PDL Community Bancorp Announces 2018 Second Quarter Results
“We are focused on adding value to our stakeholders and are pleased with our progress” said
Net Interest Income
Net interest income was
Noninterest Income
Noninterest income was
Noninterest Expense
Noninterest expenses were
Asset Quality
Nonaccrual loans decreased to
Provision for loan losses was
Balance Sheet
Total assets increased
Total deposits increased
Total stockholders’ equity was
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; 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
Consolidated Balance Sheets
(Dollars in thousands, except for share data)
As of | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2018 | 2018 | 2017 | 2017 | 2017 | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and due from banks: | ||||||||||||||||||||
Cash | $ | 7,088 | $ | 6,570 | $ | 24,746 | $ | 4,716 | $ | 4,096 | ||||||||||
Interest-bearing deposits in banks | 42,094 | 52,409 | 34,978 | 51,629 | 5,400 | |||||||||||||||
Total cash and cash equivalents | 49,182 | 58,979 | 59,724 | 56,345 | 9,496 | |||||||||||||||
Available-for-sale securities, at fair value | 28,144 | 28,422 | 28,897 | 29,312 | 29,668 | |||||||||||||||
Loans held for sale | — | — | — | — | 2,143 | |||||||||||||||
Loans receivable, net | 850,426 | 823,014 | 798,703 | 767,721 | 732,520 | |||||||||||||||
Accrued interest receivable | 3,350 | 3,202 | 3,335 | 3,132 | 2,917 | |||||||||||||||
Premises and equipment, net | 28,366 | 27,684 | 27,172 | 25,729 | 25,599 | |||||||||||||||
Federal Home Loan Bank Stock (FHLB), at cost | 2,617 | 1,673 | 1,511 | 1,448 | 1,288 | |||||||||||||||
Deferred tax assets | 3,805 | 3,801 | 3,909 | 5,563 | 3,378 | |||||||||||||||
Other assets | 2,923 | 2,848 | 2,271 | 3,013 | 5,987 | |||||||||||||||
Total assets | $ | 968,813 | $ | 949,623 | $ | 925,522 | $ | 892,263 | $ | 812,996 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | 753,255 | $ | 752,267 | $ | 713,985 | $ | 698,655 | $ | 702,406 | ||||||||||
Accrued interest payable | 141 | 61 | 42 | 32 | 31 | |||||||||||||||
Advance payments by borrowers for taxes and insurance | 5,491 | 6,999 | 5,025 | 5,967 | 4,661 | |||||||||||||||
Advances from the Federal Home Loan Bank and others | 37,775 | 20,000 | 36,400 | 15,000 | 8,000 | |||||||||||||||
Other liabilities | 5,573 | 4,582 | 5,285 | 4,101 | 3,224 | |||||||||||||||
Total liabilities | 802,235 | 783,909 | 760,737 | 723,755 | 718,322 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Stockholders' Equity: | ||||||||||||||||||||
Preferred stock, $0.01 par value; 10,000,000 shares authorized, none issued |
||||||||||||||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 18,463,028 shares issued and outstanding |
185 | 185 | 185 | 185 | — | |||||||||||||||
Additional paid-in-capital | 84,488 | 84,419 | 84,351 | 84,099 | — | |||||||||||||||
Retained earnings | 96,495 | 95,796 | 94,855 | 97,719 | 100,929 | |||||||||||||||
Accumulated other comprehensive loss | (8,076 | ) | (8,052 | ) | (7,851 | ) | (6,257 | ) | (6,255 | ) | ||||||||||
Unearned compensation - ESOP | (6,514 | ) | (6,634 | ) | (6,755 | ) | (7,238 | ) | — | |||||||||||
Total stockholders' equity | 166,578 | 165,714 | 164,785 | 168,508 | 94,674 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 968,813 | $ | 949,623 | $ | 925,522 | $ | 892,263 | $ | 812,996 | ||||||||||
Consolidated Statements of Income (Loss)
(Dollars in thousands, except per share data)
For the Quarters Ended | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2018 | 2018 | 2017 | 2017 | 2017 | ||||||||||||||||
Interest and dividend income: | ||||||||||||||||||||
Interest on loans receivable | $ | 11,053 | $ | 10,386 | $ | 10,106 | $ | 9,893 | $ | 9,581 | ||||||||||
Interest and dividends on investment securities and FHLB stock | 330 | 324 | 221 | 271 | 123 | |||||||||||||||
Total interest and dividend income | 11,383 | 10,710 | 10,327 | 10,164 | 9,704 | |||||||||||||||
Interest expense: | ||||||||||||||||||||
Interest on certificates of deposit | 1,847 | 1,750 | 1,599 | 1,574 | 1,428 | |||||||||||||||
Interest on other deposits | 199 | 185 | 168 | 176 | 161 | |||||||||||||||
Interest on borrowings | 204 | 98 | 83 | 66 | 32 | |||||||||||||||
Total interest expense | 2,250 | 2,033 | 1,850 | 1,816 | 1,621 | |||||||||||||||
Net interest income | 9,133 | 8,677 | 8,477 | 8,348 | 8,083 | |||||||||||||||
Provision for loan losses | 337 | 94 | 1,219 | 238 | 207 | |||||||||||||||
Net interest income after provision for loan losses | 8,796 | 8,583 | 7,258 | 8,110 | 7,876 | |||||||||||||||
Noninterest income: | ||||||||||||||||||||
Service charges and fees | 214 | 223 | 224 | 231 | 225 | |||||||||||||||
Brokerage commissions | 42 | 96 | 94 | 167 | 168 | |||||||||||||||
Late and prepayment charges | 52 | 211 | 207 | 157 | 235 | |||||||||||||||
Other | 216 | 355 | 169 | 213 | 256 | |||||||||||||||
Total noninterest income | 524 | 885 | 694 | 768 | 884 | |||||||||||||||
Noninterest expense: | ||||||||||||||||||||
Compensation and benefits | 4,563 | 4,458 | 5,104 | 4,220 | 3,956 | |||||||||||||||
Occupancy expense | 1,717 | 1,491 | 1,588 | 1,412 | 1,400 | |||||||||||||||
Data processing expenses | 300 | 408 | 293 | 316 | 413 | |||||||||||||||
Direct loan expenses | 152 | 155 | 171 | 189 | 184 | |||||||||||||||
Insurance and surety bond premiums | 99 | 89 | 64 | 44 | 79 | |||||||||||||||
Office supplies, telephone and postage | 352 | 300 | 317 | 250 | 282 | |||||||||||||||
FDIC deposit insurance assessment | 66 | 68 | 4 | 122 | 58 | |||||||||||||||
Charitable foundation contributions | — | — | — | 6,293 | — | |||||||||||||||
Other operating expenses | 1,206 | 1,290 | 1,195 | 884 | 623 | |||||||||||||||
Total noninterest expense | 8,455 | 8,259 | 8,736 | 13,730 | 6,995 | |||||||||||||||
Income (loss) before income taxes | 865 | 1,209 | (784 | ) | (4,852 | ) | 1,765 | |||||||||||||
Provision for income taxes (benefit) | 166 | 268 | 2,081 | (1,643 | ) | 641 | ||||||||||||||
Net income (loss) | $ | 699 | $ | 941 | $ | (2,865 | ) | $ | (3,209 | ) | $ | 1,124 | ||||||||
Earnings per share for the period: | ||||||||||||||||||||
Basic | $ | 0.04 | $ | 0.05 | $ | (0.16 | ) | N/A | N/A | |||||||||||
Diluted | $ | 0.04 | $ | 0.05 | $ | (0.16 | ) | N/A | N/A | |||||||||||
Consolidated Statements of Income
(Dollars in thousands, except per share data)
For the Six Months Ended June 30, | ||||||||||||||||
2018 | 2017 | $ | % | |||||||||||||
Interest and dividend income: | ||||||||||||||||
Interest on loans receivable | $ | 21,439 | $ | 18,172 | $ | 3,267 | 17.98 | % | ||||||||
Interest and dividends on investment securities and FHLB stock | 654 | 325 | 329 | 101.23 | % | |||||||||||
Total interest and dividend income | 22,093 | 18,497 | 3,596 | 19.44 | % | |||||||||||
Interest expense: | ||||||||||||||||
Interest on certificates of deposit | 3,597 | 2,744 | 853 | 31.09 | % | |||||||||||
Interest on other deposits | 383 | 311 | 72 | 23.15 | % | |||||||||||
Interest on borrowings | 303 | 61 | 242 | 396.72 | % | |||||||||||
Total interest expense | 4,283 | 3,116 | 1,167 | 37.45 | % | |||||||||||
Net interest income | 17,810 | 15,381 | 2,429 | 15.79 | % | |||||||||||
Provision for loan losses | 431 | 259 | 172 | 66.41 | % | |||||||||||
Net interest income after provision for loan losses | 17,379 | 15,122 | 2,257 | 14.93 | % | |||||||||||
Noninterest income: | ||||||||||||||||
Service charges and fees | 437 | 454 | (17 | ) | (3.74 | %) | ||||||||||
Brokerage commissions | 138 | 286 | (148 | ) | (51.75 | %) | ||||||||||
Late and prepayment charges | 263 | 446 | (183 | ) | (41.03 | %) | ||||||||||
Other | 571 | 456 | 115 | 25.22 | % | |||||||||||
Total noninterest income | 1,409 | 1,642 | (233 | ) | (14.19 | %) | ||||||||||
Noninterest expense: | ||||||||||||||||
Compensation and benefits | 8,918 | 7,785 | 1,133 | 14.55 | % | |||||||||||
Occupancy expense | 3,208 | 2,826 | 382 | 13.52 | % | |||||||||||
Data processing expenses | 708 | 866 | (158 | ) | (18.24 | %) | ||||||||||
Direct loan expenses | 307 | 379 | (72 | ) | (19.00 | %) | ||||||||||
Insurance and surety bond premiums | 188 | 161 | 27 | 16.77 | % | |||||||||||
Office supplies, telephone and postage | 652 | 536 | 116 | 21.64 | % | |||||||||||
FDIC deposit insurance assessment | 134 | 124 | 10 | 8.06 | % | |||||||||||
Other operating expenses | 2,599 | 1,414 | 1,185 | 83.80 | % | |||||||||||
Total noninterest expense | 16,714 | 14,091 | 2,623 | 18.61 | % | |||||||||||
Income before income taxes | 2,074 | 2,673 | (599 | ) | (22.41 | %) | ||||||||||
Provision for income taxes | 434 | 986 | (552 | ) | (55.98 | %) | ||||||||||
Net income | $ | 1,640 | $ | 1,687 | $ | (47 | ) | (2.79 | %) | |||||||
Earnings per share for the period: | ||||||||||||||||
Basic | $ | 0.09 | N/A | N/A | N/A | |||||||||||
Diluted | $ | 0.09 | N/A | N/A | N/A | |||||||||||
Key Metrics
At or for the Quarters Ended | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2018 | 2018 | 2017 | 2017 | 2017 | ||||||||||||||||
Performance Ratios: | ||||||||||||||||||||
Return on average assets | 0.29 | % | 0.41 | % | (1.27 | %) | (1.43 | %) | 0.57 | % | ||||||||||
Return on average equity | 1.68 | % | 2.30 | % | (6.74 | %) | (12.93 | %) | 4.75 | % | ||||||||||
Net interest rate spread (1) | 3.64 | % | 3.61 | % | 3.54 | % | 3.58 | % | 4.07 | % | ||||||||||
Net interest margin (2) | 3.96 | % | 3.95 | % | 3.88 | % | 3.86 | % | 4.29 | % | ||||||||||
Noninterest expense to average assets | 3.54 | % | 3.61 | % | 3.86 | % | 6.11 | % | 3.56 | % | ||||||||||
Efficiency ratio (3) | 87.55 | % | 86.37 | % | 95.26 | % | 150.61 | % | 78.02 | % | ||||||||||
Average interest-earning assets to average interest-bearing liabilities | 132.89 | % | 135.79 | % | 139.76 | % | 133.72 | % | 125.73 | % | ||||||||||
Average equity to average assets | 17.45 | % | 17.91 | % | 18.77 | % | 11.05 | % | 12.03 | % | ||||||||||
Capital Ratios: | ||||||||||||||||||||
Total capital to risk weighted assets (bank only) | 20.07 | % | 20.52 | % | 20.73 | % | 21.41 | % | 17.34 | % | ||||||||||
Tier 1 capital to risk weighted assets (bank only) | 18.81 | % | 19.26 | % | 19.48 | % | 20.15 | % | 16.09 | % | ||||||||||
Common equity Tier 1 capital to risk-weighted assets (bank only) | 18.81 | % | 19.26 | % | 19.48 | % | 20.15 | % | 16.09 | % | ||||||||||
Tier 1 capital to average assets (bank only) | 14.03 | % | 14.25 | % | 14.67 | % | 14.91 | % | 12.70 | % | ||||||||||
Asset Quality Ratios: | ||||||||||||||||||||
Allowance for loan losses as a percentage of total loans | 1.36 | % | 1.37 | % | 1.37 | % | 1.43 | % | 1.43 | % | ||||||||||
Allowance for loan losses as a percentage of nonperforming loans |
176.63 | % | 122.81 | % | 97.05 | % | 118.32 | % | 138.27 | % | ||||||||||
Net (charge-offs) recoveries to average outstanding loans | 0.00 | % | 0.12 | % | (0.64 | %) | 0.13 | % | 0.04 | % | ||||||||||
Non-performing loans as a percentage of total loans | 0.77 | % | 1.11 | % | 1.41 | % | 1.21 | % | 1.04 | % | ||||||||||
Non-performing loans as a percentage of total assets | 0.69 | % | 0.98 | % | 1.23 | % | 1.06 | % | 0.95 | % | ||||||||||
Total non-performing assets as a percentage of total assets | 0.69 | % | 0.98 | % | 1.23 | % | 1.06 | % | 0.95 | % | ||||||||||
Total non-performing assets, accruing loans past due 90 days or more, and accruing troubled debt restructured loans as a percentage of total assets |
1.87 | % | 2.25 | % | 2.72 | % | 2.61 | % | 3.05 | % | ||||||||||
Other: | ||||||||||||||||||||
Number of offices | 14 | 14 | 14 | 14 | 14 | |||||||||||||||
Number of full-time equivalent employees | 194 | 192 | 177 | 171 | 178 | |||||||||||||||
(1) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of average interest-bearing liabilities.
(2) Net interest margin represents net interest income divided by average total interest-earning assets.
(3) Efficiency ratio represents noninterest expense divided by the sum of net interest income and noninterest income.
Key metrics calculated on income statement items were annualized where appropriate.
