falsedesktopPCSB2020-12-31000156459021004544{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Maryland\t81-4710738\n(State or other jurisdiction of incorporation or organization)\t(I.R.S. Employer Identification No.)\n2651 Strang Blvd Suite 100 Yorktown Heights NY\t10598\n(Address of principal executive offices)\t(Zip Code)\n", "q10k_tbl_1": "Large accelerated filer\t☐\tAccelerated filer\t☐\nNon-accelerated filer\t☒\tSmall reporting company\t☒\n\t\tEmerging growth company\t☒\t\n", "q10k_tbl_2": "\t\tPage\nPART I.\tFINANCIAL INFORMATION\t\nItem 1.\tFinancial Statements (Unaudited)\t3\n\tConsolidated Balance Sheets\t3\n\tConsolidated Statements of Operations\t4\n\tConsolidated Statements of Comprehensive Income\t5\n\tConsolidated Statements of Changes in Shareholders' Equity\t6\n\tConsolidated Statements of Cash Flows\t8\n\tNotes to Unaudited Consolidated Financial Statements\t9\nItem 2.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t34\nItem 3.\tQuantitative and Qualitative Disclosures About Market Risk\t46\nItem 4.\tControls and Procedures\t46\nPART II.\tOTHER INFORMATION\t\nItem 1.\tLegal Proceedings\t46\nItem 1A.\tRisk Factors\t46\nItem 2.\tUnregistered Sales of Equity Securities and Use of Proceeds\t46\nItem 3.\tDefaults Upon Senior Securities\t47\nItem 4.\tMine Safety Disclosures\t47\nItem 5.\tOther Information\t47\nItem 6.\tExhibits\t47\nSignatures\t\t49\n", "q10k_tbl_3": "\tDecember 31\tJune 30\n\t2020\t2020\nASSETS\t\t\nCash and due from banks\t159000\t135045\nFederal funds sold\t3541\t1257\nTotal cash and cash equivalents\t162541\t136302\nInvestment securities:\t\t\nHeld to maturity debt securities at amortized cost (fair value of $273858 and $281497 respectively)\t266949\t275772\nAvailable for sale debt securities at fair value\t43282\t37426\nTotal investment securities\t310231\t313198\nLoans receivable net of allowance for loan losses of $8677 and $8639 respectively\t1237550\t1260947\nAccrued interest receivable\t6117\t6880\nFHLB stock\t6305\t6308\nPremises and equipment net\t19524\t20853\nDeferred tax asset net\t3665\t3129\nBank-owned life insurance\t25280\t25019\nGoodwill\t6106\t6106\nOther intangible assets\t189\t229\nOther assets\t12331\t12958\nTotal assets\t1789839\t1791929\nLIABILITIES AND SHAREHOLDERS' EQUITY\t\t\nInterest bearing deposits\t1187319\t1181357\nNon-interest bearing deposits\t189968\t191898\nTotal deposits\t1377287\t1373255\nMortgage escrow funds\t10610\t10123\nAdvances from FHLB\t106023\t106089\nOther liabilities\t26595\t28749\nTotal liabilities\t1520515\t1518216\nCommitments and contingencies\t0\t0\nShareholders' equity:\t\t\nPreferred stock ($0.01 par value 10000000 shares authorized no shares issued or outstanding as of December 31 2020 and June 30 2020)\t0\t0\nCommon stock ($0.01 par value 200000000 shares authorized 18712295 shares issued as of December 31 2020 and June 30 2020 respectively and 16097867 and 16898137 shares outstanding as of December 31 2020 and June 30 2020 respectively)\t187\t187\nAdditional paid in capital\t187964\t186200\nRetained earnings\t145472\t141288\nUnearned compensation - ESOP\t(10657)\t(11145)\nAccumulated other comprehensive loss net of income taxes\t(5945)\t(6403)\nTreasury stock at cost (2614428 and 1814158 shares as of December 31 2020 and June 30 2020 respectively)\t(47697)\t(36414)\nTotal shareholders' equity\t269324\t273713\nTotal liabilities and shareholders' equity\t1789839\t1791929\n", "q10k_tbl_4": "\tThree Months Ended December 31\t\tSix Months Ended December 31\t\n\t2020\t2019\t2020\t2019\nInterest and dividend income\t\t\t\t\nLoans receivable\t12182\t13149\t24729\t26185\nInvestment securities\t1933\t2279\t3789\t4971\nFederal funds and other\t110\t301\t235\t599\nTotal interest and dividend income\t14225\t15729\t28753\t31755\nInterest expense\t\t\t\t\nDeposits and escrow interest\t2158\t3358\t4590\t6659\nFHLB advances\t520\t674\t1039\t1401\nTotal interest expense\t2678\t4032\t5629\t8060\nNet interest income\t11547\t11697\t23124\t23695\nProvision for loan losses\t107\t412\t216\t747\nNet interest income after provision for loan losses\t11440\t11285\t22908\t22948\nNoninterest income\t\t\t\t\nFees and service charges\t363\t402\t685\t804\nSwap income\t238\t0\t367\t170\nBank-owned life insurance\t129\t134\t261\t271\nOther\t13\t11\t24\t67\nTotal noninterest income\t743\t547\t1337\t1312\nNoninterest expense\t\t\t\t\nSalaries and employee benefits\t5520\t5889\t11127\t11653\nOccupancy and equipment\t1374\t1333\t2692\t2648\nCommunication and data processing\t446\t507\t1022\t1038\nProfessional fees\t503\t379\t903\t783\nPostage printing stationary and supplies\t167\t159\t306\t299\nAdvertising\t100\t100\t200\t200\nFDIC assessment\t122\t0\t235\t0\nAmortization of intangible assets\t20\t25\t40\t49\nOther operating expenses\t439\t402\t790\t911\nTotal noninterest expense\t8691\t8794\t17315\t17581\nNet income before income tax expense\t3492\t3038\t6930\t6679\nIncome tax expense\t798\t685\t1508\t1497\nNet income\t2694\t2353\t5422\t5182\nEarnings per common share:\t\t\t\t\nBasic\t0.18\t0.15\t0.36\t0.33\nDiluted\t0.18\t0.14\t0.36\t0.32\nWeighted average common shares outstanding:\t\t\t\t\nBasic\t14888528\t15837762\t15094982\t15908761\nDiluted\t14889020\t15909855\t15094982\t15996251\n", "q10k_tbl_5": "\tThree Months Ended December 