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Operating Segment Reports
 3 Months Ended
Sep. 30, 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 ended September 30, 2015 and 2014, respectively.
 
For the Quarter Ended September 30, 2015
(In Thousands)
Provident
Bank
Provident
Bank
Mortgage
Consolidated
Totals
Net interest income
$
6,903

$
1,163

$
8,066

Provision (recovery) for loan losses
12

(50
)
(38
)
Net interest income, after provision (recovery) for loan losses
6,891

1,213

8,104

 
 
 
 
Non-interest income:
 
 
 
     Loan servicing and other fees (1)
144

(33
)
111

     Gain on sale of loans, net (2)
1

8,923

8,924

Deposit account fees
610

—

610

     Gain on sale and operations of real estate owned
        acquired in the settlement of loans, net
224

5

229

Card and processing fees
362

—

362

Other
213

—

213

Total non-interest income
1,554

8,895

10,449

 
 
 
 
Non-interest expense:
 
 
 
Salaries and employee benefits
4,553

6,239

10,792

Premises and occupancy
696

412

1,108

Operating and administrative expenses
989

1,471

2,460

Total non-interest expense
6,238

8,122

14,360

Income before income taxes
2,207

1,986

4,193

Provision for income taxes
915

835

1,750

Net income
$
1,292

$
1,151

$
2,443

Total assets, end of period
$
1,013,345

$
163,892

$
1,177,237


(1) 
Includes an inter-company charge of $65 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 $108 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 September 30, 2014
(In Thousands)
Provident
Bank
Provident
Bank
Mortgage
Consolidated
Totals
Net interest income
$
6,895

$
1,042

$
7,937

(Recovery) provision for loan losses
(890
)
72

(818
)
Net interest income after (recovery) provision for loan losses
7,785

970

8,755

 
 
 
 
Non-interest income:
 
 
 
     Loan servicing and other fees (1)
8

260

268

     Gain on sale of loans, net (2)
71

7,581

7,652

Deposit account fees
626

—

626

     Loss on sale and operations of real estate owned
        acquired in the settlement of loans, net
(19
)
—

(19
)
Card and processing fees
356

—

356

Other
227

—

227

Total non-interest income
1,269

7,841

9,110

 
 
 
 
Non-interest expense:
 
 
 
Salaries and employee benefits
4,267

5,314

9,581

Premises and occupancy
872

476

1,348

Operating and administrative expenses
1,156

1,654

2,810

Total non-interest expense
6,295

7,444

13,739

Income before income taxes
2,759

1,367

4,126

Provision for income taxes
1,167

569

1,736

Net income
$
1,592

$
798

$
2,390

Total assets, end of period
$
925,881

$
180,973

$
1,106,854


(1) 
Includes an inter-company charge of $158 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 $14 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis.