PDL Community Bancorp Announces 2021 Third Quarter Results
Third Quarter Highlights
- Net interest income of
$15.4 million for the current quarter increased$1.7 million , or 12.4%, from prior quarter and$4.6 million , or 42.3%, from same quarter last year. - Income before income taxes of
$3.4 million for the current quarter decreased$4.5 million , or 57.0%, from prior quarter and$1.8 million , or 34.6%, for the same quarter last year. Included in the prior quarter was a net gain of$4.2 million and included in the same quarter last year was a net gain of$4.4 million , both resulting from the sale of real property. - Average cost of interest-bearing deposits was 0.58% for the current quarter, a decrease from 0.67% for the prior quarter and from 1.12% for the same quarter last year.
- Net interest margin was 4.13% for the current quarter, an increase from 3.84% for the prior quarter and from 3.65% for the same quarter last year.
- Net interest rate spread was 3.92% for the current quarter, an increase from 3.60% for the prior quarter and from 3.33% for the same quarter last year.
- Efficiency ratio was 78.89% for the current quarter compared to 61.80% for the prior quarter and 68.09% for the same quarter last year.
- Non-performing loans of
$10.2 million decreased$793,000 year-over-year and equates to 0.77% of total gross loans receivable as ofSeptember 30, 2021 . - Net loans receivable were
$1.30 billion atSeptember 30, 2021 , an increase of$143.6 million , or 12.4%, fromDecember 31, 2020 . - Deposits were
$1.25 billion atSeptember 30, 2021 , an increase of$219.7 million , or 21.3%, fromDecember 31, 2020 .
President and Chief Executive Officer’s Comments
Executive Chairman’s Comments
Loan Payment Deferrals
As of
Results of Operations Summary
Net income for the three months ended
The
The
Net income for the nine months ended
Net interest income for the three months ended
Net interest income for the nine months ended
Net interest margin was 4.13% for the three months ended
Net interest rate spread increased by 32 basis points to 3.92% for the three months ended
Non-interest income decreased
The decrease in non-interest income for the three months ended
The decrease in non-interest income for the three months ended
Non-interest income increased
Non-interest expense increased
The increase in non-interest expense for the three months ended
The increase in non-interest expense for the three months ended
Non-interest expense increased
Balance Sheet Summary
Total assets increased
Total liabilities increased
Total stockholders’ equity increased
As of
About
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; the anticipated impact of the COVID-19 pandemic and the Company’s attempts at mitigation; 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 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the
Consolidated Statements of Financial Condition
(Dollars in thousands, except for share data)
As of | |||||||||||||||||||
2021 | 2021 | 2021 | 2020 | 2020 | |||||||||||||||
ASSETS | |||||||||||||||||||
Cash and due from banks: | |||||||||||||||||||
Cash | $ | 29,365 | $ | 32,541 | $ | 13,551 | $ | 26,936 | $ | 14,302 | |||||||||
Interest-bearing deposits in banks | 33,673 | 33,551 | 76,571 | 45,142 | 61,790 | ||||||||||||||
Total cash and cash equivalents | 63,038 | 66,092 | 90,122 | 72,078 | 76,092 | ||||||||||||||
Available-for-sale securities, at fair value | 104,358 | 48,536 | 30,929 | 17,498 | 14,512 | ||||||||||||||
Held-to-maturity securities, at amortized cost | 1,437 | 1,720 | 1,732 | 1,743 | — | ||||||||||||||
Placement with banks | 2,490 | 2,739 | 2,739 | 2,739 | 2,739 | ||||||||||||||
Mortgage loans held for sale, at fair value | 13,930 | 15,308 | 13,725 | 35,406 | 13,100 | ||||||||||||||
Loans receivable, net | 1,302,238 | 1,343,578 | 1,230,458 | 1,158,640 | 1,108,956 | ||||||||||||||
Accrued interest receivable | 13,360 | 13,134 | 12,547 | 11,396 | 9,995 | ||||||||||||||
Premises and equipment, net | 34,081 | 34,057 | 33,625 | 32,045 | 32,113 | ||||||||||||||
6,001 | 6,156 | 6,057 | 6,426 | 6,414 | |||||||||||||||
Deferred tax assets | 4,826 | 5,493 | 4,569 | 4,656 | 3,586 | ||||||||||||||
Other assets | 14,793 | 10,837 | 7,204 | 12,604 | 9,844 | ||||||||||||||
Total assets | $ | 1,560,552 | $ | 1,547,650 | $ | 1,433,707 | $ | 1,355,231 | $ | 1,277,351 | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||
Liabilities: | |||||||||||||||||||
Deposits | $ | 1,249,261 | $ | 1,236,161 | $ | 1,138,546 | $ | 1,029,579 | $ | 973,244 | |||||||||
Accrued interest payable | 238 | 55 | 66 | 60 | 58 | ||||||||||||||
Advance payments by borrowers for taxes and insurance | 9,118 | 7,682 | 9,264 | 7,019 | 7,739 | ||||||||||||||
Advances from the FHLBNY and others | 106,255 | 109,255 | 109,255 | 117,255 | 117,283 | ||||||||||||||
Warehouse lines of credit | 11,261 | 13,084 | 11,664 | 29,961 | 9,065 | ||||||||||||||
Mortgage loan fundings payable | 1,136 | 743 | 676 | 1,483 | 1,457 | ||||||||||||||
Other liabilities | 9,396 | 8,780 | 3,032 | 10,330 | 10,131 | ||||||||||||||
Total liabilities | 1,386,665 | 1,375,760 | 1,272,503 | 1,195,687 | 1,118,977 | ||||||||||||||
Commitments and contingencies | |||||||||||||||||||
Stockholders' Equity: | |||||||||||||||||||
Preferred stock, |
— | — | — | — | — | ||||||||||||||
Common stock, |
185 | 185 | 185 | 185 | 185 | ||||||||||||||
(15,069 | ) | (15,069 | ) | (19,285 | ) | (18,114 | ) | (18,281 | ) | ||||||||||
Additional paid-in-capital | 86,360 | 85,956 | 85,470 | 85,105 | 85,817 | ||||||||||||||
Retained earnings | 107,977 | 105,925 | 99,993 | 97,541 | 95,913 | ||||||||||||||
Accumulated other comprehensive income | (621 | ) | (41 | ) | 28 | 135 | 168 | ||||||||||||
Unearned compensation ─ ESOP | (4,945 | ) | (5,066 | ) | (5,187 | ) | (5,308 | ) | (5,428 | ) | |||||||||
Total stockholders' equity | 173,887 | 171,890 | 161,204 | 159,544 | 158,374 | ||||||||||||||
Total liabilities and stockholders' equity | $ | 1,560,552 | $ | 1,547,650 | $ | 1,433,707 | $ | 1,355,231 | $ | 1,277,351 |
Consolidated Statements of Operations
(Dollars in thousands, except per share data)
Three Months Ended | |||||||||||||||||||
2021 | 2021 | 2021 | 2020 | 2020 | |||||||||||||||
Interest and dividend income: | |||||||||||||||||||
Interest on loans receivable | $ | 16,991 | $ | 15,603 | $ | 14,925 | $ | 14,070 | $ | 13,375 | |||||||||
Interest on deposits due from banks | 9 | 2 | 2 | 10 | 5 | ||||||||||||||
Interest and dividend on securities and FHLBNY stock | 425 | 239 | 250 | 233 | 223 | ||||||||||||||
Total interest and dividend income | 17,425 | 15,844 | 15,177 | 14,313 | 13,603 | ||||||||||||||
Interest expense: | |||||||||||||||||||
Interest on certificates of deposit | 1,010 | 1,108 | 1,219 | 1,422 | 1,597 | ||||||||||||||
Interest on other deposits | 354 | 382 | 382 | 448 | 500 | ||||||||||||||
Interest on borrowings | 621 | 622 | 684 | 769 | 655 | ||||||||||||||
Total interest expense | 1,985 | 2,112 | 2,285 | 2,639 | 2,752 | ||||||||||||||
Net interest income | 15,440 | 13,732 | 12,892 | 11,674 | 10,851 | ||||||||||||||
Provision for loan losses | 572 | 586 | 686 | 406 | 620 | ||||||||||||||
Net interest income after provision for loan losses | 14,868 | 13,146 | 12,206 | 11,268 | 10,231 | ||||||||||||||
Non-interest income: | |||||||||||||||||||
Service charges and fees | 494 | 366 | 329 | 263 | 236 | ||||||||||||||
Brokerage commissions | 270 | 430 | 223 | 455 | 447 | ||||||||||||||
Late and prepayment charges | 329 | 298 | 244 | 81 | 145 | ||||||||||||||
Income on sale of mortgage loans | 1,175 | 1,288 | 1,508 | 2,748 | 1,372 | ||||||||||||||
Loan origination | 625 | 971 | 539 | 656 | 269 | ||||||||||||||
Gain on sale of real property | — | 4,176 | 663 | — | 4,412 | ||||||||||||||
Other | 341 | 812 | 387 | 596 | 371 | ||||||||||||||
Total non-interest income | 3,234 | 8,341 | 3,893 | 4,799 | 7,252 | ||||||||||||||
Non-interest expense: | |||||||||||||||||||
Compensation and benefits | 6,427 | 4,212 | 5,664 | 6,846 | 5,554 | ||||||||||||||
Occupancy and equipment | 2,849 | 2,838 | 2,634 | 2,686 | 2,584 | ||||||||||||||
Data processing expenses | 917 | 733 | 594 | 578 | 596 | ||||||||||||||
Direct loan expenses | 696 | 1,151 | 1,009 | 599 | 437 | ||||||||||||||
Insurance and surety bond premiums | 147 | 143 | 146 | 166 | 138 | ||||||||||||||
Office supplies, telephone and postage | 626 | 467 | 409 | 385 | 386 | ||||||||||||||
Professional fees | 1,765 | 2,902 | 1,262 | 1,533 | 1,553 | ||||||||||||||
Marketing and promotional expenses | 51 | 48 | 38 | — | 127 | ||||||||||||||
Directors fees | 67 | 69 | 69 | 69 | 69 | ||||||||||||||
Regulatory dues | 74 | 120 | 60 | 59 | 49 | ||||||||||||||
Other operating expenses | 1,113 | 958 | 1,030 | 1,034 | 834 | ||||||||||||||
Total non-interest expense | 14,732 | 13,641 | 12,915 | 13,955 | 12,327 | ||||||||||||||
Income before income taxes | 3,370 | 7,846 | 3,184 | 2,112 | 5,156 | ||||||||||||||
Provision for income taxes | 1,318 | 1,914 | 732 | 484 | 1,147 | ||||||||||||||
Net income | $ | 2,052 | $ | 5,932 | $ | 2,452 | $ | 1,628 | $ | 4,009 | |||||||||
Earnings per share: | |||||||||||||||||||
Basic | $ | 0.12 | $ | 0.35 | $ | 0.15 | $ | 0.10 | $ | 0.24 | |||||||||
Diluted | $ | 0.12 | $ | 0.35 | $ | 0.15 | $ | 0.10 | $ | 0.24 | |||||||||
Weighted average shares outstanding: | |||||||||||||||||||
Basic | 16,823,731 | 16,737,037 | 16,548,196 | 16,558,576 | 16,612,205 | ||||||||||||||
Diluted | 16,914,833 | 16,773,606 | 16,548,196 | 16,558,576 | 16,612,205 |
Consolidated Statements of Operations
(Dollars in thousands, except per share data)
Nine Months Ended |
||||||||||||||||
2021 | 2020 | Variance $ | Variance % | |||||||||||||
Interest and dividend income: | ||||||||||||||||
Interest on loans receivable | $ | 47,519 | $ | 38,319 | $ | 9,200 | 24.01 | % | ||||||||
Interest on deposits due from banks | 13 | 74 | (61 | ) | (82.43 | %) | ||||||||||
Interest and dividend on securities and FHLBNY stock | 914 | 633 | 281 | 44.39 | % | |||||||||||
Total interest and dividend income | 48,446 | 39,026 | 9,420 | 24.14 | % | |||||||||||
Interest expense: | ||||||||||||||||
Interest on certificates of deposit | 3,337 | 5,154 | (1,817 | ) | (35.25 | %) | ||||||||||
Interest on other deposits | 1,118 | 1,726 | (608 | ) | (35.23 | %) | ||||||||||
Interest on borrowings | 1,927 | 1,850 | 77 | 4.16 | % | |||||||||||
Total interest expense | 6,382 | 8,730 | (2,348 | ) | (26.90 | %) | ||||||||||
Net interest income | 42,064 | 30,296 | 11,768 | 38.84 | % | |||||||||||
Provision for loan losses | 1,844 | 2,037 | (193 | ) | (9.47 | %) | ||||||||||
Net interest income after provision for loan losses | 40,220 | 28,259 | 11,961 | 42.33 | % | |||||||||||
Non-interest income: | ||||||||||||||||
Service charges and fees | 1,189 | 629 | 560 | 89.03 | % | |||||||||||
Brokerage commissions | 923 | 519 | 404 | 77.84 | % | |||||||||||
Late and prepayment charges | 871 | 277 | 594 | 214.44 | % | |||||||||||
Income on sale of mortgage loans | 3,971 | 1,372 | 2,599 | 189.43 | % | |||||||||||
Loan origination | 2,135 | 269 | 1,866 | 693.68 | % | |||||||||||
Gain on sale of real property | 4,812 | 4,412 | 400 | 9.07 | % | |||||||||||
Other | 1,567 | 970 | 597 | 61.55 | % | |||||||||||
Total non-interest income | 15,468 | 8,448 | 7,020 | 83.10 | % | |||||||||||
Non-interest expense: | ||||||||||||||||
Compensation and benefits | 16,303 | 15,207 | 1,096 | 7.21 | % | |||||||||||
Occupancy and equipment | 8,321 | 6,878 | 1,443 | 20.98 | % | |||||||||||
Data processing expenses | 2,244 | 1,559 | 685 | 43.94 | % | |||||||||||
Direct loan expenses | 2,856 | 848 | 2,008 | 236.79 | % | |||||||||||
Insurance and surety bond premiums | 436 | 387 | 49 | 12.66 | % | |||||||||||
Office supplies, telephone and postage | 1,502 | 1,014 | 488 | 48.13 | % | |||||||||||
Professional fees | 5,929 | 4,516 | 1,413 | 31.29 | % | |||||||||||
Marketing and promotional expenses | 137 | 506 | (369 | ) | (72.92 | %) | ||||||||||
Directors fees | 205 | 207 | (2 | ) | (0.97 | %) | ||||||||||
Regulatory dues | 254 | 151 | 103 | 68.21 | % | |||||||||||
Other operating expenses | 3,101 | 2,311 | 790 | 34.18 | % | |||||||||||
Total non-interest expense | 41,288 | 33,584 | 7,704 | 22.94 | % | |||||||||||
Income before income taxes | 14,400 | 3,123 | 11,277 | 361.10 | % | |||||||||||
Provision for income taxes | 3,964 | 898 | 3,066 | 341.43 | % | |||||||||||
Net income | $ | 10,436 | $ | 2,225 | $ | 8,211 | 369.03 | % | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.62 | $ | 0.13 | N/A | N/A | ||||||||||
Diluted | $ | 0.62 | $ | 0.13 | N/A | N/A | ||||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 16,703,997 | 16,711,677 | N/A | N/A | ||||||||||||
Diluted | 16,746,554 | 16,724,199 | N/A | N/A |
Key Metrics
At or for the Three Months Ended | |||||||||||||||||||
2021 | 2021 | 2021 | 2020 | 2020 | |||||||||||||||
Performance Ratios: | |||||||||||||||||||
Return on average assets (1) | 0.52 | % | 1.59 | % | 0.72 | % | 0.50 | % | 1.28 | % | |||||||||
Return on average equity (1) | 4.59 | % | 13.95 | % | 6.16 | % | 4.03 | % | 9.95 | % | |||||||||
Net interest rate spread (1) (2) | 3.92 | % | 3.60 | % | 3.76 | % | 3.50 | % | 3.33 | % | |||||||||
Net interest margin (1) (3) | 4.13 | % | 3.84 | % | 4.00 | % | 3.78 | % | 3.65 | % | |||||||||
Non-interest expense to average assets (1) | 3.72 | % | 3.65 | % | 3.82 | % | 4.29 | % | 3.95 | % | |||||||||
Efficiency ratio (4) | 78.89 | % | 61.80 | % | 76.94 | % | 84.71 | % | 68.09 | % | |||||||||
Average interest-earning assets to average interest- bearing liabilities | 138.89 | % | 140.13 | % | 133.25 | % | 132.04 | % | 134.35 | % | |||||||||
Average equity to average assets | 11.27 | % | 11.37 | % | 11.77 | % | 12.44 | % | 12.90 | % | |||||||||
Capital Ratios: | |||||||||||||||||||
Total capital to risk weighted assets (bank only) | 16.15 | % | 16.08 | % | 15.80 | % | 15.95 | % | 16.93 | % | |||||||||
Tier 1 capital to risk weighted assets (bank only) | 14.90 | % | 14.83 | % | 14.54 | % | 14.70 | % | 15.68 | % | |||||||||
Common equity Tier 1 capital to risk-weighted assets (bank only) | 14.90 | % | 14.83 | % | 14.54 | % | 14.70 | % | 15.68 | % | |||||||||
Tier 1 capital to average assets (bank only) | 9.98 | % | 10.22 | % | 10.78 | % | 11.19 | % | 11.46 | % | |||||||||
Asset Quality Ratios: | |||||||||||||||||||
Allowance for loan losses as a percentage of total loans | 1.21 | % | 1.16 | % | 1.24 | % | 1.27 | % | 1.28 | % | |||||||||
Allowance for loan losses as a percentage of nonperforming loans | 157.17 | % | 175.63 | % | 126.07 | % | 127.28 | % | 131.00 | % | |||||||||
Net (charge-offs) recoveries to average outstanding loans (1) | (0.13 | %) | (0.07 | %) | (0.02 | %) | 0.03 | % | 0.00 | % | |||||||||
Non-performing loans as a percentage of total gross loans | 0.77 | % | 0.66 | % | 0.99 | % | 1.00 | % | 0.98 | % | |||||||||
Non-performing loans as a percentage of total assets | 0.65 | % | 0.58 | % | 0.86 | % | 0.86 | % | 0.86 | % | |||||||||
Total non-performing assets as a percentage of total assets | 0.65 | % | 0.58 | % | 0.86 | % | 0.86 | % | 0.86 | % | |||||||||
Total non-performing assets, accruing loans past due 90 days or more, and accruing troubled debt restructured loans as a percentage of total assets | 1.05 | % | 1.01 | % | 1.32 | % | 1.35 | % | 1.36 | % | |||||||||
Other: | |||||||||||||||||||
Number of offices (5) | 19 | 19 | 20 | 20 | 20 | ||||||||||||||
Number of full-time equivalent employees (6) | 230 | 231 | 236 | 227 | 230 |
(1) |
Annualized where appropriate. |
(2) | 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. |
(3) | Net interest margin represents net interest income divided by average total interest-earning assets. |
(4) | Efficiency ratio represents noninterest expense divided by the sum of net interest income and noninterest income. |
(5) | Number of offices included 5 offices at |
(6) | Subsequent to |
Loan Portfolio
As of | |||||||||||||||||||||||||||||||||||
2021 | 2021 | 2021 | 2020 | 2020 | |||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Mortgage loans: | |||||||||||||||||||||||||||||||||||
1-4 family residential | |||||||||||||||||||||||||||||||||||
Investor Owned | $ | 319,346 | 24.14 | % | $ | 325,409 | 23.82 | % | $ | 317,895 | 25.51 | % | $ | 319,596 | 27.27 | % | $ | 320,438 | 28.55 | % | |||||||||||||||
Owner-Occupied | 97,493 | 7.37 | % | 98,839 | 7.24 | % | 99,985 | 8.02 | % | 98,795 | 8.43 | % | 93,340 | 8.31 | % | ||||||||||||||||||||
Multifamily residential | 317,575 | 24.01 | % | 318,579 | 23.33 | % | 315,078 | 25.28 | % | 307,411 | 26.23 | % | 284,775 | 25.37 | % | ||||||||||||||||||||
Nonresidential properties | 211,075 | 15.96 | % | 211,181 | 15.46 | % | 215,340 | 17.28 | % | 218,929 | 18.68 | % | 217,771 | 19.40 | % | ||||||||||||||||||||
Construction and land | 133,130 | 10.07 | % | 125,265 | 9.17 | % | 119,339 | 9.57 | % | 105,858 | 9.03 | % | 99,721 | 8.88 | % | ||||||||||||||||||||
Total mortgage loans | 1,078,619 | 81.55 | % | 1,079,273 | 79.02 | % | 1,067,637 | 85.66 | % | 1,050,589 | 89.64 | % | 1,016,045 | 90.52 | % | ||||||||||||||||||||
Non-mortgage loans: | |||||||||||||||||||||||||||||||||||
Business loans (1) | 207,859 | 15.72 | % | 253,935 | 18.59 | % | 142,135 | 11.40 | % | 94,947 | 8.10 | % | 96,700 | 8.61 | % | ||||||||||||||||||||
Consumer loans (2) | 36,095 | 2.73 | % | 32,576 | 2.39 | % | 36,706 | 2.94 | % | 26,517 | 2.26 | % | 9,806 | 0.87 | % | ||||||||||||||||||||
Total non-mortgage loans | 243,954 | 18.45 | % | 286,511 | 20.98 | % | 178,841 | 14.34 | % | 121,464 | 10.36 | % | 106,506 | 9.48 | % | ||||||||||||||||||||
Total loans, gross | 1,322,573 | 100.00 | % | 1,365,784 | 100.00 | % | 1,246,478 | 100.00 | % | 1,172,053 | 100.00 | % | 1,122,551 | 100.00 | % | ||||||||||||||||||||
Net deferred loan origination costs | (4,327 | ) | (6,331 | ) | (512 | ) | 1,457 | 786 | |||||||||||||||||||||||||||
Allowance for losses on loans | (16,008 | ) | (15,875 | ) | (15,508 | ) | (14,870 | ) | (14,381 | ) | |||||||||||||||||||||||||
Loans, net | $ | 1,302,238 | $ | 1,343,578 | $ | 1,230,458 | $ | 1,158,640 | $ | 1,108,956 |
(1) | As of |
(2) | As of |
Deposits
As of | |||||||||||||||||||||||||||||||||||
2021 | 2021 | 2021 | 2020 | 2020 | |||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Demand (1) | $ | 297,777 | 23.85 | % | $ | 320,404 | 25.91 | % | $ | 242,255 | 21.28 | % | $ | 189,855 | 18.44 | % | $ | 186,328 | 19.15 | % | |||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||||||||||||||
NOW/IOLA accounts | 28,025 | 2.24 | % | 28,996 | 2.35 | % | 32,235 | 2.83 | % | 39,296 | 3.82 | % | 29,618 | 3.04 | % | ||||||||||||||||||||
Money market accounts | 199,758 | 15.99 | % | 172,925 | 13.99 | % | 157,271 | 13.81 | % | 136,258 | 13.23 | % | 148,877 | 15.30 | % | ||||||||||||||||||||
Reciprocal deposits | 147,226 | 11.79 | % | 151,443 | 12.25 | % | 137,402 | 12.07 | % | 131,363 | 12.76 | % | 108,367 | 11.13 | % | ||||||||||||||||||||
Savings accounts | 142,851 | 11.43 | % | 130,430 | 10.55 | % | 130,211 | 11.44 | % | 125,820 | 12.22 | % | 120,883 | 12.42 | % | ||||||||||||||||||||
Total NOW, money market, reciprocal and savings accounts | 517,860 | 41.45 | % | 483,794 | 39.14 | % | 457,119 | 40.15 | % | 432,737 | 42.03 | % | 407,745 | 41.89 | % | ||||||||||||||||||||
Certificates of deposit of |
70,996 | 5.68 | % | 74,941 | 6.06 | % | 77,418 | 6.80 | % | 78,435 | 7.62 | % | 80,403 | 8.26 | % | ||||||||||||||||||||
Brokered certificates of deposit (2) | 83,505 | 6.68 | % | 83,506 | 6.76 | % | 86,004 | 7.55 | % | 52,678 | 5.12 | % | 55,878 | 5.74 | % | ||||||||||||||||||||
Listing service deposits (2) | 66,340 | 5.31 | % | 66,518 | 5.38 | % | 61,133 | 5.37 | % | 39,476 | 3.83 | % | 49,342 | 5.07 | % | ||||||||||||||||||||
All other certificates of deposit less than |
212,783 | 17.03 | % | 206,998 | 16.75 | % | 214,617 | 18.85 | % | 236,398 | 22.96 | % | 193,548 | 19.89 | % | ||||||||||||||||||||
Total certificates of deposit | 433,624 | 34.70 | % | 431,963 | 34.95 | % | 439,172 | 38.57 | % | 406,987 | 39.53 | % | 379,171 | 38.96 | % | ||||||||||||||||||||
Total interest-bearing deposits | 951,484 | 76.15 | % | 915,757 | 74.09 | % | 896,291 | 78.72 | % | 839,724 | 81.56 | % | 786,916 | 80.85 | % | ||||||||||||||||||||
Total deposits | $ | 1,249,261 | 100.00 | % | $ | 1,236,161 | 100.00 | % | $ | 1,138,546 | 100.00 | % | $ | 1,029,579 | 100.00 | % | $ | 973,244 | 100.00 | % |
(1) | Included in demand deposits are deposits related to net PPP funding. |
(2) | As of |
Nonperforming Assets
As of | |||||||||||||||||||
2021 | 2021 | 2021 | 2020 | 2020 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Non-accrual loans: | |||||||||||||||||||
Mortgage loans: | |||||||||||||||||||
1-4 family residential | |||||||||||||||||||
Investor owned | $ | 1,669 | $ | 1,983 | $ | 2,907 | $ | 2,808 | $ | 2,750 | |||||||||
Owner occupied | 1,090 | 1,593 | 1,585 | 1,053 | 1,075 | ||||||||||||||
Multifamily residential | 2,577 | 955 | 946 | 946 | 210 | ||||||||||||||
Nonresidential properties | 1,388 | 1,408 | 3,761 | 3,776 | 3,830 | ||||||||||||||
Construction and land | 922 | — | — | — | — | ||||||||||||||
Non-mortgage loans: | |||||||||||||||||||
Business | — | — | — | — | — | ||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||
Total non-accrual loans (not including non-accruing troubled debt restructured loans) | $ | 7,646 | $ | 5,939 | $ | 9,199 | $ | 8,583 | $ | 7,865 | |||||||||
Non-accruing troubled debt restructured loans: | |||||||||||||||||||
Mortgage loans: | |||||||||||||||||||
1-4 family residential | |||||||||||||||||||
Investor owned | $ | 238 | $ | 242 | $ | 246 | $ | 249 | $ | 267 | |||||||||
Owner occupied | 2,200 | 2,199 | 2,195 | 2,197 | 2,191 | ||||||||||||||
Multifamily residential | — | — | — | — | — | ||||||||||||||
Nonresidential properties | 101 | 659 | 661 | 654 | 655 | ||||||||||||||
Construction and land | — | — | — | — | — | ||||||||||||||
Non-mortgage loans: | |||||||||||||||||||
Business | — | — | — | — | — | ||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||
Total non-accruing troubled debt restructured loans | 2,539 | 3,100 | 3,102 | 3,100 | 3,113 | ||||||||||||||
Total non-accrual loans | $ | 10,185 | $ | 9,039 | $ | 12,301 | $ | 11,683 | $ | 10,978 | |||||||||
Total non-performing assets | $ | 10,185 | $ | 9,039 | $ | 12,301 | $ | 11,683 | $ | 10,978 | |||||||||
Accruing troubled debt restructured loans: | |||||||||||||||||||
Mortgage loans: | |||||||||||||||||||
1-4 family residential | |||||||||||||||||||
Investor owned | $ | 3,121 | $ | 3,347 | $ | 3,362 | $ | 3,378 | $ | 3,396 | |||||||||
Owner occupied | 2,396 | 2,431 | 2,466 | 2,505 | 2,177 | ||||||||||||||
Multifamily residential | — | — | — | — | — | ||||||||||||||
Nonresidential properties | 738 | 755 | 750 | 754 | 759 | ||||||||||||||
Construction and land | — | — | — | — | — | ||||||||||||||
Non-mortgage loans: | |||||||||||||||||||
Business | — | — | — | — | — | ||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||
Total accruing troubled debt restructured loans | $ | 6,255 | $ | 6,533 | $ | 6,578 | $ | 6,637 | $ | 6,332 | |||||||||
Total non-performing assets and accruing troubled debt restructured loans | $ | 16,440 | $ | 15,572 | $ | 18,879 | $ | 18,320 | $ | 17,310 | |||||||||
Total non-performing loans to total gross loans | 0.77 | % | 0.66 | % | 0.99 | % | 1.00 | % | 0.98 | % | |||||||||
Total non-performing assets to total assets | 0.65 | % | 0.58 | % | 0.86 | % | 0.86 | % | 0.86 | % | |||||||||
Total non-performing assets and accruing troubled debt restructured loans to total assets | 1.05 | % | 1.01 | % | 1.32 | % | 1.35 | % | 1.36 | % |
Average Balance Sheets
For the Three Months Ended |
|||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||
Average | Average | ||||||||||||||||||||
Outstanding | Average | Outstanding | Average | ||||||||||||||||||
Balance | Interest | Yield/Rate (1) | Balance | Interest | Yield/Rate (1) | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Loans (2) | $ | 1,356,130 | $ | 16,991 | 4.97 | % | $ | 1,109,799 | $ | 13,375 | 4.79 | % | |||||||||
Securities (3) | 72,960 | 355 | 1.93 | % | 13,741 | 132 | 3.81 | % | |||||||||||||
Other (4) | 53,182 | 79 | 0.59 | % | 60,068 | 96 | 0.64 | % | |||||||||||||
Total interest-earning assets | 1,482,272 | 17,425 | 4.66 | % | 1,183,608 | 13,603 | 4.57 | % | |||||||||||||
Non-interest-earning assets | 90,110 | 58,493 | |||||||||||||||||||
Total assets | $ | 1,572,382 | $ | 1,242,101 | |||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
NOW/IOLA | $ | 30,221 | $ | 23 | 0.30 | % | $ | 29,687 | $ | 40 | 0.54 | % | |||||||||
Money market | 323,840 | 294 | 0.36 | % | 224,339 | 422 | 0.75 | % | |||||||||||||
Savings | 137,078 | 36 | 0.10 | % | 121,355 | 37 | 0.12 | % | |||||||||||||
Certificates of deposit | 448,191 | 1,010 | 0.89 | % | 371,094 | 1,597 | 1.71 | % | |||||||||||||
Total deposits | 939,330 | 1,363 | 0.58 | % | 746,475 | 2,096 | 1.12 | % | |||||||||||||
Advance payments by borrowers | 10,061 | 1 | 0.04 | % | 7,756 | 1 | 0.05 | % | |||||||||||||
Borrowings | 117,824 | 621 | 2.09 | % | 126,729 | 655 | 2.06 | % | |||||||||||||
Total interest-bearing liabilities | 1,067,215 | 1,985 | 0.74 | % | 880,960 | 2,752 | 1.24 | % | |||||||||||||
Non-interest-bearing liabilities: | |||||||||||||||||||||
Non-interest-bearing demand | 317,727 | — | 191,269 | — | |||||||||||||||||
Other non-interest-bearing liabilities | 10,154 | — | 9,607 | — | |||||||||||||||||
Total non-interest-bearing liabilities | 327,881 | — | 200,876 | — | |||||||||||||||||
Total liabilities | 1,395,096 | 1,985 | 1,081,836 | 2,752 | |||||||||||||||||
Total equity | 177,286 | 160,265 | |||||||||||||||||||
Total liabilities and total equity | $ | 1,572,382 | 0.74 | % | $ | 1,242,101 | 1.24 | % | |||||||||||||
Net interest income | $ | 15,440 | $ | 10,851 | |||||||||||||||||
Net interest rate spread (5) | 3.92 | % | 3.33 | % | |||||||||||||||||
Net interest-earning assets (6) | $ | 415,057 | $ | 302,648 | |||||||||||||||||
Net interest margin (7) | 4.13 | % | 3.65 | % | |||||||||||||||||
Average interest-earning assets to interest-bearing liabilities | 138.89 | % | 134.35 | % |
(1) | Annualized where appropriate. |
(2) | Loans include loans and mortgage loans held for sale, at fair value. |
(3) | Securities include available-for-sale securities and held-to-maturity securities. |
(4) | Includes FHLBNY demand account and FHLBNY stock dividends. |
(5) | 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. |
(6) | Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. |
(7) | Net interest margin represents net interest income divided by average total interest-earning assets. |
Average Balance Sheets
For the Nine Months Ended |
|||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||
Average | Average | ||||||||||||||||||||
Outstanding | Average | Outstanding | Average | ||||||||||||||||||
Balance | Interest | Yield/Rate (1) | Balance | Interest | Yield/Rate | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Loans (2) | $ | 1,309,765 | $ | 47,519 | 4.85 | % | $ | 1,036,706 | $ | 38,319 | 4.94 | % | |||||||||
Securities (3) | 45,749 | 701 | 2.05 | % | 16,227 | 361 | 2.97 | % | |||||||||||||
Other (4) | 53,425 | 226 | 0.57 | % | 55,746 | 346 | 0.83 | % | |||||||||||||
Total interest-earning assets | 1,408,939 | 48,446 | 4.60 | % | 1,108,679 | 39,026 | 4.70 | % | |||||||||||||
Non-interest-earning assets | 73,493 | 53,945 | |||||||||||||||||||
Total assets | $ | 1,482,432 | $ | 1,162,624 | |||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
NOW/IOLA | $ | 31,215 | $ | 93 | 0.40 | % | $ | 29,469 | $ | 117 | 0.53 | % | |||||||||
Money market | 300,594 | 909 | 0.40 | % | 193,951 | 1,497 | 1.03 | % | |||||||||||||
Savings | 131,849 | 113 | 0.11 | % | 117,424 | 109 | 0.12 | % | |||||||||||||
Certificates of deposit | 428,653 | 3,337 | 1.04 | % | 375,303 | 5,154 | 1.83 | % | |||||||||||||
Total deposits | 892,311 | 4,452 | 0.67 | % | 716,147 | 6,877 | 1.28 | % | |||||||||||||
Advance payments by borrowers | 10,020 | 3 | 0.04 | % | 8,226 | 3 | 0.05 | % | |||||||||||||
Borrowings | 122,203 | 1,927 | 2.11 | % | 118,701 | 1,850 | 2.08 | % | |||||||||||||
Total interest-bearing liabilities | 1,024,534 | 6,382 | 0.83 | % | 843,074 | 8,730 | 1.38 | % | |||||||||||||
Non-interest-bearing liabilities: | |||||||||||||||||||||
Non-interest-bearing demand | 275,865 | — | 155,158 | — | |||||||||||||||||
Other non-interest-bearing liabilities | 12,182 | — | 5,927 | — | |||||||||||||||||
Total non-interest-bearing liabilities | 288,047 | — | 161,085 | — | |||||||||||||||||
Total liabilities | 1,312,581 | 6,382 | 1,004,159 | 8,730 | |||||||||||||||||
Total equity | 169,851 | 158,465 | |||||||||||||||||||
Total liabilities and total equity | $ | 1,482,432 | 0.83 | % | $ | 1,162,624 | 1.38 | % | |||||||||||||
Net interest income | $ | 42,064 | $ | 30,296 | |||||||||||||||||
Net interest rate spread (5) | 3.77 | % | 3.32 | % | |||||||||||||||||
Net interest-earning assets (6) | $ | 384,405 | $ | 265,605 | |||||||||||||||||
Net interest margin (7) | 3.99 | % | 3.65 | % | |||||||||||||||||
Average interest-earning assets to | |||||||||||||||||||||
interest-bearing liabilities | 137.52 | % | 131.50 | % |
(1) | Annualized where appropriate. |
(2) | Loans include loans and mortgage loans held for sale, at fair value. |
(3) | Securities include available-for-sale securities and held-to-maturity securities. |
(4) | Includes FHLBNY demand account and FHLBNY stock dividends. |
(5) | 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. |
(6) | Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. |
(7) | Net interest margin represents net interest income divided by average total interest-earning assets. |
Other Data
As of | |||||||||||||||||||
2021 | 2021 | 2021 | 2020 | 2020 | |||||||||||||||
Other Data | |||||||||||||||||||
Common shares issued | 18,463,028 | 18,463,028 | 18,463,028 | 18,463,028 | 18,463,028 | ||||||||||||||
Less treasury shares | 1,132,086 | 1,135,086 | 1,444,776 | 1,337,059 | 1,346,679 | ||||||||||||||
Common shares outstanding at end of period | 17,330,942 | 17,327,942 | 17,018,252 | 17,125,969 | 17,116,349 | ||||||||||||||
Book value per share | $ | 10.03 | $ | 9.92 | $ | 9.47 | $ | 9.32 | $ | 9.25 | |||||||||
Tangible book value per share | $ | 10.03 | $ | 9.92 | $ | 9.47 | $ | 9.32 | $ | 9.25 | |||||||||
Contact:
frank.perez@poncebank.net
718-931-9000
Source: PDL Community Bancorp