Exhibit 99.1

 

PCSB Financial Corporation Announces Fourth Fiscal Quarter and Year End Financial Results and

Declares Quarterly Cash Dividend

 

Yorktown Heights, New York; August 5, 2021 – PCSB Financial Corporation (the “Company”) (NASDAQ: PCSB), parent of PCSB Bank (the "Bank"), today announced net income of $3.4 million, or $0.23 per diluted share, for the three months ended June 30, 2021, compared to $3.6 million, or $0.25 per diluted share, for the three months ended March 31, 2021 and $3.0 million, or $0.19 per diluted share, for the three months ended June 30, 2020. Net income was $12.4 million, or $0.84 per diluted share, for the year ended June 30, 2021, compared to $9.4 million, or $0.60 per diluted share, for the year ended June 30, 2020.

 

Results for the year ended June 30, 2021 include a benefit for loan losses of $673,000, or $0.04 per diluted share, net of tax, which includes the release of the qualitative reserves established in the prior fiscal year associated with the COVID-19 pandemic. The prior year results include a provision for loan losses of $3.1 million, or $0.15 per diluted share, net of tax, for the year ended June 30, 2020, of which $1.9 million, or $0.10 per diluted share, net of tax, related to the establishment of these qualitative reserves. Substantially all of these qualitative reserves have been released as of June 30, 2021.

 

On July 28, 2021, the Board of Directors declared a regular quarterly cash dividend of $0.06 per share. The dividend is payable on or about September 3, 2021 to shareholders of record as of the close of business on August 20, 2021.

 

 

Fourth Quarter and Year End Highlights

 

 

Earnings before income tax expense and provision for loan losses of $4.3 million for the current quarter increased 17.1% from the linked quarter and 4.4% from the same quarter last year. Earnings before income tax expense and provision for loan losses of $15.1 million for the current year was unchanged from the prior year.

 

Net interest income of $12.6 million for the current quarter increased 8.1% from the linked quarter and 9.8% from the same quarter last year. Net interest income of $47.3 million for the current year increased 1.4% from the prior year.

 

Tax equivalent net interest margin was 2.81% for the current quarter, an increase from 2.69% in the linked quarter and 2.73% for the same quarter last year. Tax equivalent net interest margin was 2.73% for the current year, a decrease from 2.89% in the prior year.

 

The average cost of interest-bearing deposits was 0.48% for the current quarter, a decrease from 0.59% in the linked quarter and 0.97% for the same quarter last year. The average cost of interest-bearing deposit was 0.64% for the current year, a decrease from 1.14% in the prior year.

 

The efficiency ratio was 67.43% for the current quarter compared to 70.10% for the linked quarter and 67.53% for the prior year quarter. The efficiency ratio was 69.73% for the current year compared to 69.62% in the prior year.

 

Average loans receivable, excluding SBA Paycheck Protection Program (“PPP”) loans, of $1.20 billion for the current quarter, a decrease from $1.23 billion in the same quarter last year.

 

Average deposits of $1.48 billion for the current quarter, increases of 5.8% and 10.1% compared to the linked quarter and same quarter last year, respectively.

 

Allowance for loan losses to total net loans receivable (excluding PPP loans) of 0.66% as of June 30, 2021, a decrease from 0.71% as of June 30, 2020.

 

Non-performing loans of $5.8 million, or 0.48% of total net loans receivable (excluding PPP loans), as of June 30, 2021, compared to 0.17% as of March 31, 2021 and 0.15% as of June 30, 2020. The increase in the current quarter was the result of one commercial mortgage with an LTV of 53.9% upon origination being placed on nonaccrual status.

 

Loans on a COVID-19 related payment deferral totaled $27.3 million, or 2.21% of gross loans, compared to $34.4 million, or 2.71% of gross loans as of March 31, 2021. Loans on deferral totaling $12.5 million, $1.3 million and $13.5 million are scheduled to resume payments in the next three consecutive quarters, respectively.

 

 

 

 

 

1

 


The following information was filed by Pcsb Financial Corp (PCSB) on Thursday, August 5, 2021 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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