PCSB Financial Corporation (the “Company”) (NASDAQ: PCSB), parent
of PCSB Bank (the "Bank"), today announced net income of $3.6
million, or $0.25 per diluted share, for the three months ended
March 31, 2021 compared to $2.7 million, or $0.18 per diluted
share, for the three months ended December 31, 2020 and $1.2
million, or $0.08 per diluted share, for the three months ended
March 31, 2020. Net income was $9.0 million, or $0.60 per diluted
share, for the nine months ended March 31, 2021, compared to $6.4
million, or $0.40 per diluted share, for the nine months ended
March 31, 2020.
Results for the three and nine months ended
March 31, 2021 include a benefit for loan losses of $944,000 and
$1.2 million, or $0.05 and $0.07 per diluted share, net of tax,
respectively, related to the release of qualitative reserves
established in the prior fiscal year associated with the COVID-19
pandemic. The prior year results include provision for loan losses
of $1.7 million, or $0.09 per diluted share, net of tax, for both
the three and nine months ended March 31, 2020 related to the
establishment of these qualitative reserves.
On April 21, 2021, the Board of Directors
declared a regular quarterly cash dividend of $0.06 per share, an
increase of 50% from the prior quarter. The dividend is payable on
or about May 28, 2021 to shareholders of record as of the close of
business on May 14, 2021.
Third Quarter Highlights
- Earnings before income tax expense
and provision (benefit) for loan losses of $3.7 million for the
current quarter increased $58,000 or 1.6% from the linked quarter
and $72,000 or 2.0% from the same quarter last year.
- Net interest income of $11.6
million for the current quarter increased $90,000 or 0.8% from the
linked quarter and $112,000 or 1.0% from the same quarter last
year.
- Tax equivalent net interest margin
was 2.69% for the current quarter, a decrease from 2.71% in the
linked quarter and 2.90% for the same quarter last year.
- The average cost of
interest-bearing deposits was 0.59% for the current quarter, a
decrease from 0.71% in the linked quarter and 1.18% for the same
quarter last year.
- The efficiency ratio was 70.10% for
the current quarter compared to 70.72% for the linked quarter and
70.38% for the prior year quarter.
- Average loans receivable, excluding
SBA Paycheck Protection Program (“PPP”) loans, of $1.21 billion for
the current quarter, unchanged from the same quarter last
year.
- Average deposits of $1.40 billion
for the current quarter, increases of 1.6% and 11.0% compared to
the linked quarter and same quarter last year, respectively.
- Allowance for loan losses to total
net loans receivable (excluding PPP loans) of 0.65%, a decrease
from 0.72% in the linked quarter and 0.68% in the prior year
quarter.
- Non-performing loans of $2.1
million, or 0.17% of total net loans receivable (excluding PPP
loans) as of March 31, 2021, compared to 0.14% as of December 31,
2020 and 0.15% as of March 31, 2020.
- Loans on a COVID-19 related payment
deferral totaled $34.4 million, or 2.71% of gross loans, compared
to $31.9 million, or 2.56% of the gross loans as of December 31,
2020. Loans on deferral totaling $8.7 million, $10.9 million, $1.3
million and $13.5 million are scheduled to resume payments in the
next four consecutive quarters, respectively.
President’s Comments
Joseph D. Roberto, Chairman, President and Chief
Executive Officer of PCSB Financial Corporation, commented, “We are
pleased with the Company’s operating and financial results for the
quarter and nine months as we continue to provide stable core
earnings. We are also encouraged by the improving economy resulting
from the latest stimulus package and vaccine rollouts and expect
our business communities to resume their operations at full
capacity. That being said, we continue to be a source of strength
to our customers and communities by participating in round 2 of the
SBA’s PPP program while assisting those small businesses as they
begin the SBA’s loan application forgiveness process from round 1.
Meanwhile, asset quality remains very strong and our negative loan
loss provision reflects the meaningful improvement in current
economic conditions resulting from a decrease in COVID-19 driven
stress. While there is still some uncertainty, it is good to see a
recovery in the economy that will lead to opportunities for
long-term growth and profitability for our
shareholders.
Income Statement Summary
Net income for the three months ended March 31,
2021 was $3.6 million, an $898,000 increase from the linked quarter
and a $2.4 million increase from the prior year period. The change
from the linked quarter is primarily due to a $1.0 million decrease
in the provision for loan losses, a $119,000 decrease in
noninterest expenses and a $90,000 increase in net interest income,
partially offset by a $151,000 decrease in noninterest income and a
$161,000 increase in income tax expense. The change from the prior
year period is primarily due to a $2.9 million decrease in the
provision for loan losses and a $112,000 increase in net interest
income, partially offset by a $599,000 increase in income tax
expense.
Net interest income was $11.6 million for the
quarter ended March 31, 2021, increases of $90,000 and $112,000, or
0.8% and 1.0%, compared to the linked quarter and prior year
quarter, respectively. The increase compared to the linked quarter
is primarily the result of an $18.9 million, or 1.1%, increase in
average interest-earning assets, partially offset by a 2 basis
point decrease in the tax equivalent net interest margin. The
increase in net interest income compared to the prior year period
is primarily the result of a $143.8 million, or 9.0% increase in
average interest-earning assets, partially offset by a 21 basis
point decrease in the tax equivalent net interest margin.
The tax equivalent net interest margin was 2.69%
for the current quarter, reflecting a decrease of 2 basis points
compared to 2.71% in the linked quarter and a 21 basis point
decrease compared to 2.90% in the prior year quarter. When compared
to the prior year period, while net interest income has increased,
margin compression has resulted from significant asset growth
primarily in cash and cash equivalents. However, in the current
quarter, the reduction in funding costs mostly offset the decrease
in asset yields, resulting in a largely unchanged tax equivalent
net interest margin compared to the linked quarter. Some level of
excess liquidity is expected to continue for the foreseeable future
and is largely dependent on a number of factors, such as government
stimulus programs as well as consumer and commercial spending
activity.
Tax equivalent net interest margin, excluding
the effect of PPP loans, was 2.62% for the current quarter compared
to 2.66% in the linked quarter and 2.89% in the prior year quarter.
Tax equivalent net interest margin, excluding the effect of PPP
loans, was 2.64% for the current year to date period compared to
2.95% in the prior year period. Unearned origination fees (net of
origination costs) on PPP loans totaled $1.2 million as of March
31, 2021 and will be recognized in income over the remaining lives
of the loans and is largely dependent on the timing of
forgiveness.
Tax equivalent yield on interest-earning assets
for the current quarter was 3.23%, a 10 basis point decrease from
the prior quarter and a 64 basis point decrease from the prior year
quarter. A $42.6 million, or 3.5%, increase in average loans
compared to the prior year quarter was more than offset by a
decrease in asset yields, a result of decreases in market interest
rates, the origination of lower yielding PPP loans, and significant
increases in liquidity over the last twelve months. The rate of
asset yield decrease has slowed in recent quarters due to a more
stable yield curve and earning asset composition.
The cost of interest-bearing deposits was 0.59%
for the current quarter, a decrease of 12 basis points and 59 basis
points from 0.71% and 1.18% in the prior quarter and prior year
quarter, respectively. In response to the significant decrease in
market interest rates in March 2020, deposit rate reductions have
been implemented throughout the last year, the effects of which
continue to be realized. As of quarter end, the weighted average
cost of interest-bearing deposits was 0.44%. The cost of
interest-bearing liabilities was 0.70% for the current quarter,
decreases of 11 basis points from 0.81% in the prior quarter and 56
basis points from 1.26% in the prior year quarter. Over the
remainder of the current fiscal year, the Company has $50.0 million
of wholesale funding maturing, comprised of FHLB advances and
brokered time deposits, with a weighted average cost of 2.31%.
Additionally, over the same period the Company has $78.3 million of
non-brokered time deposits maturing with a current weighted average
cost of 0.98%. If our time deposit offer rates remain at their
current levels, the Company expects the cost of these deposits to
be reduced significantly or to be paid off with low-earning excess
liquidity.
The benefit for loan losses was $894,000 for the
three months ended March 31, 2021 compared to a provision for loan
losses of $107,000 in the linked quarter and $2.0 million for the
prior year quarter. Included in the prior year quarter was a
provision for loan losses of $1.7 million associated with
qualitative reserves established in the prior fiscal year in
response to the COVID-19 pandemic. Included in the current quarter
was a benefit for loan losses of $944,000 associated with release
of those reserves. Loans on a COVID-19 related payment deferral
totaled $34.4 million, or 2.71% of gross loans, as of March 31,
2021, compared to $31.9 million, or 2.56% of the gross loans, as of
December 31, 2020. Recoveries, net of charge-offs, were $82,000 for
the three months ended March 31, 2021 compared to charge-offs, net
of recoveries, of $102,000 for the linked quarter and recoveries,
net of charge-offs, of $122,000 for the prior year quarter.
Non-performing loans as a percent of total loans receivable
(excluding PPP loans) was 0.17% as of March 31, 2021, an increase
from 0.14% as of December 31, 2020 and 0.15% as of March 31,
2020.
Noninterest income of $592,000 for the three
months ended March 31, 2021 decreased $151,000 compared to the
linked quarter and increased $12,000 compared to the prior year
quarter. The decrease compared to the linked quarter was primarily
due to decreases of $238,000 in swap income and $26,000 in all
other noninterest income, partially offset by a $113,000 increase
in net gains on the sale of investment securities. The increase
compared to the prior year quarter was primarily due to a $75,000
increase in net gains on the sale of investment securities,
partially offset by a decrease of $40,000 in gains on sale of
foreclosed real estate and $23,000 in all other noninterest
income.
Noninterest expense of $8.6 million for the
three months ended March 31, 2021 decreased $119,000 compared to
the linked quarter and increased $52,000 compared to the prior year
quarter. The decrease compared to the linked quarter was primarily
due to decreases of $121,000 in professional fees and $144,000 in
all other non-interest expenses, partially offset by increases of
$75,000 in salaries and benefits and $71,000 in communications and
data processing. The increase compared to the prior year quarter
was caused primarily by increases of $115,000 in FDIC insurance
premiums, $48,000 in occupancy expenses and $76,000 in all other
expenses, partially offset by a decrease of $187,000 in salaries
and benefits. The Bank applied small bank assessment credits of
$108,000 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 21.1% for the
three months ended March 31, 2021, as compared to 22.8% for the
prior year quarter.
Balance Sheet Summary
Total assets increased $62.7 million to $1.85
billion at March 31, 2021 as compared to $1.79 billion as of June
30, 2020 primarily due to increases of $34.1 million in total
investment securities and $33.0 million in cash and cash
equivalents. The increase in investment securities was primarily
driven by an increase of $39.1 million in state and municipal
securities, partially offset by a $5.0 million net decrease in all
other securities, as the Company deployed excess liquidity. The
increase in cash and cash equivalents is a result of an increase in
deposits and reduced loan originations experienced during the year
due to reduced economic activity resulting from the COVID-19
pandemic. Net loans receivable increased $208,000, the result of
increases in commercial mortgages of $24.1 million and commercial
loans of $7.1 million, partially offset by decreases in residential
mortgages and home equity lines of credit of $26.4 million and $2.6
million, respectively. The increase in commercial loans includes an
increase in PPP loans of $777,000, driven by the origination of
$17.1 million in PPP loans, largely offset by paydowns and
forgiveness of $16.3 million.
Total liabilities increased $65.2 million to
$1.58 billion at March 31, 2021 as an $81.0 million increase in
deposits was partially offset by decreases of $10.1 million in FHLB
advances and $5.8 million all other liabilities.
Total shareholders’ equity decreased $2.4
million to $271.3 million at March 31, 2021 as compared to June 30,
2020. This decrease was primarily due to the repurchase of $13.3
million (926,203 shares) of common stock and $1.8 million of cash
dividends declared and paid, partially offset by net income of $9.0
million and $3.5 million of stock-based compensation and reduction
in unearned ESOP shares for plan shares earned during the period.
As of March 31, 2021, there were 739,660 shares available to be
repurchased under the current stock repurchase plan.
At March 31, 2021, the Company’s book value per
share and tangible book value per share were $16.99 and $16.60,
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 March 31, 2021, 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
COVID-19 pandemic, including its impact on our business and
operations, the impact of lost fee revenue and increased 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)
|
|
March 31, |
|
|
June 30, |
|
|
|
2021 |
|
|
2020 |
|
ASSETS |
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
167,983 |
|
|
$ |
135,045 |
|
Federal funds sold |
|
|
1,331 |
|
|
|
1,257 |
|
Cash and cash equivalents |
|
|
169,314 |
|
|
|
136,302 |
|
Held to maturity debt securities, at amortized cost (fair
value of $313,974 and $281,497, respectively) |
|
|
309,692 |
|
|
|
275,772 |
|
Available for sale debt securities, at fair value |
|
|
37,610 |
|
|
|
37,426 |
|
Total investment securities |
|
|
347,302 |
|
|
|
313,198 |
|
Loans receivable, net of allowance for loan losses of $7,865 and
$8,639, respectively |
|
|
1,261,155 |
|
|
|
1,260,947 |
|
Accrued interest receivable |
|
|
6,731 |
|
|
|
6,880 |
|
FHLB stock |
|
|
5,854 |
|
|
|
6,308 |
|
Premises and equipment, net |
|
|
19,364 |
|
|
|
20,853 |
|
Deferred tax asset, net |
|
|
3,163 |
|
|
|
3,129 |
|
Bank-owned life insurance |
|
|
25,400 |
|
|
|
25,019 |
|
Goodwill |
|
|
6,106 |
|
|
|
6,106 |
|
Other intangible assets |
|
|
168 |
|
|
|
229 |
|
Other assets |
|
|
10,117 |
|
|
|
12,958 |
|
Total assets |
|
$ |
1,854,674 |
|
|
$ |
1,791,929 |
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
1,250,945 |
|
|
$ |
1,181,357 |
|
Non interest-bearing deposits |
|
|
203,345 |
|
|
|
191,898 |
|
Total deposits |
|
|
1,454,290 |
|
|
|
1,373,255 |
|
Mortgage escrow funds |
|
|
9,252 |
|
|
|
10,123 |
|
Advances from Federal Home Loan Bank |
|
|
95,991 |
|
|
|
106,089 |
|
Other liabilities |
|
|
23,844 |
|
|
|
28,749 |
|
Total liabilities |
|
|
1,583,377 |
|
|
|
1,518,216 |
|
Commitments and contingencies |
|
|
- |
|
|
|
- |
|
Preferred stock ($0.01 par value, 10,000,000 shares authorized, no
shares issued or outstanding as of March 31, 2021 and June 30,
2020, respectively) |
|
|
- |
|
|
|
- |
|
Common stock ($0.01 par value, 200,000,000 shares authorized,
18,703,577 and 18,712,295 shares issued as of March 31, 2021 and
June 30, 2020, and 15,966,216 and 16,898,137 shares outstanding as
of March 31, 2021 and June 30, 2020, respectively) |
|
|
187 |
|
|
|
187 |
|
Additional paid in capital |
|
|
188,926 |
|
|
|
186,200 |
|
Retained earnings |
|
|
148,466 |
|
|
|
141,288 |
|
Unearned compensation - ESOP |
|
|
(10,418 |
) |
|
|
(11,145 |
) |
Accumulated other comprehensive loss, net of income taxes |
|
|
(6,180 |
) |
|
|
(6,403 |
) |
Treasury stock, at cost (2,737,361 and 1,814,158 shares as of March
31, 2021 and June 30, 2020, respectively) |
|
|
(49,684 |
) |
|
|
(36,414 |
) |
Total shareholders' equity |
|
|
271,297 |
|
|
|
273,713 |
|
Total liabilities and shareholders' equity |
|
$ |
1,854,674 |
|
|
$ |
1,791,929 |
|
PCSB Financial Corporation and
SubsidiariesConsolidated Statements of Operations
(unaudited)(amounts in thousands, except share and
per share data)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
March 31, |
|
|
March 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Interest and dividend income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable |
|
$ |
12,116 |
|
|
$ |
13,114 |
|
|
$ |
36,845 |
|
|
$ |
39,299 |
|
Investment securities |
|
|
1,700 |
|
|
|
2,003 |
|
|
|
5,489 |
|
|
|
6,974 |
|
Federal funds and other |
|
|
109 |
|
|
|
217 |
|
|
|
344 |
|
|
|
816 |
|
Total interest and dividend income |
|
|
13,925 |
|
|
|
15,334 |
|
|
|
42,678 |
|
|
|
47,089 |
|
Interest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits and escrow interest |
|
|
1,782 |
|
|
|
3,268 |
|
|
|
6,372 |
|
|
|
9,927 |
|
FHLB advances |
|
|
506 |
|
|
|
541 |
|
|
|
1,545 |
|
|
|
1,942 |
|
Total interest expense |
|
|
2,288 |
|
|
|
3,809 |
|
|
|
7,917 |
|
|
|
11,869 |
|
Net interest
income |
|
|
11,637 |
|
|
|
11,525 |
|
|
|
34,761 |
|
|
|
35,220 |
|
Provision (benefit) for loan
losses |
|
|
(894 |
) |
|
|
2,008 |
|
|
|
(678 |
) |
|
|
2,755 |
|
Net interest income after
provision for loan losses |
|
|
12,531 |
|
|
|
9,517 |
|
|
|
35,439 |
|
|
|
32,465 |
|
Noninterest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees and service charges |
|
|
353 |
|
|
|
366 |
|
|
|
1,038 |
|
|
|
1,170 |
|
Swap income |
|
|
- |
|
|
|
- |
|
|
|
367 |
|
|
|
170 |
|
Bank-owned life insurance |
|
|
120 |
|
|
|
128 |
|
|
|
381 |
|
|
|
399 |
|
Gains on sale of securities,
net |
|
|
113 |
|
|
|
38 |
|
|
|
113 |
|
|
|
38 |
|
Other |
|
|
6 |
|
|
|
48 |
|
|
|
30 |
|
|
|
115 |
|
Total noninterest income |
|
|
592 |
|
|
|
580 |
|
|
|
1,929 |
|
|
|
1,892 |
|
Noninterest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
|
5,595 |
|
|
|
5,782 |
|
|
|
16,722 |
|
|
|
17,435 |
|
Occupancy and equipment |
|
|
1,359 |
|
|
|
1,311 |
|
|
|
4,051 |
|
|
|
3,959 |
|
Communications and data
processing |
|
|
517 |
|
|
|
521 |
|
|
|
1,539 |
|
|
|
1,559 |
|
Professional fees |
|
|
382 |
|
|
|
393 |
|
|
|
1,285 |
|
|
|
1,176 |
|
Postage, printing, stationery and
supplies |
|
|
146 |
|
|
|
140 |
|
|
|
452 |
|
|
|
439 |
|
Advertising |
|
|
100 |
|
|
|
100 |
|
|
|
300 |
|
|
|
300 |
|
FDIC assessment |
|
|
115 |
|
|
|
- |
|
|
|
350 |
|
|
|
- |
|
Amortization of intangible
assets |
|
|
21 |
|
|
|
24 |
|
|
|
61 |
|
|
|
73 |
|
Other operating expenses |
|
|
337 |
|
|
|
249 |
|
|
|
1,127 |
|
|
|
1,160 |
|
Total noninterest expense |
|
|
8,572 |
|
|
|
8,520 |
|
|
|
25,887 |
|
|
|
26,101 |
|
Net income before income
tax expense |
|
|
4,551 |
|
|
|
1,577 |
|
|
|
11,481 |
|
|
|
8,256 |
|
Income tax expense |
|
|
959 |
|
|
|
360 |
|
|
|
2,467 |
|
|
|
1,857 |
|
Net income |
|
$ |
3,592 |
|
|
$ |
1,217 |
|
|
$ |
9,014 |
|
|
$ |
6,399 |
|
Earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.25 |
|
|
$ |
0.08 |
|
|
$ |
0.60 |
|
|
$ |
0.41 |
|
Diluted |
|
|
0.25 |
|
|
|
0.08 |
|
|
|
0.60 |
|
|
|
0.40 |
|
Weighted average common
shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
14,631,122 |
|
|
|
15,437,173 |
|
|
|
14,944,097 |
|
|
|
15,752,709 |
|
Diluted |
|
|
14,632,342 |
|
|
|
15,447,217 |
|
|
|
14,944,664 |
|
|
|
15,814,322 |
|
PCSB Financial Corporation and
SubsidiariesNet Interest Margin Analysis
(unaudited)(dollar amounts in thousands)
|
Three Months Ended |
|
|
March 31, 2021 |
|
|
December 31, 2020 |
|
|
March 31, 2020 |
|
|
Average Balance |
|
|
Interest / Dividends |
|
Average Rate |
|
|
Average Balance |
|
|
Interest / Dividends |
|
Average Rate |
|
|
Average Balance |
|
|
Interest / Dividends |
|
Average Rate |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable (1) |
$ |
1,252,492 |
|
|
$ |
12,116 |
|
3.88 |
% |
|
$ |
1,232,555 |
|
|
$ |
12,182 |
|
3.96 |
% |
|
$ |
1,209,920 |
|
|
$ |
13,114 |
|
|
4.35 |
% |
Investment securities (1) |
|
319,239 |
|
|
|
1,700 |
|
2.18 |
|
|
|
313,812 |
|
|
|
1,933 |
|
2.51 |
|
|
|
323,942 |
|
|
|
2,003 |
|
|
2.48 |
|
Other interest-earning
assets |
|
162,193 |
|
|
|
109 |
|
0.27 |
|
|
|
168,608 |
|
|
|
110 |
|
0.26 |
|
|
|
56,242 |
|
|
|
217 |
|
|
1.56 |
|
Total interest-earning
assets |
|
1,733,924 |
|
|
|
13,925 |
|
3.23 |
|
|
|
1,714,975 |
|
|
|
14,225 |
|
3.33 |
|
|
|
1,590,104 |
|
|
|
15,334 |
|
|
3.87 |
|
Non-interest-earning assets |
|
68,748 |
|
|
|
|
|
|
|
|
|
70,417 |
|
|
|
|
|
|
|
|
|
67,889 |
|
|
|
|
|
|
|
|
Total assets |
$ |
1,802,672 |
|
|
|
|
|
|
|
|
$ |
1,785,392 |
|
|
|
|
|
|
|
|
$ |
1,657,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW accounts |
$ |
161,049 |
|
|
|
59 |
|
0.15 |
|
|
$ |
149,620 |
|
|
|
79 |
|
0.21 |
|
|
$ |
125,103 |
|
|
|
66 |
|
|
0.21 |
|
Money market accounts |
|
274,516 |
|
|
|
208 |
|
0.31 |
|
|
|
255,961 |
|
|
|
211 |
|
0.33 |
|
|
|
179,230 |
|
|
|
423 |
|
|
0.96 |
|
Savings accounts and escrow |
|
368,791 |
|
|
|
132 |
|
0.15 |
|
|
|
362,422 |
|
|
|
168 |
|
0.18 |
|
|
|
342,254 |
|
|
|
209 |
|
|
0.25 |
|
Time deposits |
|
411,500 |
|
|
|
1,383 |
|
1.36 |
|
|
|
434,446 |
|
|
|
1,700 |
|
1.55 |
|
|
|
480,233 |
|
|
|
2,570 |
|
|
2.17 |
|
Total interest-bearing
deposits |
|
1,215,856 |
|
|
|
1,782 |
|
0.59 |
|
|
|
1,202,449 |
|
|
|
2,158 |
|
0.71 |
|
|
|
1,126,820 |
|
|
|
3,268 |
|
|
1.18 |
|
FHLB advances |
|
104,604 |
|
|
|
506 |
|
1.96 |
|
|
|
106,034 |
|
|
|
520 |
|
1.94 |
|
|
|
98,364 |
|
|
|
541 |
|
|
2.23 |
|
Total interest-bearing
liabilities |
|
1,320,460 |
|
|
|
2,288 |
|
0.70 |
|
|
|
1,308,483 |
|
|
|
2,678 |
|
0.81 |
|
|
|
1,225,184 |
|
|
|
3,809 |
|
|
1.26 |
|
Non-interest-bearing
deposits |
|
187,778 |
|
|
|
|
|
|
|
|
|
178,538 |
|
|
|
|
|
|
|
|
|
137,930 |
|
|
|
|
|
|
|
|
Other non-interest-bearing
liabilities |
|
24,272 |
|
|
|
|
|
|
|
|
|
26,482 |
|
|
|
|
|
|
|
|
|
19,706 |
|
|
|
|
|
|
|
|
Total liabilities |
|
1,532,510 |
|
|
|
|
|
|
|
|
|
1,513,503 |
|
|
|
|
|
|
|
|
|
1,382,820 |
|
|
|
|
|
|
|
|
Total shareholders' equity |
|
270,162 |
|
|
|
|
|
|
|
|
|
271,889 |
|
|
|
|
|
|
|
|
|
275,173 |
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
1,802,672 |
|
|
|
|
|
|
|
|
$ |
1,785,392 |
|
|
|
|
|
|
|
|
$ |
1,657,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
11,637 |
|
|
|
|
|
|
|
|
$ |
11,547 |
|
|
|
|
|
|
|
|
$ |
11,525 |
|
|
|
|
Interest rate spread - tax
equivalent (2) |
|
|
|
|
|
|
|
2.53 |
|
|
|
|
|
|
|
|
|
2.52 |
|
|
|
|
|
|
|
|
|
|
2.61 |
|
Net interest margin - tax
equivalent (3) |
|
|
|
|
|
|
|
2.69 |
|
|
|
|
|
|
|
|
|
2.71 |
|
|
|
|
|
|
|
|
|
|
2.90 |
|
Average interest-earning assets
to interest-bearing liabilities |
|
131.31 |
% |
|
|
|
|
|
|
|
|
131.07 |
% |
|
|
|
|
|
|
|
|
129.78 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Tax
exempt yield is shown on a tax equivalent basis for proper
comparison using a statutory federal income tax rate of 21% for all
period presented. See reconciliation of non-GAAP measures at the
end of this release. |
|
(2) 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. |
|
(3) Net interest
margin represents tax equivalent net interest income divided by
average interest-earning assets. See reconciliation of non-GAAP
measures at the end of this release. |
|
PCSB Financial Corporation and
SubsidiariesNet Interest Margin Analysis
(unaudited)(dollar amounts in thousands)
|
Nine Months Ended March 31, |
|
|
2021 |
|
|
2020 |
|
|
Average Balance |
|
|
Interest / Dividends |
|
|
Average Rate |
|
|
Average Balance |
|
|
Interest / Dividends |
|
|
Average Rate |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable (1) |
$ |
1,245,881 |
|
|
$ |
36,845 |
|
|
|
3.95 |
% |
|
$ |
1,176,733 |
|
|
$ |
39,299 |
|
|
|
4.45 |
% |
Investment securities (1) |
|
316,114 |
|
|
|
5,489 |
|
|
|
2.36 |
|
|
|
360,631 |
|
|
|
6,974 |
|
|
|
2.59 |
|
Other interest-earning
assets |
|
162,946 |
|
|
|
344 |
|
|
|
0.28 |
|
|
|
53,944 |
|
|
|
816 |
|
|
|
2.01 |
|
Total interest-earning
assets |
|
1,724,941 |
|
|
|
42,678 |
|
|
|
3.31 |
|
|
|
1,591,308 |
|
|
|
47,089 |
|
|
|
3.95 |
|
Non-interest-earning assets |
|
70,364 |
|
|
|
|
|
|
|
|
|
|
|
68,983 |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
1,795,305 |
|
|
|
|
|
|
|
|
|
|
$ |
1,660,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW accounts |
$ |
153,378 |
|
|
|
227 |
|
|
|
0.20 |
|
|
$ |
122,470 |
|
|
|
191 |
|
|
|
0.21 |
|
Money market accounts |
|
260,258 |
|
|
|
657 |
|
|
|
0.34 |
|
|
|
163,395 |
|
|
|
1,358 |
|
|
|
1.11 |
|
Savings accounts and escrow |
|
363,768 |
|
|
|
502 |
|
|
|
0.18 |
|
|
|
353,373 |
|
|
|
674 |
|
|
|
0.25 |
|
Time deposits |
|
429,811 |
|
|
|
4,986 |
|
|
|
1.54 |
|
|
|
469,022 |
|
|
|
7,704 |
|
|
|
2.19 |
|
Total interest-bearing
deposits |
|
1,207,215 |
|
|
|
6,372 |
|
|
|
0.70 |
|
|
|
1,108,260 |
|
|
|
9,927 |
|
|
|
1.19 |
|
FHLB advances |
|
105,569 |
|
|
|
1,545 |
|
|
|
1.95 |
|
|
|
112,644 |
|
|
|
1,942 |
|
|
|
2.30 |
|
Total interest-bearing
liabilities |
|
1,312,784 |
|
|
|
7,917 |
|
|
|
0.80 |
|
|
|
1,220,904 |
|
|
|
11,869 |
|
|
|
1.30 |
|
Non-interest-bearing
deposits |
|
183,467 |
|
|
|
|
|
|
|
|
|
|
|
138,968 |
|
|
|
|
|
|
|
|
|
Other non-interest-bearing
liabilities |
|
26,570 |
|
|
|
|
|
|
|
|
|
|
|
20,914 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
1,522,821 |
|
|
|
|
|
|
|
|
|
|
|
1,380,786 |
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
|
272,484 |
|
|
|
|
|
|
|
|
|
|
|
279,505 |
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
1,795,305 |
|
|
|
|
|
|
|
|
|
|
$ |
1,660,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
34,761 |
|
|
|
|
|
|
|
|
|
|
$ |
35,220 |
|
|
|
|
|
Interest rate spread - tax
equivalent (2) |
|
|
|
|
|
|
|
|
|
2.51 |
|
|
|
|
|
|
|
|
|
|
|
2.65 |
|
Net interest margin - tax
equivalent (3) |
|
|
|
|
|
|
|
|
|
2.70 |
|
|
|
|
|
|
|
|
|
|
|
2.95 |
|
Average interest-earning assets
to interest-bearing liabilities |
|
131.40 |
% |
|
|
|
|
|
|
|
|
|
|
130.34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Tax
exempt yield is shown on a tax equivalent basis for proper
comparison using a statutory federal income tax rate of 21% for all
period presented. See reconciliation of non-GAAP measures at the
end of this release. |
|
(2) 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. |
|
(3) Net interest
margin represents tax equivalent net interest income divided by
average interest-earning assets. See reconciliation of non-GAAP
measures at the end of this release. |
|
PCSB Financial Corporation and
SubsidiariesCondensed Financial Information
(unaudited)(amounts in thousands, except per share
data)
|
As of |
|
|
March 31,2021 |
|
December 31,2020 |
|
September 30,2020 |
|
June 30,2020 |
|
March 31,2020 |
|
Condensed
Balance Sheets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
169,314 |
|
$ |
162,541 |
|
$ |
162,739 |
|
$ |
136,302 |
|
$ |
84,912 |
|
Total investment securities |
|
347,302 |
|
|
310,231 |
|
|
318,509 |
|
|
313,198 |
|
|
309,618 |
|
Loans receivable, net |
|
1,261,155 |
|
|
1,237,550 |
|
|
1,227,913 |
|
|
1,260,947 |
|
|
1,220,682 |
|
Other assets |
|
76,903 |
|
|
79,517 |
|
|
81,914 |
|
|
81,482 |
|
|
80,663 |
|
Total assets |
$ |
1,854,674 |
|
$ |
1,789,839 |
|
$ |
1,791,075 |
|
$ |
1,791,929 |
|
$ |
1,695,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits and escrow |
$ |
1,463,542 |
|
$ |
1,387,897 |
|
$ |
1,383,432 |
|
$ |
1,383,378 |
|
$ |
1,287,510 |
|
Advances from Federal Home Loan
Bank |
|
95,991 |
|
|
106,023 |
|
|
106,056 |
|
|
106,089 |
|
|
106,121 |
|
Other liabilities |
|
23,844 |
|
|
26,595 |
|
|
27,908 |
|
|
28,749 |
|
|
29,827 |
|
Total liabilities |
|
1,583,377 |
|
|
1,520,515 |
|
|
1,517,396 |
|
|
1,518,216 |
|
|
1,423,458 |
|
Total shareholders' equity |
|
271,297 |
|
|
269,324 |
|
|
273,679 |
|
|
273,713 |
|
|
272,417 |
|
Total liabilities and
shareholders' equity |
$ |
1,854,674 |
|
$ |
1,789,839 |
|
$ |
1,791,075 |
|
$ |
1,791,929 |
|
$ |
1,695,875 |
|
|
Quarter Ended |
|
Nine Months Ended |
|
|
March 31,2021 |
|
December 31,2020 |
|
September 30,2020 |
|
June 30,2020 |
|
March 31,2020 |
|
March 31,2021 |
|
March 31,2020 |
|
Condensed
Income Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
13,925 |
|
$ |
14,225 |
|
$ |
14,528 |
|
$ |
14,821 |
|
$ |
15,334 |
|
$ |
42,678 |
|
$ |
47,089 |
|
Interest expense |
|
2,288 |
|
|
2,678 |
|
|
2,951 |
|
|
3,362 |
|
|
3,809 |
|
|
7,917 |
|
|
11,869 |
|
Net interest income |
|
11,637 |
|
|
11,547 |
|
|
11,577 |
|
|
11,459 |
|
|
11,525 |
|
|
34,761 |
|
|
35,220 |
|
Provision (benefit) for loan
losses |
|
(894 |
) |
|
107 |
|
|
109 |
|
|
309 |
|
|
2,008 |
|
|
(678 |
) |
|
2,755 |
|
Noninterest income |
|
592 |
|
|
743 |
|
|
594 |
|
|
1,177 |
|
|
580 |
|
|
1,929 |
|
|
1,892 |
|
Noninterest expense |
|
8,572 |
|
|
8,691 |
|
|
8,624 |
|
|
8,533 |
|
|
8,520 |
|
|
25,887 |
|
|
26,101 |
|
Income before income tax
expense |
|
4,551 |
|
|
3,492 |
|
|
3,438 |
|
|
3,794 |
|
|
1,577 |
|
|
11,481 |
|
|
8,256 |
|
Income tax expense |
|
959 |
|
|
798 |
|
|
710 |
|
|
834 |
|
|
360 |
|
|
2,467 |
|
|
1,857 |
|
Net income |
$ |
3,592 |
|
$ |
2,694 |
|
$ |
2,728 |
|
$ |
2,960 |
|
$ |
1,217 |
|
$ |
9,014 |
|
$ |
6,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.25 |
|
$ |
0.18 |
|
$ |
0.18 |
|
$ |
0.19 |
|
$ |
0.08 |
|
$ |
0.60 |
|
$ |
0.41 |
|
Diluted |
|
0.25 |
|
|
0.18 |
|
|
0.18 |
|
|
0.19 |
|
|
0.08 |
|
|
0.60 |
|
|
0.40 |
|
PCSB Financial Corporation and
SubsidiariesSelected Financial Data
(unaudited)
|
Quarter Ended |
|
Nine Months Ended |
|
|
March 31,2021 |
|
December 31,2020 |
|
September 30,2020 |
|
June 30,2020 |
|
March 31,2020 |
|
March 31,2021 |
|
March 31,2020 |
|
Performance
Ratios (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.80 |
% |
|
