 1,193 |  | 732 |  | 1,925 |
Net interest income, after provision for loan losses | 16,131 |  | 1,464 |  | 17,595 |
Non-interest income: |  |  |  |  |  |
Loan servicing and other fees | 374 |  | 25 |  | 399 |
(Loss) gain on sale of loans, net | (121 | ) | 18,900 |  | 18,779 |
Deposit account fees | 1,300 |  | - |  | 1,300 |
Loss on sale and operations of real estate owned acquired in the settlement of loans, net | (1,021 | ) | (37 | ) | (1,058 | )
Card and processing fees | 628 |  | - |  | 628 |
Other | 382 |  | 2 |  | 384 |
Total non-interest income | 1,542 |  | 18,890 |  | 20,432 |
Non-interest expense: |  |  |  |  |  |
Salaries and employee benefits | 6,476 |  | 8,466 |  | 14,942 |
Premises and occupancy | 1,156 |  | 468 |  | 1,624 |
Operating and administrative expenses | 3,210 |  | 2,776 |  | 5,986 |
Total non-interest expense | 10,842 |  | 11,710 |  | 22,552 |
Income before taxes | 6,831 |  | 8,644 |  | 15,475 |
Provision for income taxes | 3,057 |  | 3,634 |  | 6,691 |
Net income | $ 3,774 |  | $ 5,010 |  | $ 8,784 |
Total assets, end of period | $ 1,203,862 |  | $ 154,224 |  | $ 1,358,086 |

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