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Discover The Ponce Difference

PDL Community Bancorp Announces 2018 Third Quarter Results

November 14, 2018 at 3:45 PM EST

NEW YORK, Nov. 14, 2018 (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

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