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Operating Segment Reports
 6 Months Ended
Dec. 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 and six months ended December 31, 2013 and 2012, respectively.

 
For the Quarter Ended December 31, 2013
(In Thousands)
Provident
Bank
Provident
Bank
Mortgage
Consolidated
Totals
Net interest income
$
6,671

$
984

$
7,655

Recovery for loan losses
(876
)
(22
)
(898
)
Net interest income, after recovery for loan losses
7,547

1,006

8,553

 
 
 
 
Non-interest income:
 
 
 
     Loan servicing and other fees (1)
210

121

331

     Gain on sale of loans, net (2)
86

5,646

5,732

Deposit account fees
619

—

619

     Loss on sale and operations of real estate
        owned acquired in the settlement of loans, net
(82
)
—

(82
)
Card and processing fees
317

—

317

Other
227

—

227

Total non-interest income
1,377

5,767

7,144

 
 
 
 
Non-interest expense:
 
 
 
Salaries and employee benefits
3,600

5,312

8,912

Premises and occupancy
630

474

1,104

Operating and administrative expenses
1,056

1,799

2,855

Total non-interest expense
5,286

7,585

12,871

Income (loss) before income taxes
3,638

(812
)
2,826

Provision (benefit) for income taxes
1,564

(341
)
1,223

Net income (loss)
$
2,074

$
(471
)
$
1,603

Total assets, end of period
$
1,003,275

$
130,787

$
1,134,062


(1) 
Includes an inter-company charge of $5 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 $39 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 December 31, 2012
(In Thousands)
Provident
Bank
Provident
Bank
Mortgage
Consolidated
Totals
Net interest income
$
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


(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.

 
For the Six Months Ended December 31, 2013
 
Provident
Bank
Provident
Bank
Mortgage
Consolidated
Totals
Net interest income
$
13,238

$
2,378

$
15,616

(Recovery) provision for loan losses
(1,859
)
19

(1,840
)
Net interest income, after (recovery) provision for loan losses
15,097

2,359

17,456

 
 
 
 
Non-interest income:
 
 
 
     Loan servicing and other fees (1)
344

182

526

     Gain on sale of loans, net (2)
323

12,163

12,486

Deposit account fees
1,240

—

1,240

     (Loss) gain on sale and operations of real estate owned
        acquired in the settlement of loans, net
(31
)
1

(30
)
Card and processing fees
661

—

661

Other
444

—

444

Total non-interest income
2,981

12,346

15,327

 
 
 
 
Non-interest expense:
 
 
 
Salaries and employee benefits
7,555

11,809

19,364

Premises and occupancy
1,313

950

2,263

Operating and administrative expenses
2,070

3,704

5,774

Total non-interest expense
10,938

16,463

27,401

Income (loss) before taxes
7,140

(1,758
)
5,382

Provision (benefit) for income taxes
3,005

(739
)
2,266

Net income (loss)
$
4,135

$
(1,019
)
$
3,116

Total assets, end of period
$
1,003,275

$
130,787

$
1,134,062


(1)
Includes an inter-company charge of $13 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 $46 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 Six Months Ended December 31, 2012
 
Provident
Bank
Provident
Bank
Mortgage
Consolidated
Totals
Net interest income
$
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 (1)
650

70

720

     (Loss) gain on sale of loans, net (2)
(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


(1)
Includes an inter-company charge of $27 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 $66 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis.