pdlb-8k_20190320.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report: (Date of earliest event reported): March 20, 2019

 

PDL Community Bancorp

(Exact name of Registrant as Specified in Its Charter)

 

 

Federal

001-38224

82-2857928

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

 

 

2244 Westchester Avenue

Bronx, NY

 

10462

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (718) 931-9000

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

  

 


 

Item 2.02Results of Operations and Financial Condition

On March 20, 2019, PDL Community Bancorp (the “Company”), the holding company for Ponce Bank, issued a press release announcing its financial results for the year ended December 31, 2018.  The Company’s press release is included as Exhibit 99.1 to this report.

The information set forth in this Item 2.02 and in the attached Exhibit 99.1 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ( the “Exchange Act”), or otherwise subject to the liabilities of that Section.

Item 9.01Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit Number

 

Description

 

 

 

99.1

 

Press release dated March 20, 2019

 

 


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

PDL Community Bancorp

 

 

 

 

Date:  March 20, 2019

 

By:

/s/ Carlos P. Naudon

 

 

 

Carlos P. Naudon

 

 

 

President

Chief Executive Officer

 

 

pdlb-ex991_6.htm

Exhibit 99.1

PDL Community Bancorp Announces Results for the Year Ended December 31, 2018

New York (March 20, 2019): PDL Community Bancorp (the “Company”) (NASDAQ: PDLB), the holding company for Ponce Bank (the “Bank”), reported net income of $2.7 million for the year ended December 31, 2018 compared to a net loss of $4.4 million for the year ended December 31, 2017. The Company was formed on September 29, 2017 in conjunction with the reorganization of Ponce De Leon Federal Bank, Ponce Bank’s predecessor, into a two-tier mutual holding company structure with the Company as the mid-tier stock form holding company. Accordingly, the Company’s financial results for periods prior to September 30, 2017 are solely those of Ponce Bank. The Company’s results of operations for 2017 include a one-time pre-tax contribution by the Company of 609,279 shares of common stock, valued at $6.1 million, and $200,000 in cash, to establish The Ponce De Leon Foundation (the “Foundation”).

The Company reported net income of $635,000 for the quarter ended December 31, 2018 compared to a net loss of $2.9 million for the same period in 2017. Basic and diluted earnings per share for the three months ended December 31, 2018 were both $0.04.

Carlos P. Naudon, President and CEO, remarked that “we are deriving significant benefits from continuing to focus on organic growth while investing in enhancing our customers’ experiences.” Executive Chairman Steven A. Tsavaris noted that “our investments leading up to becoming a public company have contributed to a reduction in the growth of the costs of being a public company.”

Net Interest Income

Net interest income was $36.7 million for the year ended December 31, 2018, up $4.5 million, or 13.9%, from $32.2 million for the year ended December 31, 2017. The increase in net interest income for the year ended December 31, 2018 compared to the year ended December 31, 2017 reflects a $7.2 million, or 18.4%, increase in total interest and dividend income offset by an increase of $2.7 million, or 39.9%, in total interest expense. 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 $131.5 million, or 17.9%, for the year ended December 31, 2018 compared to the same period in 2017. The net interest rate spread and net interest margin was 3.57% and 3.92%, respectively, for the year ended December 31, 2018 compared to 3.76% and 4.02%, respectively, for the same period in 2017. The average yield on loans decreased to 5.18% for the year ended December 31, 2018 from 5.19% for the same period in 2017. The increase in interest expense is due to an increase in average interest-bearing liabilities of $81.5 million, or 13.3%, for the year ended December 31, 2018 compared to the same period in 2017. The cost of interest-bearing liabilities increased to 1.36% for the year ended December 31, 2018 from 1.11% for the same period in 2017.

Net interest income was $9.6 million for the quarter ended December 31, 2018, up $1.1 million, or 13.3%, from $8.5 million for the quarter ended December 31, 2017. The increase in net interest income for the quarter ended December 31, 2018 compared to the same period in 2017 reflects a $2.0 million, or 19.4%, increase in total interest and dividend income offset by an increase of $869,000, or 47.0%, in total interest expense. 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 $108.7 million, or 13.5%, for the quarter ended December 31, 2018 compared to the same period in 2017. The net interest rate spread and net interest margin was 3.52% and 3.90%, respectively, for the quarter ended December 31, 2018 compared to 3.58% and 3.88%, respectively, for the same period in 2017. The average yield on loans increased to 5.21% for the quarter ended December 31, 2018 from 4.96% for the same period in 2017. The increase in interest expense is due to an increase in average interest-bearing liabilities of $90.0 million, or 14.1%, for the quarter ended December 31, 2018 compared to the same period in 2017. The cost of interest-bearing liabilities increased to 1.48% for the quarter ended December 31, 2018 from 1.15% for the same period in 2017.

Noninterest Income

Noninterest income was $2.9 million for the year ended December 31, 2018, down $166,000, or 5.4%, from $3.1 million for the same period in 2017. The decrease is mainly attributed to a decrease in late fees and prepayment charges related to mortgage loans of $204,000, a decrease in service charges and brokerage commission of $78,000, offset by an increase in other fees of $116,000.

Noninterest income was $815,000 for the quarter ended December 31, 2018, up $121,000, or 17.4%, from $694,000 for the same period in 2017. The increase is mainly attributed to an increase in late fees and prepayment charges related to mortgage loans of $71,000 and other fees of $43,000.

 

Noninterest Expense

Noninterest expense was $34.6 million for the year ended December 31, 2018, down $2.0 million, or 5.5%, from $36.6 million for the same period in 2017. The decrease is mainly attributed to the absence of a one-time pre-tax contribution by the Company in 2017 of 609,279 shares of common stock, valued at $6.1 million, and $200,000 in cash, in connection with the establishment of the Foundation. This decrease was partially offset by increases in professional fees of $2.1 million, compensation and benefits of $830,000, occupancy expense of $848,000, and office supplies, telephone and postage of $206,000.

1


Noninterest expense was $9.1 million for the quarter ended December 31, 2018, up $338,000, or 3.9%, from $8.8 million for the same period in 2017. The increase is mainly attributed to increases in professional fees of $603,000 and occupancy expenses of $291,000, which was offset by a decrease in compensation and benefits of $733,000.

Asset Quality

Nonperforming assets decreased to $6.8 million, or 0.64% of total assets at December 31, 2018 from $11.4 million, or 1.23%, of total assets at December 31, 2017. The decrease is mainly attributable to a decrease in nonaccruals of $4.6 million which includes a decrease of $2.2 million in owner-occupied one-to-four family residences.

Provision for loan losses was $215,000 for the quarter ended December 31, 2018, compared to $1.2 million for the same period in 2017. Provision for loan losses was $1.2 million for the year ended December 31, 2018, compared to $1.7 million for the same period in 2017. The allowance for loan losses was $12.7 million, or 1.36%, of total loans at December 31, 2018, compared to $11.1 million, or 1.37%, of total loans at December 31, 2017. Net recoveries totaled $78,000 for the quarter ended December 31, 2018, compared to  net charge-offs of $1.3 million for the same period in 2017. Net recoveries totaled $339,000 for the year ended December 31, 2018, or 0.04%, of average loans outstanding, compared to net charge offs of $850,000 for the year ended December 31, 2017, or 0.12%, of average loans outstanding.

 

Balance Sheet

Total assets increased $134.4 million, or 14.5%, to $1.1 billion at December 31, 2018 from $925.5 million at December 31, 2017. Net loans increased $119.8 million, or 15.0%, to $918.5 million at December 31, 2018 from $798.7 million at December 31, 2017. The increase in loans was primarily attributed to an increase of $126.1 million in mortgage loans in the investor-owned one-to-four family residential, multifamily, nonresidential, and construction and land and $2.8 million increase in business loans. The increase was offset by a decrease of $8.1 million in owner-occupied one-to-four family residential loans.

