Company Quick10K Filing
PCSB Financial
Price20.50 EPS1
Shares18 P/E41
MCap361 P/FCF34
Net Debt0 EBIT25
TEV361 TEV/EBIT15
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-05-07
10-Q 2020-12-31 Filed 2021-02-05
10-Q 2020-09-30 Filed 2020-11-06
10-K 2020-06-30 Filed 2020-09-11
10-Q 2020-03-31 Filed 2020-05-06
10-Q 2019-12-31 Filed 2020-02-07
10-Q 2019-09-30 Filed 2019-11-08
10-K 2019-06-30 Filed 2019-09-10
10-Q 2019-03-31 Filed 2019-05-10
10-Q 2018-12-31 Filed 2019-02-08
10-Q 2018-09-30 Filed 2018-11-09
10-K 2018-06-30 Filed 2018-09-13
10-Q 2018-03-31 Filed 2018-05-11
10-Q 2017-12-31 Filed 2018-02-09
10-Q 2017-09-30 Filed 2017-11-09
10-K 2017-06-30 Filed 2017-09-27
10-Q 2017-03-31 Filed 2017-05-12
10-Q 2016-12-31 Filed 2017-03-27
8-K 2020-10-29
8-K 2020-10-28
8-K 2020-08-20
8-K 2020-08-10
8-K 2020-08-06
8-K 2020-04-30
8-K 2020-02-19
8-K 2020-01-31
8-K 2020-01-23
8-K 2019-10-23
8-K 2019-10-23
8-K 2019-08-01
8-K 2019-06-19
8-K 2019-05-22
8-K 2019-04-25
8-K 2019-02-06
8-K 2019-01-24
8-K 2018-12-31
8-K 2018-11-15
8-K 2018-11-07
8-K 2018-10-30
8-K 2018-10-25
8-K 2018-10-24
8-K 2018-10-24
8-K 2018-08-02
8-K 2018-07-25
8-K 2018-04-26
8-K 2018-01-25

PCSB 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Note 1. Basis of Presentation
Note 2. Recent Accounting Pronouncements
Note 3. Investment Securities
Note 4. Loans Receivable
Note 5. Accumulated Other Comprehensive Income (Loss)
Note 6. Post - Retirement Benefits
Note 7. Fair Value of Financial Instruments
Note 8. Regulatory Matters
Note 9. Earnings per Share ("Eps")
Note 10. Derivatives and Hedging
Note 11. Revenue From Contracts with Customers
Note 12. Stock - Based Compensation
Note 13. Leases
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds of Registered Securities
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 pcsb-ex311_6.htm
EX-31.2 pcsb-ex312_8.htm
EX-32 pcsb-ex32_7.htm

PCSB Financial Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
1.71.41.00.70.30.02017201820192020
Assets, Equity
0.10.10.10.00.00.02016201720182020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22017201820192020
Ops, Inv, Fin

pcsb-10q_20210331.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number: 001-38065

 

PCSB Financial Corporation

(Exact Name of Registrant as Specified in its Charter)

 

 

Maryland

81-4710738

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

2651 Strang Blvd, Suite 100

Yorktown Heights, NY

10598

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (914) 248-7272

N/A

    

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.01 par value per share

 

PCSB

 

The NASDAQ Stock Market, LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

  

Accelerated filer

 

 

 

 

 

 

Non-accelerated filer

 

 

  

Small reporting company

 

 

 

 

 

 

 

 

 

  

  

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for completing with any or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

 

 

 

 

 

15,966,216 shares of the Registrant’s common stock, par value $0.01 per share, were outstanding as of May 7, 2021.

 


 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Financial Statements (Unaudited)

3

 

Consolidated Balance Sheets

3

 

Consolidated Statements of Operations

4

 

Consolidated Statements of Comprehensive Income

5

 

Consolidated Statements of Changes in Shareholders’ Equity

6

 

Consolidated Statements of Cash Flows

8

 

Notes to Unaudited Consolidated Financial Statements

10

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

35

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

47

Item 4.

Controls and Procedures

47

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

47

Item 1A.

Risk Factors

47

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

47

Item 3.

Defaults Upon Senior Securities

48

Item 4.

Mine Safety Disclosures

48

Item 5.

Other Information

48

Item 6.

Exhibits

48

Signatures

50

 

 

 

2

 


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

PCSB Financial Corporation and Subsidiaries

Consolidated Balance Sheets (unaudited)

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

 

 

 

March 31,

 

 

June 30,

 

 

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

167,983

 

 

$

135,045

 

Federal funds sold

 

 

1,331

 

 

 

1,257

 

Total cash and cash equivalents

 

 

169,314

 

 

 

136,302

 

Investment securities:

 

 

 

 

 

 

 

 

Held to maturity debt securities, at amortized cost (fair value of

   $313,974 and $281,497, respectively)

 

 

309,692

 

 

 

275,772

 

Available for sale debt securities, at fair value

 

 

37,610

 

 

 

37,426

 

Total investment securities

 

 

347,302

 

 

 

313,198

 

Loans receivable, net of allowance for loan losses of $7,865 and

   $8,639, respectively

 

 

1,261,155

 

 

 

1,260,947

 

Accrued interest receivable

 

 

6,731

 

 

 

6,880

 

FHLB stock

 

 

5,854

 

 

 

6,308

 

Premises and equipment, net

 

 

19,364

 

 

 

20,853

 

Deferred tax asset, net

 

 

3,163

 

 

 

3,129

 

Bank-owned life insurance

 

 

25,400

 

 

 

25,019

 

Goodwill

 

 

6,106

 

 

 

6,106

 

Other intangible assets

 

 

168

 

 

 

229

 

Other assets

 

 

10,117

 

 

 

12,958

 

Total assets

 

$

1,854,674

 

 

$

1,791,929

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Interest bearing deposits

 

$

1,250,945

 

 

$

1,181,357

 

Non-interest bearing deposits

 

 

203,345

 

 

 

191,898

 

Total deposits

 

 

1,454,290

 

 

 

1,373,255

 

Mortgage escrow funds

 

 

9,252

 

 

 

10,123

 

Advances from FHLB

 

 

95,991

 

 

 

106,089

 

Other liabilities

 

 

23,844

 

 

 

28,749

 

Total liabilities

 

 

1,583,377

 

 

 

1,518,216

 

Commitments and contingencies

 

 

-

 

 

 

-

 

Shareholders' equity:

 

 

 

 

 

 

 

 

Preferred stock ($0.01 par value, 10,000,000 shares authorized, no shares issued or outstanding as of March 31, 2021 and June 30, 2020)

 

 

-

 

 

 

-

 

Common stock ($0.01 par value, 200,000,000 shares authorized, 18,703,577 and 18,712,295 shares issued as of March 31, 2021 and June 30, 2020, respectively, and 15,966,216 and 16,898,137 shares outstanding as of March 31, 2021 and June 30, 2020, respectively)

 

 

187

 

 

 

187

 

Additional paid in capital

 

 

188,926

 

 

 

186,200

 

Retained earnings

 

 

148,466

 

 

 

141,288

 

Unearned compensation - ESOP

 

 

(10,418

)

 

 

(11,145

)

Accumulated other comprehensive loss, net of income taxes

 

 

(6,180

)

 

 

(6,403

)

Treasury stock, at cost (2,737,361 and 1,814,158 shares as of March 31, 2021 and June 30, 2020, respectively)

 

 

(49,684

)

 

 

(36,414

)

Total shareholders' equity

 

 

271,297

 

 

 

273,713

 

Total liabilities and shareholders' equity

 

$

1,854,674

 

 

$

1,791,929

 

 

See accompanying notes to the consolidated financial statements (unaudited)

3


PCSB Financial Corporation and Subsidiaries

Consolidated Statements of Operations (unaudited)

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

 

 

Three Months Ended March 31,

 

 

Nine Months Ended March 31,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Interest and dividend income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans receivable

$

12,116

 

 

$

13,114

 

 

$

36,845

 

 

$

39,299

 

Investment securities

 

1,700

 

 

 

2,003

 

 

 

5,489

 

 

 

6,974

 

Federal funds and other

 

109

 

 

 

217

 

 

 

344

 

 

 

816

 

Total interest and dividend income

 

13,925

 

 

 

15,334

 

 

 

42,678

 

 

 

47,089

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits and escrow interest

 

1,782

 

 

 

3,268

 

 

 

6,372

 

 

 

9,927

 

FHLB advances

 

506

 

 

 

541

 

 

 

1,545

 

 

 

1,942

 

Total interest expense

 

2,288

 

 

 

3,809

 

 

 

7,917

 

 

 

11,869

 

Net interest income

 

11,637

 

 

 

11,525

 

 

 

34,761

 

 

 

35,220

 

Provision (benefit) for loan losses

 

(894

)

 

 

2,008

 

 

 

(678

)

 

 

2,755

 

Net interest income after provision for loan losses

 

12,531

 

 

 

9,517

 

 

 

35,439

 

 

 

32,465

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees and service charges

 

353

 

 

 

366

 

 

 

1,038

 

 

 

1,170

 

Bank-owned life insurance

 

120

 

 

 

128

 

 

 

381

 

 

 

399

 

Swap income

 

-

 

 

 

-

 

 

 

367

 

 

 

170

 

Gains on sales of securities

 

113

 

 

 

38

 

 

 

113

 

 

 

38

 

Other

 

6

 

 

 

48

 

 

 

30

 

 

 

115

 

Total noninterest income

 

592

 

 

 

580

 

 

 

1,929

 

 

 

1,892

 

Noninterest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

5,595

 

 

 

5,782

 

 

 

16,722

 

 

 

17,435

 

Occupancy and equipment

 

1,359

 

 

 

1,311

 

 

 

4,051

 

 

 

3,959

 

Communication and data processing

 

517

 

 

 

521

 

 

 

1,539

 

 

 

1,559

 

Professional fees

 

382

 

 

 

393

 

 

 

1,285

 

 

 

1,176

 

Postage, printing, stationery and supplies

 

146

 

 

 

140

 

 

 

452

 

 

 

439

 

FDIC assessment

 

115

 

 

 

-

 

 

 

350

 

 

 

-

 

Advertising

 

100

 

 

 

100

 

 

 

300

 

 

 

300

 

Amortization of intangible assets

 

21

 

 

 

24

 

 

 

61

 

 

 

73

 

Other operating expenses

 

337

 

 

 

249

 

 

 

1,127

 

 

 

1,160

 

Total noninterest expense

 

8,572

 

 

 

8,520

 

 

 

25,887

 

 

 

26,101

 

Net income before income tax expense

 

4,551

 

 

 

1,577

 

 

 

11,481

 

 

 

8,256

 

Income tax expense

 

959

 

 

 

360

 

 

 

2,467

 

 

 

1,857

 

Net income

$

3,592

 

 

$

1,217

 

 

$

9,014

 

 

$

6,399

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.25

 

 

$

0.08

 

 

$

0.60

 

 

$

0.41

 

Diluted

$

0.25

 

 

$

0.08

 

 

$

0.60

 

 

$

0.40

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

14,631,122

 

 

 

15,437,173

 

 

 

14,944,097

 

 

 

15,752,709

 

Diluted

 

14,632,342

 

 

 

15,447,217

 

 

 

14,944,664

 

 

 

15,814,322

 

 

See accompanying notes to the consolidated financial statements (unaudited)

4


PCSB Financial Corporation and Subsidiaries

Consolidated Statements of Comprehensive Income (Loss) (unaudited)

(amounts in thousands)

 

 

 

Three Months Ended March 31,

 

 

Nine Months Ended March 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income

 

$

3,592

 

 

$

1,217

 

 

$

9,014

 

 

$

6,399

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized (losses) gains on available for sale debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized gains/losses before reclassification adjustment

 

 

(565

)

 

 

186

 

 

 

(584

)

 

 

406

 

Reclassification adjustment for gains realized in net income

 

 

(52

)

 

 

(20

)

 

 

(52

)

 

 

(20

)

Net change in unrealized gains/losses

 

 

(617

)

 

 

166

 

 

 

(636

)

 

 

386

 

Tax effect

 

 

129

 

 

 

(35

)

 

 

133

 

 

 

(80

)

Net of tax

 

 

(488

)

 

 

131

 

 

 

(503

)

 

 

306

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Defined benefit pension plan:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gain (loss) arising during the period

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Reclassification adjustment for amortization of prior service cost and net gain included in net periodic pension cost

 

 

305

 

 

 

132

 

 

 

877

 

 

 

668

 

Tax effect

 

 

(64

)

 

 

(27

)

 

 

(184

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