Loan Portfolio
For the Quarters Ended | ||||||||||||||||||||||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||||||||||||||||||||||
2018 | 2018 | 2017 | 2017 | 2017 | ||||||||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||||||||||
1-4 family residential | ||||||||||||||||||||||||||||||||||||||||
Investor Owned | $ | 296,490 | 34.44 | % | $ | 290,509 | 34.86 | % | $ | 287,158 | 35.51 | % | $ | 279,275 | 35.90 | % | $ | 256,989 | 34.62 | % | ||||||||||||||||||||
Owner-Occupied | 92,208 | 10.71 | % | 96,943 | 11.63 | % | 100,854 | 12.47 | % | 99,661 | 12.81 | % | 99,901 | 13.46 | % | |||||||||||||||||||||||||
Multifamily residential | 218,210 | 25.34 | % | 204,474 | 24.54 | % | 188,550 | 23.31 | % | 177,181 | 22.78 | % | 172,167 | 23.19 | % | |||||||||||||||||||||||||
Nonresidential properties | 168,788 | 19.60 | % | 158,525 | 19.03 | % | 151,193 | 18.69 | % | 152,692 | 19.63 | % | 155,670 | 20.97 | % | |||||||||||||||||||||||||
Construction and land | 72,574 | 8.43 | % | 67,971 | 8.16 | % | 67,240 | 8.31 | % | 52,483 | 6.75 | % | 42,116 | 5.67 | % | |||||||||||||||||||||||||
Total mortgage loans | 848,270 | 98.52 | % | 818,422 | 98.21 | % | 794,995 | 98.30 | % | 761,292 | 97.87 | % | 726,843 | 97.91 | % | |||||||||||||||||||||||||
Nonmortgage loans: | ||||||||||||||||||||||||||||||||||||||||
Business loans | 11,698 | 1.36 | % | 13,925 | 1.67 | % | 12,873 | 1.59 | % | 15,600 | 2.01 | % | 14,654 | 1.97 | % | |||||||||||||||||||||||||
Consumer loans | 1,027 | 0.12 | % | 975 | 0.12 | % | 886 | 0.11 | % | 943 | 0.12 | % | 850 | 0.11 | % | |||||||||||||||||||||||||
Total nonmortgage loans | 12,725 | 1.48 | % | 14,900 | 1.79 | % | 13,759 | 1.70 | % | 16,543 | 2.13 | % | 15,504 | 2.09 | % | |||||||||||||||||||||||||
860,995 | 100.00 | % | 833,322 | 100.00 | % | 808,754 | 100.00 | % | 777,835 | 100.00 | % | 742,347 | 100.00 | % | ||||||||||||||||||||||||||
Net deferred loan origination costs | 1,182 | 1,101 | 1,020 | 1,033 | 828 | |||||||||||||||||||||||||||||||||||
Allowance for losses on loans | (11,751 | ) | (11,409 | ) | (11,071 | ) | (11,147 | ) | (10,655 | ) | ||||||||||||||||||||||||||||||
Loans, net | $ | 850,426 | $ | 823,014 | $ | 798,703 | $ | 767,721 | $ | 732,520 | ||||||||||||||||||||||||||||||
Nonperforming Assets
For the Quarters Ended | ||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||
2018 | 2018 | 2017 | 2017 | 2017 | ||||||||||||
(Dollars in thousands) | ||||||||||||||||
Nonaccrual loans: | ||||||||||||||||
Mortgage loans: | ||||||||||||||||
1-4 family residential | ||||||||||||||||
Investor owned | $ | 208 | $ | 209 | $ | 1,034 | $ | 402 | $ | 571 | ||||||
Owner occupied | 1,481 | 1,951 | 2,624 | 2,630 | 2,463 | |||||||||||
Multifamily residential | — | — | 521 | — | — | |||||||||||
Nonresidential properties | 142 | 633 | 1,387 | 653 | 867 | |||||||||||
Construction and land | 1,111 | 1,097 | 1,075 | 1,075 | 1,008 | |||||||||||
Nonmortgage loans: | ||||||||||||||||
Business | — | 30 | 147 | 12 | 12 | |||||||||||
Consumer | — | — | — | — | — | |||||||||||
Total nonaccrual loans (not including non-accruing troubled debt restructured loans) |
$ | 2,942 | $ | 3,920 | $ | 6,788 | $ | 4,772 | $ | 4,921 | ||||||
Non-accruing troubled debt restructured loans: | ||||||||||||||||
Mortgage loans: | ||||||||||||||||
1-4 family residential | ||||||||||||||||
Investor owned | $ | 1,099 | $ | 1,122 | $ | 1,144 | $ | 1,168 | $ | 1,190 | ||||||
Owner occupied | 2,007 | 2,983 | 2,693 | 2,698 | 810 | |||||||||||
Multifamily residential | — | — | — | — | — | |||||||||||
Nonresidential properties | 606 | 1,265 | 783 | 783 | 785 | |||||||||||
Construction and land | — | — | — | — | — | |||||||||||
Nonmortgage loans: | ||||||||||||||||
Business | — | — | — | — | — | |||||||||||
Consumer | — | — | — | — | — | |||||||||||
Total non-accruing troubled debt restructured loans | 3,712 | 5,370 | 4,620 | 4,649 | 2,785 | |||||||||||
Total nonaccrual loans | $ | 6,654 | $ | 9,290 | $ | 11,408 | $ | 9,421 | $ | 7,706 | ||||||
Real estate owned: | ||||||||||||||||
Mortgage loans: | ||||||||||||||||
1-4 family residential | ||||||||||||||||
Investor owned | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||
Owner occupied | ||||||||||||||||
Multifamily residential | — | — | — | — | — | |||||||||||
Nonresidential properties | — | — | — | — | — | |||||||||||
Construction and land | — | — | — | — | — | |||||||||||
Nonmortgage loans: | ||||||||||||||||
Business | — | — | — | — | — | |||||||||||
Consumer | — | — | — | — | — | |||||||||||
Total real estate owned | — | — | — | — | — | |||||||||||
Total nonperforming assets | $ | 6,654 | $ | 9,290 | $ | 11,408 | $ | 9,421 | $ | 7,706 | ||||||
Accruing loans past due 90 days or more: | ||||||||||||||||
Mortgage loans: | ||||||||||||||||
1-4 family residential | ||||||||||||||||
Investor owned | $ | — | $ | — | $ | 7 | $ | — | $ | — | ||||||
Owner occupied | — | — | — | — | — | |||||||||||
Multifamily residential | — | — | — | — | — | |||||||||||
Nonresidential properties | — | — | — | — | — | |||||||||||
Construction and land | — | — | — | — | — | |||||||||||
Nonmortgage loans: | ||||||||||||||||
Business | — | — | — | — | — | |||||||||||
Consumer | — | — | — | — | — | |||||||||||
Total accruing loans past due 90 days or more | $ | — | $ | — | $ | 7 | $ | — | $ | — | ||||||
Accruing troubled debt restructured loans: | ||||||||||||||||
Mortgage loans: | ||||||||||||||||
1-4 family residential | ||||||||||||||||
Investor owned | $ | 5,707 | $ | 5,738 | $ | 6,559 | $ | 6,594 | $ | 7,108 | ||||||
Owner occupied | 3,911 | 4,424 | 4,756 | 4,784 | 5,439 | |||||||||||
Multifamily residential | — | — | — | — | — | |||||||||||
Nonresidential properties | 1,458 | 1,468 | 1,958 | 1,968 | 4,009 | |||||||||||
Construction and land | — | — | — | — | — | |||||||||||
Nonmortgage loans: | ||||||||||||||||
Business | 421 | 454 | 477 | 501 | 516 | |||||||||||
Consumer | — | — | — | — | — | |||||||||||
Total accruing troubled debt restructured loans | $ | 11,497 | $ | 12,084 | $ | 13,750 | $ | 13,847 | $ | 17,072 | ||||||
Total nonperforming assets, accruing loans past due 90 days or more and accruing troubled debt restructured loans |
$ | 18,151 | $ | 21,374 | $ | 25,165 | $ | 23,268 | $ | 24,778 | ||||||
Total nonperforming loans to total loans | 0.77 | % | 1.11 | % | 1.41 | % | 1.21 | % | 1.04 | % | ||||||
Total nonperforming assets to total assets | 0.69 | % | 0.98 | % | 1.23 | % | 1.06 | % | 0.95 | % | ||||||
Total nonperforming assets, accruing loans past due 90 days or more and accruing troubled debt restructured loans to total assets |
1.87 | % | 2.25 | % | 2.72 | % | 2.61 | % | 3.05 | % | ||||||
Average Balance Sheets - Quarter
For the Three Months Ended June 30, | ||||||||||||||||||||||||
2018 | 2017 | |||||||||||||||||||||||
Average | Average | |||||||||||||||||||||||
Outstanding | Average | Outstanding | Average | |||||||||||||||||||||
Balance | Interest | Yield/Rate (1) | Balance | Interest | Yield/Rate (1) | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans | $ | 843,641 | $ | 11,053 | 5.26 | % | $ | 709,330 | $ | 9,581 | 5.42 | % | ||||||||||||
Available-for-sale securities | 28,267 | 104 | 1.48 | % | 34,251 | 90 | 1.05 | % | ||||||||||||||||
Other (2) | 52,967 | 226 | 1.71 | % | 11,752 | 33 | 1.13 | % | ||||||||||||||||
Total interest-earning assets | 924,875 | 11,383 | 4.94 | % | 755,333 | 9,704 | 5.15 | % | ||||||||||||||||
Non-interest-earning assets | 33,424 | 33,568 | ||||||||||||||||||||||
Total assets | $ | 958,299 | $ | 788,901 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Savings accounts | $ | 126,133 | $ | 148 | 0.47 | % | $ | 128,004 | $ | 123 | 0.39 | % | ||||||||||||
Interest-bearing demand | 84,339 | 50 | 0.24 | % | 74,862 | 37 | 0.20 | % | ||||||||||||||||
Certificates of deposit | 448,883 | 1,847 | 1.65 | % | 380,664 | 1,428 | 1.50 | % | ||||||||||||||||
Total deposits | 659,355 | 2,045 | 1.24 | % | 583,530 | 1,588 | 1.09 | % | ||||||||||||||||
Advance payments by borrowers | 8,045 | 1 | 0.05 | % | 6,596 | 1 | 0.06 | % | ||||||||||||||||
Borrowings | 28,595 | 204 | 2.86 | % | 10,648 | 32 | 1.21 | % | ||||||||||||||||
Total interest-bearing liabilities | 695,995 | 2,250 | 1.30 | % | 600,774 | 1,621 | 1.08 | % | ||||||||||||||||
Non-interest-bearing liabilities: | ||||||||||||||||||||||||
Non-interest-bearing demand | 89,935 | — | 89,793 | — | ||||||||||||||||||||
Other non-interest-bearing liabilities | 5,104 | — | 3,396 | — | ||||||||||||||||||||
Total non-interest-bearing liabilities | 95,039 | — | 93,189 | — | ||||||||||||||||||||
Total liabilities | 791,034 | 2,250 | 693,963 | 1,621 | ||||||||||||||||||||
Total equity | 167,265 | 94,938 | ||||||||||||||||||||||
Total liabilities and total equity | $ | 958,299 | 1.30 | % | $ | 788,901 | 1.08 | % | ||||||||||||||||
Net interest income | $ | 9,133 | $ | 8,083 | ||||||||||||||||||||
Net interest rate spread (3) | 3.64 | % | 4.07 | % | ||||||||||||||||||||
Net interest-earning assets (4) | $ | 228,880 | $ | 154,559 | ||||||||||||||||||||
Net interest margin (5) | 3.96 | % | 4.29 | % | ||||||||||||||||||||
Average interest-earning assets to | ||||||||||||||||||||||||
interest-bearing liabilities | 132.89 | % | 125.73 | % | ||||||||||||||||||||
(1) Annualized where appropriate.
(2) Includes FHLB demand accounts and FHLB stock dividends.
(3) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.
(4) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(5) Net interest margin represents net interest income divided by average total interest-earning assets.
Average Balance Sheets – Year-to-date
For the Six Months Ended June 30, | ||||||||||||||||||||||||
2018 | 2017 | |||||||||||||||||||||||
Average | Average | |||||||||||||||||||||||
Outstanding | Average | Outstanding | Average | |||||||||||||||||||||
Balance | Interest | Yield/Rate (1) | Balance | Interest | Yield/Rate (1) | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans | $ | 830,114 | $ | 21,439 | 5.21 | % | $ | 685,883 | $ | 18,172 | 5.34 | % | ||||||||||||
Available-for-sale securities | 28,478 | 209 | 1.48 | % | 43,246 | 273 | 1.27 | % | ||||||||||||||||
Other (2) | 49,852 | 445 | 1.80 | % | 10,862 | 52 | 0.97 | % | ||||||||||||||||
Total interest-earning assets | 908,444 | 22,093 | 4.90 | % | 739,991 | 18,497 | 5.04 | % | ||||||||||||||||
Non-interest-earning assets | 34,414 | 33,229 | ||||||||||||||||||||||
Total assets | $ | 942,858 | $ | 773,220 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Savings accounts | $ | 125,308 | $ | 279 | 0.45 | % | $ | 127,890 | $ | 245 | 0.39 | % | ||||||||||||
Interest-bearing demand | 80,837 | 102 | 0.25 | % | 73,502 | 64 | 0.18 | % | ||||||||||||||||
Certificates of deposit | 439,614 | 3,597 | 1.65 | % | 371,617 | 2,744 | 1.49 | % | ||||||||||||||||
Total deposits | 645,759 | 3,978 | 1.24 | % | 573,009 | 3,053 | 1.07 | % | ||||||||||||||||
Advance payments by borrowers | 7,313 | 2 | 0.06 | % | 5,766 | 2 | 0.07 | % | ||||||||||||||||
Borrowings | 23,409 | 303 | 2.61 | % | 11,795 | 61 | 1.04 | % | ||||||||||||||||
Total interest-bearing liabilities | 676,481 | 4,283 | 1.28 | % | 590,570 | 3,116 | 1.06 | % | ||||||||||||||||
Non-interest-bearing liabilities: | ||||||||||||||||||||||||
Non-interest-bearing demand | 94,625 | — | 84,957 | — | ||||||||||||||||||||
Other non-interest-bearing liabilities | 5,096 | — | 3,322 | — | ||||||||||||||||||||
Total non-interest-bearing liabilities | 99,721 | — | 88,279 | — | ||||||||||||||||||||
Total liabilities | 776,202 | 4,283 | 678,849 | 3,116 | ||||||||||||||||||||
Total equity | 166,656 | 94,371 | ||||||||||||||||||||||
Total liabilities and total equity | $ | 942,858 | 1.28 | % | $ | 773,220 | 1.06 | % | ||||||||||||||||
Net interest income | $ | 17,810 | $ | 15,381 | ||||||||||||||||||||
Net interest rate spread(3) | 3.63 | % | 3.98 | % | ||||||||||||||||||||
Net interest-earning assets (4) | $ | 231,963 | $ | 149,421 | ||||||||||||||||||||
Net interest margin (5) | 3.95 | % | 4.19 | % | ||||||||||||||||||||
Average interest-earning assets to | ||||||||||||||||||||||||
interest-bearing liabilities | 134.29 | % | 125.30 | % | ||||||||||||||||||||
(1) Annualized where appropriate.
(2) Includes FHLB demand accounts and FHLB stock dividends.
(3) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.
(4) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(5) Net interest margin represents net interest income divided by average total interest-earning assets.
Contact:
frank.perez@poncebank.com
718-931-9000
Source: PDL Community Bancorp