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Operating Segment Reports
 6 Months Ended
Dec. 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 six months ended December 31, 2015 and 2014, respectively.
 
For the Quarter Ended December 31, 2015
(In Thousands)
Provident
Bank
Provident
Bank
Mortgage
Consolidated
Totals
Net interest income
$
6,701

$
888

$
7,589

Recovery from the allowance for loan losses
(353
)
(9
)
(362
)
Net interest income, after recovery from the allowance for loan losses
7,054

897

7,951

 
 
 
 
Non-interest income:
 
 
 
     Loan servicing and other fees (1)
188

118

306

     (Loss) gain on sale of loans, net (2)
(1
)
6,045

6,044

Deposit account fees
590

—

590

     Gain on sale and operations of real estate owned
        acquired in the settlement of loans, net
35

—

35

Card and processing fees
352

—

352

Other
271

—

271

Total non-interest income
1,435

6,163

7,598

 
 
 
 
Non-interest expense:
 
 
 
Salaries and employee benefits
4,255

5,716

9,971

Premises and occupancy
748

422

1,170

Operating and administrative expenses
1,246

1,472

2,718

Total non-interest expense
6,249

7,610

13,859

Income (loss) before income taxes
2,240

(550
)
1,690

Provision (benefit) for income taxes
939

(231
)
708

Net income (loss)
$
1,301

$
(319
)
$
982

Total assets, end of period
$
988,323

$
176,219

$
1,164,542


(1) 
Includes an inter-company charge of $103 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 $191 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, 2014
(In Thousands)
Provident
Bank
Provident
Bank
Mortgage
Consolidated
Totals
Net interest income
$
6,925

$
1,185

$
8,110

(Recovery) provision for loan losses
(373
)
19

(354
)
Net interest income after (recovery) provision for loan losses
7,298

1,166

8,464

 
 
 
 
Non-interest income:
 
 
 
     Loan servicing and other fees (1)
85

206

291

     Gain on sale of loans, net (2)
75

7,967

8,042

Deposit account fees
604

—

604

     Loss on sale and operations of real estate owned
        acquired in the settlement of loans, net
(50
)
(1
)
(51
)
Card and processing fees
336

—

336

Other
275

—

275

Total non-interest income
1,325

8,172

9,497

 
 
 
 
Non-interest expense:
 
 
 
Salaries and employee benefits
4,528

5,422

9,950

Premises and occupancy
716

434

1,150

Operating and administrative expenses
1,093

1,719

2,812

Total non-interest expense
6,337

7,575

13,912

Income before income taxes
2,286

1,763

4,049

Provision for income taxes
988

733

1,721

Net income
$
1,298

$
1,030

$
2,328

Total assets, end of period
$
883,665

$
228,725

$
1,112,390


(1) 
Includes an inter-company charge of $144 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 $61 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, 2015
(In Thousands)
Provident
Bank
Provident
Bank
Mortgage
Consolidated
Totals
Net interest income
$
13,604

$
2,051

$
15,655

Recovery from the allowance for loan losses
(341
)
(59
)
(400
)
Net interest income, after recovery from the allowance for loan losses
13,945

2,110

16,055

 
 
 
 
Non-interest income:
 
 
 
     Loan servicing and other fees (1)
332

85

417

     Gain on sale of loans, net (2)
—

14,968

14,968

Deposit account fees
1,200

—

1,200

     Gain on sale and operations of real estate owned
        acquired in the settlement of loans, net
259

5

264

Card and processing fees
714

—

714

Other
484

—

484

Total non-interest income
2,989

15,058

18,047

 
 
 
 
Non-interest expense:
 
 
 
Salaries and employee benefits
8,808

11,955

20,763

Premises and occupancy
1,444

834

2,278

Operating and administrative expenses
2,235

2,943

5,178

Total non-interest expense
12,487

15,732

28,219

Income before income taxes
4,447

1,436

5,883

Provision for income taxes
1,854

604

2,458

Net income
$
2,593

$
832

$
3,425

Total assets, end of period
$
988,323

$
176,219

$
1,164,542


(1) 
Includes an inter-company charge of $168 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 $299 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, 2014
(In Thousands)
Provident
Bank
Provident
Bank
Mortgage
Consolidated
Totals
Net interest income
$
13,820

$
2,227

$
16,047

(Recovery) provision for loan losses
(1,263
)
91

(1,172
)
Net interest income, after (recovery) provision for loan losses
15,083

2,136

17,219

 
 
 
 
Non-interest income:
 
 
 
     Loan servicing and other fees (1)
93

466

559

     Gain on sale of loans, net (2)
146

15,548

15,694

Deposit account fees
1,230

—

1,230

     Loss on sale and operations of real estate owned
        acquired in the settlement of loans, net
(69
)
(1
)
(70
)
Card and processing fees
692

—

692

Other
502

—

502

Total non-interest income
2,594

16,013

18,607

 
 
 
 
Non-interest expense:
 
 
 
Salaries and employee benefits
8,795

10,736

19,531

Premises and occupancy
1,588

910

2,498

Operating and administrative expenses
2,249

3,373

5,622

Total non-interest expense
12,632

15,019

27,651

Income before income taxes
5,045

3,130

8,175

Provision for income taxes
2,155

1,302

3,457

Net income
$
2,890

$
1,828

$
4,718

Total assets, end of period
$
883,665

$
228,725

$
1,112,390


(1) 
Includes an inter-company charge of $302 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 $75 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis.