Exhibit 99.1

 

PCSB Financial Corporation Announces Second Fiscal Quarter Financial Results and

Declares Quarterly Cash Dividend

 

Yorktown Heights, New York; January 23, 2020 – PCSB Financial Corporation (the “Company”) (NASDAQ: PCSB), parent of PCSB Bank (the "Bank"), today announced net income of $2.4 million, or $0.14 per diluted share, for the three months ended December 31, 2019 compared to $2.8 million, or $0.18 per diluted share, for the three months ended September 30, 2019 and $2.3 million, or $0.14 per diluted share, for the three months ended December 31, 2018. Net income for the six months ended December 31, 2019 was $5.2 million, or $0.32 per diluted share, compared to $4.7 million, or $0.28 per diluted share, for the same period last year.

 

On a non-GAAP basis, which excludes certain nonrecurring items, the Company recorded adjusted net income of $2.3 million, or $0.14 per diluted share for the three months ended December 31, 2019 as compared to adjusted net income of $2.4 million, or $0.15 per diluted share, for the three months ended September 30, 2019 and $2.1 million, or $0.13 per diluted share, for the three months ended December 31, 2018. Adjusted net income for the six months ended December 31, 2019 was $4.7 million, or $0.29 per diluted share, compared to $4.4 million, or $0.26 per diluted share, for the same period last year. 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 February 28, 2020 to stockholders of record as of the close of business on February 14, 2020.

 

Second Quarter 2020 Highlights

 

 

Diluted earnings per share of $0.14 for the current quarter unchanged from the prior year quarter.

 

Net interest income of $11.7 million, an increase of $953,000, or 8.9%, compared to the same quarter last year. Fiscal year-to-date net interest income of $23.7 million, an 11.7% increase from the prior year.

 

The net interest margin was 2.93% for the quarter, a decrease from 2.99% for the same quarter last year.

 

The efficiency ratio was 71.82% for the quarter, compared to 73.56% for the same quarter last year.

 

Total loans receivable of $1.18 billion, representing year-to-date growth of $90.6 million, or 8.3%, and year-over-year growth of $279.4 million, or 30.9%.

 

Nonperforming loans decreased $1.8 million, or 52.6%, during the quarter to $1.6 million equating to 0.14% of gross loans receivable.

 

Loan to deposit ratio was 94.58%, an increase from 73.81% as of the same quarter last year.

 

The Company repurchased 251,931 shares of common stock during the quarter at a total cost of $5.1 million, or an average cost of $20.12 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 with the solid growth in our core business through the first six months of our third year as a public company.  Loan volume remains strong, as evidenced by the $90.6 million, or 8.3%, increase in net loans over the six-month period. This growth resulted in a loan to deposit ratio of 94.58%, increasing from 89.17% at June 30, 2019.  Asset quality continues to remain strong as non-performing assets as a percent of total assets was 0.12% as compared to 0.27% a year ago.  Our net interest margin of 2.93% is down 6 basis points from 2.99% in the year ago period as a result of the continued low interest rate environment along with competitive loan and deposit pricing. However, we are pleased that our linked quarters’ cost of deposits has leveled off and we will look to take advantage of opportunities to reduce this cost.  As we move forward, we remain focused on enhancing shareholder value through continued growth in our core business together with capital management techniques such as share repurchases and dividends.    

 

Income Statement Summary

 

Net interest income was $11.7 million for the quarter ended December 31, 2019, a decrease of $301,000, or 2.5%, compared to the quarter ended September 30, 2019, and an increase of $953,000, or 8.9%, compared to quarter ended December 31, 2018. The increase in net interest income compared to the prior year is primarily the result of

 

1

 

 


The following information was filed by Pcsb Financial Corp (PCSB) on Thursday, January 23, 2020 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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