XML 30 R20.htm IDEA: XBRL DOCUMENT
v3.20.2

Employee Stock Ownership Plan | 9 Months Ended
--- | ---
Sep. 30, 2020
Employee Stock Ownership Plan [Abstract] |
Employee Stock Ownership Plan | (11) Employee Stock Ownership Plan Old Provident established an ESOP to provide eligible employees the opportunity to own Old Provident stock. The plan is a tax-qualified plan for the benefit of all Bank employees. Contributions are allocated to eligible participants on the basis of compensation, subject to federal tax law limits. The ESOP acquired 721,876 shares in Old Provident’s initial stock offering with the proceeds of a loan totaling $3.6 million. The loan was payable annually over 15 years at a rate per annum equal to the prime rate. In conjunction with the Conversion, the Company refinanced the original loan to the ESOP with an additional $8.2 million payable over 15 years at a rate per annum equal to the prime rate (4.75% as December 31, 2019) to acquire an additional 816,992 shares at $10.00 per share, representing 8% of the shares sold in the Company’s second-step offering. After the Conversion, the unallocated shares had an average price of $8.20 per share. Shares used as collateral to secure the loan are released and available for allocation to eligible employees as the principal and interest on the loan is paid. The number of shares committed to be released per year through 2033 is 89,757. Shares held by the ESOP include the following:
| September 30, 2020 |  | December 31, 2019
Allocated |  | 282,256 |  |  | 192,499
Committed to be allocated |  | 67,318 |  |  | 89,757
Unallocated |  | 1,189,294 |  |  | 1,256,612
Total |  | 1,538,868 |  |  | 1,538,868
The fair value of unallocated shares was approximately $9.4 million at September 30, 2020. Share amounts related to periods prior to the date of the Conversion (October 16, 2019) have been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (2.0212-to-one). Total compensation expense recognized in connection with the ESOP for the three months ended September 30, 2020 and 2019 was $177,000 and $159,000, respectively. Total compensation expense recognized for the nine months ended September 30, 2020 and 2019 was $621,000 and $440,000 respectively.

X
- Definition Employee Stock Ownership Plan [Abstract] + References No definition available. + Details
Name: | pvbc_EmployeeStockOwnershipPlanAbstract
Namespace Prefix: | pvbc_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of the details pertaining to each employee stock ownership plan. + References No definition available. + Details
Name: | pvbc_EmployeeStockOwnershipPlanEsopDisclosuresTextBlock
Namespace Prefix: | pvbc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration