XML 31 R10.htm IDEA: XBRL DOCUMENT

Operating Segment Reports

3 Months Ended

Dec. 31, 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 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