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Operating Segment Reports
 9 Months Ended
Mar. 31, 2013
Segment Reporting [Abstract]  
Operating Segment Reports
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, 2013 and 2012, respectively (in thousands).

 
For the Quarter Ended March 31, 2013
 
Provident
Bank
Provident
Bank
Mortgage
Consolidated
Totals
Net interest income, before (recovery) provision for loan losses
$
6,911

$
1,155

$
8,066

(Recovery) provision for loan losses
(533
)
16

(517
)
Net interest income, after (recovery) provision for loan losses
7,444

1,139

8,583

 
 
 
 
Non-interest income:
 
 
 
     Loan servicing and other fees (1)
163

40

203

     (Loss) gain on sale of loans, net (2)
(77
)
13,912

13,835

Deposit account fees
605

—

605

     Gain on sale and operations of real estate
        owned acquired in the settlement of loans, net
11

207

218

Card and processing fees
308

—

308

Other
219

—

219

Total non-interest income
1,229

14,159

15,388

 
 
 
 
Non-interest expense:
 
 
 
Salaries and employee benefits
4,178

7,341

11,519

Premises and occupancy
673

417

1,090

Operating and administrative expenses
1,149

1,971

3,120

Total non-interest expense
6,000

9,729

15,729

Income before income taxes
2,673

5,569

8,242

Provision for income taxes
1,030

2,342

3,372

Net income
$
1,643

$
3,227

$
4,870

Total assets, end of period
$
1,054,837

$
166,646

$
1,221,483


(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 $21 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis.
 
For the Quarter Ended March 31, 2012
 
Provident
Bank
Provident
Bank
Mortgage
Consolidated
Totals
Net interest income, before provision (recovery) for loan losses
$
7,505

$
1,471

$
8,976

Provision (recovery) for loan losses
1,763

(141
)
1,622

Net interest income after provision (recovery) for loan losses
5,742

1,612

7,354

 
 
 
 
Non-interest income:
 
 
 
     Loan servicing and other fees (1)
196

60

256

     (Loss) gain on sale of loans, net (2)
(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
$
1,105,848

$
180,290

$
1,286,138


(1) 
Includes an inter-company charge of $1 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 $22 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis.

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, 2013 and 2012, respectively (in thousands).

 
For the Nine Months Ended March 31, 2013
 
Provident
Bank
Provident
Bank
Mortgage
Consolidated
Totals
Net interest income, before provision (recovery) for loan losses
$
21,388

$
4,386

$
25,774

Provision (recovery) for loan losses
287

(248
)
39

Net interest income, after provision (recovery) for loan losses
21,101

4,634

25,735

 
 
 
 
Non-interest income:
 
 
 
     Loan servicing and other fees (1)
813

110

923

     (Loss) gain on sale of loans, net (2)
(85
)
52,393

52,308

Deposit account fees
1,845

—

1,845

     Gain on sale and operations of real estate owned
        acquired in the settlement of loans, net
672

214

886

Card and processing fees
944

—

944

Other
676

—

676

Total non-interest income
4,865

52,717

57,582

 
 
 
 
Non-interest expense:
 
 
 
Salaries and employee benefits
13,174

24,201

37,375

Premises and occupancy
2,081

1,259

3,340

Operating and administrative expenses
3,429

5,680

9,109

Total non-interest expense
18,684

31,140

49,824

Income before taxes
7,282

26,211

33,493

Provision for income taxes
1,932

11,021

12,953

Net income
$
5,350

$
15,190

$
20,540

Total assets, end of period
$
1,054,837

$
166,646

$
1,221,483


(1) 
Includes an inter-company charge of $38 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 $87 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis.
 
For the Nine Months Ended March 31, 2012
 
Provident
Bank
Provident
Bank
Mortgage
Consolidated
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 (1)
475

89

564

     (Loss) gain on sale of loans, net (2)
(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
$
1,105,848

$
180,290

$
1,286,138


(1) 
Includes an inter-company charge of $1 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 $81 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis.