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Operating Segment Reports | 6 Months Ended
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Dec. 31, 2018
Segment Reporting [Abstract] |
Operating Segment Reports | Note 4: 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, 2018 and 2017, respectively.
|  | For the Quarter Ended December 31, 2018 |
(In Thousands) |  | Provident Bank |  |  | Provident Bank Mortgage |  |  | Consolidated Totals |
Net interest income |  | $ | 9,525 |  |  | $ | 306 |  |  | $ | 9,831 |
Recovery from the allowance for loan losses |  |  | (217 | ) |  |  | — |  |  |  | (217 | )
Net interest income, after recovery from the allowance for loan losses |  |  | 9,742 |  |  |  | 306 |  |  |  | 10,048 |
Non-interest income: |  |  |  |  |  |  |  |  |  |  |  |
Loan servicing and other fees (1) |  |  | (149 | ) |  |  | 426 |  |  |  | 277 |
Gain on sale of loans, net (2) |  |  | — |  |  |  | 2,263 |  |  |  | 2,263 |
Deposit account fees |  |  | 509 |  |  |  | — |  |  |  | 509 |
Loss on sale and operations of real estate owned acquired in the settlement of loans, net |  |  | (7 | ) |  |  | — |  |  |  | (7 | )
Card and processing fees |  |  | 392 |  |  |  | — |  |  |  | 392 |
Other |  |  | 161 |  |  |  | — |  |  |  | 161 |
Total non-interest income |  |  | 906 |  |  |  | 2,689 |  |  |  | 3,595 |
Non-interest expense: |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 4,300 |  |  |  | 2,911 |  |  |  | 7,211 |
Premises and occupancy |  |  | 897 |  |  |  | 377 |  |  |  | 1,274 |
Operating and administrative expenses |  |  | 1,067 |  |  |  | 1,323 |  |  |  | 2,390 |
Total non-interest expense |  |  | 6,264 |  |  |  | 4,611 |  |  |  | 10,875 |
Income (loss) before income taxes |  |  | 4,384 |  |  |  | (1,616 | ) |  |  | 2,768 |
Provision (benefit) for income taxes |  |  | 1,287 |  |  |  | (477 | ) |  |  | 810 |
Net income (loss) |  | $ | 3,097 |  |  | $ | (1,139 | ) |  | $ | 1,958 |
Total assets, end of period |  | $ | 1,069,379 |  |  | $ | 57,791 |  |  | $ | 1,127,170 |
(1) | Includes an inter-company charge of $258 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 $14 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, 2017 |
(In Thousands) |  | Provident Bank |  |  | Provident Bank Mortgage |  |  | Consolidated Totals |
Net interest income |  | $ | 8,217 |  |  | $ | 534 |  |  | $ | 8,751 |
Recovery from the allowance for loan losses |  |  | (11 | ) |  |  | — |  |  |  | (11 | )
Net interest income, after recovery from the allowance for loan losses |  |  | 8,228 |  |  |  | 534 |  |  |  | 8,762 |
Non-interest income: |  |  |  |  |  |  |  |  |  |  |  |
Loan servicing and other fees (1) |  |  | 108 |  |  |  | 209 |  |  |  | 317 |
Gain on sale of loans, net (2) |  |  | 22 |  |  |  | 4,295 |  |  |  | 4,317 |
Deposit account fees |  |  | 536 |  |  |  | — |  |  |  | 536 |
Loss on sale and operations of real estate owned acquired in the settlement of loans, net |  |  | (22 | ) |  |  | — |  |  |  | (22 | )
Card and processing fees |  |  | 373 |  |  |  | — |  |  |  | 373 |
Other |  |  | 220 |  |  |  | — |  |  |  | 220 |
Total non-interest income |  |  | 1,237 |  |  |  | 4,504 |  |  |  | 5,741 |
Non-interest expense: |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 4,449 |  |  |  | 4,184 |  |  |  | 8,633 |
Premises and occupancy |  |  | 822 |  |  |  | 438 |  |  |  | 1,260 |
Operating and administrative expenses (3) |  |  | 1,189 |  |  |  | 2,131 |  |  |  | 3,320 |
Total non-interest expense |  |  | 6,460 |  |  |  | 6,753 |  |  |  | 13,213 |
Income (loss) before income taxes |  |  | 3,005 |  |  |  | (1,715 | ) |  |  | 1,290 |
Provision (benefit) for income taxes (4) |  |  | 2,532 |  |  |  | (465 | ) |  |  | 2,067 |
Net income (loss) |  | $ | 473 |  |  | $ | (1,250 | ) |  | $ | (777 | )
Total assets, end of period |  | $ | 1,065,204 |  |  | $ | 96,927 |  |  | $ | 1,162,131 |
(1) | Includes an inter-company charge of $99 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 $79 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis.
(3) | Includes $650,000 of litigation settlement expense for the second quarter of fiscal 2018, all of which was allocated to PBM.
