(GLOBE NEWSWIRE) -- PDL Community Bancorp (the “Company”) (NASDAQ: PDLB), the holding company for Ponce Bank (the “Bank”), reported net income of $402,000, or $0.02 per basic and diluted share for the quarter ended September 30, 2018 compared to a net loss of $3.2 million for the same period in 2017. For the nine months ended September 30, 2018 net income was $2.0 million or $0.11 per basic and diluted share as compared to a net loss of $1.5 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 for periods prior to September 30, 2017 are solely those of Ponce Bank.
“We continue to be pleased with our organic loan growth while controlling our funding costs,” said Steven A. Tsavaris, Executive Chairman. Carlos P. Naudon, President and CEO, noted that “the costs of being a public company are beginning to stabilize as we gain experience and expertise.”
Net Interest Income
Net interest income was $9.2 million for the quarter ended September 30, 2018, up $900,000 or 10.8%, from $8.3 million for the quarter ended September 30, 2017. The increase in net interest income for the quarter ended September 30, 2018 compared to the same period in 2017 reflects a $1.6 million, or 15.5%, increase in total interest and dividend income offset by an increase of $674,000, or 37.1%, in total interest expense. The net interest rate spread and net interest margin were 3.49% and 3.86%, respectively, for the quarter ended September 30, 2018 compared to 3.58% and 3.86%, 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 $128.1 million or 16.7%, for the quarter ended September 30, 2018 compared to the same period in 2017. The average yield on loans decreased to 5.12% for the quarter ended September 30, 2018 from 5.15% for the same period in 2017. The increase in interest expense is primarily due to an increase in average certificates of deposits of $30.8 million or 7.62% for the quarter ended September 30, 2018 compared to the same period in 2017. The average cost on certificates of deposits increased to 1.77% for the quarter ended September 30, 2018 from 1.54% for the same period in 2017. The average cost of all interest-bearing liabilities increased to 1.40% for the quarter ended September 30, 2018 from 1.12% for the same period in 2017.
Noninterest Income
Noninterest income was $714,000 for the quarter ended September 30, 2018, down $54,000, or 7.0%, from $768,000 for the same period in 2017. The decrease is mainly attributed to decreases of $92,000 in late and prepayment charges, a decrease of $40,000 in service charges and fees related to commercial checking accounts, and a decrease of $41,000 in other noninterest income. These decreases were offset by an increase of $119,000 in brokerage commission.
Noninterest Expense
Noninterest expenses were $8.8 million for the quarter ended September 30, 2018, down $4.9 million, or 36.1%, from $13.7 million for the same period in 2017. The decrease is mainly attributable to a one-time contribution of $6.3 million to the Ponce De Leon Charitable Foundation that was made as part of the reorganization of Ponce De Leon Federal Bank, the Bank’s predecessor, on September 29, 2017. Increases in noninterest expenses include $327,000 in compensation expenses, $173,000 in occupancy expenses, and office supplies, telephone and postage increases of $58,000. Insurance and surety bond premiums increased $43,000; direct loan expenses increased $76,000; and data processing increased $26,000. Other noninterest expenses increased $683,000, of which $734,000 are attributable to legal, auditing, consulting, and professional services expense. In addition, losses on securities sold increased $20,000 and organizational dues and subscriptions increased $82,000. These increases were partially offset by a decrease of $106,000 in loss on loans sold and other miscellaneous noninterest expenses decreased $47,000 for the three months ended September 30, 2018 compared to the same period in 2017.
Asset Quality
Nonaccrual loans decreased to $6.6 million or 0.67% of total assets at September 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 $2.2 million in owner-occupied one-to-four family residential, $1.0 million in nonresidential properties, and $896,000 in investor-owned one-to-four family residential.
Provision for loan losses was $602,000 for the quarter ended September 30, 2018, compared to $238,000 for the same period in 2017. The allowance for loan losses was $12.4 million, or 1.37%, of total loans at September 30, 2018, compared to $11.1 million, or 1.37%, of total loans at December 31, 2017. Net recovery totaled $13,000 for the quarter ended September 30, 2018, compared to a net recovery of $254,000 for the same period in 2017.
Balance Sheet
Total assets increased $57.2 million, or 6.2%, to $982.7 million at September 30, 2018 from $925.5 million at December 31, 2017. Net loans increased $95.2 million, or 11.9%, to $893.9 million at September 30, 2018 from $798.7 million at December 31, 2017. The increase in net loans was primarily attributed to increases of $40.4 million or 26.7% in nonresidential properties, $31.4 million or 16.6% in multifamily residential, and $18.1 or 26.9% in construction and land loans.
Total deposits increased $50.8 million, or 7.1%, to $764.8 million at September 30, 2018 from $714.0 million at December 31, 2017. The increase in deposits was primarily attributed to increases in certificates of deposits of $26.9 million or 6.5% and an increase of $23.8 million or 51.2% in money market accounts.
Total stockholders’ equity was $167.1 million at September 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 September 30, 2018. The Bank’s total capital to risk-weighted assets ratio was 19.60%, tier 1 capital to risk-weighted assets ratio and common equity tier 1 capital ratio were 18.35%, and tier 1 capital to average assets ratio was 13.78% at September 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
September 30,
June 30,
March 31,
December 31,
September 30,
2018
2018
2018
2017
2017
ASSETS
Cash and due from banks:
Cash
$
5,494
$
7,088
$
6,570
$
24,746
$
4,716
Interest-bearing deposits in banks
16,895
42,094
52,409
34,978
51,629
Total cash and cash equivalents
22,389
49,182
58,979
59,724
56,345
Available-for-sale securities, at fair value
24,177
28,144
28,422
28,897
29,312
Loans receivable, net
893,884
850,426
823,014
798,703
767,721
Accrued interest receivable
3,609
3,350
3,202
3,335
3,132
Premises and equipment, net
29,293
28,366
27,684
27,172
25,729
Federal Home Loan Bank Stock (FHLB), at cost
2,621
2,617
1,673
1,511
1,448
Deferred tax assets
4,118
3,805
3,801
3,909
5,563
Other assets
2,620
2,923
2,848
2,271
3,013
Total assets
$
982,711
$
968,813
$
949,623
$
925,522
$
892,263
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits
$
764,792
$
753,255
$
752,267
$
713,985
$
698,655
Accrued interest payable
75
141
61
42
32
Advance payments by borrowers for taxes and insurance
7,219
5,491
6,999
5,025
5,967
Advances from the Federal Home Loan Bank and others
37,775
37,775
20,000
36,400
15,000
Other liabilities
5,706
5,573
4,582
5,285
4,101
Total liabilities
815,567
802,235
783,909
760,737
723,755
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
185
Additional paid-in-capital
84,557
84,488
84,419
84,351
84,099
Retained earnings
96,896
96,495
95,796
94,855
97,719
Accumulated other comprehensive loss
(8,101
)
(8,076
)
(8,052
)
(7,851
)
(6,257
)
Unearned compensation - ESOP
(6,393
)
(6,514
)
(6,634
)
(6,755
)
(7,238
)
Total stockholders' equity
167,144
166,578
165,714
164,785
168,508
Total liabilities and stockholders' equity
$
982,711
$
968,813
$
949,623
$
925,522
$
892,263
PDL Community Bancorp and Subsidiaries
Consolidated Statements of Income (Loss)
(Dollars in thousands, except per share data)
For the Quarters Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2018
2018
2018
2017
2017
Interest and dividend income:
Interest on loans receivable
$
11,483
$
11,053
$
10,386
$
10,106
$
9,893
Interest and dividends on investment securities and FHLB stock
254
330
324
221
271
Total interest and dividend income
11,737
11,383
10,710
10,327
10,164
Interest expense:
Interest on certificates of deposit
1,942
1,847
1,750
1,599
1,574
Interest on other deposits
272
199
185
168
176
Interest on borrowings
276
204
98
83
66
Total interest expense
2,490
2,250
2,033
1,850
1,816
Net interest income
9,247
9,133
8,677
8,477
8,348
Provision for loan losses
602
337
94
1,219
238
Net interest income after provision for loan losses
8,645
8,796
8,583
7,258
8,110
Noninterest income:
Service charges and fees
191
214
223
224
231
Brokerage commissions
286
42
96
94
167
Late and prepayment charges
65
52
211
207
157
Other
172
216
355
169
213
Total noninterest income
714
524
885
694
768
Noninterest expense:
Compensation and benefits
4,547
4,563
4,458
5,104
4,220
Occupancy expense
1,585
1,717
1,491
1,588
1,412
Data processing expenses
342
300
408
293
316
Direct loan expenses
265
152
