8-K

0000950170-22-020258.txt : 20221027 0000950170-22-020258.hdr.sgml : 20221027 20221027084404 ACCESSION NUMBER: 0000950170-22-020258 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20221027 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20221027 DATE AS OF CHANGE: 20221027 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PCSB Financial Corp CENTRAL INDEX KEY: 0001691337 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036] IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38065 FILM NUMBER: 221335041 BUSINESS ADDRESS: STREET 1: 2651 STRANG BOULEVARD STREET 2: SUITE 100 CITY: YORKTOWN HEIGHTS STATE: NY ZIP: 10598 BUSINESS PHONE: 914-248-7272 MAIL ADDRESS: STREET 1: 2651 STRANG BOULEVARD STREET 2: SUITE 100 CITY: YORKTOWN HEIGHTS STATE: NY ZIP: 10598 8-K 1 pcsb-20221027.htm 8-K 8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 27, 2022

PCSB Financial Corporation

(Exact name of Registrant as Specified in Its Charter)


Maryland	001-38065	81-4710738
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

2651 Strang Blvd, Suite 100
Yorktown Heights, New York		10598
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (914) 248-7272

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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 complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On October 27, 2022, PCSB Financial Corporation, the holding company for PCSB Bank, issued a press release to report its consolidated financial results for the three months ended September 30, 2022 and the declaration of a quarterly cash dividend. A copy of the press release is furnished as an exhibit hereto and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(a) Not applicable.

(b) Not applicable.

(d) Exhibits


Exhibit Number		Description

99.1		Press Release dated October 27, 2022
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


			PCSB Financial Corporation

Date:	October 27, 2022	By:	/s/ Jeffrey M. Helf
			Jeffrey M. Helf Senior Vice President and Chief Financial Officer

EX-99.1 2 pcsb-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

PCSB Financial Corporation Announces First Fiscal Quarter Financial Results

Yorktown Heights, New York; October 27, 2022 – PCSB Financial Corporation (the “Company”) (NASDAQ: PCSB), parent of PCSB Bank (the "Bank"), today announced net income of $4.8 million, or $0.33 per diluted share, for the three months ended September 30, 2022, compared to $3.5 million, or $0.25 per diluted share, for the three months ended June 30, 2022 and $3.6 million, or $0.25 per diluted share, for the three months ended September 30, 2021.

On May 23, 2022, the Company and Brookline Bancorp, Inc. (“Brookline”), the holding company of Brookline Bank and Bank Rhode Island, entered into an Agreement and Plan of Merger (the “Merger Agreement”). Pursuant to the Merger Agreement, PCSB will merge with and into Brookline, with Brookline as the surviving corporation (the “Merger”). Following the Merger, PCSB Bank will operate as a separate bank subsidiary of Brookline. The consummation of the Merger remains subject to customary closing conditions, including the receipt of regulatory approvals. The Merger is currently expected to be completed in the fourth calendar quarter of 2022.

On October 26, 2022, the Board of Directors declared a regular quarterly cash dividend of $0.07 per share. The dividend is payable on or about November 25, 2022 to shareholders of record as of the close of business on November 10, 2022.

First Quarter Highlights

•

Net income of $4.8 million, or $0.33 per diluted share, for the current quarter, increases of 36.3% and 32.2% compared to the linked quarter and same quarter last year, respectively. Excluding merger-related expenses and certain other non-recurring items, current quarter adjusted net income (non-GAAP) was $5.0 million or $0.35 per diluted share, increases of 13.7% and 53.0% compared to the linked quarter and same quarter last year, respectively. Reconciliation of GAAP to Non-GAAP financial measures appear at the end of this release.

•

Net interest income of $14.9 million for the current quarter, increases of 6.7% and 18.5% from the linked quarter and the same quarter last year, respectively.

•

Tax equivalent net interest margin of 3.19% for the current quarter, an increase from 3.00% in the linked quarter and 2.82% for the same quarter last year.

•

Average cost of interest-bearing deposits of 0.48% for the current quarter, an increase from 0.35% in the linked quarter and 0.41% for the same quarter last year.

•

Efficiency ratio of 61.07% for the current quarter, compared to 68.38% for the linked quarter and 65.59% for the same quarter last year. Adjusted efficiency ratio (non-GAAP) of 59.21% for the current quarter, a decrease from 61.28% for the linked quarter and 67.68% for the same quarter last year.

•

Average loans receivable (excluding PPP loans) of $1.34 billion for the current quarter, annualized increases of 10.4% and 12.3% compared to the linked quarter and same quarter last year, respectively.

•

Average deposits of $1.61 billion for the current quarter, annualized increases of 0.2% and 6.9% compared to the linked quarter and same quarter last year, respectively.

•

Allowance for loan losses to total net loans receivable (excluding PPP loans) of 0.67% as of September 30, 2022, unchanged compared to June 30, 2022.

•

Non-performing loans of $8.0 million, or 0.59% of total net loans receivable (excluding PPP loans), as of September 30, 2022, decreased from $9.2 million, or 0.69% as of June 30, 2022.

President’s Comments

“We are extremely pleased with the Company’s strong first quarter financial performance despite the continued uncertain economic environment” said Joseph D. Roberto, Chairman, President & Chief Executive Officer of PCSB Financial Corporation. “Record core net income of $5.0 million for the first quarter reflects a 13.7% increase over the linked quarter and a 53.0% increase over the same quarter last year. The increase in net income was largely a result of an expanding net interest margin as new loan growth and the repricing opportunities from a well-positioned balance sheet were able to take advantage of higher market rates. Although deposits fell, as anticipated due to higher-yielding market alternatives, our core deposit base continues to provide strong liquidity for the company. Even though persistent inflation and the continued rising

interest rate environment are causing economic headwinds, we remain optimistic in our ability to continue to provide sustainable value for our shareholders.”

Mr. Roberto added, "we look forward to our pending merger with Brookline Bancorp and also look forward to becoming part of a larger organization which will benefit both our customer base and shareholders. In the meantime, our PCSB Bank team continues to work hard to ensure that we have a seamless transition into Brookline’s organization.”

Income Statement Summary

Net income for the current quarter was $4.8 million, which increased $1.3 million from the linked quarter and $1.2 million from the prior year quarter. The change from the linked quarter is primarily due to a $928,000 increase in net interest income, a $711,000 decrease in noninterest expense and a $127,000 decrease in provision for loan losses, partially offset by a decrease of $295,000 in noninterest income and an increase of $198,000 in income tax expense. The change from the prior year quarter is primarily due to increases of $2.3 million in net interest income and $180,000 in noninterest income, partially offset by increases of $933,000 in noninterest expense, $338,000 in income tax expense and $69,000 in provision for loan losses.

Net interest income was $14.9 million for the current quarter, increases of $928,000, or 6.7%, compared to the linked quarter and $2.3 million, or 18.5%, compared to the prior year quarter. The increase compared to the linked quarter is primarily the result of a 19 basis point increase in the tax equivalent net interest margin. The increase in net interest income compared to the prior year period is primarily the result of a 37 basis point increase in the tax equivalent net interest margin and an $88.0 million, or 4.9%, increase in average interest-earning assets.

The Company recognized PPP loan interest and origination fee income (net of costs) of $9,000 in the current quarter, compared to $36,000 in the linked quarter and $373,000 in the prior year quarter. As of September 30, 2022, the Company had 5 outstanding PPP loans with balances totaling $1.8 million. Unearned origination fees (net of costs) were $77,000 as of September 30, 2022, which will be recognized in income over the remaining lives of the loans. PPP loan forgiveness is substantially complete as of September 30, 2022.

The tax equivalent net interest margin was 3.19% for the current quarter, reflecting increases of 19 basis points compared to 3.00% in the linked quarter and 37 basis points compared to 2.82% in the prior year quarter. Adjusted net interest margin, which excludes the effects of loan prepayment income and PPP loan interest and fees, was 3.16% for the current quarter compared to 2.94% in the linked quarter and 2.71% in the prior year quarter. Margin improvement compared to the linked quarter and prior year quarter was the result of increased asset yields, partially offset by higher deposit costs, both the result of higher market interest rates. Reconciliations of GAAP to non-GAAP financial measures are included at the end of this release.

Tax equivalent yield on interest-earning assets for the current quarter was 3.59%, increases of 28 basis points from the linked quarter and 39 basis point from the prior year quarter. Excluding the effects of non-recurring PPP loan income and loan prepayment income, the tax equivalent yield on interest-earning assets for the current quarter was 3.56%, increases of 31 basis points from the linked quarter and 47 basis points from the same quarter last year. The increase in yield compared to the linked quarter and prior year quarter is a result of higher market interest rates driving higher yield on cash liquidity and adjustable rate loan and investment assets, along with higher investment and loan re-investment rates, as well as a more profitable asset mix.