(4) | Includes a net tax charge of $1.8 million resulting from the revaluation of net deferred tax assets consistent with the Tax Cuts and Jobs Act for the quarter ended December 31, 2017.
|  | For the Six Months Ended December 31, 2018
(In Thousands) |  | Provident Bank |  |  | Provident Bank Mortgage |  |  | Consolidated Totals |
Net interest income |  | $ | 18,525 |  |  | $ | 663 |  |  | $ | 19,188 |
(Recovery) provision for loan losses |  |  | (549 | ) |  |  | 95 |  |  |  | (454 | )
Net interest income, after (recovery) provision for loan losses |  |  | 19,074 |  |  |  | 568 |  |  |  | 19,642 |
Non-interest income: |  |  |  |  |  |  |  |  |  |  |  |
Loan servicing and other fees (1) |  |  | (16 | ) |  |  | 617 |  |  |  | 601 |
Gain on sale of loans, net (2) |  |  | 34 |  |  |  | 5,361 |  |  |  | 5,395 |
Deposit account fees |  |  | 1,014 |  |  |  | — |  |  |  | 1,014 |
Loss on sale and operations of real estate owned acquired in the settlement of loans, net |  |  | (6 | ) |  |  | — |  |  |  | (6 | )
Card and processing fees |  |  | 790 |  |  |  | — |  |  |  | 790 |
Other |  |  | 350 |  |  |  | — |  |  |  | 350 |
Total non-interest income |  |  | 2,166 |  |  |  | 5,978 |  |  |  | 8,144 |
Non-interest expense: |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 9,136 |  |  |  | 6,325 |  |  |  | 15,461 |
Premises and occupancy |  |  | 1,805 |  |  |  | 814 |  |  |  | 2,619 |
Operating and administrative expenses |  |  | 1,993 |  |  |  | 2,506 |  |  |  | 4,499 |
Total non-interest expense |  |  | 12,934 |  |  |  | 9,645 |  |  |  | 22,579 |
Income (loss) before income taxes |  |  | 8,306 |  |  |  | (3,099 | ) |  |  | 5,207 |
Provision (benefit) for income taxes |  |  | 2,342 |  |  |  | (916 | ) |  |  | 1,426 |
Net income (loss) |  | $ | 5,964 |  |  | $ | (2,183 | ) |  | $ | 3,781 |
Total assets, end of period |  | $ | 1,069,379 |  |  | $ | 57,791 |  |  | $ | 1,127,170 |
(1) | Includes an inter-company charge of $426 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 $20 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, 2017
(In Thousands) |  | Provident Bank |  |  | Provident Bank Mortgage |  |  | Consolidated Totals |
Net interest income |  | $ | 16,767 |  |  | $ | 1,102 |  |  | $ | 17,869 |
Provision for loan losses |  |  | 158 |  |  |  | — |  |  |  | 158 |
Net interest income, after provision for loan losses |  |  | 16,609 |  |  |  | 1,102 |  |  |  | 17,711 |
Non-interest income: |  |  |  |  |  |  |  |  |  |  |  |
Loan servicing and other fees (1) |  |  | 155 |  |  |  | 525 |  |  |  | 680 |
Gain on sale of loans, net (2) |  |  | 22 |  |  |  | 9,142 |  |  |  | 9,164 |
Deposit account fees |  |  | 1,094 |  |  |  | — |  |  |  | 1,094 |
Loss on sale and operations of real estate owned acquired in the settlement of loans, net |  |  | (62 | ) |  |  | — |  |  |  | (62 | )
Card and processing fees |  |  | 754 |  |  |  | — |  |  |  | 754 |
Other |  |  | 463 |  |  |  | — |  |  |  | 463 |
Total non-interest income |  |  | 2,426 |  |  |  | 9,667 |  |  |  | 12,093 |
Non-interest expense: |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 8,951 |  |  |  | 8,951 |  |  |  | 17,902 |
Premises and occupancy |  |  | 1,649 |  |  |  | 925 |  |  |  | 2,574 |
Operating and administrative expenses (3) |  |  | 3,440 |  |  |  | 5,031 |  |  |  | 8,471 |
Total non-interest expense |  |  | 14,040 |  |  |  | 14,907 |  |  |  | 28,947 |
Income (loss) before income taxes |  |  | 4,995 |  |  |  | (4,138 | ) |  |  | 857 |
Provision (benefit) for income taxes (4) |  |  | 3,343 |  |  |  | (1,484 | ) |  |  | 1,859 |
Net income (loss) |  | $ | 1,652 |  |  | $ | (2,654 | ) |  | $ | (1,002 | )
Total assets, end of period |  | $ | 1,065,204 |  |  | $ | 96,927 |  |  | $ | 1,162,131 |
(1) | Includes an inter-company charge of $339 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 $138 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis.
(3) | Includes $3.4 million of litigation settlement expense for the first six months of fiscal 2018, of which $2.1 million was allocated to PBM.
(4) | Includes a net tax charge of $1.8 million resulting from the revaluation of net deferred tax assets consistent with the Tax Cuts and Jobs Act for the six months ended December 31, 2017.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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