PCSB Financial Corporation (the “Company”) (NASDAQ: PCSB), parent
of PCSB Bank (the "Bank"), today announced net income of $3.5
million, or $0.25 per diluted share, for the three months ended
June 30, 2022, compared to $3.5 million, or $0.24 per diluted
share, for the three months ended March 31, 2022 and $3.4 million,
or $0.23 per diluted share, for the three months ended June 30,
2021.
Net income was $14.9 million, or $1.04 per
diluted share, for the year ended June 30, 2022, compared to $12.4
million, or $0.84 per diluted share, for the year ended June 30,
2021. Results for the three months and year ended June 30, 2022
include merger-related expenses of $1.2 million and $1.3 million,
or $0.07 and $0.08 per diluted share, net of tax, respectively.
Results for the year ended June 30, 2021 include a benefit for loan
losses of $673,000, or $0.04 per diluted share, net of tax, which
includes the release of the qualitative reserves established in the
prior fiscal year associated with the COVID-19 pandemic.
On May 23, 2022, the Company and Brookline
Bancorp, Inc. (“Brookline”), the holding company of Brookline Bank
and Bank Rhode Island, entered into an Agreement and Plan of Merger
(the “Merger Agreement”). Pursuant to the Merger
Agreement, PCSB will merge with and into Brookline, with
Brookline as the surviving corporation (the “Merger”). Following
the Merger, PCSB Bank will operate as a separate bank
subsidiary of Brookline. The consummation of the Merger is
subject to customary closing conditions, including the receipt of
regulatory approvals and approval by PCSB’s stockholders. The
Merger is currently expected to be completed in the fourth
quarter of 2022.
On July 27, 2022, the Board of Directors
declared a regular quarterly cash dividend of $0.07 per share. The
dividend is payable on or about September 9, 2022 to shareholders
of record as of the close of business on August 26, 2022.
Fourth Quarter Highlights
- Net income of $3.5 million, or $0.25 per diluted share, for the
current quarter, increases of 0.8% and 2.7% compared to the linked
quarter and same quarter last year, respectively. Excluding
merger-related expenses and certain other non-recurring items,
current quarter adjusted net income (non-GAAP) was $4.4 million or
$0.31 per diluted share, increases of 34.1% and 79.3% compared to
the linked quarter and same quarter last year, respectively.
Reconciliation of GAAP to Non-GAAP financial measures appear at the
end of this release.
- Net interest income of $13.9 million for the current quarter,
increases of 9.5% and 10.7% from the linked quarter and the same
quarter last year, respectively.
- Tax equivalent net interest margin of 3.00% for the current
quarter, an increase from 2.80% in the linked quarter and 2.81% for
the same quarter last year.
- Average cost of interest-bearing deposits of 0.35% for the
current quarter, a decrease from 0.37% in the linked quarter and
0.48% for the same quarter last year.
- Efficiency ratio of 68.38% for the current quarter, compared to
65.66% for the linked quarter and 67.43% for the same quarter last
year. Adjusted efficiency ratio (non-GAAP) of 61.28% for the
current quarter, a decrease from 66.60% for the linked quarter and
74.10% for the same quarter last year.
- Average loans receivable (excluding PPP loans) of $1.31 billion
for the current quarter, increases of 5.2% and 9.4% compared to the
linked quarter and same quarter last year, respectively.
- Average deposits of $1.61 billion for the current quarter,
increases of 3.1% and 8.4% compared to the linked quarter and same
quarter last year, respectively.
- Allowance for loan losses to total net loans receivable
(excluding PPP loans) of 0.67% as of June 30, 2022, largely
unchanged compared to 0.66% as of June 30, 2021.
- Non-performing loans of $9.2 million, or 0.69% of total net
loans receivable (excluding PPP loans), as of June 30, 2022,
increased from 0.48% as of June 30, 2021.
- The Company had no loans on COVID-19-related payment deferral
as of June 30, 2022, compared to $27.3 million (19 loans), or 2.21%
of gross loans, as of June 30, 2021.
President’s Comments
Joseph D. Roberto, Chairman, President &
Chief Executive Officer of PCSB Financial Corporation, commented,
“We are pleased with the Company’s solid operating and financial
results for our fiscal fourth quarter and year ended June 30, 2022.
Annualized loan growth of 13.6% for the fourth quarter and 8.1%
year over year reflects our ability to originate quality loans
within our strong market footprint. The loan growth, combined with
a balance sheet well-positioned to take advantage of higher
interest rates, has led to higher net interest income, margins and
earnings. Core net income of $4.4 million for the fourth quarter
reflects a 34.1% increase over the linked quarter while core net
income of $14.2 million for the year reflects a 33.1% increase over
the prior year. Although economic headwinds continue to be
challenging, our outlook remains positive as the PCSB team
continues working to create sustainable value for our
shareholders.”
Mr. Roberto added “We are excited about our
pending merger with Brookline and look forward to becoming part of
a larger organization, which will benefit all of our shareholders.
I want to thank our staff for their dedication and hard work,
especially during this time of transition. In addition to operating
PCSB Bank in a business-as-usual manner for our customers, they
have also been working hard to ensure that we have a seamless
transition into Brookline’s organization.”
Income Statement Summary
Net income for the current quarter was $3.5
million, which increased $29,000 from the linked quarter and
$93,000 from the prior year quarter. The change from the linked
quarter is primarily due to a $1.2 million increase in net interest
income, a $165,000 increase in noninterest income and a $77,000
decrease in provision for loan losses, partially offset by
increases of $1.3 million in noninterest expense and $113,000 in
income tax expense. The change from the prior year quarter is
primarily due to increases of $1.3 million in net interest income
and $520,000 in noninterest income, partially offset by increases
of $1.4 million in noninterest expense, $204,000 in provision for
loan losses and $170,000 in income tax expense.
Net interest income was $13.9 million for the
current quarter, increases of $1.2 million, or 9.5%, compared to
the linked quarter and $1.3 million, or 10.7%, compared to the
prior year quarter. The increase compared to the linked quarter is
primarily the result of a 20 basis point increase in the tax
equivalent net interest margin and a $41.5 million, or 2.3%,
increase in average interest-earning assets. The increase in net
interest income compared to the prior year period is primarily the
result of a 19 basis point increase in the tax equivalent net
interest margin and a $75.7 million, or 4.2%, increase in average
interest-earning assets.
The Company recognized PPP loan interest and
origination fee income (net of costs) of $36,000 in the current
quarter, compared to $266,000 in the linked quarter and $516,000 in
the prior year quarter. As of June 30, 2022, the Company had 5
outstanding PPP loans with balances totaling $1.9 million. Unearned
origination fees (net of costs) were $85,000 as of June 30, 2022,
which will be recognized in income over the remaining lives of the
loans. PPP loan forgiveness is substantially complete as of June
30, 2022.
The tax equivalent net interest margin was 3.00%
for the current quarter, reflecting increases of 20 basis points
compared to 2.80% in the linked quarter and 19 basis points
compared to 2.81% in the prior year quarter. Adjusted net interest
margin, which excludes the effects of loan prepayment income and
PPP loan interest and fees, was 2.94% for the current quarter
compared to 2.70% in the linked quarter and 2.53% in the prior year
quarter. Margin improvement compared to the linked quarter and
prior year quarter was the result of a reduction in the cost of
funds, driven by a lower costing deposit mix, as well as an
increased asset yields, driven by higher 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 3.31%, increases of 19 basis points
from the linked quarter and 5 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 3.25%,
increases of 22 basis points from the linked quarter and 27 basis
points from the same quarter last year. The increase in yield
compared to the prior year quarter is a result of higher market
interest rates driving higher yield on cash liquidity and
adjustable rate loan and investment assets, along with higher
investment and loan re-investment rates. Compared to the linked
quarter, the increase in yield was the result of higher market
interest rates and a more profitable asset mix.
