Exhibit 99.1

 

PCSB Financial Corporation Announces Third Fiscal Quarter Results and

Declares Quarterly Cash Dividend

 

Yorktown Heights, New York; April 25, 2019 – PCSB Financial Corporation (the “Company”) (NASDAQ: PCSB), parent of PCSB Bank (the "Bank"), today announced net income of $2.0 million, or $0.12 per basic and diluted share, for the three months ended March 31, 2019 compared to $2.3 million, or $0.14 per basic and diluted share, for the three months ended December 31, 2018 and $2.2 million, or $0.13 per basic and diluted share, for the three months ended March 31, 2018.

 

On a non-GAAP basis, which excludes certain nonrecurring items, the Company recorded net income of $2.0 million, or $0.12 per diluted share for the three months ended March 31, 2019 as compared to net income of $2.2 million, or $0.13 per diluted share for the three months ended December 31, 2018 and $2.0 million, or $0.12 per diluted share, for the three months ended March 31, 2018. 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 $829,000, or $631,000 net of taxes, of stock-based compensation expense in the current quarter, compared to $482,000, or $364,000 net of taxes in the prior quarter. No such expense was recorded in the prior year period. This additional expense reduced diluted earnings per share by $0.04 in the current quarter, $0.02 in the prior quarter, and had no impact in the prior year quarter.

 

President’s Comments

Commenting on the Company’s results, Joseph Roberto, Chairman, President and Chief Executive Officer of PCSB Financial Corporation, said, “I am pleased to report continued progress in our second year as a public company. Year-to-date non-GAAP net income improved by 20.6% over the year ago period, supported by a nearly 10% increase in the average balance of loans for the same period. Asset quality remains strong as the ratio of non-performing assets to total assets decreased to 0.23% at March 31, 2019 from 0.27% at December 31, 2018, and decreased by more than half from 0.50% a year ago. During the third fiscal quarter, we also completed our first share repurchase program as part of our capital management program. As we continue to move forward in our third year as public company, we hope to build on these results as we strive to create value for our shareholders. I am also pleased to announce that our Board of Directors declared a quarterly cash dividend of $0.04 per share, representing a 33% increase over last quarter’s dividend.”

 

Income Statement Summary

Net interest income increased $594,000, or 5.9%, to $10.7 million for the three months ended March 31, 2019, compared to the same period in 2018 and was unchanged from the previous quarter. The increase in net interest income compared to the prior year is primarily a result of a $99.6 million, or 7.3%, increase in average interest earning assets, partially offset by a five basis point decrease in the net interest margin. The increase in average interest earning assets is primarily due to a $70.1 million increase in average loans. The net interest margin was 2.94% for the three months ended March 31, 2019, a decrease of five basis points compared to 2.99% in the prior year quarter. Despite continued asset growth and a higher yielding asset mix, the margin has been impacted by rising funding costs due to higher short-term interest rates along with competitive pricing. The cost of interest-bearing deposits was 1.04% for the three months ended March 31, 2019 compared to 0.58% for the three months ended March 31, 2018, an increase of 46 basis points. The Company has experienced a shift in deposit mix as customers in lower costing saving products moved to higher rate money market and time deposits. Net interest income was unchanged compared to the prior quarter as balance sheet growth was offset by a six basis point decrease in net interest margin, driven by higher market interest rates on deposits.

 

The provision for loan losses was $7,000 for the three months ended March 31, 2019 compared to $6,000 in the prior quarter and $54,000 for the same period in 2018. Charge-offs, net of recoveries, were $5,000 for the three months ended March 31, 2019 compared to $22,000 for the three months ended December 31, 2018 and recoveries, net of charge-offs, of $99,000 for the three months ended March 31, 2018.  Loans classified as substandard or doubtful decreased $1.2 million, or 11.3%, to $9.0 million at March 31, 2019 from $10.2 million at December 31, 2018 and decreased $10.6 million, or 53.9%, from $19.6 million at March 31, 2018. Non-performing loans as a percent of total loans receivable was 0.30% as of March 31, 2019, a decrease from 0.39% as of December 31, 2018 and 0.80% as of March 31, 2018.

 

1

 

 


The following information was filed by Pcsb Financial Corp (PCSB) on Thursday, April 25, 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.

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