31\t\tSix Months Ended December 31\t\n\t2020\t2019\t2020\t2019\nNet income\t2694\t2353\t5422\t5182\nOther comprehensive income:\t\t\t\t\nUnrealized (losses) gains on available for sale debt securities:\t\t\t\t\nNet change in unrealized gains/losses before reclassification adjustment\t(3)\t39\t(19)\t220\nReclassification adjustment for gains realized in net income\t0\t0\t0\t0\nNet change in unrealized gains/losses\t(3)\t39\t(19)\t220\nTax effect\t1\t(7)\t4\t(45)\nNet of tax\t(2)\t32\t(15)\t175\nDefined benefit pension plan:\t\t\t\t\nNet gain (loss) arising during the period\t0\t0\t0\t0\nReclassification adjustment for amortization of prior service cost and net gain included in net periodic pension cost\t332\t403\t572\t536\nTax effect\t(69)\t(83)\t(120)\t(112)\nNet of tax\t263\t320\t452\t424\nSupplemental retirement plans:\t\t\t\t\nNet gain (loss) arising during the period\t0\t0\t0\t0\nReclassification adjustment for amortization of prior service cost and net gain included in net periodic pension cost\t14\t12\t28\t23\nTax effect\t(4)\t(4)\t(7)\t(6)\nNet of tax\t10\t8\t21\t17\nTotal other comprehensive income\t271\t360\t458\t616\nComprehensive income\t2965\t2713\t5880\t5798\n", "q10k_tbl_6": "\t\t\t\t\t\t\tAccumulated\t\nNumber of\t\t\tAdditional\t\tUnallocated\tTreasury\tOther\t\nCommon\t\tCommon\tPaid-In\tRetained\tCommon Stock\tStock\tComprehensive\tTotal\nShares\t\tStock\tCapital\tEarnings\tof ESOP\tat cost\tLoss\tEquity\nBalance at July 1 2020\t16898137\t187\t186200\t141288\t(11145)\t(36414)\t(6403)\t273713\nNet income\t0\t0\t0\t2728\t0\t0\t\t2728\nOther comprehensive income\t0\t0\t0\t0\t0\t0\t187\t187\nCommon stock dividends declared ($0.04 per share)\t0\t0\t0\t(630)\t0\t0\t0\t(630)\nRepurchase of common stock\t(266900)\t0\t0\t0\t0\t(3449)\t0\t(3449)\nRestricted stock awards granted\t3000\t0\t(60)\t0\t0\t60\t\t0\nStock-based compensation\t0\t0\t829\t0\t0\t0\t0\t829\nESOP shares committed to be released (24419 shares)\t0\t0\t57\t0\t244\t0\t0\t301\nBalance at September 30 2020\t16634237\t187\t187026\t143386\t(10901)\t(39803)\t(6216)\t273679\nNet income\t\t\t\t2694\t\t\t\t2694\nOther comprehensive income\t\t\t\t\t\t\t271\t271\nCommon stock dividends declared ($0.04 per share)\t\t\t\t(608)\t\t\t\t(608)\nRepurchase of common stock\t(517270)\t\t\t\t\t(7591)\t\t(7591)\nShares withheld related to income tax withholding\t(19100)\t\t\t\t\t(303)\t\t(303)\nStock-based compensation\t\t\t822\t\t\t\t\t822\nESOP shares committed to be released (24419 shares)\t\t\t116\t\t244\t\t\t360\nBalance at December 31 2020\t16097867\t187\t187964\t145472\t(10657)\t(47697)\t(5945)\t269324\n", "q10k_tbl_7": "\t\t\t\t\t\t\tAccumulated\t\nNumber of\t\t\tAdditional\t\tUnallocated\t\tOther\t\nCommon\t\tCommon\tPaid-In\tRetained\tCommon Stock\tTreasury Stock\tComprehensive\tTotal\nShares\t\tStock\tCapital\tEarnings\tof ESOP\tat cost\tLoss\tEquity\nBalance at July 1 2019\t17804039\t187\t182129\t134500\t(12114)\t(18305)\t(5090)\t281307\nNet income\t0\t0\t0\t2829\t0\t0\t0\t2829\nOther comprehensive income\t0\t0\t0\t0\t0\t0\t256\t256\nCommon stock dividends declared ($0.04 per share)\t0\t0\t0\t(659)\t0\t0\t0\t(659)\nRepurchase of common stock\t(179800)\t0\t0\t0\t0\t(3524)\t0\t(3524)\nStock-based compensation\t0\t0\t830\t0\t0\t0\t0\t830\nESOP shares committed to be released (24419 shares)\t0\t0\t239\t0\t244\t0\t0\t483\nBalance at September 30 2019\t17624239\t187\t183198\t136670\t(11870)\t(21829)\t(4834)\t281522\nNet income\t\t\t\t2353\t\t\t\t2353\nOther comprehensive income\t\t\t\t\t\t\t360\t360\nCommon stock dividends declared ($0.04 per share)\t\t\t\t(650)\t\t\t\t(650)\nRepurchase of common stock\t(236050)\t\t\t\t\t(4748)\t\t(4748)\nShares withheld related to income tax withholding\t(15881)\t\t\t\t\t(320)\t\t(320)\nStock-based compensation\t\t\t829\t\t\t\t\t829\nESOP shares committed to be released (24419 shares)\t\t\t249\t\t244\t\t\t493\nBalance at December 31 2019\t17372308\t187\t184276\t138373\t(11626)\t(26897)\t(4474)\t279839\n", "q10k_tbl_8": "\tSix Months Ended December 31\t\n\t2020\t2019\nOPERATING ACTIVITIES\t\t\nNet income\t5422\t5182\nAdjustments to reconcile net income to net cash provided by operating activities:\t\t\nProvision for loan loss\t216\t747\nDepreciation and amortization\t1486\t1480\nAmortization of net premiums on securities and net deferred loan origination costs\t507\t836\nNet decrease (increase) in accrued interest receivable\t763\t(135)\nNet gains on sales of foreclosed real estate\t0\t(38)\nStock-based compensation\t1651\t1658\nESOP compensation\t661\t977\nEarnings from cash surrender value of BOLI\t(261)\t(271)\nNet accretion of purchase accounting adjustments\t(137)\t(293)\nOther adjustments principally net changes in other assets and liabilities\t(1586)\t(801)\nNet cash provided by operating activities\t8722\t9342\nINVESTING ACTIVITIES\t\t\nPurchases of investment securities:\t\t\nHeld to maturity\t(40116)\t(1103)\nAvailable for sale\t(20377)\t0\nMaturities calls and amortization of investment securities:\t\t\nHeld to maturity\t48403\t74876\nAvailable for sale\t14407\t17857\nLoan principal repayments (disbursements) net\t23442\t(47312)\nPurchase of loans\t0\t(44321)\nNet redemption of FHLB stock\t3\t1128\nPurchase of bank premises and equipment net of sales\t(117)\t(380)\nProceeds from sales of foreclosed real estate\t0\t1196\nNet cash provided by investing activities\t25645\t1941\nFINANCING ACTIVITIES\t\t\nNet increase in deposits\t4032\t25793\nNet decrease in short-term FHLB advances\t0\t(40000)\nProceeds from long-term FHLB advances\t0\t20000\nRepayment of long-term FHLB advances\t(66)\t(5063)\nNet increase in mortgage escrow funds\t487\t694\nCommon stock dividends paid\t(1238)\t(1309)\nRepurchase of shares from employees for income tax withholding purpose\t(303)\t(320)\nRepurchase of common stock\t(11040)\t(8272)\nNet cash used in financing activities\t(8128)\t(8477)\nNet increase in cash and cash equivalents\t26239\t2806\nCash and cash equivalents at beginning of period\t136302\t60029\nCash and cash equivalents at end of period\t162541\t62835\nSupplemental information:\t\t\nCash paid for:\t\t\nInterest\t5635\t8011\nIncome taxes (net of refunds)\t2715\t1921\nLoans transferred to foreclosed real estate and other assets\t0\t279\nEstablishment of right to use lease asset (ASU 2016-13)\t0\t12687\n", "q10k_tbl_9": "\tDecember 31 2020\t\t\t\n\tAmortized\tGross Unrealized/Unrecognized\t\tFair\n\tCost\tGains\tLosses\tValue\n\t\t(in thousands)\t\t\nAvailable for sale:\t\t\t\t\nU.S. Government and agency obligations\t1000\t7\t0\t1007\nCorporate\t8026\t78\t(7)\t8097\nState and municipal\t7041\t77\t(2)\t7116\nMortgage-backed securities - residential\t26692\t418\t(48)\t27062\nTotal available for sale\t42759\t580\t(57)\t43282\nHeld to maturity:\t\t\t\t\nU.S. Government and agency obligations\t28501\t325\t0\t28826\nCorporate\t43619\t725\t(777)\t43567\nState and municipal\t30308\t685\t(8)\t30985\nMortgage-backed securities - residential\t96434\t4008\t0\t100442\nMortgage-backed securities - collateralized mortgage obligations\t47784\t1287\t(9)\t49062\nMortgage-backed securities - commercial\t20303\t673\t0\t20976\nTotal held to maturity\t266949\t7703\t(794)\t273858\n", "q10k_tbl_10": "\tJune 30 2020\t\t\t\n\tAmortized\tGross Unrealized/Unrecognized\t\tFair\n\tCost\tGains\tLosses\tValue\n\t\t(in thousands)\t\t\nAvailable for sale:\t\t\t\t\nU.S. Government and agency obligations\t11002\t47\t0\t11049\nCorporate\t5038\t82\t0\t5120\nMortgage-backed securities - residential\t20844\t428\t(15)\t21257\nTotal available for sale\t36884\t557\t(15)\t37426\nHeld to maturity:\t\t\t\t\nU.S. Government and agency obligations\t42001\t454\t(5)\t42450\nCorporate\t43634\t142\t(1459)\t42317\nState and municipal\t9156\t190\t(51)\t9295\nMortgage-backed securities - residential\t117160\t4291\t(17)\t121434\nMortgage-backed securities - collateralized mortgage obligations\t45047\t1487\t(31)\t46503\nMortgage-backed securities - commercial\t18774\t724\t0\t19498\nTotal held to maturity\t275772\t7288\t(1563)\t281497\n", "q10k_tbl_11": "\tHeld to maturity\t\tAvailable for sale\t\n\tCarrying\tFair\tAmortized\tFair\n\tAmount\tValue\tCost\tValue\n1 year or less\t6035\t6112\t1000\t1007\n1 to 5 years\t32667\t32715\t5026\t5104\n5 to 10 years\t33709\t33857\t3000\t2993\nover 10 years\t26076\t26479\t7041\t7116\nMortgage-backed securities and other\t168462\t174695\t26692\t27062\nTotal\t266949\t273858\t42759\t43282\n", "q10k_tbl_12": "\tDecember 31 2020\t\t\t\t\t\n\tLess than 12 months\t\t12 months or greater\t\tTotal\t\n\t\tUnrealized/\t\tUnrealized/\t\tUnrealized/\n\tFair\tUnrecognized\tFair\tUnrecognized\tFair\tUnrecognized\n\tValue\tLoss\tValue\tLoss\tValue\tLoss\n\t(in thousands)\t\t\t\t\t\nAvailable for sale:\t\t\t\t\t\t\nCorporate\t2993\t(7)\t0\t0\t2993\t(7)\nState and municipal\t3018\t(2)\t0\t0\t3018\t(2)\nMortgage-backed securities - residential\t6287\t(44)\t746\t(4)\t7033\t(48)\nTotal available for sale\t12298\t(53)\t746\t(4)\t13044\t(57)\nHeld to maturity:\t\t\t\t\t\t\nCorporate\t7470\t(112)\t21835\t(665)\t29305\t(777)\nState and municipal\t3006\t(8)\t0\t0\t3006\t(8)\nMortgage-backed securities - collateralized mortgage obligations\t3284\t0\t0\t0\t3284\t0\nMortgage-backed securities - commercial\t2000\t(9)\t0\t0\t2000\t(9)\nTotal held to maturity\t15760\t(129)\t21835\t(665)\t37595\t(794)\n", "q10k_tbl_13": "\tJune 30 2020\t\t\t\t\t\n\tLess than 12 months\t\t12 months or greater\t\tTotal\t\n\t\tUnrealized/\t\tUnrealized/\t\tUnrealized/\n\tFair\tUnrecognized\tFair\tUnrecognized\tFair\tUnrecognized\n\tValue\tLoss\tValue\tLoss\tValue\tLoss\n\t(in thousands)\t\t\t\t\t\nAvailable for sale\t\t\t\t\t\t\nMortgage-backed securities - residential\t1450\t(15)\t0\t0\t1450\t(15)\nTotal available for sale\t1450\t(15)\t0\t0\t1450\t(15)\nHeld to maturity\t\t\t\t\t\t\nU.S. Government and agency obligations\t11995\t(5)\t0\t0\t11995\t(5)\nCorporate\t25615\t(1004)\t12045\t(455)\t37660\t(1459)\nState and municipal\t5136\t(51)\t0\t0\t5136\t(51)\nMortgage-backed securities - residential\t5130\t(17)\t0\t0\t5130\t(17)\nMortgage-backed securities - collateralized mortgage obligations\t2627\t(31)\t0\t0\t2627\t(31)\nTotal held to maturity\t50503\t(1108)\t12045\t(455)\t62548\t(1563)\n", "q10k_tbl_14": "\tDecember 31\tJune 30\n\t2020\t2020\nMortgage loans:\t\t\nResidential\t237987\t255382\nCommercial\t801348\t807106\nConstruction\t17551\t11053\nNet deferred loan origination costs\t600\t739\nTotal mortgage loans\t1057486\t1074280\nCommercial and consumer loans:\t\t\nCommercial loans\t160678\t164257\nHome equity lines of credit\t27653\t29838\nConsumer and