PCSB Financial Corporation (the “Company”) (NASDAQ: PCSB), parent
of PCSB Bank (the "Bank"), today announced net income of $4.8
million, or $0.33 per diluted share, for the three months ended
September 30, 2022, compared to $3.5 million, or $0.25 per diluted
share, for the three months ended June 30, 2022 and $3.6 million,
or $0.25 per diluted share, for the three months ended September
30, 2021.
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 remains subject to customary closing
conditions, including the receipt of regulatory approvals. The
Merger is currently expected to be completed in the fourth calendar
quarter of 2022.
On October 26, 2022, the Board of Directors
declared a regular quarterly cash dividend of $0.07 per share. The
dividend is payable on or about November 25, 2022 to shareholders
of record as of the close of business on November 10, 2022.
First Quarter Highlights
- Net income of $4.8 million, or $0.33 per diluted share, for the
current quarter, increases of 36.3% and 32.2% 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 $5.0 million or
$0.35 per diluted share, increases of 13.7% and 53.0% 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 $14.9 million for the current quarter,
increases of 6.7% and 18.5% from the linked quarter and the same
quarter last year, respectively.
- Tax equivalent net interest margin of 3.19% for the current
quarter, an increase from 3.00% in the linked quarter and 2.82% for
the same quarter last year.
- Average cost of interest-bearing deposits of 0.48% for the
current quarter, an increase from 0.35% in the linked quarter and
0.41% for the same quarter last year.
- Efficiency ratio of 61.07% for the current quarter, compared to
68.38% for the linked quarter and 65.59% for the same quarter last
year. Adjusted efficiency ratio (non-GAAP) of 59.21% for the
current quarter, a decrease from 61.28% for the linked quarter and
67.68% for the same quarter last year.
- Average loans receivable (excluding PPP loans) of $1.34 billion
for the current quarter, annualized increases of 10.4% and 12.3%
compared to the linked quarter and same quarter last year,
respectively.
- Average deposits of $1.61 billion for the current quarter,
annualized increases of 0.2% and 6.9% 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 September 30, 2022, unchanged
compared to June 30, 2022.
- Non-performing loans of $8.0 million, or 0.59% of total net
loans receivable (excluding PPP loans), as of September 30, 2022,
decreased from $9.2 million, or 0.69% as of June 30, 2022.
President’s Comments
“We are extremely pleased with the Company’s
strong first quarter financial performance despite the continued
uncertain economic environment” said Joseph D. Roberto, Chairman,
President & Chief Executive Officer of PCSB Financial
Corporation. “Record core net income of $5.0 million for the first
quarter reflects a 13.7% increase over the linked quarter and a
53.0% increase over the same quarter last year. The increase in net
income was largely a result of an expanding net interest margin as
new loan growth and the repricing opportunities from a
well-positioned balance sheet were able to take advantage of higher
market rates. Although deposits fell, as anticipated due to
higher-yielding market alternatives, our core deposit base
continues to provide strong liquidity for the company. Even though
persistent inflation and the continued rising interest rate
environment are causing economic headwinds, we remain optimistic in
our ability to continue to provide sustainable value for our
shareholders.”
Mr. Roberto added, "we look forward to our
pending merger with Brookline Bancorp and also look forward to
becoming part of a larger organization which will benefit both our
customer base and shareholders. In the meantime, our PCSB Bank team
continues to work hard to ensure that we have a seamless transition
into Brookline’s organization.”
Income Statement Summary
Net income for the current quarter was $4.8
million, which increased $1.3 million from the linked quarter and
$1.2 million from the prior year quarter. The change from the
linked quarter is primarily due to a $928,000 increase in net
interest income, a $711,000 decrease in noninterest expense and a
$127,000 decrease in provision for loan losses, partially offset by
a decrease of $295,000 in noninterest income and an increase of
$198,000 in income tax expense. The change from the prior year
quarter is primarily due to increases of $2.3 million in net
interest income and $180,000 in noninterest income, partially
offset by increases of $933,000 in noninterest expense, $338,000 in
income tax expense and $69,000 in provision for loan losses.
Net interest income was $14.9 million for the
current quarter, increases of $928,000, or 6.7%, compared to the
linked quarter and $2.3 million, or 18.5%, compared to the prior
year quarter. The increase compared to the linked quarter is
primarily the result of a 19 basis point increase in the tax
equivalent net interest margin. The increase in net interest income
compared to the prior year period is primarily the result of a 37
basis point increase in the tax equivalent net interest margin and
an $88.0 million, or 4.9%, increase in average interest-earning
assets.
The Company recognized PPP loan interest and
origination fee income (net of costs) of $9,000 in the current
quarter, compared to $36,000 in the linked quarter and $373,000 in
the prior year quarter. As of September 30, 2022, the Company had 5
outstanding PPP loans with balances totaling $1.8 million. Unearned
origination fees (net of costs) were $77,000 as of September 30,
2022, which will be recognized in income over the remaining lives
of the loans. PPP loan forgiveness is substantially complete as of
September 30, 2022.
The tax equivalent net interest margin was 3.19%
for the current quarter, reflecting increases of 19 basis points
compared to 3.00% in the linked quarter and 37 basis points
compared to 2.82% in the prior year quarter. Adjusted net interest
margin, which excludes the effects of loan prepayment income and
PPP loan interest and fees, was 3.16% for the current quarter
compared to 2.94% in the linked quarter and 2.71% in the prior year
quarter. Margin improvement compared to the linked quarter and
prior year quarter was the result of increased asset yields,
partially offset by higher deposit costs, both the result of 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 3.59%, increases of 28 basis points
from the linked quarter and 39 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 3.56%,
increases of 31 basis points from the linked quarter and 47 basis
points from the same quarter last year. The increase in yield
compared to the linked quarter and 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, as well as a
more profitable asset mix.
The cost of interest-bearing deposits was 0.48%
for the current quarter, increases of 13 basis points and 7 basis
points from 0.35% and 0.41% in the linked quarter and prior year
quarter, respectively. Recent increases by the Federal Reserve in
the federal funds rate beginning in March 2022 and continuing
throughout the current quarter have begun to result in deposit cost
increases across the banking sector. However, despite an increase
of 143 basis points in the average fed funds rate compared to the
linked quarter, the average cost of interest-bearing deposits for
the current quarter increased 13 basis points compared to the
linked quarter, representing a beta of approximately 9%. As a
result of competitive pressures, it is likely that our cost of
deposits will continue to increase should market rates continue to
increase. As of quarter end, the weighted average cost of
interest-bearing deposits was 0.59%. The cost of interest-bearing
liabilities was 0.53% for the current quarter, increases of 12
basis points from 0.41% in the linked quarter and 4 basis points
from 0.49% in the prior year quarter.
The provision for loan losses was $82,000 for
current quarter, compared to $209,000 for the linked quarter and
$13,000 for the prior year quarter. Recoveries, net of charge-offs,
were $39,000 for the current quarter compared to $7,000 for the
linked quarter and $265,000 for the prior year quarter.
Non-performing loans as a percent of total loans receivable
(excluding PPP loans) was 0.59% as of September 30, 2022, a
decrease from 0.69% as of June 30, 2022. Substandard loans were
$10.1 million as of September 30, 2022, a decrease from $12.6
million as of June 30, 2022.
Noninterest income of $793,000 for the current
quarter decreased $295,000 compared to the linked quarter and
increased $180,000 compared to the prior year quarter. The decrease
compared to the linked quarter was primarily due to a decrease of
$311,000 in swap income. The increase compared to the prior year
quarter was primarily due to increases of $141,000 in swap income
and $52,000 in fees and service charges.
Noninterest expense of $9.6 million for the
current quarter decreased $711,000 compared to the linked quarter
and increased $933,000 compared to the prior year quarter.
Excluding merger-related expenses of $311,000 in the current
quarter and $1.2 million in the linked quarter, noninterest
expenses increased $144,000, or 1.6%, compared to the linked
quarter and $622,000, or 7.2%, compared to the same quarter last
year. Excluding merger-related expenses, the $622,000 increase
compared to the prior year quarter was primarily due to higher
salaries and benefits, communication and data processing costs and
pension costs. The $144,000 increase compared to the linked quarter
is the result of higher pension costs, partially offset by lower
salaries and benefits and professional fees.
The effective income tax rate was 20.5% for the
current quarter, as compared to 22.8% for the linked quarter and
19.9% for the prior year quarter. The increased rate for the linked
quarter is primarily due to non-deductible merger-related expenses.
Excluding such expenses, the effective tax rate for the current and
linked quarters is 20.5% and 20.2%, respectively.
Balance Sheet Summary
Total assets decreased $48.6 million to $1.94
billion at September 30, 2022 as compared to June 30, 2022,
primarily due to decreases of $67.7 million in cash and cash
equivalents and $8.4 million in investment securities, partially
offset by increases of $20.8 million in loans receivable and $6.8
million in all other assets. Net loans receivable increased $20.8
million, or 6.4% annualized. The increase was primarily the result
of increases in commercial mortgage loans, commercial loans and
construction loans of $11.4 million, $5.6 million and $4.4 million,
respectively, partially offset by a net decrease in all other
loans. The decrease in cash and cash equivalents was primarily the
result of the increase in loans receivable as well as decreases in
deposits and FHLB advances.
Total liabilities decreased $52.5 million to
$1.66 billion at September 30, 2022 as compared to June 30, 2022,
driven by a $33.0 million decrease in deposits and a $20.0 million
decrease in FHLB advances. The $33.0 million, or 2.0% decrease in
deposits includes decreases in demand, money market, savings and
time deposit accounts of $17.7 million, $13.6 million, $8.4 million
and $4.3 million, respectively, partially offset by a $10.9 million
increase in NOW accounts. The decrease in deposits is the result of
competitive pricing pressures as market rates continue to
increase.
Total shareholders’ equity increased $3.9
million to $281.1 million at September 30, 2022 as compared to
$277.2 million as of June 30, 2022. The increase for the year was
primarily due to net income of $4.8 million and $1.3 million of
stock-based compensation and reduction in unearned ESOP shares for
plan shares earned during the period, partially offset by $1.1
million of other comprehensive losses related primarily to
unrealized losses on investment securities driven by higher market
interest rates and $1.0 million of cash dividends declared and
paid.
At September 30, 2022, the Company’s book value
per share and tangible book value per share were $18.33 and $17.93,
respectively, compared to $18.07 and $17.67, respectively, at June
30, 2022. Reconciliations of book value per share (GAAP measure) to
tangible book value per share (non-GAAP measure) appear at the end
of this release. At September 30, 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)
|
|
|
September 30, |
|
|
June 30, |
|
|
|
|
2022 |
|
|
2022 |
|
| ASSETS |
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
48,747 |
|
|
$ |
116,522 |
|
|
Federal funds sold |
|
|
2,006 |
|
|
|
1,935 |
|
|
Total cash and cash equivalents |
|
|
50,753 |
|
|
|
118,457 |
|
|
Held to maturity debt securities, at amortized cost (fair value of
$339,143 and $361,608 as of September 30, 2022 and June 30,
2022, respectively) |
|
|
406,250 |
|
|
|
412,449 |
|
|
Available for sale debt securities, at fair value |
|
|
32,431 |
|
|
|
34,621 |
|
|
Total investment securities |
|
|
438,681 |
|
|
|
447,070 |
|
|
Loans receivable, net of allowance for loan losses of $9,048 and
$8,927 as of September 30, 2022 and June 30, 2022,
respectively |
|
|
1,350,197 |
|
|
|
1,329,372 |
|
|
Accrued interest receivable |
|
|
7,074 |
|
|
|
6,396 |
|
|
FHLB stock |
|
|
2,865 |
|
|
|
3,766 |
|
|
Premises and equipment, net |
|
|
19,084 |
|
|
|
19,358 |
|
|
Deferred tax asset, net |
|
|
4,403 |
|
|
|
4,132 |
|
|
Bank-owned life insurance |
|
|
36,513 |
|
|
|
36,322 |
|
|
Goodwill |
|
|
6,106 |
|
|
|
6,106 |
|
|
Other intangible assets |
|
|
77 |
|
|
|
89 |
|
|
Other assets |
|
|
24,816 |
|
|
|
18,064 |
|
|
Total assets |
|
$ |
1,940,569 |
|
|
$ |
1,989,132 |
|
| LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
Interest bearing deposits |
|
$ |
1,365,631 |
|
|
$ |
1,380,953 |
|
|
Non-interest bearing deposits |
|
|
227,635 |
|
|
|
245,297 |
|
|
Total deposits |
|
|
1,593,266 |
|
|
|
1,626,250 |
|
|
Mortgage escrow funds |
|
|
7,302 |
|
|
|
11,173 |
|
|
Advances from FHLB |
|
|
28,288 |
|
|
|
48,323 |
|
|
Other liabilities |
|
|
30,576 |
|
|
|
26,224 |
|
|
Total liabilities |
|
|
1,659,432 |
|
|
|
1,711,970 |
|
|
Commitments and contingencies |
|
|
- |
|
|
|
- |
|
|
Shareholders' equity: |
|
|
|
|
|
|
|
Preferred stock ($0.01 par value, 10,000,000 shares authorized, no
shares issued or outstanding as of September 30, 2022 and June 30,
2022) |
|
|
- |
|
|
|
- |
|
|
Common stock ($0.01 par value, 200,000,000 shares authorized,
18,703,577 shares issued as of both September 30, 2022 and June 30,
2022, and 15,334,323 and 15,334,857 shares outstanding as of
September 30, 2022 and June 30, 2022, respectively) |
|
|
187 |
|
|
|
187 |
|
|
Additional paid in capital |
|
|
194,935 |
|
|
|
193,893 |
|
|
Retained earnings |
|
|
166,033 |
|
|
|
162,262 |
|
|
Unearned compensation - ESOP |
|
|
(8,963 |
) |
|
|
(9,208 |
) |
|
Accumulated other comprehensive loss, net of income taxes |
|
|
(9,702 |
) |
|
|
(8,629 |
) |
|
Treasury stock, at cost (3,369,254 and 3,368,720 shares as of
September 30, 2022 and June 30, 2022, respectively) |
|
|
(61,353 |
) |
|
|
(61,343 |
) |
|
Total shareholders' equity |
|
|
281,137 |
|
|
|
277,162 |
|
|
Total liabilities and shareholders' equity |
|
$ |
1,940,569 |
|
|
$ |
1,989,132 |
|
PCSB Financial Corporation and
SubsidiariesConsolidated Statements of Operations
(unaudited)(amounts in thousands, except share and per
share data)
|
|
|
Three Months Ended |
|
|
|
September 30, |
|
|
|
2022 |
|
|
2021 |
| Interest and dividend
income |
|
|
|
|
|
|
Loans receivable |
|
$ |
13,849 |
|
|
$ |
12,107 |
| Investment securities |
|
|
2,420 |
|
|
|
2,011 |
| Federal funds and other |
|
|
487 |
|
|
|
109 |
|
Total interest and dividend income |
|
|
16,756 |
|
|
|
14,227 |
| Interest
expense |
|
|
|
|
|
| Deposits and escrow interest |
|
|
1,664 |
|
|
|
1,354 |
| FHLB advances |
|
|
235 |
|
|
|
338 |
|
Total interest expense |
|
|
1,899 |
|
|
|
1,692 |
| Net interest
income |
|
|
14,857 |
|
|
|
12,535 |
| Provision for loan losses |
|
|
82 |
|
|
|
13 |
| Net interest income after
provision for loan losses |
|
|
14,775 |
|
|
|
12,522 |
| Noninterest
income |
|
|
|
|
|
| Fees and service charges |
|
|
453 |
|
|
|
401 |
| Bank-owned life insurance |
|
|
191 |
|
|
|
192 |
| Swap income |
|
|
141 |
|
|
|
- |
| Other |
|
|
8 |
|
|
|
20 |
|
Total noninterest income |
|
|
793 |
|
|
|
613 |
| Noninterest
expense |
|
|
|
|
|
| Salaries and employee
benefits |
|
|
5,985 |
|
|
|
5,773 |
| Occupancy and equipment |
|
|
1,403 |
|
|
|
1,353 |
| Communication and data
processing |
|
|
610 |
|
|
|
527 |
| Professional fees |
|
|
335 |
|
|
|
393 |
| Merger-related expenses |
|
|
311 |
|
|
|
- |
| Postage, printing, stationery and
supplies |
|
|
174 |
|
|
|
143 |
| Advertising |
|
|
128 |
|
|
|
100 |
| FDIC assessment |
|
|
125 |
|
|
|
125 |
| Amortization of intangible
assets |
|
|
12 |
|
|
|
16 |
| Other operating expenses |
|
|
474 |
|
|
|
194 |
|
Total noninterest expense |
|
|
9,557 |
|
|
|
8,624 |
| Net income before income
tax expense |
|
|
6,011 |
|
|
|
4,511 |
| Income tax expense |
|
|
1,235 |
|
|
|
897 |
| Net income |
|
$ |
4,776 |
|
|
$ |
3,614 |
| Earnings per common
share: |
|
|
|
|
|
| Basic |
|
$ |
0.34 |
|
|
$ |
0.25 |
| Diluted |
|
|
0.33 |
|
|
|
0.25 |
| Weighted
average common shares outstanding: |
|
|
|
| Basic |
|
|
14,214,313 |
|
|
|
14,337,543 |
| Diluted |
|
|
14,301,600 |
|
|
|
14,405,816 |
PCSB Financial Corporation and
SubsidiariesNet Interest Margin Analysis
(unaudited)(dollar amounts in thousands)
| |
|
Three Months Ended |
| |
|
September 30,
2022 |
|
June 30, 2022 |
|
|
September 30,
2021 |
| |
|
Average Balance |
|
Interest / Dividends |
|
Average Rate |
|
Average Balance |
|
Interest / Dividends |
|
Average Rate |
|
Average Balance |
|
Interest / Dividends |
|
Average Rate |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable (1) |
|
$ |
1,346,194 |
|
|
$ |
13,849 |
|
|
4.12 |
% |
|
$ |
1,313,296 |
|
|
$ |
12,801 |
|
3.90 |
% |
|
$ |
1,223,532 |
|
|
$ |
12,107 |
|
3.96 |
% |
| Investment securities (1) |
|
|
445,231 |
|
|
|
2,420 |
|
|
2.26 |
|
|
|
443,626 |
|
|
|
2,315 |
|
2.18 |
|
|
|
404,565 |
|
|
|
2,011 |
|
2.07 |
|
| Other interest-earning
assets |
|
|
85,377 |
|
|
|
487 |
|
|
2.26 |
|
|
|
118,119 |
|
|
|
267 |
|
0.91 |
|
|
|
160,659 |
|
|
|
109 |
|
0.27 |
|
| Total interest-earning
assets |
|
|
1,876,802 |
|
|
|
16,756 |
|
|
3.59 |
|
|
|
1,875,041 |
|
|
|
15,383 |
|
3.31 |
|
|
|
1,788,756 |
|
|
|
14,227 |
|
3.20 |
|
| Non-interest-earning assets |
|
|
78,342 |
|
|
|
|
|
|
|
|
79,993 |
|
|
|
|
|
|
|
|
76,375 |
|
|
|
|
|
|
| Total assets |
|
$ |
1,955,144 |
|
|
|
|
|
|
|
$ |
1,955,034 |
|
|
|
|
|
|
|
$ |
1,865,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and
equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NOW accounts |
|
$ |
243,354 |
|
|
|
250 |
|
|
0.41 |
|
|
$ |
224,808 |
|
|
|
91 |
|
0.16 |
|
|
$ |
182,531 |
|
|
|
70 |
|
0.15 |
|
| Money market accounts |
|
|
390,619 |
|
|
|
376 |
|
|
0.38 |
|
|
|
388,406 |
|
|
|
166 |
|
0.17 |
|
|
|
350,575 |
|
|
|
186 |
|
0.21 |
|
| Savings accounts and mortgage
escrow funds |
|
|
422,178 |
|
|
|
186 |
|
|
0.18 |
|
|
|
427,709 |
|
|
|
124 |
|
0.12 |
|
|
|
397,292 |
|
|
|
113 |
|
0.11 |
|
| Time deposits |
|
|
323,219 |
|
|
|
852 |
|
|
1.05 |
|
|
|
335,748 |
|
|
|
831 |
|
0.99 |
|
|
|
367,641 |
|
|
|
985 |
|
1.06 |
|
| Total interest-bearing
deposits |
|
|
1,379,370 |
|
|
|
1,664 |
|
|
0.48 |
|
|
|
1,376,671 |
|
|
|
1,212 |
|
0.35 |
|
|
|
1,298,039 |
|
|
|
1,354 |
|
0.41 |
|
| FHLB advances |
|
|
46,522 |
|
|
|
235 |
|
|
2.00 |
|
|
|
48,337 |
|
|
|
242 |
|
2.00 |
|
|
|
65,935 |
|
|
|
338 |
|
2.03 |
|
| Total interest-bearing
liabilities |
|
|
1,425,892 |
|
|
|
1,899 |
|
|
0.53 |
|
|
|
1,425,008 |
|
|
|
1,454 |
|
0.41 |
|
|
|
1,363,974 |
|
|
|
1,692 |
|
0.49 |
|
| Non-interest-bearing
deposits |
|
|
230,076 |
|
|
|
|
|
|
|
|
232,119 |
|
|
|
|
|
|
|
|
207,806 |
|
|
|
|
|
|
| Other non-interest-bearing
liabilities |
|
|
22,180 |
|
|
|
|
|
|
|
|
19,581 |
|
|
|
|
|
|
|
|
19,943 |
|
|
|
|
|
|
| Total liabilities |
|
|
1,678,148 |
|
|
|
|
|
|
|
|
1,676,708 |
|
|
|
|
|
|
|
|
1,591,723 |
|
|
|
|
|
|
| Total shareholders' equity |
|
|
276,996 |
|
|
|
|
|
|
|
|
278,326 |
|
|
|
|
|
|
|
|
273,408 |
|
|
|
|
|
|
| Total liabilities and
shareholders' equity |
|
$ |
1,955,144 |
|
|
|
|
|
|
|
$ |
1,955,034 |
|
|
|
|
|
|
|
$ |
1,865,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income |
|
|
|
|
$ |
14,857 |
|
|
|
|
|
|
|
$ |
13,929 |
|
|
|
|
|
|
|
$ |
12,535 |
|
|
|
| Interest rate spread - tax
equivalent (2) |
|
|
|
|
|
|
|
3.06 |
|
|
|
|
|
|
|
2.90 |
|
|
|
|
|
|
|
2.71 |
|
| Net interest margin - tax
equivalent (3) |
|
|
|
|
|
|
|
3.19 |
|
|
|
|
|
|
|
3.00 |
|
|
|
|
|
|
|
2.82 |
|
| Average interest-earning assets
to interest-bearing liabilities |
|
|
131.62 |
% |
|
|
|
|
|
|
|
131.58 |
% |
|
|
|
|
|
|
|
131.14 |
% |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
reconciliations of GAAP to non-GAAP measures at the end of this
release.(2) Net interest rate spread represents the
difference between the average yield on average interest-earning
assets and the average cost of average interest-bearing
liabilities.(3) Net interest margin represents tax equivalent
net interest income divided by average interest-earning assets. See
reconciliation of GAAP to non-GAAP measures at the end of this
release.
PCSB Financial Corporation and
SubsidiariesCondensed Financial Information
(unaudited)(amounts in thousands, except per share
data)
| |
As of |
|
| |
September 30, 2022 |
|
|
June 30, 2022 |
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
September 30, 2021 |
|
| Condensed
Balance Sheets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
50,753 |
|
|
$ |
118,457 |
|
|
$ |
158,892 |
|
|
$ |
120,339 |
|
|
$ |
148,012 |
|
| Total investment securities |
|
438,681 |
|
|
|
447,070 |
|
|
|
448,081 |
|
|
|
433,999 |
|
|
|
423,525 |
|
| Loans receivable, net |
|
1,350,197 |
|
|
|
1,329,372 |
|
|
|
1,285,886 |
|
|
|
1,243,646 |
|
|
|
1,210,674 |
|
| Other assets |
|
100,938 |
|
|
|
94,233 |
|
|
|
91,682 |
|
|
|
90,137 |
|
|
|
90,968 |
|
| Total assets |
$ |
1,940,569 |
|
|
$ |
1,989,132 |
|
|
$ |
1,984,541 |
|
|
$ |
1,888,121 |
|
|
$ |
1,873,179 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total deposits and mortgage
escrow funds |
$ |
1,600,568 |
|
|
$ |
1,637,423 |
|
|
$ |
1,633,463 |
|
|
$ |
1,533,947 |
|
|
$ |
1,511,465 |
|
| Advances from Federal Home Loan
Bank |
|
28,288 |
|
|
|
48,323 |
|
|
|
48,357 |
|
|
|
58,390 |
|
|
|
65,924 |
|
| Other liabilities |
|
30,576 |
|
|
|
26,224 |
|
|
|
26,329 |
|
|
|
20,950 |
|
|
|
21,062 |
|
| Total liabilities |
|
1,659,432 |
|
|
|
1,711,970 |
|
|
|
1,708,149 |
|
|
|
1,613,287 |
|
|
|
1,598,451 |
|
| Total shareholders' equity |
|
281,137 |
|
|
|
277,162 |
|
|
|
276,392 |
|
|
|
274,834 |
|
|
|
274,728 |
|
| Total liabilities and
shareholders' equity |
$ |
1,940,569 |
|
|
$ |
1,989,132 |
|
|
$ |
1,984,541 |
|
|
$ |
1,888,121 |
|
|
$ |
1,873,179 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Quarter Ended |
| |
September 30, 2022 |
|
|
June 30, 2022 |
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
September 30, 2021 |
| Condensed
Income Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
16,756 |
|
|
$ |
15,383 |
|
|
$ |
14,200 |
|
|
$ |
14,870 |
|
|
$ |
14,227 |
| Interest expense |
|
1,899 |
|
|
|
1,454 |
|
|
|
1,483 |
|
|
|
1,612 |
|
|
|
1,692 |
| Net interest income |
|
14,857 |
|
|
|
13,929 |
|
|
|
12,717 |
|
|
|
13,258 |
|
|
|
12,535 |
| Provision for loan losses |
|
82 |
|
|
|
209 |
|
|
|
286 |
|
|
|
264 |
|
|
|
13 |
| Noninterest income |
|
793 |
|
|
|
1,088 |
|
|
|
923 |
|
|
|
1,195 |
|
|
|
613 |
| Noninterest expense |
|
9,557 |
|
|
|
10,268 |
|
|
|
8,956 |
|
|
|
8,805 |
|
|
|
8,624 |
| Income before income tax
expense |
|
6,011 |
|
|
|
4,540 |
|
|
|
4,398 |
|
|
|
5,384 |
|
|
|
4,511 |
| Income tax expense |
|
1,235 |
|
|
|
1,037 |
|
|
|
924 |
|
|
|
1,096 |
|
|
|
897 |
| Net income |
$ |
4,776 |
|
|
$ |
3,503 |
|
|
$ |
3,474 |
|
|
$ |
4,288 |
|
|
$ |
3,614 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
$ |
0.34 |
|
|
$ |
0.25 |
|
|
$ |
0.25 |
|
|
$ |
0.30 |
|
|
$ |
0.25 |
| Diluted |
|
0.33 |
|
|
|
0.25 |
|
|
|
0.24 |
|
|
|
0.30 |
|
|
|
0.25 |
PCSB Financial Corporation and
SubsidiariesSelected Financial Data
(unaudited)
| |
Quarter Ended |
| |
September 30, 2022 |
|
June 30, 2022 |
|
March 31, 2022 |
|
December 31, 2021 |
|
September 30, 2021 |
| Performance
Ratios (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.98 |
% |
|
|
0.72 |
% |
|
|
0.73 |
% |
|
|
0.92 |
% |
|
|
0.78 |
% |
| Return on average equity |
|
6.90 |
% |
|
|
5.03 |
% |
|
|
5.02 |
% |
|
|
6.22 |
% |
|
|
5.29 |
% |
| Interest rate spread |
|
3.06 |
% |
|
|
2.90 |
% |
|
|
2.69 |
% |
|
|
2.86 |
% |
|
|
2.71 |
% |
| Net interest margin |
|
3.19 |
% |
|
|
3.00 |
% |
|
|
2.80 |
% |
|
|
2.97 |
% |
|
|
2.82 |
% |
| Efficiency ratio |
|
61.07 |
% |
|
|
68.38 |
% |
|
|
65.66 |
% |
|
|
60.92 |
% |
|
|
65.59 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest income to average
assets |
|
0.16 |
% |
|
|
0.22 |
% |
|
|
0.19 |
% |
|
|
0.26 |
% |
|
|
0.13 |
% |
| Noninterest expense to average
assets |
|
1.96 |
% |
|
|
2.10 |
% |
|
|
1.87 |
% |
|
|
1.88 |
% |
|
|
1.85 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average interest-earning
assets to average interest-bearing liabilities |
|
131.62 |
% |
|
|
131.58 |
% |
|
|
131.20 |
% |
|
|
131.36 |
% |
|
|
131.14 |
% |
| Average equity to average
assets |
|
14.17 |
% |
|
|
14.24 |
% |
|
|
14.50 |
% |
|
|
14.71 |
% |
|
|
14.66 |
% |
| Dividend payout ratio (2) |
|
21.04 |
% |
|
|
28.72 |
% |
|
|
24.61 |
% |
|
|
20.22 |
% |
|
|
24.24 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Performance
Ratios excluding merger-related expenses (3): |
|
| Earnings per diluted share |
$ |
0.35 |
|
|
$ |
0.32 |
|
|
$ |
0.25 |
|
|
$ |
0.30 |
|
|
$ |
0.25 |
|
| Return on average assets |
|
1.03 |
% |
|
|
0.93 |
% |
|
|
0.73 |
% |
|
|
0.92 |
% |
|
|
0.78 |
% |
| Return on average equity |
|
7.30 |
% |
|
|
6.54 |
% |
|
|
5.11 |
% |
|
|
6.22 |
% |
|
|
5.29 |
% |
| Efficiency ratio |
|
59.08 |
% |
|
|
60.61 |
% |
|
|
67.80 |
% |
|
|
60.92 |
% |
|
|
65.59 |
% |
| Noninterest expense to average
assets |
|
1.89 |
% |
|
|
1.86 |
% |
|
|
2.08 |
% |
|
|
1.88 |
% |
|
|
1.85 |
% |
| Dividend payout ratio (2) |
|
19.87 |
% |
|
|
22.11 |
% |
|
|
24.06 |
% |
|
|
20.22 |
% |
|
|
24.24 |
% |
PCSB Financial Corporation and
SubsidiariesSelected Financial Data (unaudited) -
Continued(dollar amounts in thousands, except share and
per share data)
| |
As of and for the quarter
ended |
| |
September 30, 2022 |
|
June 30, 2022 |
|
March 31, 2022 |
|
December 31, 2021 |
|
September 30, 2021 |
|
Loans to deposits |
|
84.74 |
% |
|
|
81.74 |
% |
|
|
79.15 |
% |
|
|
81.65 |
% |
|
|
80.46 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares outstanding |
|
15,334,323 |
|
|
|
15,334,857 |
|
|
|
15,334,857 |
|
|
|
15,337,979 |
|
|
|
15,574,310 |
|
| Book value per common share |
$ |
18.33 |
|
|
$ |
18.07 |
|
|
$ |
18.02 |
|
|
$ |
17.92 |
|
|
$ |
17.64 |
|
| Tangible book value per common
share (4) |
$ |
17.93 |
|
|
$ |
17.67 |
|
|
$ |
17.62 |
|
|
$ |
17.51 |
|
|
$ |
17.24 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Quality
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-performing loans
receivable |
$ |
7,989 |
|
|
$ |
9,235 |
|
|
$ |
7,859 |
|
|
$ |
7,890 |
|
|
$ |
5,732 |
|
| Non-performing assets |
$ |
7,989 |
|
|
$ |
9,235 |
|
|
$ |
7,859 |
|
|
$ |
7,890 |
|
|
$ |
5,732 |
|
| Allowance for loan losses as a
percent of total loans receivable (5) |
|
0.67 |
% |
|
|
0.67 |
% |
|
|
0.68 |
% |
|
|
0.68 |
% |
|
|
0.68 |
% |
| Allowance for loan losses as a
percent of non-performing loans receivable |
|
113.26 |
% |
|
|
96.66 |
% |
|
|
110.86 |
% |
|
|
106.83 |
% |
|
|
142.34 |
% |
| Non-performing loans as a percent
of total loans receivable, net (5) |
|
0.59 |
% |
|
|
0.69 |
% |
|
|
0.61 |
% |
|
|
0.64 |
% |
|
|
0.48 |
% |
| Non-performing assets as a
percent of total assets |
|
0.41 |
% |
|
|
0.46 |
% |
|
|
0.40 |
% |
|
|
0.42 |
% |
|
|
0.31 |
% |
| Net (recoveries) charge-offs |
$ |
(39 |
) |
|
$ |
(7 |
) |
|
$ |
4 |
|
|
$ |
(6 |
) |
|
$ |
(265 |
) |
| Net (recoveries) charge-offs to
average outstanding loans during the period (1) |
|
(0.01 |
%) |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
(0.09 |
%) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital Ratios
(6): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tier 1 capital (to adjusted total
assets) |
|
13.02 |
% |
|
|
12.78 |
% |
|
|
12.86 |
% |
|
|
12.91 |
% |
|
|
12.72 |
% |
| Common equity Tier 1 capital (to
risk-weighted assets) |
|
17.27 |
% |
|
|
17.22 |
% |
|
|
17.22 |
% |
|
|
17.67 |
% |
|
|
17.84 |
% |
| Tier 1 capital (to risk-weighted
assets) |
|
17.27 |
% |
|
|
17.22 |
% |
|
|
17.22 |
% |
|
|
17.67 |
% |
|
|
17.84 |
% |
| Total capital (to risk-weighted
assets) |
|
17.88 |
% |
|
|
17.83 |
% |
|
|
17.83 |
% |
|
|
18.28 |
% |
|
|
18.46 |
% |
(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 $311,000
for the three months ended September 30, 2022, $1.2 million for the
three months ended June 30, 2022, $86,000 for the three months
ended March 31, 2022 and no expense for the three months ended
December 31, 2022 or September 30, 2021.(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 |
|
| |
|
September 30, 2022 |
|
|
June 30, 2022 |
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
September 30, 2021 |
|
| Mortgage
loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgages |
|
$ |
214,586 |
|
|
$ |
214,167 |
|
|
$ |
215,431 |
|
|
$ |
212,817 |
|
|
$ |
221,735 |
|
| Commercial mortgages |
|
|
953,539 |
|
|
|
942,130 |
|
|
|
897,424 |
|
|
|
867,581 |
|
|
|
838,021 |
|
| Construction |
|
|
25,307 |
|
|
|
20,896 |
|
|
|
16,894 |
|
|
|
11,857 |
|
|
|
11,639 |
|
| Net deferred loan origination
(fees) costs |
|
|
(145 |
) |
|
|
(100 |
) |
|
|
(23 |
) |
|
|
(18 |
) |
|
|
97 |
|
| Total mortgage loans |
|
|
1,193,287 |
|
|
|
1,177,093 |
|
|
|
1,129,726 |
|
|
|
1,092,237 |
|
|
|
1,071,492 |
|
| Commercial and consumer
loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial loans (1) |
|
|
141,902 |
|
|
|
136,304 |
|
|
|
141,427 |
|
|
|
135,055 |
|
|
|
122,031 |
|
| Home equity credit lines |
|
|
22,955 |
|
|
|
23,688 |
|
|
|
22,557 |
|
|
|
24,142 |
|
|
|
24,936 |
|
| Consumer and overdrafts |
|
|
508 |
|
|
|
594 |
|
|
|
348 |
|
|
|
356 |
|
|
|
394 |
|
| Net deferred loan origination
costs (fees) |
|
|
593 |
|
|
|
620 |
|
|
|
539 |
|
|
|
285 |
|
|
|
(20 |
) |
| Total commercial and consumer
loans |
|
|
165,958 |
|
|
|
161,206 |
|
|
|
164,871 |
|
|
|
159,838 |
|
|
|
147,341 |
|
| Total loans
receivable |
|
|
1,359,245 |
|
|
|
1,338,299 |
|
|
|
1,294,597 |
|
|
|
1,252,075 |
|
|
|
1,218,833 |
|
| Allowance for loan losses |
|
|
(9,048 |
) |
|
|
(8,927 |
) |
|
|
(8,711 |
) |
|
|
(8,429 |
) |
|
|
(8,159 |
) |
|
Loans receivable, net |
|
$ |
1,350,197 |
|
|
$ |
1,329,372 |
|
|
$ |
1,285,886 |
|
|
$ |
1,243,646 |
|
|
$ |
1,210,674 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Includes PPP loans
totaling: |
|
$ |
1,847 |
|
|
$ |
1,940 |
|
|
$ |
4,701 |
|
|
$ |
12,769 |
|
|
$ |
19,763 |
|
| |
|
As of |
|
| |
|
September 30, 2022 |
|
|
June 30, 2022 |
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
September 30, 2021 |
|
|
Demand deposits |
|
$ |
227,635 |
|
|
$ |
245,297 |
|
|
$ |
243,908 |
|
|
$ |
215,708 |
|
|
$ |
216,470 |
|
| NOW accounts |
|
|
253,857 |
|
|
|
243,006 |
|
|
|
221,386 |
|
|
|
198,610 |
|
|
|
181,572 |
|
| Money market accounts |
|
|
385,470 |
|
|
|
399,026 |
|
|
|
396,358 |
|
|
|
361,352 |
|
|
|
363,090 |
|
| Savings |
|
|
402,980 |
|
|
|
411,332 |
|
|
|
417,975 |
|
|
|
393,041 |
|
|
|
381,836 |
|
| Time deposits |
|
|
323,324 |
|
|
|
327,589 |
|
|
|
345,092 |
|
|
|
354,356 |
|
|
|
361,669 |
|
|
Total deposits |
|
$ |
1,593,266 |
|
|
$ |
1,626,250 |
|
|
$ |
1,624,719 |
|
|
$ |
1,523,067 |
|
|
$ |
1,504,637 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PCSB Financial Corporation and
SubsidiariesReconciliation of GAAP to Non-GAAP
Measures (unaudited)(dollar amounts in thousands, except
share and per share data)
| |
Quarter Ended |
|
| |
September 30, 2022 |
|
|
June 30, 2022 |
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
September 30, 2021 |
|
| Computation
of Adjusted Net Income and Adjusted Earnings Per
Share |
|
|
Net income applicable to common stock (GAAP) |
$ |
4,776 |
|
|
$ |
3,503 |
|
|
$ |
3,474 |
|
|
$ |
4,288 |
|
|
$ |
3,614 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjustments (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Merger-related expenses |
|
282 |
|
|
|
1,048 |
|
|
|
79 |
|
|
|
- |
|
|
|
- |
|
| Prepayment income on loans
receivable |
|
(20 |
) |
|
|
(99 |
) |
|
|
(43 |
) |
|
|
(442 |
) |
|
|
(26 |
) |
| PPP loan interest and fee
income |
|
(7 |
) |
|
|
(28 |
) |
|
|
(210 |
) |
|
|
(264 |
) |
|
|
(299 |
) |
| Gain on sale of premises |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(436 |
) |
|
|
- |
|
| Adjusted net income
(Non-GAAP) |
$ |
5,031 |
|
|
$ |
4,424 |
|
|
$ |
3,300 |
|
|
$ |
3,146 |
|
|
$ |
3,289 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average number of
common shares outstanding: |
|
|
|
|
|
|
|
| Basic |
|
14,214,313 |
|
|
|
14,189,701 |
|
|
|
14,165,775 |
|
|
|
14,236,473 |
|
|
|
14,337,543 |
|
| Diluted |
|
14,301,600 |
|
|
|
14,248,141 |
|
|
|
14,197,716 |
|
|
|
14,281,232 |
|
|
|
14,405,816 |
|
| Earnings per share
(GAAP): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
$ |
0.34 |
|
|
$ |
0.25 |
|
|
$ |
0.25 |
|
|
$ |
0.30 |
|
|
$ |
0.25 |
|
| Diluted |
|
0.33 |
|
|
|
0.25 |
|
|
|
0.24 |
|
|
|
0.30 |
|
|
|
0.25 |
|
| Adjusted
earnings per common share (Non-GAAP): |
|
|
|
|
|
|
|
| Basic |
$ |
0.35 |
|
|
$ |
0.31 |
|
|
$ |
0.23 |
|
|
$ |
0.22 |
|
|
$ |
0.23 |
|
| Diluted |
|
0.35 |
|
|
|
0.31 |
|
|
|
0.23 |
|
|
|
0.22 |
|
|
|
0.23 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amounts 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 |
|
|
| |
|
September 30, 2022 |
|
|
June 30, 2022 |
|
|
September 30, 2021 |
|
|
|
Computation of Tax Equivalent Net Interest
Income |
|
|
|
|
|
| Total interest
income |
|
$ |
16,756 |
|
|
$ |
15,383 |
|
|
$ |
14,227 |
|
|
| Total interest expense |
|
|
1,899 |
|
|
|
1,454 |
|
|
|
1,692 |
|
|
| Net interest income (GAAP) |
|
|
14,857 |
|
|
|
13,929 |
|
|
|
12,535 |
|
|
| Tax equivalent adjustment |
|
|
116 |
|
|
|
111 |
|
|
|
89 |
|
|
| Net interest income - tax
equivalent (Non-GAAP) |
|
$ |
14,973 |
|
|
$ |
14,040 |
|
|
$ |
12,624 |
|
|
| |
Quarter Ended |
|
| |
September 30, 2022 |
|
|
June 30, 2022 |
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
September 30, 2021 |
|
|
Computation of Efficiency Ratio |
|
|
|
|
|
Noninterest expense (GAAP) |
$ |
9,557 |
|
|
$ |
10,268 |
|
|
$ |
8,956 |
|
|
$ |
8,805 |
|
|
$ |
8,624 |
|
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Merger-related expenses |
|
(311 |
) |
|
|
(1,166 |
) |
|
|
(86 |
) |
|
|
- |
|
|
|
- |
|
| Adjusted total (Non-GAAP) |
$ |
9,246 |
|
|
$ |
9,102 |
|
|
$ |
8,870 |
|
|
$ |
8,805 |
|
|
$ |
8,624 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income (GAAP) |
$ |
14,857 |
|
|
$ |
13,929 |
|
|
$ |
12,717 |
|
|
$ |
13,258 |
|
|
$ |
12,535 |
|
| Noninterest income (GAAP) |
|
793 |
|
|
|
1,088 |
|
|
|
923 |
|
|
|
1,195 |
|
|
|
613 |
|
| Total (GAAP) |
|
15,650 |
|
|
|