Total deposits increased $95.8 million, or 13.4%, to $809.8 million at December 31, 2018 from $714.0 million at December 31, 2017. The increase in deposits was primarily attributed to increases in certificates of deposits of $14.0 million, in demand deposits of $12.9 million, and in money market deposits of $69.7 million.

Total stockholders’ equity was $169.2 million at December 31, 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 December 31, 2018. The Bank’s total capital to risk-weighted asset ratio was 19.39%, the tier 1 capital to risk-weighted assets ratio and the common equity tier 1 capital ratio were both 18.14%, the tier 1 capital to total assets ratio was 13.66% at December 31, 2018 compared to 20.73%, 19.48%, and 14.67% at December 31, 2017, respectively.

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.  

2


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.

3


PDL Community Bancorp and Subsidiaries

Consolidated Balance Sheets

(Dollars in thousands, except for share data)

 

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

2018

 

 

2018

 

 

2018

 

 

2018

 

 

2017

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

$

45,225

 

 

$

5,494

 

 

$

7,088

 

 

$

6,570

 

 

$

24,746

 

Interest-bearing deposits in banks

 

24,553

 

 

 

16,895

 

 

 

42,094

 

 

 

52,409

 

 

 

34,978

 

Total cash and cash equivalents

 

69,778

 

 

 

22,389

 

 

 

49,182

 

 

 

58,979

 

 

 

59,724

 

Available-for-sale securities, at fair value

 

27,144

 

 

 

24,177

 

 

 

28,144

 

 

 

28,422

 

 

 

28,897

 

Loans receivable, net of allowance for loan losses

 

918,509

 

 

 

893,884

 

 

 

850,426

 

 

 

823,014

 

 

 

798,703

 

Accrued interest receivable

 

3,795

 

 

 

3,609

 

 

 

3,350

 

 

 

3,202

 

 

 

3,335

 

Premises and equipment, net

 

31,135

 

 

 

29,293

 

 

 

28,366

 

 

 

27,684

 

 

 

27,172

 

Federal Home Loan Bank Stock (FHLB), at cost

 

2,915

 

 

 

2,621

 

 

 

2,617

 

 

 

1,673

 

 

 

1,511

 

Deferred tax assets

 

3,811

 

 

 

4,118

 

 

 

3,805

 

 

 

3,801

 

 

 

3,909

 

Other assets

 

2,814

 

 

 

2,620

 

 

 

2,923

 

 

 

2,848

 

 

 

2,271

 

Total assets

$

1,059,901

 

 

$

982,711

 

 

$

968,813

 

 

$

949,623

 

 

$

925,522

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

$

809,758

 

 

$

764,792

 

 

$

753,255

 

 

$

752,267

 

 

$

713,985

 

Accrued interest payable

 

63

 

 

 

75

 

 

 

141

 

 

 

61

 

 

 

42

 

Advance payments by borrowers for taxes and insurance

 

6,037

 

 

 

7,219

 

 

 

5,491

 

 

 

6,999

 

 

 

5,025

 

Advances and borrowings

 

69,404

 

 

 

37,775

 

 

 

37,775

 

 

 

20,000

 

 

 

36,400

 

Other liabilities

 

5,467

 

 

 

5,706

 

 

 

5,573

 

 

 

4,582

 

 

 

5,285

 

Total liabilities

 

890,729

 

 

 

815,567

 

 

 

802,235

 

 

 

783,909

 

 

 

760,737

 

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 at December 31, 2018

 

185

 

 

 

185

 

 

 

185

 

 

 

185

 

 

 

185

 

Additional paid-in-capital

 

84,581

 

 

 

84,557

 

 

 

84,488

 

 

 

84,419

 

 

 

84,351

 

Retained earnings

 

98,813

 

 

 

96,896

 

 

 

96,495

 

 

 

95,796

 

 

 

94,855

 

Accumulated other comprehensive loss

 

(8,135

)

 

 

(8,101

)

 

 

(8,076

)

 

 

(8,052

)

 

 

(7,851

)

Unearned Employee Stock Ownership Plan (ESOP) shares

 

(6,272

)

 

 

(6,393

)

 

 

(6,514

)

 

 

(6,634

)

 

 

(6,755

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total stockholders' equity

 

169,172

 

 

 

167,144

 

 

 

166,578

 

 

 

165,714

 

 

 

164,785

 

Total liabilities and stockholders' equity

$

1,059,901

 

 

$

982,711

 

 

$

968,813

 

 

$

949,623

 

 

$

925,522

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4


PDL Community Bancorp and Subsidiaries

Consolidated Statements of Income (Loss)

(Dollars in thousands, except per share data)

 

 

For the Quarters Ended

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2018

 

 

2018

 

 

2018

 

 

2018

 

 

2017

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on loans receivable

 

$

12,026

 

 

$

11,483

 

 

$

11,053

 

 

$

10,386

 

 

$

10,106

 

Interest and dividends on investment securities and FHLB stock

 

 

300

 

 

 

254

 

 

 

330

 

 

 

324

 

 

 

221

 

Total interest and dividend income

 

 

12,326

 

 

 

11,737

 

 

 

11,383

 

 

 

10,710

 

 

 

10,327

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on certificates of deposit

 

 

2,078

 

 

 

1,942

 

 

 

1,847

 

 

 

1,750

 

 

 

1,599

 

Interest on other deposits

 

 

320

 

 

 

272

 

 

 

199

 

 

 

185

 

 

 

168

 

Interest on borrowings

 

 

321

 

 

 

276

 

 

 

204

 

 

 

98

 

 

 

83

 

Total interest expense

 

 

2,719

 

 

 

2,490

 

 

 

2,250

 

 

 

2,033

 

 

 

1,850

 

Net interest income

 

 

9,607

 

 

 

9,247

 

 

 

9,133

 

 

 

8,677

 

 

 

8,477

 

Provision for loan losses

 

 

215

 

 

 

602

 

 

 

337

 

 

 

94

 

 

 

1,219

 

Net interest income after provision for loan losses

 

 

9,392

 

 

 

8,645

 

 

 

8,796

 

 

 

8,583

 

 

 

7,258

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges and fees

 

 

217

 

 

 

191

 

 

 

214

 

 

 

223

 

 

 

224

 

Brokerage commissions

 

 

108

 

 

 

286

 

 

 

42

 

 

 

96

 

 

 

94

 

Late and prepayment charges

 

 

278

 

 

 

65

 

 

 

52

 

 

 

211

 

 

 

207

 

Other

 

 

212

 

 

 

172

 

 

 

216

 

 

 

355

 

 

 

169

 

Total noninterest income

 

 

815

 

 

 

714

 

 

 

524

 

 

 

885

 

 

 

694

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

4,371

 

 

 

4,547

 

 

 

4,563

 

 

 

4,458

 

 

 

5,104

 

Occupancy expense

 

 

1,879

 

 

 

1,585

 

 

 

1,717

 

 

 

1,491

 

 

 

1,588

 

Data processing expenses

 

 

357

 

 

 

342

 

 

 

300

 

 

 

408

 

 

 

293

 

Direct loan expenses

 

 

217

 

 

 

265

 

 

 

152

 

 

 

155

 

 

 

171

 

Insurance and surety bond premiums

 

 

94

 

 

 

87

 

 

 

99

 

 

 

89

 

 

 

64

 

Office supplies, telephone and postage

 

 

349

 

 

 

308

 

 

 

352

 

 

 

300

 

 

 

317

 

FDIC deposit insurance assessment

 

 

70

 

 

 

68

 

 

 

66

 

 

 

68

 

 

 

4

 

Charitable foundation contributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional fees

 

 

1,025

 

 

 

978

 

 

 

529

 

 

 

623

 

 

 

422

 

Directors fees

 

 

69

 

 

 

69

 

 

 

70

 

 

 

69

 

 

 

71

 

Marketing and promotional expenses

 

 

68

 

 

 

40

 

 

 

55

 

 

 

52

 

 

 

79

 

Regulatory dues

 

 

60

 

 

 

63

 

 

 

58

 

 

 

56

 

 

 

18

 

Other operating expenses

 

 

515

 

 

 

417

 

 

 

494

 

 

 

490

 

 

 

605

 

Total noninterest expense

 

 

9,074

 

 

 

8,769

 

 

 

8,455

 

 

 

8,259

 

 

 

8,736

 

Income (loss) before income taxes

 

 

1,133

 

 

 

590

 

 

 

865

 

 

 

1,209

 

 

 

(784

)

Provision for income taxes

 

 

498

 

 

 

188

 

 

 

166

 

 

 

268

 

 

 

2,081

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

635

 

 

$

402

 

 

$

699

 

 

$

941

 

 

$

(2,865

)

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.04

 

 

$

0.02

 

 

$

0.04

 

 

$

0.05

 

 

$

(0.16

)

Diluted

 

$

0.04

 

 

$

0.02

 

 

$

0.04

 

 

$

0.05

 

 

$

(0.16

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5


PDL Community Bancorp and Subsidiaries

Consolidated Statements of Income (Loss)

(Dollars in thousands, except per share data)

 

 

For the Years Ended December 31,

 

 

 

2018

 

 

2017

 

 

Variance $

 

 

Variance %

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on loans receivable

 

$

44,948

 

 

$

38,172

 

 

$

6,776

 

 

 

17.75

%

Interest and dividends on investment securities and FHLB stock

 

 

1,208

 

 

 

817

 

 

 

391

 

 

 

47.86

%

Total interest and dividend income

 

 

46,156

 

 

 

38,989

 

 

 

7,167

 

 

 

18.38

%

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on certificates of deposit

 

 

7,617

 

 

 

5,917

 

 

 

1,700

 

 

 

28.73

%

Interest on other deposits

 

 

974

 

 

 

656

 

 

 

318

 

 

 

48.48

%

Interest on borrowings

 

 

899

 

 

 

210

 

 

 

689

 

 

 

328.10

%

Total interest expense

 

 

9,490

 

 

 

6,783

 

 

 

2,707

 

 

 

39.91

%

Net interest income

 

 

36,666

 

 

 

32,206

 

 

 

4,460

 

 

 

13.85

%

Provision for loan losses (recovery)

 

 

1,249

 

 

 

1,716

 

 

 

(467

)

 

 

(27.21

%)

Net interest income after provision for loan losses

 

 

35,417

 

 

 

30,490

 

 

 

4,927

 

 

 

16.16

%

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges and fees

 

 

845

 

 

 

909

 

 

 

(64

)

 

 

(7.04

%)

Brokerage commissions

 

 

533

 

 

 

547

 

 

 

(14

)

 

 

(2.56

%)

Late and prepayment charges

 

 

606

 

 

 

810

 

 

 

(204

)

 

 

(25.19

%)

Other

 

 

954

 

 

 

838

 

 

 

116

 

 

 

13.84

%

Total noninterest income

 

 

2,938

 

 

 

3,104

 

 

 

(166

)

 

 

(5.35

%)

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

17,939

 

 

 

17,109

 

 

 

830

 

 

 

4.85

%

Occupancy expense

 

 

6,673

 

 

 

5,825

 

 

 

848

 

 

 

14.56

%

Data processing expenses

 

 

1,408

 

 

 

1,470

 

 

 

(62

)

 

 

(4.22

%)

Direct loan expenses

 

 

788

 

 

 

739

 

 

 

49

 

 

 

6.63

%

Insurance and surety bond premiums

 

 

369

 

 

 

269

 

 

 

100

 

 

 

37.17

%

Office supplies, telephone and postage

 

