PCSB Financial Corporation (the “Company”) (NASDAQ: PCSB), parent
of PCSB Bank (the "Bank"), today announced net income of $3.5
million, or $0.24 per diluted share, for the three months ended
March 31, 2022, compared to $4.3 million, or $0.30 per diluted
share, for the three months ended December 31, 2021 and $3.6
million, or $0.25 per diluted share, for the three months ended
March 31, 2021.
Results for the three months ended March 31,
2021 include a benefit for loan losses of $944,000, or $0.05 per
diluted share, net of tax, related to the release of qualitative
reserves established in the prior fiscal year associated with the
COVID-19 pandemic.
On April 27, 2022, the Board of Directors
declared a regular quarterly cash dividend of $0.07 per share,
representing a 17% increase compared to the linked quarter. The
dividend is payable on or about May 27, 2022 to shareholders of
record as of the close of business on May 13, 2022.
Third Quarter Highlights
- Net income of $3.5 million or $0.24
per diluted share for the current quarter, decreases of 19.0% and
3.3% compared to the linked quarter and same quarter last year,
respectively. Excluding certain non-recurring items, current
quarter adjusted net income (non-GAAP) was $3.2 million or $0.23
per diluted share, an increase of 2.4% compared to the linked
quarter and a decrease of 0.6% compared to the same quarter last
year. The decrease in net income compared to the prior year quarter
includes a $1.2 million increase in the provision for loan losses,
as the prior year quarter included a $944,000 release of
qualitative reserves associated with the COVID-19 pandemic.
Reconciliations of GAAP to non-GAAP financial measures are included
at the end of this release.
- Net interest income of $12.7
million for the current quarter, a decrease of 4.1% from the linked
quarter and an increase of 9.3% from the same quarter last year.
Adjusted net interest income (non-GAAP) of $12.4 million for the
current quarter, unchanged from the linked quarter and an increase
of 9.7% from the same quarter last year.
- Tax equivalent net interest margin
of 2.80% for the current quarter, a decrease from 2.97% in the
linked quarter and an increase from 2.69% for the same quarter last
year. Adjusted tax equivalent net interest margin (non-GAAP) of
2.70% for the current quarter, a decrease from 2.75% for the linked
quarter and an increase from 2.61% for the same quarter last
year.
- Average cost of interest-bearing
deposits of 0.37% for the current quarter, a decrease from 0.39% in
the linked quarter and 0.59% for the same quarter last year.
- Efficiency ratio of 65.66% for the
current quarter, compared to 60.92% for the linked quarter and
70.10% for the same quarter last year. Adjusted efficiency ratio
(non-GAAP) of 67.24% for the current quarter, largely unchanged
from the linked quarter and improved from 72.76% for the same
quarter last year.
- Average loans receivable, excluding
SBA Paycheck Protection Program (“PPP”) loans, of $1.25 billion for
the current quarter, increased from $1.23 billion and $1.21 billion
in the linked quarter and the same quarter last year,
respectively.
- Average deposits of $1.56 billion
for the current quarter, increases of 2.8% and 11.2% compared to
the linked quarter and same quarter last year, respectively.
- Allowance for loan losses to total
net loans receivable (excluding PPP loans) of 0.68% as of March 31,
2022, an increase from 0.66% as of June 30, 2021.
- Non-performing loans of $7.9
million, or 0.61% of total net loans receivable (excluding PPP
loans), as of March 31, 2022, increased from 0.48% as of June 30,
2021.
- Loans on COVID-19-related payment
deferral totaled $3.6 million (1 loan), or 0.28% of gross loans, as
of March 31, 2022, compared to $27.3 million (19 loans), or 2.21%
of gross loans, as of June 30, 2021.
President’s Comments
“We are extremely pleased with our third quarter
and nine-month financial results which exhibited solid core
earnings combined with strong loan and deposit growth despite
continued economic uncertainty,” said Joseph D. Roberto, Chairman,
President & Chief Executive Officer of PCSB Financial
Corporation. “Annualized loan growth excluding PPP loans was 10.0%
for the nine months and 13.6% for the current quarter. I am
encouraged by the increased opportunities to originate quality
loans within our strong market footprint. We believe we are well
positioned to take advantage of the increase in market rates
because of our current elevated liquidity position, resulting from
significant deposit growth, and expected loan and securities
portfolio repricing opportunities. Of the $1.3 billion of loan
balances, 15% are subject to daily or monthly repricing with
another 4% scheduled to mature or re-price within the next 12
months; additionally, approximately 13% of our securities portfolio
have adjustable rates, more than half of which are subject to
re-pricing in the June quarter. I am proud of what our PCSB team
has accomplished as we continue working to create sustainable value
for our shareholders.”
Income Statement Summary
Net income for the current quarter was $3.5
million, which decreased $814,000 from the linked quarter and
$118,000 from the prior year quarter. The change from the linked
quarter is primarily due to a $541,000 decrease in net interest
income, a $272,000 decrease in noninterest income and increases of
$151,000 in noninterest expense and $22,000 in provision for loan
losses, partially offset by a $172,000 decrease in income tax
expense. The change from the prior year quarter is primarily due to
increases of $1.2 million in provision for loan losses and $384,000
in noninterest expense, largely offset by increases of $1.1 million
in net interest income and $331,000 in noninterest income, and a
$35,000 decrease in income tax expense.
Net interest income was $12.7 million for the
current quarter, a decrease of $541,000, or 4.1%, compared to the
linked quarter and an increase of $1.1 million, or 9.3%, compared
to the prior year quarter. The decrease compared to the linked
quarter is primarily the result of a 17 basis point decrease in the
tax equivalent net interest margin, partially offset by a $36.9
million, or 2.1%, increase in average interest-earning assets. The
increase in net interest income compared to the prior year period
is primarily the result of an 11 basis point increase in the tax
equivalent net interest margin and a $99.6 million, or 5.7%,
increase in average interest-earning assets.
The Company recognized PPP loan interest and
origination fee income (net of costs) of $266,000 in the current
quarter, compared to $332,000 in the linked quarter and $279,000 in
the prior year quarter. Unearned origination fees (net of costs) on
PPP loans totaled $117,000 as of March 31, 2022 and will be
recognized in income over the remaining lives of the loans. The
timing of such recognition is largely dependent on the timing of
loan forgiveness, which the Company expects to be substantially
complete by June 30, 2022.
The tax equivalent net interest margin was 2.80%
for the current quarter, reflecting a decrease of 17 basis points
compared to 2.97% in the linked quarter and an increase of 11 basis
points compared to 2.69% in the prior year quarter. During the
linked quarter, the Company recognized $555,000 of loan prepayment
income. Adjusted net interest margin, which excludes the effects of
loan prepayment income and PPP loan interest and fees, was 2.70%
for the current quarter compared to 2.75% in the linked quarter and
2.61% in the prior year quarter. Compared to the prior year
quarter, reductions in the cost of funds were partially offset by a
decrease in adjusted asset yield, driven by lower market interest
rates. Compared to the linked quarter, margin compression was the
result of an increase in cash liquidity. 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 3.12%, decreases of 21 basis points
from the linked quarter and 11 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 3.03%,
decreases of 8 basis points from the linked quarter and 10 basis
points from the same quarter last year. The decrease in yield
compared to the prior year quarter is a result of the loan and
investment portfolios continuing to re-price downward due to lower
market interest rates.
The cost of interest-bearing deposits was 0.37%
for the current quarter, decreases of 2 basis points and 22 basis
points from 0.39% and 0.59% in the linked quarter and prior year
quarter, respectively. In response to lower market interest rates
and increased liquidity levels, deposit rate reductions have been
implemented throughout the last 2 years, the effects of which
continue to be realized. As of quarter end, the weighted average
cost of interest-bearing deposits was 0.35%. The cost of
interest-bearing liabilities was 0.43% for the current quarter,
decreases of 4 basis points from 0.47% in the linked quarter and 27
basis points from 0.70% in the prior year quarter. Over the next 12
months, the Company has $50.0 million of wholesale funding
maturing, comprised of FHLB advances and brokered time deposits,
with a weighted average cost of 2.03%.
The provision for loan losses was $286,000 for
current quarter, compared to $264,000 for the linked quarter and a
benefit for loan losses of $894,000 for the prior year quarter.
Loans on COVID-19 related payment deferral totaled $3.6 million, or
0.28% of gross loans, as of March 31, 2022, compared to $27.3
million, or 2.21% of gross loans, as of June 30, 2021. Charge-offs,
net of recoveries, were $4,000 for the current quarter compared to
recoveries, net of charge-offs, of $6,000 for the linked quarter
and $82,000 for the prior year quarter. Non-performing loans as a
percent of total loans receivable (excluding PPP loans) was 0.61%
as of March 31, 2022, an increase from 0.48% as of June 30,
2021.
Noninterest income of $923,000 for the current
quarter decreased $272,000 compared to the linked quarter and
increased $331,000 compared to the prior year quarter. The decrease
compared to the linked quarter was primarily due to decreases of
$548,000 in gain on the sale of premises, $32,000 in gains on the
sale of loans and $25,000 in all other noninterest income,
partially offset by an increase of $333,000 in swap income. The
increase compared to the prior year quarter was primarily due to
increases of $333,000 in swap income, $65,000 in bank-owned life
insurance income, $37,000 in fees and service charges and $9,000 in
gains on the sale of loans, partially offset by a $113,000 decrease
in gains on the sale of securities.
Noninterest expense of $9.0 million for the
current quarter increased $151,000 compared to the linked quarter
and $384,000 compared to the prior year quarter. The increase
compared to the linked quarter was primarily due to increased
professional, occupancy and data processing costs, partially offset
by lower salary and benefits expense. Noninterest expenses
increased compared to the prior year quarter primarily due to
higher salaries and benefits and professional costs which were
partially offset by lower pension costs.
The effective income tax rate was 21.0% for the
current quarter, as compared to 20.4% for the linked quarter and
21.1% for the prior year quarter.
Balance Sheet Summary
Total assets increased $109.6 million to $1.98
billion at March 31, 2022 as compared to June 30, 2021, due to
increases of $56.4 million in net loans receivable and $53.1
million in investment securities. Net loans receivable increased
$56.4 million, or 4.6%, and $89.6 million or 7.5% excluding PPP
loans. The increase was primarily the result of increases in
commercial mortgage loans and construction loans of $70.8 million
and $6.7 million, respectively, partially offset by decreases in
commercial loans and residential mortgage loans of $9.2 million and
$8.9 million, respectively. The decrease in commercial loans
includes a decrease in PPP loans of $32.3 million, driven by
forgiveness and paydowns, largely offset by a net increase of $23.0
million in all other commercial loans. The increase in investment
securities was the result of the Company deploying excess liquidity
and included increases of $28.2 million in state and municipal
securities, $15.2 million in mortgage-backed securities, $5.3
million in corporate securities and $4.4 million in U.S. government
and agency bonds.
Total liabilities increased $107.8 million to
$1.71 billion at March 31, 2022 as compared to June 30, 2021 as an
increase of $133.0 million in deposits was partially offset by
decreases of $17.6 million in FHLB advances and $7.7 million in all
other liabilities. The $133.0 million increase in deposits includes
increases in money market, NOW, savings and demand accounts of
$63.5 million, $44.2 million, $30.4 million and $24.8 million,
respectively, partially offset by decreases in time deposits of
$29.9 million. Current quarter deposit growth of $101.7 million or
6.7% includes approximately $38.1 million of transient deposits
expected to outflow in the subsequent quarter.
Total shareholders’ equity increased $1.8
million to $276.4 million at March 31, 2022 as compared to $274.6
million as of June 30, 2021. The increase for the nine months ended
March 31, 2022 was primarily due to net income of $11.4 million and
$3.8 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, $2.5 million of other comprehensive losses related primarily
to unrealized losses on investment securities driven by higher
market interest rates and $2.6 million of cash dividends declared
and paid.
At March 31, 2022, the Company’s book value per
share and tangible book value per share were $18.02 and $17.62,
