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PDL Community Bancorp Announces 2018 Second Quarter Results
(GLOBE NEWSWIRE) -- PDL Community Bancorp, (the “Company”) (NASDAQ: PDLB), the holding company for Ponce Bank (the “Bank”), reported net income of $699,000, or $0.04 per basic and diluted share for the quarter ended June 30, 2018 compared to net income of $1.1 million for the same period in 2017. For the six months ended June 30, 2018 net income was $1.6 million or $0.09 per basic and diluted share as compared to $1.7 million for the same period last year. The Company was formed on September 29, 2017 in conjunction with the reorganization of Ponce De Leon Federal Bank, Ponce Bank’s predecessor, into Ponce Bank Mutual Holding Company, a mutual holding company. Accordingly, the Company’s financial results of prior periods are solely those of Ponce Bank.
“We are focused on adding value to our stakeholders and are pleased with our progress” said Steven A. Tsavaris, Executive Chairman. Carlos P. Naudon, President and CEO, noted that “we continue our healthy organic loan growth while at the same time improving asset quality.”
Net Interest Income
Net interest income was $9.1 million for the quarter ended June 30, 2018, up $1.0 million, or 12.3%, from $8.1 million for the quarter ended June 30, 2017. The increase in net interest income for the quarter ended June 30, 2018 compared to the same period in 2017 reflects a $1.7 million, or 17.5%, increase in total interest and dividend income offset by an increase of $629,000, or 38.8%, in total interest expense. The net interest rate spread and net interest margin were 3.64% and 3.96%, respectively, for the quarter ended June 30, 2018 compared to 4.07% and 4.29%, respectively, for the same period in 2017. The increase in interest and dividend income is primarily due to growth in the investor-owned one-to-four family, multifamily, nonresidential, and construction and land loans, that provided an increase in average outstanding loans of $134.3 million or 18.9%, for the quarter ended June 30, 2018 compared to the same period in 2017. The average yield on loans decreased to 5.26% for the quarter ended June 30, 2018 from 5.42% for the same period in 2017. The increase in interest expense is primarily due to an increase in average certificates of deposits of $68.2 million or 17.9% for the quarter ended June 30, 2018 compared to the same period in 2017. The average cost on certificates of deposits increased to 1.65% for the quarter ended June 30, 2018 from 1.50% for the same period in 2017. The average cost of all interest-bearing liabilities increased to 1.30% for the quarter ended June 30, 2018 from 1.08% for the same period in 2017.
Noninterest Income
Noninterest income was $524,000 for the quarter ended June 30, 2018, down $360,000, or 40.7%, from $884,000 for the same period in 2017. The decrease is mainly attributed to a decrease of $126,000 in brokerage commissions combined with a decrease of $183,000 in late and prepayment charges.
Noninterest Expense
Noninterest expenses were $8.5 million for the quarter ended June 30, 2018, up $1.5 million, or 21.4%, from $7.0 million for the same period in 2017. The increase is mainly attributed to an increase of $607,000 in total compensation and benefits expense which included $201,000 in Employee Stock Ownership Plan expense, an increase of $333,000 in professional services, and a net loss of $197,000 related to loans sold.
Asset Quality
Nonaccrual loans decreased to $6.7 million or 0.69% of total assets at June 30, 2018 from $11.4 million or 1.23% of total assets at December 31, 2017. The decrease is mainly attributed to decreases in nonaccruals of $1.4 million in nonresidential properties, $1.8 million in owner-occupied one-to-four family residential, and $871,000 in investor-owned one-to-four family residential. Additionally, 4 non-accruing loans totaling $2.4 million were sold for a net loss of $197,000 during the quarter.
Provision for loan losses was $337,000 for the quarter ended June 30, 2018, compared to $207,000 for the same period in 2017. The allowance for loan losses was $11.8 million, or 1.36%, of total loans at June 30, 2018, compared to $11.1 million, or 1.37%, of total loans at December 31, 2017. Net charge-offs totaled $13,000 for the quarter ended June 30, 2018, compared to $24,000 for the same period in 2017.
Balance Sheet
Total assets increased $43.3 million, or 4.7%, to $968.8 million at June 30, 2018 from $925.5 million at December 31, 2017. Net loans increased $51.7 million, or 6.5%, to $850.4 million at June 30, 2018 from $798.7 million at December 31, 2017. The increase in net loans was primarily attributed to increases of $29.7 million or 15.7% in multifamily residential and $17.6 million or 11.6% in nonresidential properties.
Total deposits increased $39.3 million, or 5.5%, to $753.3 million at June 30, 2018 from $714.0 million at December 31, 2017. The increase in deposits was primarily attributed to increases in certificates of deposits of $24.7 million or 6.0% and an increase of $12.1 million or 26.0% in money market accounts.
Total stockholders’ equity was $166.6 million at June 30, 2018 compared to $164.8 million at December 31, 2017. The Company and the Bank exceeded all regulatory capital requirements to be deemed well-capitalized at June 30, 2018. The Bank’s total capital to risk-weighted assets ratio was 20.07%, tier 1 capital to risk-weighted assets ratio and common equity tier 1 capital ratio was 18.81%, and tier 1 capital to total assets ratio was 14.03% at June 30, 2018 compared to 20.73%, 19.48%, and 14.67%, respectively, at December 31, 2017.
About PDL Community Bancorp
PDL Community Bancorp is the holding company for Ponce Bank. The Bank’s business primarily consists of taking deposits from the general public and investing those deposits, together with funds generated from operations and borrowings, in mortgage loans, consisting of one-to-four family residences (investor-owned and owner-occupied), multifamily residences, nonresidential properties and construction and land, and, to a lesser extent, in business and consumer loans. The Bank also invests in securities, which have historically consisted of U.S. Government and federal agency securities and securities issued by government-sponsored or -owned enterprises, as well as, mortgage-backed securities and Federal Home Loan Bank stock. The Bank offers a variety of deposit accounts, including demand, savings, money market and certificates of deposit.
Forward Looking Statements
Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “project,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on the Company’s business activities; changes in interest rates; competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or in the local markets in which the Company operates, including changes that adversely affect borrowers’ ability to service and repay the Company’s loans; changes in the value of securities in the Company’s investment portfolio; changes in loan default and charge-off rates; fluctuations in real estate values; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; changes in government regulation; changes in accounting standards and practices; the risk that intangibles recorded in the Company’s financial statements will become impaired; demand for loans in the Company’s market area; the Company’s ability to attract and maintain deposits; risks related to the implementation of acquisitions, dispositions, and restructurings; the risk that the Company may not be successful in the implementation of its business strategy; changes in assumptions used in making such forward-looking statements and the risk factors described in the prospectus and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, www.sec.gov. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, PDL Community Bancorp’s actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as may be required by applicable law or regulation.
PDL Community Bancorp and Subsidiaries
Consolidated Balance Sheets
(Dollars in thousands, except for share data)
As of
June 30,
March 31,
December 31,
September 30,
June 30,
2018
2018
2017
2017
2017
ASSETS
Cash and due from banks:
Cash
$
7,088
$
6,570
$
24,746
$
4,716
$
4,096
Interest-bearing deposits in banks
42,094
52,409
34,978
51,629
5,400
Total cash and cash equivalents
49,182
58,979
59,724
56,345
9,496
Available-for-sale securities, at fair value
28,144
28,422
28,897
29,312
29,668
Loans held for sale
—
—
—
—
2,143
Loans receivable, net
850,426
823,014
798,703
767,721
732,520
Accrued interest receivable
3,350
3,202
3,335
3,132
2,917
Premises and equipment, net
28,366
27,684
27,172
25,729
25,599
Federal Home Loan Bank Stock (FHLB), at cost
2,617
1,673
1,511
1,448
1,288
Deferred tax assets
3,805
3,801
3,909
5,563
3,378
Other assets
2,923
2,848
2,271
3,013
5,987
Total assets
$
968,813
$
949,623
$
925,522
$
892,263
$
812,996
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits
$
753,255
$
752,267
$
713,985
$
698,655
$
702,406
Accrued interest payable
141
61
42
32
31
Advance payments by borrowers for taxes and insurance
5,491
6,999
5,025
5,967
4,661
Advances from the Federal Home Loan Bank and others
37,775
20,000
36,400
15,000
8,000
Other liabilities
5,573
4,582
5,285
4,101
3,224
Total liabilities
802,235
783,909
760,737
723,755
718,322
Commitments and contingencies
Stockholders' Equity:
Preferred stock, $0.01 par value; 10,000,000 shares
authorized, none issued
Common stock, $0.01 par value; 50,000,000 shares
authorized; 18,463,028 shares issued and outstanding
185
185
185
185
—
Additional paid-in-capital
84,488
84,419
84,351
84,099
—
Retained earnings
96,495
95,796
94,855
97,719
100,929
Accumulated other comprehensive loss
(8,076
)
(8,052
)
(7,851
)
(6,257
)
(6,255
)
Unearned compensation - ESOP
(6,514
)
(6,634
)
(6,755
)
(7,238
)
—
Total stockholders' equity
166,578
165,714
164,785
168,508
94,674
Total liabilities and stockholders' equity
$
968,813
$
949,623
$
925,522
$
892,263
$
812,996
PDL Community Bancorp and Subsidiaries
Consolidated Statements of Income (Loss)
(Dollars in thousands, except per share data)
For the Quarters Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2018
2018
2017
2017
2017
Interest and dividend income:
Interest on loans receivable
$
11,053
$
10,386
$
10,106
$
9,893
$
9,581
Interest and dividends on investment securities and FHLB stock
330
324
221
271
123
Total interest and dividend income
11,383
10,710
10,327
10,164
9,704
Interest expense:
Interest on certificates of deposit
1,847
1,750
1,599
1,574
1,428
Interest on other deposits
199
185
168
176
161
Interest on borrowings
204
98
83
66
32
Total interest expense
2,250
2,033
1,850
1,816
1,621
Net interest income
9,133
8,677
8,477
8,348
8,083
Provision for loan losses
337
94
1,219
238
207
Net interest income after provision for loan losses
8,796
8,583
7,258
8,110
7,876
Noninterest income:
Service charges and fees
214
223
224
231
225
Brokerage commissions
42
96
94
167
168
Late and prepayment charges
52
211
207
157
235
Other
216
355
169
213
256
Total noninterest income
524
885
694
768
884
Noninterest expense:
Compensation and benefits
4,563
4,458
5,104
4,220
3,956
Occupancy expense
1,717
1,491
1,588
1,412
1,400
Data processing expenses
300
408
293
316
413
Direct loan expenses
152
155
171
189
184
Insurance and surety bond premiums
99
89
64
44
79
Office supplies, telephone and postage
352
300
317
250
282
FDIC deposit insurance assessment
66
68
4
122
58
Charitable foundation contributions
—
—
—
6,293
—
Other operating expenses
1,206
1,290
1,195
884
623
Total noninterest expense
8,455
8,259
8,736
13,730
6,995
Income (loss) before income taxes
865
1,209
(784
)
(4,852
)
1,765
Provision for income taxes (benefit)
166
268
2,081
(1,643
)
641
Net income (loss)
$
699
$
941
$
(2,865
)
$
(3,209
)
$
1,124
Earnings per share for the period:
Basic
$
0.04
$
0.05
$
(0.16
)
N/A
N/A
Diluted
$
0.04
$
0.05
$
(0.16
)
N/A
N/A
PDL Community Bancorp and Subsidiaries
Consolidated Statements of Income
(Dollars in thousands, except per share data)
For the Six Months Ended June 30,
2018
2017
$
%
Interest and dividend income:
Interest on loans receivable
$
21,439
$
18,172
$
3,267
17.98
%
Interest and dividends on investment securities and FHLB stock
654
325
329
101.23
%
Total interest and dividend income
22,093
18,497
3,596
19.44
%
Interest expense:
Interest on certificates of deposit
3,597
2,744
853
31.09
%
Interest on other deposits
383
311
72
23.15
%
Interest on borrowings
303
61
242
396.72
%
Total interest expense
4,283
3,116
1,167
37.45
%
Net interest income
17,810
15,381
2,429
15.79
%
Provision for loan losses
431
259
172
66.41
%
Net interest income after provision for loan losses
17,379
15,122
2,257
14.93
%
Noninterest income:
Service charges and fees
437
454
(17
)
(3.74
%)
Brokerage commissions
138
286
(148
)
(51.75
%)
Late and prepayment charges
263
446
(183
)
(41.03
%)
Other
571
456
115
25.22
%
Total noninterest income
1,409
1,642
(233
)
(14.19
%)
Noninterest expense:
Compensation and benefits
8,918
7,785
1,133
14.55
%
Occupancy expense
3,208
2,826
382
13.52
%
Data processing expenses
708
866
(158
)
(18.24
%)
Direct loan expenses
307
379
(72
)
(19.00
%)
Insurance and surety bond premiums
188
161
27
16.77
%
Office supplies, telephone and postage
652
536
116
21.64
%
FDIC deposit insurance assessment
134
124
10
8.06
%
Other operating expenses
2,599
1,414
1,185
83.80
%
Total noninterest expense
16,714
14,091
2,623
18.61
%
Income before income taxes
2,074
2,673
(599
)
(22.41
%)
Provision for income taxes
434
986
(552
)
(55.98
%)
Net income
$
1,640
$
1,687
$
(47
)
(2.79
%)
Earnings per share for the period:
Basic
$
0.09
N/A
N/A
N/A
Diluted
$
0.09
N/A
N/A
N/A
PDL Community Bancorp and Subsidiaries
Key Metrics
At or for the Quarters Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2018
2018
2017
2017
2017
Performance Ratios:
Return on average assets
0.29
%
0.41
%
(1.27
%)
(1.43
%)
0.57
%
Return on average equity
1.68
%
2.30
%
(6.74
%)
(12.93
%)
4.75
%
Net interest rate spread (1)
3.64
%
3.61
%
3.54
%
3.58
%
4.07
%
Net interest margin (2)
3.96
%
3.95
%
3.88
%
3.86
%
4.29
%
Noninterest expense to average assets
3.54
%
3.61
%
3.86
%
6.11
%
3.56
%
Efficiency ratio (3)
87.55
%
86.37
%
95.26
%
150.61
%
78.02
%
Average interest-earning assets to average interest-bearing liabilities
132.89
%
135.79
%
139.76
%
133.72
%
125.73
%
Average equity to average assets
17.45
%
17.91
%
18.77
%
11.05
%
12.03
%
Capital Ratios:
Total capital to risk weighted assets (bank only)
20.07
%
20.52
%
20.73
%
21.41
%
17.34
%
Tier 1 capital to risk weighted assets (bank only)
18.81
%
19.26
%
19.48
%
20.15
%
16.09
%
Common equity Tier 1 capital to risk-weighted assets (bank only)
18.81
%
19.26
%
19.48
%
20.15
%
16.09
%
Tier 1 capital to average assets (bank only)
14.03
%
14.25
%
14.67
%
14.91
%
12.70
%
Asset Quality Ratios:
Allowance for loan losses as a percentage of total loans
1.36
%
1.37
%
1.37
%
1.43
%
1.43
%
Allowance for loan losses as a percentage of
nonperforming loans
176.63
%
122.81
%
97.05
%
118.32
%
138.27
%
Net (charge-offs) recoveries to average outstanding loans
0.00
%
0.12
%
(0.64
%)
0.13
%
0.04
%
Non-performing loans as a percentage of total loans
0.77
%
1.11
%
1.41
%
1.21
%
1.04
%
Non-performing loans as a percentage of total assets
0.69
%
0.98
%
1.23
%
1.06
%
0.95
%
Total non-performing assets as a percentage of total assets
0.69
%
0.98
%
1.23
%
1.06
%
0.95
%
Total non-performing assets, accruing loans past due 90
days or more, and accruing troubled debt restructured
loans as a percentage of total assets
1.87
%
2.25
%
2.72
%
2.61
%
3.05
%
Other:
Number of offices
14
14
14
14
14
Number of full-time equivalent employees
194
192
177
171
178
(1) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of average interest-bearing liabilities.
(2) Net interest margin represents net interest income divided by average total interest-earning assets.
(3) Efficiency ratio represents noninterest expense divided by the sum of net interest income and noninterest income.
Key metrics calculated on income statement items were annualized where appropriate.
PDL Community Bancorp and Subsidiaries
Loan Portfolio
For the Quarters Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2018
2018
2017
2017
2017
Amount
Percent
Amount
Percent
Amount
Percent
Amount
Percent
Amount
Percent
(Dollars in thousands)
Mortgage loans:
1-4 family residential
Investor Owned
$
296,490
34.44
%
$
290,509
34.86
%
$
287,158
35.51
%
$
279,275
35.90
%
$
256,989
34.62
%
Owner-Occupied
92,208
10.71
%
96,943
11.63
%
100,854
12.47
%
99,661
12.81
%
99,901
13.46
%
Multifamily residential
218,210
25.34
%
204,474
24.54
%
188,550
23.31
%
177,181
22.78
%
172,167
23.19
%
Nonresidential properties
168,788
19.60
%
158,525
19.03
%
151,193
18.69
%
152,692
19.63
%
155,670
20.97
%
Construction and land
72,574
8.43
%
67,971
8.16
%
67,240
8.31
%
52,483
6.75
%
42,116
5.67
%
Total mortgage loans
848,270
98.52
%
818,422
98.21
%
794,995
98.30
%
761,292
97.87
%
726,843
97.91
%
Nonmortgage loans:
Business loans
11,698
1.36
%
13,925
1.67
%
12,873
1.59
%
15,600
2.01
%
14,654
1.97
%
Consumer loans
1,027
0.12
%
975
0.12
%
886
0.11
%
943
0.12
%
850
0.11
%
Total nonmortgage loans
12,725
1.48
%
14,900
1.79
%
13,759
1.70
%
16,543
2.13
%
15,504
2.09
%
860,995
100.00
%
833,322
100.00
%
808,754
100.00
%
777,835
100.00
%
742,347
100.00
%
Net deferred loan origination costs
1,182
1,101
1,020
1,033
828
Allowance for losses on loans
(11,751
)
(11,409
)
(11,071
)
(11,147
)
(10,655
)
Loans, net
$
850,426
$
823,014
$
798,703
$
767,721
$
732,520
PDL Community Bancorp and Subsidiaries
Nonperforming Assets
For the Quarters Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2018
2018
2017
2017
2017
(Dollars in thousands)
Nonaccrual loans:
Mortgage loans:
1-4 family residential
Investor owned
$
208
$
209
$
1,034
$
402
$
571
Owner occupied
1,481
1,951
2,624
2,630
2,463
Multifamily residential
—
—
521
—
—
Nonresidential properties
142
633
1,387
653
867
Construction and land
1,111
1,097
1,075
1,075
1,008
Nonmortgage loans:
Business
—
30
147
12
12
Consumer
—
—
—
—
—
Total nonaccrual loans (not including non-accruing
troubled debt restructured loans)
$
2,942
$
3,920
$
6,788
$
4,772
$
4,921
Non-accruing troubled debt restructured loans:
Mortgage loans:
1-4 family residential
Investor owned
$
1,099
$
1,122
$
1,144
$
1,168
$
1,190
Owner occupied
2,007
2,983
2,693
2,698
810
Multifamily residential
—
—
—
—
—
Nonresidential properties
606
1,265
783
783
785
Construction and land
—
—
—
—
—
Nonmortgage loans:
Business
—
—
—
—
—
Consumer
—
—
—
—
—
Total non-accruing troubled debt restructured loans
3,712
5,370
4,620
4,649
2,785
Total nonaccrual loans
$
6,654
$
9,290
$
11,408
$
9,421
$
7,706
Real estate owned:
Mortgage loans:
1-4 family residential
Investor owned
$
—
$
—
$
—
$
—
$
—
Owner occupied
Multifamily residential
—
—
—
—
—
Nonresidential properties
—
—
—
—
—
Construction and land
—
—
—
—
—
Nonmortgage loans:
Business
—
—
—
—
—
Consumer
—
—
—
—
—
Total real estate owned
—
—
—
—
—
Total nonperforming assets
$
6,654
$
9,290
$
11,408
$
9,421
$
7,706
Accruing loans past due 90 days or more:
Mortgage loans:
1-4 family residential
Investor owned
$
—
$
—
$
7
$
—
$
—
Owner occupied
—
—
—
—
—
Multifamily residential
—
—
—
—
—
Nonresidential properties
—
—
—
—
—
Construction and land
—
—
—
—
—
Nonmortgage loans:
Business
—
—
—
—
—
Consumer
—
—
—
—
—
Total accruing loans past due 90 days or more
$
—
$
—
$
7
$
—
$
—
Accruing troubled debt restructured loans:
Mortgage loans:
1-4 family residential
Investor owned
$
5,707
$
5,738
$
6,559
$
6,594
$
7,108
Owner occupied
3,911
4,424
4,756
4,784
5,439
Multifamily residential
—
—
—
—
—
Nonresidential properties
1,458
1,468
1,958
1,968
4,009
Construction and land
—
—
—
—
—
Nonmortgage loans:
Business
421
454
477
501
516
Consumer
—
—
—
—
—
Total accruing troubled debt restructured loans
$
11,497
$
12,084
$
13,750
$
13,847
$
17,072
Total nonperforming assets, accruing loans past due 90 days or more
and accruing troubled debt restructured loans
$
18,151
$
21,374
$
25,165
$
23,268
$
24,778
Total nonperforming loans to total loans
0.77
%
1.11
%
1.41
%
1.21
%
1.04
%
Total nonperforming assets to total assets
0.69
%
0.98
%
1.23
%
1.06
%
0.95
%
Total nonperforming assets, accruing loans past due 90 days or more
and accruing troubled debt restructured loans to total assets
1.87
%
2.25
%
2.72
%
2.61
%
3.05
%
PDL Community Bancorp and Subsidiaries
Average Balance Sheets - Quarter
For the Three Months Ended June 30,
2018
2017
Average
Average
Outstanding
Average
Outstanding
Average
Balance
Interest
Yield/Rate (1)
Balance
Interest
Yield/Rate (1)
(Dollars in thousands)
Interest-earning assets:
Loans
$
843,641
$
11,053
5.26
%
$
709,330
$
9,581
5.42
%
Available-for-sale securities
28,267
104
1.48
%
34,251
90
1.05
%
Other (2)
52,967
226
1.71
%
11,752
33
1.13
%
Total interest-earning assets
924,875
11,383
4.94
%
755,333
9,704
5.15
%
Non-interest-earning assets
33,424
33,568
Total assets
$
958,299
$
788,901
Interest-bearing liabilities:
Savings accounts
$
126,133
$
148
0.47
%
$
128,004
$
123
0.39
%
Interest-bearing demand
84,339
50
0.24
%
74,862
37
0.20
%
Certificates of deposit
448,883
1,847
1.65
%
380,664
1,428
1.50
%
Total deposits
659,355
2,045
1.24
%
583,530
1,588
1.09
%
Advance payments by borrowers
8,045
1
0.05
%
6,596
1
0.06
%
Borrowings
28,595
204
2.86
%
10,648
32
1.21
%
Total interest-bearing liabilities
695,995
2,250
1.30
%
600,774
1,621
1.08
%
Non-interest-bearing liabilities:
Non-interest-bearing demand
89,935
—
89,793
—
Other non-interest-bearing liabilities
5,104
—
3,396
—
Total non-interest-bearing liabilities
95,039
—
93,189
—
Total liabilities
791,034
2,250
693,963
1,621
Total equity
167,265
94,938
Total liabilities and total equity
$
958,299
1.30
%
$
788,901
1.08
%
Net interest income
$
9,133
$
8,083
Net interest rate spread (3)
3.64
%
4.07
%
Net interest-earning assets (4)
$
228,880
$
154,559
Net interest margin (5)
3.96
%
4.29
%
Average interest-earning assets to
interest-bearing liabilities
132.89
%
125.73
%
(1) Annualized where appropriate.
(2) Includes FHLB demand accounts and FHLB stock dividends.
(3) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.
(4) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(5) Net interest margin represents net interest income divided by average total interest-earning assets.
PDL Community Bancorp and Subsidiaries
Average Balance Sheets – Year-to-date
For the Six Months Ended June 30,
2018
2017
Average
Average
Outstanding
Average
Outstanding
Average
Balance
Interest
Yield/Rate (1)
Balance
Interest
Yield/Rate (1)
(Dollars in thousands)
Interest-earning assets:
Loans
$
830,114
$
21,439
5.21
%
$
685,883
$
18,172
5.34
%
Available-for-sale securities
28,478
209
1.48
%
43,246
273
1.27
%
Other (2)
49,852
445
1.80
%
10,862
52
0.97
%
Total interest-earning assets
908,444
22,093
4.90
%
739,991
18,497
5.04
%
Non-interest-earning assets
34,414
33,229
Total assets
$
942,858
$
773,220
Interest-bearing liabilities:
Savings accounts
$
125,308
$
279
0.45
%
$
127,890
$
245
0.39
%
Interest-bearing demand
80,837
102
0.25
%
73,502
64
0.18
%
Certificates of deposit
439,614
3,597
1.65
%
371,617
2,744
1.49
%
Total deposits
645,759
3,978
1.24
%
573,009
3,053
1.07
%
Advance payments by borrowers
7,313
2
0.06
%
5,766
2
0.07
%
Borrowings
23,409
303
2.61
%
11,795
61
1.04
%
Total interest-bearing liabilities
676,481
4,283
1.28
%
590,570
3,116
1.06
%
Non-interest-bearing liabilities:
Non-interest-bearing demand
94,625
—
84,957
—
Other non-interest-bearing liabilities
5,096
—
3,322
—
Total non-interest-bearing liabilities
99,721
—
88,279
—
Total liabilities
776,202
4,283
678,849
3,116
Total equity
166,656
94,371
Total liabilities and total equity
$
942,858
1.28
%
$
773,220
1.06
%
Net interest income
$
17,810
$
15,381
Net interest rate spread(3)
3.63
%
3.98
%
Net interest-earning assets (4)
$
231,963
$
149,421
Net interest margin (5)
3.95
%
4.19
%
Average interest-earning assets to
interest-bearing liabilities
134.29
%
125.30
%
(1) Annualized where appropriate.
(2) Includes FHLB demand accounts and FHLB stock dividends.
(3) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.
(4) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(5) Net interest margin represents net interest income divided by average total interest-earning assets.
Contact:
Frank Perez
frank.perez@poncebank.com
718-931-9000
Source: PDL Community Bancorp