PCSB Financial Corporation (the “Company”) (NASDAQ: PCSB), parent
of PCSB Bank (the "Bank"), today announced net income of $2.7
million, or $0.18 per diluted share, for the three months ended
September 30, 2020 compared to $3.0 million, or $0.19 per diluted
share, for the three months ended June 30, 2020 and $2.8 million,
or $0.18 per diluted share, for the three months ended September
30, 2019.
On a non-GAAP basis, which excludes certain
nonrecurring items, the Company recorded adjusted net income of
$2.7 million, or $0.17 per diluted share, for the three months
ended September 30, 2020 compared to adjusted net income of $2.9
million, or $0.19 per diluted share, for the three months ended
June 30, 2020 and $2.4 million, or $0.15 per diluted share, for the
three months ended September 30, 2019. Reconciliations of GAAP to
non-GAAP measures appear at the end of this release.
On October 21, 2020, the Board of Directors
declared a regular quarterly cash dividend of $0.04 per share. The
dividend is payable on or about November 27, 2020 to stockholders
of record as of the close of business on November 13, 2020.
First Quarter
Highlights
- Earnings before income taxes and
provision for loan losses of $3.5 million for the quarter decreased
$556,000 or 13.6% from the linked quarter and $429,000 or 10.8%
from the same quarter last year.
- Net interest income of $11.6
million for the current quarter increased $118,000 or 1.0% from the
linked quarter but decreased $421,000 or 3.5% from the same quarter
last year.
- The net interest margin was 2.69%
for the quarter, a decrease from 2.72% in the linked quarter and
3.03% for the same quarter last year.
- Cost of interest-bearing deposits
was 0.80% for the quarter, a decrease from 0.97% in the linked
quarter and 1.20% for the same quarter last year.
- The efficiency ratio was 70.68% for
the quarter compared to 68.85% for the prior year quarter. The
adjusted efficiency ratio (non-GAAP) was 71.28% for the quarter
compared to 71.80% for the prior year quarter. Reconciliations of
GAAP to non-GAAP measures appear at the end of this release.
- Average loans receivable, excluding
SBA Paycheck Protection Program (“PPP”) loans, of $1.25 billion for
the current quarter, an increase of 6.2% compared to the same
quarter last year.
- Average deposits of $1.39 billion
for the current quarter, an increase of 12.6% compared to the same
quarter last year.
- Non-performing loans decreased $1.3
million year-over-year to $2.1 million, equating to 0.17% of total
net loans receivable as of September 30, 2020.
President’s Comments
“While we navigate through these unprecedented
times there continue to be many challenges facing the country and
the banking industry as a whole,” said Joseph D. Roberto, Chairman,
President and Chief Executive Officer of PCSB Financial
Corporation. “Although the economy appears to be improving it
remains in an uncertain position due to the prolonged pandemic. We
continue to take actions to protect the health and well-being of
our employees and assistance to our customers in addressing their
financial needs. Our credit team has worked closely with those
customers coming off payment deferrals and on a very positive note,
we have currently seen almost 90% of them back to making their full
monthly payments. This leaves less than 2% of the loan portfolio
still in deferral status as of September 30, 2020. However, because
these are still uncertain times we will continue to carefully
monitor those high-risk industry sectors mostly affected by the
pandemic. Additionally, our team will be assisting those small
businesses as they begin the SBA’s loan application forgiveness
process.”
“Meanwhile, we have seen strong deposit growth
over the last two quarters. Our unparalleled customer service has
allowed us to accelerate the growth in our customer base despite
these uncertain economic times, by increasing the depth of our
existing customer relationships, as well as increasing penetration
into our local markets. Expanding the use of electronic and mobile
banking products has enhanced the customer experience and will
position us for more efficient operations going forward.”
“As to our first quarter’s results, adjusted net
income of $2.7 million, which excludes certain nonrecurring items,
shows a slight decrease ($260,000) from the previous quarter which
included an additional $685,000 in swap income; however, it
increased 10% compared to the year-ago period. I am pleased that in
this stressed economic environment core earnings, when you exclude
swap income, increased considerably and remains strong. During the
September quarter we announced that our Board of Directors approved
our third share repurchase program. We believe that our stable
financial performance, high level of capital and strong asset
quality affords us the opportunity to purchase the Company’s stock
at discounted levels, creating additional value for our
shareholders.”
“While the ultimate impact of the pandemic is
difficult to predict, management believes the Company is
well-positioned to weather this crisis and continue to deliver
long-term growth and profitability for our shareholders.”
COVID-19 Response and
Impact
In response to the COVID-19 pandemic, the
Company has been active in providing assistance to our customers,
as well as assessing the risks and potential impact on the
Company’s financial position, including credit quality, earnings
and capital. The following is a summary of these actions through
September 30, 2020:
Loan Payment Deferrals
The COVID-19 pandemic has created extensive
disruptions to the local economy and our customers. Throughout the
pandemic and as of September 30, 2020, the Company has granted loan
payment deferrals for 331 consumer and commercial loans whose
borrowers have demonstrated financial hardship caused by COVID-19
with loan balances totaling $223.4 million. The table below
summarizes the deferrals granted and their status for loans
outstanding as of September 30, 2020 (dollar amounts in
thousands):
|
|
|
|
|
|
|
|
|
Remain on deferral as of 9/30/20 |
|
|
No longer on deferral as of 9/30/2020 |
|
|
|
Number of loans |
|
Recorded Investment |
|
|
Number of loans |
|
Recorded Investment |
|
% of Total Amount Granted Deferral |
|
|
Number of loans |
|
Recorded Investment |
|
% of Total Amount Granted Deferral |
|
% of Loans 30 Days or More Past Due |
|
Consumer |
|
|
109 |
|
$ |
31,235 |
|
|
|
17 |
|
$ |
6,614 |
|
|
21.2 |
% |
|
|
92 |
|
$ |
24,621 |
|
|
78.8 |
% |
|
0.8 |
% |
Commercial |
|
|
210 |
|
|
180,758 |
|
|
|
11 |
|
|
15,140 |
|
|
8.4 |
|
|
|
199 |
|
|
165,618 |
|
|
91.6 |
|
0.3 |
|
Total |
|
|
319 |
|
$ |
211,993 |
|
|
|
28 |
|
$ |
21,754 |
|
|
10.3 |
% |
|
|
291 |
|
$ |
190,239 |
|
|
89.7 |
% |
|
0.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Of the loans still on deferral as of September
30, 2020, $17.4 million are scheduled to resume payments prior to
October 31, 2020, with the remainder scheduled to resume payments
prior to January 31, 2021. As we continue to assess the borrowers’
financial condition and individual circumstances in the coming
weeks and months, additional payment deferrals may be granted.
Risk Assessment and Financial
Impact
Capital
The Company’s capital position is strong. At
September 30, 2020, all of the Bank’s regulatory capital ratios
significantly exceeded well-capitalized standards. Specifically,
the Bank’s Tier 1 Leverage Ratio was 12.41% as of September 30,
2020, which represents approximately 2 ½ times the well-capitalized
regulatory standard of 5%. Additionally, as of September 30, 2020,
PCSB Financial Corporation (parent of PCSB Bank) has $37.3 million
of additional funds that could be contributed to the Bank as
capital, which would result in a proforma Tier 1 Leverage ratio of
14.48%.
Credit Risk
The Company has taken actions to identify,
assess and address its COVID-19-related credit exposure. Many
factors are unknown, including the ultimate impacts of the
government fiscal and monetary stimulus and relief measures,
payment deferral programs, as well as the medium and long-term
impacts COVID-19 may have on our consumer and commercial borrowers,
particularly if negative trends in COVID-19 cases should result in
additional business shutdowns. The following table provides, as of
September 30, 2020, the Company’s commercial and construction loan
exposures to those industries the Company believes to be the most
directly and significantly impacted by the pandemic:
Industry
Sector: |
Total balance outstanding as ofSeptember
30, 2020 (1)(amounts in
thousands) |
|
% of total loans receivable |
|
% secured by real estate collateral |
|
% granted payment deferral
(4) |
|
% remaining on deferral as of 9/30
(4) |
|
Loan-to-Value %
(5) |
|
Retail (2) |
$ |
135,353 |
|
|
11.0 |
% |
|
98.2 |
% |
|
32.9 |
% |
|
- |
% |
|
50.8 |
% |
Mixed-use with retail
component |
|
103,531 |
|
|
8.4 |
|
|
100.0 |
|
|
21.5 |
|
|
- |
|
|
53.0 |
|
Hotels and accommodation services
(3) |
|
32,259 |
|
|
2.6 |
|
|
100.0 |
|
|
31.5 |
|
|
23.7 |
|
|
59.8 |
|
Food service (incl.
restaurants) |
|
26,376 |
|
|
2.1 |
|
|
96.3 |
|
|
65.1 |
|
|
22.9 |
|
|
54.3 |
|
Arts, entertainment and
recreation |
|
10,008 |
|
|
0.8 |
|
|
97.9 |
|
|
29.8 |
|
|
- |
|
|
56.8 |
|
Total |
$ |
307,527 |
|
|
24.9 |
% |
|
98.8 |
% |
|
31.6 |
% |
|
4.5 |
% |
|
53.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes PPP
loans.(2) Includes $74.3 million of loans
supported by properties with credit-rated or anchored
tenants.(3) Includes one construction relationship
with an outstanding balance of $4.8
million.(4) Percentage of total balance
outstanding. All loans remaining on deferral as of September 30,
2020 are secured by real estate, with a weighted average
loan-to-value ratio of 54.3% as of September 30, 2020.
(5) Generally based on collateral values upon
origination. |
|
As of September 30, 2020, the Company had no
exposure to leveraged lending, shared national credits, energy
exploration or credit cards.
Income Statement Summary
Net interest income was $11.6 million for the
quarter ended September 30, 2020, an increase of $118,000, or 1.0%,
compared to the quarter ended June 30, 2020, and a decrease of
$421,000, or 3.5%, compared to the quarter ended September 30,
2019. The decrease in net interest income compared to the prior
year period is primarily the result of a 34 basis point decrease in
net interest margin, partially offset by an increase in average
interest-earning assets of $138.8 million, or 8.7%. The increase in
net interest income compared to the prior quarter is primarily the
result of an increase in average interest-earning assets of $42.3
million, partially offset by a 3 basis point decrease in net
interest margin.
The net interest margin was 2.69% for the
current quarter reflecting decreases of 3 basis points compared to
2.72% in the prior quarter and 34 basis points compared to 3.03% in
the prior year quarter. Despite continued asset growth, along with
a decrease in funding costs, margin compression has resulted from
significant decreases in market interest rates over the past year,
stemming from decreases in the Fed Funds rate in mid-March, which
has disproportionately reduced asset yields. The reduction in
funding costs has continued in the current quarter, however, the
significant increase in cash and cash equivalents, driven by the
significant increase in deposits experienced in the prior quarter,
has resulted in a less profitable asset mix.
The yield on interest-earning assets for the
current quarter was 3.36%, a 16 basis point decrease from the prior
quarter and a 68 basis point decrease from the prior year quarter.
Despite significant loan portfolio growth, decreases in market
interest rates driven most significantly by Fed Funds rate cuts in
mid-March, the origination of lower yielding PPP loans, as well as
the significant increases in liquidity over the last quarter has
decreased asset yields.
The cost of interest-bearing deposits was 0.80%
for the current quarter, a decrease of 17 basis points from 0.97%
in the prior quarter and 40 basis points from 1.20% in the prior
year quarter. In response to the significant decrease in market
interest rates in mid-March, deposit rate reductions were
implemented, the effects of which have been realized in the last
two quarters. At September 30, 2020, the weighted average cost of
interest-bearing deposits was 0.66%. The cost of interest-bearing
liabilities was 0.89% for the current quarter, a decrease of 16
basis points from 1.05% in the prior quarter and 43 basis points
from 1.32% in the prior year quarter. Over the remainder of the
current fiscal year, the Company has $77.5 million of wholesale
funding maturing, including FHLB advances and brokered time
deposits, with a weighted average cost of 2.29%.
The provision for loan losses was $109,000 for
the three months ended September 30, 2020 compared to $335,000 for
the same quarter in 2019. Charge-offs, net of recoveries, were
$76,000 for the three months ended September 30, 2020 compared to
$17,000 for the three months ended June 30, 2020 and $6,000 for the
three months ended September 30, 2019. Non-performing loans as a
percent of total loans receivable was 0.17% as of September 30,
2020, an increase from 0.14% as of June 30, 2020 and a decrease
from 0.29% as of September 30, 2019.
Noninterest income of $594,000 for the three
months ended September 30, 2020 decreased $583,000 compared to the
linked quarter and $171,000 compared to the prior year period. The
decrease compared to the linked quarter was primarily due to a
$685,000 decrease in swap income, partially offset by a $95,000
increase in fees and service charges. The decrease compared to the
prior year period was primarily due to decreases of $80,000 in fees
and service charges, $41,000 in swap income and $47,000 in gains on
the sale of foreclosed real estate. The reduction in fees and
service charge income compared to the prior year quarter was due to
the combined effects of reduced customer transaction activity since
the start of the COVID-19 pandemic and our waiver of certain
overdraft fees, ATM usage fees, wire and CD early
withdrawal fees in response to COVID-19, as required by
emergency regulations promulgated by the New York State Department
of Financial Services. The Company began waiving such fees in
accordance with these regulations on or about March 20, 2020, with
approximately $175,000 in fees waived or lost in the linked
quarter. The Company reinstituted these fees on July 15, 2020,
resulting in the increased fees compared to the linked quarter,
however, we expect to continue to be subject to some level of
reduced customer activity and waivers based on customer-specific
circumstances.