155
171
189
Insurance and surety bond premiums
87
99
89
64
44
Office supplies, telephone and postage
308
352
300
317
250
FDIC deposit insurance assessment
68
66
68
4
122
Charitable foundation contributions
—
—
—
—
6,293
Other operating expenses
1,567
1,206
1,290
1,195
884
Total noninterest expense
8,769
8,455
8,259
8,736
13,730
Income (loss) before income taxes
590
865
1,209
(784
)
(4,852
)
Provision (benefit) for income taxes
188
166
268
2,081
(1,643
)
Net income (loss)
$
402
$
699
$
941
$
(2,865
)
$
(3,209
)
Earnings per share for the period:
Basic
$
0.02
$
0.04
$
0.05
$
(0.16
)
N/A
Diluted
$
0.02
$
0.04
$
0.05
$
(0.16
)
N/A
PDL Community Bancorp and Subsidiaries
Consolidated Statements of Income
(Dollars in thousands, except per share data)
For the Nine Months Ended September 30,
2018
2017
$
%
Interest and dividend income:
Interest on loans receivable
$
32,922
$
28,065
$
4,857
17.31
%
Interest and dividends on investment securities and FHLB stock
909
596
313
52.52
%
Total interest and dividend income
33,831
28,661
5,170
18.04
%
Interest expense:
Interest on certificates of deposit
5,539
4,318
1,221
28.28
%
Interest on other deposits
655
487
168
34.50
%
Interest on borrowings
578
126
452
358.73
%
Total interest expense
6,772
4,931
1,841
37.34
%
Net interest income
27,059
23,730
3,329
14.03
%
Provision for loan losses
1,034
497
537
108.05
%
Net interest income after provision for loan losses
26,025
23,233
2,792
12.02
%
Noninterest income:
Service charges and fees
627
684
(57
)
(8.33
%)
Brokerage commissions
424
453
(29
)
(6.40
%)
Late and prepayment charges
327
603
(276
)
(45.77
%)
Other
744
676
68
10.06
%
Total noninterest income
2,122
2,416
(294
)
(12.17
%)
Noninterest expense:
Compensation and benefits
13,466
12,005
1,461
12.17
%
Occupancy expense
4,794
4,235
559
13.20
%
Data processing expenses
1,050
1,181
(131
)
(11.09
%)
Direct loan expenses
572
558
14
2.51
%
Insurance and surety bond premiums
275
205
70
34.15
%
Office supplies, telephone and postage
960
786
174
22.14
%
FDIC deposit insurance assessment
202
246
(44
)
(17.89
%)
Charitable foundation contributions
—
6,293
(6,293
)
(100.00
%)
Other operating expenses
4,164
2,320
1,844
79.48
%
Total noninterest expense
25,483
27,829
(2,346
)
(8.43
%)
Income before income taxes
2,664
(2,180
)
4,844
(222.20
%)
Provision (benefit) for income taxes
623
(657
)
1,280
(194.82
%)
Net income (loss)
$
2,041
$
(1,523
)
$
3,564
(234.01
%)
Earnings per share for the period:
Basic
$
0.11
N/A
N/A
N/A
Diluted
$
0.11
N/A
N/A
N/A
PDL Community Bancorp and Subsidiaries
Key Metrics
At or for the Quarters Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2018
2018
2018
2017
2017
Performance Ratios:
Return on average assets
0.16
%
0.29
%
0.41
%
(1.27
%)
(1.43
%)
Return on average equity
0.95
%
1.68
%
2.30
%
(6.74
%)
(12.93
%)
Net interest rate spread (1)
3.49
%
3.64
%
3.61
%
3.54
%
3.58
%
Net interest margin (2)
3.86
%
3.96
%
3.95
%
3.88
%
3.86
%
Noninterest expense to average assets
3.54
%
3.54
%
3.61
%
3.86
%
6.11
%
Efficiency ratio (3)
88.03
%
87.55
%
86.37
%
95.26
%
150.61
%
Average interest-earning assets to average interest- bearing liabilities
135.09
%
132.89
%
135.79
%
139.76
%
133.72
%
Average equity to average assets
17.06
%
17.45
%
17.91
%
18.77
%
11.05
%
Capital Ratios:
Total capital to risk weighted assets (bank only)
19.60
%
20.07
%
20.52
%
20.73
%
21.41
%
Tier 1 capital to risk weighted assets (bank only)
18.35
%
18.81
%
19.26
%
19.48
%
20.15
%
Common equity Tier 1 capital to risk-weighted assets ( bank only)
18.35
%
18.81
%
19.26
%
19.48
%
20.15
%
Tier 1 capital to average assets (bank only)
13.78
%
14.03
%
14.25
%
14.67
%
14.91
%
Asset Quality Ratios:
Allowance for loan losses as a percentage of total loans
1.37
%
1.36
%
1.37
%
1.37
%
1.43
%
Allowance for loan losses as a percentage of nonperforming loans
(186.74
%)
176.63
%
122.81
%
97.05
%
118.32
%
Net (charge-offs) recoveries to average outstanding loans
0.00
%
0.00
%
0.12
%
(0.64
%)
0.13
%
Non-performing loans as a percentage of total loans
0.73
%
0.77
%
1.11
%
1.41
%
1.21
%
Non-performing loans as a percentage of total assets
0.67
%
0.69
%
0.98
%
1.23
%
1.06
%
Total non-performing assets as a percentage of total assets
0.67
%
0.69
%
0.98
%
1.23
%
1.06
%
Total non-performing assets, accruing loans past due 90 days or more, and accruing troubled debt restructured loans as a percentage of total assets
1.79
%
1.87
%
2.25
%
2.72
%
2.61
%
Other:
Number of offices
14
14
14
14
14
Number of full-time equivalent employees
175
194
192
177
171
(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
September 30,
June 30,
March 31,
December 31,
September 30,
2018
2018
2018
2017
2017
Amount
Percent
Amount
Percent
Amount
Percent
Amount
Percent
Amount
Percent
(Dollars in thousands)
Mortgage loans:
1-4 family residential
Investor Owned
$
295,792
32.69
%
$
296,490
34.44
%
$
290,509
34.86
%
$
287,158
35.51
%
$
279,275
35.90
%
Owner-Occupied
95,464
10.55
%
92,208
10.71
%
96,943
11.63
%
100,854
12.47
%
99,661
12.81
%
Multifamily residential
219,958
24.31
%
218,210
25.34
%
204,474
24.54
%
188,550
23.31
%
177,181
22.78
%
Nonresidential properties
191,603
21.17
%
168,788
19.60
%
158,525
19.03
%
151,193
18.69
%
152,692
19.63
%
Construction and land
85,293
9.43
%
72,574
8.43
%
67,971
8.16
%
67,240
8.31
%
52,483
6.75
%
Total mortgage loans
888,110
98.14
%
848,270
98.52
%
818,422
98.21
%
794,995
98.30
%
761,292
97.87
%
Nonmortgage loans:
Business loans
15,832
1.75
%
11,698
1.36
%
13,925
1.67
%
12,873
1.59
%
15,600
2.01
%
Consumer loans
992
0.11
%
1,027
0.12
%
975
0.12
%
886
0.11
%
943
0.12
%
Total nonmortgage loans
16,824
1.86
%
12,725
1.48
%
14,900
1.79
%
13,759
1.70
%
16,543
2.13
%
904,934
100.00
%
860,995
100.00
%
833,322
100.00
%
808,754
100.00
%
777,835
100.00
%
Net deferred loan origination costs
1,316
1,182
1,101
1,020
1,033
Allowance for losses on loans
(12,366
)
(11,751
)
(11,409
)
(11,071
)
(11,147
)
Loans, net
$
893,884
$
850,426
$
823,014
$
798,703
$
767,721
PDL Community Bancorp and Subsidiaries
Nonperforming Assets
For the Quarters Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2018
2018
2017
2017
2017
(Dollars in thousands)
Nonaccrual loans:
Mortgage loans:
1-4 family residential
Investor owned
$
206
$
208
$
209
$
1,034
$
402
Owner occupied
1,098
1,481
1,951
2,624
2,630
Multifamily residential
—
—
—
521
—
Nonresidential properties
544
142
633
1,387
653
Construction and land
1,103
1,111
1,097
1,075
1,075
Nonmortgage loans:
Business
—
—
30
147
12
Consumer
—
—
—
—
—
Total nonaccrual loans (not including non-accruing troubled debt restructured loans)
$
2,951
$
2,942
$
3,920
$
6,788
$
4,772
Non-accruing troubled debt restructured loans:
Mortgage loans:
1-4 family residential
Investor owned
$
1,076
$
1,099
$
1,122
$
1,144
$
1,168
Owner occupied
1,990
2,007
2,983
2,693
2,698
Multifamily residential
—
—
—
—
—
Nonresidential properties
605
606
1,265
783
783
Construction and land
—
—
—
—
—
Nonmortgage loans:
Business
—
—
—
—
—
Consumer
—
—
—
—
—
Total non-accruing troubled debt restructured loans
3,671
3,712
5,370
4,620
4,649
Total nonaccrual loans
$
6,622
$
6,654
$
9,290
$
11,408
$
9,421
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
$
6,622
$
6,654
$
9,290
$
11,408
$
9,421
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
$
5,224
$
5,707
$
5,738
$
6,559
$
6,594
Owner occupied
3,882
3,911
4,424
4,756
4,784
Multifamily residential
—
—
—
—
—
Nonresidential properties
1,449
1,458
1,468
1,958
1,968
Construction and land
—
—
—
—
—
Nonmortgage loans:
Business
398
421
454
477
501
Consumer
—
—
—
—
—
Total accruing troubled debt restructured loans
$
10,953
$
11,497
$
12,084
$
13,750
$
13,847
Total nonperforming assets, accruing loans past due 90 days or more and accruing troubled debt restructured loans
$
17,575
$
18,151
$
21,374
$
25,165
$
23,268
Total nonperforming loans to total loans
0.73
%
0.77
%
1.11
%
1.41
%
1.21
%
Total nonperforming assets to total assets
0.67
%
0.69
%
0.98
%
1.23
%
1.06
%
Total nonperforming assets, accruing loans past due 90 days or more and accruing troubled debt restructured loans to total assets
1.79
%
1.87
%
2.25
%
2.72
%
2.61
%
PDL Community Bancorp and Subsidiaries
Average Balance Sheets - Quarter
For the Three Months Ended September 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
$
890,063
$
11,483
5.12
%
$
762,048
$
9,893
5.15
%
Available-for-sale securities
25,330
89
1.39
%
29,543
104
1.40
%
Other (2)
35,792
165
1.83
%
65,468
167
1.01
%
Total interest-earning assets
951,185
11,737
4.90
%
857,059
10,164
4.70
%
Non-interest-earning assets
32,634
33,946
Total assets
$
983,819
$
891,005
Interest-bearing liabilities:
Savings accounts
$
126,329
$
224
0.70
%
$
130,855
$
131
0.40
%
Interest-bearing demand
92,148
47
0.20
%
78,373
44
0.22
%
Certificates of deposit
435,159
1,942
1.77
%
404,365
1,574
1.54
%
Total deposits
653,636
2,213
1.34
%
613,593
1,749
1.13
%
Advance payments by borrowers
7,409
1
0.05
%
6,060
1
0.07
%
Borrowings
43,057
276
2.54
%
21,267
66
1.23
%
Total interest-bearing liabilities
704,102
2,490
1.40
%
640,920
1,816
1.12
%
Non-interest-bearing liabilities:
Non-interest-bearing demand
105,376
—
148,251
—
Other non-interest-bearing liabilities
6,456
—
3,391
—
Total non-interest-bearing liabilities
111,832
—
151,642
—
Total liabilities
815,934
2,490
792,562
1,816
Total equity
167,885
98,443
Total liabilities and total equity
$
983,819
1.40
%
$
891,005
1.12
%
Net interest income
$
9,247
$
8,348
Net interest rate spread (3)
3.49
%
3.58
%
Net interest-earning assets (4)
$
247,083
$
216,139
Net interest margin (5)
3.86
%
3.86
%
Average interest-earning assets to
interest-bearing liabilities
135.09
%
133.72
%
(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 Nine Months Ended September 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
$
850,316
$
32,922
5.18
%
$
711,179
$
28,065
5.28
%
Available-for-sale securities
27,417
299
1.46
%
38,628
376
1.30
%
Other (2)
45,113
610
1.81
%
29,264
220
1.01
%
Total interest-earning assets
922,846
33,831
4.90
%
779,071
28,661
4.92
%
Non-interest-earning assets
33,815
33,553
Total assets
$
956,661
$
812,624
Interest-bearing liabilities:
Savings accounts
$
125,643
$
502
0.53
%
$
129,673
$
375
0.39
%
Interest-bearing demand
84,649
150
0.24
%
74,506
108
0.19
%
Certificates of deposit
438,121
5,539
1.69
%
382,653
4,318
1.51
%
Total deposits
648,413
6,191
1.28
%
586,832
4,801
1.09
%
Advance payments by borrowers
7,345
3
0.05
%
5,865
3
0.07
%
Borrowings
30,030
578
2.57
%
14,616
127
1.16
%
Total interest-bearing liabilities
685,788
6,772
1.32
%
607,313
4,931
1.09
%
Non-interest-bearing liabilities:
Non-interest-bearing demand
98,247
—
106,222
—
Other non-interest-bearing liabilities
5,555
—
3,346
—
Total non-interest-bearing liabilities
103,802
—
109,568
—
Total liabilities
789,590
6,772
716,881
4,931
Total equity
167,071
95,743
Total liabilities and total equity
$
956,661
1.32
%
$
812,624
1.09
%
Net interest income
$
27,059
$
23,730
Net interest rate spread (3)
3.58
%
3.83
%
Net interest-earning assets (4)
$
237,058
$
171,758
Net interest margin (5)
3.92
%
4.07
%
Average interest-earning assets to
interest-bearing liabilities
134.57
%
128.28
%
(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.net
718-931-9000
Source: PDL Community Bancorp