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 2020-09-30 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 Earnings, Exhibits
8-K 2020-10-28 Shareholder Vote
8-K 2020-08-20 Other Events, Exhibits
8-K 2020-08-10 Other Events
8-K 2020-08-06 Earnings, Exhibits
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. 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 2020-09-30

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_20200930.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 September 30, 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  ☒

 

 

 

 

 

16,417,737 shares of the Registrant’s common stock, par value $0.01 per share, were outstanding as of November 4, 2020.

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

7

 

Notes to Unaudited Consolidated Financial Statements

8

Item 2.

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

30

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

38

Item 4.

Controls and Procedures

38

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

39

Item 1A.

Risk Factors

39

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

39

Item 3.

Defaults Upon Senior Securities

39

Item 4.

Mine Safety Disclosures

39

Item 5.

Other Information

39

Item 6.

Exhibits

40

Signatures

41

 

 

 

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) 

 

 

September 30,

 

 

June 30,

 

 

 

2020

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

161,387

 

 

$

135,045

 

Federal funds sold

 

 

1,352

 

 

 

1,257

 

Total cash and cash equivalents

 

 

162,739

 

 

 

136,302

 

Investment securities:

 

 

 

 

 

 

 

 

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

   $293,810, and $281,497, respectively)

 

 

287,370

 

 

 

275,772

 

Available for sale debt securities, at fair value

 

 

31,139

 

 

 

37,426

 

Total investment securities

 

 

318,509

 

 

 

313,198

 

Loans receivable, net of allowance for loan losses of $8,672 and

   $8,639, respectively

 

 

1,227,913

 

 

 

1,260,947

 

Accrued interest receivable

 

 

6,729

 

 

 

6,880

 

FHLB stock

 

 

6,307

 

 

 

6,308

 

Premises and equipment, net

 

 

20,195

 

 

 

20,853

 

Deferred tax asset, net

 

 

3,400

 

 

 

3,129

 

Bank-owned life insurance

 

 

25,151

 

 

 

25,019

 

Goodwill

 

 

6,106

 

 

 

6,106

 

Other intangible assets

 

 

209

 

 

 

229

 

Other assets

 

 

13,817

 

 

 

12,958

 

Total assets

 

$

1,791,075

 

 

$

1,791,929

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Interest bearing deposits

 

$

1,193,168

 

 

$

1,181,357

 

Non-interest bearing deposits

 

 

183,844

 

 

 

191,898

 

Total deposits

 

 

1,377,012

 

 

 

1,373,255

 

Mortgage escrow funds

 

 

6,420

 

 

 

10,123

 

Advances from FHLB

 

 

106,056

 

 

 

106,089

 

Other liabilities

 

 

27,908

 

 

 

28,749

 

Total liabilities

 

 

1,517,396

 

 

 

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 September 30, 2020 and June 30, 2020)

 

 

-

 

 

 

-

 

Common stock ($0.01 par value, 200,000,000 shares authorized, 18,712,295 shares issued as of September 30, 2020 and June 30, 2020, respectively, and 16,634,237 and 16,898,137 shares outstanding as of September 30, 2020 and June 30, 2020, respectively)

 

 

187

 

 

 

187

 

Additional paid in capital

 

 

187,026

 

 

 

186,200

 

Retained earnings

 

 

143,386

 

 

 

141,288

 

Unearned compensation - ESOP

 

 

(10,901

)

 

 

(11,145

)

Accumulated other comprehensive loss, net of income taxes

 

 

(6,216

)

 

 

(6,403

)

Treasury stock, at cost (2,078,058 and 1,814,158 shares as of September 30, 2020 and June 30, 2020, respectively)

 

 

(39,803

)

 

 

(36,414

)

Total shareholders' equity

 

 

273,679

 

 

 

273,713

 

Total liabilities and shareholders' equity

 

$

1,791,075

 

 

$

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 September 30,

 

 

2020

 

 

2019

 

Interest and dividend income

 

 

 

 

 

 

 

Loans receivable

$

12,547

 

 

$

13,036

 

Investment securities

 

1,856

 

 

 

2,692

 

Federal funds and other

 

125

 

 

 

298

 

Total interest and dividend income

 

14,528

 

 

 

16,026

 

Interest expense

 

 

 

 

 

 

 

Deposits and escrow interest

 

2,432

 

 

 

3,301

 

FHLB advances

 

519

 

 

 

727

 

Total interest expense

 

2,951

 

 

 

4,028

 

Net interest income

 

11,577

 

 

 

11,998

 

Provision for loan losses

 

109

 

 

 

335

 

Net interest income after provision for loan losses

 

11,468

 

 

 

11,663

 

Noninterest income

 

 

 

 

 

 

 

Fees and service charges

 

322

 

 

 

402

 

Bank-owned life insurance

 

132

 

 

 

137

 

Swap income

 

129

 

 

 

170

 

Other

 

11

 

 

 

56

 

Total noninterest income

 

594

 

 

 

765

 

Noninterest expense

 

 

 

 

 

 

 

Salaries and employee benefits

 

5,607

 

 

 

5,764

 

Occupancy and equipment

 

1,318

 

 

 

1,315

 

Communication and data processing

 

576

 

 

 

531

 

Professional fees

 

400

 

 

 

404

 

Postage, printing, stationary and supplies

 

139

 

 

 

140

 

FDIC assessment

 

113

 

 

 

-

 

Advertising

 

100

 

 

 

100

 

Amortization of intangible assets

 

20

 

 

 

24

 

Other operating expenses

 

351

 

 

 

509

 

Total noninterest expense

 

8,624

 

 

 

8,787

 

Net income before income tax expense

 

3,438

 

 

 

3,641

 

Income tax expense

 

710

 

 

 

812

 

Net income

$

2,728

 

 

$

2,829

 

Earnings per common share:

 

 

 

 

 

 

 

Basic

$

0.18

 

 

$

0.18

 

Diluted

$

0.18

 

 

$

0.18

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

15,302,838

 

 

 

15,979,762

 

Diluted

 

15,302,949

 

 

 

16,082,276

 

 

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 September 30,

 

 

 

2020

 

 

2019

 

Net income

 

$

2,728

 

 

$

2,829

 

 

 

 

 

 

 

 

 

 

Other comprehensive income :

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Net change in unrealized gains/losses before reclassification adjustment

 

 

(16

)

 

 

181

 

Reclassification adjustment for gains realized in net income

 

 

-

 

 

 

-

 

Net change in unrealized gains/losses

 

 

(16

)

 

 

181

 

Tax effect

 

 

3

 

 

 

(38

)

Net of tax

 

 

(13

)

 

 

143

 

 

 

 

 

 

 

 

 

 

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

 

 

240

 

 

 

133

 

Tax effect

 

 

(51

)

 

 

(29

)

Net of tax

 

 

189

 

 

 

104

 

 

 

 

 

 

 

 

 

 

Supplemental retirement plans:

 

 

 

 

 

 

 

 

Net gain (loss) arising during the period

 

 

-

 

 

 

-

 

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

 

 

14

 

 

 

11

 

Tax effect

 

 

(3

)

 

 

(2

)

Net of tax

 

 

11

 

 

 

9

 

 

 

 

 

 

 

 

 

 

Total other comprehensive income

 

 

187

 

 

 

256

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

$

2,915

 

 

$

3,085

 

 

See accompanying notes to the consolidated financial statements (unaudited)

 

 

5

PCSB Financial Corporation and Subsidiaries

Consolidated Statements of Changes in Shareholders’ Equity (unaudited)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Number of

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Unallocated

 

 

Treasury

 

 

Other

 

 

 

 

 

 

Common

 

 

Common

 

 

Paid-In

 

 

Retained

 

 

Common Stock

 

 

Stock,

 

 

Comprehensive

 

 

Total

 

 

Shares

 

 

Stock

 

 

Capital

 

 

Earnings

 

 

of ESOP

 

 

at cost

 

 

Loss

 

 

Equity

 

Balance at July 1, 2020

 

16,898,137

 

 

$

187

 

 

$

186,200

 

 

$

141,288

 

 

$

(11,145

)

 

$

(36,414

)

 

$

(6,403

)

 

$

273,713

 

Net income

 

-

 

 

 

-

 

 

 

-

 

 

 

2,728

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

2,728

 

Other comprehensive income

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

187

 

 

 

187

 

Common stock dividends declared ($0.04 per share)

 

-

 

 

 

-

 

 

 

-

 

 

 

(630

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(630

)

Repurchase of common stock

 

(266,900

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,449

)

 

 

-

 

 

 

(3,449

)

Restricted stock awards granted

 

3,000

 

 

 

-

 

 

 

(60

)

 

 

-

 

 

 

-

 

 

 

60

 

 

 

 

 

 

 

-

 

Stock-based compensation

 

-

 

 

 

-

 

 

 

829

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

829

 

ESOP shares committed to be released (24,419 shares)

 

-

 

 

 

-

 

 

 

57

 

 

 

-

 

 

 

244

 

 

 

-

 

 

 

-

 

 

 

301

 

Balance at September 30, 2020

 

16,634,237

 

 

$

187

 

 

$

187,026

 

 

$

143,386

 

 

$

(10,901

)

 

$

(39,803

)

 

$

(6,216

)

 

$

273,679

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at July 1, 2019

 

17,804,039

 

 

$

187

 

 

$

182,129

 

 

$

134,500

 

 

$

(12,114

)

 

$

(18,305

)

 

$

(5,090

)

 

$

281,307

 

Net income

 

-

 

 

 

-

 

 

 

-

 

 

 

2,829

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,829

 

Other comprehensive income

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

256

 

 

 

256

 

Common stock dividends declared ($0.04 per share)

 

-

 

 

 

-

 

 

 

-

 

 

 

(659

)

 

 

-