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v3.19.1

Operating Segment Reports (Tables) | 9 Months Ended
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Mar. 31, 2019
Segment Reporting [Abstract] |
Schedule of condensed consolidated statements of operations and total assets for operating segment |
|  | For the Quarter Ended March 31, 2019 |
(In Thousands) |  | Provident Bank |  |  | Provident Bank Mortgage |  |  | Consolidated Totals |
Net interest income |  | $ | 9,431 |  |  | $ | 181 |  |  | $ | 9,612 |
Provision (recovery) for loan losses |  |  | 74 |  |  |  | (70 | ) |  |  | 4 |
Net interest income, after provision (recovery) for loan losses |  |  | 9,357 |  |  |  | 251 |  |  |  | 9,608 |
Non-interest income: |  |  |  |  |  |  |  |  |  |  |  |
Loan servicing and other fees (1) |  |  | 103 |  |  |  | 159 |  |  |  | 262 |
Gain (loss) on sale of loans, net (2) |  |  | (1 | ) |  |  | 1,720 |  |  |  | 1,719 |
Deposit account fees |  |  | 471 |  |  |  | — |  |  |  | 471 |
Gain on sale and operations of real estate owned acquired in the settlement of loans, net |  |  | 2 |  |  |  | — |  |  |  | 2 |
Card and processing fees |  |  | 373 |  |  |  | — |  |  |  | 373 |
Other |  |  | 223 |  |  |  | 2 |  |  |  | 225 |
Total non-interest income |  |  | 1,171 |  |  |  | 1,881 |  |  |  | 3,052 |
Non-interest expense: |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 5,002 |  |  |  | 4,290 |  |  |  | 9,292 |
Premises and occupancy |  |  | 847 |  |  |  | 439 |  |  |  | 1,286 |
Operating and administrative expenses |  |  | 1,314 |  |  |  | 1,108 |  |  |  | 2,422 |
Total non-interest expense |  |  | 7,163 |  |  |  | 5,837 |  |  |  | 13,000 |
Income (loss) before income taxes |  |  | 3,365 |  |  |  | (3,705 | ) |  |  | (340 | )
Provision (benefit) for income taxes |  |  | 907 |  |  |  | (1,096 | ) |  |  | (189 | )
Net income (loss) |  | $ | 2,458 |  |  | $ | (2,609 | ) |  | $ | (151 | )
Total assets, end of period |  | $ | 1,088,716 |  |  | $ | 30,679 |  |  | $ | 1,119,395 |
| (1) | Includes an inter-company charge of $2 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 $17 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, 2018 |
(In Thousands) |  | Provident Bank |  |  | Provident Bank Mortgage |  |  | Consolidated Totals |
Net interest income |  | $ | 8,750 |  |  | $ | 374 |  |  | $ | 9,124 |
Recovery from the allowance for loan losses |  |  | (505 | ) |  |  | — |  |  |  | (505 | )
Net interest income, after recovery from the allowance for loan losses |  |  | 9,255 |  |  |  | 374 |  |  |  | 9,629 |
Non-interest income: |  |  |  |  |  |  |  |  |  |  |  |
Loan servicing and other fees (1) |  |  | 313 |  |  |  | 180 |  |  |  | 493 |
Gain (loss) on sale of loans, net (2) |  |  | (1 | ) |  |  | 3,598 |  |  |  | 3,597 |
Deposit account fees |  |  | 529 |  |  |  | — |  |  |  | 529 |
Loss on sale and operations of real estate owned acquired in the settlement of loans, net |  |  | (19 | ) |  |  | — |  |  |  | (19 | )
Card and processing fees |  |  | 372 |  |  |  | — |  |  |  | 372 |
Other |  |  | 238 |  |  |  | — |  |  |  | 238 |
Total non-interest income |  |  | 1,432 |  |  |  | 3,778 |  |  |  | 5,210 |
Non-interest expense: |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 4,763 |  |  |  | 4,045 |  |  |  | 8,808 |
Premises and occupancy |  |  | 842 |  |  |  | 413 |  |  |  | 1,255 |
Operating and administrative expenses |  |  | 1,050 |  |  |  | 1,326 |  |  |  | 2,376 |
Total non-interest expense |  |  | 6,655 |  |  |  | 5,784 |  |  |  | 12,439 |
Income (loss) before income taxes |  |  | 4,032 |  |  |  | (1,632 | ) |  |  | 2,400 |
Provision (benefit) for income taxes |  |  | 1,252 |  |  |  | (585 | ) |  |  | 667 |
Net income (loss) |  | $ | 2,780 |  |  | $ | (1,047 | ) |  | $ | 1,733 |
Total assets, end of period |  | $ | 1,086,437 |  |  | $ | 90,165 |  |  | $ | 1,176,602 |
| (1) | Includes an inter-company charge of $222 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 $44 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, 2019 |