The cost of interest-bearing deposits was 0.35%
for the current quarter, decreases of 2 basis points and 13 basis
points from 0.37% and 0.48% 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. Recent increases by the Federal Reserve in
the federal funds rate beginning in March 2022 and continuing
throughout the current quarter have not yet resulted in deposit
cost increases, due to limited competitive pricing pressures and
elevated liquidity in the banking sector. As of quarter end, the
weighted average cost of interest-bearing deposits was 0.34%. The
cost of interest-bearing liabilities was 0.41% for the current
quarter, decreases of 2 basis points from 0.43% in the linked
quarter and 18 basis points from 0.59% 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 1.79%.
The provision for loan losses was $209,000 for
current quarter, compared to $286,000 for the linked quarter and
$5,000 for the prior year quarter. Recoveries, net of charge-offs,
were $7,000 for the current quarter compared to charge-offs, net of
recoveries, of $4,000 for the linked quarter and recoveries, net of
charge-offs, of $11,000 for the prior year quarter. Non-performing
loans as a percent of total loans receivable (excluding PPP loans)
was 0.56% as of June 30, 2022, an increase from 0.48% as of June
30, 2021 but a decrease from 0.61% as of March 31, 2022.
Substandard loans were $12.6 million as of June 30, 2022, a
decrease from $23.1 million as of March 31, 2022 and $21.6 million
as of June 30, 2021, driven primarily by sustained positive
borrower operational and payment performance following the end of
COVID-19 related payment deferrals. The Company had no loans
remaining on COVID-19 related payment deferral as of June 30, 2022,
compared to $27.3 million, or 2.21% of gross loans, as of June 30,
2021.
Noninterest income of $1.1 million for the
current quarter increased $165,000 compared to the linked quarter
and $520,000 compared to the prior year quarter. The increase
compared to the linked quarter was primarily due to increases of
$119,000 in swap income and $52,000 in fees and services charges.
The increase compared to the prior year quarter was primarily due
to increases of $452,000 in swap income, $52,000 in fees and
service charges and $18,000 in bank-owned life insurance
income.
Noninterest expense of $10.3 million for the
current quarter increased $1.3 million compared to the linked
quarter and $1.4 million compared to the prior year quarter.
Excluding merger-related expenses of $1.2 million in the current
quarter and $86,000 in the linked quarter, noninterest expenses
increased $232,000, or 2.6%, compared to the linked quarter and
$235,000, or 2.7%, compared to the same quarter last year.
Excluding merger-related expenses, the $235,000 increase compared
to the prior year quarter was primarily due to higher salaries and
benefits, marketing and communication and data processing
costs which were partially offset by lower pension costs. The
$232,000 increase compared to the linked quarter is the result of
higher salaries and benefits, partially offset by lower
professional fees and pension costs.
The effective income tax rate was 22.8% for the
current quarter, as compared to 21.0% for the linked quarter and
20.3% for the prior year quarter. The increase for the current
quarter is primarily due to non-deductible merger-related expenses.
Excluding such expenses, the effective tax rate for the quarter is
20.2%.
Balance Sheet Summary
Total assets increased $114.2 million to $1.99
billion at June 30, 2022 as compared to June 30, 2021, primarily
due to increases of $99.9 million in net loans receivable and $52.1
million in investment securities, partially offset by a $40.8
million decrease in cash and cash equivalents. Net loans receivable
increased $99.9 million, or 8.1%, and $135.0 million or 11.3%
excluding PPP loans. The increase was primarily the result of
increases in commercial mortgage loans and construction loans of
$115.5 million and $10.7 million, respectively, partially offset by
decreases in commercial loans and residential mortgage loans of
$14.4 million and $10.1 million, respectively. The decrease in
commercial loans includes a decrease in PPP loans of $35.1 million,
driven by forgiveness and paydowns, largely offset by a net
increase of $20.7 million in all other commercial loans. The
increase in investment securities was the result of the Company
deploying excess liquidity and included increases of $27.2 million
in state and municipal securities, $14.1 million in U.S. government
and agency bonds, $5.7 million in mortgage-backed securities, and
$5.1 million in corporate securities.
Total liabilities increased $111.6 million to
$1.71 billion at June 30, 2022 as compared to June 30, 2021 as an
increase of $134.6 million in deposits was partially offset by
decreases of $17.6 million in FHLB advances and $5.4 million in all
other liabilities. The $134.6 million, or 9.0% increase in deposits
includes increases in NOW, money market, demand and savings
accounts of 37.1%, 19.9%, 12.0% and 6.1%, respectively, partially
offset by a 12.6% decrease in time deposits. Current quarter
deposit growth of $1.5 million includes the run-off of
approximately $38.1 million of transient deposits as of March 31,
2022 expected to outflow in the current quarter.
Total shareholders’ equity increased $2.6
million to $277.2 million at June 30, 2022 as compared to $274.6
million as of June 30, 2021. The increase for the year was
primarily due to net income of $14.9 million and $5.0 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 (443,788 shares) of common stock, $5.5
million of other comprehensive losses related primarily to
unrealized losses on investment securities driven by higher market
interest rates and $3.6 million of cash dividends declared and
paid.
At June 30, 2022, the Company’s book value per
share and tangible book value per share were $18.07 and $17.67,
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 June 30, 2022, 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, 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 asset value and 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)
|
June 30, |
|
|
June 30, |
|
|
2022 |
|
|
2021 |
|
ASSETS |
|
|
|
|
|
Cash and due from banks |
$ |
116,522 |
|
|
$ |
152,070 |
|
Federal funds sold |
|
1,935 |
|
|
|
7,235 |
|
Total cash and cash equivalents |
|
118,457 |
|
|
|
159,305 |
|
Held to maturity debt securities, at amortized cost (fair value of
$361,608 and $342,137 as of June 30, 2022 and June 30, 2021,
respectively) |
|
412,449 |
|
|
|
337,584 |
|
Available for sale debt securities, at fair value |
|
34,621 |
|
|
|
57,387 |
|
Total investment securities |
|
447,070 |
|
|
|
394,971 |
|
Loans receivable, net of allowance for loan losses of $8,927 and
$7,881 as of June 30, 2022 and June 30, 2021,
respectively |
|
1,329,372 |
|
|
|
1,229,451 |
|
Accrued interest receivable |
|
6,396 |
|
|
|
6,398 |
|
FHLB stock |
|
3,766 |
|
|
|
4,507 |
|
Premises and equipment, net |
|
19,358 |
|
|
|
21,099 |
|
Deferred tax asset, net |
|
4,132 |
|
|
|
2,552 |
|
Bank-owned life insurance |
|
36,322 |
|
|
|
35,568 |
|
Goodwill |
|
6,106 |
|
|
|
6,106 |
|
Other intangible assets |
|
89 |
|
|
|
151 |
|
Other assets |
|
18,064 |
|
|
|
14,827 |
|
Total assets |
$ |
1,989,132 |
|
|
$ |
1,874,935 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
Interest bearing deposits |
$ |
1,380,953 |
|
|
$ |
1,272,610 |
|
Non-interest bearing deposits |
|
245,297 |
|
|
|
219,072 |
|
Total deposits |
|
1,626,250 |
|
|
|
1,491,682 |
|
Mortgage escrow funds |
|
11,173 |
|
|
|
10,536 |
|
Advances from FHLB |
|
48,323 |
|
|
|
65,957 |
|
Other liabilities |
|
26,224 |
|
|
|
32,200 |
|
Total liabilities |
|
1,711,970 |
|
|
|
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 June 30, 2022 and June 30,
2021) |
|
- |
|
|
|
- |
|
Common stock ($0.01 par value, 200,000,000 shares authorized,
18,703,577 shares issued as of both June 30, 2022 and June 30,
2021, and 15,334,857 and 15,770,645 shares outstanding as of June
30, 2022 and June 30, 2021, respectively) |
|
187 |
|
|
|
187 |
|
Additional paid in capital |
|
193,893 |
|
|
|
189,926 |
|
Retained earnings |
|
162,262 |
|
|
|
150,987 |
|
Unearned compensation - ESOP |
|
(9,208 |
) |
|
|
(10,176 |
) |
Accumulated other comprehensive loss, net of income taxes |
|
(8,629 |
) |
|
|
(3,099 |
) |
Treasury stock, at cost (3,368,720 and 2,932,932 shares as of June
30, 2022 and June 30, 2021, respectively) |
|
(61,343 |
) |
|
|
(53,265 |
) |
Total shareholders' equity |
|
277,162 |
|
|
|
274,560 |
|
Total liabilities and shareholders' equity |
$ |
1,989,132 |
|
|
$ |
1,874,935 |
|
PCSB Financial Corporation and
SubsidiariesConsolidated Statements of Operations
(unaudited)(amounts in thousands, except share and per
share data)
|
Three Months Ended |
|
|
Year Ended |
|
|
June 30, |
|
|
June 30, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Interest and dividend income |
|
|
|
|
|
|
|
|
|
|
|
Loans receivable |
$ |
12,801 |
|
|
$ |
12,625 |
|
|
$ |
49,502 |
|
|
$ |
49,470 |
|
Investment securities |
|
2,315 |
|
|
|
1,851 |
|
|
|
8,609 |
|
|
|
7,340 |
|
Federal
funds and other |
|
267 |
|
|
|
110 |
|
|
|
569 |
|
|
|
454 |
|
Total interest and dividend income |
|
15,383 |
|
|
|
14,586 |
|
|
|
58,680 |
|
|
|
57,264 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
Deposits
and escrow interest |
|
1,212 |
|
|
|
1,519 |
|
|
|
5,075 |
|
|
|
7,891 |
|
FHLB
advances |
|
242 |
|
|
|
486 |
|
|
|
1,166 |
|
|
|
2,031 |
|
Total interest expense |
|
1,454 |
|
|
|
2,005 |
|
|
|
6,241 |
|
|
|
9,922 |
|
Net interest income |
|
13,929 |
|
|
|
12,581 |
|
|
|
52,439 |
|
|
|
47,342 |
|
Provision (benefit) for loan losses |
|
209 |
|
|
|
5 |
|
|
|
772 |
|
|
|
(673 |
) |
Net interest income after provision (benefit) for loan
losses |
|
13,720 |
|
|
|
12,576 |
|
|
|
51,667 |
|
|
|
48,015 |
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|
|
Fees and
service charges |
|
442 |
|
|
|
390 |
|
|
|
1,640 |
|
|
|
1,428 |
|
Bank-owned life insurance |
|
186 |
|
|
|
168 |
|
|
|
754 |
|
|
|
549 |
|
Gain on
sale of premises |
|
- |
|
|
|
- |
|
|
|
548 |
|
|
|
- |
|
Swap
income |
|
452 |
|
|
|
- |
|
|
|
785 |
|
|
|
367 |
|
Gains on
sales of loans receivable |
|
- |
|
|
|
- |
|
|
|
56 |
|
|
|
- |
|
Gains on
sales of securities |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
113 |
|
Other |
|
8 |
|
|
|
10 |
|
|
|
36 |
|
|
|
40 |
|
Total noninterest income |
|
1,088 |
|
|
|
568 |
|
|
|
3,819 |
|
|
|
2,497 |
|
Noninterest expense |
|
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
6,063 |
|
|
|
5,795 |
|
|
|
23,416 |
|
|
|
22,517 |
|
Occupancy and equipment |
|
1,386 |
|
|
|
1,362 |
|
|
|
5,501 |
|
|
|
5,413 |
|
Merger-related expenses |
|
1,166 |
|
|
|
- |
|
|
|
1,252 |
|
|
|
- |
|
Communication and data processing |
|
585 |
|
|
|
525 |
|
|
|
2,211 |
|
|
|
2,064 |
|
Professional fees |
|
403 |
|
|
|
405 |
|
|
|
1,673 |
|
|
|
1,690 |
|
Postage,
printing, stationery and supplies |
|
142 |
|
|
|
137 |
|
|
|
620 |
|
|
|
589 |
|
FDIC
assessment |
|
125 |
|
|
|
113 |
|
|
|
496 |
|
|
|
463 |
|
Advertising |
|
177 |
|
|
|
100 |
|
|
|
477 |
|
|
|
400 |
|
Amortization of intangible assets |
|
13 |
|
|
|
17 |
|
|
|
62 |
|
|
|
78 |
|
Other
operating expenses |
|
208 |
|
|
|
413 |
|
|
|
945 |
|
|
|
1,540 |
|
Total noninterest expense |
|
10,268 |
|
|
|
8,867 |
|
|
|
36,653 |
|
|
|
34,754 |
|
Net income before income tax expense |
|
4,540 |
|
|
|
4,277 |
|
|
|
18,833 |
|
|
|
15,758 |
|
Income
tax expense |
|
1,037 |
|
|
|
867 |
|
|
|
3,954 |
|
|
|
3,334 |
|
Net
income |
$ |
3,503 |
|
|
$ |
3,410 |
|
|
$ |
14,879 |
|
|
$ |
12,424 |
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.25 |
|
|
$ |
0.23 |
|
|
$ |
1.05 |
|
|
$ |
0.84 |
|
Diluted |
|
0.25 |
|
|
|
0.23 |
|
|
|
1.04 |
|
|
|
0.84 |
|
Weighted
average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
14,189,701 |
|
|
|
14,553,783 |
|
|
|
14,232,855 |
|
|
|
14,846,786 |
|
Diluted |
|
14,248,141 |
|
|
|
14,586,928 |
|
|
|
14,289,020 |
|
|
|
14,847,579 |
|
PCSB Financial Corporation and
SubsidiariesNet Interest Margin Analysis
(unaudited)(dollar amounts in thousands)
|
|
Three Months Ended |
|
|
|
June 30, 2022 |
|
|
March 31, 2022 |
|
|
June 30, 2021 |
|
|
|
Average Balance |
|
|
Interest / Dividends |
|
|
Average Rate |
|
|
Average Balance |
|
|
Interest / Dividends |
|
|
Average Rate |
|
|
Average Balance |
|
|
Interest / Dividends |
|
|
Average Rate |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable (1) |
|
$ |
1,313,296 |
|
|
$ |
12,801 |
|
|
|
3.90 |
% |
|
$ |
1,255,117 |
|
|
$ |
11,943 |
|
|
|
3.81 |
% |
|
$ |
1,245,610 |
|
|
$ |
12,625 |
|
|
|
4.06 |
% |
Investment securities (1) |
|
|
443,626 |
|
|
|
2,315 |
|
|
|
2.18 |
|
|
|
436,702 |
|
|
|
2,152 |
|
|
|
2.06 |
|
|
|
363,175 |
|
|
|
1,851 |
|
|
|
2.11 |
|
Other
interest-earning assets |
|
|
118,119 |
|
|
|
267 |
|
|
|
0.91 |
|
|
|
141,677 |
|
|
|
105 |
|
|
|
0.30 |
|
|
|
190,582 |
|
|
|
110 |
|
|
|
0.23 |
|
Total
interest-earning assets |
|
|
1,875,041 |
|
|
|
15,383 |
|
|
|
3.31 |
|
|
|
1,833,496 |
|
|
|
14,200 |
|
|
|
3.12 |
|
|
|
1,799,367 |
|
|
|
14,586 |
|
|
|
3.26 |
|
Non-interest-earning assets |
|
|
79,993 |
|
|
|
|
|
|
|
|
|
77,202 |
|
|
|
|
|
|
|
|
|
79,015 |
|
|
|
|
|
|
|
Total
assets |
|
$ |
1,955,034 |
|
|
|
|
|
|
|
|
$ |
1,910,698 |
|
|
|
|
|
|
|
|
$ |
1,878,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts |
|
$ |
224,808 |
|
|
|
91 |
|
|
|
0.16 |
|
|
$ |
215,021 |
|
|
|
94 |
|
|
|
0.18 |
|
|
$ |
182,475 |
|
|
|
69 |
|
|
|
0.15 |
|
Money
market accounts |
|
|
388,406 |
|
|
|
166 |
|
|
|
0.17 |
|
|
|
360,131 |
|
|
|
144 |
|
|
|
0.16 |
|
|
|
311,255 |
|
|
|
162 |
|
|
|
0.21 |
|
Savings
accounts and mortgage escrow funds |
|
|
427,709 |
|
|
|
124 |
|
|
|
0.12 |
|
|
|
415,850 |
|
|
|
113 |
|
|
|
0.11 |
|
|
|
387,422 |
|
|
|
109 |
|
|
|
0.11 |
|
Time
deposits |
|
|
335,748 |
|
|
|
831 |
|
|
|
0.99 |
|
|
|
349,266 |
|
|
|
866 |
|
|
|
1.00 |
|
|
|
395,240 |
|
|
|
1,179 |
|
|
|
1.20 |
|
Total
interest-bearing deposits |
|
|
1,376,671 |
|
|
|
1,212 |
|
|
|
0.35 |
|
|
|
1,340,268 |
|
|
|
1,217 |
|
|
|
0.37 |
|
|
|
1,276,392 |
|
|
|
1,519 |
|
|
|
0.48 |
|
FHLB
advances |
|
|
48,337 |
|
|
|
242 |
|
|
|
2.00 |
|
|
|
57,185 |
|
|
|
266 |
|
|
|
1.89 |
|
|
|
94,970 |
|
|
|
486 |
|
|
|
2.05 |
|
Total
interest-bearing liabilities |
|
|
1,425,008 |
|
|
|
1,454 |
|
|
|
0.41 |
|
|
|
1,397,453 |
|
|
|
1,483 |
|
|
|
0.43 |
|
|
|
1,371,362 |
|
|
|
2,005 |
|
|
|
0.59 |
|
Non-interest-bearing deposits |
|
|
232,119 |
|
|
|
|
|
|
|
|
|
220,809 |
|
|
|
|
|
|
|
|
|
208,265 |
|
|
|
|
|
|
|
Other
non-interest-bearing liabilities |
|
|
19,581 |
|
|
|
|
|
|
|
|
|
15,370 |
|
|
|
|
|
|
|
|
|
23,114 |
|
|
|
|
|
|
|
Total
liabilities |
|
|
1,676,708 |
|
|
|
|
|
|
|
|
|
1,633,632 |
|
|
|
|
|
|
|
|
|
1,602,741 |
|
|
|
|
|
|
|
Total
shareholders' equity |
|
|
278,326 |
|
|
|
|
|
|
|
|
|
277,066 |
|
|
|
|
|
|
|
|
|
275,641 |
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity |
|
$ |
1,955,034 |
|
|
|
|
|
|
|
|
$ |
1,910,698 |
|
|
|
|
|
|
|
|
$ |
1,878,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income |
|
|
|
|
$ |
13,929 |
|
|
|
|
|
|
|
|
$ |
12,717 |
|
|
|
|
|
|
|
|
$ |
12,581 |
|
|
|
|
Interest
rate spread - tax equivalent (2) |
|
|
|
|
|
|
|
|
2.90 |
|
|
|
|
|
|
|
|
|
2.69 |
|
|
|
|
|
|
|
|
|
2.67 |
|
Net
interest margin - tax equivalent (3) |
|
|
|
|
|
|
|
|
3.00 |
|
|
|
|
|
|
|
|
|
2.80 |
|
|
|
|
|
|
|
|
|
2.81 |
|
Average
interest-earning assets to interest-bearing liabilities |
|
|
131.58 |
% |
|
|
|
|
|
|
|
|
131.20 |
% |
|
|
|
|
|
|
|
|
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
SubsidiariesNet Interest Margin Analysis
(unaudited)(dollar amounts in thousands)
|
|
Year Ended June 30, |
|
|
|
2022 |
|
|
2021 |
|
|
|
Average Balance |
|
|
Interest/ Dividends |
|
|
Average Rate |
|
|
Average Balance |
|
|
Interest/ Dividends |
|
|
Average Rate |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable (1) |
|
$ |
1,258,513 |
|
|
$ |
49,502 |
|
|
|
3.94 |
% |
|
$ |
1,245,818 |
|
|
$ |
49,470 |
|
|
|
3.97 |
% |
Investment securities (1) |
|
|
428,203 |
|
|
|
8,609 |
|
|
|
2.10 |
|
|
|
327,879 |
|
|
|
7,340 |
|
|
|
2.29 |
|
Other
interest-earning assets |
|
|
136,760 |
|
|
|
569 |
|
|
|
0.42 |
|
|
|
169,855 |
|
|
|
454 |
|
|
|
0.27 |
|
Total
interest-earning assets |
|
|
1,823,476 |
|
|
|
58,680 |
|
|
|
3.24 |
|
|
|
1,743,552 |
|
|
|
57,264 |
|
|
|
3.30 |
|
Non-interest-earning assets |
|
|
77,769 |
|
|
|
|
|
|
|
|
|
72,522 |
|
|
|
|
|
|
|
Total
assets |
|
$ |
1,901,245 |
|
|
|
|
|
|
|
|
$ |
1,816,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts |
|
$ |
203,804 |
|
|
|
345 |
|
|
|
0.17 |
|
|
$ |
160,652 |
|
|
|
296 |
|
|
|
0.18 |
|
Money
market accounts |
|
|
363,705 |
|
|
|
665 |
|
|
|
0.18 |
|
|
|
273,007 |
|
|
|
819 |
|
|
|
0.30 |
|
Savings
accounts and escrow |
|
|
409,732 |
|
|
|
458 |
|
|
|
0.11 |
|
|
|
369,681 |
|
|
|
611 |
|
|
|
0.17 |
|
Time
deposits |
|
|
352,474 |
|
|
|
3,607 |
|
|
|
1.02 |
|
|
|
421,168 |
|
|
|
6,165 |
|
|
|
1.46 |
|
Total
interest-bearing deposits |
|
|
1,329,715 |
|
|
|
5,075 |
|
|
|
0.38 |
|
|
|
1,224,508 |
|
|
|
7,891 |
|
|
|
0.64 |
|
FHLB
advances |
|
|
58,816 |
|
|
|
1,166 |
|
|
|
1.98 |
|
|
|
102,919 |
|
|
|
2,031 |
|
|
|
1.97 |
|
Total
interest-bearing liabilities |
|
|
1,388,531 |
|
|
|
6,241 |
|
|
|
0.45 |
|
|
|
1,327,427 |
|
|
|
9,922 |
|
|
|
0.75 |
|
Non-interest-bearing deposits |
|
|
218,823 |
|
|
|
|
|
|
|
|
|
189,667 |
|
|
|
|
|
|
|
Other
non-interest-bearing liabilities |
|
|
17,785 |
|
|
|
|
|
|
|
|
|
25,707 |
|
|
|
|
|
|
|
Total
liabilities |
|
|
1,625,139 |
|
|
|
|
|
|
|
|
|
1,542,801 |
|
|
|
|
|
|
|
Total
shareholders' equity |
|
|
276,106 |
|
|
|
|
|
|
|
|
|
273,273 |
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity |
|
$ |
1,901,245 |
|
|
|
|
|
|
|
|
$ |
1,816,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income |
|
|
|
|
$ |
52,439 |
|
|
|
|
|
|
|
|
$ |
47,342 |
|
|
|
|
Interest
rate spread - tax equivalent (2) |
|
|
|
|
|
|
|
|
2.79 |
|
|
|
|
|
|
|
|
|
2.55 |
|
Net
interest margin - tax equivalent (3) |
|
|
|
|
|
|
|
|
2.90 |
|
|
|
|
|
|
|
|
|
2.73 |
|
Average
interest-earning assets to interest-bearing liabilities |
|
|
131.32 |
% |
|
|
|
|
|
|
|
|
131.35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
|
June 30, 2022 |
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
September 30, 2021 |
|
|
June 30, 2021 |
|
Condensed
Balance Sheets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
118,457 |
|
|
$ |
158,892 |
|
|
$ |
120,339 |
|
|
$ |
148,012 |
|
|
$ |
159,305 |
|
Total
investment securities |
|
|
447,070 |
|
|
|
448,081 |
|
|
|
433,999 |
|
|
|
423,525 |
|
|
|
394,971 |
|
Loans
receivable, net |
|
|
1,329,372 |
|
|
|
1,285,886 |
|
|
|
1,243,646 |
|
|
|
1,210,674 |
|
|
|
1,229,451 |
|
Other
assets |
|
|
94,233 |
|
|
|
91,682 |
|
|
|
90,137 |
|
|
|
90,968 |
|
|
|
91,208 |
|
Total
assets |
|
$ |
1,989,132 |
|
|
$ |
1,984,541 |
|
|
$ |
1,888,121 |
|
|
$ |
1,873,179 |
|
|
$ |
1,874,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
deposits and mortgage escrow funds |
|
$ |
1,637,423 |
|
|
$ |
1,633,463 |
|
|
$ |
1,533,947 |
|
|
$ |
1,511,465 |
|
|
$ |
1,502,218 |
|
Advances
from Federal Home Loan Bank |
|
|
48,323 |
|
|
|
48,357 |
|
|
|
58,390 |
|
|
|
65,924 |
|
|
|
65,957 |
|
Other
liabilities |
|
|
26,224 |
|
|
|
26,329 |
|
|
|
20,950 |
|
|
|
21,062 |
|
|
|
32,200 |
|
Total
liabilities |
|
|
1,711,970 |
|
|
|
1,708,149 |
|
|
|
1,613,287 |
|
|
|
1,598,451 |
|
|
|
1,600,375 |
|
Total
shareholders' equity |
|
|
277,162 |
|
|
|
276,392 |
|
|
|
274,834 |
|
|
|
274,728 |
|
|
|
274,560 |
|
Total
liabilities and shareholders' equity |
|
$ |
1,989,132 |
|
|
$ |
1,984,541 |
|
|
$ |
1,888,121 |
|
|
$ |
1,873,179 |
|
|
$ |
1,874,935 |
|
|
|
Quarter Ended |
|
|
Year Ended |
|
|
|
June 30, 2022 |
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
September 30, 2021 |
|
|
June 30, 2021 |
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
Condensed
Income Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
15,383 |
|
|
$ |
14,200 |
|
|
$ |
14,870 |
|
|
$ |
14,227 |
|
|
$ |
14,586 |
|
|
$ |
58,680 |
|
|
$ |
57,264 |
|
Interest expense |
|
|
1,454 |
|
|
|
1,483 |
|
|
|
1,612 |
|
|
|
1,692 |
|
|
|
2,005 |
|
|
|
6,241 |
|
|
|
9,922 |
|
Net interest income |
|
|
13,929 |
|
|
|
12,717 |
|
|
|
13,258 |
|
|
|
12,535 |
|
|
|
12,581 |
|
|
|
52,439 |
|
|
|
47,342 |
|
Provision (benefit) for loan
losses |
|
|
209 |
|
|
|
286 |
|
|
|
264 |
|
|
|
13 |
|
|
|
5 |
|
|
|
772 |
|
|
|
(673 |
) |
Noninterest income |
|
|
1,088 |
|
|
|
923 |
|
|
|
1,195 |
|
|
|
613 |
|
|
|
568 |
|
|
|
3,819 |
|
|
|
2,497 |
|
Noninterest expense |
|
|
10,268 |
|
|
|
8,956 |
|
|
|
8,805 |
|
|
|
8,624 |
|
|
|
8,867 |
|
|
|
36,653 |
|
|
|
34,754 |
|
Income before income tax
expense |
|
|
4,540 |
|
|
|
4,398 |
|
|
|
5,384 |
|
|
|
4,511 |
|
|
|
4,277 |
|
|
|
18,833 |
|
|
|
15,758 |
|
Income tax expense |
|
|
1,037 |
|
|
|
924 |
|
|
|
1,096 |
|
|
|
897 |
|
|
|
867 |
|
|
|
3,954 |
|
|
|
3,334 |
|
Net income |
|
$ |
3,503 |
|
|
$ |
3,474 |
|
|
$ |
4,288 |
|
|
$ |
3,614 |
|
|
$ |
3,410 |
|
|
$ |
14,879 |
|
|
$ |
12,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.25 |
|
|
$ |
0.25 |
|
|
$ |
0.30 |
|
|
$ |
0.25 |
|
|
$ |
0.23 |
|
|
$ |
1.05 |
|
|
$ |
0.84 |
|
Diluted |
|
|
0.25 |
|
|
|
0.24 |
|
|
|
0.30 |
|
|
|
0.25 |
|
|
|
0.23 |
|
|
|
1.04 |
|
|
|
0.84 |
|
PCSB Financial Corporation and
SubsidiariesSelected Financial Data
(unaudited)
|
|
Quarter Ended |
|
|
Year Ended |
|
|
|
June 30, 2022 |
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
September 30, 2021 |
|
|
June 30, 2021 |
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
Performance Ratios (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
0.72 |
% |
|
|
0.73 |
% |
|
|
0.92 |
% |
|
|
0.78 |
% |
|
|
0.73 |
% |
|
|
0.78 |
% |
|
|
0.68 |
% |
Return on average equity |
|
|
5.03 |
% |
|
|
5.02 |
% |
|
|
6.22 |
% |
|
|
5.29 |
% |
|
|
4.95 |
% |
|
|
5.39 |
% |
|
|
4.55 |
% |
Interest rate spread |
|
|
2.90 |
% |
|
|
2.69 |
% |
|
|
2.86 |
% |
|
|
2.71 |
% |
|
|
2.67 |
% |
|
|
2.79 |
% |
|
|
2.55 |
% |
Net interest margin |
|
|
3.00 |
% |
|
|
2.80 |
% |
|
|
2.97 |
% |
|
|
2.82 |
% |
|
|
2.81 |
% |
|
|
2.90 |
% |
|
|
2.73 |
% |
Efficiency ratio |
|
|
68.38 |
% |
|
|
65.66 |
% |
|
|
60.92 |
% |
|
|
65.59 |
% |
|
|
67.43 |
% |
|
|
65.15 |
% |
|
|
69.73 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income to average
assets |
|
|
0.22 |
% |
|
|
0.19 |
% |
|
|
0.26 |
% |
|
|
0.13 |
% |
|
|
0.12 |
% |
|
|
0.20 |
% |
|
|
0.14 |
% |
Noninterest expense to average
assets |
|
|
2.10 |
% |
|
|
1.87 |
% |
|
|
1.88 |
% |
|
|
1.85 |
% |
|
|
1.89 |
% |
|
|
1.93 |
% |
|
|
1.91 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning
assets to average interest-bearing liabilities |
|
|
131.58 |
% |
|
|
131.20 |
% |
|
|
131.36 |
% |
|
|
131.14 |
% |
|
|
131.21 |
% |
|
|
131.32 |
% |
|
|
131.35 |
% |
Average equity to average
assets |
|
|
14.24 |
% |
|
|
14.50 |
% |
|
|
14.71 |
% |
|
|
14.66 |
% |
|
|
14.67 |
% |
|
|
14.52 |
% |
|
|
15.05 |
% |
Dividend payout ratio (2) |
|
|
28.72 |
% |
|
|
24.61 |
% |
|
|
20.22 |
% |
|
|
24.24 |
% |
|
|
26.07 |
% |
|
|
24.22 |
% |
|
|
21.93 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios excluding merger-related expenses
(3): |
|
Earnings
per diluted share |
|
$ |
0.32 |
|
|
$ |
0.25 |
|
|
$ |
0.30 |
|
|
$ |
0.25 |
|
|
$ |
0.23 |
|
|
$ |
1.12 |
|
|
$ |
0.84 |
|
Return
on average assets |
|
|
0.93 |
% |
|
|
0.74 |
% |
|
|
0.92 |
% |
|
|
0.78 |
% |
|
|
0.73 |
% |
|
|
0.84 |
% |
|
|
0.68 |
% |
Return
on average equity |
|
|
6.54 |
% |
|
|
5.13 |
% |
|
|
6.22 |
% |
|
|
5.29 |
% |
|
|
4.95 |
% |
|
|
5.80 |
% |
|
|
4.55 |
% |
Efficiency ratio |
|
|
60.61 |
% |
|
|
65.03 |
% |
|
|
60.92 |
% |
|
|
65.59 |
% |
|
|
67.43 |
% |
|
|
62.93 |
% |
|
|
73.04 |
% |
Noninterest expense to average
assets |
|
|
1.86 |
% |
|
|
1.86 |
% |
|
|
1.88 |
% |
|
|
1.85 |
% |
|
|
1.89 |
% |
|
|
1.86 |
% |
|
|
1.91 |
% |
Dividend payout ratio (2) |
|
|
22.11 |
% |
|
|
24.06 |
% |
|
|
20.22 |
% |
|
|
24.24 |
% |
|
|
26.07 |
% |
|
|
22.52 |
% |
|
|
21.93 |
% |
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 |
|
|
|
June 30, 2022 |
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
September 30, 2021 |
|
|
June 30, 2021 |
|
Loans to deposits |
|
|
81.74 |
% |
|
|
79.15 |
% |
|
|
81.65 |
% |
|
|
80.46 |
% |
|
|
82.42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
outstanding |
|
|
15,334,857 |
|
|
|
15,334,857 |
|
|
|
15,337,979 |
|
|
|
15,574,310 |
|
|
|
15,770,645 |
|
Book
value per common share |
|
$ |
18.07 |
|
|
$ |
18.02 |
|
|
$ |
17.92 |
|
|
$ |
17.64 |
|
|
$ |
17.41 |
|
Tangible
book value per common share (4) |
|
$ |
17.67 |
|
|
$ |
17.62 |
|
|
$ |
17.51 |
|
|
$ |
17.24 |
|
|
$ |
17.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans receivable |
|
$ |
9,235 |
|
|
$ |
7,859 |
|
|
$ |
7,890 |
|
|
$ |
5,732 |
|
|
$ |
5,764 |
|
Non-performing assets |
|
$ |
9,235 |
|
|
$ |
7,859 |
|
|
$ |
7,890 |
|
|
$ |
5,732 |
|
|
$ |
5,764 |
|
Allowance for loan losses as a percent of total loans receivable
(5) |
|
|
0.67 |
% |
|
|
0.68 |
% |
|
|
0.68 |
% |
|
|
0.68 |
% |
|
|
0.66 |
% |
Allowance for loan losses as a percent of non-performing loans
receivable |
|
|
96.66 |
% |
|
|
110.86 |
% |
|
|
106.83 |
% |
|
|
142.34 |
% |
|
|
136.73 |
% |
Non-performing loans as a percent of total loans receivable, net
(5) |
|
|
0.69 |
% |
|
|
0.61 |
% |
|
|
0.64 |
% |
|
|
0.48 |
% |
|
|
0.48 |
% |
Non-performing assets as a percent of total assets |
|
|
0.46 |
% |
|
|
0.40 |
% |
|
|
0.42 |
% |
|
|
0.31 |
% |
|
|
0.31 |
% |
Net
(recoveries) charge-offs |
|
$ |
(7 |
) |
|
$ |
4 |
|
|
$ |
(6 |
) |
|
$ |
(265 |
) |
|
$ |
(11 |
) |
Net
(recoveries) charge-offs to average outstanding loans during the
period (1) |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
(0.09 |
%) |
|
|
0.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios (6): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1
capital (to adjusted total assets) |
|
|
12.78 |
% |
|
|
12.86 |
% |
|
|
12.91 |
% |
|
|
12.72 |
% |
|
|
12.48 |
% |
Common
equity Tier 1 capital (to risk-weighted assets) |
|
|
17.22 |
% |
|
|
17.22 |
% |
|
|
17.67 |
% |
|
|
17.84 |
% |
|
|
17.93 |
% |
Tier 1
capital (to risk-weighted assets) |
|
|
17.22 |
% |
|
|
17.22 |
% |
|
|
17.67 |
% |
|
|
17.84 |
% |
|
|
17.93 |
% |
Total
capital (to risk-weighted assets) |
|
|
17.83 |
% |
|
|
17.83 |
% |
|
|
18.28 |
% |
|
|
18.46 |
% |
|
|
18.53 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Performance ratios for quarter ended periods are
annualized. |
(2) Dividends
declared per share divided by net income per share. |
(3)
Merger-related expenses, primarily consisting of legal and
consulting costs, total $1.2 million and $1.3 million for the
current quarter and year-to-date, respectively. |
(4) Tangible book
value per share is a non-GAAP measure and equals total
shareholders’ equity, less goodwill and other intangible assets,
divided by shares outstanding. We believe this disclosure may be
meaningful to those investors who seek to evaluate our equity
without giving effect to goodwill and other intangible assets.
Reconciliations of GAAP to non-GAAP measures appear at the end of
this release. |
(5) Total loans
receivable excludes PPP loans. |
(6) Represents
Bank ratios. |
PCSB Financial Corporation and
SubsidiariesLoan and Deposit Portfolios
(unaudited)(amounts in thousands)
|
|
As of |
|
|
|
June 30, 2022 |
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
September 30, 2021 |
|
|
June 30, 2021 |
|
Mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgages |
|
$ |
214,167 |
|
|
$ |
215,431 |
|
|
$ |
212,817 |
|
|
$ |
221,735 |
|
|
$ |
224,305 |
|
Commercial mortgages |
|
|
942,130 |
|
|
|
897,424 |
|
|
|
867,581 |
|
|
|
838,021 |
|
|
|
826,624 |
|
Construction |
|
|
20,896 |
|
|
|
16,894 |
|
|
|
11,857 |
|
|
|
11,639 |
|
|
|
10,151 |
|
Net
deferred loan origination (fees) costs |
|
|
(100 |
) |
|
|
(23 |
) |
|
|
(18 |
) |
|
|
97 |
|
|
|
196 |
|
Total
mortgage loans |
|
|
1,177,093 |
|
|
|
1,129,726 |
|
|
|
1,092,237 |
|
|
|
1,071,492 |
|
|
|
1,061,276 |
|
Commercial and consumer loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans (1) |
|
|
136,304 |
|
|
|
141,427 |
|
|
|
135,055 |
|
|
|
122,031 |
|
|
|
150,658 |
|
Home
equity credit lines |
|
|
23,688 |
|
|
|
22,557 |
|
|
|
24,142 |
|
|
|
24,936 |
|
|
|
25,439 |
|
Consumer
and overdrafts |
|
|
594 |
|
|
|
348 |
|
|
|
356 |
|
|
|
394 |
|
|
|
345 |
|
Net
deferred loan origination costs (fees) |
|
|
620 |
|
|
|
539 |
|
|
|
285 |
|
|
|
(20 |
) |
|
|
(386 |
) |
Total
commercial and consumer loans |
|
|
161,206 |
|
|
|
164,871 |
|
|
|
159,838 |
|
|
|
147,341 |
|
|
|
176,056 |
|
Total loans receivable |
|
|
1,338,299 |
|
|
|
1,294,597 |
|
|
|
1,252,075 |
|
|
|
1,218,833 |
|
|
|
1,237,332 |
|
Allowance for loan losses |
|
|
(8,927 |
) |
|
|
(8,711 |
) |
|
|
(8,429 |
) |
|
|
(8,159 |
) |
|
|
(7,881 |
) |
Loans receivable, net |
|
$ |
1,329,372 |
|
|
$ |
1,285,886 |
|
|
$ |
1,243,646 |
|
|
$ |
1,210,674 |
|
|
$ |
1,229,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes PPP loans
totaling: |
|
$ |
1,940 |
|
|
$ |
4,701 |
|
|
$ |
12,769 |
|
|
$ |
19,763 |
|
|
$ |
37,050 |
|
|
|
As of |
|
|
|
June 30, 2022 |
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
September 30, 2021 |
|
|
June 30, 2021 |
|
Demand deposits |
|
$ |
245,297 |
|
|
$ |
243,908 |
|
|
$ |
215,708 |
|
|
$ |
216,470 |
|
|
$ |
219,072 |
|
NOW
accounts |
|
|
243,006 |
|
|
|
221,386 |
|
|
|
198,610 |
|
|
|
181,572 |
|
|
|
177,223 |
|
Money
market accounts |
|
|
399,026 |
|
|
|
396,358 |
|
|
|
361,352 |
|
|
|
363,090 |
|
|
|
332,843 |
|
Savings |
|
|
411,332 |
|
|
|
417,975 |
|
|
|
393,041 |
|
|
|
381,836 |
|
|
|
387,529 |
|
Time
deposits |
|
|
327,589 |
|
|
|
345,092 |
|
|
|
354,356 |
|
|
|
361,669 |
|
|
|
375,015 |
|
Total deposits |
|
$ |
1,626,250 |
|
|
$ |
1,624,719 |
|
|
$ |
1,523,067 |
|
|
$ |
1,504,637 |
|
|
$ |
1,491,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PCSB Financial Corporation and
SubsidiariesReconciliation of GAAP to Non-GAAP
Measures (unaudited)(dollar amounts in thousands, except
share and per share data)
|
|
Quarter Ended |
|
|
Year Ended |
|
|
|
June 30, 2022 |
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
September 30, 2021 |
|
|
June 30, 2021 |
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
Computation of Adjusted Net Income and Adjusted Earnings
Per Share |
|
|
|
|
|
|
|
Net income applicable to common stock (GAAP) |
|
$ |
3,503 |
|
|
$ |
3,474 |
|
|
$ |
4,288 |
|
|
$ |
3,614 |
|
|
$ |
3,410 |
|
|
$ |
14,879 |
|
|
$ |
12,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related expenses |
|
|
1,048 |
|
|
|
79 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,127 |
|
|
|
- |
|
Prepayment income on loans receivable |
|
|
(99 |
) |
|
|
(43 |
) |
|
|
(442 |
) |
|
|
(26 |
) |
|
|
(532 |
) |
|
|
(610 |
) |
|
|
(679 |
) |
PPP loan interest and fee income |
|
|
(28 |
) |
|
|
(210 |
) |
|
|
(264 |
) |
|
|
(299 |
) |
|
|
(411 |
) |
|
|
(801 |
) |
|
|
(926 |
) |
Gain on sale of premises |
|
|
- |
|
|
|
- |
|
|
|
(436 |
) |
|
|
- |
|
|
|
- |
|
|
|
(436 |
) |
|
|
- |
|
Prepayment income on investment securities |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(90 |
) |
Gains on sale of investment securities |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(89 |
) |
Adjusted
net income (Non-GAAP) |
|
$ |
4,424 |
|
|
$ |
3,300 |
|
|
$ |
3,146 |
|
|
$ |
3,289 |
|
|
$ |
2,467 |
|
|
$ |
14,159 |
|
|
$ |
10,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of
common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
14,189,701 |
|
|
|
14,165,775 |
|
|
|
14,236,473 |
|
|
|
14,337,543 |
|
|
|
14,553,783 |
|
|
|
14,232,855 |
|
|
|
14,846,786 |
|
Diluted |
|
|
14,248,141 |
|
|
|
14,197,716 |
|
|
|
14,281,232 |
|
|
|
14,405,816 |
|
|
|
14,586,928 |
|
|
|
14,289,020 |
|
|
|
14,847,579 |
|
Earnings per share (GAAP): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.25 |
|
|
$ |
0.25 |
|
|
$ |
0.30 |
|
|
$ |
0.25 |
|
|
$ |
0.23 |
|
|
$ |
1.05 |
|
|
$ |
0.84 |
|
Diluted |
|
|
0.25 |
|
|
|
0.24 |
|
|
|
0.30 |
|
|
|
0.25 |
|
|
|
0.23 |
|
|
|
1.04 |
|
|
|
0.84 |
|
Adjusted
earnings per common share (Non-GAAP): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.31 |
|
|
$ |
0.23 |
|
|
$ |
0.22 |
|
|
$ |
0.23 |
|
|
$ |
0.17 |
|
|
$ |
0.99 |
|
|
$ |
0.72 |
|
Diluted |
|
|
0.31 |
|
|
|
0.23 |
|
|
|
0.22 |
|
|
|
0.23 |
|
|
|
0.17 |
|
|
|
0.99 |
|
|
|
0.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
Year Ended |
|
|
|
June 30, 2022 |
|
|
March 31, 2022 |
|
|
June 30, 2021 |
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
Computation of Tax Equivalent Net Interest
Income |
|
|
|
|
|
|
|
|
|
|
Total interest income |
|
$ |
15,383 |
|
|
$ |
14,200 |
|
|
$ |
14,586 |
|
|
$ |
58,680 |
|
|
$ |
57,264 |
|
Total interest expense |
|
|
1,454 |
|
|
|
1,483 |
|
|
|
2,005 |
|
|
|
6,241 |
|
|
|
9,922 |
|
Net
interest income (GAAP) |
|
|
13,929 |
|
|
|
12,717 |
|
|
|
12,581 |
|
|
|
52,439 |
|
|
|
47,342 |
|
Tax
equivalent adjustment |
|
|
111 |
|
|
|
101 |
|
|
|
68 |
|
|
|
400 |
|
|
|
198 |
|
Net
interest income - tax equivalent (Non-GAAP) |
|
$ |
14,040 |
|
|
$ |
12,818 |
|
|
$ |
12,649 |
|
|
$ |
52,839 |
|
|
$ |
47,540 |
|
|
|
Quarter Ended |
|
|
Year Ended |
|
|
|
June 30, 2022 |
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
September 30, 2021 |
|
|
June 30, 2021 |
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
Computation of Efficiency Ratio |
|
|
|
|
|
|
|
|
|
|
Noninterest expense (GAAP) |
|
$ |
10,268 |
|
|
$ |
8,956 |
|
|
$ |
8,805 |
|
|
$ |
8,624 |
|
|
$ |
8,867 |
|
|
$ |
36,653 |
|
|
$ |
34,754 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related expenses |
|
|
(1,166 |
) |
|
|
(86 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,252 |
) |
|
|
|
Adjusted
total (Non-GAAP) |
|
$ |
9,102 |
|
|
$ |
8,870 |
|
|
$ |
8,805 |
|
|
$ |
8,624 |
|
|
$ |
8,867 |
|
|
$ |
35,401 |
|
|
$ |
34,754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income (GAAP) |
|
$ |
13,929 |
|
|
$ |
12,717 |
|
|
$ |
13,258 |
|
|
$ |
12,535 |
|
|
$ |
12,581 |
|
|
$ |
52,439 |
|
|
$ |
47,342 |
|
Noninterest income (GAAP) |
|
|
1,088 |
|
|
|
923 |
|
|
|
1,195 |
|
|
|
613 |
|
|
|
568 |
|
|
|
3,819 |
|
|
|
2,497 |
|
Total
(GAAP) |
|
|
15,017 |
|
|
|
13,640 |
|
|
|
14,453 |
|
|
|
13,148 |
|
|
|
13,149 |
|
|
|
56,258 |
|
|
|
49,839 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPP loan interest and fee income |
|
|
(36 |
) |
|
|
(266 |
) |
|
|
(332 |
) |
|
|
(373 |
) |
|
|
(516 |
) |
|
|
(1,007 |
) |
|
|
(1,171 |
) |
Prepayment income on loans receivable |
|
|
(128 |
) |
|
|
(55 |
) |
|
|
(555 |
) |
|
|
(32 |
) |
|
|
(667 |
) |
|
|
(770 |
) |
|
|
(854 |
) |
Gains on sales of premises |
|
|
- |
|
|
|
- |
|
|
|
(548 |
) |
|
|
- |
|
|
|
- |
|
|
|
(548 |
) |
|
|
- |
|
Prepayment income on investment securities |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(117 |
) |
Gains on sales of investment securities |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(113 |
) |
Adjusted
total (Non-GAAP) |
|
$ |
14,853 |
|
|
$ |
13,319 |
|
|
$ |
13,018 |
|
|
$ |
12,743 |
|
|
$ |
11,966 |
|
|
$ |
53,933 |
|
|
$ |
47,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio (GAAP) |
|
|
68.38 |
% |
|
|
65.66 |
% |
|
|
60.92 |
% |
|
|
65.59 |
% |
|
|
67.43 |
% |
|
|
65.15 |
% |
|
|
69.73 |
% |
Adjusted
efficiency ratio (Non-GAAP) |
|
|
61.28 |
% |
|
|
66.60 |
% |
|
|
67.64 |
% |
|
|
67.68 |
% |
|
|
74.10 |
% |
|
|
65.64 |
% |
|
|
73.04 |
% |
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 |
|
|
|
June 30, 2022 |
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
September 30, 2021 |
|
|
June 30, 2021 |
|
Computation of Tangible Book Value per Common
Share |
|
|
|
|
Total shareholders' equity (GAAP) |
|
$ |
277,162 |
|
|
$ |
276,392 |
|
|
$ |
274,834 |
|
|
$ |
274,728 |
|
|
$ |
274,560 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
(6,106 |
) |
|
|
(6,106 |
) |
|
|
(6,106 |
) |
|
|
(6,106 |
) |
|
|
(6,106 |
) |
Other intangible assets |
|
|
(89 |
) |
|
|
(102 |
) |
|
|
(119 |
) |
|
|
(135 |
) |
|
|
(151 |
) |
Tangible
common shareholders' equity (Non-GAAP) |
|
$ |
270,967 |
|
|
$ |
270,184 |
|
|
$ |
268,609 |
|
|
$ |
268,487 |
|
|
$ |
268,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
shares outstanding |
|
|
15,334,857 |
|
|
|
15,334,857 |
|
|
|
15,337,979 |
|
|
|
15,574,310 |
|
|
|
15,770,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book
value per share (GAAP) |
|
$ |
18.07 |
|
|
$ |
18.02 |
|
|
$ |
17.92 |
|
|
$ |
17.64 |
|
|
$ |
17.41 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effects of intangible assets |
|
|
(0.40 |
) |
|
|
(0.40 |
) |
|
|
(0.41 |
) |
|
|
(0.40 |
) |
|
|
(0.40 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per common
share (Non-GAAP) |
|
$ |
17.67 |
|
|
$ |
17.62 |
|
|
$ |
17.51 |
|
|
$ |
17.24 |
|
|
$ |
17.01 |
|
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 |
|
|
Year Ended |
|
|
|
June 30, 2022 |
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
September 30, 2021 |
|
|
June 30, 2021 |
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
Computation of Adjusted Yield on Assets and Adjusted Net
Interest Margin |
|
|
|
|
|
|
|
Average interest-earning assets |
|
$ |
1,875,041 |
|
|
$ |
1,833,496 |
|
|
$ |
1,796,613 |
|
|
$ |
1,788,756 |
|
|
$ |
1,799,367 |
|
|
$ |
1,823,476 |
|
|
$ |
1,743,552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend income
(GAAP) |
|
$ |
15,383 |
|
|
$ |
14,200 |
|
|
$ |
14,870 |
|
|
$ |
14,227 |
|
|
$ |
14,586 |
|
|
$ |
58,680 |
|
|
$ |
57,264 |
|
Less:
PPP loan interest and fee income |
|
|
(36 |
) |
|
|
(266 |
) |
|
|
(332 |
) |
|
|
(373 |
) |
|
|
(516 |
) |
|
|
(1,007 |
) |
|
|
(1,171 |
) |
Less:
Prepayment income on loans receivable |
|
|
(128 |
) |
|
|
(55 |
) |
|
|
(555 |
) |
|
|
(32 |
) |
|
|
(667 |
) |
|
|
(770 |
) |
|
|
(854 |
) |
Adjusted
interest and dividend income (Non-GAAP) |
|
$ |
15,219 |
|
|
$ |
13,879 |
|
|
$ |
13,983 |
|
|
$ |
13,822 |
|
|
$ |
13,403 |
|
|
$ |
56,903 |
|
|
$ |
55,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on
interest-earning assets (GAAP) |
|
|
3.31 |
% |
|
|
3.12 |
% |
|
|
3.33 |
% |
|
|
3.20 |
% |
|
|
3.26 |
% |
|
|
3.24 |
% |
|
|
3.30 |
% |
Adjusted
yield on interest-earning assets (Non-GAAP) |
|
|
3.25 |
% |
|
|
3.03 |
% |
|
|
3.11 |
% |
|
|
3.09 |
% |
|
|
2.98 |
% |
|
|
3.12 |
% |
|
|
3.17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income (GAAP) |
|
$ |
13,929 |
|
|
$ |
12,717 |
|
|
$ |
13,258 |
|
|
$ |
12,535 |
|
|
$ |
12,581 |
|
|
$ |
52,439 |
|
|
$ |
47,342 |
|
Less:
PPP loan interest and fee income |
|
|
(36 |
) |
|
|
(266 |
) |
|
|
(332 |
) |
|
|
(373 |
) |
|
|
(516 |
) |
|
|
(1,007 |
) |
|
|
(1,171 |
) |
Less:
Prepayment income on loans receivable |
|
|
(128 |
) |
|
|
(55 |
) |
|
|
(555 |
) |
|
|
(32 |
) |
|
|
(667 |
) |
|
|
(770 |
) |
|
|
(854 |
) |
Adjusted
net interest income (Non-GAAP) |
|
$ |
13,765 |
|
|
$ |
12,396 |
|
|
$ |
12,371 |
|
|
$ |
12,130 |
|
|
$ |
11,398 |
|
|
$ |
50,662 |
|
|
$ |
45,317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin (GAAP) |
|
|
3.00 |
% |
|
|
2.80 |
% |
|
|
2.97 |
% |
|
|
2.82 |
% |
|
|
2.81 |
% |
|
|
2.90 |
% |
|
|
2.73 |
% |
Adjusted
net interest margin (Non-GAAP) |
|
|
2.94 |
% |
|
|
2.70 |
% |
|
|
2.75 |
% |
|
|
2.71 |
% |
|
|
2.53 |
% |
|
|
2.78 |
% |
|
|
2.60 |
% |
PCSB Financial (NASDAQ:PCSB)
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De Mai 2024 à Juin 2024
PCSB Financial (NASDAQ:PCSB)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024