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Operating Segment Reports
 9 Months Ended
Mar. 31, 2017
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, 2017 and 2016, respectively.
 
For the Quarter Ended March 31, 2017
(In Thousands)
Provident
Bank
Provident
Bank
Mortgage
Consolidated
Totals
Net interest income
$
7,940

$
707

$
8,647

Recovery from the allowance for loan losses
(121
)
(44
)
(165
)
Net interest income, after recovery from the allowance for loan losses
8,061

751

8,812

 
 
 
 
Non-interest income:
 
 
 
     Loan servicing and other fees (1)
125

237

362

     Gain on sale of loans, net (2)
1

5,394

5,395

Deposit account fees
562

—

562

     Loss on sale and operations of real estate owned
        acquired in the settlement of loans, net
(68
)
(6
)
(74
)
Card and processing fees
338

—

338

Other
208

—

208

Total non-interest income
1,166

5,625

6,791

 
 
 
 
Non-interest expense:
 
 
 
Salaries and employee benefits
4,662

5,708

10,370

Premises and occupancy
784

457

1,241

Operating and administrative expenses
1,333

824

2,157

Total non-interest expense
6,779

6,989

13,768

Income (loss) before income taxes
2,448

(613
)
1,835

Provision (benefit) for income taxes
948

(258
)
690

Net income (loss)
$
1,500

$
(355
)
$
1,145

Total assets, end of period
$
1,093,715

$
105,730

$
1,199,445


(1) 
Includes an inter-company charge of $173 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 $48 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, 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 Nine Months Ended March 31, 2017
(In Thousands)
Provident
Bank
Provident
Bank
Mortgage
Consolidated
Totals
Net interest income
$
23,336

$
3,484

$
26,820

Recovery from the allowance for loan losses
(431
)
(234
)
(665
)
Net interest income, after recovery from the allowance for loan losses
23,767

3,718

27,485

 
 
 
 
Non-interest income:
 
 
 
     Loan servicing and other fees (1)
444

495

939

     Gain on sale of loans, net (2)
39

19,830

19,869

Deposit account fees
1,664

—

1,664

     Loss on sale and operations of real estate owned
        acquired in the settlement of loans, net
(231
)
(9
)
(240
)
Card and processing fees
1,063

—

1,063

Other
580

—

580

Total non-interest income
3,559

20,316

23,875

 
 
 
 
Non-interest expense:
 
 
 
Salaries and employee benefits
14,198

17,835

32,033

Premises and occupancy
2,432

1,333

3,765

Operating and administrative expenses
3,632

4,638

8,270

Total non-interest expense
20,262

23,806

44,068

Income before income taxes
7,064

228

7,292

Provision for income taxes
2,953

96

3,049

Net income
$
4,111

$
132

$
4,243

Total assets, end of period
$
1,093,715

$
105,730

$
1,199,445


(1) 
Includes an inter-company charge of $396 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 $216 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.