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Note 4: Operating Segment Reports

3 Months Ended

Dec. 31, 2012

Notes

Note 4: 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, 2012 and 2011, respectively (in thousands).

	For the Quarter Ended December 31, 2012
			Provident
	Provident		Bank		Consolidated
	Bank		Mortgage		Totals
Net interest income, before provision for loan losses	$7,144		$1,628		$8,772
(Recovery) provision for loan losses	(35)		58		23
Net interest income, after (recovery) provision for loan losses	7,179		1,570		8,749
Non-interest income:
Loan servicing and other fees (1)	347		35		382
(Loss) gain on sale of loans, net (2)	(37)		17,915		17,878
Deposit account fees	617		-		617
Gain on sale and operations of real estate
owned acquired in the settlement of loans, net	587		8		595
Card and processing fees	315		-		315
Other	248		-		248
Total non-interest income	2,077		17,958		20,035
Non-interest expense:
Salaries and employee benefits	4,239		8,432		12,671
Premises and occupancy	668		432		1,100
Operating and administrative expenses	1,109		1,889		2,998
Total non-interest expense	6,016		10,753		16,769
Income before income taxes	3,240		8,775		12,015
Provision for income taxes	1,386		3,689		5,075
Net income	$1,854		$5,086		$6,940
Total assets, end of period	$959,612		$288,718		$1,248,330

	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(3)	160		16		176
(Loss) gain on sale of loans, net (4)	(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	$1,076,170		$221,564		$1,297,734

	For the Six Months Ended December 31, 2012
			Provident
	Provident		Bank		Consolidated
	Bank		Mortgage		Totals
Net interest income, before provision for loan losses	$14,477		$3,231		$17,708
Provision (recovery) for loan losses	820		(264)		556
Net interest income, after provision (recovery) for loan losses	13,657		3,495		17,152
Non-interest income:
Loan servicing and other fees (5)	650		70		720
(Loss) gain on sale of loans, net (6)	(8)		38,481		38,473
Deposit account fees	1,240		-		1,240
Gain on sale and operations of real estate
owned acquired in the settlement of loans, net	661		7		668
Card and processing fees	636		-		636
Other	457		-		457
Total non-interest income	3,636		38,558		42,194
Non-interest expense:
Salaries and employee benefits	8,996		16,860		25,856
Premises and occupancy	1,408		842		2,250
Operating and administrative expenses	2,280		3,709		5,989
Total non-interest expense	12,684		21,411		34,095
Income before taxes	4,609		20,642		25,251
Provision for income taxes	902		8,679		9,581
Net income	$3,707		$11,963		$15,670
Total assets, end of period	$959,612		$288,718		$1,248,330

	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 (7)	279		29		308
(Loss) gain on sale of loans, net (8)	(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	$1,076,170		$221,564		$1,297,734

⁽¹⁾       Includes an inter-company charge of $11 credited to PBM by the Bank during the period to compensate PBM for originating loans held for investment.

⁽²⁾       Includes an inter-company charge of $25 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis. 

⁽³⁾       There was no inter-company charge credited to PBM by the Bank during the period to compensate PBM for originating loans held for investment

⁽⁴⁾       Includes an inter-company charge of $26 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis. 

⁽⁵⁾       There an inter-company charge of $27 credited to PBM by the Bank during the period to compensate PBM for originating loans held for investment

⁽⁶⁾       Includes an inter-company charge of $66 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis. 

⁽⁷⁾       There was no inter-company charge credited to PBM by the Bank during the period to compensate PBM for originating loans held for investment

⁽⁸⁾       Includes an inter-company charge of $59 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis. 

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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.

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