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Operating Segment Reports | 9 Months Ended
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Mar. 31, 2019
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 Corporation expects to discontinue the operations of PBM by June 30, 2019. The Corporation estimates that it will incur costs of approximately $3.6 million to $4.0 million to complete the exit during the remainder of fiscal 2019, which amounts include costs for severance, retention, personnel, premises, occupancy, depreciation, and costs related to termination of data processing and other contractual arrangements. As of March 31, 2019, the total costs incurred for both the quarter and nine months ended March 31 2019 were approximately $1.6 million, comprised of 1.5 million in salaries and employee benefits expenses, $81,000 in premises and occupancy expenses and $13,000 in equipment expenses. There were no costs incurred related to the exit prior to the quarter ended March 31, 2019. 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, 2019 and 2018, respectively.
|  | 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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- 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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