15,017 |
|
|
|
13,640 |
|
|
|
14,453 |
|
|
|
13,148 |
|
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PPP loan interest and fee
income |
|
(9 |
) |
|
|
(36 |
) |
|
|
(266 |
) |
|
|
(332 |
) |
|
|
(373 |
) |
| Prepayment income on loans
receivable |
|
(25 |
) |
|
|
(128 |
) |
|
|
(55 |
) |
|
|
(555 |
) |
|
|
(32 |
) |
| Gains on sales of premises |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(548 |
) |
|
|
- |
|
| Adjusted total (Non-GAAP) |
$ |
15,616 |
|
|
$ |
14,853 |
|
|
$ |
13,319 |
|
|
$ |
13,018 |
|
|
$ |
12,743 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Efficiency ratio (GAAP) |
|
61.07 |
% |
|
|
68.38 |
% |
|
|
65.66 |
% |
|
|
60.92 |
% |
|
|
65.59 |
% |
| Adjusted efficiency ratio
(Non-GAAP) |
|
59.21 |
% |
|
|
61.28 |
% |
|
|
66.60 |
% |
|
|
67.64 |
% |
|
|
67.68 |
% |
PCSB Financial Corporation and
SubsidiariesReconciliation of GAAP to Non-GAAP
Measures (unaudited) - Continued(dollar amounts in
thousands, except share and per share data)
| |
As of |
|
| |
September 30, 2022 |
|
|
June 30, 2022 |
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
September 30, 2021 |
|
| Computation
of Tangible Book Value per Common Share |
|
|
|
|
|
Total shareholders' equity (GAAP) |
$ |
281,137 |
|
|
$ |
277,162 |
|
|
$ |
276,392 |
|
|
$ |
274,834 |
|
|
$ |
274,728 |
|
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Goodwill |
|
(6,106 |
) |
|
|
(6,106 |
) |
|
|
(6,106 |
) |
|
|
(6,106 |
) |
|
|
(6,106 |
) |
| Other intangible assets |
|
(77 |
) |
|
|
(89 |
) |
|
|
(102 |
) |
|
|
(119 |
) |
|
|
(135 |
) |
| Tangible common shareholders'
equity (Non-GAAP) |
$ |
274,954 |
|
|
$ |
270,967 |
|
|
$ |
270,184 |
|
|
$ |
268,609 |
|
|
$ |
268,487 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common shares outstanding |
|
15,334,323 |
|
|
|
15,334,857 |
|
|
|
15,334,857 |
|
|
|
15,337,979 |
|
|
|
15,574,310 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Book value per share (GAAP) |
$ |
18.33 |
|
|
$ |
18.07 |
|
|
$ |
18.02 |
|
|
$ |
17.92 |
|
|
$ |
17.64 |
|
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Effects of intangible assets |
|
(0.40 |
) |
|
|
(0.40 |
) |
|
|
(0.40 |
) |
|
|
(0.41 |
) |
|
|
(0.40 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tangible book value per common
share (Non-GAAP) |
$ |
17.93 |
|
|
$ |
17.67 |
|
|
$ |
17.62 |
|
|
$ |
17.51 |
|
|
$ |
17.24 |
|
PCSB Financial Corporation and
SubsidiariesReconciliation of GAAP to Non-GAAP
Measures (unaudited) - Continued(dollar amounts in
thousands, except share and per share data)
| |
|
Quarter Ended |
|
| |
|
September 30, 2022 |
|
|
June 30, 2022 |
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
September 30, 2021 |
|
|
Computation of Adjusted Yield on Assets and Adjusted Net
Interest Margin |
|
| Average interest-earning
assets |
|
$ |
1,876,802 |
|
|
$ |
1,875,041 |
|
|
$ |
1,833,496 |
|
|
$ |
1,796,613 |
|
|
$ |
1,788,756 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest and dividend income
(GAAP) |
|
$ |
16,756 |
|
|
$ |
15,383 |
|
|
$ |
14,200 |
|
|
$ |
14,870 |
|
|
$ |
14,227 |
|
| Less: PPP loan interest and fee
income |
|
|
(9 |
) |
|
|
(36 |
) |
|
|
(266 |
) |
|
|
(332 |
) |
|
|
(373 |
) |
| Less: Prepayment income on loans
receivable |
|
|
(25 |
) |
|
|
(128 |
) |
|
|
(55 |
) |
|
|
(555 |
) |
|
|
(32 |
) |
| Adjusted interest and dividend
income (Non-GAAP) |
|
$ |
16,722 |
|
|
$ |
15,219 |
|
|
$ |
13,879 |
|
|
$ |
13,983 |
|
|
$ |
13,822 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Yield on interest-earning assets
(GAAP) |
|
|
3.59 |
% |
|
|
3.31 |
% |
|
|
3.12 |
% |
|
|
3.33 |
% |
|
|
3.20 |
% |
| Adjusted yield on
interest-earning assets (Non-GAAP) |
|
|
3.56 |
% |
|
|
3.25 |
% |
|
|
3.03 |
% |
|
|
3.11 |
% |
|
|
3.09 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income (GAAP) |
|
$ |
14,857 |
|
|
$ |
13,929 |
|
|
$ |
12,717 |
|
|
$ |
13,258 |
|
|
$ |
12,535 |
|
| Less: PPP loan interest and fee
income |
|
|
(9 |
) |
|
|
(36 |
) |
|
|
(266 |
) |
|
|
(332 |
) |
|
|
(373 |
) |
| Less: Prepayment income on loans
receivable |
|
|
(25 |
) |
|
|
(128 |
) |
|
|
(55 |
) |
|
|
(555 |
) |
|
|
(32 |
) |
| Adjusted net interest income
(Non-GAAP) |
|
$ |
14,823 |
|
|
$ |
13,765 |
|
|
$ |
12,396 |
|
|
$ |
12,371 |
|
|
$ |
12,130 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest margin (GAAP) |
|
|
3.19 |
% |
|
|
3.00 |
% |
|
|
2.80 |
% |
|
|
2.97 |
% |
|
|
2.82 |
% |
| Adjusted net interest margin
(Non-GAAP) |
|
|
3.16 |
% |
|
|
2.94 |
% |
|
|
2.70 |
% |
|
|
2.75 |
% |
|
|
2.71 |
% |
PCSB Financial (NASDAQ:PCSB)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
PCSB Financial (NASDAQ:PCSB)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024
