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
September 30, 2021, compared to $3.4 million, or $0.23 per diluted
share, for the three months ended June 30, 2021 and $2.7 million,
or $0.18 per diluted share, for the three months ended September
30, 2020.
On October 20, 2021, the Board of Directors
declared a regular quarterly cash dividend of $0.06 per share. The
dividend is payable on or about November 26, 2021 to shareholders
of record as of the close of business on November 12, 2021.
First Quarter Highlights
- Net income of $3.6 million for the
current quarter, increases of 6.0% and 32.5% compared to the linked
quarter and the same quarter last year, respectively.
- Net interest income of $12.5
million for the current quarter, unchanged from the linked quarter
and increased 8.3% from the same quarter last year.
- Tax equivalent net interest margin
was 2.82% for the current quarter, an increase from 2.81% in the
linked quarter and 2.69% for the same quarter last year.
- The average cost of
interest-bearing deposits was 0.41% for the current quarter, a
decrease from 0.48% in the linked quarter and 0.80% for the same
quarter last year.
- The efficiency ratio was 65.59% for
the current quarter, decreased from 67.43% for the linked quarter
and 70.86% for the prior year quarter.
- Average loans receivable, excluding
SBA Paycheck Protection Program (“PPP”) loans, of $1.20 billion for
the current quarter, unchanged from the linked quarter and a
decrease from $1.21 billion in the same quarter last year.
- Average deposits of $1.51 billion
for the current quarter, increases of 1.4% and 8.5% compared to the
linked quarter and same quarter last year, respectively.
- Allowance for loan losses to total
net loans receivable (excluding PPP loans) of 0.68% as of September
30, 2021, an increase from 0.66% as of June 30, 2021.
- Non-performing loans of $5.7
million, or 0.48% of total net loans receivable (excluding PPP
loans), as of September 30, 2021, unchanged compared to June 30,
2021 and increased from 0.17% as of September 30, 2020.
- Loans on COVID-19-related payment
deferral totaled $18.5 million, or 1.52% of gross loans, as of
September 30, 2021, compared to $27.3 million, or 2.21% of gross
loans, as of June 30, 2021. Loans on deferral totaling $3.5 million
and $15.0 million are scheduled to resume payments in the next two
quarters, respectively.
President’s Comments
“As we celebrate our 150th anniversary, we are
extremely pleased with the Company’s solid first quarter financial
performance which resulted in record earnings”, said Joseph D.
Roberto, Chairman, President & Chief Executive Officer of PCSB
Financial Corporation. “Despite the challenging low interest rate
environment, improvement in our year over year financial
performance was largely driven by net interest margin expansion and
control over operating expenses. With respect to maintaining
control over operating expenses, we have received notice of
non-objection from the New York State Department of Financial
Services to consolidate one of our branch offices which is expected
to occur on or about December 30, 2021. Meanwhile, our staff
remains a source of strength to our customers and communities by
providing them with personal attention to help them get through
lingering economic challenges caused by the pandemic. Moving
forward, our sustained focus on our communities’ needs is a core
principle that has made PCSB successful over the past 150 years and
will continue to create sustainable value for our
shareholders.”
Income Statement Summary
Net income for the current quarter was $3.6
million, which increased $204,000 from the linked quarter and
$886,000 from the prior year period. The change from the linked
quarter is primarily due to a $243,000 decrease in noninterest
expense and a $45,000 increase in noninterest income, partially
offset by a $46,000 decrease in net interest income, a $30,000
increase in income tax expense and an $8,000 increase in the
provision for loan losses. The change from the prior year period is
primarily due to a $958,000 increase in net interest income, a
$96,000 decrease in provision for loan losses and a $19,000
increase in noninterest income, partially offset by a $187,000
increase in income tax expense.
Net interest income was $12.5 million for the
current quarter, a decrease of $46,000, or 0.4%, compared to the
linked quarter and an increase of $958,000, or 8.3%, compared to
the prior year quarter. The decrease compared to the linked quarter
is primarily the result of a $10.6 million, or 0.6%, decrease in
average interest-earning assets, partially offset by a 1 basis
point increase 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 $62.8 million, or 3.6%, increase in
average interest-earning assets and a 13 basis point increase in
the tax equivalent net interest margin.
The tax equivalent net interest margin was 2.82%
for the current quarter, reflecting increases of 1 basis point
compared to 2.81% in the linked quarter and 13 basis points
compared to 2.69% in the prior year quarter. Adjusted net interest
margin, which excludes the effect of PPP loan interest and fees,
was 2.72% for the current quarter compared to 2.68% in the linked
quarter and 2.63% in the prior year quarter, as reductions in the
cost of funds were partially offset by decreases in asset yields,
driven by lower market interest rates.
The Company recognized PPP loan interest and
origination fee income (net of costs) of $381,000 in the current
quarter, compared to $516,000 in the linked quarter and $217,000 in
the prior year quarter. Unearned origination fees (net of costs) on
PPP loans totaled $698,000 as of September 30, 2021 and will be
recognized in income over the remaining lives of the loans. The
timing of such recognition is largely dependent on the timing of
forgiveness.
Tax equivalent yield on interest-earning assets
for the current quarter was 3.20%, a 6 basis point decrease from
the linked quarter and a 17 basis point decrease from the prior
year quarter. The decrease in yield compared to the linked quarter
and the prior year quarter is a result of decreases in market
interest rates, lower average loan balances due to muted
origination activity and elevated amounts of liquidity over the
last twelve months. The decline in asset yields (excluding the
effects of PPP income) has slowed in recent quarters due to a more
stable yield curve and a more favorable earning asset
composition.
The cost of interest-bearing deposits was 0.41%
for the current quarter, decreases of 7 basis points and 39 basis
points from 0.48% and 0.80% in the linked quarter and prior year
quarter, respectively. In response to lower market interest rates
and increased liquidity levels, deposit rate reductions have been
implemented throughout the last 18 months, the effects of which
continue to be realized. As of quarter end, the weighted average
cost of interest-bearing deposits was 0.34%. The cost of
interest-bearing liabilities was 0.49% for the current quarter,
decreases of 10 basis points from 0.59% in the linked quarter and
40 basis points from 0.89% in the prior year quarter. During the
remainder of fiscal year 2022, the Company has $27.5 million of
wholesale funding maturing, comprised of FHLB advances and brokered
time deposits, with a weighted average cost of 2.43%.
The provision for loan losses was $13,000 for
current quarter, compared to $5,000 for the linked quarter and
$109,000 for the prior year quarter. Loans on COVID-19 related
payment deferral totaled $18.5 million, or 1.52% of gross loans, as
of September 30, 2021, compared to $27.3 million, or 2.21% of gross
loans, as of June 30, 2021. Recoveries, net of charge-offs, were
$265,000 for the current quarter compared to $11,000 for the linked
quarter and charge-offs, net of recoveries, of $76,000 for the
prior year quarter. Non-performing loans as a percent of total
loans receivable (excluding PPP loans) was 0.48% as of September
30, 2021, unchanged compared to June 30, 2021 and increased from
0.17% as of September 30, 2020.
The table below provides additional detail for
those loans on deferral as of September 30, 2021 (dollar amounts in
thousands):
Industry
Sector: |
|
Number of loans |
|
Recorded Investment (1)
(2) |
|
% secured by real estate collateral |
|
Loan-to-Value % (3) |
|
Weighted average term of remaining deferral (in
months) |
Retail |
|
3 |
|
|
$ |
11,590 |
|
|
100.0 |
% |
|
59.8 |
% |
|
3.1 |
|
Hotels and accommodation
services |
|
1 |
|
|
|
2,013 |
|
|
100.0 |
|
|
54.8 |
|
|
0.1 |
|
Food service |
|
2 |
|
|
|
3,018 |
|
|
100.0 |
|
|
48.7 |
|
|
1.7 |
|
All other commercial |
|
5 |
|
|
|
1,903 |
|
|
89.2 |
|
|
70.0 |
|
|
2.7 |
|
Total |
|
11 |
|
|
$ |
18,524 |
|
|
98.9 |
% |
|
58.3 |
% |
|
2.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes loans classified as special mention and substandard of
$1.7 million and $8.6 million, respectively. |
(2) Includes $3.6 million of nonaccrual loans. All loans are
considered current. |
(3) Generally based on collateral values upon origination. |
Noninterest income of $613,000 for the current
quarter increased $45,000 compared to the linked quarter and
$19,000 compared to the prior year quarter. The increase compared
to the linked quarter was primarily due to increases of $24,000 in
bank-owned life insurance income, $11,000 in fees and service
charges and $10,000 in all other noninterest income. The increase
compared to the prior year quarter was primarily due to increases
of $79,000 in fees and service charges, $60,000 in bank-owned life
insurance income and $9,000 in all other noninterest income,
partially offset by a $129,000 decrease in swap income. The
increase in fees and service charges compared to the prior year
quarter was partially the result of the waiver in the prior year of
certain overdraft fees, ATM usage fees, wire and CD early
withdrawal fees in response to COVID-19, as well an increase
in debit card and interchange income. Current quarter noninterest
income includes net gains on the sale of loans of $6,000, compared
to none in the linked quarter and prior year quarter.
Noninterest expense of $8.6 million for the
current quarter decreased $243,000 compared to the linked quarter
and was unchanged compared to the prior year quarter. The decrease
compared to the linked quarter was primarily due to lower pension
costs. Noninterest expenses were unchanged compared to the prior
year quarter primarily due to increases in New York State
capital-based taxes and ESOP costs, which were largely offset by
lower pension costs.
The effective income tax rate was 19.9% for the
current quarter, as compared to 20.2% for the linked quarter and
20.7% for the prior year quarter.
Balance Sheet Summary
Total assets were largely unchanged at $1.87
billion at September 30, 2021 as compared to June 30, 2021, as an
increase of $28.6 million in total investment securities, was
largely offset by decreases of $18.8 million in net loans
receivable and $11.3 million in cash and cash equivalents. The
increase in investment securities was the result of the Company
deploying excess liquidity and included increases of $26.9 million
in state and municipal securities, $5.5 million in corporate
securities and $5.1 million in mortgage-backed securities,
partially offset by a $9.0 million decrease in U.S. government and
agency bonds. Net loans receivable decreased $18.8 million,
primarily the result of decreases in commercial loans and
residential mortgage loans of $28.6 million and $2.6 million,
respectively, partially offset by increases in commercial mortgage
loans and construction loans of $11.4 million and $1.5 million,
respectively. The decrease in commercial loans includes a decrease
in PPP loans of $17.3 million, driven by paydowns and
forgiveness.
Total liabilities were largely unchanged at
$1.60 billion at September 30, 2021 compared to June 30, 2021 as an
increase of $13.0 million in deposits was largely offset by
decreases of $11.1 million in other liabilities and $3.7 million in
mortgage escrow funds. The $13.0 million increase in deposits
includes increases in money market and NOW accounts of $30.2
million and $4.4 million, respectively, partially offset by
decreases in time deposits, savings and demand accounts of $13.3
million, $5.7 million and $2.6 million, respectively.
Total shareholders’ equity increased $168,000 to
$274.7 million at September 30, 2021 as compared to $274.6 million
as of June 30, 2021. This increase was primarily due to net income
of $3.6 million and $1.3 million of stock-based compensation and
reduction in unearned ESOP shares for plan shares earned during the
period, partially offset by the repurchase of $3.7 million (204,335
shares) of common stock and $876,000 of cash dividends declared and
paid. As of September 30, 2021, there were 339,828 shares available
to be repurchased under the current stock repurchase plan.
At September 30, 2021, the Company’s book value
per share and tangible book value per share were $17.64 and $17.24,
respectively, compared to $17.41 and $17.01, respectively, at June
30, 2021. 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, 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)
|
|
September 30, |
|
June 30, |
|
|
2021 |
|
2021 |
ASSETS |
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
145,875 |
|
|
$ |
152,070 |
|
Federal funds sold |
|
|
2,137 |
|
|
|
7,235 |
|
Cash and cash equivalents |
|
|
148,012 |
|
|
|
159,305 |
|
Held to maturity debt securities, at amortized cost (fair value of
$381,521 and $342,137, respectively) |
|
|
378,510 |
|
|
|
337,584 |
|
Available for sale debt securities, at fair value |
|
|
45,015 |
|
|
|
57,387 |
|
Total investment securities |
|
|
423,525 |
|
|
|
394,971 |
|
Loans receivable, net of allowance for loan losses of $8,159 and
$7,881, respectively |
|
|
1,210,674 |
|
|
|
1,229,451 |
|
Accrued interest receivable |
|
|
6,550 |
|
|
|
6,398 |
|
FHLB stock |
|
|
4,506 |
|
|
|
4,507 |
|
Premises and equipment, net |
|
|
20,536 |
|
|
|
21,099 |
|
Deferred tax asset, net |
|
|
2,540 |
|
|
|
2,552 |
|
Bank-owned life insurance |
|
|
35,760 |
|
|
|
35,568 |
|
Goodwill |
|
|
6,106 |
|
|
|
6,106 |
|
Other intangible assets |
|
|
135 |
|
|
|
151 |
|
Other assets |
|
|
14,835 |
|
|
|
14,827 |
|
Total assets |
|
$ |
1,873,179 |
|
|
$ |
1,874,935 |
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
1,288,167 |
|
|
$ |
1,272,610 |
|
Non interest-bearing deposits |
|
|
216,470 |
|
|
|
219,072 |
|
Total deposits |
|
|
1,504,637 |
|
|
|
1,491,682 |
|
Mortgage escrow funds |
|
|
6,828 |
|
|
|
10,536 |
|
Advances from Federal Home Loan Bank |
|
|
65,924 |
|
|
|
65,957 |
|
Other liabilities |
|
|
21,062 |
|
|
|
32,200 |
|
Total liabilities |
|
|
1,598,451 |
|
|
|
1,600,375 |
|
Commitments and contingencies |
|
|
- |
|
|
|
- |
|
Shareholders' equity: |
|
|
|
|
|
|
|
|
Preferred stock ($0.01 par value, 10,000,000 shares authorized, no
shares issued or outstanding as of September 30, 2021 and June 30,
2021) |
|
|
- |
|
|
|
- |
|
Common stock ($0.01 par value, 200,000,000 shares authorized,
18,703,577 shares issued as of both September 30, 2021 and June 30,
2021, 15,574,310 and 15,770,645 shares outstanding as of September
30, 2021 and June 30, 2021, respectively) |
|
|
187 |
|
|
|
187 |
|
Additional paid in capital |
|
|
190,793 |
|
|
|
189,926 |
|
Retained earnings |
|
|
153,725 |
|
|
|
150,987 |
|
Unearned compensation - ESOP |
|
|
(9,932 |
) |
|
|
(10,176 |
) |
Accumulated other comprehensive loss, net of income taxes |
|
|
(3,204 |
) |
|
|
(3,099 |
) |
Treasury stock, at cost, 3,129,267 and 2,932,932 shares as of
September 30, 2021 and June 30, 2021, respectively) |
|
|
(56,841 |
) |
|
|
(53,265 |
) |
Total shareholders' equity |
|
|
274,728 |
|
|
|
274,560 |
|
Total liabilities and shareholders' equity |
|
$ |
1,873,179 |
|
|
$ |
1,874,935 |
|
PCSB Financial Corporation and
SubsidiariesConsolidated Statements of Operations
(unaudited)(amounts in thousands, except share and per
share data)
|
|
Three Months Ended |
|
|
September 30, |
|
|
2021 |
|
2020 |
Interest and dividend income |
|
|
|
|
|
|
|
|
Loans receivable |
|
$ |
12,107 |
|
|
$ |
12,547 |
|
Investment securities |
|
|
2,011 |
|
|
|
1,856 |
|
Federal funds and other |
|
|
109 |
|
|
|
125 |
|
Total interest and dividend income |
|
|
14,227 |
|
|
|
14,528 |
|
Interest
expense |
|
|
|
|
|
|
|
|
Deposits and escrow
interest |
|
|
1,354 |
|
|
|
2,432 |
|
FHLB advances |
|
|
338 |
|
|
|
519 |
|
Total interest expense |
|
|
1,692 |
|
|
|
2,951 |
|
Net interest
income |
|
|
12,535 |
|
|
|
11,577 |
|
Provision for loan losses |
|
|
13 |
|
|
|
109 |
|
Net interest income
after provision for loan losses |
|
|
12,522 |
|
|
|
11,468 |
|
Noninterest
income |
|
|
|
|
|
|
|
|
Fees and service charges |
|
|
401 |
|
|
|
322 |
|
Swap income |
|
|
- |
|
|
|
129 |
|
Bank-owned life insurance |
|
|
192 |
|
|
|
132 |
|
Other |
|
|
20 |
|
|
|
11 |
|
Total noninterest income |
|
|
613 |
|
|
|
594 |
|
Noninterest
expense |
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
|
5,773 |
|
|
|
5,607 |
|
Occupancy and equipment |
|
|
1,353 |
|
|
|
1,318 |
|
Communications and data
processing |
|
|
527 |
|
|
|
576 |
|
Professional fees |
|
|
393 |
|
|
|
400 |
|
Postage, printing, stationery
and supplies |
|
|
143 |
|
|
|
139 |
|
Advertising |
|
|
100 |
|
|
|
100 |
|
FDIC assessment |
|
|
125 |
|
|
|
113 |
|
Amortization of intangible
assets |
|
|
16 |
|
|
|
20 |
|
Other operating expenses |
|
|
194 |
|
|
|
351 |
|
Total noninterest expense |
|
|
8,624 |
|
|
|
8,624 |
|
Net income before
income tax expense |
|
|
4,511 |
|
|
|
3,438 |
|
Income tax expense |
|
|
897 |
|
|
|
710 |
|
Net income |
|
$ |
3,614 |
|
|
$ |
2,728 |
|
Earnings per common
share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.25 |
|
|
$ |
0.18 |
|
Diluted |
|
|
0.25 |
|
|
|
0.18 |
|
Weighted average
common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
14,337,543 |
|
|
|
15,302,838 |
|
Diluted |
|
|
14,405,816 |
|
|
|
15,302,949 |
|
PCSB Financial Corporation and
SubsidiariesNet Interest Margin Analysis
(unaudited)(dollar amounts in thousands)
|
|
Three Months Ended |
|
|
September 30, 2021 |
|
June 30, 2021 |
|
September 30, 2020 |
|
|
Average Balance |
|
Interest / Dividends |
|
Average Rate |
|
Average Balance |
|
Interest / Dividends |
|
Average Rate |
|
Average Balance |
|
Interest / Dividends |
|
Average Rate |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable (1) |
|
$ |
1,223,532 |
|
|
$ |
12,107 |
|
|
|
3.96 |
% |
|
$ |
1,245,610 |
|
|
$ |
12,625 |
|
|
|
4.06 |
% |
|
$ |
1,252,595 |
|
|
$ |
12,547 |
|
|
|
4.01 |
% |
Investment securities (1) |
|
|
404,565 |
|
|
|
2,011 |
|
|
|
2.07 |
|
|
|
363,175 |
|
|
|
1,851 |
|
|
|
2.11 |
|
|
|
315,292 |
|
|
|
1,856 |
|
|
|
2.38 |
|
Other interest-earning
assets |
|
|
160,659 |
|
|
|
109 |
|
|
|
0.27 |
|
|
|
190,582 |
|
|
|
110 |
|
|
|
0.23 |
|
|
|
158,038 |
|
|
|
125 |
|
|
|
0.31 |
|
Total interest-earning
assets |
|
|
1,788,756 |
|
|
|
14,227 |
|
|
|
3.20 |
|
|
|
1,799,367 |
|
|
|
14,586 |
|
|
|
3.26 |
|
|
|
1,725,925 |
|
|
|
14,528 |
|
|
|
3.37 |
|
Non-interest-earning
assets |
|
|
76,375 |
|
|
|
|
|
|
|
|
|
|
|
79,015 |
|
|
|
|
|
|
|
|
|
|
|
71,926 |
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,865,131 |
|
|
|
|
|
|
|
|
|
|
$ |
1,878,382 |
|
|
|
|
|
|
|
|
|
|
$ |
1,797,851 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW accounts |
|
$ |
182,531 |
|
|
|
70 |
|
|
|
0.15 |
|
|
$ |
182,475 |
|
|
|
69 |
|
|
|
0.15 |
|
|
$ |
149,466 |
|
|
|
89 |
|
|
|
0.24 |
|
Money market accounts |
|
|
350,575 |
|
|
|
186 |
|
|
|
0.21 |
|
|
|
311,255 |
|
|
|
162 |
|
|
|
0.21 |
|
|
|
250,297 |
|
|
|
238 |
|
|
|
0.38 |
|
Savings accounts and mortgage
escrow funds |
|
|
397,292 |
|
|
|
113 |
|
|
|
0.11 |
|
|
|
387,422 |
|
|
|
109 |
|
|
|
0.11 |
|
|
|
360,091 |
|
|
|
202 |
|
|
|
0.22 |
|
Time deposits |
|
|
367,641 |
|
|
|
985 |
|
|
|
1.06 |
|
|
|
395,240 |
|
|
|
1,179 |
|
|
|
1.20 |
|
|
|
443,487 |
|
|
|
1,903 |
|
|
|
1.70 |
|
Total interest-bearing
deposits |
|
|
1,298,039 |
|
|
|
1,354 |
|
|
|
0.41 |
|
|
|
1,276,392 |
|
|
|
1,519 |
|
|
|
0.48 |
|
|
|
1,203,341 |
|
|
|
2,432 |
|
|
|
0.80 |
|
FHLB advances |
|
|
65,935 |
|
|
|
338 |
|
|
|
2.03 |
|
|
|
94,970 |
|
|
|
486 |
|
|
|
2.05 |
|
|
|
106,067 |
|
|
|
519 |
|
|
|
1.94 |
|
Total interest-bearing
liabilities |
|
|
1,363,974 |
|
|
|
1,692 |
|
|
|
0.49 |
|
|
|
1,371,362 |
|
|
|
2,005 |
|
|
|
0.59 |
|
|
|
1,309,408 |
|
|
|
2,951 |
|
|
|
0.89 |
|
Non-interest-bearing
deposits |
|
|
207,806 |
|
|
|
|
|
|
|
|
|
|
|
208,265 |
|
|
|
|
|
|
|
|
|
|
|
184,085 |
|
|
|
|
|
|
|
|
|
Other non-interest-bearing
liabilities |
|
|
19,943 |
|
|
|
|
|
|
|
|
|
|
|
23,114 |
|
|
|
|
|
|
|
|
|
|
|
28,958 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
1,591,723 |
|
|
|
|
|
|
|
|
|
|
|
1,602,741 |
|
|
|
|
|
|
|
|
|
|
|
1,522,451 |
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
|
|
273,408 |
|
|
|
|
|
|
|
|
|
|
|
275,641 |
|
|
|
|
|
|
|
|
|
|
|
275,400 |
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
1,865,131 |
|
|
|
|
|
|
|
|
|
|
$ |
1,878,382 |
|
|
|
|
|
|
|
|
|
|
$ |
1,797,851 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
|
$ |
12,535 |
|
|
|
|
|
|
|
|
|
|
$ |
12,581 |
|
|
|
|
|
|
|
|
|
|
$ |
11,577 |
|
|
|
|
|
Interest rate spread - tax
equivalent (2) |
|
|
|
|
|
|
|
|
|
|
2.71 |
|
|
|
|
|
|
|
|
|
|
|
2.67 |
|
|
|
|
|
|
|
|
|
|
|
2.48 |
|
Net interest margin - tax
equivalent (3) |
|
|
|
|
|
|
|
|
|
|
2.82 |
|
|
|
|
|
|
|
|
|
|
|
2.81 |
|
|
|
|
|
|
|
|
|
|
|
2.69 |
|
Average interest-earning assets to interest-bearing
liabilities |
|
|
131.14 |
% |
|
|
|
|
|
|
|
|
|
|
131.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 periods presented. See reconciliation of GAAP to 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 GAAP to 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 |
|
|
September 30,2021 |
|
June 30,2021 |
|
March 31,2021 |
|
December 31,2020 |
|
September 30,2020 |
Condensed Balance Sheets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
148,012 |
|
|
$ |
159,305 |
|
|
$ |
169,314 |
|
|
$ |
162,541 |
|
|
$ |
162,739 |
|
Total investment
securities |
|
|
423,525 |
|
|
|
394,971 |
|
|
|
347,302 |
|
|
|
310,231 |
|
|
|
318,509 |
|
Loans receivable, net |
|
|
1,210,674 |
|
|
|
1,229,451 |
|
|
|
1,261,155 |
|
|
|
1,237,550 |
|
|
|
1,227,913 |
|
Other assets |
|
|
90,968 |
|
|
|
91,208 |
|
|
|
76,903 |
|
|
|
79,517 |
|
|
|
81,914 |
|
Total assets |
|
$ |
1,873,179 |
|
|
$ |
1,874,935 |
|
|
$ |
1,854,674 |
|
|
$ |
1,789,839 |
|
|
$ |
1,791,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits and mortgage
escrow funds |
|
$ |
1,511,465 |
|
|
$ |
1,502,218 |
|
|
$ |
1,463,542 |
|
|
$ |
1,387,897 |
|
|
$ |
1,383,432 |
|
Advances from Federal Home
Loan Bank |
|
|
65,924 |
|
|
|
65,957 |
|
|
|
95,991 |
|
|
|
106,023 |
|
|
|
106,056 |
|
Other liabilities |
|
|
21,062 |
|
|
|
32,200 |
|
|
|
23,844 |
|
|
|
26,595 |
|
|
|
27,908 |
|
Total liabilities |
|
|
1,598,451 |
|
|
|
1,600,375 |
|
|
|
1,583,377 |
|
|
|
1,520,515 |
|
|
|
1,517,396 |
|
Total shareholders'
equity |
|
|
274,728 |
|
|
|
274,560 |
|
|
|
271,297 |
|
|
|
269,324 |
|
|
|
273,679 |
|
Total liabilities and
shareholders' equity |
|
$ |
1,873,179 |
|
|
$ |
1,874,935 |
|
|
$ |
1,854,674 |
|
|
$ |
1,789,839 |
|
|
$ |
1,791,075 |
|
|
|
Quarter Ended |
|
|
September 30,2021 |
|
June 30,2021 |
|
March 31,2021 |
|
December 31,2020 |
|
September 30,2020 |
Condensed Income Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
14,227 |
|
|
$ |
14,586 |
|
|
$ |
13,925 |
|
|
$ |
14,225 |
|
|
$ |
14,528 |
|
Interest expense |
|
|
1,692 |
|
|
|
2,005 |
|
|
|
2,288 |
|
|
|
2,678 |
|
|
|
2,951 |
|
Net interest income |
|
|
12,535 |
|
|
|
12,581 |
|
|
|
11,637 |
|
|
|
11,547 |
|
|
|
11,577 |
|
Provision (benefit) for loan
losses |
|
|
13 |
|
|
|
5 |
|
|
|
(894 |
) |
|
|
107 |
|
|
|
109 |
|
Noninterest income |
|
|
613 |
|
|
|
568 |
|
|
|
592 |
|
|
|
743 |
|
|
|
594 |
|
Noninterest expense |
|
|
8,624 |
|
|
|
8,867 |
|
|
|
8,572 |
|
|
|
8,691 |
|
|
|
8,624 |
|
Income before income tax
expense |
|
|
4,511 |
|
|
|
4,277 |
|
|
|
4,551 |
|
|
|
3,492 |
|
|
|
3,438 |
|
Income tax expense |
|
|
897 |
|
|
|
867 |
|
|
|
959 |
|
|
|
798 |
|
|
|
710 |
|
Net income |
|
$ |
3,614 |
|
|
$ |
3,410 |
|
|
$ |
3,592 |
|
|
$ |
2,694 |
|
|
$ |
2,728 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.25 |
|
|
$ |
0.23 |
|
|
$ |
0.25 |
|
|
$ |
0.18 |
|
|
$ |
0.18 |
|
Diluted |
|
|
0.25 |
|
|
|
0.23 |
|
|
|
0.25 |
|
|
|
0.18 |
|
|
|
0.18 |
|
PCSB Financial Corporation and
SubsidiariesSelected Financial Data
(unaudited)
|
|
September 30,2021 |
|
June 30,2021 |
|
March 31,2021 |
|
December 31,2020 |
|
September 30,2020 |
Performance Ratios
(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.78 |
% |
|
0.73 |
% |
|
0.80 |
% |
|
0.60 |
% |
|
0.61 |
% |
Return on average equity |
|
5.29 |
% |
|
4.95 |
% |
|
5.32 |
% |
|
3.96 |
% |
|
3.96 |
% |
Interest rate spread |
|
2.71 |
% |
|
2.67 |
% |
|
2.53 |
% |
|
2.52 |
% |
|
2.47 |
% |
Net interest margin |
|
2.82 |
% |
|
2.81 |
% |
|
2.69 |
% |
|
2.71 |
% |
|
2.69 |
% |
Efficiency ratio |
|
65.59 |
% |
|
67.43 |
% |
|
70.10 |
% |
|
70.72 |
% |
|
70.86 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income to average
assets |
|
0.13 |
% |
|
0.12 |
% |
|
0.13 |
% |
|
0.17 |
% |
|
0.13 |
% |
Noninterest expense to average
assets |
|
1.85 |
% |
|
1.89 |
% |
|
1.90 |
% |
|
1.95 |
% |
|
1.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning
assets to average interest-bearing liabilities |
|
131.14 |
% |
|
131.21 |
% |
|
131.31 |
% |
|
131.07 |
% |
|
131.81 |
% |
Average equity to average
assets |
|
14.66 |
% |
|
14.67 |
% |
|
14.99 |
% |
|
15.23 |
% |
|
15.32 |
% |
Dividend payout ratio (2) |
|
24.24 |
% |
|
26.07 |
% |
|
16.65 |
% |
|
22.57 |
% |
|
23.09 |
% |
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 30,2021 |
|
June 30,2021 |
|
March 31,2021 |
|
December 31,2020 |
|
September 30,2020 |
Loans to deposits |
|
|
80.46 |
% |
|
|
82.42 |
% |
|
|
86.72 |
% |
|
|
89.85 |
% |
|
|
89.17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding |
|
|
15,574,310 |
|
|
|
15,770,645 |
|
|
|
15,966,216 |
|
|
|
16,097,867 |
|
|
|
16,634,237 |
|
Book value per common
share |
|
$ |
17.64 |
|
|
$ |
17.41 |
|
|
$ |
16.99 |
|
|
$ |
16.73 |
|
|
$ |
16.45 |
|
Tangible book value per common
share (3) |
|
$ |
17.24 |
|
|
$ |
17.01 |
|
|
$ |
16.60 |
|
|
$ |
16.34 |
|
|
$ |
16.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans
receivable |
|
$ |
5,732 |
|
|
$ |
5,764 |
|
|
$ |
2,054 |
|
|
$ |
1,668 |
|
|
$ |
2,083 |
|
Non-performing assets |
|
$ |
5,732 |
|
|
$ |
5,764 |
|
|
$ |
2,054 |
|
|
$ |
1,668 |
|
|
$ |
2,083 |
|
Allowance for loan losses as a
percent of total loans receivable (4) |
|
|
0.68 |
% |
|
|
0.66 |
% |
|
|
0.65 |
% |
|
|
0.72 |
% |
|
|
0.72 |
% |
Allowance for loan losses as a
percent of non-performing loans receivable |
|
|
142.34 |
% |
|
|
136.73 |
% |
|
|
382.91 |
% |
|
|
520.20 |
% |
|
|
416.32 |
% |
Non-performing loans as a
percent of total loans receivable, net (4) |
|
|
0.48 |
% |
|
|
0.48 |
% |
|
|
0.17 |
% |
|
|
0.14 |
% |
|
|
0.17 |
% |
Non-performing assets as a
percent of total assets |
|
|
0.31 |
% |
|
|
0.31 |
% |
|
|
0.11 |
% |
|
|
0.09 |
% |
|
|
0.12 |
% |
Net (recoveries)
charge-offs |
|
$ |
(265 |
) |
|
$ |
(11 |
) |
|
$ |
(82 |
) |
|
$ |
102 |
|
|
$ |
76 |
|
Net (recoveries) charge-offs
to average outstanding loans during the period (1) |
|
|
(0.09 |
%) |
|
|
0.00 |
% |
|
|
(0.03 |
%) |
|
|
0.03 |
% |
|
|
0.02 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios (5): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital (to adjusted
total assets) |
|
|
12.72 |
% |
|
|
12.48 |
% |
|
|
12.76 |
% |
|
|
12.66 |
% |
|
|
12.41 |
% |
Common equity Tier 1 capital
(to risk-weighted assets) |
|
|
17.84 |
% |
|
|
17.93 |
% |
|
|
17.72 |
% |
|
|
17.74 |
% |
|
|
17.56 |
% |
Tier 1 capital (to
risk-weighted assets) |
|
|
17.84 |
% |
|
|
17.93 |
% |
|
|
17.72 |
% |
|
|
17.74 |
% |
|
|
17.56 |
% |
Total capital (to
risk-weighted assets) |
|
|
18.46 |
% |
|
|
18.53 |
% |
|
|
18.33 |
% |
|
|
18.42 |
% |
|
|
18.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
September 30,2021 |
|
June 30,2021 |
|
March 31,2021 |
|
December 31,2020 |
|
September 30,2020 |
Mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgages |
|
$ |
221,735 |
|
|
$ |
224,305 |
|
|
$ |
229,008 |
|
|
$ |
237,987 |
|
|
$ |
245,008 |
|
Commercial mortgages |
|
|
838,021 |
|
|
|
826,624 |
|
|
|
831,162 |
|
|
|
801,348 |
|
|
|
794,248 |
|
Construction |
|
|
11,639 |
|
|
|
10,151 |
|
|
|
10,047 |
|
|
|
17,551 |
|
|
|
11,512 |
|
Net deferred loan origination
costs |
|
|
97 |
|
|
|
196 |
|
|
|
365 |
|
|
|
600 |
|
|
|
666 |
|
Total mortgage loans |
|
|
1,071,492 |
|
|
|
1,061,276 |
|
|
|
1,070,582 |
|
|
|
1,057,486 |
|
|
|
1,051,434 |
|
Commercial and
consumer loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans (1) |
|
|
122,031 |
|
|
|
150,658 |
|
|
|
171,314 |
|
|
|
160,678 |
|
|
|
155,569 |
|
Home equity credit lines |
|
|
24,936 |
|
|
|
25,439 |
|
|
|
27,211 |
|
|
|
27,653 |
|
|
|
29,249 |
|
Consumer and overdrafts |
|
|
394 |
|
|
|
345 |
|
|
|
269 |
|
|
|
328 |
|
|
|
308 |
|
Net deferred loan origination
costs |
|
|
(20 |
) |
|
|
(386 |
) |
|
|
(356 |
) |
|
|
82 |
|
|
|
25 |
|
Total commercial and consumer
loans |
|
|
147,341 |
|
|
|
176,056 |
|
|
|
198,438 |
|
|
|
188,741 |
|
|
|
185,151 |
|
Total loans
receivable |
|
|
1,218,833 |
|
|
|
1,237,332 |
|
|
|
1,269,020 |
|
|
|
1,246,227 |
|
|
|
1,236,585 |
|
Allowance for loan losses |
|
|
(8,159 |
) |
|
|
(7,881 |
) |
|
|
(7,865 |
) |
|
|
(8,677 |
) |
|
|
(8,672 |
) |
Loans receivable, net |
|
$ |
1,210,674 |
|
|
$ |
1,229,451 |
|
|
$ |
1,261,155 |
|
|
$ |
1,237,550 |
|
|
$ |
1,227,913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes PPP loans
totaling: |
|
$ |
19,763 |
|
|
$ |
37,050 |
|
|
$ |
50,380 |
|
|
$ |
35,687 |
|
|
$ |
35,687 |
|
|
|
As of |
|
|
September 30,2021 |
|
June 30,2021 |
|
March 31,2021 |
|
December 31,2020 |
|
September 30,2020 |
Demand deposits |
|
$ |
216,470 |
|
|
$ |
219,072 |
|
|
$ |
203,344 |
|
|
$ |
189,968 |
|
|
$ |
183,844 |
|
NOW accounts |
|
|
181,572 |
|
|
|
177,223 |
|
|
|
169,077 |
|
|
|
159,919 |
|
|
|
148,176 |
|
Money market accounts |
|
|
363,090 |
|
|
|
332,843 |
|
|
|
301,892 |
|
|
|
256,132 |
|
|
|
253,176 |
|
Savings |
|
|
381,836 |
|
|
|
387,529 |
|
|
|
372,151 |
|
|
|
354,882 |
|
|
|
349,805 |
|
Time deposits |
|
|
361,669 |
|
|
|
375,015 |
|
|
|
407,826 |
|
|
|
416,386 |
|
|
|
442,011 |
|
Total deposits |
|
$ |
1,504,637 |
|
|
$ |
1,491,682 |
|
|
$ |
1,454,290 |
|
|
$ |
1,377,287 |
|
|
$ |
1,377,012 |
|
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 30,2021 |
|
June 30,2021 |
|
September 30,2020 |
Computation of Tax Equivalent Net Interest
Income |
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income |
|
$ |
14,227 |
|
|
$ |
14,586 |
|
|
$ |
14,528 |
|
Total interest expense |
|
|
1,692 |
|
|
|
2,005 |
|
|
|
2,951 |
|
Net interest income
(GAAP) |
|
|
12,535 |
|
|
|
12,581 |
|
|
|
11,577 |
|
Tax equivalent adjustment |
|
|
89 |
|
|
|
68 |
|
|
|
33 |
|
Net interest income - tax
equivalent (Non-GAAP) |
|
$ |
12,624 |
|
|
$ |
12,649 |
|
|
$ |
11,610 |
|
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 30,2021 |
|
June 30,2021 |
|
March 31,2021 |
|
December 31,2020 |
|
September 30,2020 |
Computation of Tangible Book Value per Common
Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity
(GAAP) |
|
$ |
274,728 |
|
|
$ |
274,560 |
|
|
$ |
271,297 |
|
|
$ |
269,324 |
|
|
$ |
273,679 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
(6,106 |
) |
|
|
(6,106 |
) |
|
|
(6,106 |
) |
|
|
(6,106 |
) |
|
|
(6,106 |
) |
Other intangible assets |
|
|
(135 |
) |
|
|
(151 |
) |
|
|
(168 |
) |
|
|
(189 |
) |
|
|
(209 |
) |
Tangible common shareholders'
equity (Non-GAAP) |
|
$ |
268,487 |
|
|
$ |
268,303 |
|
|
$ |
265,023 |
|
|
$ |
263,029 |
|
|
$ |
267,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
15,574,310 |
|
|
|
15,770,645 |
|
|
|
15,966,216 |
|
|
|
16,097,867 |
|
|
|
16,634,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share
(GAAP) |
|
$ |
17.64 |
|
|
$ |
17.41 |
|
|
$ |
16.99 |
|
|
$ |
16.73 |
|
|
$ |
16.45 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effects of intangible assets |
|
|
(0.40 |
) |
|
|
(0.40 |
) |
|
|
(0.39 |
) |
|
|
(0.39 |
) |
|
|
(0.38 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per common
share (Non-GAAP) |
|
$ |
17.24 |
|
|
$ |
17.01 |
|
|
$ |
16.60 |
|
|
$ |
16.34 |
|
|
$ |
16.07 |
|
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 30,2021 |
|
June 30,2021 |
|
September 30,2020 |
Computation of Adjusted Yield on Assets and Adjusted Net
Interest Margin, Excluding PPP interest and fee
income |
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning
assets |
|
$ |
1,788,756 |
|
|
$ |
1,799,367 |
|
|
$ |
1,725,925 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend income
(GAAP) |
|
$ |
14,227 |
|
|
$ |
14,586 |
|
|
$ |
14,528 |
|
Less: PPP interest and fee
income |
|
|
(381 |
) |
|
|
(516 |
) |
|
|
(217 |
) |
Adjusted interest and dividend
income (Non-GAAP) |
|
$ |
13,846 |
|
|
$ |
14,070 |
|
|
$ |
14,311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on interest-earning
assets (GAAP) |
|
|
3.20 |
% |
|
|
3.26 |
% |
|
|
3.37 |
% |
Adjusted yield on
interest-earning assets (Non-GAAP) |
|
|
3.10 |
% |
|
|
3.13 |
% |
|
|
3.32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(GAAP) |
|
$ |
12,535 |
|
|
$ |
12,581 |
|
|
$ |
11,577 |
|
Less: PPP interest and fee
income |
|
|
(381 |
) |
|
|
(516 |
) |
|
|
(217 |
) |
Adjusted net interest income
(Non-GAAP) |
|
$ |
12,154 |
|
|
$ |
12,065 |
|
|
$ |
11,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(GAAP) |
|
|
2.82 |
% |
|
|
2.81 |
% |
|
|
2.69 |
% |
Adjusted net interest margin
(Non-GAAP) |
|
|
2.72 |
% |
|
|
2.68 |
% |
|
|
2.63 |
% |
PCSB Financial (NASDAQ:PCSB)
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PCSB Financial (NASDAQ:PCSB)
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