Exhibit 99.1

 

PCSB Financial Corporation Announces First Fiscal Quarter Results and Declares Quarterly Cash Dividend

 

Yorktown Heights, New York; October 25, 2018 – PCSB Financial Corporation (the “Company”) (NASDAQ: PCSB), parent of PCSB Bank (the "Bank"), today announced net income of $2.3 million, or $0.14 per basic and diluted share, for the three months ended Septemb

er 30, 2018 compared to $2.7 million, or $0.16 per basic and diluted share, for the three months ended June 30, 2018 and $1.8 million, or $0.10 per basic and diluted share, for the three months ended September 30, 2017.

 

On a non-GAAP basis, which excludes certain nonrecurring items, the Company recorded net income of $2.3 million, or $0.14 per diluted share for the three months ended September 30, 2018 as compared to net income of $2.2 million, or $0.13 per diluted share for the three months ended June 30, 2018 and $1.6 million, or $0.10 per basic and diluted share, for the three months ended September 30, 2017. Reconciliations of GAAP to non-GAAP measures appear at the end of this release.

 

President’s Comments

Commenting on the Company’s results, Joseph D. Roberto, Chairman, President and Chief Executive Officer of PCSB Financial Corporation, said, “I am proud of the Company’s results for the first quarter of our fiscal year and the achievements we have made as we begin our second full year as a public company. Some of these achievements include year-over-year increases in interest income of 11.6%, net income of 32.6% and earnings per common share basic and diluted of 40.0%. The current quarter also showed a continued decline in problem assets as the ratio of non-performing assets to total assets decreased slightly to 0.43% from 0.44% for the June quarter and decreased by more than half from 0.88% a year ago. As we move forward in our second year as a public company, we will work to continue to build on these positive trends as we strive to create value for our shareholders.”

 

Income Statement Summary

Net interest income increased $588,000, or 6.0%, to $10.5 million for the three months ended September 30, 2018, compared to the same period in 2017 and decreased $968,000 or 8.5% from the previous quarter.  The increase in net interest income compared to the prior year is a result of a $55.4 million increase in average interest earning assets and a five basis point increase in the net interest margin. The increase in interest earning assets is primarily due to loan portfolio growth, partially offset by a decrease in investment securities. The net interest margin was 2.94% for the three months ended September 30, 2018, an increase from 2.89% for the three months ended September 30, 2017. The decrease in net interest income compared to the prior quarter is primarily due to the recording of $879,000 of interest income from the pay-off of two nonaccrual loans. Excluding this interest income, the net interest margin for the June quarter would have been 2.98%, compared to 2.94% in the current quarter. This four basis point decrease was primarily due to an eight basis point increase in the average rate paid on total average interest bearing liabilities.

 

The provision for loan losses was $58,000 for the three months ended September 30, 2018 compared to $25,000 in the prior quarter and $135,000 for the same period in 2017. Charge-offs, net of recoveries, were $3,000 for the three months ended September 30, 2018 compared to net recoveries of $255,000 for the three months ended June 30, 2018 and net charge-offs of $17,000 for the three months ended September 30, 2017.  Loans classified as substandard and doubtful decreased $2.4 million, or 15.2%, to $13.0 million at September 30, 2018 from $15.4 million at June 30, 2018 and decreased $11.6 million, or 46.9%, from $24.6 million at September 30, 2017. Non-performing loans as a percent of total loans receivable was 0.62% of total loans receivable as of September 30, 2018, a decrease from 0.66% as of June 30, 2018 and 1.35% as of September 30, 2017.

 

Noninterest income decreased $73,000 to $641,000 for the three months ended September 30, 2018 compared to the same period in 2017, primarily due to $173,000 of gains on the sale of securities recorded in the prior year period, partially offset by $71,000 of swap fee income recorded in the current quarter. Noninterest income increased $40,000 from the three months ended June 30, 2018, primarily due to increased swap and deposit-related fee income, partially offset by $63,000 of gains on the sale of securities realized in the prior quarter.

 

Noninterest expense increased $114,000 to $8.0 million for the three months ended September 30, 2018 compared to the same period in 2017 and decreased $256,000 compared to the three months ended June 30, 2018. The $114,000 increase from 2017 was caused primarily by a $280,000 increase in salaries and employee benefits, partially offset by decreases in advertising and occupancy expenses and professional fees. The increase in salaries and employee

 

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The following information was filed by Pcsb Financial Corp (PCSB) on Thursday, October 25, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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