PCSB - PCSB STOCK NEWS

Brookline Bancorp and PCSB Financial Corporation announced the upcoming merger and the deadline for PCSB shareholders to choose their preferred compensation. Shareholders can opt for either $22 in cash or 1.3284 shares of Brookline stock per PCSB share, but allocations may vary based on overall shareholder elections. The election must be completed by October 21, 2022. Regulatory approvals remain pending, and election materials were sent to PCSB shareholders on September 26, 2022.

PCSB Financial Corporation (NASDAQ: PCSB) reported net income of $3.5 million for the quarter ended June 30, 2022, up from $3.4 million a year prior. Yearly net income reached $14.9 million, a 20.2% increase over the previous year. Merger expenses of $1.2 million impacted quarterly earnings. The company anticipates completing a merger with Brookline Bancorp by Q4 2022. Average loans grew by 5.2% quarterly and 9.4% yearly. The Board declared a cash dividend of $0.07 per share, payable on September 9, 2022.

Brookline Bancorp (NASDAQ: BRKL) has announced a proposed acquisition of PCSB Financial Corporation (NASDAQ: PCSB) valued at $313 million, comprising 60% stock and 40% cash. This transaction is set to enhance Brookline's market presence and asset base, adding approximately $2 billion in assets, resulting in pro forma total assets of around $10.5 billion. Despite estimated regulatory challenges and capital ratio impacts, Brookline expects a 12.5% earnings per share accretion in 2023, signaling potential for future growth while maintaining a stable outlook.

PCSB Financial Corporation reported a net income of $3.5 million ($0.24 per diluted share) for Q3 2022, down 19% from the previous quarter and 3.3% year-over-year. The quarterly cash dividend was increased by 17% to $0.07 per share. Net interest income stood at $12.7 million, a 4.1% decline quarter-over-quarter but a 9.3% increase year-over-year. Additionally, noninterest income fell to $923,000, with an efficiency ratio of 65.66% compared to 60.92% in the prior quarter. The company experienced loan growth of 13.6% for the quarter.

PCSB Financial Corporation (NASDAQ: PCSB) reported a net income of $4.3 million, or $0.30 per diluted share for the quarter ended December 31, 2021, reflecting a 18.6% increase from the previous quarter and a 59.2% increase year-over-year. Net interest income reached $13.3 million, marking a 14.8% increase compared to the prior year. The Board declared a quarterly cash dividend of $0.06 per share. However, adjusted net income decreased 4.3% from the linked quarter, attributed to higher loan loss provisions.

PCSB Financial Corporation (NASDAQ: PCSB) reported a net income of $3.6 million, or $0.25 per diluted share, for Q1 2022, reflecting increases of 6.0% and 32.5% from the prior quarter and year, respectively. Net interest income remained steady at $12.5 million, while the efficiency ratio improved to 65.59%. The Board declared a $0.06 dividend, payable on November 26, 2021. Average loans receivable was $1.20 billion, unchanged from the prior quarter but down from $1.21 billion year-over-year. Total assets slightly decreased to $1.87 billion.

PCSB Financial Corporation reported a net income of $3.4 million, or $0.23 per diluted share, for Q4 2021, down from $3.6 million in Q3 but up from $3.0 million in Q4 2020. Annual net income rose to $12.4 million, or $0.84 per share, compared to $9.4 million the previous year. The company declared a $0.06 quarterly cash dividend. Notable highlights include an 8.1% increase in net interest income for the quarter and a 5.8% increase in average deposits. However, non-performing loans rose to 0.48% of total net loans.

PCSB Financial Corporation (NASDAQ: PCSB) reported a net income of $3.6 million, or $0.25 per diluted share, for Q3 2021, up from $2.7 million in Q2 2021 and $1.2 million in Q3 2020. Total net income for the nine months reached $9.0 million. The quarterly loan loss benefit stood at $944,000, significantly improving asset quality. A regular cash dividend of $0.06 per share was declared, a 50% increase from the previous quarter. Total assets grew to $1.85 billion, reflecting a healthy balance sheet amid ongoing economic recovery.

PCSB Financial Corporation (NASDAQ: PCSB) has announced a stock repurchase program authorized to buy back up to 801,856 shares, representing 5% of its outstanding common stock. The timing and amount of repurchases will be influenced by market conditions and alternative capital uses. Transactions may occur in open markets or via negotiated private arrangements. This initiative aims to enhance shareholder value and reflects the company's commitment to capital management.