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Operating Segment Reports
 9 Months Ended
Mar. 31, 2016
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, 2016 and 2015, respectively.
 
For the Quarter Ended March 31, 2016
(In Thousands)
Provident
Bank
Provident
Bank
Mortgage
Consolidated
Totals
Net interest income
$
6,915

$
997

$
7,912

Recovery from the allowance for loan losses
(690
)
(4
)
(694
)
Net interest income, after recovery from the allowance for loan losses
7,605

1,001

8,606

 
 
 
 
Non-interest income:
 
 
 
     Loan servicing and other fees (1)
126

257

383

     Gain on sale of loans, net (2)
34

7,111

7,145

Deposit account fees
590

—

590

     Loss on sale and operations of real estate owned
        acquired in the settlement of loans, net
(231
)
(45
)
(276
)
Card and processing fees
355

—

355

Other
227

—

227

Total non-interest income
1,101

7,323

8,424

 
 
 
 
Non-interest expense:
 
 
 
Salaries and employee benefits
4,761

5,869

10,630

Premises and occupancy
720

426

1,146

Operating and administrative expenses
1,232

1,477

2,709

Total non-interest expense
6,713

7,772

14,485

Income before income taxes
1,993

552

2,545

Provision for income taxes
819

232

1,051

Net income
$
1,174

$
320

$
1,494

Total assets, end of period
$
989,538

$
184,213

$
1,173,751


(1) 
Includes an inter-company charge of $135 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 $53 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, 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 Nine Months Ended March 31, 2016
(In Thousands)
Provident
Bank
Provident
Bank
Mortgage
Consolidated
Totals
Net interest income
$
20,519

$
3,048

$
23,567

Recovery from the allowance for loan losses
(1,031
)
(63
)
(1,094
)
Net interest income, after recovery from the allowance for loan losses
21,550

3,111

24,661

 
 
 
 
Non-interest income:
 
 
 
     Loan servicing and other fees (1)
458

342

800

     Gain on sale of loans, net (2)
34

22,079

22,113

Deposit account fees
1,790

—

1,790

     Gain (loss) on sale and operations of real estate owned
        acquired in the settlement of loans, net
28

(40
)
(12
)
Card and processing fees
1,069

—

1,069

Other
711

—

711

Total non-interest income
4,090

22,381

26,471

 
 
 
 
Non-interest expense:
 
 
 
Salaries and employee benefits
13,569

17,824

31,393

Premises and occupancy
2,164

1,260

3,424

Operating and administrative expenses
3,467

4,420

7,887

Total non-interest expense
19,200

23,504

42,704

Income before income taxes
6,440

1,988

8,428

Provision for income taxes
2,673

836

3,509

Net income
$
3,767

$
1,152

$
4,919

Total assets, end of period
$
989,538

$
184,213

$
1,173,751


(1) 
Includes an inter-company charge of $303 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 $352 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.