Noninterest expense of $8.6 million for the
three months ended September 30, 2020 increased $91,000 compared to
the linked quarter and decreased $163,000 compared to the same
period in 2019. The increase compared to the linked quarter was
primarily due to increases of $108,000 in salaries and benefits,
$74,000 in communication and data processing and $72,000 in all
other non-interest expenses, partially offset by a $163,000
decrease in professional fees. The decrease compared to the prior
year quarter was caused primarily by decreases of $256,000 in
retirement costs and $65,000 in all other expenses, partially
offset by increases in FDIC insurance premiums of $113,000 and
communications and data processing fees of $45,000. The Bank
applied small bank assessment credits of $98,000 which fully offset
its FDIC assessment for the prior year quarter. All available
credits were applied as of June 30, 2020.
The effective income tax rate was 20.7% for the
three months ended September 30, 2020, as compared to 22.3% for the
three months ended September 30, 2019. The Company expects an
effective tax rate of approximately 22.0% for the year ending June
30, 2021.
Balance Sheet Summary
Total assets were unchanged at $1.79 billion at
September 30, 2020. However, the mix of assets changed due to a
decrease of $33.0 million in net loans receivable, partially offset
by increases of $26.4 million in cash and cash equivalents and $5.3
million in total investment securities. The $33.0 million decrease
in net loans receivable was the result of decreases in commercial
mortgages of $12.9 million, residential mortgages of $10.4 million
and commercial loans of $8.7 million, which included a decrease in
PPP loans of $13.9 million. The increase in cash and cash
equivalents is a result of an increase in deposits and reduced loan
originations experienced during the quarter due to reduced economic
activity resulting from the COVID-19 pandemic.
Total liabilities were unchanged at $1.52
billion at September 30, 2020. However, the mix of liabilities
changed due to a $3.8 million increase in deposits which was
largely offset by a $3.7 million decrease in escrow accounts.
Following a $93.7 million or 7.3% increase in deposits in the
linked quarter, the Company continued to see deposit inflows in the
current quarter, the result of numerous economic trends associated
with COVID-19, including reduced consumer and commercial spending,
and various forms of government stimulus.
Total shareholders’ equity decreased $34,000 to
$273.7 million at September 30, 2020. This decrease was primarily
due to the repurchase of $3.4 million of common stock and $630,000
of cash dividends declared and paid, partially offset by net income
of $2.7 million and $1.1 million of stock-based compensation and
reduction in unearned ESOP shares for plan shares earned during the
period.
At September 30, 2020, the Company’s book value
per share and tangible book value per share were $16.45 and $16.07,
respectively, compared to $16.20 and $15.82, respectively, at June
30, 2020. Reconciliations of book value per share (GAAP measure) to
tangible book value per share (non-GAAP measure) appear at the end
of this release. At September 30, 2020, the Bank was considered
“well capitalized” under applicable regulatory guidelines.
About PCSB Financial Corporation and
PCSB Bank
PCSB Financial Corporation is the bank holding
company for PCSB Bank. PCSB Bank is a New York-chartered commercial
bank that has served the banking needs of its customers in the
Lower Hudson Valley of New York State since 1871. It operates from
its executive offices/headquarters and 15 branch offices located in
Dutchess, Putnam, Rockland and Westchester Counties in New
York.
This News Release contains a number of
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements may
be identified by use of words such as "anticipate," "believe,"
"could," "estimate," "expect," "intend," "may," "outlook," "plan,"
"potential," "predict," "project," "should," "will," "would" and
similar terms and phrases, including references to assumptions.
Forward-looking statements are based upon
various assumptions and analyses made by the Company in light of
management's experience and its perception of historical trends,
current conditions and expected future developments, as well as
other factors it believes are appropriate under the circumstances.
These statements are not guarantees of future performance and are
subject to risks, uncertainties and other factors (many of which
are beyond the Company's control) that could cause actual results
to differ materially from future results expressed or implied by
such forward-looking statements. These factors include, without
limitation, the following: the duration, extent and severity of the
recent COVID-19 pandemic, including its impact on our business and
operations, including the impact of lost fee revenue and operating
expenses, as well as its effect on our customers and issuers of
securities, including their ability to make timely payments on
obligations, service providers and on economies and markets more
generally, the timing and occurrence or non-occurrence of events
may be subject to circumstances beyond the Company’s control; there
may be increases in competitive pressure among financial
institutions or from non-financial institutions; changes in the
interest rate environment may reduce interest margins; changes in
deposit flows, loan demand or real estate values may adversely
affect the Company's business; changes in accounting principles,
policies or guidelines may cause the Company’s financial condition
to be perceived differently; changes in corporate and/or individual
income tax laws may adversely affect the Company's financial
condition or results of operations; general economic conditions,
either nationally or locally in some or all areas in which the
Company conducts business, or conditions in the securities markets
or the banking industry may be less favorable than the Company
currently anticipates; legislation or regulatory changes may
adversely affect the Company’s business; technological changes may
be more difficult or expensive than the Company anticipates;
success or consummation of new business initiatives may be more
difficult or expensive than the Company anticipates; or litigation
or other matters before regulatory agencies, whether currently
existing or commencing in the future, may delay the occurrence or
non-occurrence of events longer than the Company anticipates. The
Company assumes no obligation to update any forward-looking
statements except as may be required by applicable law or
regulation.
Contact: Joseph D.
RobertoChairman, President and Chief Executive
Officer(914) 248-7272
PCSB Financial Corporation and
SubsidiariesConsolidated Balance Sheets
(unaudited)(amounts in thousands, except share and per
share data)
|
|
September 30, |
|
|
June 30, |
|
|
|
2020 |
|
|
2020 |
|
ASSETS |
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
161,387 |
|
|
$ |
135,045 |
|
Federal funds sold |
|
|
1,352 |
|
|
|
1,257 |
|
Cash and cash equivalents |
|
|
162,739 |
|
|
|
136,302 |
|
Held to maturity debt securities, at amortized cost (fair
value of $293,810 and $281,497, respectively) |
|
|
287,370 |
|
|
|
275,772 |
|
Available for sale debt securities, at fair value |
|
|
31,139 |
|
|
|
37,426 |
|
Total investment securities |
|
|
318,509 |
|
|
|
313,198 |
|
Loans receivable, net of allowance for loan losses of $8,672 and
$8,639, respectively |
|
|
1,227,913 |
|
|
|
1,260,947 |
|
Accrued interest receivable |
|
|
6,729 |
|
|
|
6,880 |
|
FHLB stock |
|
|
6,307 |
|
|
|
6,308 |
|
Premises and equipment, net |
|
|
20,195 |
|
|
|
20,853 |
|
Deferred tax asset, net |
|
|
3,400 |
|
|
|
3,129 |
|
Bank-owned life insurance |
|
|
25,151 |
|
|
|
25,019 |
|
Goodwill |
|
|
6,106 |
|
|
|
6,106 |
|
Other intangible assets |
|
|
209 |
|
|
|
229 |
|
Other assets |
|
|
13,817 |
|
|
|
12,958 |
|
Total assets |
|
$ |
1,791,075 |
|
|
$ |
1,791,929 |
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
1,193,168 |
|
|
$ |
1,181,357 |
|
Non interest-bearing deposits |
|
|
183,844 |
|
|
|
191,898 |
|
Total deposits |
|
|
1,377,012 |
|
|
|
1,373,255 |
|
Mortgage escrow funds |
|
|
6,420 |
|
|
|
10,123 |
|
Advances from Federal Home Loan Bank |
|
|
106,056 |
|
|
|
106,089 |
|
Other liabilities |
|
|
27,908 |
|
|
|
28,749 |
|
Total liabilities |
|
|
1,517,396 |
|
|
|
1,518,216 |
|
Commitments and contingencies |
|
|
- |
|
|
|
- |
|
Preferred stock ($0.01 par value, 10,000,000 shares authorized, no
shares issued or outstanding as of September 30, 2020 and June 30,
2020, respectively) |
|
|
- |
|
|
|
- |
|
Common stock ($0.01 par value, 200,000,000 shares authorized,
18,712,295 shares issued as of September 30, 2020 and June 30,
2020, and 16,634,237 and 16,898,137 shares outstanding as of
September 30, 2020 and June 30, 2020, respectively) |
|
|
187 |
|
|
|
187 |
|
Additional paid in capital |
|
|
187,026 |
|
|
|
186,200 |
|
Retained earnings |
|
|
143,386 |
|
|
|
141,288 |
|
Unearned compensation - ESOP |
|
|
(10,901 |
) |
|
|
(11,145 |
) |
Accumulated other comprehensive loss, net of income taxes |
|
|
(6,216 |
) |
|
|
(6,403 |
) |
Treasury stock, at cost (2,078,058 and 1,814,158 shares as of
September 30, 2020 and June 30, 2020, respectively) |
|
|
(39,803 |
) |
|
|
(36,414 |
) |
Total shareholders' equity |
|
|
273,679 |
|
|
|
273,713 |
|
Total liabilities and shareholders' equity |
|
$ |
1,791,075 |
|
|
$ |
1,791,929 |
|
|
|
|
|
|
|
|
|
|
PCSB Financial Corporation and
SubsidiariesConsolidated Statements of Operations
(unaudited)(amounts in thousands, except share and per
share data)
|
|
Three Months Ended |
|
|
|
September 30, |
|
|
|
2020 |
|
|
2019 |
|
Interest and dividend income |
|
|
|
|
|
|
|
|
Loans receivable |
|
$ |
12,547 |
|
|
$ |
13,036 |
|
Investment securities |
|
|
1,856 |
|
|
|
2,692 |
|
Federal funds and other |
|
|
125 |
|
|
|
298 |
|
Total interest and dividend income |
|
|
14,528 |
|
|
|
16,026 |
|
Interest
expense |
|
|
|
|
|
|
|
|
Deposits and escrow interest |
|
|
2,432 |
|
|
|
3,301 |
|
FHLB advances |
|
|
519 |
|
|
|
727 |
|
Total interest expense |
|
|
2,951 |
|
|
|
4,028 |
|
Net interest
income |
|
|
11,577 |
|
|
|
11,998 |
|
Provision for loan losses |
|
|
109 |
|
|
|
335 |
|
Net interest income after
provision for loan losses |
|
|
11,468 |
|
|
|
11,663 |
|
Noninterest
income |
|
|
|
|
|
|
|
|
Fees and service charges |
|
|
322 |
|
|
|
402 |
|
Swap income |
|
|
129 |
|
|
|
170 |
|
Bank-owned life insurance |
|
|
132 |
|
|
|
137 |
|
Other |
|
|
11 |
|
|
|
56 |
|
Total noninterest income |
|
|
594 |
|
|
|
765 |
|
Noninterest
expense |
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
|
5,607 |
|
|
|
5,764 |
|
Occupancy and equipment |
|
|
1,318 |
|
|
|
1,315 |
|
Communications and data
processing |
|
|
576 |
|
|
|
531 |
|
Professional fees |
|
|
400 |
|
|
|
404 |
|
Postage, printing, stationery and
supplies |
|
|
139 |
|
|
|
140 |
|
Advertising |
|
|
100 |
|
|
|
100 |
|
Amortization of intangible
assets |
|
|
20 |
|
|
|
24 |
|
FDIC assessment |
|
|
113 |
|
|
|
- |
|
Other operating expenses |
|
|
351 |
|
|
|
509 |
|
Total noninterest expense |
|
|
8,624 |
|
|
|
8,787 |
|
Net income before income
tax expense |
|
|
3,438 |
|
|
|
3,641 |
|
Income tax expense |
|
|
710 |
|
|
|
812 |
|
Net income |
|
$ |
2,728 |
|
|
$ |
2,829 |
|
Earnings per common
share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.18 |
|
|
$ |
0.18 |
|
Diluted |
|
$ |
0.18 |
|
|
$ |
0.18 |
|
Weighted average common
shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
15,302,838 |
|
|
|
15,979,762 |
|
Diluted |
|
|
15,302,949 |
|
|
|
16,082,276 |
|
|
|
|
|
|
|
|
|
|
PCSB Financial Corporation and
SubsidiariesNet Interest Margin Analysis
(unaudited)(dollar amounts in thousands)
|
Three Months Ended |
|
|
September 30, 2020 |
|
|
June 30, 2020 |
|
|
September 30, 2019 |
|
|
Average Balance |
|
|
Interest / Dividends |
|
|
Average Rate |
|
|
Average Balance |
|
|
Interest / Dividends |
|
|
Average Rate |
|
|
Average Balance |
|
|
Interest / Dividends |
|
|
Average Rate |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable |
$ |
1,252,595 |
|
|
$ |
12,547 |
|
|
|
4.00 |
% |
|
$ |
1,263,600 |
|
|
$ |
12,808 |
|
|
|
4.06 |
% |
|
$ |
1,142,025 |
|
|
$ |
13,036 |
|
|
|
4.56 |
% |
Investment securities |
|
315,292 |
|
|
|
1,856 |
|
|
|
2.35 |
|
|
|
304,383 |
|
|
|
1,896 |
|
|
|
2.49 |
|
|
|
399,190 |
|
|
|
2,692 |
|
|
|
2.70 |
|
Other interest-earning
assets |
|
158,038 |
|
|
|
125 |
|
|
|
0.31 |
|
|
|
115,652 |
|
|
|
117 |
|
|
|
0.41 |
|
|
|
45,914 |
|
|
|
298 |
|
|
|
2.58 |
|
Total interest-earning
assets |
|
1,725,925 |
|
|
|
14,528 |
|
|
|
3.36 |
|
|
|
1,683,635 |
|
|
|
14,821 |
|
|
|
3.52 |
|
|
|
1,587,129 |
|
|
|
16,026 |
|
|
|
4.04 |
|
Non-interest-earning assets |
|
71,926 |
|
|
|
|
|
|
|
|
|
|
|
70,120 |
|
|
|
|
|
|
|
|
|
|
|
70,266 |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
1,797,851 |
|
|
|
|
|
|
|
|
|
|
$ |
1,753,755 |
|
|
|
|
|
|
|
|
|
|
$ |
1,657,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW accounts |
$ |
149,466 |
|
|
|
89 |
|
|
|
0.24 |
|
|
$ |
140,954 |
|
|
|
79 |
|
|
|
0.23 |
|
|
$ |
119,852 |
|
|
|
57 |
|
|
|
0.19 |
|
Money market accounts |
|
250,297 |
|
|
|
238 |
|
|
|
0.38 |
|
|
|
218,023 |
|
|
|
289 |
|
|
|
0.53 |
|
|
|
149,880 |
|
|
|
463 |
|
|
|
1.23 |
|
Savings accounts and escrow |
|
360,091 |
|
|
|
202 |
|
|
|
0.22 |
|
|
|
343,472 |
|
|
|
192 |
|
|
|
0.22 |
|
|
|
362,569 |
|
|
|
232 |
|
|
|
0.25 |
|
Time deposits |
|
443,487 |
|
|
|
1,903 |
|
|
|
1.70 |
|
|
|
470,279 |
|
|
|
2,288 |
|
|
|
1.95 |
|
|
|
459,348 |
|
|
|
2,549 |
|
|
|
2.20 |
|
Total interest-bearing
deposits |
|
1,203,341 |
|
|
|
2,432 |
|
|
|
0.80 |
|
|
|
1,172,728 |
|
|
|
2,848 |
|
|
|
0.97 |
|
|
|
1,091,649 |
|
|
|
3,301 |
|
|
|
1.20 |
|
FHLB advances |
|
106,067 |
|
|
|
519 |
|
|
|
1.94 |
|
|
|
106,099 |
|
|
|
514 |
|
|
|
1.94 |
|
|
|
121,855 |
|
|
|
727 |
|
|
|
2.37 |
|
Total interest-bearing
liabilities |
|
1,309,408 |
|
|
|
2,951 |
|
|
|
0.89 |
|
|
|
1,278,827 |
|
|
|
3,362 |
|
|
|
1.05 |
|
|
|
1,213,504 |
|
|
|
4,028 |
|
|
|
1.32 |
|
Non-interest-bearing
deposits |
|
184,085 |
|
|
|
|
|
|
|
|
|
|
|
176,146 |
|
|
|
|
|
|
|
|
|
|
|
140,627 |
|
|
|
|
|
|
|
|
|
Other non-interest-bearing
liabilities |
|
28,958 |
|
|
|
|
|
|
|
|
|
|
|
23,505 |
|
|
|
|
|
|
|
|
|
|
|
21,211 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
1,522,451 |
|
|
|
|
|
|
|
|
|
|
|
1,478,478 |
|
|
|
|
|
|
|
|
|
|
|
1,375,342 |
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
|
275,400 |
|
|
|
|
|
|
|
|
|
|
|
275,277 |
|
|
|
|
|
|
|
|
|
|
|
282,053 |
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
1,797,851 |
|
|
|
|
|
|
|
|
|
|
$ |
1,753,755 |
|
|
|
|
|
|
|
|
|
|
$ |
1,657,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
11,577 |
|
|
|
|
|
|
|
|
|
|
$ |
11,459 |
|
|
|
|
|
|
|
|
|
|
$ |
11,998 |
|
|
|
|
|
Interest rate spread (1) |
|
|
|
|
|
|
|
|
|
2.47 |
|
|
|
|
|
|
|
|
|
|
|
2.47 |
|
|
|
|
|
|
|
|
|
|
|
2.72 |
|
Net interest margin (2) |
|
|
|
|
|
|
|
|
|
2.69 |
|
|
|
|
|
|
|
|
|
|
|
2.72 |
|
|
|
|
|
|
|
|
|
|
|
3.03 |
|
Average interest-earning assets
to interest-bearing liabilities |
|
131.81 |
% |
|
|
|
|
|
|
|
|
|
|
131.65 |
% |
|
|
|
|
|
|
|
|
|
|
130.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net
interest rate spread represents the difference between the average
yield on average interest-earning assets and the average cost of
average interest-bearing liabilities. |
|
(2) Net interest
margin represents annualized net interest income divided by average
interest-earning assets. |
|
|
|
PCSB Financial Corporation and
SubsidiariesCondensed Financial Information
(unaudited)(amounts in thousands, except per share
data)
|
As of |
|
September 30,2020 |
|
June 30,2020 |
|
March 31,2020 |
|
December 31,2019 |
|
September 30,2019 |
Condensed
Balance Sheets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
162,739 |
|
$ |
136,302 |
|
$ |
84,912 |
|
$ |
62,835 |
|
$ |
37,797 |
Total investment securities |
|
318,509 |
|
|
313,198 |
|
|
309,618 |
|
|
327,835 |
|
|
379,007 |
Loans receivable, net |
|
1,227,913 |
|
|
1,260,947 |
|
|
1,220,682 |
|
|
1,183,740 |
|
|
1,163,254 |
Other assets |
|
81,914 |
|
|
81,482 |
|
|
80,663 |
|
|
74,757 |
|
|
78,550 |
Total assets |
$ |
1,791,075 |
|
$ |
1,791,929 |
|
$ |
1,695,875 |
|
$ |
1,649,167 |
|
$ |
1,658,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits and escrow |
$ |
1,383,432 |
|
$ |
1,383,378 |
|
$ |
1,287,510 |
|
$ |
1,261,663 |
|
$ |
1,241,458 |
Advances from Federal Home Loan
Bank |
|
106,056 |
|
|
106,089 |
|
|
106,121 |
|
|
86,153 |
|
|
111,185 |
Other liabilities |
|
27,908 |
|
|
28,749 |
|
|
29,827 |
|
|
21,512 |
|
|
24,443 |
Total liabilities |
|
1,517,396 |
|
|
1,518,216 |
|
|
1,423,458 |
|
|
1,369,328 |
|
|
1,377,086 |
Total shareholders' equity |
|
273,679 |
|
|
273,713 |
|
|
272,417 |
|
|
279,839 |
|
|
281,522 |
Total liabilities and
shareholders' equity |
$ |
1,791,075 |
|
$ |
1,791,929 |
|
$ |
1,695,875 |
|
$ |
1,649,167 |
|
$ |
1,658,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
September 30,2020 |
|
June 30,2020 |
|
March 31,2020 |
|
December 31,2019 |
|
September 30,2019 |
Condensed
Income Statements |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
14,528 |
|
$ |
14,821 |
|
$ |
15,334 |
|
$ |
15,729 |
|
$ |
16,026 |
Interest expense |
|
2,951 |
|
|
3,362 |
|
|
3,809 |
|
|
4,032 |
|
|
4,028 |
Net interest income |
|
11,577 |
|
|
11,459 |
|
|
11,525 |
|
|
11,697 |
|
|
11,998 |
Provision for loan losses |
|
109 |
|
|
309 |
|
|
2,008 |
|
|
412 |
|
|
335 |
Noninterest income |
|
594 |
|
|
1,177 |
|
|
580 |
|
|
547 |
|
|
765 |
Noninterest expense |
|
8,624 |
|
|
8,533 |
|
|
8,520 |
|
|
8,794 |
|
|
8,787 |
Income before income tax
expense |
|
3,438 |
|
|
3,794 |
|
|
1,577 |
|
|
3,038 |
|
|
3,641 |
Income tax expense |
|
710 |
|
|
834 |
|
|
360 |
|
|
685 |
|
|
812 |
Net income |
$ |
2,728 |
|
$ |
2,960 |
|
$ |
1,217 |
|
$ |
2,353 |
|
$ |
2,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.18 |
|
$ |
0.19 |
|
$ |
0.08 |
|
$ |
0.15 |
|
$ |
0.18 |
Diluted |
$ |
0.18 |
|
$ |
0.19 |
|
$ |
0.08 |
|
$ |
0.14 |
|
$ |
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PCSB Financial Corporation and
SubsidiariesSelected Financial Data
(unaudited)
|
Quarter Ended |
|
|
September 30,2020 |
|
June 30,2020 |
|
March 31,2020 |
|
December 31,2019 |
|
September 30,2019 |
|
Performance
Ratios (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.61 |
% |
|
0.68 |
% |
|
0.29 |
% |
|
0.57 |
% |
|
0.68 |
% |
Return on average equity |
|
3.96 |
% |
|
4.30 |
% |
|
1.77 |
% |
|
3.35 |
% |
|
4.01 |
% |
Interest rate spread |
|
2.47 |
% |
|
2.47 |
% |
|
2.60 |
% |
|
2.63 |
% |
|
2.72 |
% |
Net interest margin |
|
2.69 |
% |
|
2.72 |
% |
|
2.89 |
% |
|
2.93 |
% |
|
3.03 |
% |
Efficiency ratio |
|
70.86 |
% |
|
67.53 |
% |
|
70.38 |
% |
|
71.82 |
% |
|
68.85 |
% |
Adjusted efficiency ratio
(2) |
|
71.28 |
% |
|
67.74 |
% |
|
70.87 |
% |
|
72.55 |
% |
|
71.80 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income to average
assets |
|
0.13 |
% |
|
0.27 |
% |
|
0.14 |
% |
|
0.13 |
% |
|
0.18 |
% |
Noninterest expense to average
assets |
|
1.92 |
% |
|
1.95 |
% |
|
2.06 |
% |
|
2.11 |
% |
|
2.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning
assets to average interest-bearing liabilities |
|
131.81 |
% |
|
131.65 |
% |
|
129.78 |
% |
|
130.45 |
% |
|
130.79 |
% |
Average equity to average
assets |
|
15.32 |
% |
|
15.70 |
% |
|
16.60 |
% |
|
16.89 |
% |
|
17.02 |
% |
Dividend payout ratio (3) |
|
23.09 |
% |
|
21.25 |
% |
|
52.01 |
% |
|
27.62 |
% |
|
23.29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PCSB Financial Corporation and
SubsidiariesSelected Financial Data (unaudited) -
Continued(dollar amounts in thousands, except
share and per share data)
|
As of and for the quarter ended |
|
|
September 30,2020 |
|
June 30,2020 |
|
March 31,2020 |
|
December 31,2019 |
|
September 30,2019 |
|
Loans to deposits |
|
89.17 |
% |
|
91.82 |
% |
|
95.40 |
% |
|
94.58 |
% |
|
94.27 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding |
|
16,634,237 |
|
|
16,898,137 |
|
|
16,898,137 |
|
|
17,372,308 |
|
|
17,624,239 |
|
Book value per common share |
$ |
16.45 |
|
$ |
16.20 |
|
$ |
16.12 |
|
$ |
16.11 |
|
$ |
15.97 |
|
Tangible book value per common
share (4) |
$ |
16.07 |
|
$ |
15.82 |
|
$ |
15.74 |
|
$ |
15.74 |
|
$ |
15.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans
receivable |
$ |
2,083 |
|
$ |
1,795 |
|
$ |
1,802 |
|
$ |
1,618 |
|
$ |
3,425 |
|
Non-performing assets |
$ |
2,083 |
|
$ |
1,795 |
|
$ |
1,802 |
|
$ |
1,897 |
|
$ |
4,281 |
|
Allowance for loan losses as a
percent of total loans receivable |
|
0.70 |
% |
|
0.68 |
% |
|
0.68 |
% |
|
0.52 |
% |
|
0.51 |
% |
Allowance for loan losses as a
percent of non-performing loans receivable |
|
416.32 |
% |
|
481.28 |
% |
|
463.15 |
% |
|
384.18 |
% |
|
174.98 |
% |
Non-performing loans as a percent
of total loans receivable, net |
|
0.17 |
% |
|
0.14 |
% |
|
0.15 |
% |
|
0.14 |
% |
|
0.29 |
% |
Non-performing assets as a
percent of total assets |
|
0.12 |
% |
|
0.10 |
% |
|
0.11 |
% |
|
0.12 |
% |
|
0.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries) |
$ |
76 |
|
$ |
17 |
|
$ |
(122 |
) |
$ |
189 |
|
$ |
6 |
|
Net charge-offs (recoveries) to
average outstanding loans during the period (1) |
|
0.02 |
% |
|
0.01 |
% |
|
(0.04 |
%) |
|
0.06 |
% |
|
0.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios
(5): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital (to adjusted total
assets) |
|
12.41 |
% |
|
12.51 |
% |
|
13.19 |
% |
|
13.00 |
% |
|
12.89 |
% |
Common equity Tier 1 capital (to
risk-weighted assets) |
|
17.56 |
% |
|
16.98 |
% |
|
16.80 |
% |
|
17.24 |
% |
|
17.16 |
% |
Tier 1 capital (to risk-weighted
assets) |
|
17.56 |
% |
|
16.98 |
% |
|
16.80 |
% |
|
17.24 |
% |
|
17.16 |
% |
Total capital (to risk-weighted
assets) |
|
18.24 |
% |
|
17.65 |
% |
|
17.44 |
% |
|
17.74 |
% |
|
17.64 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Performance ratios for quarter ended periods are
annualized. |
|
(2) Adjusted
efficiency ratio is a non-GAAP measure and is defined as
noninterest expense, less certain nonrecurring items, divided by
operating revenue, which is equal to net interest income plus
non-interest income excluding certain nonrecurring items. In our
judgment, the adjustments made to operating revenue allow investors
and analysts to better assess our operating expenses in relation to
our core operating revenue by removing the impact of certain
one-time items and other discrete items that are unrelated to our
core business. Reconciliations of GAAP to non-GAAP measures appear
at the end of this release. |
|
(3) Dividends
declared per share divided by net income per share. |
|
(4) Tangible book
value per share is a non-GAAP measure and equals total
shareholders’ equity, less goodwill and other intangible assets,
divided by shares outstanding. We believe this disclosure may be
meaningful to those investors who seek to evaluate our equity
without giving effect to goodwill and other intangible assets.
Reconciliations of GAAP to non-GAAP measures appear at the end of
this release. |
|
(5) Represents
Bank ratios. |
|
|
|
PCSB Financial Corporation and
SubsidiariesLoan and Deposit
Portfolios
(unaudited)(amounts in thousands)
|
As of |
|
|
September 30,2020 |
|
June 30,2020 |
|
March 31,2020 |
|
December 31,2019 |
|
September 30,2019 |
|
Mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgages |
$ |
245,008 |
|
$ |
255,382 |
|
$ |
266,684 |
|
$ |
262,441 |
|
$ |
264,251 |
|
Commercial mortgage |
|
794,248 |
|
|
807,106 |
|
|
775,378 |
|
|
741,171 |
|
|
726,315 |
|
Construction |
|
11,512 |
|
|
11,053 |
|
|
24,929 |
|
|
22,787 |
|
|
18,830 |
|
Net deferred loan origination
costs |
|
666 |
|
|
739 |
|
|
925 |
|
|
1,054 |
|
|
1,202 |
|
Total mortgage loans |
|
1,051,434 |
|
|
1,074,280 |
|
|
1,067,916 |
|
|
1,027,453 |
|
|
1,010,598 |
|
Commercial and consumer
loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans (1) |
|
155,569 |
|
|
164,257 |
|
|
128,869 |
|
|
129,809 |
|
|
125,926 |
|
Home equity credit lines |
|
29,249 |
|
|
29,838 |
|
|
30,994 |
|
|
31,460 |
|
|
31,503 |
|
Consumer and overdrafts |
|
308 |
|
|
481 |
|
|
444 |
|
|
436 |
|
|
437 |
|
Net deferred loan origination
costs |
|
25 |
|
|
730 |
|
|
805 |
|
|
798 |
|
|
783 |
|
Total commercial and consumer
loans |
|
185,151 |
|
|
195,306 |
|
|
161,112 |
|
|
162,503 |
|
|
158,649 |
|
Total loans
receivable |
|
1,236,585 |
|
|
1,269,586 |
|
|
1,229,028 |
|
|
1,189,956 |
|
|
1,169,247 |
|
Allowance for loan losses |
|
(8,672 |
) |
|
(8,639 |
) |
|
(8,346 |
) |
|
(6,216 |
) |
|
(5,993 |
) |
Loans receivable, net |
$ |
1,227,913 |
|
$ |
1,260,947 |
|
$ |
1,220,682 |
|
$ |
1,183,740 |
|
$ |
1,163,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes PPP
loans of $35.7 million and $49.6 million of as of September 30,
2020 and June 30, 2020, respectively, and none at all other
dates. |
|
|
|
|
As of |
|
|
September 30,2020 |
|
June 30,2020 |
|
March 31,2020 |
|
December 31,2019 |
|
September 30,2019 |
|
Demand deposits |
$ |
183,844 |
|
$ |
191,898 |
|
$ |
145,844 |
|
$ |
140,218 |
|
$ |
141,567 |
|
NOW accounts |
|
148,176 |
|
|
151,797 |
|
|
128,103 |
|
|
126,346 |
|
|
124,062 |
|
Money market accounts |
|
253,176 |
|
|
239,942 |
|
|
192,779 |
|
|
162,208 |
|
|
151,652 |
|
Savings |
|
349,805 |
|
|
343,352 |
|
|
330,310 |
|
|
354,078 |
|
|
350,250 |
|
Time deposits |
|
442,011 |
|
|
446,266 |
|
|
482,550 |
|
|
468,764 |
|
|
466,374 |
|
Total deposits |
$ |
1,377,012 |
|
$ |
1,373,255 |
|
$ |
1,279,586 |
|
$ |
1,251,614 |
|
$ |
1,233,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PCSB Financial Corporation and
SubsidiariesReconciliation of GAAP to Non-GAAP
Measures (unaudited)(dollar amounts in thousands, except
share and per share data)
|
Quarter Ended |
|
|
September 30,2020 |
|
June 30,2020 |
|
March 31,2020 |
|
December 31,2019 |
|
September 30,2019 |
|
Computation
of Adjusted Net Income and Adjusted Earnings Per
Share |
|
Net income applicable to common stock (GAAP) |
$ |
2,728 |
|
$ |
2,960 |
|
$ |
1,217 |
|
$ |
2,353 |
|
$ |
2,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayment income on loans receivable and investment
securities |
|
(58 |
) |
|
(30 |
) |
|
(4 |
) |
|
(95 |
) |
|
(371 |
) |
Gain on sale of foreclosed real estate |
|
- |
|
|
- |
|
|
(31 |
) |
|
- |
|
|
(37 |
) |
Gain on sale of investment securities |
|
- |
|
|
- |
|
|
(29 |
) |
|
- |
|
|
- |
|
Adjusted net income
(Non-GAAP) |
$ |
2,670 |
|
$ |
2,930 |
|
$ |
1,153 |
|
$ |
2,258 |
|
$ |
2,421 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of
common shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
15,302,838 |
|
|
15,334,098 |
|
|
15,437,173 |
|
|
15,837,762 |
|
|
15,979,762 |
|
Diluted |
|
15,302,949 |
|
|
15,334,098 |
|
|
15,447,217 |
|
|
15,909,855 |
|
|
16,082,276 |
|
Earnings per share
(GAAP): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.18 |
|
$ |
0.19 |
|
$ |
0.08 |
|
$ |
0.15 |
|
$ |
0.18 |
|
Diluted |
$ |
0.18 |
|
$ |
0.19 |
|
$ |
0.08 |
|
$ |
0.14 |
|
$ |
0.18 |
|
Adjusted
earnings per common share (Non-GAAP): |
|
|
|
|
|
|
|
Basic |
$ |
0.17 |
|
$ |
0.19 |
|
$ |
0.07 |
|
$ |
0.14 |
|
$ |
0.15 |
|
Diluted |
$ |
0.17 |
|
$ |
0.19 |
|
$ |
0.07 |
|
$ |
0.14 |
|
$ |
0.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amounts
included in income before income tax expense are presented net of
tax. |
|
|
|
PCSB Financial Corporation and
SubsidiariesReconciliation of GAAP to Non-GAAP
Measures (unaudited) - Continued(dollar amounts in
thousands, except share and per share data)
|
Quarter Ended |
|
|
September 30,2020 |
|
June 30,2020 |
|
September 30,2019 |
|
Computation of Adjusted Yield on Assets and Adjusted Net
Interest Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning
assets |
$ |
1,725,925 |
|
$ |
1,683,635 |
|
$ |
1,587,129 |
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend income
(GAAP) |
$ |
14,528 |
|
$ |
14,821 |
|
$ |
16,026 |
|
Less: Prepayment income on loans
receivable and investment securities |
|
(73 |
) |
|
(39 |
) |
|
(477 |
) |
Adjusted interest and dividend
income (Non-GAAP) |
$ |
14,455 |
|
$ |
14,782 |
|
$ |
15,549 |
|
|
|
|
|
|
|
|
|
|
|
Yield on interest-earning assets
(GAAP) |
|
3.36 |
% |
|
3.52 |
% |
|
4.04 |
% |
Adjusted yield on
interest-earning assets (Non-GAAP) |
|
3.35 |
% |
|
3.51 |
% |
|
3.92 |
% |
|
|
|
|
|
|
|
|
|
|
Net interest income (GAAP) |
$ |
11,577 |
|
$ |
11,459 |
|
$ |
11,998 |
|
Less: Prepayment income on loans
receivable and investment securities |
|
(73 |
) |
|
(39 |
) |
|
(477 |
) |
Adjusted net interest income
(Non-GAAP) |
$ |
11,504 |
|
$ |
11,420 |
|
$ |
11,521 |
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (GAAP) |
|
2.69 |
% |
|
2.72 |
% |
|
3.03 |
% |
Adjusted net interest margin
(Non-GAAP) |
|
2.67 |
% |
|
2.71 |
% |
|
2.90 |
% |
|
|
|
|
|
|
|
|
|
|
PCSB Financial
Corporation and SubsidiariesReconciliation of GAAP
to Non-GAAP Measures (unaudited) -
Continued(dollar amounts in thousands, except share and
per share data)
|
Quarter Ended |
|
|
September 30,2020 |
|
June 30,2020 |
|
March 31,2020 |
|
December 31,2019 |
|
September 30,2019 |
|
Computation of Efficiency Ratio |
|
|
|
|
Noninterest expense (GAAP) |
$ |
8,624 |
|
$ |
8,533 |
|
$ |
8,520 |
|
$ |
8,794 |
|
$ |
8,787 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (GAAP) |
$ |
11,577 |
|
$ |
11,459 |
|
$ |
11,525 |
|
$ |
11,697 |
|
$ |
11,998 |
|
Noninterest income (GAAP) |
|
594 |
|
|
1,177 |
|
|
580 |
|
|
547 |
|
|
765 |
|
Total (GAAP) |
|
12,171 |
|
|
12,636 |
|
|
12,105 |
|
|
12,244 |
|
|
12,763 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayment income on loans receivable and investment
securities |
|
(73 |
) |
|
(39 |
) |
|
(5 |
) |
|
(123 |
) |
|
(477 |
) |
Gain on sale of foreclosed real estate |
|
- |
|
|
- |
|
|
(40 |
) |
|
- |
|
|
(47 |
) |
Gain on sale of investment securities |
|
- |
|
|
- |
|
|
(38 |
) |
|
- |
|
|
- |
|
Adjusted total (Non-GAAP) |
$ |
12,098 |
|
$ |
12,597 |
|
$ |
12,022 |
|
$ |
12,121 |
|
$ |
12,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio (GAAP) |
|
70.86 |
% |
|
67.53 |
% |
|
70.38 |
% |
|
71.82 |
% |
|
68.85 |
% |
Adjusted efficiency ratio
(Non-GAAP) |
|
71.28 |
% |
|
67.74 |
% |
|
70.87 |
% |
|
72.55 |
% |
|
71.80 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PCSB Financial Corporation and
SubsidiariesReconciliation of GAAP to Non-GAAP
Measures (unaudited) - Continued(dollar amounts in
thousands, except share and per share data)
|
As of |
|
|
September 30,2020 |
|
June 30,2020 |
|
March 31,2020 |
|
December 31,2019 |
|
September 30,2019 |
|
Computation
of Tangible Book Value per Common Share |
|
|
|
|
Total shareholders' equity (GAAP) |
$ |
273,679 |
|
$ |
273,713 |
|
$ |
272,417 |
|
$ |
279,839 |
|
$ |
281,522 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
(6,106 |
) |
|
(6,106 |
) |
|
(6,106 |
) |
|
(6,106 |
) |
|
(6,106 |
) |
Other intangible assets |
|
(209 |
) |
|
(229 |
) |
|
(250 |
) |
|
(274 |
) |
|
(298 |
) |
Tangible common shareholders'
equity (Non-GAAP) |
$ |
267,364 |
|
$ |
267,378 |
|
$ |
266,061 |
|
$ |
273,459 |
|
$ |
275,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
16,634,237 |
|
|
16,898,137 |
|
|
16,898,137 |
|
|
17,372,308 |
|
|
17,624,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share (GAAP) |
$ |
16.45 |
|
$ |
16.20 |
|
$ |
16.12 |
|
$ |
16.11 |
|
$ |
15.97 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effects of intangible assets |
|
(0.38 |
) |
|
(0.38 |
) |
|
(0.38 |
) |
|
(0.37 |
) |
|
(0.36 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per common
share (Non-GAAP) |
$ |
16.07 |
|
$ |
15.82 |
|
$ |
15.74 |
|
$ |
15.74 |
|
$ |
15.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PCSB Financial (NASDAQ:PCSB)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
PCSB Financial (NASDAQ:PCSB)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024