PCSB Financial Corporation (NASDAQ: PCSB) reported a net income of $2.7 million, or $0.18 per diluted share, for Q2 of fiscal 2021, matching Q1 results and increasing from $2.4 million in Q2 2020. For the six months ended December 31, 2020, net income reached $5.4 million, up from $5.2 million the previous year. The Board declared a quarterly cash dividend of $0.04 per share. Average loans increased 1.6% year-over-year, while deposits surged 11.0%. However, net interest income saw a slight decline due to lower asset yields.
PCSB Financial Corporation reported a net income of $2.7 million for Q1 FY2021, equating to $0.18 per diluted share, a decrease from $3.0 million in Q4 FY2020. Adjusted net income was also $2.7 million, a slight decline from $2.9 million the previous quarter. Net interest income rose to $11.6 million, but net interest margin fell to 2.69%. The bank declared a dividend of $0.04 per share payable on November 27, 2020. Average loans grew 6.2%, while average deposits surged 12.6% year-over-year. Non-performing loans decreased to 0.17% of total loans.
PCSB Financial Corporation (NASDAQ: PCSB) has authorized a stock repurchase program for up to 844,907 shares, representing 5% of its outstanding common stock. This initiative aims to enhance shareholder value and will be influenced by market conditions and stock price. The repurchase may occur in the open market or through private transactions, adhering to SEC Rule 10b5-1. The company has a longstanding presence, operating since 1871, and continues to serve the banking needs in the Lower Hudson Valley of New York.
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