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Operating Segment Reports
 9 Months Ended
Mar. 31, 2015
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 nine months ended March 31, 2015 and 2014, respectively.

 
For the Quarter Ended March 31, 2015
(In Thousands)
Provident
Bank
Provident
Bank
Mortgage
Consolidated
Totals
Net interest income
$
7,023

$
1,355

$
8,378

Provision (recovery) for loan losses
64

(175
)
(111
)
Net interest income, after provision (recovery) for loan losses
6,959

1,530

8,489

 
 
 
 
Non-interest income:
 
 
 
     Loan servicing and other fees (1)
153

111

264

     (Loss) gain on sale of loans, net (2)
(29
)
9,783

9,754

Deposit account fees
607

—

607

     Gain on sale and operations of real estate owned
        acquired in the settlement of loans, net
58

—

58

Card and processing fees
338

—

338

Other
248

—

248

Total non-interest income
1,375

9,894

11,269

 
 
 
 
Non-interest expense:
 
 
 
Salaries and employee benefits
4,743

6,207

10,950

Premises and occupancy
679

427

1,106

Operating and administrative expenses
1,203

1,909

3,112

Total non-interest expense
6,625

8,543

15,168

Income before income taxes
1,709

2,881

4,590

Provision for income taxes
764

1,226

1,990

Net income
$
945

$
1,655

$
2,600

Total assets, end of period
$
906,378

$
307,413

$
1,213,791


(1) 
Includes an inter-company charge of $54 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 $32 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, 2014
(In Thousands)
Provident
Bank
Provident
Bank
Mortgage
Consolidated
Totals
Net interest income
$
6,757

$
693

$
7,450

Recovery from the allowance for loan losses
(707
)
(142
)
(849
)
Net interest income after recovery from the allowance for loan losses
7,464

835

8,299

 
 
 
 
Non-interest income:
 
 
 
     Loan servicing and other fees (1)
40

212

252

     Gain on sale of loans, net (2)
52

5,239

5,291

Deposit account fees
628

—

628

     Gain on sale and operations of real estate owned
        acquired in the settlement of loans, net
45

—

45

Card and processing fees
336

—

336

Other
239

—

239

Total non-interest income
1,340

5,451

6,791

 
 
 
 
Non-interest expense:
 
 
 
Salaries and employee benefits
3,903

4,908

8,811

Premises and occupancy
639

460

1,099

Operating and administrative expenses
1,012

1,631

2,643

Total non-interest expense
5,554

6,999

12,553

Income (loss) before income taxes
3,250

(713
)
2,537

Provision (benefit) for income taxes
1,438

(300
)
1,138

Net income (loss)
$
1,812

$
(413
)
$
1,399

Total assets, end of period
$
1,022,129

$
102,992

$
1,125,121


(1) 
Includes an inter-company charge of $115 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.

 
For the Nine Months Ended March 31, 2015
(In Thousands)
Provident
Bank
Provident
Bank
Mortgage
Consolidated
Totals
Net interest income
$
20,843

$
3,582

$
24,425

Recovery from the allowance for loan losses
(1,199
)
(84
)
(1,283
)
Net interest income, after recovery from the allowance for loan losses
22,042

3,666

25,708

 
 
 
 
Non-interest income:
 
 
 
     Loan servicing and other fees (1)
246

577

823

     Gain on sale of loans, net (2)
117

25,331

25,448

Deposit account fees
1,837

—

1,837

     Loss on sale and operations of real estate owned
        acquired in the settlement of loans, net
(11
)
(1
)
(12
)
Card and processing fees
1,030

—

1,030

Other
750

—

750

Total non-interest income
3,969

25,907

29,876

 
 
 
 
Non-interest expense:
 
 
 
Salaries and employee benefits
13,538

16,943

30,481

Premises and occupancy
2,267

1,337

3,604

Operating and administrative expenses
3,452

5,282

8,734

Total non-interest expense
19,257

23,562

42,819

Income before income taxes
6,754

6,011

12,765

Provision for income taxes
2,919

2,528

5,447

Net income
$
3,835

$
3,483

$
7,318

Total assets, end of period
$
906,378

$
307,413

$
1,213,791


(1) 
Includes an inter-company charge of $356 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 $107 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, 2014
(In Thousands)
Provident
Bank
Provident
Bank
Mortgage
Consolidated
Totals
Net interest income
$
19,995

$
3,071

$
23,066

Recovery from the allowance for loan losses
(2,566
)
(123
)
(2,689
)
Net interest income, after recovery from the allowance for loan losses
22,561

3,194

25,755

 
 
 
 
Non-interest income:
 
 
 
     Loan servicing and other fees (1)
384

394

778

     Gain on sale of loans, net (2)
375

17,402

17,777

Deposit account fees
1,868

—

1,868

     Gain on sale and operations of real estate owned
        acquired in the settlement of loans, net
14

1

15

Card and processing fees
997

—

997

Other
683

—

683

Total non-interest income
4,321

17,797

22,118

 
 
 
 
Non-interest expense:
 
 
 
Salaries and employee benefits
11,458

16,717

28,175

Premises and occupancy
1,952

1,410

3,362

Operating and administrative expenses
3,082

5,335

8,417

Total non-interest expense
16,492

23,462

39,954

Income (loss) before income taxes
10,390

(2,471
)
7,919

Provision (benefit) for income taxes
4,443

(1,039
)
3,404

Net income (loss)
$
5,947

$
(1,432
)
$
4,515

Total assets, end of period
$
1,022,129

$
102,992

$
1,125,121


(1) 
Includes an inter-company charge of $128 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 $68 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis.