Exhibit 99.1

 

PCSB Financial Corporation Announces First Fiscal Quarter Financial Results and

Declares Quarterly Cash Dividend

 

Yorktown Heights, New York; October 23, 2019 – PCSB Financial Corporation (the “Company”) (NASDAQ: PCSB), parent of PCSB Bank (the "Bank"), today announced its results for the three months ended September 30, 2019. For the three months ended September 30, 2019, net income was $2.8 million, or $0.18 per share, compared to $1.7 million, or $0.10 per share, for the three months ended June 30, 2019 and $2.3 million, or $0.14 per share, for the three months ended September 30, 2018.

 

On a non-GAAP basis, which excludes certain nonrecurring items, the Company recorded adjusted net income of $2.4 million, or $0.15 per diluted share for the three months ended September 30, 2019 as compared to adjusted net income of $1.6 million, or $0.10 per diluted share for the three months ended June 30, 2019 and $2.2 million, or $0.13 per diluted share, for the three months ended September 30, 2018. Reconciliations of GAAP to non-GAAP measures appear at the end of this release.

 

The Board of Directors declared a regular quarterly cash dividend of $0.04 per share. The dividend is payable on or about November 29, 2019 to stockholders of record as of the close of business on November 15, 2019.

 

First Quarter Highlights

 

 

Diluted earnings per share of $0.18, an increase of 28.6% compared to the same quarter last year.

 

Net interest income of $12.0 million, an increase of $1.5 million, or 14.7%, compared to the same quarter last year.

 

Net interest margin was 3.03% for the quarter, an increase from 2.94% for the same quarter last year.

 

The efficiency ratio was 68.85% for the quarter, compared to 72.11% for the same quarter last year.

 

Total loans receivable was $1.16 billion, a result of loan growth of $70.1 million, or 6.4%, during the quarter.

 

Loans to deposits ratio was 94.27%, an increase from 78.49% as of the same quarter last year.

 

The Company repurchased 179,800 shares during the quarter at a total cost of $3.5 million, or an average cost of $19.60 per share.

 

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 pleased to report continued growth in our core business as we begin our third fiscal year as a public company.  We continue to build off the strong results achieved in fiscal 2019 with solid results in the first quarter of fiscal 2020 as loans grew an additional $70.1 million or 6.4%, resulting in a 28.5% increase over the year ago period.  Profitability continues to improve as net income of $2.8 million increased $500,000 or 21.5% over the year ago period.  Asset quality remains strong as the ratio of non-performing assets to total assets of 0.26% decreased from 0.43% at September 30, 2018.  As we move forward, we remain focused on enhancing shareholder value through continued growth in earnings together with capital management techniques such as share repurchases and dividends.”

 

Income Statement Summary

 

Net interest income was $12.0 million for the quarter ended September 30, 2019, an increase of $1.2 million, or 11.5%, compared to the quarter ended June 30, 2019, and an increase of $1.5 million, or 14.7%, compared to quarter ended September 30, 2018. These increases in net interest income are primarily the result of increases in average net interest earning assets, as the Company has accomplished significant growth in average loans receivable compared to both the prior quarter and the same quarter last year, as well as increases in net interest margin.

 

The net interest margin was 3.03% for the current quarter, an increase of nine basis points compared to 2.94% in both the prior quarter and prior year quarter. Included in current quarter net interest income is $477,000 of prepayment income earned on loans receivable and investment securities. Excluding this nonrecurring prepayment income, net interest margin for the quarter would have been 2.91%, a decrease of three basis points from both the

 

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prior quarter and the prior year quarter. Despite rising funding costs due to higher short-term interest rates along with competitive loan and deposit pricing, continued asset growth and a shift in the asset mix has mitigated the decrease in the net interest margin.

 

The yield on interest-earning assets for the current quarter was 4.04%, a 23 basis point increase from the prior quarter and a 50 basis point increase from the prior year quarter. Excluding the effects of prepayment income, the yield on interest-earning assets was 3.92% for the current quarter.

 

The cost of interest-bearing deposits was 1.20% for the current quarter, an increase of eight basis points from 1.12% for the prior quarter and an increase of 41 basis points from 0.79% for the prior year quarter. The Company has experienced a shift in the deposit mix as customers in lower costing saving products moved to higher rate money market and time deposits. Additionally, as the Company has increasingly utilized borrowings over the past year to fund loan growth, the cost of interest-bearing liabilities was 1.32% for the current quarter, an increase of 16 basis points from 1.16% for the prior quarter and an increase of 51 basis points from 0.81% for the prior year quarter.

 

The provision for loan losses was $335,000 for the three months ended September 30, 2019 compared to $737,000 in the prior quarter and $58,000 for the same period in 2018. Charge-offs, net of recoveries, were $6,000 for the three months ended September 30, 2019 compared to $18,000 for the three months ended June 30, 2019 and $3,000 for the three months ended September 30, 2018.  Loans classified as substandard or doubtful increased $2.8 million, or 33.1%, to $11.3 million at September 30, 2019 from $8.5 million at June 30, 2019 and decreased $1.7 million, or 13.7%, from $13.0 million at September 30, 2018. Non-performing loans as a percent of total loans receivable was 0.29% as of September 30, 2019, an increase from 0.25% as of June 30, 2019 and a decrease from 0.62% as of September 30, 2018.

 

Noninterest income increased $124,000 to $765,000 for the three months ended September 30, 2019 compared to the same period in 2018, primarily due to increases of $99,000 in swap income and $23,000 in gains on sale of foreclosed real estate. Noninterest income decreased $197,000 from the three months ended June 30, 2019, primarily due to a $191,000 decrease in swap income.

 

Noninterest expense increased $779,000 to $8.8 million for the three months ended September 30, 2019 compared to the same period in 2018 and increased $79,000 compared to the three months ended June 30, 2019. The $779,000 increase from the prior year period was caused primarily by $829,000 of stock-based compensation expense recorded in the current quarter, compared to no such expense in the prior year period. The Company applied small bank assessment credits of $98,000 which fully offset the Company’s FDIC assessment for the current quarter. The remaining credits available are $239,000.

 

The effective income tax rate was 22.3% for the three months ended September 30, 2019, as compared to 26.2% for the three months ended June 30, 2019 and 23.4% for the three months ended September 30, 2018.

 

Balance Sheet Summary

 

Total assets increased $21.0 million to $1.66 billion at September 30, 2019 from $1.64 billion at June 30, 2019.  This increase was primarily due to an increase of $70.1 million in net loans receivable, partially offset by decreases of $38.8 million in total investment securities and $22.2 million in cash and cash equivalents. The $70.1 million increase in loans was the result of $64.9 million of originations and $44.1 million of loan purchases, partially offset by $38.9 million of net amortization and repayments. Commercial mortgages increased $74.9 million or 11.5%, and construction loans increased $5.6 million, or 42.3%, while commercial loans decreased $7.7 million or 5.8%.

 

Total liabilities increased $20.8 million to $1.38 billion at September 30, 2019 from $1.36 billion at June 30, 2019.  This increase was primarily due to a $14.6 million increase in other liabilities, as a result of recording a $12.0 million lease liability (a related lease asset was also recorded as part of bank premises and equipment) associated with the adoption of new lease accounting standards, and a net increase of $6.3 million in deposits and escrow balances.

 

Total shareholders’ equity increased $215,000 to $281.5 million at September 30, 2019 from $281.3 million at June 30, 2019.  This increase was primarily due to net income of $2.8 million, as well as $1.3 million of stock-based compensation and reduction in unearned ESOP shares for plan shares earned during the period, partially offset by the repurchase of $3.5 million (179,800 shares) of common stock and $659,000 of cash dividends declared and paid.

 

2

 

 


 

 

 

 

As of September 30, 2019, there were 710,221 shares available to be repurchased under the current stock repurchase plan.

 

At September 30, 2019, the Company’s book value per share and tangible book value per share were $15.97 and $15.61, respectively, compared to $15.80 and $15.44, respectively, at June 30, 2019.  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 September 30, 2019, 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 15 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 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

 


 

3

 

 


 

 

 

 

PCSB Financial Corporation and Subsidiaries

Consolidated Balance Sheets (unaudited)

(amounts in thousands, except share and per share data)

 

 

 

 

September 30,

 

 

June 30,

 

 

 

2019

 

 

2019

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

36,544

 

 

$

58,756

 

Federal funds sold

 

 

1,253

 

 

 

1,273

 

Cash and cash equivalents

 

 

37,797

 

 

 

60,029

 

Held to maturity debt securities, at amortized cost

  (fair value of $315,901 and $346,243, respectively)

 

 

314,165

 

 

 

345,545

 

Available for sale debt securities, at fair value

 

 

64,842

 

 

 

72,228

 

Total investment securities

 

 

379,007

 

 

 

417,773

 

Loans receivable, net of allowance for loan losses of $5,993 and $5,664, respectively

 

 

1,163,254

 

 

 

1,093,121

 

Accrued interest receivable

 

 

5,494

 

 

 

4,797

 

FHLB stock

 

 

6,254

 

 

 

6,255

 

Premises and equipment, net

 

 

23,946

 

 

 

11,802

 

Deferred tax asset, net

 

 

2,291

 

 

 

2,478

 

Foreclosed real estate

 

 

856

 

 

 

1,158

 

Bank-owned life insurance

 

 

24,428

 

 

 

24,291

 

Goodwill

 

 

6,106

 

 

 

6,106

 

Other intangible assets

 

 

298

 

 

 

323

 

Other assets

 

 

8,877

 

 

 

9,446

 

Total assets

 

$

1,658,608

 

 

$

1,637,579

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Interest bearing deposits

 

$

1,092,338

 

 

$

1,084,442

 

Non-interest bearing deposits

 

 

141,567

 

 

 

141,379

 

Total deposits

 

 

1,233,905

 

 

 

1,225,821

 

Mortgage escrow funds

 

 

7,553

 

 

 

9,355

 

Advances from Federal Home Loan Bank

 

 

111,185

 

 

 

111,216

 

Other liabilities

 

 

24,443

 

 

 

9,880

 

Total liabilities

 

 

1,377,086

 

 

 

1,356,272

 

Commitments and contingencies

 

 

-

 

 

 

-

 

Preferred stock ($0.01 par value, 10,000,000 shares authorized, no shares issued or outstanding as of September 30, 2019 and June 30, 2019, respectively)

 

 

-

 

 

 

-

 

Common stock ($0.01 par value, 200,000,000 shares authorized, 18,712,295 shares issued as of September 30, 2019 and June 30, 2019, and 17,624,239 and 17,804,039 shares outstanding as of September 30, 2019 and June 30, 2019, respectively)

 

 

187

 

 

 

187

 

Additional paid in capital

 

 

183,198

 

 

 

182,129

 

Retained earnings

 

 

136,670

 

 

 

134,500

 

Unearned compensation - ESOP

 

 

(11,870

)

 

 

(12,114

)

Accumulated other comprehensive loss, net of income taxes

 

 

(4,834

)

 

 

(5,090

)

Treasury stock, at cost (1,088,056 and 908,256 shares as of September 30, 2019 and June 30, 2019, respectively)

 

 

(21,829

)

 

 

(18,305

)

Total shareholders' equity

 

 

281,522

 

 

 

281,307

 

Total liabilities and shareholders' equity

 

$

1,658,608

 

 

$

1,637,579

 

 

 

 

 

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PCSB Financial Corporation and Subsidiaries

Consolidated Statements of Operations (unaudited)

(amounts in thousands, except share and per share data)

 

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

 

2019

 

 

2018

 

Interest and dividend income

 

 

 

 

 

 

 

 

Loans receivable

 

$

13,036

 

 

$

9,898

 

Investment securities

 

 

2,692

 

 

 

2,366

 

Federal funds and other

 

 

298

 

 

 

345

 

Total interest and dividend income

 

 

16,026

 

 

 

12,609

 

Interest expense

 

 

 

 

 

 

 

 

Deposits

 

 

3,301

 

 

 

2,056

 

FHLB advances

 

 

727

 

 

 

89

 

Total interest expense

 

 

4,028

 

 

 

2,145

 

Net interest income

 

 

11,998

 

 

 

10,464

 

Provision for loan losses

 

 

335

 

 

 

58

 

Net interest income after provision for loan losses

 

 

11,663

 

 

 

10,406

 

Noninterest income

 

 

 

 

 

 

 

 

Fees and service charges

 

 

402

 

 

 

418

 

Bank-owned life insurance

 

 

137

 

 

 

140

 

Swap income

 

 

170

 

 

 

71

 

Other

 

 

56

 

 

 

12

 

Total noninterest income

 

 

765

 

 

 

641

 

Noninterest expense

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

5,764

 

 

 

5,140

 

Occupancy and equipment

 

 

1,315

 

 

 

1,241

 

Communications and data processing

 

 

531

 

 

 

472

 

Professional fees

 

 

404

 

 

 

369

 

Postage, printing, stationary and supplies

 

 

140

 

 

 

138

 

FDIC assessment

 

 

-

 

 

 

93

 

Advertising

 

 

100

 

 

 

87

 

Amortization of intangible assets

 

 

24

 

 

 

28

 

Other operating expenses

 

 

509

 

 

 

440

 

Total noninterest expense

 

 

8,787

 

 

 

8,008

 

Net income before income tax expense

 

 

3,641

 

 

 

3,039

 

Income tax expense

 

 

812

 

 

 

710

 

Net income

 

$

2,829

 

 

$

2,329

 

Earnings per common share:

 

 

 

 

 

 

 

 

Basic

 

$

0.18

 

 

$

0.14

 

Diluted

 

$

0.18

 

 

$

0.14

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

15,979,762

 

 

 

16,869,100

 

Diluted

 

 

16,082,276

 

 

 

16,869,100

 

 


 

5

 

 


 

 

 

 

PCSB Financial Corporation and Subsidiaries

Net Interest Margin Analysis (unaudited)

(dollar amounts in thousands)

 

 

 

Three Months Ended September 30,

 

 

2019

 

 

2018

 

 

Average Balance

 

 

Interest / Dividends

 

 

Average Rate

 

 

Average Balance

 

 

Interest / Dividends

 

 

Average Rate

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans receivable

$

1,142,025

 

 

$

13,036

 

 

 

4.56

%

 

$

903,021

 

 

$

9,898

 

 

 

4.38

%

Investment securities

 

399,190

 

 

 

2,692

 

 

 

2.70

 

 

 

453,671

 

 

 

2,366

 

 

 

2.09

 

Other interest-earning assets

 

45,914

 

 

 

298

 

 

 

2.58

 

 

 

67,222

 

 

 

345

 

 

 

2.03

 

Total interest-earning assets

 

1,587,129

 

 

 

16,026

 

 

 

4.04

 

 

 

1,423,914

 

 

 

12,609

 

 

 

3.54

 

Non-interest-earning assets

 

70,266

 

 

 

 

 

 

 

 

 

 

 

55,251

 

 

 

 

 

 

 

 

 

Total assets

$

1,657,395

 

 

 

 

 

 

 

 

 

 

$

1,479,165

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW accounts

$

119,852

 

 

 

57

 

 

 

0.19

 

 

$

119,404

 

 

 

53

 

 

 

0.18

 

Money market accounts

 

149,880

 

 

 

463

 

 

 

1.23

 

 

 

61,679

 

 

 

139

 

 

 

0.89

 

Savings accounts and escrow

 

362,569

 

 

 

232

 

 

 

0.25

 

 

 

462,542

 

 

 

289

 

 

 

0.25

 

Time deposits

 

459,348

 

 

 

2,549

 

 

 

2.20

 

 

 

392,336

 

 

 

1,575

 

 

 

1.59

 

Total interest-bearing deposits

 

1,091,649

 

 

 

3,301

 

 

 

1.20

 

 

 

1,035,961

 

 

 

2,056

 

 

 

0.79

 

FHLB advances

 

121,855

 

 

 

727

 

 

 

2.37

 

 

 

18,821

 

 

 

89

 

 

 

1.89

 

Total interest-bearing liabilities

 

1,213,504

 

 

 

4,028

 

 

 

1.32

 

 

 

1,054,782

 

 

 

2,145

 

 

 

0.81

 

Non-interest-bearing deposits

 

140,627

 

 

 

 

 

 

 

 

 

 

 

127,762

 

 

 

 

 

 

 

 

 

Other non-interest-bearing liabilities

 

21,211

 

 

 

 

 

 

 

 

 

 

 

7,282

 

 

 

 

 

 

 

 

 

Total liabilities

 

1,375,342

 

 

 

 

 

 

 

 

 

 

 

1,189,826

 

 

 

 

 

 

 

 

 

Total shareholders' equity

 

282,053

 

 

 

 

 

 

 

 

 

 

 

289,339

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

$

1,657,395

 

 

 

 

 

 

 

 

 

 

$

1,479,165

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

 

 

$

11,998

 

 

 

 

 

 

 

 

 

 

$

10,464

 

 

 

 

 

Interest rate spread (1)

 

 

 

 

 

 

 

 

 

2.72

 

 

 

 

 

 

 

 

 

 

 

2.73

 

Net interest margin (2)

 

 

 

 

 

 

 

 

 

3.03

 

 

 

 

 

 

 

 

 

 

 

2.94

 

Average interest-earning assets to interest-bearing liabilities

 

130.79

%

 

 

 

 

 

 

 

 

 

 

135.00

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) 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.

 

(2) Net interest margin represents annualized net interest income divided by average interest-earning assets.

 

 

 

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PCSB Financial Corporation and Subsidiaries

Condensed Financial Information (unaudited)

(amounts in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

September 30,

2019

 

June 30,

2019

 

March 31,

2019

 

December 31,

2018

 

September 30,

2018

 

Condensed Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

37,797

 

$

60,029

 

$

87,105

 

$

143,119

 

$

68,323

 

Total investment securities

 

379,007

 

 

417,773

 

 

440,014

 

 

452,463

 

 

441,748

 

Loans receivable, net

 

1,163,254

 

 

1,093,121

 

 

935,680

 

 

904,377

 

 

905,093

 

Other assets

 

78,550

 

 

66,656

 

 

60,959

 

 

57,356

 

 

59,331

 

Total assets

$

1,658,608

 

$

1,637,579

 

$

1,523,758

 

$

1,557,315

 

$

1,474,495

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total deposits and escrow

$

1,241,458

 

$

1,235,176

 

$

1,209,868

 

$

1,234,409

 

$

1,158,102

 

Advances from Federal Home Loan Bank

 

111,185

 

 

111,216

 

 

26,248

 

 

26,279

 

 

18,810

 

Other liabilities

 

24,443

 

 

9,880

 

 

9,326

 

 

7,845

 

 

7,706

 

Total liabilities

 

1,377,086

 

 

1,356,272

 

 

1,245,442

 

 

1,268,533

 

 

1,184,618

 

Total shareholders' equity

 

281,522

 

 

281,307

 

 

278,316

 

 

288,782

 

 

289,877

 

Total liabilities and shareholders' equity

$

1,658,608

 

$

1,637,579

 

$

1,523,758

 

$

1,557,315

 

$

1,474,495

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

September 30,

2019

 

June 30,

2019

 

March 31,

2019

 

December 31,

2018

 

September 30,

2018

 

Condensed Income Statements

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

$

16,026

 

$

13,952

 

$

13,646

 

$

13,240

 

$

12,609

 

Interest expense

 

4,028

 

 

3,193

 

 

2,909

 

 

2,496

 

 

2,145

 

Net interest income

 

11,998

 

 

10,759

 

 

10,737

 

 

10,744

 

 

10,464

 

Provision for loan losses

 

335

 

 

737

 

 

7

 

 

6

 

 

58

 

Noninterest income

 

765

 

 

962

 

 

579

 

 

920

 

 

641

 

Noninterest expense

 

8,787

 

 

8,708

 

 

8,698

 

 

8,580

 

 

8,008

 

Income before income tax expense

 

3,641

 

 

2,276

 

 

2,611

 

 

3,078

 

 

3,039

 

Income tax expense

 

812

 

 

597

 

 

625

 

 

754

 

 

710

 

Net income

$

2,829

 

$

1,679

 

$

1,986

 

$

2,324

 

$

2,329

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.18

 

$

0.10

 

$

0.12

 

$

0.14

 

$

0.14

 

Diluted

$

0.18

 

$

0.10

 

$

0.12

 

$

0.14

 

$

0.14

 

 

 

 

 


 

7

 

 


 

 

 

 

PCSB Financial Corporation and Subsidiaries

Selected Financial Data (unaudited)

 

 

  

Quarter Ended

 

 

September 30,

2019

 

June 30,

2019

 

March 31,

2019

 

December 31,

2018

 

September 30,

2018

 

Performance Ratios (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

0.68

%

 

0.44

%

 

0.52

%

 

0.62

%

 

0.63

%

Return on average equity

 

4.01

%

 

2.40

%

 

2.83

%

 

3.20

%

 

3.22

%

Interest rate spread

 

2.72

%

 

2.65

%

 

2.67

%

 

2.75

%

 

2.73

%

Net interest margin

 

3.03

%

 

2.94

%

 

2.94

%

 

3.00

%

 

2.94

%

Adjusted Efficiency ratio (2)

 

71.80

%

 

74.55

%

 

77.04

%

 

74.74

%

 

72.85

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income to average assets

 

0.18

%

 

0.25

%

 

0.15

%

 

0.25

%

 

0.17

%

Noninterest expense to average assets

 

2.12

%

 

2.29

%

 

2.29

%

 

2.30

%

 

2.17

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average interest-earning assets to average interest-bearing liabilities

 

130.79

%

 

132.96

%

 

133.68

%

 

135.40

%

 

135.00

%

Average equity to average assets

 

17.02

%

 

18.40

%

 

18.52

%

 

19.48

%

 

19.56

%

Dividend payout ratio (3)

 

23.29

%

 

39.43

%

 

24.97

%

 

22.42

%

 

21.64

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

 

 


 

 

 

 

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

 

 

September 30,

2019

 

June 30,

2019

 

March 31,

2019

 

December 31,

2018

 

September 30,

2018

 

Loans to deposits

 

94.27

%

 

89.17

%

 

77.83

%

 

73.81

%

 

78.49

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares outstanding

 

17,624,239

 

 

17,804,039

 

 

17,804,039

 

 

18,490,225

 

 

18,165,110

 

Book value per common share

$

15.97

 

$

15.80

 

$

15.63

 

$

15.62

 

$

15.96

 

Tangible book value per common share (4)

$

15.61

 

$

15.44

 

$

15.27

 

$

15.27

 

$

15.60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing loans receivable

$

3,425

 

$

2,727

 

$

2,847

 

$

3,576

 

$

5,630

 

Non-performing assets

$

4,281

 

$

3,885

 

$

3,500

 

$

4,148

 

$

6,384

 

Allowance for loan losses as a percent of total loans receivable

 

0.51

%

 

0.52

%

 

0.53

%

 

0.54

%

 

0.54

%

Total valuation adjustment as a percent of total gross loans receivable (5)

 

0.60

%

 

0.62

%

 

0.66

%

 

0.69

%

 

0.70

%

Allowance for loan losses as a percent of non-performing loans receivable

 

174.98

%

 

207.70

%

 

173.67

%

 

138.23

%

 

88.08

%

Non-performing loans as a percent of total loans receivable, net

 

0.29

%

 

0.25

%

 

0.30

%

 

0.39

%

 

0.62

%

Non-performing assets as a percent of total assets

 

0.26

%

 

0.24

%

 

0.23

%

 

0.27

%

 

0.43

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs

$

6

 

$

18

 

$

5

 

$

22

 

$

3

 

Net charge-offs to average outstanding loans during the period (1)

 

0.00

%

 

0.01

%

 

0.00

%