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Operating Segment Reports
 3 Months Ended
Sep. 30, 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 ended September 30, 2016 and 2015, respectively.
 
For the Quarter Ended September 30, 2016
(In Thousands)
Provident
Bank
Provident
Bank
Mortgage
Consolidated
Totals
Net interest income
$
7,575

$
1,513

$
9,088

Provision (recovery) for loan losses
36

(186
)
(150
)
Net interest income, after provision (recovery) for loan losses
7,539

1,699

9,238

 
 
 
 
Non-interest income:
 
 
 
     Loan servicing and other fees (1)
69

198

267

     Gain on sale of loans, net (2)
1

7,995

7,996

Deposit account fees
550

—

550

     (Loss) gain on sale and operations of real estate owned
        acquired in the settlement of loans, net
(105
)
2

(103
)
Card and processing fees
364

—

364

Other
178

—

178

Total non-interest income
1,057

8,195

9,252

 
 
 
 
Non-interest expense:
 
 
 
Salaries and employee benefits
4,894

6,420

11,314

Premises and occupancy
856

433

1,289

Operating and administrative expenses
1,147

1,882

3,029

Total non-interest expense
6,897

8,735

15,632

Income before income taxes
1,699

1,159

2,858

Provision for income taxes
777

487

1,264

Net income
$
922

$
672

$
1,594

Total assets, end of period
$
977,964

$
264,550

$
1,242,514


(1) 
Includes an inter-company charge of $95 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 $59 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, 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.