The cost of interest-bearing deposits was 0.48% for the current quarter, increases of 13 basis points and 7 basis points from 0.35% and 0.41% in the linked quarter and prior year quarter, respectively. Recent increases by the Federal Reserve in the federal funds rate beginning in March 2022 and continuing throughout the current quarter have begun to result in deposit cost increases across the banking sector. However, despite an increase of 143 basis points in the average fed funds rate compared to the linked quarter, the average cost of interest-bearing deposits for the current quarter increased 13 basis points compared to the linked quarter, representing a beta of approximately 9%. As a result of competitive pressures, it is likely that our cost of deposits will continue to increase should market rates continue to increase. As of quarter end, the weighted average cost of interest-bearing deposits was 0.59%. The cost of interest-bearing liabilities was 0.53% for the current quarter, increases of 12 basis points from 0.41% in the linked quarter and 4 basis points from 0.49% in the prior year quarter.

The provision for loan losses was $82,000 for current quarter, compared to $209,000 for the linked quarter and $13,000 for the prior year quarter. Recoveries, net of charge-offs, were $39,000 for the current quarter compared to $7,000 for the linked quarter and $265,000 for the prior year quarter. Non-performing loans as a percent of total loans receivable (excluding PPP loans) was 0.59% as of September 30, 2022, a decrease from 0.69% as of June 30, 2022. Substandard loans were $10.1 million as of September 30, 2022, a decrease from $12.6 million as of June 30, 2022.

Noninterest income of $793,000 for the current quarter decreased $295,000 compared to the linked quarter and increased $180,000 compared to the prior year quarter. The decrease compared to the linked quarter was primarily due to a decrease of $311,000 in swap income. The increase compared to the prior year quarter was primarily due to increases of $141,000 in swap income and $52,000 in fees and service charges.

Noninterest expense of $9.6 million for the current quarter decreased $711,000 compared to the linked quarter and increased $933,000 compared to the prior year quarter. Excluding merger-related expenses of $311,000 in the current quarter and $1.2 million in the linked quarter, noninterest expenses increased $144,000, or 1.6%, compared to the linked quarter and $622,000, or 7.2%, compared to the same quarter last year. Excluding merger-related expenses, the $622,000 increase compared to the prior year quarter was primarily due to higher salaries and benefits, communication and data processing costs and pension costs. The $144,000 increase compared to the linked quarter is the result of higher pension costs, partially offset by lower salaries and benefits and professional fees.

The effective income tax rate was 20.5% for the current quarter, as compared to 22.8% for the linked quarter and 19.9% for the prior year quarter. The increased rate for the linked quarter is primarily due to non-deductible merger-related expenses. Excluding such expenses, the effective tax rate for the current and linked quarters is 20.5% and 20.2%, respectively.

Balance Sheet Summary

Total assets decreased $48.6 million to $1.94 billion at September 30, 2022 as compared to June 30, 2022, primarily due to decreases of $67.7 million in cash and cash equivalents and $8.4 million in investment securities, partially offset by increases of $20.8 million in loans receivable and $6.8 million in all other assets. Net loans receivable increased $20.8 million, or 6.4% annualized. The increase was primarily the result of increases in commercial mortgage loans, commercial loans and construction loans of $11.4 million, $5.6 million and $4.4 million, respectively, partially offset by a net decrease in all other loans. The decrease in cash and cash equivalents was primarily the result of the increase in loans receivable as well as decreases in deposits and FHLB advances.

Total liabilities decreased $52.5 million to $1.66 billion at September 30, 2022 as compared to June 30, 2022, driven by a $33.0 million decrease in deposits and a $20.0 million decrease in FHLB advances. The $33.0 million, or 2.0% decrease in deposits includes decreases in demand, money market, savings and time deposit accounts of $17.7 million, $13.6 million, $8.4 million and $4.3 million, respectively, partially offset by a $10.9 million increase in NOW accounts. The decrease in deposits is the result of competitive pricing pressures as market rates continue to increase.

Total shareholders’ equity increased $3.9 million to $281.1 million at September 30, 2022 as compared to $277.2 million as of June 30, 2022. The increase for the year was primarily due to net income of $4.8 million and $1.3 million of stock-based compensation and reduction in unearned ESOP shares for plan shares earned during the period, partially offset by $1.1 million of other comprehensive losses related primarily to unrealized losses on investment securities driven by higher market interest rates and $1.0 million of cash dividends declared and paid.

At September 30, 2022, the Company’s book value per share and tangible book value per share were $18.33 and $17.93, respectively, compared to $18.07 and $17.67, respectively, at June 30, 2022. Reconciliations of book value per share (GAAP measure) to tangible book value per share (non-GAAP measure) appear at the end of this release. At September 30, 2022, the Bank was considered “well capitalized” under applicable regulatory guidelines.

About PCSB Financial Corporation and PCSB Bank

PCSB Financial Corporation is the bank holding company for PCSB Bank. PCSB Bank is a New York-chartered commercial bank that has served the banking needs of its customers in the Lower Hudson Valley of New York State since 1871. It operates from its executive offices/headquarters and 14 branch offices located in Dutchess, Putnam, Rockland and Westchester Counties in New York.

This News Release contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may be identified by use of words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "outlook," "plan," "potential," "predict," "project," "should," "will," "would" and similar terms and phrases, including references to assumptions.

Forward-looking statements are based upon various assumptions and analyses made by the Company in light of management's experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond the Company's control) that

could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. These factors include, without limitation, the following: the duration, extent and severity of the COVID-19 pandemic, including its impact on our business and operations, the impact of lost fee revenue and increased operating expenses, as well as its effect on our customers and issuers of securities, including their ability to make timely payments on obligations, service providers and on economies and markets more generally, the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company’s control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may reduce asset value and interest margins; changes in deposit flows, loan demand or real estate values may adversely affect the Company's business; changes in accounting principles, policies or guidelines may cause the Company’s financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Company's financial condition or results of operations; general economic conditions, either nationally or locally in some or all areas in which the Company conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Company currently anticipates; legislation or regulatory changes may adversely affect the Company’s business; technological changes may be more difficult or expensive than the Company anticipates; success or consummation of new business initiatives may be more difficult or expensive than the Company anticipates; or litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Company anticipates. The Company assumes no obligation to update any forward-looking statements except as may be required by applicable law or regulation.

Contact: Joseph D. Roberto

Chairman, President and Chief Executive Officer

(914) 248-7272

PCSB Financial Corporation and Subsidiaries

Consolidated Balance Sheets (unaudited)

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


	September 30,			June 30,
	2022			2022
ASSETS
Cash and due from banks	$	48,747		$	116,522
Federal funds sold		2,006			1,935
Total cash and cash equivalents		50,753			118,457
Held to maturity debt securities, at amortized cost (fair value of $339,143 and $361,608 as of September 30, 2022 and June 30, 2022, respectively)		406,250			412,449
Available for sale debt securities, at fair value		32,431			34,621
Total investment securities		438,681			447,070
Loans receivable, net of allowance for loan losses of $9,048 and $8,927 as of September 30, 2022 and June 30, 2022, respectively		1,350,197			1,329,372
Accrued interest receivable		7,074			6,396
FHLB stock		2,865			3,766
Premises and equipment, net		19,084			19,358
Deferred tax asset, net		4,403			4,132
Bank-owned life insurance		36,513			36,322
Goodwill		6,106			6,106
Other intangible assets		77			89
Other assets		24,816			18,064
Total assets	$	1,940,569		$	1,989,132
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest bearing deposits	$	1,365,631		$	1,380,953
Non-interest bearing deposits		227,635			245,297
Total deposits		1,593,266			1,626,250
Mortgage escrow funds		7,302			11,173
Advances from FHLB		28,288			48,323
Other liabilities		30,576			26,224
Total liabilities		1,659,432			1,711,970
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, 2022 and June 30, 2022)		-			-
Common stock ($0.01 par value, 200,000,000 shares authorized, 18,703,577 shares issued as of both September 30, 2022 and June 30, 2022, and 15,334,323 and 15,334,857 shares outstanding as of September 30, 2022 and June 30, 2022, respectively)		187			187
Additional paid in capital		194,935			193,893
Retained earnings		166,033			162,262
Unearned compensation - ESOP		(8,963	)		(9,208	)
Accumulated other comprehensive loss, net of income taxes		(9,702	)		(8,629	)
Treasury stock, at cost (3,369,254 and 3,368,720 shares as of September 30, 2022 and June 30, 2022, respectively)		(61,353	)		(61,343	)
Total shareholders' equity		281,137			277,162
Total liabilities and shareholders' equity	$	1,940,569		$	1,989,132

PCSB Financial Corporation and Subsidiaries

Consolidated Statements of Operations (unaudited)

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


	Three Months Ended
	September 30,
	2022		2021
Interest and dividend income
Loans receivable	$	13,849	$	12,107
Investment securities		2,420		2,011
Federal funds and other		487		109
Total interest and dividend income		16,756		14,227
Interest expense
Deposits and escrow interest		1,664		1,354
FHLB advances		235		338
Total interest expense		1,899		1,692
Net interest income		14,857		12,535
Provision for loan losses		82		13
Net interest income after provision for loan losses		14,775		12,522
Noninterest income
Fees and service charges		453		401
Bank-owned life insurance		191		192
Swap income		141		-
Other		8		20
Total noninterest income		793		613
Noninterest expense
Salaries and employee benefits		5,985		5,773
Occupancy and equipment		1,403		1,353
Communication and data processing		610		527
Professional fees		335		393
Merger-related expenses		311		-
Postage, printing, stationery and supplies		174		143
Advertising		128		100
FDIC assessment		125		125
Amortization of intangible assets		12		16
Other operating expenses		474		194
Total noninterest expense		9,557		8,624
Net income before income tax expense		6,011		4,511
Income tax expense		1,235		897
Net income	$	4,776	$	3,614
Earnings per common share:
Basic	$	0.34	$	0.25
Diluted		0.33		0.25
Weighted average common shares outstanding:
Basic		14,214,313		14,337,543
Diluted		14,301,600		14,405,816

PCSB Financial Corporation and Subsidiaries

Net Interest Margin Analysis (unaudited)

(dollar amounts in thousands)


	Three Months Ended
	September 30, 2022								June 30, 2022								September 30, 2021
	Average Balance			Interest / Dividends		Average Rate			Average Balance			Interest / Dividends		Average Rate			Average Balance			Interest / Dividends		Average Rate
Assets:
Loans receivable (1)	$	1,346,194		$	13,849		4.12	%	$	1,313,296		$	12,801		3.90	%	$	1,223,532		$	12,107		3.96	%
Investment securities (1)		445,231			2,420		2.26			443,626			2,315		2.18			404,565			2,011		2.07
Other interest-earning assets		85,377			487		2.26			118,119			267		0.91			160,659			109		0.27
Total interest-earning assets		1,876,802			16,756		3.59			1,875,041			15,383		3.31			1,788,756			14,227		3.20
Non-interest-earning assets		78,342								79,993								76,375
Total assets	$	1,955,144							$	1,955,034							$	1,865,131

Liabilities and equity:
NOW accounts	$	243,354			250		0.41		$	224,808			91		0.16		$	182,531			70		0.15
Money market accounts		390,619			376		0.38			388,406			166		0.17			350,575			186		0.21
Savings accounts and mortgage escrow funds		422,178			186		0.18			427,709			124		0.12			397,292			113		0.11
Time deposits		323,219			852		1.05			335,748			831		0.99			367,641			985		1.06
Total interest-bearing deposits		1,379,370			1,664		0.48			1,376,671			1,212		0.35			1,298,039			1,354		0.41
FHLB advances		46,522			235		2.00			48,337			242		2.00			65,935			338		2.03
Total interest-bearing liabilities		1,425,892			1,899		0.53			1,425,008			1,454		0.41			1,363,974			1,692		0.49
Non-interest-bearing deposits		230,076								232,119								207,806
Other non-interest-bearing liabilities		22,180								19,581								19,943
Total liabilities		1,678,148								1,676,708								1,591,723
Total shareholders' equity		276,996								278,326								273,408
Total liabilities and shareholders' equity	$	1,955,144							$	1,955,034							$	1,865,131

Net interest income				$	14,857							$	13,929							$	12,535
Interest rate spread - tax equivalent (2)							3.06								2.90								2.71
Net interest margin - tax equivalent (3)							3.19								3.00								2.82
Average interest-earning assets to interest-bearing liabilities		131.62	%							131.58	%							131.14	%

(1)

Tax exempt yield is shown on a tax equivalent basis for proper comparison using a statutory federal income tax rate of 21% for all periods presented. See reconciliations of GAAP to non-GAAP measures at the end of this release.

(2)

Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities.

(3)

Net interest margin represents tax equivalent net interest income divided by average interest-earning assets. See reconciliation of GAAP to non-GAAP measures at the end of this release.

PCSB Financial Corporation and Subsidiaries

Condensed Financial Information (unaudited)

(amounts in thousands, except per share data)


	As of
	September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021
Condensed Balance Sheets
Cash and cash equivalents	$	50,753	$	118,457	$	158,892	$	120,339	$	148,012
Total investment securities		438,681		447,070		448,081		433,999		423,525
Loans receivable, net		1,350,197		1,329,372		1,285,886		1,243,646		1,210,674
Other assets		100,938		94,233		91,682		90,137		90,968
Total assets	$	1,940,569	$	1,989,132	$	1,984,541	$	1,888,121	$	1,873,179

Total deposits and mortgage escrow funds	$	1,600,568	$	1,637,423	$	1,633,463	$	1,533,947	$	1,511,465
Advances from Federal Home Loan Bank		28,288		48,323		48,357		58,390		65,924
Other liabilities		30,576		26,224		26,329		20,950		21,062
Total liabilities		1,659,432		1,711,970		1,708,149		1,613,287		1,598,451
Total shareholders' equity		281,137		277,162		276,392		274,834		274,728
Total liabilities and shareholders' equity	$	1,940,569	$	1,989,132	$	1,984,541	$	1,888,121	$	1,873,179


	Quarter Ended
	September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021
Condensed Income Statements
Interest income	$	16,756	$	15,383	$	14,200	$	14,870	$	14,227
Interest expense		1,899		1,454		1,483		1,612		1,692
Net interest income		14,857		13,929		12,717		13,258		12,535
Provision for loan losses		82		209		286		264		13
Noninterest income		793		1,088		923		1,195		613
Noninterest expense		9,557		10,268		8,956		8,805		8,624
Income before income tax expense		6,011		4,540		4,398		5,384		4,511
Income tax expense		1,235		1,037		924		1,096		897
Net income	$	4,776	$	3,503	$	3,474	$	4,288	$	3,614

Earnings per share:
Basic	$	0.34	$	0.25	$	0.25	$	0.30	$	0.25
Diluted		0.33		0.25		0.24		0.30		0.25

PCSB Financial Corporation and Subsidiaries

Selected Financial Data (unaudited)


	Quarter Ended
	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
Performance Ratios (1):
Return on average assets		0.98	%		0.72	%		0.73	%		0.92	%		0.78	%
Return on average equity		6.90	%		5.03	%		5.02	%		6.22	%		5.29	%
Interest rate spread		3.06	%		2.90	%		2.69	%		2.86	%		2.71	%
Net interest margin		3.19	%		3.00	%		2.80	%		2.97	%		2.82	%
Efficiency ratio		61.07	%		68.38	%		65.66	%		60.92	%		65.59	%

Noninterest income to average assets		0.16	%		0.22	%		0.19	%		0.26	%		0.13	%
Noninterest expense to average assets		1.96	%		2.10	%		1.87	%		1.88	%		1.85	%

Average interest-earning assets to average interest-bearing liabilities		131.62	%		131.58	%		131.20	%		131.36	%		131.14	%
Average equity to average assets		14.17	%		14.24	%		14.50	%		14.71	%		14.66	%
Dividend payout ratio (2)		21.04	%		28.72	%		24.61	%		20.22	%		24.24	%

Performance Ratios excluding merger-related expenses (3):
Earnings per diluted share	$	0.35		$	0.32		$	0.25		$	0.30		$	0.25
Return on average assets		1.03	%		0.93	%		0.73	%		0.92	%		0.78	%
Return on average equity		7.30	%		6.54	%		5.11	%		6.22	%		5.29	%
Efficiency ratio		59.08	%		60.61	%		67.80	%		60.92	%		65.59	%
Noninterest expense to average assets		1.89	%		1.86	%		2.08	%		1.88	%		1.85	%
Dividend payout ratio (2)		19.87	%		22.11	%		24.06	%		20.22	%		24.24	%

PCSB Financial Corporation and Subsidiaries

Selected Financial Data (unaudited) - Continued

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


	As of and for the quarter ended
	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
Loans to deposits		84.74	%		81.74	%		79.15	%		81.65	%		80.46	%

Share Data:
Shares outstanding		15,334,323			15,334,857			15,334,857			15,337,979			15,574,310
Book value per common share	$	18.33		$	18.07		$	18.02		$	17.92		$	17.64
Tangible book value per common share (4)	$	17.93		$	17.67		$	17.62		$	17.51		$	17.24

Asset Quality Ratios:
Non-performing loans receivable	$	7,989		$	9,235		$	7,859		$	7,890		$	5,732
Non-performing assets	$	7,989		$	9,235		$	7,859		$	7,890		$	5,732
Allowance for loan losses as a percent of total loans receivable (5)		0.67	%		0.67	%		0.68	%		0.68	%		0.68	%
Allowance for loan losses as a percent of non-performing loans receivable		113.26	%		96.66	%		110.86	%		106.83	%		142.34	%
Non-performing loans as a percent of total loans receivable, net (5)		0.59	%		0.69	%		0.61	%		0.64	%		0.48	%
Non-performing assets as a percent of total assets		0.41	%		0.46	%		0.40	%		0.42	%		0.31	%
Net (recoveries) charge-offs	$	(39	)	$	(7	)	$	4		$	(6	)	$	(265	)
Net (recoveries) charge-offs to average outstanding loans during the period (1)		(0.01	%)		0.00	%		0.00	%		0.00	%		(0.09	%)

Capital Ratios (6):
Tier 1 capital (to adjusted total assets)		13.02	%		12.78	%		12.86	%		12.91	%		12.72	%
Common equity Tier 1 capital (to risk-weighted assets)		17.27	%		17.22	%		17.22	%		17.67	%		17.84	%
Tier 1 capital (to risk-weighted assets)		17.27	%		17.22	%		17.22	%		17.67	%		17.84	%
Total capital (to risk-weighted assets)		17.88	%		17.83	%		17.83	%		18.28	%		18.46	%

(1)

Performance ratios for quarter ended periods are annualized.

(2)

Dividends declared per share divided by net income per share.

(3)

Merger-related expenses, primarily consisting of legal and consulting costs, total $311,000 for the three months ended September 30, 2022, $1.2 million for the three months ended June 30, 2022, $86,000 for the three months ended March 31, 2022 and no expense for the three months ended December 31, 2022 or September 30, 2021.

(4)

Tangible book value per share is a non-GAAP measure and equals total shareholders' equity, less goodwill and other intangible assets, divided by shares outstanding. We believe this disclosure may be meaningful to those investors who seek to evaluate our equity without giving effect to goodwill and other intangible assets. Reconciliations of GAAP to non-GAAP measures appear at the end of this release.

(5)

Total loans receivable excludes PPP loans.

(6)

Represents Bank ratios.

PCSB Financial Corporation and Subsidiaries

Loan and Deposit Portfolios (unaudited)

(amounts in thousands)


	As of
	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
Mortgage loans:
Residential mortgages	$	214,586		$	214,167		$	215,431		$	212,817		$	221,735
Commercial mortgages		953,539			942,130			897,424			867,581			838,021
Construction		25,307			20,896			16,894			11,857			11,639
Net deferred loan origination (fees) costs		(145	)		(100	)		(23	)		(18	)		97
Total mortgage loans		1,193,287			1,177,093			1,129,726			1,092,237			1,071,492
Commercial and consumer loans:
Commercial loans (1)		141,902			136,304			141,427			135,055			122,031
Home equity credit lines		22,955			23,688			22,557			24,142			24,936
Consumer and overdrafts		508			594			348			356			394
Net deferred loan origination costs (fees)		593			620			539			285			(20	)
Total commercial and consumer loans		165,958			161,206			164,871			159,838			147,341
Total loans receivable		1,359,245			1,338,299			1,294,597			1,252,075			1,218,833
Allowance for loan losses		(9,048	)		(8,927	)		(8,711	)		(8,429	)		(8,159	)
Loans receivable, net	$	1,350,197		$	1,329,372		$	1,285,886		$	1,243,646		$	1,210,674

(1) Includes PPP loans totaling:	$	1,847		$	1,940		$	4,701		$	12,769		$	19,763


	As of
	September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021
Demand deposits	$	227,635	$	245,297	$	243,908	$	215,708	$	216,470
NOW accounts		253,857		243,006		221,386		198,610		181,572
Money market accounts		385,470		399,026		396,358		361,352		363,090
Savings		402,980		411,332		417,975		393,041		381,836
Time deposits		323,324		327,589		345,092		354,356		361,669
Total deposits	$	1,593,266	$	1,626,250	$	1,624,719	$	1,523,067	$	1,504,637

PCSB Financial Corporation and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures (unaudited)

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


	Quarter Ended
	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
Computation of Adjusted Net Income and Adjusted Earnings Per Share
Net income applicable to common stock (GAAP)	$	4,776		$	3,503		$	3,474		$	4,288		$	3,614

Adjustments (1):
Merger-related expenses		282			1,048			79			-			-
Prepayment income on loans receivable		(20	)		(99	)		(43	)		(442	)		(26	)
PPP loan interest and fee income		(7	)		(28	)		(210	)		(264	)		(299	)
Gain on sale of premises		-			-			-			(436	)		-
Adjusted net income (Non-GAAP)	$	5,031		$	4,424		$	3,300		$	3,146		$	3,289

Average number of common shares outstanding:
Basic		14,214,313			14,189,701			14,165,775			14,236,473			14,337,543
Diluted		14,301,600			14,248,141			14,197,716			14,281,232			14,405,816
Earnings per share (GAAP):
Basic	$	0.34		$	0.25		$	0.25		$	0.30		$	0.25
Diluted		0.33			0.25			0.24			0.30			0.25
Adjusted earnings per common share (Non-GAAP):
Basic	$	0.35		$	0.31		$	0.23		$	0.22		$	0.23
Diluted		0.35			0.31			0.23			0.22			0.23

(1) Amounts are presented net of tax.

PCSB Financial Corporation and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures (unaudited)

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


	Quarter Ended
	September 30, 2022		June 30, 2022		September 30, 2021
Computation of Tax Equivalent Net Interest Income
Total interest income	$	16,756	$	15,383	$	14,227
Total interest expense		1,899		1,454		1,692
Net interest income (GAAP)		14,857		13,929		12,535
Tax equivalent adjustment		116		111		89
Net interest income - tax equivalent (Non-GAAP)	$	14,973	$	14,040	$	12,624


	Quarter Ended
	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
Computation of Efficiency Ratio
Noninterest expense (GAAP)	$	9,557		$	10,268		$	8,956		$	8,805		$	8,624
Adjustments:
Merger-related expenses		(311	)		(1,166	)		(86	)		-			-
Adjusted total (Non-GAAP)	$	9,246		$	9,102		$	8,870		$	8,805		$	8,624

Net interest income (GAAP)	$	14,857		$	13,929		$	12,717		$	13,258		$	12,535
Noninterest income (GAAP)		793			1,088			923			1,195			613
Total (GAAP)		15,650			15,017			13,640			14,453			13,148
Adjustments:
PPP loan interest and fee income		(9	)		(36	)		(266	)		(332	)		(373	)
Prepayment income on loans receivable		(25	)		(128	)		(55	)		(555	)		(32	)
Gains on sales of premises		-			-			-			(548	)		-
Adjusted total (Non-GAAP)	$	15,616		$	14,853		$	13,319		$	13,018		$	12,743

Efficiency ratio (GAAP)		61.07	%		68.38	%		65.66	%		60.92	%		65.59	%
Adjusted efficiency ratio (Non-GAAP)		59.21	%		61.28	%		66.60	%		67.64	%		67.68	%

PCSB Financial Corporation and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures (unaudited) - Continued

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


	As of
	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
Computation of Tangible Book Value per Common Share
Total shareholders' equity (GAAP)	$	281,137		$	277,162		$	276,392		$	274,834		$	274,728
Adjustments:
Goodwill		(6,106	)		(6,106	)		(6,106	)		(6,106	)		(6,106	)
Other intangible assets		(77	)		(89	)		(102	)		(119	)		(135	)
Tangible common shareholders' equity (Non-GAAP)	$	274,954		$	270,967		$	270,184		$	268,609		$	268,487

Common shares outstanding		15,334,323			15,334,857			15,334,857			15,337,979			15,574,310

Book value per share (GAAP)	$	18.33		$	18.07		$	18.02		$	17.92		$	17.64
Adjustments:
Effects of intangible assets		(0.40	)		(0.40	)		(0.40	)		(0.41	)		(0.40	)

Tangible book value per common share (Non-GAAP)	$	17.93		$	17.67		$	17.62		$	17.51		$	17.24

PCSB Financial Corporation and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures (unaudited) - Continued

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


	Quarter Ended
	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
Computation of Adjusted Yield on Assets and Adjusted Net Interest Margin
Average interest-earning assets	$	1,876,802		$	1,875,041		$	1,833,496		$	1,796,613		$	1,788,756

Interest and dividend income (GAAP)	$	16,756		$	15,383		$	14,200		$	14,870		$	14,227
Less: PPP loan interest and fee income		(9	)		(36	)		(266	)		(332	)		(373	)
Less: Prepayment income on loans receivable		(25	)		(128	)		(55	)		(555	)		(32	)
Adjusted interest and dividend income (Non-GAAP)	$	16,722		$	15,219		$	13,879		$	13,983		$	13,822

Yield on interest-earning assets (GAAP)		3.59	%		3.31	%		3.12	%		3.33	%		3.20	%
Adjusted yield on interest-earning assets (Non-GAAP)		3.56	%		3.25	%		3.03	%		3.11	%		3.09	%

Net interest income (GAAP)	$	14,857		$	13,929		$	12,717		$	13,258		$	12,535
Less: PPP loan interest and fee income		(9	)		(36	)		(266	)		(332	)		(373	)
Less: Prepayment income on loans receivable		(25	)		(128	)		(55	)		(555	)		(32	)
Adjusted net interest income (Non-GAAP)	$	14,823		$	13,765		$	12,396		$	12,371		$	12,130

Net interest margin (GAAP)		3.19	%		3.00	%		2.80	%		2.97	%		2.82	%
Adjusted net interest margin (Non-GAAP)		3.16	%		2.94	%		2.70	%		2.75	%		2.71	%

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Document And Entity Information	Oct. 27, 2022
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 27, 2022
Entity Registrant Name	PCSB Financial Corporation
Entity Central Index Key	0001691337
Entity Emerging Growth Company	false
Securities Act File Number	001-38065
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	81-4710738
Entity Address, Address Line One	2651 Strang Blvd, Suite 100
Entity Address, City or Town	Yorktown Heights
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10598
City Area Code	(914)
Local Phone Number	248-7272
Entity Information, Former Legal or Registered Name	Not Applicable
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	PCSB
Security Exchange Name	NASDAQ

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