XML 27 R11.htm IDEA: XBRL DOCUMENT

Operating Segment Reports

3 Months Ended

Mar. 31, 2012

Operating Segment Reports [Abstract]

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 March 31, 2012 and 2011, respectively (in thousands).

	For the Quarter Ended March 31, 2012
			Provident
	Provident		Bank		Consolidated
	Bank		Mortgage		Totals

Net interest income, before provision for loan losses	$ 7,505		$ 1,471		$ 8,976
Provision (recovery) for loan losses	1,763		(141	)	1,622
Net interest income, after provision for loan losses	5,742		1,612		7,354

Non-interest income:
Loan servicing and other fees	196		60		256
(Loss) gain on sale of loans, net	(412	)	10,550		10,138
Deposit account fees	609		-		609
Loss on sale and operations of real estate owned acquired in the settlement of loans, net	(215	)	-		(215	)
Card and processing fees	306		-		306
Other	215		-		215
Total non-interest income	699		10,610		11,309

Non-interest expense:
Salaries and employee benefits	4,155		6,194		10,349
Premises and occupancy	557		358		915
Operating and administrative expenses	1,456		1,877		3,333
Total non-interest expense	6,168		8,429		14,597
Income before income taxes	273		3,793		4,066
Provision for income taxes	139		1,595		1,734
Net income	$ 134		$ 2,198		$ 2,332
Total assets, end of period	$ 1,106,673		$ 180,290		$ 1,286,963

	For the Quarter Ended March 31, 2011
			Provident
	Provident		Bank		Consolidated
	Bank		Mortgage		Totals

Net interest income, before provision for loan losses	$ 8,266		$ 906		$ 9,172
Provision for loan losses	1,080		1,613		2,693
Net interest income (expense), after provision for loan losses	7,186		(707	)	6,479

Non-interest income:
Loan servicing and other fees	283		15		298
Gain on sale of loans, net	4		6,676		6,680
Deposit account fees	633		-		633
Loss on sale and operations of real estate owned acquired in the settlement of loans, net	(501	)	(49	)	(550	)
Gain on sale of premises and equipment	1,086		-		1,086
Card and processing fees	312		-		312
Other	205		-		205
Total non-interest income	2,022		6,642		8,664

Non-interest expense:
Salaries and employee benefits	3,636		3,534		7,170
Premises and occupancy	546		240		786
Operating and administrative expenses	1,586		1,470		3,056
Total non-interest expense	5,768		5,244		11,012
Income before income taxes	3,440		691		4,131
Provision for income taxes	1,505		291		1,796
Net income	$ 1,935		$ 400		$ 2,335
Total assets, end of period	$ 1,194,594		$ 144,437		$ 1,339,031

The following tables set forth condensed consolidated statements of operations and total assets for the Corporation’s operating segments for the nine months ended March 31, 2012 and 2011, respectively (in thousands).

	For the Nine Months Ended March 31, 2012
			Provident
	Provident		Bank	Consolidated
	Bank		Mortgage	Totals

Net interest income, before provision for loan losses	$ 22,703		$ 4,577	$ 27,280
Provision for loan losses	3,554		172	3,726
Net interest income, after provision for loan losses	19,149		4,405	23,554

Non-interest income:
Loan servicing and other fees	475		89	564
(Loss) gain on sale of loans, net	(1,031	)	24,342	23,311
Deposit account fees	1,838		-	1,838
(Loss) gain on sale and operations of real estate owned acquired in the settlement of loans, net	(178	)	72	(106	)
Card and processing fees	946		-	946
Other	617		-	617
Total non-interest income	2,667		24,503	27,170

Non-interest expense:
Salaries and employee benefits	11,608		15,975	27,583
Premises and occupancy	1,830		913	2,743
Operating and administrative expenses	3,813		5,235	9,048
Total non-interest expense	17,251		22,123	39,374
Income before taxes	4,565		6,785	11,350
Provision for income taxes	1,993		2,853	4,846
Net income	$ 2,572		$ 3,932	$ 6,504
Total assets, end of period	$ 1,106,673		$ 180,290	$ 1,286,963

	For the Nine Months Ended March 31, 2011
			Provident
	Provident		Bank		Consolidated
	Bank		Mortgage		Totals

Net interest income, before provision for loan losses	$ 25,590		$ 3,102		$ 28,692
Provision for loan losses	2,273		2,345		4,618
Net interest income, after provision for loan losses	23,317		757		24,074

Non-interest income:
Loan servicing and other fees	657		40		697
(Loss) gain on sale of loans, net	(117	)	25,576		25,459
Deposit account fees	1,933		-		1,933
Loss on sale and operations of real estate owned acquired in the settlement of loans, net	(1,522	)	(86	)	(1,608	)
Gain on sale of premises and equipment	1,086		-		1,086
Card and processing fees	940		-		940
Other	587		2		589
Total non-interest income	3,564		25,532		29,096

Non-interest expense:
Salaries and employee benefits	10,112		12,000		22,112
Premises and occupancy	1,702		708		2,410
Operating and administrative expenses	4,796		4,246		9,042
Total non-interest expense	16,610		16,954		33,564
Income before taxes	10,271		9,335		19,606
Provision for income taxes	4,562		3,925		8,487
Net income	$ 5,709		$ 5,410		$ 11,119
Total assets, end of period	$ 1,194,594		$ 144,437		$ 1,339,031