Company Quick10K Filing
⚲
PCSB Financial
Financials
Price20.50 EPS1
Shares18 P/E41
MCap361 P/FCF34
Net Debt0 EBIT25
TEV361 TEV/EBIT15
TTM 2019-09-30, in MM, except price, ratios
Filings
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
Reports
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

Content
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
Note 14. Subsequent Events
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
Exhibits
EX-31.1 pcsb-ex311_6.htm
EX-31.2 pcsb-ex312_8.htm
EX-32 pcsb-ex32_7.htm

PCSB Financial Earnings 2020-12-31

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_20201231.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 December 31, 2020

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  ☒

 

 

 

 

 

16,037,130 shares of the Registrant’s common stock, par value $0.01 per share, were outstanding as of February 5, 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

9

Item 2.

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

34

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

46

Item 4.

Controls and Procedures

46

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

46

Item 1A.

Risk Factors

46

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

46

Item 3.

Defaults Upon Senior Securities

47

Item 4.

Mine Safety Disclosures

47

Item 5.

Other Information

47

Item 6.

Exhibits

47

Signatures

49

 

 

 

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) 

 

 

December 31,

 

 

June 30,

 

 

 

2020

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

159,000

 

 

$

135,045

 

Federal funds sold

 

 

3,541

 

 

 

1,257

 

Total cash and cash equivalents

 

 

162,541

 

 

 

136,302

 

Investment securities:

 

 

 

 

 

 

 

 

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

   $273,858 and $281,497, respectively)

 

 

266,949

 

 

 

275,772

 

Available for sale debt securities, at fair value

 

 

43,282

 

 

 

37,426

 

Total investment securities

 

 

310,231

 

 

 

313,198

 

Loans receivable, net of allowance for loan losses of $8,677 and

   $8,639, respectively

 

 

1,237,550

 

 

 

1,260,947

 

Accrued interest receivable

 

 

6,117

 

 

 

6,880

 

FHLB stock

 

 

6,305

 

 

 

6,308

 

Premises and equipment, net

 

 

19,524

 

 

 

20,853

 

Deferred tax asset, net

 

 

3,665

 

 

 

3,129

 

Bank-owned life insurance

 

 

25,280

 

 

 

25,019

 

Goodwill

 

 

6,106

 

 

 

6,106

 

Other intangible assets

 

 

189

 

 

 

229

 

Other assets

 

 

12,331

 

 

 

12,958

 

Total assets

 

$

1,789,839

 

 

$

1,791,929

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Interest bearing deposits

 

$

1,187,319

 

 

$

1,181,357

 

Non-interest bearing deposits

 

 

189,968

 

 

 

191,898

 

Total deposits

 

 

1,377,287

 

 

 

1,373,255

 

Mortgage escrow funds

 

 

10,610

 

 

 

10,123

 

Advances from FHLB

 

 

106,023

 

 

 

106,089

 

Other liabilities

 

 

26,595

 

 

 

28,749

 

Total liabilities

 

 

1,520,515

 

 

 

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 December 31, 2020 and June 30, 2020)

 

 

-

 

 

 

-

 

Common stock ($0.01 par value, 200,000,000 shares authorized, 18,712,295 shares issued as of December 31, 2020 and June 30, 2020, respectively, and 16,097,867 and 16,898,137 shares outstanding as of December 31, 2020 and June 30, 2020, respectively)

 

 

187

 

 

 

187

 

Additional paid in capital

 

 

187,964

 

 

 

186,200

 

Retained earnings

 

 

145,472

 

 

 

141,288

 

Unearned compensation - ESOP

 

 

(10,657

)

 

 

(11,145

)

Accumulated other comprehensive loss, net of income taxes

 

 

(5,945

)

 

 

(6,403

)

Treasury stock, at cost (2,614,428 and 1,814,158 shares as of December 31, 2020 and June 30, 2020, respectively)

 

 

(47,697

)

 

 

(36,414

)

Total shareholders' equity

 

 

269,324

 

 

 

273,713

 

Total liabilities and shareholders' equity

 

$

1,789,839

 

 

$

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 December 31,

 

 

Six Months Ended December 31,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Interest and dividend income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans receivable

$

12,182

 

 

$

13,149

 

 

$

24,729

 

 

$

26,185

 

Investment securities

 

1,933

 

 

 

2,279

 

 

 

3,789

 

 

 

4,971

 

Federal funds and other

 

110

 

 

 

301

 

 

 

235

 

 

 

599

 

Total interest and dividend income

 

14,225

 

 

 

15,729

 

 

 

28,753

 

 

 

31,755

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits and escrow interest

 

2,158

 

 

 

3,358

 

 

 

4,590

 

 

 

6,659

 

FHLB advances

 

520

 

 

 

674

 

 

 

1,039

 

 

 

1,401

 

Total interest expense

 

2,678

 

 

 

4,032

 

 

 

5,629

 

 

 

8,060

 

Net interest income

 

11,547

 

 

 

11,697

 

 

 

23,124

 

 

 

23,695

 

Provision for loan losses

 

107

 

 

 

412

 

 

 

216

 

 

 

747

 

Net interest income after provision for loan losses

 

11,440

 

 

 

11,285

 

 

 

22,908

 

 

 

22,948

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees and service charges

 

363

 

 

 

402

 

 

 

685

 

 

 

804

 

Swap income

 

238

 

 

 

-

 

 

 

367

 

 

 

170

 

Bank-owned life insurance

 

129

 

 

 

134

 

 

 

261

 

 

 

271

 

Other

 

13

 

 

 

11

 

 

 

24

 

 

 

67

 

Total noninterest income

 

743

 

 

 

547

 

 

 

1,337

 

 

 

1,312

 

Noninterest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

5,520

 

 

 

5,889

 

 

 

11,127

 

 

 

11,653

 

Occupancy and equipment

 

1,374

 

 

 

1,333

 

 

 

2,692

 

 

 

2,648

 

Communication and data processing

 

446

 

 

 

507

 

 

 

1,022

 

 

 

1,038

 

Professional fees

 

503

 

 

 

379

 

 

 

903

 

 

 

783

 

Postage, printing, stationary and supplies

 

167

 

 

 

159

 

 

 

306

 

 

 

299

 

Advertising

 

100

 

 

 

100

 

 

 

200

 

 

 

200

 

FDIC assessment

 

122

 

 

 

-

 

 

 

235

 

 

 

-

 

Amortization of intangible assets

 

20

 

 

 

25

 

 

 

40

 

 

 

49

 

Other operating expenses

 

439

 

 

 

402

 

 

 

790

 

 

 

911

 

Total noninterest expense

 

8,691

 

 

 

8,794

 

 

 

17,315

 

 

 

17,581

 

Net income before income tax expense

 

3,492

 

 

 

3,038

 

 

 

6,930

 

 

 

6,679

 

Income tax expense

 

798

 

 

 

685

 

 

 

1,508

 

 

 

1,497

 

Net income

$

2,694

 

 

$

2,353

 

 

$

5,422

 

 

$

5,182

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.18

 

 

$

0.15

 

 

$

0.36

 

 

$

0.33

 

Diluted

$

0.18

 

 

$

0.14

 

 

$

0.36

 

 

$

0.32

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

14,888,528

 

 

 

15,837,762

 

 

 

15,094,982

 

 

 

15,908,761

 

Diluted

 

14,889,020

 

 

 

15,909,855

 

 

 

15,094,982

 

 

 

15,996,251

 

 

See accompanying notes to the consolidated financial statements (unaudited)

4

 

PCSB Financial Corporation and Subsidiaries

Consolidated Statements of Comprehensive Income (unaudited)

(amounts in thousands)

 

 

 

Three Months Ended December 31,

 

 

Six Months Ended December 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

 

$

2,694

 

 

$

2,353

 

 

$

5,422

 

 

$

5,182

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized gains/losses before reclassification adjustment

 

 

(3

)

 

 

39

 

 

 

(19

)

 

 

220

 

Reclassification adjustment for gains realized in net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net change in unrealized gains/losses

 

 

(3

)

 

 

39

 

 

 

(19

)

 

 

220

 

Tax effect

 

 

1

 

 

 

(7

)

 

 

4

 

 

 

(45

)

Net of tax

 

 

(2

)

 

 

32

 

 

 

(15

)

 

 

175

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

332

 

 

 

403

 

 

 

572

 

 

 

536

 

Tax effect

 

 

(69

)

 

 

(83

)

 

 

(120

)

 

 

(112

)

Net of tax

 

 

263

 

 

 

320

 

 

 

452

 

 

 

424

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental retirement plans: