Exhibit 99.1

 

PCSB Financial Corporation Announces Second Fiscal Quarter Results and

Declares Quarterly Cash Dividend

 

Yorktown Heights, New York; January 24, 2019 – 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 December 31, 2018 compared to $2.3 million, or $0.14 per basic and diluted share, for the three months ended September 30, 2018 and $2,000, or $0.00 per basic and diluted share, for the three months ended December 31, 2017.

 

On a non-GAAP basis, which excludes certain nonrecurring items, the Company recorded net income of $2.2 million, or $0.13 per diluted share for the three months ended December 31, 2018 as compared to net income of $2.3 million, or $0.14 per diluted share for the three months ended September 30, 2018 and $1.8 million, or $0.11 per diluted share, for the three months ended December 31, 2017. Reconciliations of GAAP to non-GAAP measures appear at the end of this release.

 

In conjunction with grants under the stockholder-approved 2018 Equity Incentive Plan, the Company recorded $482,000, $364,000 net of taxes, of stock-based compensation expense in the current quarter. No such expense was recorded in the previous quarter or prior year period. The $482,000 of expense is a partial quarter's worth of expense, the annualized cost of which is approximately $3.3 million, or $829,000 quarterly.

 

President’s Comments

Commenting on the Company’s results, Joseph Roberto, Chairman, President and Chief Executive Officer of PCSB Financial Corporation, said, ”We are pleased with our achievements in our second year as a public company. Some of these achievements include current year asset growth and deposit growth of 5.2% and 5.9%, respectively, and a year-over-year increase in adjusted net income of 32.8%. The current quarter also showed a continued decline in problem assets as the ratio of non-performing assets to total assets decreased to 0.27% from 0.43% for the September quarter and decreased by more than half, from 0.57% a year ago. During the second quarter, we also began the process of capital management by announcing our first share repurchase program. As we continue to move forward in our second year as a public company, we hope to build on these results as we strive to create value for our shareholders.

 

Additionally, as of December 31, 2018, we are excited by our recently announced conversion to a commercial bank and look forward to the business opportunities this organizational change will provide us including additional products and services to our customers and a better position in which to compete in the Municipal deposit markets.”  

 

Income Statement Summary

Net interest income increased $558,000, or 5.5%, to $10.7 million for the three months ended December 31, 2018, compared to the same period in 2017 and increased $280,000 or 2.7% from the previous quarter. The increase in net interest income compared to the prior year is primarily a result of a $79.5 million increase in average interest earning assets. The increase in average interest earning assets is primarily due to loan portfolio growth, partially offset by a decrease in investment securities. The net interest margin was 3.00% for the three months ended December 31, 2018, unchanged from the prior year quarter, as asset growth and a higher yielding asset mix offset the increased cost of funds driven by higher market interest rates. The increase in net interest income compared to the prior quarter is primarily due to continued balance sheet growth and a six basis point increase in net interest margin, driven by the Company’s ability to control the increase in the cost of funds despite continued increases in short-term market rates.

 

The provision for loan losses was $6,000 for the three months ended December 31, 2018 compared to $58,000 in the prior quarter and $200,000 for the same period in 2017. Charge-offs, net of recoveries, were $21,000 for the three months ended December 31, 2018 compared to $3,000 for the three months ended September 30, 2018 and $997,000 for the three months ended December 31, 2017.  Loans classified as substandard and doubtful decreased $2.8 million, or 22.1%, to $10.2 million at December 31, 2018 from $13.0 million at September 30, 2018 and decreased $8.1 million, or 44.3%, from $18.3 million at December 31, 2017. Non-performing loans as a percent of total loans receivable was 0.39% as of December 31, 2018, a decrease from 0.62% as of September 30, 2018 and 0.97% as of December 31, 2017.

 

 

1

 

 


The following information was filed by Pcsb Financial Corp (PCSB) on Thursday, January 24, 2019 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.

View differences made from one quarter to another to evaluate Pcsb Financial Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Pcsb Financial Corp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Log in with your credentials

or    

Forgot your details?

Create Account