0.60 |
% |
|
0.61 |
% |
|
0.68 |
% |
|
0.29 |
% |
|
0.67 |
% |
|
0.51 |
% |
Return on average equity |
|
5.32 |
% |
|
3.96 |
% |
|
3.96 |
% |
|
4.30 |
% |
|
1.77 |
% |
|
4.41 |
% |
|
3.05 |
% |
Interest rate spread |
|
2.53 |
% |
|
2.52 |
% |
|
2.47 |
% |
|
2.47 |
% |
|
2.61 |
% |
|
2.51 |
% |
|
2.65 |
% |
Net interest margin |
|
2.69 |
% |
|
2.71 |
% |
|
2.69 |
% |
|
2.73 |
% |
|
2.90 |
% |
|
2.70 |
% |
|
2.95 |
% |
Efficiency ratio |
|
70.10 |
% |
|
70.72 |
% |
|
70.86 |
% |
|
67.53 |
% |
|
70.38 |
% |
|
70.56 |
% |
|
70.33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income to average
assets |
|
0.13 |
% |
|
0.17 |
% |
|
0.13 |
% |
|
0.27 |
% |
|
0.14 |
% |
|
0.14 |
% |
|
0.15 |
% |
Noninterest expense to average
assets |
|
1.90 |
% |
|
1.95 |
% |
|
1.92 |
% |
|
1.95 |
% |
|
2.06 |
% |
|
1.92 |
% |
|
2.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning
assets to average interest-bearing liabilities |
|
131.31 |
% |
|
131.07 |
% |
|
131.81 |
% |
|
131.65 |
% |
|
129.78 |
% |
|
131.40 |
% |
|
130.34 |
% |
Average equity to average
assets |
|
14.99 |
% |
|
15.23 |
% |
|
15.32 |
% |
|
15.70 |
% |
|
16.60 |
% |
|
15.18 |
% |
|
16.83 |
% |
Dividend payout ratio (2) |
|
16.65 |
% |
|
22.57 |
% |
|
23.09 |
% |
|
21.25 |
% |
|
52.01 |
% |
|
20.37 |
% |
|
30.35 |
% |
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 |
|
|
March 31,2021 |
|
December 31,2020 |
|
September 30,2020 |
|
June 30,2020 |
|
March 31,2020 |
|
Loans to deposits |
|
86.72 |
% |
|
89.85 |
% |
|
89.17 |
% |
|
91.82 |
% |
|
95.40 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding |
|
15,966,216 |
|
|
16,097,867 |
|
|
16,634,237 |
|
|
16,898,137 |
|
|
16,898,137 |
|
Book value per common share |
$ |
16.99 |
|
$ |
16.73 |
|
$ |
16.45 |
|
$ |
16.20 |
|
$ |
16.12 |
|
Tangible book value per common
share (3) |
$ |
16.60 |
|
$ |
16.34 |
|
$ |
16.07 |
|
$ |
15.82 |
|
$ |
15.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans
receivable |
$ |
2,054 |
|
$ |
1,668 |
|
$ |
2,083 |
|
$ |
1,795 |
|
$ |
1,802 |
|
Non-performing assets |
$ |
2,054 |
|
$ |
1,668 |
|
$ |
2,083 |
|
$ |
1,795 |
|
$ |
1,802 |
|
Allowance for loan losses as a
percent of total loans receivable (4) |
|
0.65 |
% |
|
0.72 |
% |
|
0.72 |
% |
|
0.71 |
% |
|
0.68 |
% |
Allowance for loan losses as a
percent of non-performing loans receivable |
|
382.91 |
% |
|
520.20 |
% |
|
416.32 |
% |
|
481.28 |
% |
|
463.15 |
% |
Non-performing loans as a percent
of total loans receivable, net (4) |
|
0.17 |
% |
|
0.14 |
% |
|
0.17 |
% |
|
0.15 |
% |
|
0.15 |
% |
Non-performing assets as a
percent of total assets |
|
0.11 |
% |
|
0.09 |
% |
|
0.12 |
% |
|
0.10 |
% |
|
0.11 |
% |
Net (recoveries) charge-offs |
$ |
(82 |
) |
$ |
102 |
|
$ |
76 |
|
$ |
17 |
|
$ |
(122 |
) |
Net (recoveries) charge-offs to
average outstanding loans during the period (1) |
|
(0.03 |
%) |
|
0.03 |
% |
|
0.02 |
% |
|
0.01 |
% |
|
(0.04 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios
(5): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital (to adjusted total
assets) |
|
12.76 |
% |
|
12.66 |
% |
|
12.41 |
% |
|
12.51 |
% |
|
13.19 |
% |
Common equity Tier 1 capital (to
risk-weighted assets) |
|
17.72 |
% |
|
17.74 |
% |
|
17.56 |
% |
|
16.98 |
% |
|
16.80 |
% |
Tier 1 capital (to risk-weighted
assets) |
|
17.72 |
% |
|
17.74 |
% |
|
17.56 |
% |
|
16.98 |
% |
|
16.80 |
% |
Total capital (to risk-weighted
assets) |
|
18.33 |
% |
|
18.42 |
% |
|
18.24 |
% |
|
17.65 |
% |
|
17.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Performance ratios for quarter ended periods are
annualized. |
|
(2) Dividends
declared per share divided by net income per share. |
|
(3) 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. |
|
(4) Total loans
receivable excludes PPP loans. |
|
(5) Represents Bank
ratios. |
|
PCSB Financial Corporation and
SubsidiariesLoan and Deposit Portfolios
(unaudited)(amounts in thousands)
|
As of |
|
|
March 31,2021 |
|
December 31,2020 |
|
September 30,2020 |
|
June 30,2020 |
|
March 31,2020 |
|
Mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgages |
$ |
229,008 |
|
$ |
237,987 |
|
$ |
245,008 |
|
$ |
255,382 |
|
$ |
266,684 |
|
Commercial mortgage |
|
831,162 |
|
|
801,348 |
|
|
794,248 |
|
|
807,106 |
|
|
775,378 |
|
Construction |
|
10,047 |
|
|
17,551 |
|
|
11,512 |
|
|
11,053 |
|
|
24,929 |
|
Net deferred loan origination
costs |
|
365 |
|
|
600 |
|
|
666 |
|
|
739 |
|
|
925 |
|
Total mortgage loans |
|
1,070,582 |
|
|
1,057,486 |
|
|
1,051,434 |
|
|
1,074,280 |
|
|
1,067,916 |
|
Commercial and consumer
loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans (1) |
|
171,314 |
|
|
160,678 |
|
|
155,569 |
|
|
164,257 |
|
|
128,869 |
|
Home equity credit lines |
|
27,211 |
|
|
27,653 |
|
|
29,249 |
|
|
29,838 |
|
|
30,994 |
|
Consumer and overdrafts |
|
269 |
|
|
328 |
|
|
308 |
|
|
481 |
|
|
444 |
|
Net deferred loan origination
costs |
|
(356 |
) |
|
82 |
|
|
25 |
|
|
730 |
|
|
805 |
|
Total commercial and consumer
loans |
|
198,438 |
|
|
188,741 |
|
|
185,151 |
|
|
195,306 |
|
|
161,112 |
|
Total loans
receivable |
|
1,269,020 |
|
|
1,246,227 |
|
|
1,236,585 |
|
|
1,269,586 |
|
|
1,229,028 |
|
Allowance for loan losses |
|
(7,865 |
) |
|
(8,677 |
) |
|
(8,672 |
) |
|
(8,639 |
) |
|
(8,346 |
) |
Loans receivable, net |
$ |
1,261,155 |
|
$ |
1,237,550 |
|
$ |
1,227,913 |
|
$ |
1,260,947 |
|
$ |
1,220,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes PPP loans
totaling: |
$ |
50,380 |
|
$ |
35,687 |
|
$ |
35,687 |
|
$ |
49,603 |
|
$ |
- |
|
|
As of |
|
|
March 31,2021 |
|
December 31,2020 |
|
September 30,2020 |
|
June 30,2020 |
|
March 31,2020 |
|
Demand deposits |
$ |
203,344 |
|
$ |
189,968 |
|
$ |
183,844 |
|
$ |
191,898 |
|
$ |
145,844 |
|
NOW accounts |
|
169,077 |
|
|
159,919 |
|
|
148,176 |
|
|
151,797 |
|
|
128,103 |
|
Money market accounts |
|
301,892 |
|
|
256,132 |
|
|
253,176 |
|
|
239,942 |
|
|
192,779 |
|
Savings |
|
372,151 |
|
|
354,882 |
|
|
349,805 |
|
|
343,352 |
|
|
330,310 |
|
Time deposits |
|
407,826 |
|
|
416,386 |
|
|
442,011 |
|
|
446,266 |
|
|
482,550 |
|
Total deposits |
$ |
1,454,290 |
|
$ |
1,377,287 |
|
$ |
1,377,012 |
|
$ |
1,373,255 |
|
$ |
1,279,586 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PCSB Financial Corporation and
SubsidiariesReconciliation of GAAP to Non-GAAP
Measures (unaudited)(dollar amounts in thousands, except
share and per share data)
|
Quarter Ended |
|
|
Nine Months Ended |
|
|
March 31,2021 |
|
December 31,2020 |
|
March 31,2020 |
|
|
March 31,2021 |
|
March 31,2020 |
|
Computation of Tax Equivalent Net Interest
Income |
|
|
|
|
|
|
|
|
Total interest income |
$ |
13,925 |
|
$ |
14,225 |
|
$ |
15,334 |
|
|
$ |
42,678 |
|
$ |
47,089 |
|
Total interest expense |
|
2,288 |
|
|
2,678 |
|
|
3,809 |
|
|
|
7,917 |
|
|
11,869 |
|
Net interest income (GAAP) |
|
11,637 |
|
|
11,547 |
|
|
11,525 |
|
|
|
34,761 |
|
|
35,220 |
|
Tax equivalent adjustment |
|
51 |
|
|
46 |
|
|
14 |
|
|
|
130 |
|
|
38 |
|
Net interest income - tax
equivalent (Non-GAAP) |
$ |
11,688 |
|
$ |
11,593 |
|
$ |
11,539 |
|
|
$ |
34,891 |
|
$ |
35,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
March 31,2021 |
|
December 31,2020 |
|
September 30,2020 |
|
June 30,2020 |
|
March 31,2020 |
|
Computation
of Tangible Book Value per Common Share |
|
|
|
|
Total shareholders' equity (GAAP) |
$ |
271,297 |
|
$ |
269,324 |
|
$ |
273,679 |
|
$ |
273,713 |
|
$ |
272,417 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
(6,106 |
) |
|
(6,106 |
) |
|
(6,106 |
) |
|
(6,106 |
) |
|
(6,106 |
) |
Other intangible assets |
|
(168 |
) |
|
(189 |
) |
|
(209 |
) |
|
(229 |
) |
|
(250 |
) |
Tangible common shareholders'
equity (Non-GAAP) |
$ |
265,023 |
|
$ |
263,029 |
|
$ |
267,364 |
|
$ |
267,378 |
|
$ |
266,061 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
15,966,216 |
|
|
16,097,867 |
|
|
16,634,237 |
|
|
16,898,137 |
|
|
16,898,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share (GAAP) |
$ |
16.99 |
|
$ |
16.73 |
|
$ |
16.45 |
|
$ |
16.20 |
|
$ |
16.12 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effects of intangible assets |
|
(0.39 |
) |
|
(0.39 |
) |
|
(0.38 |
) |
|
(0.38 |
) |
|
(0.38 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per common
share (Non-GAAP) |
$ |
16.60 |
|
$ |
16.34 |
|
$ |
16.07 |
|
$ |
15.82 |
|
$ |
15.74 |
|
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