.png)
PDL Community Bancorp Announces 2019 First Quarter Results
YORK, May 07, 2019 (GLOBE NEWSWIRE) -- PDL Community Bancorp (the “Company”) (NASDAQ: PDLB), the holding company for Ponce Bank (the “Bank”), reported net income of $668,000 for the quarter ended March 31, 2019 compared to a net income of $941,000 for the quarter ended March 31, 2018. The decrease in quarterly net income amounted to $273,000 and was attributable to an increase in noninterest expenses of $832,000, increases in provisions for loan losses of $55,000 and income taxes of $39,000, and a reduction in noninterest income of $132,000, offset by an increase in net interest income of $785,000. Basic and fully diluted earnings per share were both $0.04 for the quarter ended March 31, 2019 compared to $0.05 for the quarter ended March 31, 2018.
Carlos P. Naudon, President and CEO, noted that “our slower growth this quarter reflected our commitment to maintain asset quality and manage cost of funds. We are pleased to note that our branches have now largely deployed their new equipment, such as ATMs and TCRs.” Executive Chairman Steven A. Tsavaris remarked that “we were pleased to have held our second annual shareholders meeting on May 1, 2019 where our shareholders elected Maria A. Alvarez to her first full term on our board of directors.”
Net Interest Income
Net interest income was $9.5 million for the quarter ended March 31, 2019, up $785,000, or 9.1%, from $8.7 million for the quarter ended March 31, 2018. The increase in net interest income for the quarter ended March 31, 2019 compared to the quarter ended March 31, 2018 reflects a $1.7 million, or 15.6%, increase in total interest and dividend income, offset by an increase of $887,000, or 43.6%, in total interest expense. The increase in interest and dividend income was primarily due to growth in one-to-four family residential, multifamily, and nonresidential loans that provided an increase in average outstanding loans of $119.4 million, or 14.6%, for the quarter ended March 31, 2019 compared to the same period in 2018. The net interest rate spread and net interest margin were 3.46% and 3.86%, respectively, for the quarter ended March 31, 2019 compared to 3.61% and 3.95%, respectively, for the same period in 2018. The average yield on loans increased to 5.24% for the quarter ended March 31, 2019 from 5.16% for the same period in 2018. The increase in interest expense was due to an increase in average interest-bearing liabilities of $85.0 million, or 12.9%, for the quarter ended March 31, 2019 compared to the same period in 2018. Additionally, the cost of funding interest-bearing liabilities increased to 1.60% for the quarter ended March 31, 2019 from 1.26% for the same period in 2018.
Noninterest Income
Noninterest income was $753,000 for the quarter ended March 31, 2019, down $132,000, or 14.9%, from $885,000 for the same period in 2018. The decrease is mainly attributed to a reduction in late fees and prepayment charges related to mortgage loans and other fees totaling $152,000.
Noninterest Expense
Noninterest expense was $9.1 million for the quarter ended March 31, 2019, up $832,000, or 10.1%, from $8.3 million for the same period in 2018. This quarterly variance was largely due to increases in compensation and benefits expense of $556,000 primarily due to expenses from restricted stock units and stock options totaling $326,000, and occupancy expense of $420,000. The increase in noninterest expense was partially offset by decreases in professional fees of $113,000, data processing expenses of $55,000 and marketing and promotional expenses of $26,000.
Asset Quality
Nonperforming assets increased to $8.0 million, or 0.77% of total assets at March 31, 2019, from $6.8 million, or 0.64% of total assets at December 31, 2018. The increase is mainly attributable to an increase in nonaccrual, investor-owned one-to-four family residence loans of $1.1 million.
Provision for loan losses was $149,000 for the quarter ended March 31, 2019, compared to $94,000 for the same period in 2018. The allowance for loan losses was $12.4 million, or 1.33% of total loans at March 31, 2019, compared to $12.7 million, or 1.36% of total loans at December 31, 2018. Net charge-offs totaled $360,000 for the quarter ended March 31, 2019, or 0.16% of average loans outstanding, compared to net recoveries of $244,000 for the quarter ended March 31, 2018, or 0.12% of average loans outstanding, when annualized.
Balance Sheet
Total assets decreased $26.3 million, or 2.5%, to $1,033.6 million at March 31, 2019 from $1,059.9 million at December 31, 2018. Net loans increased $6.6 million, or 0.7%, to $925.1 million at March 31, 2019 from $918.5 million at December 31, 2018. The increase in loans was primarily due to aggregate increases of $9.3 million in mortgage loans in the investor-owned and owner-occupied one-to-four family residential, multifamily and nonresidential categories, offset by decreases of $2.7 million in construction and land loans and $609,000 in business loans.
Federal Home Loan Bank advances and other decreased $25.0 million or 36.0%, to $44.4 million at March 31, 2019 from $69.4 million at December 31, 2018.
Total deposits decreased $3.0 million, or 0.4%, to $806.8 million at March 31, 2019 from $809.8 million at December 31, 2018. The quarterly variance was due to decreases in certificates of deposits of $22.9 million, NOW and savings accounts of $5.8 million, and demand deposits of $2.4 million, offset by an increase in money market accounts of $28.2 million.
Total stockholders’ equity was $170.3 million at March 31, 2019 compared to $169.2 million at December 31, 2018. The Company and the Bank exceeded all regulatory capital requirements to be deemed well-capitalized at March 31, 2019. The Bank’s total capital to risk-weighted assets ratio was 19.32%, the tier 1 capital to risk-weighted assets ratio and the common equity tier 1 capital ratio were both 18.06%, and the tier 1 capital to total assets ratio was 13.56% at March 31, 2019, compared to 19.39%, 18.14%, and 13.66% at December 31, 2018, respectively.
On March 22, the Company announced that the Board of Directors had adopted a share repurchase program. As of May 6, 2019, the Company has repurchased 234,823 shares of stock at a weighted average price $14.22 per share.
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
March 31,
December 31,
September 30,
June 30,
March 31,
2019
2018
2018
2018
2018
ASSETS
Cash and due from banks:
Cash
$
5,690
$
45,225
$
5,494
$
7,088
$
6,570
Interest-bearing deposits in banks
35,877
24,553
16,895
42,094
52,409
Total cash and cash equivalents
41,567
69,778
22,389
49,182
58,979
Available-for-sale securities, at fair value
22,166
27,144
24,177
28,144
28,422
Loans receivable, net
925,099
918,509
893,884
850,426
823,014
Accrued interest receivable
3,735
3,795
3,609
3,350
3,202
Premises and equipment, net
31,777
31,135
29,293
28,366
27,684
Federal Home Loan Bank Stock (FHLB), at cost
2,915
2,915
2,621
2,617
1,673
Deferred tax assets
3,852
3,811
4,118
3,805
3,801
Other assets
2,485
2,814
2,620
2,923
2,848
Total assets
$
1,033,596
$
1,059,901
$
982,711
$
968,813
$
949,623
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits
$
806,781
$
809,758
$
764,792
$
753,255
$
752,267
Accrued interest payable
75
63
75
141
61
Advance payments by borrowers for taxes and insurance
8,099
6,037
7,219
5,491
6,999
Advances from the Federal Home Loan Bank and others
44,404
69,404
37,775
37,775
20,000
Other liabilities
3,975
5,467
5,706
5,573
4,582
Total liabilities
863,334
890,729
815,567
802,235
783,909
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 18,449,162 shares outstanding as of March 31, 2019 and 18,463,028 shares issued and outstanding as of December 31,2018
185
185
185
185
185
Treasury stock, at cost; 13,866 shares at March 31, 2019 and no shares as of December 31, 2018
(193
)
—
—
—
—
Additional paid-in-capital
84,976
84,581
84,557
84,488
84,419
Retained earnings
99,481
98,813
96,896
96,495
95,796
Accumulated other comprehensive loss
(8,035
)
(8,135
)
(8,101
)
(8,076
)
(8,052
)
Unearned compensation - ESOP; 615,188 shares and 627,251 shares as of March 31, 2019 and December 31, 2018
(6,152
)
(6,272
)
(6,393
)
(6,514
)
(6,634
)
Total stockholders' equity
170,262
169,172
167,144
166,578
165,714
Total liabilities and stockholders' equity
$
1,033,596
$
1,059,901
$
982,711
$
968,813
$
949,623
PDL Community Bancorp and Subsidiaries
Consolidated Statements of Income
(Dollars in thousands, except per share data)
For the Quarters Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2019
2018
2018
2018
2018
Interest and dividend income:
Interest on loans receivable
$
12,095
$
12,026
$
11,483
$
11,053
$
10,386
Interest and dividends on investment securities and FHLB stock
287
300
254
330
324
Total interest and dividend income
12,382
12,326
11,737
11,383
10,710
Interest expense:
Interest on certificates of deposit
1,956
2,078
1,942
1,847
1,750
Interest on other deposits
631
320
272
199
185
Interest on borrowings
333
321
276
204
98
Total interest expense
2,920
2,719
2,490
2,250
2,033
Net interest income
9,462
9,607
9,247
9,133
8,677
Provision for loan losses
149
215
602
337
94
Net interest income after provision for loan losses
9,313
9,392
8,645
8,796
8,583
Noninterest income:
Service charges and fees
230
217
191
214
223
Brokerage commissions
109
108
286
42
96
Late and prepayment charges
139
278
65
52
211
Other
275
212
172
216
355
Total noninterest income
753
815
714
524
885
Noninterest expense:
Compensation and benefits
5,014
4,371
4,547
4,563
4,458
Occupancy expense
1,911
1,879
1,585
1,717
1,491
Data processing expenses
353
357
342
300
408
Direct loan expenses
156
217
265
152
155
Insurance and surety bond premiums
83
94
87
99
89
Office supplies, telephone and postage
317
349
308
352
300
FDIC deposit insurance assessment
68
70
68
66
68
Professional fees
510
1,025
978
529
623
Marketing and promotional expenses
26
68
40
55
52
Directors fees
83
69
69
70
69
Regulatory dues
56
60
63
58
56
Other operating expenses
514
515
417
494
490
Total noninterest expense
9,091
9,074
8,769
8,455
8,259
Income before income taxes
975
1,133
590
865
1,209
Provision for income taxes
307
498
188
166
268
Net income
$
668
$
635
$
402
$
699
$
941
Earnings per share:
Basic
$
0.04
$
0.04
$
0.02
$
0.04
$
0.05
Diluted
$
0.04
$
0.04
$
0.02
$
0.04
$
0.05
PDL Community Bancorp and Subsidiaries
Consolidated Statements of Income
(Dollars in thousands, except per share data)
Quarter Ended March 31,
2019
2018
Variance $
Variance %
Interest and dividend income:
Interest on loans receivable
$
12,095
$
10,386
$
1,709
16.45
%
Interest and dividends on investment securities and FHLB stock
287
324
(37
)
(11.42
%)
Total interest and dividend income
12,382
10,710
1,672
15.61
%
Interest expense:
Interest on certificates of deposit
1,956
1,750
206
11.77
%
Interest on other deposits
631
185
446
241.08
%
Interest on borrowings
333
98
235
239.80
%
Total interest expense
2,920
2,033
887
43.63
%
Net interest income
9,462
8,677
785
9.05
%
Provision for loan losses
149
94
55
58.51
%
Net interest income after provision for loan losses
9,313
8,583
730
8.51
%
Noninterest income:
Service charges and fees
230
223
7
3.14
%
Brokerage commissions
109
96
13
13.54
%
Late and prepayment charges
139
211
(72
)
(34.12
%)
Other
275
355
(80
)
(22.54
%)
Total noninterest income
753
885
(132
)
(14.92
%)
Noninterest expense:
Compensation and benefits
5,014
4,458
556
12.47
%
Occupancy expense
1,911
1,491
420
28.17
%
Data processing expenses
353
408
(55
)
(13.48
%)
Direct loan expenses
156
155
1
0.65
%
Insurance and surety bond premiums
83
89
(6
)
(6.74
%)
Office supplies, telephone and postage
317
300
17
5.67
%
FDIC deposit insurance assessment
68
68
—
0.00
%
Professional fees
510
623
(113
)
(18.14
%)
Marketing and promotional expenses
26
52
(26
)
(50.00
%)
Directors fees
83
69
14
20.29
%
Regulatory dues
56
56
—
0.00
%
Other operating expenses
514
490
24
4.90
%
Total noninterest expense
9,091
8,259
832
10.07
%
Income before income taxes
975
1,209
(234
)
(19.35
%)
Provision for income taxes
307
268
39
14.55
%
Net income
$
668
$
941
$
(273
)
(29.01
%)
Earnings per share:
Basic
$
0.04
$
0.05
N/A
N/A
Diluted
$
0.04
$
0.05
N/A
N/A
PDL Community Bancorp and Subsidiaries
Key Metrics
At or for the Quarters Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2019
2018
2018
2018
2018
Performance Ratios:
Return on average assets
0.26
%
0.25
%
0.16
%
0.29
%
0.41
%
Return on average equity
1.59
%
1.49
%
0.95
%
1.68
%
2.30
%
Net interest rate spread (1)
3.46
%
3.52
%
3.49
%
3.64
%
3.61
%
Net interest margin (2)
3.86
%
3.90
%
3.86
%
3.96
%
3.95
%
Noninterest expense to average assets
3.59
%
3.57
%
3.54
%
3.54
%
3.61
%
Efficiency ratio (3)
89.00
%
87.07
%
88.03
%
87.55
%
86.37
%
Average interest-earning assets to average interest- bearing liabilities
133.93
%
134.30
%
135.09
%
132.89
%
135.79
%
Average equity to average assets
16.58
%
16.69
%
17.06
%
17.45
%
17.91
%
Capital Ratios:
Total capital to risk weighted assets (bank only)
19.32
%
19.39
%
19.60
%
20.07
%
20.52
%
Tier 1 capital to risk weighted assets (bank only)
18.06
%
18.14
%
18.35
%
18.81
%
19.26
%
Common equity Tier 1 capital to risk-weighted assets (bank only)
18.06
%
18.14
%
18.35
%
18.81
%
19.26
%
Tier 1 capital to average assets (bank only)
13.56
%
13.66
%
13.78
%
14.03
%
14.25
%
Asset Quality Ratios:
Allowance for loan losses as a percentage of total loans
1.33
%
1.36
%
1.37
%
1.36
%
1.37
%
Allowance for loan losses as a percentage of nonperforming loans
155.87
%
186.77
%
(186.74
%)
176.63
%
122.81
%
Net (charge-offs) recoveries to average outstanding loans during the year
(0.16
%)
0.03
%
0.00
%
0.00
%
0.12
%
Non-performing loans as a percentage of total loans
0.86
%
0.73
%
0.73
%
0.77
%
1.11
%
Non-performing loans as a percentage of total assets
0.77
%
0.64
%
0.67
%
0.69
%
0.98
%
Total non-performing assets as a percentage of total assets
0.77
%
0.64
%
0.67
%
0.69
%
0.98
%
Total non-performing assets, accruing loans past due 90 days or more, and accruing troubled debt restructured loans as a percentage of total assets
1.74
%
1.63
%
1.79
%
1.87
%
2.25
%
Other:
Number of offices
14
14
14
14
14
Number of full-time equivalent employees
185
181
175
194
192
(1) 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.
(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
March 31,
December 31,
September 30,
June 30,
March 31,
2019
2018
2018
2018
2018
Amount
Percent
Amount
Percent
Amount
Percent
Amount
Percent
Amount
Percent
(Dollars in thousands)
Mortgage loans:
1-4 family residential
Investor Owned
$
304,650
32.55
%
$
303,197
32.61
%
$
295,792
32.69
%
$
296,490
34.44
%
$
290,509
34.86
%
Owner-Occupied
95,449
10.20
%
92,788
9.98
%
95,464
10.55
%
92,208
10.71
%
96,943
11.63
%
Multifamily residential
234,749
25.09
%
232,509
25.01
%
219,958
24.31
%
218,210
25.34
%
204,474
24.54
%
Nonresidential properties
199,903
21.36
%
196,917
21.18
%
191,603
21.17
%
168,788
19.60
%
158,525
19.03
%
Construction and land
84,844
9.07
%
87,572
9.42
%
85,293
9.43
%
72,574
8.43
%
67,971
8.16
%
Total mortgage loans
919,595
98.27
%
912,983
98.20
%
888,110
98.14
848,270
98.52
%
818,422
98.21
%
Nonmortgage loans:
Business loans
15,101
1.61
%
15,710
1.69
%
15,832
1.75
%
11,698
1.36
%
13,925
1.67
%
Consumer loans
1,125
0.12
%
1,068
0.11
%
992
0.11
%
1,027
0.12
%
975
0.12
%
Total nonmortgage loans
16,226
1.73
%
16,778
1.80
%
16,824
1.86
%
12,725
1.48
%
14,900
1.79
%
Total loans
935,821
100.00
%
929,761
100.00
%
904,934
100.00
%
860,995
100.00
%
833,322
100.00
%
Net deferred loan origination costs
1,727
1,407
1,316
1,182
1,101
Allowance for losses on loans
(12,449
)
(12,659
)
(12,366
)
(11,751
)
(11,409
)
Loans, net
$
925,099
$
918,509
$
893,884
$
850,426
$
823,014
PDL Community Bancorp and Subsidiaries
Nonperforming Assets
For the Quarters Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2019
2018
2018
2018
2018
(Dollars in thousands)
Nonaccrual loans:
Mortgage loans:
1-4 family residential
Investor owned
$
1,284
$
205
$
206
$
208
$
209
Owner occupied
933
1,092
1,098
1,481
1,951
Multifamily residential
13
16
—
—
—
Nonresidential properties
531
706
544
142
633
Construction and land
1,341
1,115
1,103
1,111
1,097
Nonmortgage loans:
Business
275
—
—
—
30
Consumer
4
—
—
—
—
Total nonaccrual loans (not including non-accruing troubled debt restructured loans)
$
4,381
$
3,134
$
2,951
$
2,942
$
3,920
Non-accruing troubled debt restructured loans:
Mortgage loans:
1-4 family residential
Investor owned
$
1,023
$
1,053
$
1,076
$
1,099
$
1,122
Owner occupied
1,972
1,987
1,990
2,007
2,983
Multifamily residential
—
—
—
—
—
Nonresidential properties
611
604
605
606
1,265
Construction and land
—
—
—
—
—
Nonmortgage loans:
Business
—
—
—
—
—
Consumer
—
—
—
—
—
Total non-accruing troubled debt restructured loans
3,606
3,644
3,671
3,712
5,370
Total nonaccrual loans
$
7,987
$
6,778
$
6,622
$
6,654
$
9,290
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
$
7,987
$
6,778
$
6,622
$
6,654
$
9,290
Accruing loans past due 90 days or more:
Mortgage loans:
1-4 family residential
Investor owned
$
—
$
—
$
—
$
—
$
—
Owner occupied
—
—
—
—
—
Multifamily residential
—
—
—
—
—
Nonresidential properties
—
—
—
—
—
Construction and land
—
—
—
—
—
Nonmortgage loans:
Business
—
—
—
—
—
Consumer
—
—
—
—
—
Total accruing loans past due 90 days or more
$
—
$
—
$
—
$
—
$
—
Accruing troubled debt restructured loans:
Mortgage loans:
1-4 family residential
Investor owned
$
5,157
$
5,192
$
5,224
$
5,707
$
5,738
Owner occupied
3,415
3,456
3,882
3,911
4,424
Multifamily residential
—
—
—
—
—
Nonresidential properties
1,428
1,438
1,449
1,458
1,468
Construction and land
—
—
—
—
—
Nonmortgage loans:
Business
40
374
398
421
454
Consumer
—
—
—
—
—
Total accruing troubled debt restructured loans
$
10,040
$
10,460
$
10,953
$
11,497
$
12,084
Total nonperforming assets, accruing loans past due 90 days or more and accruing troubled debt restructured loans
$
18,027
$
17,238
$
17,575
$
18,151
$
21,374
Total nonperforming loans to total loans
0.86
%
0.73
%
0.73
%
0.77
%
1.11
%
Total nonperforming assets to total assets
0.77
%
0.64
%
0.67
%
0.69
%
0.98
%
Total nonperforming assets, accruing loans past due 90 days or more and accruing troubled debt restructured loans to total assets
1.74
%
1.63
%
1.79
%
1.87
%
2.25
%
PDL Community Bancorp and Subsidiaries
Average Balance Sheets
For the Three Months Ended March 31,
2019
2018
Average
Average
Outstanding
Average
Outstanding
Average
Balance
Interest
Yield/Rate (1)
Balance
Interest
Yield/Rate (1)
(Dollars in thousands)
Interest-earning assets:
Loans
$
935,877
$
12,095
5.24
%
$
816,437
$
10,386
5.16
%
Available-for-sale securities
23,790
86
1.47
%
28,692
105
1.49
%
Other (2)
33,714
201
2.42
%
46,701
219
1.90
%
Total interest-earning assets
993,381
12,382
5.06
%
891,830
10,710
4.87
%
Non-interest-earning assets
34,441
35,429
Total assets
$
1,027,822
$
927,259
Interest-bearing liabilities:
Savings accounts
$
122,559
$
341
1.13
%
$
124,473
$
131
0.43
%
Interest-bearing demand
141,761
289
0.83
%
77,298
53
0.28
%
Certificates of deposit
419,108
1,956
1.89
%
430,242
1,750
1.65
%
Total deposits
683,428
2,586
1.53
%
632,013
1,934
1.24
%
Advance payments by borrowers
7,709
1
0.05
%
6,572
1
0.06
%
Borrowings
50,570
333
2.67
%
18,164
98
2.19
%
Total interest-bearing liabilities
741,707
2,920
1.60
%
656,749
2,033
1.26
%
Non-interest-bearing liabilities:
Non-interest-bearing demand
110,644
—
99,367
—
Other non-interest-bearing liabilities
5,056
—
5,104
—
Total non-interest-bearing liabilities
115,700
—
104,471
—
Total liabilities
857,407
2,920
761,220
2,033
Total equity
170,415
166,039
Total liabilities and total equity
$
1,027,822
1.60
%
$
927,259
1.26
%
Net interest income
$
9,462
$
8,677
Net interest rate spread (3)
3.46
%
3.61
%
Net interest-earning assets (4)
$
251,674
$
235,081
Net interest margin (5)
3.86
%
3.95
%
Average interest-earning assets to
interest-bearing liabilities
133.93
%
135.79
%
(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