| Parent Company Only Financial Statements |
Note 18. Parent Company Only Financial Statements
The following are the financial statements of the Company (Parent only) as of and for the years ended June 30, 2018 and June 30, 2017 (in thousands). The Company was established as of December 9, 2016; therefore, financial information prior to that date is not available.
|
|
|
June 30, |
|
|
|
|
2018 |
|
|
2017 |
|
|
Assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
72,140 |
|
|
$ |
71,273 |
|
|
Investment in Bank |
|
|
200,058 |
|
|
|
192,308 |
|
|
ESOP Loan receivable |
|
|
13,563 |
|
|
|
14,532 |
|
|
Other Assets |
|
|
1,798 |
|
|
|
1,888 |
|
|
Total Assets |
|
$ |
287,559 |
|
|
$ |
280,001 |
|
|
Liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
|
Other Liabilities |
|
$ |
- |
|
|
$ |
155 |
|
|
Stockholders' equity |
|
|
287,559 |
|
|
|
279,846 |
|
|
Total Liabilities and stockholders' equity |
|
$ |
287,559 |
|
|
$ |
280,001 |
|
|
|
|
Years Ended June 30, |
|
|
|
|
2018 |
|
|
2017 |
|
|
Interest Income |
|
$ |
668 |
|
|
$ |
125 |
|
|
Equity in income of Bank |
|
|
7,188 |
|
|
|
1,055 |
|
|
Contribution to PCSB Foundation |
|
|
— |
|
|
|
5,000 |
|
|
Other non-interest expenses |
|
|
689 |
|
|
|
105 |
|
|
Income (loss) before income tax |
|
|
7,167 |
|
|
|
(3,925 |
) |
|
Income tax expense (benefit) |
|
|
563 |
|
|
|
(1,693 |
) |
|
Net Income (loss) |
|
$ |
6,604 |
|
|
$ |
(2,232 |
) |
|
|
|
Year Ended June 30, |
|
|
|
|
2018 |
|
|
2017 |
|
|
Cash Flows from Operating Activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
6,604 |
|
|
$ |
(2,232 |
) |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Equity in income of Bank |
|
|
(7,188 |
) |
|
|
(1,055 |
) |
|
Issuance of common stock to PCSB Foundation |
|
|
— |
|
|
|
3,387 |
|
|
Deferred tax expense (benefit) |
|
|
733 |
|
|
|
(1,482 |
) |
|
Net increase in accrued interest receivable |
|
|
(230 |
) |
|
|
(113 |
) |
|
Other adjustments, principally net changes in other assets and liabilities |
|
|
(569 |
) |
|
|
(138 |
) |
|
Net cash used in operating activities |
|
|
(650 |
) |
|
|
(1,633 |
) |
|
Cash Flows from Investing Activities: |
|
|
|
|
|
|
|
|
|
Investment in PCSB Bank |
|
|
— |
|
|
|
(87,350 |
) |
|
Decrease (increase) in ESOP loan |
|
|
969 |
|
|
|
(14,532 |
) |
|
Net cash provided by (used in) investing activities |
|
|
969 |
|
|
|
(101,882 |
) |
|
Cash Flows from Financing Activities: |
|
|
|
|
|
|
|
|
|
Common stock dividends declared |
|
|
(504 |
) |
|
|
— |
|
|
Allocation of ESOP shares |
|
|
1,069 |
|
|
|
184 |
|
|
Issuance of common stock |
|
|
(17 |
) |
|
|
174,604 |
|
|
Net cash provided by financing activities |
|
|
548 |
|
|
|
174,788 |
|
|
Net increase in cash and cash equivalents |
|
|
867 |
|
|
|
71,273 |
|
|
Cash and cash equivalents at beginning of year |
|
|
71,273 |
|
|
|
— |
|
|
Cash and cash equivalents at end of year |
|
$ |
72,140 |
|
|
$ |
71,273 |
|
|
|
|
|
|
|
|
|
|
|
|