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 March 31, 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 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. Roberto
Chairman, President and Chief Executive Officer
(914) 248-7272
PCSB Financial Corporation and
Subsidiaries Consolidated Balance Sheets
(unaudited) (amounts in thousands, except share and per
share data)
|
|
March 31, |
|
|
June 30, |
|
|
|
2022 |
|
|
2021 |
|
ASSETS |
|
|
|
|
|
|
Cash and due from banks |
|
$ |
156,982 |
|
|
$ |
152,070 |
|
Federal funds sold |
|
|
1,910 |
|
|
|
7,235 |
|
Total cash and cash equivalents |
|
|
158,892 |
|
|
|
159,305 |
|
Held to maturity debt securities, at amortized cost (fair value of
$379,500 and $342,137 as of March 31, 2022 and June 30, 2021,
respectively) |
|
|
410,896 |
|
|
|
337,584 |
|
Available for sale debt securities, at fair value |
|
|
37,185 |
|
|
|
57,387 |
|
Total investment securities |
|
|
448,081 |
|
|
|
394,971 |
|
Loans receivable, net of allowance for loan losses of $8,711 and
$7,881 as of March 31, 2022 and June 30, 2021, respectively |
|
|
1,285,886 |
|
|
|
1,229,451 |
|
Accrued interest receivable |
|
|
6,583 |
|
|
|
6,398 |
|
FHLB stock |
|
|
3,715 |
|
|
|
4,507 |
|
Premises and equipment, net |
|
|
18,904 |
|
|
|
21,099 |
|
Deferred tax asset, net |
|
|
3,089 |
|
|
|
2,552 |
|
Bank-owned life insurance |
|
|
36,136 |
|
|
|
35,568 |
|
Goodwill |
|
|
6,106 |
|
|
|
6,106 |
|
Other intangible assets |
|
|
102 |
|
|
|
151 |
|
Other assets |
|
|
17,047 |
|
|
|
14,827 |
|
Total assets |
|
$ |
1,984,541 |
|
|
$ |
1,874,935 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Interest bearing deposits |
|
$ |
1,380,811 |
|
|
$ |
1,272,610 |
|
Non-interest bearing deposits |
|
|
243,908 |
|
|
|
219,072 |
|
Total deposits |
|
|
1,624,719 |
|
|
|
1,491,682 |
|
Mortgage escrow funds |
|
|
8,744 |
|
|
|
10,536 |
|
Advances from FHLB |
|
|
48,357 |
|
|
|
65,957 |
|
Other liabilities |
|
|
26,329 |
|
|
|
32,200 |
|
Total liabilities |
|
|
1,708,149 |
|
|
|
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 March 31, 2022 and June 30,
2021) |
|
|
- |
|
|
|
- |
|
Common stock ($0.01 par value, 200,000,000 shares authorized,
18,703,577 shares issued as of both March 31, 2022 and June 30,
2021, and 15,334,857 and 15,770,645 shares outstanding as of March
31, 2022 and June 30, 2021, respectively) |
|
|
187 |
|
|
|
187 |
|
Additional paid in capital |
|
|
192,860 |
|
|
|
189,926 |
|
Retained earnings |
|
|
159,765 |
|
|
|
150,987 |
|
Unearned compensation - ESOP |
|
|
(9,449 |
) |
|
|
(10,176 |
) |
Accumulated other comprehensive loss, net of income taxes |
|
|
(5,628 |
) |
|
|
(3,099 |
) |
Treasury stock, at cost (3,368,720 and 2,932,932 shares as of March
31, 2022 and June 30, 2021, respectively) |
|
|
(61,343 |
) |
|
|
(53,265 |
) |
Total shareholders' equity |
|
|
276,392 |
|
|
|
274,560 |
|
Total liabilities and shareholders' equity |
|
$ |
1,984,541 |
|
|
$ |
1,874,935 |
|
PCSB Financial Corporation and
Subsidiaries Consolidated Statements of Operations
(unaudited) (amounts in thousands, except share and per
share data)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
March 31, |
|
|
March 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Interest and dividend income |
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable |
|
$ |
11,943 |
|
|
$ |
12,116 |
|
|
$ |
36,701 |
|
|
$ |
36,845 |
|
Investment securities |
|
|
2,152 |
|
|
|
1,700 |
|
|
|
6,294 |
|
|
|
5,489 |
|
Federal funds and other |
|
|
105 |
|
|
|
109 |
|
|
|
302 |
|
|
|
344 |
|
Total interest and dividend income |
|
|
14,200 |
|
|
|
13,925 |
|
|
|
43,297 |
|
|
|
42,678 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits and escrow interest |
|
|
1,217 |
|
|
|
1,782 |
|
|
|
3,863 |
|
|
|
6,372 |
|
FHLB advances |
|
|
266 |
|
|
|
506 |
|
|
|
924 |
|
|
|
1,545 |
|
Total interest expense |
|
|
1,483 |
|
|
|
2,288 |
|
|
|
4,787 |
|
|
|
7,917 |
|
Net interest income |
|
|
12,717 |
|
|
|
11,637 |
|
|
|
38,510 |
|
|
|
34,761 |
|
Provision (benefit) for loan losses |
|
|
286 |
|
|
|
(894 |
) |
|
|
563 |
|
|
|
(678 |
) |
Net interest income after provision for loan
losses |
|
|
12,431 |
|
|
|
12,531 |
|
|
|
37,947 |
|
|
|
35,439 |
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|
|
|
Fees and service charges |
|
|
390 |
|
|
|
353 |
|
|
|
1,198 |
|
|
|
1,038 |
|
Bank-owned life insurance |
|
|
185 |
|
|
|
120 |
|
|
|
568 |
|
|
|
381 |
|
Gain on sale of premises |
|
|
- |
|
|
|
- |
|
|
|
548 |
|
|
|
- |
|
Swap income |
|
|
333 |
|
|
|
- |
|
|
|
333 |
|
|
|
367 |
|
Gains on sales of loans receivable |
|
|
9 |
|
|
|
- |
|
|
|
56 |
|
|
|
- |
|
Gains on sales of securities |
|
|
- |
|
|
|
113 |
|
|
|
- |
|
|
|
113 |
|
Other |
|
|
6 |
|
|
|
6 |
|
|
|
28 |
|
|
|
30 |
|
Total noninterest income |
|
|
923 |
|
|
|
592 |
|
|
|
2,731 |
|
|
|
1,929 |
|
Noninterest expense |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
5,737 |
|
|
|
5,595 |
|
|
|
17,353 |
|
|
|
16,722 |
|
Occupancy and equipment |
|
|
1,414 |
|
|
|
1,359 |
|
|
|
4,115 |
|
|
|
4,051 |
|
Communication and data processing |
|
|
573 |
|
|
|
517 |
|
|
|
1,626 |
|
|
|
1,539 |
|
Professional fees |
|
|
543 |
|
|
|
382 |
|
|
|
1,356 |
|
|
|
1,285 |
|
Postage, printing, stationery and supplies |
|
|
153 |
|
|
|
146 |
|
|
|
478 |
|
|
|
452 |
|
FDIC assessment |
|
|
125 |
|
|
|
115 |
|
|
|
371 |
|
|
|
350 |
|
Advertising |
|
|
100 |
|
|
|
100 |
|
|
|
300 |
|
|
|
300 |
|
Amortization of intangible assets |
|
|
17 |
|
|
|
21 |
|
|
|
49 |
|
|
|
61 |
|
Other operating expenses |
|
|
294 |
|
|
|
337 |
|
|
|
737 |
|
|
|
1,127 |
|
Total noninterest expense |
|
|
8,956 |
|
|
|
8,572 |
|
|
|
26,385 |
|
|
|
25,887 |
|
Net income before income tax expense |
|
|
4,398 |
|
|
|
4,551 |
|
|
|
14,293 |
|
|
|
11,481 |
|
Income tax expense |
|
|
924 |
|
|
|
959 |
|
|
|
2,917 |
|
|
|
2,467 |
|
Net income |
|
$ |
3,474 |
|
|
$ |
3,592 |
|
|
$ |
11,376 |
|
|
$ |
9,014 |
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.25 |
|
|
$ |
0.25 |
|
|
$ |
0.80 |
|
|
$ |
0.60 |
|
Diluted |
|
|
0.24 |
|
|
|
0.25 |
|
|
|
0.80 |
|
|
|
0.60 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
14,165,775 |
|
|
|
14,631,122 |
|
|
|
14,247,188 |
|
|
|
14,944,097 |
|
Diluted |
|
|
14,197,716 |
|
|
|
14,632,342 |
|
|
|
14,301,150 |
|
|
|
14,944,664 |
|
PCSB Financial Corporation and
Subsidiaries Net Interest Margin Analysis
(unaudited) (dollar amounts in thousands)
|
|
Three Months Ended |
|
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
March 31, 2021 |
|
|
|
Average Balance |
|
|
Interest / Dividends |
|
|
Average Rate |
|
|
Average Balance |
|
|
Interest / Dividends |
|
|
Average Rate |
|
|
Average Balance |
|
|
Interest / Dividends |
|
|
Average Rate |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable (1) |
|
$ |
1,255,117 |
|
|
$ |
11,943 |
|
|
|
3.81 |
% |
|
$ |
1,242,109 |
|
|
$ |
12,651 |
|
|
|
4.07 |
% |
|
$ |
1,252,492 |
|
|
$ |
12,116 |
|
|
|
3.88 |
% |
Investment securities (1) |
|
|
436,702 |
|
|
|
2,152 |
|
|
|
2.06 |
|
|
|
427,918 |
|
|
|
2,131 |
|
|
|
2.08 |
|
|
|
319,239 |
|
|
|
1,700 |
|
|
|
2.18 |
|
Other interest-earning assets |
|
|
141,677 |
|
|
|
105 |
|
|
|
0.30 |
|
|
|
126,586 |
|
|
|
88 |
|
|
|
0.28 |
|
|
|
162,193 |
|
|
|
109 |
|
|
|
0.27 |
|
Total interest-earning assets |
|
|
1,833,496 |
|
|
|
14,200 |
|
|
|
3.12 |
|
|
|
1,796,613 |
|
|
|
14,870 |
|
|
|
3.33 |
|
|
|
1,733,924 |
|
|
|
13,925 |
|
|
|
3.23 |
|
Non-interest-earning assets |
|
|
77,202 |
|
|
|
|
|
|
|
|
|
77,506 |
|
|
|
|
|
|
|
|
|
68,748 |
|
|
|
|
|
|
|
Total assets |
|
$ |
1,910,698 |
|
|
|
|
|
|
|
|
$ |
1,874,119 |
|
|
|
|
|
|
|
|
$ |
1,802,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW accounts |
|
$ |
215,021 |
|
|
|
94 |
|
|
|
0.18 |
|
|
$ |
192,856 |
|
|
|
90 |
|
|
|
0.18 |
|
|
$ |
161,049 |
|
|
|
59 |
|
|
|
0.15 |
|
Money market accounts |
|
|
360,131 |
|
|
|
144 |
|
|
|
0.16 |
|
|
|
355,708 |
|
|
|
168 |
|
|
|
0.19 |
|
|
|
274,516 |
|
|
|
208 |
|
|
|
0.31 |
|
Savings accounts and mortgage escrow funds |
|
|
415,850 |
|
|
|
113 |
|
|
|
0.11 |
|
|
|
398,076 |
|
|
|
108 |
|
|
|
0.11 |
|
|
|
368,791 |
|
|
|
132 |
|
|
|
0.15 |
|
Time deposits |
|
|
349,266 |
|
|
|
866 |
|
|
|
1.00 |
|
|
|
357,242 |
|
|
|
926 |
|
|
|
1.03 |
|
|
|
411,500 |
|
|
|
1,383 |
|
|
|
1.36 |
|
Total interest-bearing deposits |
|
|
1,340,268 |
|
|
|
1,217 |
|
|
|
0.37 |
|
|
|
1,303,882 |
|
|
|
1,292 |
|
|
|
0.39 |
|
|
|
1,215,856 |
|
|
|
1,782 |
|
|
|
0.59 |
|
FHLB advances |
|
|
57,185 |
|
|
|
266 |
|
|
|
1.89 |
|
|
|
63,805 |
|
|
|
320 |
|
|
|
1.99 |
|
|
|
104,604 |
|
|
|
506 |
|
|
|
1.96 |
|
Total interest-bearing liabilities |
|
|
1,397,453 |
|
|
|
1,483 |
|
|
|
0.43 |
|
|
|
1,367,687 |
|
|
|
1,612 |
|
|
|
0.47 |
|
|
|
1,320,460 |
|
|
|
2,288 |
|
|
|
0.70 |
|
Non-interest-bearing deposits |
|
|
220,809 |
|
|
|
|
|
|
|
|
|
214,558 |
|
|
|
|
|
|
|
|
|
187,778 |
|
|
|
|
|
|
|
Other non-interest-bearing liabilities |
|
|
15,370 |
|
|
|
|
|
|
|
|
|
16,250 |
|
|
|
|
|
|
|
|
|
24,272 |
|
|
|
|
|
|
|
Total liabilities |
|
|
1,633,632 |
|
|
|
|
|
|
|
|
|
1,598,495 |
|
|
|
|
|
|
|
|
|
1,532,510 |
|
|
|
|
|
|
|
Total shareholders' equity |
|
|
277,066 |
|
|
|
|
|
|
|
|
|
275,624 |
|
|
|
|
|
|
|
|
|
270,162 |
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
1,910,698 |
|
|
|
|
|
|
|
|
$ |
1,874,119 |
|
|
|
|
|
|
|
|
$ |
1,802,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
12,717 |
|
|
|
|
|
|
|
|
$ |
13,258 |
|
|
|
|
|
|
|
|
$ |
11,637 |
|
|
|
|
Interest rate spread - tax equivalent (2) |
|
|
|
|
|
|
|
|
2.69 |
|
|
|
|
|
|
|
|
|
2.86 |
|
|
|
|
|
|
|
|
|
2.53 |
|
Net interest margin - tax equivalent (3) |
|
|
|
|
|
|
|
|
2.80 |
|
|
|
|
|
|
|
|
|
2.97 |
|
|
|
|
|
|
|
|
|
2.69 |
|
Average interest-earning assets to interest-bearing
liabilities |
|
|
131.20 |
% |
|
|
|
|
|
|
|
|
131.36 |
% |
|
|
|
|
|
|
|
|
131.31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
Subsidiaries Net Interest Margin Analysis
(unaudited) (dollar amounts in thousands)
|
|
Nine Months Ended March 31, |
|
|
|
2022 |
|
|
2021 |
|
|
|
Average Balance |
|
|
Interest/ Dividends |
|
|
Average Rate |
|
|
Average Balance |
|
|
Interest/ Dividends |
|
|
Average Rate |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable (1) |
|
$ |
1,240,253 |
|
|
$ |
36,701 |
|
|
|
3.95 |
% |
|
$ |
1,245,881 |
|
|
$ |
36,845 |
|
|
|
3.95 |
% |
Investment securities (1) |
|
|
423,062 |
|
|
|
6,294 |
|
|
|
2.07 |
|
|
|
316,114 |
|
|
|
5,489 |
|
|
|
2.36 |
|
Other interest-earning assets |
|
|
142,974 |
|
|
|
302 |
|
|
|
0.28 |
|
|
|
162,946 |
|
|
|
344 |
|
|
|
0.28 |
|
Total interest-earning assets |
|
|
1,806,289 |
|
|
|
43,297 |
|
|
|
3.22 |
|
|
|
1,724,941 |
|
|
|
42,678 |
|
|
|
3.31 |
|
Non-interest-earning assets |
|
|
77,027 |
|
|
|
|
|
|
|
|
|
70,364 |
|
|
|
|
|
|
|
Total assets |
|
$ |
1,883,316 |
|
|
|
|
|
|
|
|
$ |
1,795,305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW accounts |
|
$ |
196,803 |
|
|
|
254 |
|
|
|
0.17 |
|
|
$ |
153,378 |
|
|
|
227 |
|
|
|
0.20 |
|
Money market accounts |
|
|
355,471 |
|
|
|
499 |
|
|
|
0.19 |
|
|
|
260,258 |
|
|
|
657 |
|
|
|
0.34 |
|
Savings accounts and escrow |
|
|
403,740 |
|
|
|
334 |
|
|
|
0.11 |
|
|
|
363,768 |
|
|
|
502 |
|
|
|
0.18 |
|
Time deposits |
|
|
358,050 |
|
|
|
2,776 |
|
|
|
1.03 |
|
|
|
429,811 |
|
|
|
4,986 |
|
|
|
1.54 |
|
Total interest-bearing deposits |
|
|
1,314,064 |
|
|
|
3,863 |
|
|
|
0.39 |
|
|
|
1,207,215 |
|
|
|
6,372 |
|
|
|
0.70 |
|
FHLB advances |
|
|
62,309 |
|
|
|
924 |
|
|
|
1.98 |
|
|
|
105,569 |
|
|
|
1,545 |
|
|
|
1.95 |
|
Total interest-bearing liabilities |
|
|
1,376,373 |
|
|
|
4,787 |
|
|
|
0.46 |
|
|
|
1,312,784 |
|
|
|
7,917 |
|
|
|
0.80 |
|
Non-interest-bearing deposits |
|
|
214,391 |
|
|
|
|
|
|
|
|
|
183,467 |
|
|
|
|
|
|
|
Other non-interest-bearing liabilities |
|
|
17,186 |
|
|
|
|
|
|
|
|
|
26,570 |
|
|
|
|
|
|
|
Total liabilities |
|
|
1,607,950 |
|
|
|
|
|
|
|
|
|
1,522,821 |
|
|
|
|
|
|
|
Total shareholders' equity |
|
|
275,366 |
|
|
|
|
|
|
|
|
|
272,484 |
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
1,883,316 |
|
|
|
|
|
|
|
|
$ |
1,795,305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
38,510 |
|
|
|
|
|
|
|
|
$ |
34,761 |
|
|
|
|
Interest rate spread - tax equivalent (2) |
|
|
|
|
|
|
|
|
2.76 |
|
|
|
|
|
|
|
|
|
2.51 |
|
Net interest margin - tax equivalent (3) |
|
|
|
|
|
|
|
|
2.86 |
|
|
|
|
|
|
|
|
|
2.70 |
|
Average interest-earning assets to interest-bearing
liabilities |
|
|
131.24 |
% |
|
|
|
|
|
|
|
|
131.40 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
Subsidiaries Condensed Financial Information
(unaudited) (amounts in thousands, except per share
data)
|
|
As of |
|
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
September 30, 2021 |
|
|
June 30, 2021 |
|
|
March 31, 2021 |
|
Condensed Balance Sheets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
158,892 |
|
|
$ |
120,339 |
|
|
$ |
148,012 |
|
|
$ |
159,305 |
|
|
$ |
169,314 |
|
Total investment securities |
|
|
448,081 |
|
|
|
433,999 |
|
|
|
423,525 |
|
|
|
394,971 |
|
|
|
347,302 |
|
Loans receivable, net |
|
|
1,285,886 |
|
|
|
1,243,646 |
|
|
|
1,210,674 |
|
|
|
1,229,451 |
|
|
|
1,261,155 |
|
Other assets |
|
|
91,682 |
|
|
|
90,137 |
|
|
|
90,968 |
|
|
|
91,208 |
|
|
|
76,903 |
|
Total assets |
|
$ |
1,984,541 |
|
|
$ |
1,888,121 |
|
|
$ |
1,873,179 |
|
|
$ |
1,874,935 |
|
|
$ |
1,854,674 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits and mortgage escrow funds |
|
$ |
1,633,463 |
|
|
$ |
1,533,947 |
|
|
$ |
1,511,465 |
|
|
$ |
1,502,218 |
|
|
$ |
1,463,542 |
|
Advances from Federal Home Loan Bank |
|
|
48,357 |
|
|
|
58,390 |
|
|
|
65,924 |
|
|
|
65,957 |
|
|
|
95,991 |
|
Other liabilities |
|
|
26,329 |
|
|
|
20,950 |
|
|
|
21,062 |
|
|
|
32,200 |
|
|
|
23,844 |
|
Total liabilities |
|
|
1,708,149 |
|
|
|
1,613,287 |
|
|
|
1,598,451 |
|
|
|
1,600,375 |
|
|
|
1,583,377 |
|
Total shareholders' equity |
|
|
276,392 |
|
|
|
274,834 |
|
|
|
274,728 |
|
|
|
274,560 |
|
|
|
271,297 |
|
Total liabilities and shareholders' equity |
|
$ |
1,984,541 |
|
|
$ |
1,888,121 |
|
|
$ |
1,873,179 |
|
|
$ |
1,874,935 |
|
|
$ |
1,854,674 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
Nine Months Ended |
|
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
September 30, 2021 |
|
|
June 30, 2021 |
|
|
March 31, 2021 |
|
|
March 31, 2022 |
|
|
March 31, 2021 |
|
Condensed Income Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
14,200 |
|
|
$ |
14,870 |
|
|
$ |
14,227 |
|
|
$ |
14,586 |
|
|
$ |
13,925 |
|
|
$ |
43,297 |
|
|
$ |
42,678 |
|
Interest expense |
|
|
1,483 |
|
|
|
1,612 |
|
|
|
1,692 |
|
|
|
2,005 |
|
|
|
2,288 |
|
|
|
4,787 |
|
|
|
7,917 |
|
Net interest income |
|
|
12,717 |
|
|
|
13,258 |
|
|
|
12,535 |
|
|
|
12,581 |
|
|
|
11,637 |
|
|
|
38,510 |
|
|
|
34,761 |
|
Provision (benefit) for loan losses |
|
|
286 |
|
|
|
264 |
|
|
|
13 |
|
|
|
5 |
|
|
|
(894 |
) |
|
|
563 |
|
|
|
(678 |
) |
Noninterest income |
|
|
923 |
|
|
|
1,195 |
|
|
|
613 |
|
|
|
568 |
|
|
|
592 |
|
|
|
2,731 |
|
|
|
1,929 |
|
Noninterest expense |
|
|
8,956 |
|
|
|
8,805 |
|
|
|
8,624 |
|
|
|
8,867 |
|
|
|
8,572 |
|
|
|
26,385 |
|
|
|
25,887 |
|
Income before income tax expense |
|
|
4,398 |
|
|
|
5,384 |
|
|
|
4,511 |
|
|
|
4,277 |
|
|
|
4,551 |
|
|
|
14,293 |
|
|
|
11,481 |
|
Income tax expense |
|
|
924 |
|
|
|
1,096 |
|
|
|
897 |
|
|
|
867 |
|
|
|
959 |
|
|
|
2,917 |
|
|
|
2,467 |
|
Net income |
|
$ |
3,474 |
|
|
$ |
4,288 |
|
|
$ |
3,614 |
|
|
$ |
3,410 |
|
|
$ |
3,592 |
|
|
$ |
11,376 |
|
|
$ |
9,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.25 |
|
|
$ |
0.30 |
|
|
$ |
0.25 |
|
|
$ |
0.23 |
|
|
$ |
0.25 |
|
|
$ |
0.80 |
|
|
$ |
0.60 |
|
Diluted |
|
|
0.24 |
|
|
|
0.30 |
|
|
|
0.25 |
|
|
|
0.23 |
|
|
|
0.25 |
|
|
|
0.80 |
|
|
|
0.60 |
|
PCSB Financial Corporation and
Subsidiaries Selected Financial Data
(unaudited)
|
|
Quarter Ended |
|
|
Nine Months Ended |
|
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
September 30, 2021 |
|
|
June 30, 2021 |
|
|
March 31, 2021 |
|
|
March 31, 2022 |
|
|
March 31, 2021 |
|
Performance Ratios
(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
0.73 |
% |
|
|
0.92 |
% |
|
|
0.78 |
% |
|
|
0.73 |
% |
|
|
0.80 |
% |
|
|
0.81 |
% |
|
|
0.67 |
% |
Return on average equity |
|
|
5.02 |
% |
|
|
6.22 |
% |
|
|
5.29 |
% |
|
|
4.95 |
% |
|
|
5.32 |
% |
|
|
5.51 |
% |
|
|
4.41 |
% |
Interest rate spread |
|
|
2.69 |
% |
|
|
2.86 |
% |
|
|
2.71 |
% |
|
|
2.67 |
% |
|
|
2.53 |
% |
|
|
2.76 |
% |
|
|
2.51 |
% |
Net interest margin |
|
|
2.80 |
% |
|
|
2.97 |
% |
|
|
2.82 |
% |
|
|
2.81 |
% |
|
|
2.69 |
% |
|
|
2.86 |
% |
|
|
2.70 |
% |
Efficiency ratio |
|
|
65.66 |
% |
|
|
60.92 |
% |
|
|
65.59 |
% |
|
|
67.43 |
% |
|
|
70.10 |
% |
|
|
63.98 |
% |
|
|
70.56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income to average assets |
|
|
0.19 |
% |
|
|
0.26 |
% |
|
|
0.13 |
% |
|
|
0.12 |
% |
|
|
0.13 |
% |
|
|
0.19 |
% |
|
|
0.14 |
% |
Noninterest expense to average assets |
|
|
1.87 |
% |
|
|
1.88 |
% |
|
|
1.85 |
% |
|
|
1.89 |
% |
|
|
1.90 |
% |
|
|
1.87 |
% |
|
|
1.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning assets to average interest-bearing
liabilities |
|
|
131.20 |
% |
|
|
131.36 |
% |
|
|
131.14 |
% |
|
|
131.21 |
% |
|
|
131.31 |
% |
|
|
131.24 |
% |
|
|
131.40 |
% |
Average equity to average assets |
|
|
14.50 |
% |
|
|
14.71 |
% |
|
|
14.66 |
% |
|
|
14.67 |
% |
|
|
14.99 |
% |
|
|
14.62 |
% |
|
|
15.18 |
% |
Dividend payout ratio (2) |
|
|
24.61 |
% |
|
|
20.22 |
% |
|
|
24.24 |
% |
|
|
26.07 |
% |
|
|
16.65 |
% |
|
|
22.84 |
% |
|
|
20.37 |
% |
PCSB Financial Corporation and
Subsidiaries Selected Financial Data (unaudited) -
Continued (dollar amounts in thousands, except share and
per share data)
|
|
As of and for the quarter ended |
|
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
September 30, 2021 |
|
|
June 30, 2021 |
|
|
March 31, 2021 |
|
Loans to deposits |
|
|
79.15 |
% |
|
|
81.65 |
% |
|
|
80.46 |
% |
|
|
82.42 |
% |
|
|
86.72 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding |
|
|
15,334,857 |
|
|
|
15,337,979 |
|
|
|
15,574,310 |
|
|
|
15,770,645 |
|
|
|
15,966,216 |
|
Book value per common share |
|
$ |
18.02 |
|
|
$ |
17.92 |
|
|
$ |
17.64 |
|
|
$ |
17.41 |
|
|
$ |
16.99 |
|
Tangible book value per common share (3) |
|
$ |
17.62 |
|
|
$ |
17.51 |
|
|
$ |
17.24 |
|
|
$ |
17.01 |
|
|
$ |
16.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans receivable |
|
$ |
7,859 |
|
|
$ |
7,890 |
|
|
$ |
5,732 |
|
|
$ |
5,764 |
|
|
$ |
2,054 |
|
Non-performing assets |
|
$ |
7,859 |
|
|
$ |
7,890 |
|
|
$ |
5,732 |
|
|
$ |
5,764 |
|
|
$ |
2,054 |
|
Allowance for loan losses as a percent of total loans receivable
(4) |
|
|
0.68 |
% |
|
|
0.68 |
% |
|
|
0.68 |
% |
|
|
0.66 |
% |
|
|
0.65 |
% |
Allowance for loan losses as a percent of non-performing loans
receivable |
|
|
110.84 |
% |
|
|
106.83 |
% |
|
|
142.34 |
% |
|
|
136.73 |
% |
|
|
382.91 |
% |
Non-performing loans as a percent of total loans receivable, net
(4) |
|
|
0.61 |
% |
|
|
0.64 |
% |
|
|
0.48 |
% |
|
|
0.48 |
% |
|
|
0.17 |
% |
Non-performing assets as a percent of total assets |
|
|
0.40 |
% |
|
|
0.42 |
% |
|
|
0.31 |
% |
|
|
0.31 |
% |
|
|
0.11 |
% |
Net charge-offs (recoveries) |
|
$ |
4 |
|
|
$ |
(6 |
) |
|
$ |
(265 |
) |
|
$ |
(11 |
) |
|
$ |
(82 |
) |
Net charge-offs (recoveries) to average outstanding loans during
the period (1) |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
(0.09 |
%) |
|
|
0.00 |
% |
|
|
(0.03 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios
(5): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital (to adjusted total assets) |
|
|
12.86 |
% |
|
|
12.91 |
% |
|
|
12.72 |
% |
|
|
12.48 |
% |
|
|
12.76 |
% |
Common equity Tier 1 capital (to risk-weighted assets) |
|
|
17.22 |
% |
|
|
17.67 |
% |
|
|
17.84 |
% |
|
|
17.93 |
% |
|
|
17.72 |
% |
Tier 1 capital (to risk-weighted assets) |
|
|
17.22 |
% |
|
|
17.67 |
% |
|
|
17.84 |
% |
|
|
17.93 |
% |
|
|
17.72 |
% |
Total capital (to risk-weighted assets) |
|
|
17.83 |
% |
|
|
18.28 |
% |
|
|
18.46 |
% |
|
|
18.53 |
% |
|
|
18.33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Performance ratios for quarter ended periods are
annualized. |
|
(2) Dividends declared per share divided by net income per
share. |
|
(3) Tangible book value per share is a non-GAAP measure and equals
total shareholders’ equity, less goodwill and other intangible
assets, divided by shares outstanding. We believe this disclosure
may be meaningful to those investors who seek to evaluate our
equity without giving effect to goodwill and other intangible
assets. Reconciliations of GAAP to non-GAAP measures appear at the
end of this release. |
|
(4) Total loans receivable excludes PPP loans. |
|
(5) Represents Bank ratios. |
|
PCSB Financial Corporation and
Subsidiaries Loan and Deposit Portfolios
(unaudited) (amounts in thousands)
|
|
As of |
|
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
September 30, 2021 |
|
|
June 30, 2021 |
|
|
March 31, 2021 |
|
Mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgages |
|
$ |
215,431 |
|
|
$ |
212,817 |
|
|
$ |
221,735 |
|
|
$ |
224,305 |
|
|
$ |
229,008 |
|
Commercial mortgages |
|
|
897,424 |
|
|
|
867,581 |
|
|
|
838,021 |
|
|
|
826,624 |
|
|
|
831,162 |
|
Construction |
|
|
16,894 |
|
|
|
11,857 |
|
|
|
11,639 |
|
|
|
10,151 |
|
|
|
10,047 |
|
Net deferred loan origination (fees) costs |
|
|
(23 |
) |
|
|
(18 |
) |
|
|
97 |
|
|
|
196 |
|
|
|
365 |
|
Total mortgage loans |
|
|
1,129,726 |
|
|
|
1,092,237 |
|
|
|
1,071,492 |
|
|
|
1,061,276 |
|
|
|
1,070,582 |
|
Commercial and consumer loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans (1) |
|
|
141,427 |
|
|
|
135,055 |
|
|
|
122,031 |
|
|
|
150,658 |
|
|
|
171,314 |
|
Home equity credit lines |
|
|
22,557 |
|
|
|
24,142 |
|
|
|
24,936 |
|
|
|
25,439 |
|
|
|
27,211 |
|
Consumer and overdrafts |
|
|
348 |
|
|
|
356 |
|
|
|
394 |
|
|
|
345 |
|
|
|
269 |
|
Net deferred loan origination costs (fees) |
|
|
539 |
|
|
|
285 |
|
|
|
(20 |
) |
|
|
(386 |
) |
|
|
(356 |
) |
Total commercial and consumer loans |
|
|
164,871 |
|
|
|
159,838 |
|
|
|
147,341 |
|
|
|
176,056 |
|
|
|
198,438 |
|
Total loans receivable |
|
|
1,294,597 |
|
|
|
1,252,075 |
|
|
|
1,218,833 |
|
|
|
1,237,332 |
|
|
|
1,269,020 |
|
Allowance for loan losses |
|
|
(8,711 |
) |
|
|
(8,429 |
) |
|
|
(8,159 |
) |
|
|
(7,881 |
) |
|
|
(7,865 |
) |
Loans receivable, net |
|
$ |
1,285,886 |
|
|
$ |
1,243,646 |
|
|
$ |
1,210,674 |
|
|
$ |
1,229,451 |
|
|
$ |
1,261,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes PPP loans totaling: |
|
$ |
4,701 |
|
|
$ |
12,769 |
|
|
$ |
19,763 |
|
|
$ |
37,050 |
|
|
$ |
50,380 |
|
|
|
As of |
|
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
September 30, 2021 |
|
|
June 30, 2021 |
|
|
March 31, 2021 |
|
Demand deposits |
|
$ |
243,908 |
|
|
$ |
215,708 |
|
|
$ |
216,470 |
|
|
$ |
219,072 |
|
|
$ |
203,344 |
|
NOW accounts |
|
|
221,386 |
|
|
|
198,610 |
|
|
|
181,572 |
|
|
|
177,223 |
|
|
|
169,077 |
|
Money market accounts |
|
|
396,358 |
|
|
|
361,352 |
|
|
|
363,090 |
|
|
|
332,843 |
|
|
|
301,892 |
|
Savings |
|
|
417,975 |
|
|
|
393,041 |
|
|
|
381,836 |
|
|
|
387,529 |
|
|
|
372,151 |
|
Time deposits |
|
|
345,092 |
|
|
|
354,356 |
|
|
|
361,669 |
|
|
|
375,015 |
|
|
|
407,826 |
|
Total deposits |
|
$ |
1,624,719 |
|
|
$ |
1,523,067 |
|
|
$ |
1,504,637 |
|
|
$ |
1,491,682 |
|
|
$ |
1,454,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PCSB Financial Corporation and
Subsidiaries Reconciliation of GAAP to Non-GAAP
Measures (unaudited) (dollar amounts in thousands, except
share and per share data)
|
|
Quarter Ended |
|
|
Nine Months Ended |
|
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
September 30, 2021 |
|
|
June 30, 2021 |
|
|
March 31, 2021 |
|
|
March 31, 2022 |
|
|
March 31, 2021 |
|
Computation of Adjusted Net Income and Adjusted Earnings
Per Share |
|
|
|
|
|
|
|
Net income applicable to common stock (GAAP) |
|
$ |
3,474 |
|
|
$ |
4,288 |
|
|
$ |
3,614 |
|
|
$ |
3,410 |
|
|
$ |
3,592 |
|
|
$ |
11,376 |
|
|
$ |
9,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayment income on loans receivable |
|
|
(43 |
) |
|
|
(442 |
) |
|
|
(26 |
) |
|
|
(532 |
) |
|
|
(43 |
) |
|
|
(511 |
) |
|
|
(147 |
) |
Prepayment income on investment securities |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(90 |
) |
Gain on sale of premises |
|
|
- |
|
|
|
(436 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(436 |
) |
|
|
- |
|
PPP interest and fee income |
|
|
(210 |
) |
|
|
(264 |
) |
|
|
(299 |
) |
|
|
(411 |
) |
|
|
(220 |
) |
|
|
(773 |
) |
|
|
(515 |
) |
Gains on sale of investment securities |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(89 |
) |
|
|
- |
|
|
|
(89 |
) |
Adjusted net income (Non-GAAP) |
|
$ |
3,221 |
|
|
$ |
3,146 |
|
|
$ |
3,289 |
|
|
$ |
2,467 |
|
|
$ |
3,240 |
|
|
$ |
9,656 |
|
|
$ |
8,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
14,165,775 |
|
|
|
14,236,473 |
|
|
|
14,337,543 |
|
|
|
14,553,783 |
|
|
|
14,631,122 |
|
|
|
14,247,188 |
|
|
|
14,944,097 |
|
Diluted |
|
|
14,197,716 |
|
|
|
14,281,232 |
|
|
|
14,405,816 |
|
|
|
14,586,928 |
|
|
|
14,632,342 |
|
|
|
14,301,150 |
|
|
|
14,944,664 |
|
Earnings per share (GAAP): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.25 |
|
|
$ |
0.30 |
|
|
$ |
0.25 |
|
|
$ |
0.23 |
|
|
$ |
0.25 |
|
|
$ |
0.80 |
|
|
$ |
0.60 |
|
Diluted |
|
|
0.24 |
|
|
|
0.30 |
|
|
|
0.25 |
|
|
|
0.23 |
|
|
|
0.25 |
|
|
|
0.80 |
|
|
|
0.60 |
|
Adjusted earnings per common share
(Non-GAAP): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.23 |
|
|
$ |
0.22 |
|
|
$ |
0.23 |
|
|
$ |
0.17 |
|
|
$ |
0.22 |
|
|
$ |
0.68 |
|
|
$ |
0.55 |
|
Diluted |
|
|
0.23 |
|
|
|
0.22 |
|
|
|
0.23 |
|
|
|
0.17 |
|
|
|
0.22 |
|
|
|
0.68 |
|
|
|
0.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amounts included in income before income tax expense are
presented net of tax. |
|
|
|
|
|
|
|
PCSB Financial Corporation and
Subsidiaries Reconciliation of GAAP to Non-GAAP
Measures (unaudited) (dollar amounts in thousands, except
share and per share data)
|
|
Quarter Ended |
|
|
Nine Months Ended |
|
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
March 31, 2021 |
|
|
March 31, 2022 |
|
|
March 31, 2021 |
|
Computation of Tax Equivalent Net Interest
Income |
|
|
|
|
|
|
|
|
|
|
Total interest income |
|
$ |
14,200 |
|
|
$ |
14,870 |
|
|
$ |
13,925 |
|
|
$ |
43,297 |
|
|
$ |
42,678 |
|
Total interest expense |
|
|
1,483 |
|
|
|
1,612 |
|
|
|
2,288 |
|
|
|
4,787 |
|
|
|
7,917 |
|
Net interest income (GAAP) |
|
|
12,717 |
|
|
|
13,258 |
|
|
|
11,637 |
|
|
|
38,510 |
|
|
|
34,761 |
|
Tax equivalent adjustment |
|
|
101 |
|
|
|
99 |
|
|
|
51 |
|
|
|
289 |
|
|
|
130 |
|
Net interest income - tax equivalent (Non-GAAP) |
|
$ |
12,818 |
|
|
$ |
13,357 |
|
|
$ |
11,688 |
|
|
$ |
38,799 |
|
|
$ |
34,891 |
|
|
|
Quarter Ended |
|
|
Nine Months Ended |
|
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
September 30, 2021 |
|
|
June 30, 2021 |
|
|
March 31, 2021 |
|
|
March 31, 2022 |
|
|
March 31, 2021 |
|
Computation of Efficiency Ratio |
|
|
|
|
|
|
|
|
|
|
Noninterest expense (GAAP) |
