PCSB Financial Corporation (the “Company”) (NASDAQ: PCSB), parent
of PCSB Bank (the "Bank"), today announced net income of $4.3
million, or $0.30 per diluted share, for the three months ended
December 31, 2021, compared to $3.6 million, or $0.25 per diluted
share, for the three months ended September 30, 2021 and $2.7
million, or $0.18 per diluted share, for the three months ended
December 31, 2020.
On January 26, 2022, the Board of Directors
declared a regular quarterly cash dividend of $0.06 per share. The
dividend is payable on or about February 25, 2022 to shareholders
of record as of the close of business on February 11, 2022.
Second Quarter Highlights
- Net income of $4.3 million or $0.30
per diluted share for the current quarter, increases of 18.6% and
59.2% compared to the linked quarter and same quarter last year,
respectively. Excluding certain non-recurring items, current
quarter adjusted net income (non-GAAP) was $3.1 million or $0.22
per diluted share, a decrease of 4.3% compared to the linked
quarter and an increase of 29.2% compared to the same quarter last
year, respectively. The decrease in adjusted net income from the
linked quarter is largely due to higher provision for loan losses
tied to loan portfolio growth. Reconciliations of GAAP to non-GAAP
financial measures are included at the end of this release.
- Net interest income of $13.3
million for the current quarter, increases of 5.8% and 14.8% from
the linked quarter and the same quarter last year, respectively.
Adjusted net interest income (non-GAAP) of $12.4 million for the
current quarter, increases of 2.0% and 9.2% from the linked quarter
and the same quarter last year, respectively.
- Tax equivalent net interest margin
of 2.97% for the current quarter, an increase from 2.82% in the
linked quarter and 2.70% for the same quarter last year. Adjusted
tax equivalent net interest margin (non-GAAP) of 2.75% for the
current quarter, an increase from 2.71% in the linked quarter and
2.64% for the same quarter last year.
- Average cost of interest-bearing
deposits of 0.39% for the current quarter, a decrease from 0.41% in
the linked quarter and 0.71% for the same quarter last year.
- Efficiency ratio of 60.92% for the
current quarter, improved from 65.59% for the linked quarter and
70.72% for the same quarter last year. Adjusted efficiency ratio
(non-GAAP) of 67.64% for the current quarter, unchanged from the
linked quarter and improved from 72.70% for the same quarter last
year.
- Average loans receivable, excluding
SBA Paycheck Protection Program (“PPP”) loans, of $1.23 billion for
the current quarter, increased from $1.20 billion in both the
linked quarter and the same quarter last year.
- Average deposits of $1.52 billion
for the current quarter, increases of 0.8% and 10.0% compared to
the linked quarter and same quarter last year, respectively.
- Allowance for loan losses to total
net loans receivable (excluding PPP loans) of 0.68% as of December
31, 2021, an increase from 0.66% as of June 30, 2021.
- Non-performing loans of $7.9
million, or 0.64% of total net loans receivable (excluding PPP
loans), as of December 31, 2021, increased from 0.48% as of June
30, 2021.
- Loans on COVID-19-related payment
deferral totaled $13.7 million, or 1.10% of gross loans, as of
December 31, 2021, compared to $27.3 million, or 2.21% of gross
loans, as of June 30, 2021. Loans on deferral totaling $10.1
million have resumed payments in January 2022, with the remaining
$3.6 million (1 loan) scheduled to resume payments in June
2022.
President’s Comments
“We are extremely pleased with the Company’s
solid quarter and six-month financial performance which resulted in
solid earnings”, said Joseph D. Roberto, Chairman, President &
Chief Executive Officer of PCSB Financial Corporation. “Despite a
difficult operating environment, our strong financial results year
over year reflect continued net interest margin expansion along
with continued control over operating expenses. We are encouraged
by our ability to grow net loans over 10.0% annualized during the
quarter despite some significant paydowns. With respect to credit
quality, although we have seen recent increases in non-performing
loans, our conservative underwriting has provided us strong LTVs
and we believe these are isolated issues and not indicative of
systemic risks in the loan portfolio. I am proud of our PCSB team
who remain a source of strength to our customers and look forward
to continuing to invest in the communities we serve which we
believe will create sustainable value for our shareholders.”
Income Statement Summary
Net income for the current quarter was $4.3
million, which increased $674,000 from the linked quarter and $1.6
million from the prior year quarter. The change from the linked
quarter is primarily due to a $723,000 increase in net interest
income and a $582,000 increase in noninterest income, partially
offset by increases of $251,000 in provision for loan losses,
$199,000 in income tax expense, and $181,000 in noninterest
expense. The change from the prior year quarter is primarily due to
a $1.7 million increase in net interest income and a $452,000
increase in noninterest income, partially offset by increases of
$298,000 in income tax expense, $157,000 in provision for loan
losses and $114,000 in noninterest expense.
Net interest income was $13.3 million for the
current quarter, increases of $723,000, or 5.8%, compared to the
linked quarter and $1.7 million, or 14.8%, compared to the prior
year quarter. The increase compared to the linked quarter is
primarily the result of a 15 basis point increase in the tax
equivalent net interest margin and a $7.9 million, or 0.4%,
increase in average interest-earning assets. The increase in net
interest income compared to the prior year period is primarily the
result of a 27 basis point increase in the tax equivalent net
interest margin and an $81.6 million, or 4.8%, increase in average
interest-earning assets.
The Company recognized PPP loan interest and
origination fee income (net of costs) of $332,000 in the current
quarter, compared to $373,000 in the linked quarter and $159,000 in
the prior year quarter. Unearned origination fees (net of costs) on
PPP loans totaled $366,000 as of December 31, 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, which the Company expects to be substantially complete
by June 30, 2022.
The tax equivalent net interest margin was 2.97%
for the current quarter, reflecting increases of 15 basis points
compared to 2.82% in the linked quarter and 27 basis points
compared to 2.70% in the prior year quarter. During the current
quarter, the Company recognized $555,000 of loan prepayment income.
Adjusted net interest margin, which excludes the effects of loan
prepayment income and PPP loan interest and fees, was 2.75% for the
current quarter compared to 2.71% in the linked quarter and 2.64%
in the prior year quarter. Reductions in the cost of funds were
partially offset by a decrease in adjusted asset yield compared to
the prior year quarter, driven by lower market interest rates.
Reconciliations of GAAP to non-GAAP financial measures are included
at the end of this release.
Tax equivalent yield on interest-earning assets
for the current quarter was 3.33%, increases of 13 basis points
from the linked quarter and 1 basis point from the prior year
quarter. Excluding the effects of non-recurring PPP loan income and
loan prepayment income, the tax equivalent yield on
interest-earning assets for the current quarter was 3.11%, an
increase of 2 basis points from the linked quarter and a decrease
of 16 basis points from the same quarter last year. The decrease in
yield compared to the prior year quarter is a result of the loan
and investment portfolios continuing to re-price downward due to
lower market interest rates, however the decline in asset yields
(excluding the effects of PPP income) has slowed and reversed in
recent quarters due to a more favorable yield curve and earning
asset composition.
The cost of interest-bearing deposits was 0.39%
for the current quarter, decreases of 2 basis points and 32 basis
points from 0.41% and 0.71% 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 2 years, the effects of which
continue to be realized. As of quarter end, the weighted average
cost of interest-bearing deposits was 0.32%. The cost of
interest-bearing liabilities was 0.47% for the current quarter,
decreases of 2 basis points from 0.49% in the linked quarter and 34
basis points from 0.81% in the prior year quarter. Over the next 12
months, the Company has $40.0 million of wholesale funding
maturing, comprised of FHLB advances and brokered time deposits,
with a weighted average cost of 2.07%.
The provision for loan losses was $264,000 for
current quarter, compared to $13,000 for the linked quarter and
$107,000 for the prior year quarter. Loans on COVID-19 related
payment deferral totaled $13.7 million, or 1.10% of gross loans, as
of December 31, 2021, compared to $27.3 million, or 2.21% of gross
loans, as of June 30, 2021. Recoveries, net of charge-offs, were
$6,000 for the current quarter compared to $265,000 for the linked
quarter and charge-offs, net of recoveries, of $102,000 for the
prior year quarter. Non-performing loans as a percent of total
loans receivable (excluding PPP loans) was 0.64% as of December 31,
2021, an increase from 0.48% as of June 30, 2021. The increase in
non-performing loans over the last 12 months primarily includes
three commercial relationships totaling $6.3 million, including
$2.7 million of loans secured by multi-family commercial real
estate (including 1 relationship consisting of 2 construction loans
totaling $1.5 million) with a weighted average loan-to-value ratio
of 68.8% and one loan for $3.6 million secured by
non-owner-occupied retail commercial real estate with a
loan-to-value ratio of 53.9%.
Noninterest income of $1.2 million for the
current quarter increased $582,000 compared to the linked quarter
and $452,000 compared to the prior year quarter. The increase
compared to the linked quarter was primarily due to increases of
$548,000 in gains on the sale of premises and $35,000 in gains on
the sale of loans. The increase compared to the prior year quarter
was primarily due to increases of $548,000 in gains on the sale of
premises, $62,000 in bank-owned life insurance income, $44,000 in
fees and service charges and $41,000 in gains on the sale of loans,
partially offset by a $238,000 decrease in swap income. During the
current quarter, the Company sold a parcel of unused land,
resulting in the gain discussed above.
Noninterest expense of $8.8 million for the
current quarter increased $181,000 compared to the linked quarter
and $114,000 compared to the prior year quarter. The increase
compared to the linked quarter was primarily due to higher salaries
and benefits, postage and printing, as well as professional costs.
Noninterest expenses increased compared to the prior year quarter
primarily due to increases in salaries and benefits, including ESOP
costs, and New York State capital-based taxes, which were largely
offset by lower pension costs.
The effective income tax rate was 20.4% for the
current quarter, as compared to 19.9% for the linked quarter and
22.9% for the prior year quarter. The decrease in the effective tax
rate for the current quarter compared to the prior year quarter is
the result of increases in tax-exempt municipal bond income and
bank-owned life insurance income.
Balance Sheet Summary
Total assets increased $13.2 million to $1.89
billion at December 31, 2021 as compared to June 30, 2021, as
increases of $39.0 million in total investment securities and $14.2
million in net loans receivable were partially offset by a decrease
of $39.0 million in cash and cash equivalents. The increase in
investment securities was the result of the Company deploying
excess liquidity and included increases of $29.8 million in state
and municipal securities, $8.5 million in corporate securities and
$5.8 million in mortgage-backed securities, partially offset by a
$5.1 million decrease in U.S. government and agency bonds. Net
loans receivable increased $14.2 million, primarily the result of
increases in commercial mortgage loans and construction loans of
$41.0 million and $1.7 million, respectively, partially offset by
decreases in commercial loans and residential mortgage loans of
$15.6 million and $11.5 million, respectively. The decrease in
commercial loans includes a decrease in PPP loans of $24.3 million,
driven by forgiveness and paydowns.
Total liabilities increased $12.9 million to
$1.61 billion at December 31, 2021 compared to June 30, 2021 as an
increase of $31.4 million in deposits was partially offset by
decreases of $11.3 million in other liabilities and $7.6 million in
FHLB advances. The $31.4 million increase in deposits includes
increases in money market, NOW and savings accounts of $28.5
million, $21.4 million and $5.5 million, respectively, partially
offset by decreases in time deposits and demand accounts of $20.7
million and $3.3 million, respectively.
Total shareholders’ equity increased $274,000 to
$274.8 million at December 31, 2021 as compared to $274.6 million
as of June 30, 2021. The increase for the six months ended December
31, 2021 was primarily due to net income of $7.9 million and $2.5
million of stock-based compensation and reduction in unearned ESOP
shares for plan shares earned during the period, partially offset
by the repurchase of $8.2 million (440,666 shares) of common stock
and $1.7 of cash dividends declared and paid. As of December 31,
2021, there were 122,417 shares available to be repurchased under
the current stock repurchase plan.
At December 31, 2021, the Company’s book value
per share and tangible book value per share were $17.92 and $17.51,
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 December 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 14 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 and on our customers, 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)
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
June 30, |
|
|
|
2021 |
|
|
2021 |
|
ASSETS |
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
113,499 |
|
|
$ |
152,070 |
|
Federal funds sold |
|
|
6,840 |
|
|
|
7,235 |
|
Cash and cash equivalents |
|
|
120,339 |
|
|
|
159,305 |
|
Held to maturity debt securities, at amortized cost (fair
value of $389,814 and $342,137, respectively) |
|
|
390,312 |
|
|
|
337,584 |
|
Available for sale debt securities, at fair value |
|
|
43,687 |
|
|
|
57,387 |
|
Total investment securities |
|
|
433,999 |
|
|
|
394,971 |
|
Loans receivable, net of allowance for loan losses of $8,429 and
$7,881, respectively |
|
|
1,243,646 |
|
|
|
1,229,451 |
|
Loans held for sale |
|
|
1,452 |
|
|
|
- |
|
Accrued interest receivable |
|
|
6,509 |
|
|
|
6,398 |
|
FHLB stock |
|
|
4,167 |
|
|
|
4,507 |
|
Premises and equipment, net |
|
|
19,550 |
|
|
|
21,099 |
|
Deferred tax asset, net |
|
|
2,327 |
|
|
|
2,552 |
|
Bank-owned life insurance |
|
|
35,951 |
|
|
|
35,568 |
|
Goodwill |
|
|
6,106 |
|
|
|
6,106 |
|
Other intangible assets |
|
|
119 |
|
|
|
151 |
|
Other assets |
|
|
13,956 |
|
|
|
14,827 |
|
Total assets |
|
$ |
1,888,121 |
|
|
$ |
1,874,935 |
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
1,307,359 |
|
|
$ |
1,272,610 |
|
Non interest-bearing deposits |
|
|
215,708 |
|
|
|
219,072 |
|
Total deposits |
|
|
1,523,067 |
|
|
|
1,491,682 |
|
Mortgage escrow funds |
|
|
10,880 |
|
|
|
10,536 |
|
Advances from Federal Home Loan Bank |
|
|
58,390 |
|
|
|
65,957 |
|
Other liabilities |
|
|
20,950 |
|
|
|
32,200 |
|
Total liabilities |
|
|
1,613,287 |
|
|
|
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 December 31, 2021 and June 30,
2021) |
|
|
- |
|
|
|
- |
|
Common stock ($0.01 par value, 200,000,000 shares authorized,
18,703,577 shares issued as of both December 31, 2021 and June 30,
2021, 15,337,979 and 15,770,645 shares outstanding as of December
31, 2021 and June 30, 2021, respectively) |
|
|
187 |
|
|
|
187 |
|
Additional paid in capital |
|
|
191,826 |
|
|
|
189,926 |
|
Retained earnings |
|
|
157,146 |
|
|
|
150,987 |
|
Unearned compensation - ESOP |
|
|
(9,688 |
) |
|
|
(10,176 |
) |
Accumulated other comprehensive loss, net of income taxes |
|
|
(3,353 |
) |
|
|
(3,099 |
) |
Treasury stock, at cost, 3,365,598 and 2,932,932 shares as of
December 31, 2021 and June 30, 2021, respectively) |
|
|
(61,284 |
) |
|
|
(53,265 |
) |
Total shareholders' equity |
|
|
274,834 |
|
|
|
274,560 |
|
Total liabilities and shareholders' equity |
|
$ |
1,888,121 |
|
|
$ |
1,874,935 |
|
|
|
|
|
|
|
|
|
|
PCSB Financial Corporation and
SubsidiariesConsolidated Statements of Operations
(unaudited)(amounts in thousands, except share and per
share data)
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Interest and dividend income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable |
|
$ |
12,651 |
|
|
$ |
12,182 |
|
|
$ |
24,758 |
|
|
$ |
24,729 |
|
Investment securities |
|
|
2,131 |
|
|
|
1,933 |
|
|
|
4,142 |
|
|
|
3,789 |
|
Federal funds and other |
|
|
88 |
|
|
|
110 |
|
|
|
197 |
|
|
|
235 |
|
Total interest and dividend income |
|
|
14,870 |
|
|
|
14,225 |
|
|
|
29,097 |
|
|
|
28,753 |
|
Interest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits and escrow interest |
|
|
1,292 |
|
|
|
2,158 |
|
|
|
2,646 |
|
|
|
4,590 |
|
FHLB advances |
|
|
320 |
|
|
|
520 |
|
|
|
658 |
|
|
|
1,039 |
|
Total interest expense |
|
|
1,612 |
|
|
|
2,678 |
|
|
|
3,304 |
|
|
|
5,629 |
|
Net interest
income |
|
|
13,258 |
|
|
|
11,547 |
|
|
|
25,793 |
|
|
|
23,124 |
|
Provision for loan losses |
|
|
264 |
|
|
|
107 |
|
|
|
277 |
|
|
|
216 |
|
Net interest income after
provision for loan losses |
|
|
12,994 |
|
|
|
11,440 |
|
|
|
25,516 |
|
|
|
22,908 |
|
Noninterest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees and service charges |
|
|
407 |
|
|
|
363 |
|
|
|
808 |
|
|
|
685 |
|
Gains on sales of premises |
|
|
548 |
|
|
|
- |
|
|
|
548 |
|
|
|
- |
|
Swap income |
|
|
- |
|
|
|
238 |
|
|
|
- |
|
|
|
367 |
|
Bank-owned life insurance |
|
|
191 |
|
|
|
129 |
|
|
|
383 |
|
|
|
261 |
|
Net gains on sales of loans |
|
|
41 |
|
|
|
- |
|
|
|
47 |
|
|
|
- |
|
Other |
|
|
8 |
|
|
|
13 |
|
|
|
22 |
|
|
|
24 |
|
Total noninterest income |
|
|
1,195 |
|
|
|
743 |
|
|
|
1,808 |
|
|
|
1,337 |
|
Noninterest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
|
5,843 |
|
|
|
5,520 |
|
|
|
11,616 |
|
|
|
11,127 |
|
Occupancy and equipment |
|
|
1,348 |
|
|
|
1,374 |
|
|
|
2,701 |
|
|
|
2,692 |
|
Communications and data
processing |
|
|
526 |
|
|
|
446 |
|
|
|
1,053 |
|
|
|
1,022 |
|
Professional fees |
|
|
420 |
|
|
|
503 |
|
|
|
813 |
|
|
|
903 |
|
Postage, printing, stationery and
supplies |
|
|
182 |
|
|
|
167 |
|
|
|
325 |
|
|
|
306 |
|
FDIC assessment |
|
|
121 |
|
|
|
122 |
|
|
|
246 |
|
|
|
235 |
|
Advertising |
|
|
100 |
|
|
|
100 |
|
|
|
200 |
|
|
|
200 |
|
Amortization of intangible
assets |
|
|
16 |
|
|
|
20 |
|
|
|
32 |
|
|
|
40 |
|
Other operating expenses |
|
|
249 |
|
|
|
439 |
|
|
|
443 |
|
|
|
790 |
|
Total noninterest expense |
|
|
8,805 |
|
|
|
8,691 |
|
|
|
17,429 |
|
|
|
17,315 |
|
Net income before income
tax expense |
|
|
5,384 |
|
|
|
3,492 |
|
|
|
9,895 |
|
|
|
6,930 |
|
Income tax expense |
|
|
1,096 |
|
|
|
798 |
|
|
|
1,993 |
|
|
|
1,508 |
|
Net income |
|
$ |
4,288 |
|
|
$ |
2,694 |
|
|
$ |
7,902 |
|
|
$ |
5,422 |
|
Earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.30 |
|
|
$ |
0.18 |
|
|
$ |
0.55 |
|
|
$ |
0.36 |
|
Diluted |
|
|
0.30 |
|
|
|
0.18 |
|
|
|
0.55 |
|
|
|
0.36 |
|
Weighted average common
shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
14,236,473 |
|
|
|
14,888,528 |
|
|
|
14,287,009 |
|
|
|
15,094,982 |
|
Diluted |
|
|
14,281,232 |
|
|
|
14,899,020 |
|
|
|
14,349,272 |
|
|
|
15,094,982 |
|
PCSB Financial Corporation and
SubsidiariesNet Interest Margin Analysis
(unaudited)(dollar amounts in thousands)
|
Three Months Ended |
|
|
December 31, 2021 |
|
|
September 30, 2021 |
|
|
December 31, 2020 |
|
|
AverageBalance |
|
|
|
|
Interest /Dividends |
|
|
AverageRate |
|
|
AverageBalance |
|
|
|
|
Interest /Dividends |
|
|
AverageRate |
|
|
AverageBalance |
|
|
Interest /Dividends |
|
|
AverageRate |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable (1) |
$ |
1,242,109 |
|
|
|
|
$ |
12,651 |
|
|
|
4.07 |
% |
|
$ |
1,223,532 |
|
|
|
|
$ |
12,107 |
|
|
|
3.96 |
% |
|
$ |
1,232,555 |
|
|
$ |
12,182 |
|
|
|
3.95 |
% |
Investment securities (1) |
|
427,918 |
|
|
|
|
|
2,131 |
|
|
|
2.08 |
|
|
|
404,565 |
|
|
|
|
|
2,011 |
|
|
|
2.07 |
|
|
|
313,812 |
|
|
|
1,933 |
|
|
|
2.51 |
|
Other interest-earning
assets |
|
126,586 |
|
|
|
|
|
88 |
|
|
|
0.28 |
|
|
|
160,659 |
|
|
|
|
|
109 |
|
|
|
0.27 |
|
|
|
168,608 |
|
|
|
110 |
|
|
|
0.26 |
|
Total interest-earning
assets |
|
1,796,613 |
|
|
|
|
|
14,870 |
|
|
|
3.33 |
|
|
|
1,788,756 |
|
|
|
|
|
14,227 |
|
|
|
3.20 |
|
|
|
1,714,975 |
|
|
|
14,225 |
|
|
|
3.32 |
|
Non-interest-earning assets |
|
77,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
76,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
70,417 |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
1,874,119 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,865,131 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,785,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW accounts |
$ |
192,856 |
|
|
|
|
|
90 |
|
|
|
0.18 |
|
|
$ |
182,531 |
|
|
|
|
|
70 |
|
|
|
0.15 |
|
|
$ |
149,620 |
|
|
|
79 |
|
|
|
0.21 |
|
Money market accounts |
|
355,708 |
|
|
|
|
|
168 |
|
|
|
0.19 |
|
|
|
350,575 |
|
|
|
|
|
186 |
|
|
|
0.21 |
|
|
|
255,961 |
|
|
|
211 |
|
|
|
0.33 |
|
Savings accounts and mortgage
escrow funds |
|
398,076 |
|
|
|
|
|
108 |
|
|
|
0.11 |
|
|
|
397,292 |
|
|
|
|
|
113 |
|
|
|
0.11 |
|
|
|
362,422 |
|
|
|
168 |
|
|
|
0.18 |
|
Time deposits |
|
357,242 |
|
|
|
|
|
926 |
|
|
|
1.03 |
|
|
|
367,641 |
|
|
|
|
|
985 |
|
|
|
1.06 |
|
|
|
434,446 |
|
|
|
1,700 |
|
|
|
1.55 |
|
Total interest-bearing
deposits |
|
1,303,882 |
|
|
|
|
|
1,292 |
|
|
|
0.39 |
|
|
|
1,298,039 |
|
|
|
|
|
1,354 |
|
|
|
0.41 |
|
|
|
1,202,449 |
|
|
|
2,158 |
|
|
|
0.71 |
|
FHLB advances |
|
63,805 |
|
|
|
|
|
320 |
|
|
|
1.99 |
|
|
|
65,935 |
|
|
|
|
|
338 |
|
|
|
2.03 |
|
|
|
106,034 |
|
|
|
520 |
|
|
|
1.94 |
|
Total interest-bearing
liabilities |
|
1,367,687 |
|
|
|
|
|
1,612 |
|
|
|
0.47 |
|
|
|
1,363,974 |
|
|
|
|
|
1,692 |
|
|
|
0.49 |
|
|
|
1,308,483 |
|
|
|
2,678 |
|
|
|
0.81 |
|
Non-interest-bearing
deposits |
|
214,558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
207,806 |
|
|
|
|
|
|
|
|
|
|
|
|
|
178,538 |
|
|
|
|
|
|
|
|
|
Other non-interest-bearing
liabilities |
|
16,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
19,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
26,482 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
1,598,495 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,591,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,513,503 |
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
|
275,624 |
|
|
|
|
|
|
|
|
|
|
|
|
|
273,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
271,889 |
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
1,874,119 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,865,131 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,785,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
|
|
$ |
13,258 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
12,535 |
|
|
|
|
|
|
|
|
|
|
$ |
11,547 |
|
|
|
|
|
Interest rate spread - tax
equivalent (2) |
|
|
|
|
|
|
|
|
|
|
|
2.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2.71 |
|
|
|
|
|
|
|
|
|
|
|
2.51 |
|
Net interest margin - tax
equivalent (3) |
|
|
|
|
|
|
|
|
|
|
|
2.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2.82 |
|
|
|
|
|
|
|
|
|
|
|
2.70 |
|
Average interest-earning assets
to interest-bearing liabilities |
|
131.36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
131.14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
131.07 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
SubsidiariesNet Interest Margin Analysis
(unaudited)(dollar amounts in thousands)
|
Six Months Ended December 31, |
|
|
2021 |
|
|
2020 |
|
|
AverageBalance |
|
|
Interest /Dividends |
|
|
AverageRate |
|
|
AverageBalance |
|
|
Interest /Dividends |
|
|
AverageRate |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable (1) |
$ |
1,232,821 |
|
|
$ |
24,758 |
|
|
|
4.01 |
% |
|
$ |
1,242,575 |
|
|
$ |
24,729 |
|
|
|
3.98 |
% |
Investment securities (1) |
|
416,241 |
|
|
|
4,142 |
|
|
|
2.08 |
|
|
|
314,552 |
|
|
|
3,789 |
|
|
|
2.44 |
|
Other interest-earning
assets |
|
143,622 |
|
|
|
197 |
|
|
|
0.27 |
|
|
|
163,323 |
|
|
|
235 |
|
|
|
0.29 |
|
Total interest-earning
assets |
|
1,792,684 |
|
|
|
29,097 |
|
|
|
3.26 |
|
|
|
1,720,450 |
|
|
|
28,753 |
|
|
|
3.35 |
|
Non-interest-earning assets |
|
76,940 |
|
|
|
|
|
|
|
|
|
|
|
71,172 |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
1,869,624 |
|
|
|
|
|
|
|
|
|
|
$ |
1,791,622 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW accounts |
$ |
187,693 |
|
|
|
159 |
|
|
|
0.17 |
|
|
$ |
149,543 |
|
|
|
168 |
|
|
|
0.22 |
|
Money market accounts |
|
353,141 |
|
|
|
355 |
|
|
|
0.20 |
|
|
|
253,129 |
|
|
|
449 |
|
|
|
0.35 |
|
Savings accounts and mortgage
escrow funds |
|
397,684 |
|
|
|
221 |
|
|
|
0.11 |
|
|
|
361,256 |
|
|
|
370 |
|
|
|
0.20 |
|
Time deposits |
|
362,442 |
|
|
|
1,911 |
|
|
|
1.05 |
|
|
|
438,966 |
|
|
|
3,603 |
|
|
|
1.63 |
|
Total interest-bearing
deposits |
|
1,300,960 |
|
|
|
2,646 |
|
|
|
0.40 |
|
|
|
1,202,894 |
|
|
|
4,590 |
|
|
|
0.76 |
|
FHLB advances |
|
64,870 |
|
|
|
658 |
|
|
|
2.01 |
|
|
|
106,051 |
|
|
|
1,039 |
|
|
|
1.94 |
|
Total interest-bearing
liabilities |
|
1,365,830 |
|
|
|
3,304 |
|
|
|
0.48 |
|
|
|
1,308,945 |
|
|
|
5,629 |
|
|
|
0.86 |
|
Non-interest-bearing
deposits |
|
211,182 |
|
|
|
|
|
|
|
|
|
|
|
181,312 |
|
|
|
|
|
|
|
|
|
Other non-interest-bearing
liabilities |
|
18,096 |
|
|
|
|
|
|
|
|
|
|
|
27,720 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
1,595,108 |
|
|
|
|
|
|
|
|
|
|
|
1,517,977 |
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
|
274,516 |
|
|
|
|
|
|
|
|
|
|
|
273,645 |
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
1,869,624 |
|
|
|
|
|
|
|
|
|
|
$ |
1,791,622 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
25,793 |
|
|
|
|
|
|
|
|
|
|
$ |
23,124 |
|
|
|
|
|
Interest rate spread - tax
equivalent (2) |
|
|
|
|
|
|
|
|
|
2.78 |
|
|
|
|
|
|
|
|
|
|
|
2.49 |
|
Net interest margin - tax
equivalent (3) |
|
|
|
|
|
|
|
|
|
2.90 |
|
|
|
|
|
|
|
|
|
|
|
2.70 |
|
Average interest-earning assets
to interest-bearing liabilities |
|
131.25 |
% |
|
|
|
|
|
|
|
|
|
|
131.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
December 31,2021 |
|
September 30,2021 |
|
June 30,2021 |
|
March 31,2021 |
|
December 31,2020 |
|
Condensed
Balance Sheets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
120,339 |
|
$ |
148,012 |
|
$ |
159,305 |
|
$ |
169,314 |
|
$ |
162,541 |
|
Total investment securities |
|
433,999 |
|
|
423,525 |
|
|
394,971 |
|
|
347,302 |
|
|
310,231 |
|
Loans receivable, net |
|
1,243,646 |
|
|
1,210,674 |
|
|
1,229,451 |
|
|
1,261,155 |
|
|
1,237,550 |
|
Other assets |
|
90,137 |
|
|
90,968 |
|
|
91,208 |
|
|
76,903 |
|
|
79,517 |
|
Total assets |
$ |
1,888,121 |
|
$ |
1,873,179 |
|
$ |
1,874,935 |
|
$ |
1,854,674 |
|
$ |
1,789,839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits and mortgage
escrow funds |
$ |
1,533,947 |
|
$ |
1,511,465 |
|
$ |
1,502,218 |
|
$ |
1,463,542 |
|
$ |
1,387,897 |
|
Advances from Federal Home Loan
Bank |
|
58,390 |
|
|
65,924 |
|
|
65,957 |
|
|
95,991 |
|
|
106,023 |
|
Other liabilities |
|
20,950 |
|
|
21,062 |
|
|
32,200 |
|
|
23,844 |
|
|
26,595 |
|
Total liabilities |
|
1,613,287 |
|
|
1,598,451 |
|
|
1,600,375 |
|
|
1,583,377 |
|
|
1,520,515 |
|
Total shareholders' equity |
|
274,834 |
|
|
274,728 |
|
|
274,560 |
|
|
271,297 |
|
|
269,324 |
|
Total liabilities and
shareholders' equity |
$ |
1,888,121 |
|
$ |
1,873,179 |
|
$ |
1,874,935 |
|
$ |
1,854,674 |
|
$ |
1,789,839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Six Months Ended |
|
|
December 31,2021 |
|
September 30,2021 |
|
June 30,2021 |
|
March 31,2021 |
|
December 31,2020 |
|
December 31,2021 |
|
December 31,2020 |
|
Condensed
Income Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
14,870 |
|
$ |
14,227 |
|
$ |
14,586 |
|
$ |
13,925 |
|
$ |
14,225 |
|
$ |
29,097 |
|
$ |
28,753 |
|
Interest expense |
|
1,612 |
|
|
1,692 |
|
|
2,005 |
|
|
2,288 |
|
|
2,678 |
|
|
3,304 |
|
|
5,629 |
|
Net interest income |
|
13,258 |
|
|
12,535 |
|
|
12,581 |
|
|
11,637 |
|
|
11,547 |
|
|
25,793 |
|
|
23,124 |
|
Provision (benefit) for loan
losses |
|
264 |
|
|
13 |
|
|
5 |
|
|
(894 |
) |
|
107 |
|
|
277 |
|
|
216 |
|
Noninterest income |
|
1,195 |
|
|
613 |
|
|
568 |
|
|
592 |
|
|
743 |
|
|
1,808 |
|
|
1,337 |
|
Noninterest expense |
|
8,805 |
|
|
8,624 |
|
|
8,867 |
|
|
8,572 |
|
|
8,691 |
|
|
17,429 |
|
|
17,315 |
|
Income before income tax
expense |
|
5,384 |
|
|
4,511 |
|
|
4,277 |
|
|
4,551 |
|
|
3,492 |
|
|
9,895 |
|
|
6,930 |
|
Income tax expense |
|
1,096 |
|
|
897 |
|
|
867 |
|
|
959 |
|
|
798 |
|
|
1,993 |
|
|
1,508 |
|
Net income |
$ |
4,288 |
|
$ |
3,614 |
|
$ |
3,410 |
|
$ |
3,592 |
|
$ |
2,694 |
|
$ |
7,902 |
|
$ |
5,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.30 |
|
$ |
0.25 |
|
$ |
0.23 |
|
$ |
0.25 |
|
$ |
0.18 |
|
$ |
0.55 |
|
$ |
0.36 |
|
Diluted |
|
0.30 |
|
|
0.25 |
|
|
0.23 |
|
|
0.25 |
|
|
0.18 |
|
|
0.55 |
|
|
0.36 |
|
PCSB Financial Corporation and
SubsidiariesSelected Financial Data
(unaudited)
|
Quarter Ended |
|
Six Months Ended |
|
|
December 31,2021 |
|
September 30,2021 |
|
June 30,2021 |
|
March 31,2021 |
|
December 31,2020 |
|
December 31,2021 |
|
December 31,2020 |
|
Performance
Ratios (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.92 |
% |
|
0.78 |
% |
|
0.73 |
% |
|
0.80 |
% |
|
0.60 |
% |
|
0.85 |
% |
|
0.61 |
% |
Return on average equity |
|
6.22 |
% |
|
5.29 |
% |
|
4.95 |
% |
|
5.32 |
% |
|
3.96 |
% |
|
5.76 |
% |
|
3.96 |
% |
Interest rate spread |
|
2.86 |
% |
|
2.71 |
% |
|
2.67 |
% |
|
2.53 |
% |
|
2.51 |
% |
|
2.78 |
% |
|
2.49 |
% |
Net interest margin |
|
2.97 |
% |
|
2.82 |
% |
|
2.81 |
% |
|
2.69 |
% |
|
2.70 |
% |
|
2.90 |
% |
|
2.70 |
% |
Efficiency ratio |
|
60.92 |
% |
|
65.59 |
% |
|
67.43 |
% |
|
70.10 |
% |
|
70.72 |
% |
|
63.15 |
% |
|
70.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income to average
assets |
|
0.26 |
% |
|
0.13 |
% |
|
0.12 |
% |
|
0.13 |
% |
|
0.17 |
% |
|
0.19 |
% |
|
0.15 |
% |
Noninterest expense to average
assets |
|
1.88 |
% |
|
1.85 |
% |
|
1.89 |
% |
|
1.90 |
% |
|
1.95 |
% |
|
1.86 |
% |
|
1.93 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning
assets to average interest-bearing liabilities |
|
131.36 |
% |
|
131.14 |
% |
|
131.21 |
% |
|
131.31 |
% |
|
131.07 |
% |
|
131.25 |
% |
|
131.44 |
% |
Average equity to average
assets |
|
14.71 |
% |
|
14.66 |
% |
|
14.67 |
% |
|
14.99 |
% |
|
15.23 |
% |
|
14.68 |
% |
|
15.27 |
% |
Dividend payout ratio (2) |
|
20.22 |
% |
|
24.24 |
% |
|
26.07 |
% |
|
16.65 |
% |
|
22.57 |
% |
|
22.06 |
% |
|
22.83 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
December 31,2021 |
|
September 30,2021 |
|
June 30,2021 |
|
March 31,2021 |
|
December 31,2020 |
|
Loans to deposits |
|
81.65 |
% |
|
80.46 |
% |
|
82.42 |
% |
|
86.72 |
% |
|
89.85 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding |
|
15,337,979 |
|
|
15,574,310 |
|
|
15,770,645 |
|
|
15,966,216 |
|
|
16,097,867 |
|
Book value per common share |
$ |
17.92 |
|
$ |
17.64 |
|
$ |
17.41 |
|
$ |
16.99 |
|
$ |
16.73 |
|
Tangible book value per common
share (3) |
$ |
17.51 |
|
$ |
17.24 |
|
$ |
17.01 |
|
$ |
16.60 |
|
$ |
16.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans
receivable |
$ |
7,890 |
|
$ |
5,732 |
|
$ |
5,764 |
|
$ |
2,054 |
|
$ |
1,668 |
|
Non-performing assets |
$ |
7,890 |
|
$ |
5,732 |
|
$ |
5,764 |
|
$ |
2,054 |
|
$ |
1,668 |
|
Allowance for loan losses as a
percent of total loans receivable (4) |
|
0.68 |
% |
|
0.68 |
% |
|
0.66 |
% |
|
0.65 |
% |
|
0.72 |
% |
Allowance for loan losses as a
percent of non-performing loans receivable |
|
106.83 |
% |
|
142.34 |
% |
|
136.73 |
% |
|
382.91 |
% |
|
520.20 |
% |
Non-performing loans as a percent
of total loans receivable, net (4) |
|
0.64 |
% |
|
0.48 |
% |
|
0.48 |
% |
|
0.17 |
% |
|
0.14 |
% |
Non-performing assets as a
percent of total assets |
|
0.42 |
% |
|
0.31 |
% |
|
0.31 |
% |
|
0.11 |
% |
|
0.09 |
% |
Net (recoveries) charge-offs |
$ |
(6 |
) |
$ |
(265 |
) |
$ |
(11 |
) |
$ |
(82 |
) |
$ |
102 |
|
Net (recoveries) charge-offs to
average outstanding loans during the period (1) |
|
0.00 |
% |
|
(0.09 |
%) |
|
0.00 |
% |
|
(0.03 |
%) |
|
0.03 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios
(5): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital (to adjusted total
assets) |
|
12.91 |
% |
|
12.72 |
% |
|
12.48 |
% |
|
12.76 |
% |
|
12.66 |
% |
Common equity Tier 1 capital (to
risk-weighted assets) |
|
17.67 |
% |
|
17.84 |
% |
|
17.93 |
% |
|
17.72 |
% |
|
17.74 |
% |
Tier 1 capital (to risk-weighted
assets) |
|
17.67 |
% |
|
17.84 |
% |
|
17.93 |
% |
|
17.72 |
% |
|
17.74 |
% |
Total capital (to risk-weighted
assets) |
|
18.28 |
% |
|
18.46 |
% |
|
18.53 |
% |
|
18.33 |
% |
|
18.42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
December 31,2021 |
|
September 30,2021 |
|
June 30,2021 |
|
March 31,2021 |
|
December 31,2020 |
|
Mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgages |
$ |
212,817 |
|
$ |
221,735 |
|
$ |
224,305 |
|
$ |
229,008 |
|
$ |
237,987 |
|
Commercial mortgages |
|
867,581 |
|
|
838,021 |
|
|
826,624 |
|
|
831,162 |
|
|
801,348 |
|
Construction |
|
11,857 |
|
|
11,639 |
|
|
10,151 |
|
|
10,047 |
|
|
17,551 |
|
Net deferred loan origination
(fees) costs |
|
(18 |
) |
|
97 |
|
|
196 |
|
|
365 |
|
|
600 |
|
Total mortgage loans |
|
1,092,237 |
|
|
1,071,492 |
|
|
1,061,276 |
|
|
1,070,582 |
|
|
1,057,486 |
|
Commercial and consumer
loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans (1) |
|
135,055 |
|
|
122,031 |
|
|
150,658 |
|
|
171,314 |
|
|
160,678 |
|
Home equity credit lines |
|
24,142 |
|
|
24,936 |
|
|
25,439 |
|
|
27,211 |
|
|
27,653 |
|
Consumer and overdrafts |
|
356 |
|
|
394 |
|
|
345 |
|
|
269 |
|
|
328 |
|
Net deferred loan origination
costs (fees) |
|
285 |
|
|
(20 |
) |
|
(386 |
) |
|
(356 |
) |
|
82 |
|
Total commercial and consumer
loans |
|
159,838 |
|
|
147,341 |
|
|
176,056 |
|
|
198,438 |
|
|
188,741 |
|
Total loans
receivable |
|
1,252,075 |
|
|
1,218,833 |
|
|
1,237,332 |
|
|
1,269,020 |
|
|
1,246,227 |
|
Allowance for loan losses |
|
(8,429 |
) |
|
(8,159 |
) |
|
(7,881 |
) |
|
(7,865 |
) |
|
(8,677 |
) |
Loans receivable, net |
$ |
1,243,646 |
|
$ |
1,210,674 |
|
$ |
1,229,451 |
|
$ |
1,261,155 |
|
$ |
1,237,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes PPP loans
totaling: |
$ |
12,769 |
|
$ |
19,763 |
|
$ |
37,050 |
|
$ |
50,380 |
|
$ |
35,687 |
|
|
As of |
|
|
December 31,2021 |
|
September 30,2021 |
|
June 30,2021 |
|
March 31,2021 |
|
December 31,2020 |
|
Demand deposits |
$ |
215,708 |
|
$ |
216,470 |
|
$ |
219,072 |
|
$ |
203,344 |
|
$ |
189,968 |
|
NOW accounts |
|
198,610 |
|
|
181,572 |
|
|
177,223 |
|
|
169,077 |
|
|
159,919 |
|
Money market accounts |
|
361,352 |
|
|
363,090 |
|
|
332,843 |
|
|
301,892 |
|
|
256,132 |
|
Savings |
|
393,041 |
|
|
381,836 |
|
|
387,529 |
|
|
372,151 |
|
|
354,882 |
|
Time deposits |
|
354,356 |
|
|
361,669 |
|
|
375,015 |
|
|
407,826 |
|
|
416,386 |
|
Total deposits |
$ |
1,523,067 |
|
$ |
1,504,637 |
|
$ |
1,491,682 |
|
$ |
1,454,290 |
|
$ |
1,377,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PCSB Financial Corporation and
SubsidiariesReconciliation of GAAP to Non-GAAP
Measures (unaudited)(dollar amounts in thousands, except
share and per share data)
|
Quarter Ended |
|
Six Months Ended |
|
|
December 31,2021 |
|
September 30,2021 |
|
June 30,2021 |
|
March 31,2021 |
|
December 31,2020 |
|
December 31,2021 |
|
December 31,2020 |
|
Computation
of Adjusted Net Income and Adjusted Earnings Per
Share |
|
|
|
|
|
|
|
Net income applicable to common stock (GAAP) |
$ |
4,288 |
|
$ |
3,614 |
|
$ |
3,410 |
|
$ |
3,592 |
|
$ |
2,694 |
|
$ |
7,902 |
|
$ |
5,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayment income on loans receivable and investment
securities |
|
(442 |
) |
|
(26 |
) |
|
(532 |
) |
|
(43 |
) |
|
(136 |
) |
|
(468 |
) |
|
(194 |
) |
Gains on sales of premises |
|
(436 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(436 |
) |
|
- |
|
PPP interest and fee income |
|
(264 |
) |
|
(299 |
) |
|
(411 |
) |
|
(220 |
) |
|
(123 |
) |
|
(563 |
) |
|
(295 |
) |
Gains on sale of investment securities |
|
- |
|
|
- |
|
|
- |
|
|
(89 |
) |
|
- |
|
|
- |
|
|
- |
|
Adjusted net income
(Non-GAAP) |
$ |
3,146 |
|
$ |
3,289 |
|
$ |
2,467 |
|
$ |
3,240 |
|
$ |
2,435 |
|
$ |
6,435 |
|
$ |
4,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of
common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
14,236,473 |
|
|
14,337,543 |
|
|
14,553,783 |
|
|
14,631,122 |
|
|
14,888,528 |
|
|
14,287,009 |
|
|
15,094,982 |
|
Diluted |
|
14,281,232 |
|
|
14,405,816 |
|
|
14,586,928 |
|
|
14,632,342 |
|
|
14,899,020 |
|
|
14,349,272 |
|
|
15,094,982 |
|
Earnings per share
(GAAP): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.30 |
|
$ |
0.25 |
|
$ |
0.23 |
|
$ |
0.25 |
|
$ |
0.18 |
|
$ |
0.55 |
|
$ |
0.36 |
|
Diluted |
|
0.30 |
|
|
0.25 |
|
|
0.23 |
|
|
0.25 |
|
|
0.18 |
|
|
0.55 |
|
|
0.36 |
|
Adjusted
earnings per common share (Non-GAAP): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.22 |
|
$ |
0.23 |
|
$ |
0.17 |
|
$ |
0.22 |
|
$ |
0.16 |
|
$ |
0.45 |
|
$ |
0.33 |
|
Diluted |
|
0.22 |
|
|
0.23 |
|
|
0.17 |
|
|
0.22 |
|
|
0.16 |
|
|
0.45 |
|
|
0.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)(dollar amounts in thousands, except
share and per share data)
|
Quarter Ended |
|
|
Six Months Ended |
|
|
December 31,2021 |
|
September 30,2021 |
|
December 31,2020 |
|
|
December 31,2021 |
|
December 31,2020 |
|
Computation of Tax Equivalent Net Interest
Income |
|
|
|
|
|
|
|
|
Total interest income |
$ |
14,870 |
|
$ |
14,227 |
|
$ |
14,225 |
|
|
$ |
29,097 |
|
$ |
28,753 |
|
Total interest expense |
|
1,612 |
|
|
1,692 |
|
|
2,678 |
|
|
|
3,304 |
|
|
5,629 |
|
Net interest income (GAAP) |
|
13,258 |
|
|
12,535 |
|
|
11,547 |
|
|
|
25,793 |
|
|
23,124 |
|
Tax equivalent adjustment |
|
99 |
|
|
89 |
|
|
45 |
|
|
|
188 |
|
|
78 |
|
Net interest income - tax
equivalent (Non-GAAP) |
$ |
13,357 |
|
$ |
12,624 |
|
$ |
11,592 |
|
|
$ |
25,981 |
|
$ |
23,202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Six Months Ended |
|
|
December 31,2021 |
|
September 30,2021 |
|
June 30,2021 |
|
March 31,2021 |
|
December 31,2020 |
|
December 31,2021 |
|
December 31,2020 |
|
Computation of Efficiency Ratio |
|
|
|
|
|
|
|
|
|
|
Noninterest expense (GAAP) |
$ |
8,805 |
|
$ |
8,624 |
|
$ |
8,867 |
|
$ |
8,572 |
|
$ |
8,691 |
|
$ |
17,429 |
|
$ |
17,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (GAAP) |
$ |
13,258 |
|
$ |
12,535 |
|
$ |
12,581 |
|
$ |
11,637 |
|
$ |
11,547 |
|
$ |
25,793 |
|
$ |
23,124 |
|
Noninterest income (GAAP) |
|
1,195 |
|
|
613 |
|
|
568 |
|
|
592 |
|
|
743 |
|
|
1,808 |
|
|
1,337 |
|
Total (GAAP) |
|
14,453 |
|
|
13,148 |
|
|
13,149 |
|
|
12,229 |
|
|
12,290 |
|
|
27,601 |
|
|
24,461 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayment income on loans receivable and investment
securities |
|
(555 |
) |
|
(32 |
) |
|
(667 |
) |
|
(55 |
) |
|
(176 |
) |
|
(587 |
) |
|
(249 |
) |
Gains on sales of premises |
|
(548 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(548 |
) |
|
- |
|
PPP interest and fee income |
|
(332 |
) |
|
(373 |
) |
|
(516 |
) |
|
(279 |
) |
|
(159 |
) |
|
(705 |
) |
|
(376 |
) |
Gains on sales of investment securities |
|
- |
|
|
- |
|
|
- |
|
|
(113 |
) |
|
- |
|
|
- |
|
|
- |
|
Adjusted total (Non-GAAP) |
$ |
13,018 |
|
$ |
12,743 |
|
$ |
11,966 |
|
$ |
11,782 |
|
$ |
11,955 |
|
$ |
25,761 |
|
$ |
23,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio (GAAP) |
|
60.92 |
% |
|
65.59 |
% |
|
67.43 |
% |
|
70.10 |
% |
|
70.72 |
% |
|
63.15 |
% |
|
70.79 |
% |
Adjusted efficiency ratio
(Non-GAAP) |
|
67.64 |
% |
|
67.68 |
% |
|
74.10 |
% |
|
72.76 |
% |
|
72.70 |
% |
|
67.66 |
% |
|
72.64 |
% |
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 |
|
|
December 31,2021 |
|
September 30,2021 |
|
June 30,2021 |
|
March 31,2021 |
|
December 31,2020 |
|
Computation
of Tangible Book Value per Common Share |
|
|
|
|
Total shareholders' equity (GAAP) |
$ |
274,834 |
|
$ |
274,728 |
|
$ |
274,560 |
|
$ |
271,297 |
|
$ |
269,324 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
(6,106 |
) |
|
(6,106 |
) |
|
(6,106 |
) |
|
(6,106 |
) |
|
(6,106 |
) |
Other intangible assets |
|
(119 |
) |
|
(135 |
) |
|
(151 |
) |
|
(168 |
) |
|
(189 |
) |
Tangible common shareholders'
equity (Non-GAAP) |
$ |
268,609 |
|
$ |
268,487 |
|
$ |
268,303 |
|
$ |
265,023 |
|
$ |
263,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
15,337,979 |
|
|
15,574,310 |
|
|
15,770,645 |
|
|
15,966,216 |
|
|
16,097,867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share (GAAP) |
$ |
17.92 |
|
$ |
17.64 |
|
$ |
17.41 |
|
$ |
16.99 |
|
$ |
16.73 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effects of intangible assets |
|
(0.41 |
) |
|
(0.40 |
) |
|
(0.40 |
) |
|
(0.39 |
) |
|
(0.39 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per common
share (Non-GAAP) |
$ |
17.51 |
|
$ |
17.24 |
|
$ |
17.01 |
|
$ |
16.60 |
|
$ |
16.34 |
|
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 |
|
|
Six Months Ended |
|
|
December 31,2021 |
|
September 30,2021 |
|
December 31,2020 |
|
|
December 31,2021 |
|
December 31,2020 |
|
Computation of Adjusted Yield on Assets and Adjusted Net
Interest Margin |
|
|
|
|
|
|
|
|
Average interest-earning assets |
$ |
1,796,613 |
|
$ |
1,788,756 |
|
$ |
1,714,975 |
|
|
$ |
1,792,684 |
|
$ |
1,720,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend income
(GAAP) |
$ |
14,870 |
|
$ |
14,227 |
|
$ |
14,225 |
|
|
$ |
29,097 |
|
$ |
28,753 |
|
Less: PPP interest and fee
income |
|
(332 |
) |
|
(373 |
) |
|
(159 |
) |
|
|
(705 |
) |
|
(376 |
) |
Less: Prepayment income on loans
receivable |
|
(555 |
) |
|
(32 |
) |
|
(59 |
) |
|
|
(587 |
) |
|
(132 |
) |
Adjusted interest and dividend
income (Non-GAAP) |
$ |
13,983 |
|
$ |
13,822 |
|
$ |
14,007 |
|
|
$ |
27,805 |
|
$ |
28,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on interest-earning assets
(GAAP) |
|
3.33 |
% |
|
3.20 |
% |
|
3.32 |
% |
|
|
3.26 |
% |
|
3.35 |
% |
Adjusted yield on
interest-earning assets (Non-GAAP) |
|
3.11 |
% |
|
3.09 |
% |
|
3.27 |
% |
|
|
3.10 |
% |
|
3.28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (GAAP) |
$ |
13,258 |
|
$ |
12,535 |
|
$ |
11,547 |
|
|
$ |
25,793 |
|
$ |
23,124 |
|
Less: PPP interest and fee
income |
|
(332 |
) |
|
(373 |
) |
|
(159 |
) |
|
|
(705 |
) |
|
(376 |
) |
Less: Prepayment income on loans
receivable |
|
(555 |
) |
|
(32 |
) |
|
(59 |
) |
|
|
(587 |
) |
|
(132 |
) |
Adjusted net interest income
(Non-GAAP) |
$ |
12,371 |
|
$ |
12,130 |
|
$ |
11,329 |
|
|
$ |
24,501 |
|
$ |
22,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (GAAP) |
|
2.97 |
% |
|
2.82 |
% |
|
2.70 |
% |
|
|
2.90 |
% |
|
2.70 |
% |
Adjusted net interest margin
(Non-GAAP) |
|
2.75 |
% |
|
2.71 |
% |
|
2.64 |
% |
|
|
2.73 |
% |
|
2.63 |
% |
PCSB Financial (NASDAQ:PCSB)
Graphique Historique de l'Action
De Août 2024 à Sept 2024
PCSB Financial (NASDAQ:PCSB)
Graphique Historique de l'Action
De Sept 2023 à Sept 2024