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PCSB Financial Corporation Announces Fourth Quarter and Full Year Earnings
Yorktown Heights, New York; August 3, 2017 PCSB Financial Corporation (the Company) (NASDAQ: PCSB), parent of PCSB Bank (the Bank), today announced a net loss of $1.8 million for the three months ended June 30, 2017 and net income of $3.2 million for the year ended June 30, 2017. This compares to a net loss of $156,000 for the three months ended June 30, 2016 and net income of $2.9 million for the year ended June 30, 2016.
The following nonrecurring items were recorded in the periods indicated:
|||A $5.0 million pre-tax expense recorded in the three months and year ended June 30, 2017 related to the Companys contribution and establishment of the PCSB Community Foundation.|
|||A $919,000 pre-tax curtailment of the Banks defined benefit plan resulting in a reduction to the salaries and benefits component of noninterest expense recorded in the year ended June 30, 2017.|
|||A $1.6 million settlement on an acquired loan included in other noninterest income in the year ended June 30, 2017.|
|||A $521,000 lease write-down expense in the year ended June 30, 2017.|
|||Merger-related expenses totaling $629,000 and $790,000 for the quarter and year ended June 30, 2016, respectively.|
On a non-GAAP basis, which excludes the nonrecurring items discussed above, the Company recorded net income of $1.5 million for the three months ended June 30, 2017 and $5.2 million for the year ended June 30, 2017. This compares to non-GAAP net income of $473,000 for the three months ended June 30, 2016 and $3.7 million for the year ended June 30, 2016 (see page 7 for a reconciliation of GAAP to non-GAAP measures).
Effective April 20, 2017, PCSB Bank completed its mutual-to-stock conversion and the Company completed its related initial public offering. Accordingly, 2016 financial results are for the Bank only.
The end of our fiscal year marks another step in the transformation of PCSB Bank, said Joseph Roberto, Chairman, President and Chief Executive Officer of PCSB Financial Corporation. Having raised over $163 million in capital during this past quarter will enable PCSB Bank to continue to be the premier community bank in the Hudson Valley Region.
Mr. Roberto continued, We enter our new fiscal year with the excitement of the stocks strong performance following the IPO and we were pleased to be added to the Russell 2000 index this past quarter. We are also pleased that our fourth quarter reflects increased core earnings, as we move forward in deploying the new capital in a prudent way that will be beneficial to our shareholders. In addition, we continued our commitment to the communities we serve through the establishment and contribution to our foundation.
Income Statement Summary
Net interest income increased $704,000 to $9.4 million and $1.4 million to $35.7 million for the three months and year ended June 30, 2017, respectively, compared to the same periods in 2016. Net interest income increased as a result of an increase in the average balances of loans and investment securities outstanding, partially offset by an increase in the average balance of deposits and the average rate paid on deposits. The net interest margin decreased from 2.91% for the three months ended June 30, 2016 to 2.81% for the three months ended June 30, 2017 and decreased from 2.92% for the year ended June 30, 2016 to 2.88% for the year ended June 30, 2017. The decreases in the net interest margin were primarily due to the conversion proceeds being initially invested in generally lower yielding securities.
The provision for loan losses decreased $1.4 million and $1.0 million for the three months and year ended June 30, 2017, respectively, compared to the same periods in 2016. Recoveries, net of charge-offs, were $321,000 and $285,000 for the three months and year ended June 30, 2017, respectively, compared to charge-offs, net of recoveries, of $1.2 million and $1.7 million for the three months and year ended June 30, 2016, respectively. Loans classified as substandard and doubtful decreased $10.5 million to $25.1 million at June 30, 2017 from $35.6 million at June 30, 2016.
Noninterest income increased by $112,000 and $2.1 million to $647,000 and $4.1 million for the three months and year ended June 30, 2017, respectively, compared to the same periods in 2016. The $112,000 increase in the three month period ended June 30, 2017 was primarily the result of gains on the sale of foreclosed real estate. The $2.1
The following information was filed by Pcsb Financial Corp (PCSB) on Thursday, August 3, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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