overdrafts\t328\t481\nNet deferred loan origination costs\t82\t730\nTotal commercial and consumer loans\t188741\t195306\nTotal loans receivable\t1246227\t1269586\nAllowance for loan losses\t(8677)\t(8639)\nLoans receivable net\t1237550\t1260947\n", "q10k_tbl_15": "\tThree Months Ended December 31 2020\t\t\t\t\n\tBeginning Allowance\tProvision (credit)\tCharge-offs\tRecoveries\tEnding Allowance\nResidential\t342\t(12)\t0\t4\t334\nCommercial\t6966\t(94)\t0\t0\t6872\nConstruction\t173\t32\t0\t0\t205\nCommercial loans\t1121\t179\t(119)\t20\t1201\nHome equity lines of credit\t63\t(4)\t0\t2\t61\nConsumer and overdrafts\t7\t6\t(9)\t0\t4\nTotal\t8672\t107\t(128)\t26\t8677\n\tThree Months Ended December 31 2019\t\t\t\t\n\tBeginning Allowance\tProvision (credit)\tCharge-offs\tRecoveries\tEnding Allowance\nResidential\t343\t38\t(31)\t2\t352\nCommercial\t4314\t254\t0\t0\t4568\nConstruction\t222\t51\t0\t0\t273\nCommercial loans\t1041\t62\t(150)\t0\t953\nHome equity lines of credit\t61\t(4)\t0\t3\t60\nConsumer and overdrafts\t12\t11\t(15)\t2\t10\nTotal\t5993\t412\t(196)\t7\t6216\n\tSix Months Ended December 31 2020\t\t\t\t\n\tBeginning Allowance\tProvision (credit)\tCharge-offs\tRecoveries\tEnding Allowance\nOriginated:\t\t\t\t\t\nResidential\t373\t(45)\t0\t6\t334\nCommercial\t6913\t(41)\t0\t0\t6872\nConstruction\t165\t40\t0\t0\t205\nCommercial loans\t1124\t250\t(224)\t51\t1201\nHome equity lines of credit\t60\t(3)\t0\t4\t61\nConsumer and installment loans\t4\t15\t(17)\t2\t4\nTotal\t8639\t216\t(241)\t63\t8677\n\tSix Months Ended December 31 2019\t\t\t\t\n\tBeginning Allowance\tProvision (credit)\tCharge-offs\tRecoveries\tEnding Allowance\nOriginated:\t\t\t\t\t\nResidential\t446\t(68)\t(31)\t5\t352\nCommercial\t3853\t715\t0\t0\t4568\nConstruction\t159\t114\t0\t0\t273\nCommercial loans\t1130\t(27)\t(150)\t0\t953\nHome equity lines of credit\t65\t(13)\t0\t8\t60\nConsumer and installment loans\t11\t26\t(33)\t6\t10\nTotal\t5664\t747\t(214)\t19\t6216\n", "q10k_tbl_16": "\tDecember 31 2020\t\t\t\t\t\t\t\n\tLoans\t\t\t\tAllowance for Loan Losses\t\t\t\n\tIndividually Evaluated for Impairment\tCollectively Evaluated for Impairment\tAcquired With Deteriorated Credit Quality\tTotal\tIndividually Evaluated for Impairment\tCollectively Evaluated for Impairment\tAcquired With Deteriorated Credit Quality\tTotal\nResidential\t2253\t235013\t721\t237987\t115\t219\t0\t334\nCommercial\t0\t800468\t880\t801348\t0\t6872\t0\t6872\nConstruction\t0\t17551\t0\t17551\t0\t205\t0\t205\nCommercial loans\t1764\t158914\t0\t160678\t0\t1201\t0\t1201\nHome equity lines of credit\t405\t27117\t131\t27653\t10\t51\t0\t61\nConsumer and overdrafts\t0\t328\t0\t328\t0\t4\t0\t4\nTotal\t4422\t1239391\t1732\t1245545\t125\t8552\t0\t8677\n\tJune 30 2020\t\t\t\t\t\t\t\n\tLoans\t\t\t\tAllowance for Loan Losses\t\t\t\n\tIndividually Evaluated for Impairment\tCollectively Evaluated for Impairment\tAcquired With Deteriorated Credit Quality\tTotal\tIndividually Evaluated for Impairment\tCollectively Evaluated for Impairment\tAcquired With Deteriorated Credit Quality\tTotal\nResidential\t2448\t252195\t739\t255382\t118\t255\t0\t373\nCommercial\t0\t806224\t882\t807106\t0\t6913\t0\t6913\nConstruction\t0\t11053\t0\t11053\t0\t165\t0\t165\nCommercial loans\t1921\t162336\t0\t164257\t1\t1123\t0\t1124\nHome equity lines of credit\t350\t29349\t139\t29838\t4\t56\t0\t60\nConsumer and overdrafts\t0\t481\t0\t481\t0\t4\t0\t4\nTotal\t4719\t1261638\t1760\t1268117\t123\t8516\t0\t8639\n", "q10k_tbl_17": "\tDecember 31 2020\t\t\tJune 30 2020\t\t\n\tUnpaid Principal Balance\tRecorded Investment\tAllowance for Loan Losses\tUnpaid Principal Balance\tRecorded Investment\tAllowance for Loan Losses\nWith no related allowance recorded:\t\t\t\t\t\t\nResidential\t1938\t1826\t0\t2123\t2013\t0\nCommercial loans\t2078\t1749\t0\t2067\t1897\t0\nHome equity lines of credit\t358\t376\t0\t326\t339\t0\nWith an allowance recorded:\t\t\t\t\t\t\nResidential\t367\t427\t115\t372\t435\t118\nCommercial loans\t15\t15\t0\t24\t24\t1\nHome equity lines of credit\t29\t29\t10\t11\t11\t4\nTotal\t4785\t4422\t125\t4923\t4719\t123\n", "q10k_tbl_18": "\tThree months ended\t\tThree months ended\t\n\tDecember 31 2020\t\tDecember 31 2019\t\n\tAverage Recorded Investment\tInterest Income Recognized\tAverage Recorded Investment\tInterest Income Recognized\nWith no related allowance recorded:\t\t\t\t\nResidential\t1873\t12\t1992\t21\nCommercial\t0\t0\t1083\t128\nCommercial loans\t1769\t48\t1882\t53\nHome equity lines of credit\t379\t1\t538\t13\nWith an allowance recorded:\t\t\t\t\nResidential\t428\t4\t436\t4\nCommercial loans\t15\t0\t119\t0\nHome equity lines of credit\t29\t0\t80\t6\nTotal\t4493\t65\t6130\t225\n\tSix Months Ended\t\tSix Months Ended\t\n\tDecember 31 2020\t\tDecember 31 2019\t\n\tAverage Recorded Investment\tInterest Income Recognized\tAverage Recorded Investment\tInterest Income Recognized\nWith no related allowance recorded:\t\t\t\t\nResidential\t1935\t20\t2009\t27\nCommercial\t0\t0\t1193\t140\nConstruction\t0\t0\t1887\t103\nCommercial loans\t1789\t97\t569\t13\nHome equity lines of credit\t383\t1\t0\t0\nWith an allowance recorded:\t\t\t\t\nResidential\t429\t7\t436\t7\nCommercial loans\t15\t0\t152\t1\nHome equity lines of credit\t21\t0\t81\t6\nTotal\t4572\t125\t6327\t297\n", "q10k_tbl_19": "\t\t\tLoans Past Due Over 90 Days\t\n\tNonaccrual\t\tand Still Accruing\t\n\tDecember 31\tJune 30\tDecember 31\tJune 30\n\t2020\t2020\t2020\t2020\nResidential\t1277\t1457\t0\t0\nCommercial loans\t19\t0\t0\t0\nHome equity lines of credit\t376\t338\t0\t0\nTotal\t1672\t1795\t0\t0\n", "q10k_tbl_20": "\tDecember 31 2020\t\t\t\t\t\n\t30-59\t60-89\t90 Days or\t\t\t\n\tDays Past\tDays Past\tMore Past\tTotal Past\t\t\n\tDue\tDue\tDue\tDue\tCurrent (1)\tTotal\nResidential\t0\t282\t644\t926\t237061\t237987\nCommercial\t0\t408\t0\t408\t800940\t801348\nConstruction\t0\t0\t0\t0\t17551\t17551\nCommercial loans\t104\t27\t0\t131\t160547\t160678\nHome equity lines of credit\t0\t0\t376\t376\t27277\t27653\nConsumer and overdrafts\t0\t0\t0\t0\t328\t328\nTotal\t104\t717\t1020\t1841\t1243704\t1245545\n", "q10k_tbl_21": "\tJune 30 2020\t\t\t\t\t\n\t30-59\t60-89\t90 Days or\t\t\t\n\tDays Past\tDays Past\tMore Past\tTotal Past\t\t\n\tDue\tDue\tDue\tDue\tCurrent (1)\tTotal\nResidential\t495\t10\t806\t1311\t254071\t255382\nCommercial\t0\t0\t0\t0\t807106\t807106\nConstruction\t0\t0\t0\t0\t11053\t11053\nCommercial loans\t76\t0\t0\t76\t164181\t164257\nHome equity lines of credit\t44\t0\t338\t382\t29456\t29838\nConsumer and overdrafts\t0\t0\t0\t0\t481\t481\nTotal\t615\t10\t1144\t1769\t1266348\t1268117\n", "q10k_tbl_22": "\tDecember 31 2020\t\t\t\n\tPass\tSpecial Mention\tSubstandard\tTotal\nResidential\t233618\t2305\t2064\t237987\nCommercial\t782689\t3313\t15346\t801348\nConstruction\t17551\t0\t0\t17551\nCommercial loans\t156629\t113\t3936\t160678\nHome equity lines of credit\t26309\t903\t441\t27653\nConsumer and overdrafts\t328\t0\t0\t328\nTotal\t1217124\t6634\t21787\t1245545\n", "q10k_tbl_23": "\tJune 30 2020\t\t\t\n\tPass\tSpecial Mention\tSubstandard\tTotal\nResidential\t252604\t687\t2091\t255382\nCommercial\t803048\t3176\t882\t807106\nConstruction\t11053\t0\t0\t11053\nCommercial loans\t160137\t201\t3919\t164257\nHome equity lines of credit\t28894\t498\t446\t29838\nConsumer and overdrafts\t481\t0\t0\t481\nTotal\t1256217\t4562\t7338\t1268117\n", "q10k_tbl_24": "\tDecember 31\tJune 30\n\t2020\t2020\nResidential\t721\t739\nCommercial\t880\t882\nHome equity lines of credit\t131\t139\nCarrying amount net of allowance of $0 and $0 respectively\t1732\t1760\n", "q10k_tbl_25": "\tThree Months Ended December 31\t\tSix Months Ended December 31\t\n\t2020\t2019\t2020\t2019\nBeginning balance\t151\t182\t156\t192\nNew loans acquired\t0\t0\t0\t0\nAccretion income\t(4)\t(8)\t(9)\t(18)\nReclassification from non-accretable difference\t0\t0\t0\t0\nDisposals\t0\t0\t0\t0\nEnding balance\t147\t174\t147\t174\n", "q10k_tbl_26": "\tNet unrealized gain (loss) on available for sale securities\tUnrealized loss on pension benefits\tUnrealized loss on SERP benefits\tTotal\nBalance at October 1 2020\t415\t(6416)\t(215)\t(6216)\nOther comprehensive (loss) income before reclassifications\t(3)\t0\t0\t(3)\nAmounts reclassified from accumulated other comprehensive income\t0\t332\t14\t346\nLess tax effect\t1\t(69)\t(4)\t(72)\nNet other comprehensive (loss) income\t(2)\t263\t10\t271\nBalance at December 31 2020\t413\t(6153)\t(205)\t(5945)\n\tNet unrealized gain (loss) on available for sale securities\tUnrealized loss on pension benefits\tUnrealized loss on SERP benefits\tTotal\nBalance at October 1 2019\t(66)\t(4527)\t(241)\t(4834)\nOther comprehensive income before reclassifications\t39\t0\t0\t39\nAmounts reclassified from accumulated other comprehensive income\t0\t403\t12\t415\nLess tax effect\t(7)\t(83)\t(4)\t(94)\nNet other comprehensive income\t32\t320\t8\t360\nBalance at December 31 2019\t(34)\t(4207)\t(233)\t(4474)\n\tNet unrealized gain (loss) on available for sale securities\tUnrealized loss on pension benefits\tUnrealized loss on SERP benefits\tTotal\nBalance at July 1 2020\t428\t(6605)\t(226)\t(6403)\nOther comprehensive income before reclassifications\t(19)\t0\t0\t(19)\nAmounts reclassified from accumulated other comprehensive income\t0\t572\t28\t600\nTax effect\t4\t(120)\t(7)\t(123)\nNet other comprehensive income\t(15)\t452\t21\t458\nBalance at December 31 2020\t413\t(6153)\t(205)\t(5945)\n\tNet unrealized gain (loss) on available for sale securities\tUnrealized loss on pension benefits\tUnrealized loss on SERP benefits\tTotal\nBalance at July 1 2019\t(209)\t(4631)\t(250)\t(5090)\nOther comprehensive income before reclassifications\t220\t0\t0\t220\nAmounts reclassified from accumulated other comprehensive income\t0\t536\t23\t559\nTax effect\t(45)\t(112)\t(6)\t(163)\nNet other comprehensive income\t175\t424\t17\t616\nBalance at December 31 2019\t(34)\t(4207)\t(233)\t(4474)\n", "q10k_tbl_27": "\tThree Months Ended\t\tThree Months Ended\t\n\tDecember 31 2020\t\tDecember 31 2019\t\n\tDefined Benefit Plan\tSupplemental Retirement Plans\tDefined Benefit Plan\tSupplemental Retirement Plans\nService cost\t0\t91\t0\t79\nInterest cost\t137\t23\t180\t30\nExpected return on plan assets\t(455)\t0\t(478)\t0\nAmortization of prior net loss\t239\t14\t131\t12\nSettlement charges\t93\t\t272\t0\nNet periodic cost (benefit)\t14\t128\t105\t121\n\tSix Months Ended\t\tSix Months Ended\t\n\tDecember 31 2020\t\tDecember 31 2019\t\n\tDefined Benefit Plan\tSupplemental Retirement Plan\tDefined Benefit Plan\tSupplemental Retirement Plan\nService cost\t0\t181\t0\t158\nInterest cost\t273\t47\t360\t61\nExpected return on plan assets\t(911)\t0\t(957)\t0\nAmortization of prior net loss\t479\t28\t264\t23\nSettlement charges\t93\t0\t272\t0\nNet periodic (benefit) cost\t(66)\t256\t(61)\t242\n", "q10k_tbl_28": "\tDecember 31 2020\tJune 30 2020\nAllocated to participants\t377593\t327206\nUnearned\t1065691\t1114529\nTotal ESOP shares\t1443284\t1441735\nFair value of unearned shares\t16902\t14132\n", "q10k_tbl_29": "\tFair Value Measurements\t\t\t\n\tLevel 1\tLevel 2\tLevel 3\tTotal\nDecember 31 2020\t\t\t\t\nMeasured on a recurring basis:\t\t\t\t\nAvailable for sale securities:\t\t\t\t\nU.S. Government and agency obligations\t0\t1007\t0\t1007\nCorporate securities\t0\t8097\t0\t8097\nMunicipal securities\t\t7116\t\t7116\nMortgage-backed securities - residential\t0\t27062\t0\t27062\nDerivatives - interest rate contracts\t0\t6990\t0\t6990\nTotal assets at fair value\t0\t50272\t0\t50272\nDerivatives - interest rate contracts\t0\t6990\t0\t6990\nTotal liabilities at fair value\t0\t6990\t0\t6990\nMeasured on a non-recurring basis:\t\t\t\t\nImpaired loans:\t\t\t\t\nResidential mortgages\t0\t0\t312\t312\nCommercial loans\t0\t0\t15\t15\nHome equity lines of credit\t0\t0\t19\t19\nTotal assets at fair value\t0\t0\t346\t346\n\tFair Value Measurements\t\t\t\n\tLevel 1\tLevel 2\tLevel 3\tTotal\nJune 30 2020\t\t\t\t\nMeasured on a recurring basis:\t\t\t\t\nAvailable for sale securities:\t\t\t\t\nU.S. Government and agency obligations\t0\t11049\t0\t11049\nCorporate securities\t0\t5120\t0\t5120\nMortgage-backed securities - residential\t0\t21257\t0\t21257\nDerivatives - interest rate contracts\t0\t8305\t0\t8305\nTotal assets at fair value\t0\t45731\t0\t45731\nDerivatives - interest rate contracts\t0\t8305\t0\t8305\nTotal liabilities at fair value\t0\t8305\t0\t8305\nMeasured on a non-recurring basis:\t\t\t\t\nImpaired loans:\t\t\t\t\nResidential mortgages\t0\t0\t317\t317\nCommercial loans\t0\t0\t100\t100\nHome equity lines of credit\t0\t0\t7\t7\nTotal assets at fair value\t0\t0\t424\t424\n", "q10k_tbl_30": "\t\tValuation\tUnobservable\tRange or\n\tFair Value\tTechnique(s)\tInput(s)\tRate Used\nDecember 31 2020\t\t\t\t\nImpaired loans - residential mortgages\t312\tDiscounted cash flow\tDiscount rate\t5.4% to 6.3%\nImpaired loans - home equity lines of credit\t19\tDiscounted cash flow\tDiscount rate\t5.4% to 6.3%\nImpaired loans - commercial loans\t15\tDiscounted cash flow\tDiscount rate\t7.0%\nJune 30 2020\t\t\t\t\nImpaired loans - residential mortgages\t316\tDiscounted cash flow\tDiscount rate\t5.4% to 6.3%\nImpaired loans - home equity lines of credit\t7\tDiscounted cash flow\tDiscount rate\t6.3%\nImpaired loans - commercial loans\t100\tDiscounted cash flow\tDiscount rate\t6.8% to 7.5%\n", "q10k_tbl_31": "\tCarrying\tFair Value Measurements\t\t\t\n\tAmount\tLevel 1\tLevel 2\tLevel 3\tTotal\nDecember 31 2020\t\t\t\t\t\nFinancial assets:\t\t\t\t\t\nCash and cash equivalents\t162541\t162541\t0\t0\t162541\nInvestment securities held to maturity\t266949\t0\t252020\t21838\t273858\nInvestment securities available for sale\t43282\t0\t43282\t0\t43282\nLoans receivable net\t1237550\t0\t0\t1217424\t1217424\nAccrued interest receivable\t6117\t0\t968\t5149\t6117\nFHLB stock\t6305\tN/A\tN/A\tN/A\tN/A\nDerivative assets - interest rate contracts\t6990\t0\t6990\t0\t6990\nFinancial liabilities:\t\t\t\t\t\nDemand NOW money market deposits and savings accounts\t960901\t960901\t0\t0\t960901\nTime deposits\t416386\t0\t424310\t0\t424310\nMortgage escrow funds\t10610\t10610\t0\t0\t10610\nAccrued interest payable\t240\t1\t239\t0\t240\nFHLB advances\t106023\t0\t108302\t0\t108302\nDerivative liabilities - interest rate contracts\t6990\t0\t6990\t0\t6990\n", "q10k_tbl_32": "\tCarrying\tFair Value Measurements\t\t\t\n\tAmount\tLevel 1\tLevel 2\tLevel 3\tTotal\nJune 30 2020\t\t\t\t\t\nFinancial assets:\t\t\t\t\t\nCash and cash equivalents\t136302\t136302\t0\t0\t136302\nInvestment securities held to maturity\t275772\t0\t276847\t4650\t281497\nInvestment securities available for sale\t37426\t0\t37426\t0\t37426\nLoans receivable net\t1260947\t0\t0\t1240440\t1240440\nAccrued interest receivable\t6880\t0\t997\t5883\t6880\nFHLB stock\t6308\tN/A\tN/A\tN/A\tN/A\nDerivative assets - interest rate contracts\t8305\t0\t8305\t0\t8305\nFinancial liabilities:\t\t\t\t\t\nDemand NOW money market deposits and savings accounts\t926989\t926989\t0\t0\t926989\nTime deposits\t446246\t0\t456109\t0\t456109\nMortgage escrow funds\t10123\t10123\t0\t0\t10123\nAccrued interest payable\t246\t1\t245\t\t246\nFHLB advances\t106089\t0\t110937\t0\t110937\nDerivative liabilities - interest rate contracts\t8305\t0\t8305\t0\t8305\n", "q10k_tbl_33": "\t\t\t\t\tTo Be Well Capitalized\t\n\t\t\tFor Capital\t\tUnder Prompt\t\n\t\t\tAdequacy\t\tCorrective Action\t\nBank Actual\t\t\tPurposes\t\tProvisions\t\nAmount\t\tRatio\tAmount\tRatio\tAmount\tRatio\nDecember 31 2020\t\t\t\t\t\t\nPCSB Bank\t\t\t\t\t\t\nLeverage (Tier 1) $226335\t\t12.7%\t71488\t4.0%\t89360\t5.0%\nRisk-based:\t\t\t\t\t\t\nCommon Tier 1\t226335\t17.7\t57416\t4.5\t82934\t6.5\nTier 1\t226335\t17.7\t76555\t6.0\t102073\t8.0\nTotal\t235012\t18.4\t102073\t8.0\t127591\t10.0\nJune 30 2020\t\t\t\t\t\t\nPCSB Bank\t\t\t\t\t\t\nLeverage (Tier 1) $220310\t\t12.5%\t70432\t4.0%\t88040\t5.0%\nRisk-based:\t\t\t\t\t\t\nCommon Tier 1\t220310\t17.0\t58389\t4.5\t84339\t6.5\nTier 1\t220310\t17.0\t77852\t6.0\t103802\t8.0\nTotal\t228949\t17.0\t103802\t8.0\t129753\t10.0\n", "q10k_tbl_34": "\tThree Months Ended December 31\t\tSix Months Ended December 31\t\n\t2020\t2019\t2020\t2019\n\t(amounts in thousands except share and per share data)\t\t\t\nNet income applicable to common stock\t2694\t2353\t5422\t5182\nAverage number of common shares outstanding\t15966158\t17012405\t16184821\t17095614\nLess: Average unallocated ESOP shares\t(1077630)\t(1174643)\t(1089839)\t(1186853)\nAverage number of common shares outstanding used to calculate basic earnings per common share\t14888528\t15837762\t15094982\t15908761\nEffect of equity-based awards\t492\t72093\t0\t87490\nAverage number of common shares outstanding used to calculate diluted earnings per common share\t14889020\t15909855\t15094982\t15996251\nEarnings per common share:\t\t\t\t\nBasic\t0.18\t0.15\t0.36\t0.33\nDiluted\t0.18\t0.14\t0.36\t0.32\n", "q10k_tbl_35": "\tDecember 31\tJune 30\n\t2020\t2020\n\t(dollars in thousands)\t\nNotional amounts\t184429\t159242\nWeighted average pay rates\t3.21%\t2.54%\nWeighted average receive rates\t3.21%\t2.54%\nWeighted average maturity\t8.96 years\t9.31 years\nFair value of combined interest rate swaps\t0\t0\n", "q10k_tbl_36": "\tThree Months Ended\t\tSix Months Ended\t\n\t2020\t2019\t2020\t2019\n\t(in thousands)\t\t\t\nNoninterest income:\t\t\t\t\nService charges on deposits\t196\t246\t358\t501\nInterchange fees\t133\t112\t264\t229\nOther (1)\t34\t44\t63\t74\nFees and service charges\t363\t402\t685\t804\nBank-owned life insurance (1)\t129\t134\t261\t271\nSwap income (1)\t238\t0\t367\t170\nNet (loss) gain on sale of foreclosed real estate\t0\t(9)\t0\t38\nOther (1)\t13\t20\t24\t29\nOther noninterest income\t13\t11\t24\t67\nTotal noninterest income\t743\t547\t1337\t1312\n(1) Not within the scope of ASC 606.\t\t\t\t\n", "q10k_tbl_37": "Number of Shares\t\tWeighted-Average Grant Date Fair Value\nUnvested granted shares outstanding at July 1 2020\t437737\t19.02\nShares granted\t3000\t12.34\nShares vested\t(109439)\t19.02\nShares forfeited\t(8718)\t19.40\nUnvested granted shares at December 31 2020\t322580\t18.95\n", "q10k_tbl_38": "Number of Options\t\tWeighted- Average Exercise Price\tWeighted- Average Remaining Contractual Years\tAggregate Intrinsic Value\n(dollars in thousands except share and per share data)\t\t\t\t\nOptions outstanding at July 1 2020\t1339293\t19.04\t\t0\nOptions granted\t6000\t12.34\t\t\nOptions expired\t0\t0\t\t\nOptions forfeited\t(21798)\t19.40\t\t\nOptions exercised\t0\t0\t\t\nOptions outstanding at December 31 2020\t1323495\t19.00\t7.9\t21\nExercisable at December 31 2020\t535717\t19.00\t7.9\t0\n", "q10k_tbl_39": "(dollars in thousands)\t\n2021\t989\n2022\t1937\n2023\t1850\n2024\t1479\n2025\t1186\nThereafter\t4475\nTotal future minimum lease payments (undiscounted)\t11916\nDiscounting effect on cash flows\t(1557)\nLease liability (discounted)\t10359\n", "q10k_tbl_40": "Industry Sector:\tNumber of loans\tRecorded Investment (2)\t% secured by real estate collateral\tLoan-to-Value % (3)\tWeighted average term of remaining deferral (in months)\nConsumer (1)\t13\t5531\t100.0%\t61.9%\t2.7\nCommercial:\t\t\t\t\t\nRetail\t3\t11591\t100.0\t53.4\t12.0\nHotels and accommodation services\t2\t7648\t100.0\t60.3\t6.0\nFood service\t3\t5793\t100.0\t46.1\t5.6\nAll other commercial\t5\t1370\t83.3\t63.8\t3.7\nTotal commercial\t13\t26402\t99.1\t54.2\t8.5\nTotal\t26\t31933\t99.3%\t55.6%\t7.5\n", "q10k_tbl_41": "\tConsumer\tCommercial\tTotal\nPrincipal only\t0\t15885\t15885\nInterest only\t707\t0\t707\nPrincipal and interest\t2559\t9560\t12119\nPrincipal interest and escrow\t2265\t957\t3222\nTotal\t5531\t26402\t31933\n", "q10k_tbl_42": "\tThree Months Ended December 31\t\t\t\t\t\n\t2020\t\t\t2019\t\t\n\tAverage Balance\tInterest/ Dividends\tAverage Rate\tAverage Balance\tInterest/ Dividends\tAverage Rate\n\t(dollars in thousands)\t\t\t\t\t\nAssets:\t\t\t\t\t\t\nLoans receivable\t1232555\t12182\t3.95%\t1178253\t13149\t4.46%\nInvestment securities (1)\t313812\t1933\t2.51\t358760\t2279\t2.55\nOther interest-earning assets\t168608\t110\t0.26\t59678\t301\t2.00\nTotal interest-earning assets\t1714975\t14225\t3.32\t1596691\t15729\t3.94\nNon-interest-earning assets\t70417\t\t\t68793\t\t\nTotal assets\t1785392\t\t\t1665484\t\t\nLiabilities and equity:\t\t\t\t\t\t\nNOW accounts\t149620\t79\t0.21\t122455\t67\t0.22\nMoney market accounts\t255961\t211\t0.33\t161075\t472\t1.16\nSavings accounts and escrow\t362422\t168\t0.18\t355295\t234\t0.26\nTime deposits\t434446\t1700\t1.55\t467486\t2585\t2.19\nTotal interest-bearing deposits\t1202449\t2158\t0.71\t1106311\t3358\t1.20\nFHLB advances\t106034\t520\t1.94\t117712\t674\t2.27\nTotal interest-bearing liabilities\t1308483\t2678\t0.81\t1224023\t4032\t1.31\nNon-interest-bearing deposits\t178538\t\t\t138346\t\t\nOther non-interest-bearing liabilities\t26482\t\t\t21827\t\t\nTotal liabilities\t1513503\t\t\t1384196\t\t\nTotal shareholders' equity\t271889\t\t\t281288\t\t\nTotal liabilities and shareholders' equity\t1785392\t\t\t1665484\t\t\nNet interest income\t\t11547\t\t\t11697\t\nInterest rate spread - tax equivalent (2)\t\t\t2.51\t\t\t2.63\nNet interest margin - tax equivalent (3)\t\t\t2.70\t\t\t2.94\nAverage interest-earning assets to interest-bearing liabilities\t131.07%\t\t\t130.45%\t\t\n", "q10k_tbl_43": "\tSix Months Ended December 31\t\t\t\t\t\n\t2020\t\t\t2019\t\t\n\tAverage Balance\tInterest/ Dividends\tAverage Rate\tAverage Balance\tInterest/ Dividends\tAverage Rate\n\t(dollars in thousands)\t\t\t\t\t\nAssets:\t\t\t\t\t\t\nLoans receivable\t1242575\t24729\t3.98%\t1160139\t26185\t4.51%\nInvestment securities (1)\t314552\t3789\t2.44\t378975\t4971\t2.63\nOther interest-earning assets\t163323\t235\t0.29\t52796\t599\t2.25\nTotal interest-earning assets\t1720450\t28753\t3.35\t1591910\t31755\t3.99\nNon-interest-earning assets\t71172\t\t\t69530\t\t\nTotal assets\t1791622\t\t\t1661440\t\t\nLiabilities and equity:\t\t\t\t\t\t\nNOW accounts\t149543\t168\t0.22\t121154\t124\t0.20\nMoney market accounts\t253129\t449\t0.35\t155477\t935\t1.19\nSavings accounts and escrow\t361256\t370\t0.20\t358932\t466\t0.26\nTime deposits\t438966\t3603\t1.63\t463417\t5134\t2.20\nTotal interest-bearing deposits\t1202894\t4590\t0.76\t1098980\t6659\t1.20\nFHLB advances\t106051\t1039\t1.94\t119784\t1401\t2.32\nTotal interest-bearing liabilities\t1308945\t5629\t0.86\t1218764\t8060\t1.32\nNon-interest-bearing deposits\t181312\t\t\t139486\t\t\nOther non-interest-bearing liabilities\t27720\t\t\t21519\t\t\nTotal liabilities\t1517977\t\t\t1379769\t\t\nTotal shareholders' equity\t273645\t\t\t281671\t\t\nTotal liabilities and shareholders' equity\t1791622\t\t\t1661440\t\t\nNet interest income\t\t23124\t\t\t23695\t\nInterest rate spread - tax equivalent (2)\t\t\t2.49\t\t\t2.67\nNet interest margin - tax equivalent (3)\t\t\t2.70\t\t\t2.98\nAverage interest-earning assets to interest-bearing liabilities\t131.44%\t\t\t130.62%\t\t\n", "q10k_tbl_44": "\tThree Months Ended December 31\t\t\n\t2020 versus 2019\t\t\n\tRate\tVolume\tNet\n\t(in thousands)\t\t\nInterest income:\t\t\t\nLoans receivable\t(1446)\t479\t(967)\nInvestment securities\t(261)\t(85)\t(346)\nOther interest-earning assets\t(417)\t226\t(191)\nTotal interest-earning assets\t(2124)\t620\t(1504)\nInterest expense:\t\t\t\nNOW accounts\t(3)\t15\t12\nMoney market accounts\t(449)\t188\t(261)\nSavings and escrow accounts\t(62)\t(4)\t(66)\nTime deposits\t(712)\t(173)\t(885)\nFHLB advances\t(92)\t(62)\t(154)\nTotal interest-bearing liabilities\t(1318)\t(36)\t(1354)\nNet (decrease) increase in net interest income\t(806)\t656\t(150)\n\tSix Months Ended December 31\t\t\n\t2020 versus 2019\t\t\n\tRate\tVolume\tNet\n\t(in thousands)\t\t\nInterest income:\t\t\t\nLoans receivable\t(3007)\t1551\t(1456)\nInvestment securities\t(791)\t(391)\t(1182)\nOther interest-earning assets\t(842)\t478\t(364)\nTotal interest-earning assets\t(4640)\t1638\t(3002)\nInterest expense:\t\t\t\nNOW accounts\t12\t32\t44\nMoney market accounts\t(878)\t392\t(486)\nSavings and escrow accounts\t(83)\t(13)\t(96)\nTime deposits\t(1272)\t(259)\t(1531)\nFHLB advances\t(213)\t(149)\t(362)\nTotal interest-bearing liabilities\t(2434)\t3\t(2431)\nNet (decrease) increase in net interest income\t(2206)\t1635\t(571)\n", "q10k_tbl_45": "\tNPV\t\t\tNPV as Percent of Portfolio Value of Assets\t\t\n\t(dollars in thousands)\t\t\t\t\t\nBasis Point Change in Interest Rates\tDollar Amount\tDollar Change\tPercent Change\tNPV Ratio\t\tChange (in bps)\nDecember 31 2020:\t\t\t\t\t\t\n200\t262013\t(24198)\t(8.5)\t%\t15.25%\t(64)\n100\t278702\t(7509)\t(2.6)\t\t15.81\t(8)\n0\t286211\t0\t0\t\t15.89\t0\n(50)\t294104\t7893\t2.8\t\t16.16\t27\n(100)\t306160\t19949\t7.0\t\t16.68\t79\nJune 30 2020:\t\t\t\t\t\t\n200\t285720\t(20631)\t(6.7)\t%\t16.42%\t(40)\n100\t304004\t(2347)\t0.8\t\t17.03\t21\n0\t306351\t0\t0\t\t16.82\t0\n(50)\t312596\t6245\t2.0\t\t16.99\t17\n(100)\t323494\t17143\t5.6\t\t17.44\t62\n", "q10k_tbl_46": "\tTotal number of shares purchased\tAverage price paid per share\tTotal number of shares purchased as part of publicly announced plans or programs\tMaximum number of shares that may yet be purchased under the plans or programs\nOctober 1 2020 through October 31 2020\t206500\t13.14\t206500\t371507\nNovember 1 2020 through November 30 2020\t159470\t15.37\t159470\t212037\nDecember 1 2020 through December 31 2020\t151300\t16.04\t151300\t60737\nTotal\t517270\t14.67\t517270\t\n", "q10k_tbl_47": "Exhibit Number\tDescription\n3.1\tArticles of Incorporation of PCSB Financial Corporation (1)\n3.2\tBylaws of PCSB Financial Corporation (2)\n31.1\tCertification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\n31.2\tCertification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\n32\tCertification of Chief Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\n101\tThe following materials for the quarter ended December 31 2020 formatted in Inline XBRL (Extensible Business Reporting Language): (i) Consolidated Statements of Financial Condition (ii) the Consolidated Statements of Operations (iii) Consolidated Statements of Comprehensive Income (iv) Consolidated Statements of Changes in Shareholders' Equity (v) Consolidated Statements of Cash Flows and (vi) Notes to Consolidated Financial Statements\n104\tCover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101.\n"}{"bs": "q10k_tbl_3", "is": "q10k_tbl_4", "cf": "q10k_tbl_8"}None
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.
(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