|
$ |
8,956 |
|
|
$ |
8,805 |
|
|
$ |
8,624 |
|
|
$ |
8,867 |
|
|
$ |
8,572 |
|
|
$ |
26,385 |
|
|
$ |
25,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (GAAP) |
|
$ |
12,717 |
|
|
$ |
13,258 |
|
|
$ |
12,535 |
|
|
$ |
12,581 |
|
|
$ |
11,637 |
|
|
$ |
38,510 |
|
|
$ |
34,761 |
|
Noninterest income (GAAP) |
|
|
923 |
|
|
|
1,195 |
|
|
|
613 |
|
|
|
568 |
|
|
|
592 |
|
|
|
2,731 |
|
|
|
1,929 |
|
Total (GAAP) |
|
|
13,640 |
|
|
|
14,453 |
|
|
|
13,148 |
|
|
|
13,149 |
|
|
|
12,229 |
|
|
|
41,241 |
|
|
|
36,690 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayment income on loans receivable |
|
|
(55 |
) |
|
|
(555 |
) |
|
|
(32 |
) |
|
|
(667 |
) |
|
|
(55 |
) |
|
|
(642 |
) |
|
|
(187 |
) |
Prepayment income on investment securities |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(117 |
) |
Gains on sales of premises |
|
|
- |
|
|
|
(548 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(548 |
) |
|
|
- |
|
PPP interest and fee income |
|
|
(266 |
) |
|
|
(332 |
) |
|
|
(373 |
) |
|
|
(516 |
) |
|
|
(279 |
) |
|
|
(971 |
) |
|
|
(655 |
) |
Gains on sales of investment securities |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(113 |
) |
|
|
- |
|
|
|
(113 |
) |
Adjusted total (Non-GAAP) |
|
$ |
13,319 |
|
|
$ |
13,018 |
|
|
$ |
12,743 |
|
|
$ |
11,966 |
|
|
$ |
11,782 |
|
|
$ |
39,080 |
|
|
$ |
35,618 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio (GAAP) |
|
|
65.66 |
% |
|
|
60.92 |
% |
|
|
65.59 |
% |
|
|
67.43 |
% |
|
|
70.10 |
% |
|
|
63.98 |
% |
|
|
70.56 |
% |
Adjusted efficiency ratio (Non-GAAP) |
|
|
67.24 |
% |
|
|
67.64 |
% |
|
|
67.68 |
% |
|
|
74.10 |
% |
|
|
72.76 |
% |
|
|
67.52 |
% |
|
|
72.68 |
% |
PCSB Financial Corporation and
Subsidiaries Reconciliation of GAAP to Non-GAAP
Measures (unaudited) - Continued (dollar amounts in
thousands, except share and per share data)
|
|
As of |
|
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
September 30, 2021 |
|
|
June 30, 2021 |
|
|
March 31, 2021 |
|
Computation of Tangible Book Value per Common
Share |
|
|
|
|
Total shareholders' equity (GAAP) |
|
$ |
276,392 |
|
|
$ |
274,834 |
|
|
$ |
274,728 |
|
|
$ |
274,560 |
|
|
$ |
271,297 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
(6,106 |
) |
|
|
(6,106 |
) |
|
|
(6,106 |
) |
|
|
(6,106 |
) |
|
|
(6,106 |
) |
Other intangible assets |
|
|
(102 |
) |
|
|
(119 |
) |
|
|
(135 |
) |
|
|
(151 |
) |
|
|
(168 |
) |
Tangible common shareholders' equity (Non-GAAP) |
|
$ |
270,184 |
|
|
$ |
268,609 |
|
|
$ |
268,487 |
|
|
$ |
268,303 |
|
|
$ |
265,023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
15,334,857 |
|
|
|
15,337,979 |
|
|
|
15,574,310 |
|
|
|
15,770,645 |
|
|
|
15,966,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share (GAAP) |
|
$ |
18.02 |
|
|
$ |
17.92 |
|
|
$ |
17.64 |
|
|
$ |
17.41 |
|
|
$ |
16.99 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effects of intangible assets |
|
|
(0.40 |
) |
|
|
(0.41 |
) |
|
|
(0.40 |
) |
|
|
(0.40 |
) |
|
|
(0.39 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per common share (Non-GAAP) |
|
$ |
17.62 |
|
|
$ |
17.51 |
|
|
$ |
17.24 |
|
|
$ |
17.01 |
|
|
$ |
16.60 |
|
PCSB Financial Corporation and
Subsidiaries Reconciliation of GAAP to Non-GAAP
Measures (unaudited) - Continued (dollar amounts in
thousands, except share and per share data)
|
|
Quarter Ended |
|
|
Nine Months Ended |
|
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
March 31, 2021 |
|
|
March 31, 2022 |
|
|
March 31, 2021 |
|
Computation of Adjusted Yield on Assets and Adjusted Net
Interest Margin |
|
|
|
|
|
|
|
Average interest-earning assets |
|
$ |
1,833,496 |
|
|
$ |
1,796,613 |
|
|
$ |
1,733,924 |
|
|
$ |
1,806,289 |
|
|
$ |
1,724,941 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend income (GAAP) |
|
$ |
14,200 |
|
|
$ |
14,870 |
|
|
$ |
13,925 |
|
|
$ |
43,297 |
|
|
$ |
42,678 |
|
Less: PPP interest and fee income |
|
|
(266 |
) |
|
|
(332 |
) |
|
|
(279 |
) |
|
|
(971 |
) |
|
|
(655 |
) |
Less: Prepayment income on loans receivable |
|
|
(55 |
) |
|
|
(555 |
) |
|
|
(55 |
) |
|
|
(642 |
) |
|
|
(187 |
) |
Adjusted interest and dividend income (Non-GAAP) |
|
$ |
13,879 |
|
|
$ |
13,983 |
|
|
$ |
13,591 |
|
|
$ |
41,684 |
|
|
$ |
41,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on interest-earning assets (GAAP) |
|
|
3.12 |
% |
|
|
3.33 |
% |
|
|
3.23 |
% |
|
|
3.22 |
% |
|
|
3.31 |
% |
Adjusted yield on interest-earning assets (Non-GAAP) |
|
|
3.03 |
% |
|
|
3.11 |
% |
|
|
3.14 |
% |
|
|
3.08 |
% |
|
|
3.23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (GAAP) |
|
$ |
12,717 |
|
|
$ |
13,258 |
|
|
$ |
11,637 |
|
|
$ |
38,510 |
|
|
$ |
34,761 |
|
Less: PPP interest and fee income |
|
|
(266 |
) |
|
|
(332 |
) |
|
|
(279 |
) |
|
|
(971 |
) |
|
|
(655 |
) |
Less: Prepayment income on loans receivable |
|
|
(55 |
) |
|
|
(555 |
) |
|
|
(55 |
) |
|
|
(642 |
) |
|
|
(187 |
) |
Adjusted net interest income (Non-GAAP) |
|
$ |
12,396 |
|
|
$ |
12,371 |
|
|
$ |
11,303 |
|
|
$ |
36,897 |
|
|
$ |
33,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (GAAP) |
|
|
2.80 |
% |
|
|
2.97 |
% |
|
|
2.69 |
% |
|
|
2.86 |
% |
|
|
2.70 |
% |
Adjusted net interest margin (Non-GAAP) |
|
|
2.70 |
% |
|
|
2.75 |
% |
|
|
2.61 |
% |
|
|
2.72 |
% |
|
|
2.62 |
% |
PCSB Financial (NASDAQ:PCSB)
Gráfica de Acción Histórica
De Ago 2024 a Sep 2024
PCSB Financial (NASDAQ:PCSB)
Gráfica de Acción Histórica
De Sep 2023 a Sep 2024