(In Thousands) |  | Provident Bank |  |  | Provident Bank Mortgage |  |  | Consolidated Totals |
Net interest income |  | $ | 27,956 |  |  | $ | 844 |  |  | $ | 28,800 |
Provision (recovery) for loan losses |  |  | (475 | ) |  |  | 25 |  |  |  | (450 | )
Net interest income, after provision (recovery) for loan losses |  |  | 28,431 |  |  |  | 819 |  |  |  | 29,250 |
Non-interest income: |  |  |  |  |  |  |  |  |  |  |  |
Loan servicing and other fees (1) |  |  | 87 |  |  |  | 776 |  |  |  | 863 |
Gain on sale of loans, net (2) |  |  | 33 |  |  |  | 7,081 |  |  |  | 7,114 |
Deposit account fees |  |  | 1,485 |  |  |  | — |  |  |  | 1,485 |
Loss on sale and operations of real estate owned acquired in the settlement of loans, net |  |  | (4 | ) |  |  | — |  |  |  | (4 | )
Card and processing fees |  |  | 1,163 |  |  |  | — |  |  |  | 1,163 |
Other |  |  | 573 |  |  |  | 2 |  |  |  | 575 |
Total non-interest income |  |  | 3,337 |  |  |  | 7,859 |  |  |  | 11,196 |
Non-interest expense: |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 14,138 |  |  |  | 10,615 |  |  |  | 24,753 |
Premises and occupancy |  |  | 2,652 |  |  |  | 1,253 |  |  |  | 3,905 |
Operating and administrative expenses |  |  | 3,307 |  |  |  | 3,614 |  |  |  | 6,921 |
Total non-interest expense |  |  | 20,097 |  |  |  | 15,482 |  |  |  | 35,579 |
Income (loss) before income taxes |  |  | 11,671 |  |  |  | (6,804 | ) |  |  | 4,867 |
Provision (benefit) for income taxes |  |  | 3,249 |  |  |  | (2,012 | ) |  |  | 1,237 |
Net income (loss) |  | $ | 8,422 |  |  | $ | (4,792 | ) |  | $ | 3,630 |
Total assets, end of period |  | $ | 1,088,716 |  |  | $ | 30,679 |  |  | $ | 1,119,395 |
| (1) | Includes an inter-company charge of $428 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 $37 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, 2018 |
(In Thousands) |  | Provident Bank |  |  | Provident Bank Mortgage |  |  | Consolidated Totals |
Net interest income |  | $ | 25,517 |  |  | $ | 1,476 |  |  | $ | 26,993 |
Recovery from the allowance for loan losses |  |  | (347 | ) |  |  | — |  |  |  | (347 | )
Net interest income, after recovery from the allowance for loan losses |  |  | 25,864 |  |  |  | 1,476 |  |  |  | 27,340 |
Non-interest income: |  |  |  |  |  |  |  |  |  |  |  |
Loan servicing and other fees (1) |  |  | 468 |  |  |  | 705 |  |  |  | 1,173 |
Gain on sale of loans, net (2) |  |  | 21 |  |  |  | 12,740 |  |  |  | 12,761 |
Deposit account fees |  |  | 1,623 |  |  |  | — |  |  |  | 1,623 |
Loss on sale and operations of real estate owned acquired in the settlement of loans, net |  |  | (81 | ) |  |  | — |  |  |  | (81 | )
Card and processing fees |  |  | 1,126 |  |  |  | — |  |  |  | 1,126 |
Other |  |  | 701 |  |  |  | — |  |  |  | 701 |
Total non-interest income |  |  | 3,858 |  |  |  | 13,445 |  |  |  | 17,303 |
Non-interest expense: |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 13,714 |  |  |  | 12,996 |  |  |  | 26,710 |
Premises and occupancy |  |  | 2,491 |  |  |  | 1,338 |  |  |  | 3,829 |
Operating and administrative expenses (3) |  |  | 4,490 |  |  |  | 6,357 |  |  |  | 10,847 |
Total non-interest expense |  |  | 20,695 |  |  |  | 20,691 |  |  |  | 41,386 |
Income (loss) before income taxes |  |  | 9,027 |  |  |  | (5,770 | ) |  |  | 3,257 |
Provision (benefit) for income taxes (4) |  |  | 4,595 |  |  |  | (2,069 | ) |  |  | 2,526 |
Net income (loss) |  | $ | 4,432 |  |  | $ | (3,701 | ) |  | $ | 731 |
Total assets, end of period |  | $ | 1,086,437 |  |  | $ | 90,165 |  |  | $ | 1,176,602 |
| (1) | Includes an inter-company charge of $561 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 $182 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 nine months of fiscal 2018, of which $2.1 million was allocated to PBM.
| (4) | Includes a net tax charge of $1.9 million resulting from the revaluation of net deferred tax assets consistent with the Tax Cuts and Jobs Act for the nine months ended December 31, 2017.

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