 

1,309

 

 

 

1,103

 

 

 

206

 

 

 

18.68

%

FDIC deposit insurance assessment

 

 

272

 

 

 

250

 

 

 

22

 

 

 

8.80

%

Charitable foundation contributions

 

 

 

 

 

6,293

 

 

 

(6,293

)

 

 

100.00

%

Professional fees

 

 

3,154

 

 

 

1,060

 

 

 

2,094

 

 

 

197.55

%

Directors fees

 

 

277

 

 

 

289

 

 

 

(12

)

 

 

(4.15

%)

Marketing and promotional expenses

 

 

215

 

 

 

308

 

 

 

(93

)

 

 

(30.19

%)

Regulatory dues

 

 

238

 

 

 

262

 

 

 

(24

)

 

 

(9.16

%)

Other operating expenses

 

 

1,915

 

 

 

1,580

 

 

 

335

 

 

 

21.20

%

Total noninterest expense

 

 

34,557

 

 

 

36,557

 

 

 

(2,000

)

 

 

(5.47

%)

Income (loss) before income taxes

 

 

3,798

 

 

 

(2,963

)

 

 

6,761

 

 

 

(228.18

%)

Provision for income taxes

 

 

1,121

 

 

 

1,424

 

 

 

(303

)

 

 

(21.28

%)

Net income (loss)

 

$

2,677

 

 

$

(4,387

)

 

$

7,064

 

 

 

(161.02

%)

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.15

 

 

$

(0.16

)

 

N/A

 

 

N/A

 

Diluted

 

$

0.15

 

 

$

(0.16

)

 

N/A

 

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6


PDL Community Bancorp and Subsidiaries

Key Metrics

 

 

At or For the Years Ended December 31,

 

 

 

2018

 

 

2017

 

 

2016

 

 

2015

 

 

2014

 

Performance Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

0.28

%

 

 

(0.51

%)

 

 

0.20

%

 

 

0.35

%

 

 

0.35

%

Return on average equity

 

 

1.60

%

 

 

(3.52

%)

 

 

1.53

%

 

 

2.76

%

 

 

2.80

%

Net interest rate spread (1)

 

 

3.57

%

 

 

3.76

%

 

 

3.82

%

 

 

3.96

%

 

 

4.26

%

Net interest margin (2)

 

 

3.92

%

 

 

4.02

%

 

 

4.02

%

 

 

4.14

%

 

 

4.42

%

Noninterest expense to average assets

 

 

3.56

%

 

 

4.28

%

 

 

3.84

%

 

 

3.67

%

 

 

3.59

%

Efficiency ratio (3)

 

 

87.26

%

 

 

103.53

%

 

 

92.15

%

 

 

86.23

%

 

 

79.34

%

Average interest-earning assets to average interest- bearing liabilities

 

 

134.52

%

 

 

130.35

%

 

 

123.84

%

 

 

121.66

%

 

 

119.27

%

Average equity to average assets

 

 

17.26

%

 

 

14.58

%

 

 

12.81

%

 

 

12.78

%

 

 

12.58

%

Capital Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total capital to risk weighted assets (bank only)

 

 

19.39

%

 

 

20.73

%

 

 

19.21

%

 

 

20.72

%

 

 

20.32

%

Tier 1 capital to risk weighted assets (bank only)

 

 

18.14

%

 

 

19.48

%

 

 

17.96

%

 

 

19.46

%

 

 

19.06

%

Common equity Tier 1 capital to risk-weighted assets (bank only)

 

 

18.14

%

 

 

19.48

%

 

 

17.96

%

 

 

19.46

%

 

N/A

 

Tier 1 capital to average assets (bank only)

 

 

13.66

%

 

 

14.67

%

 

 

13.32

%

 

 

13.67

%

 

 

13.46

%

Asset Quality Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses as a percentage of total loans

 

 

1.36

%

 

 

1.37

%

 

 

1.57

%

 

 

1.64

%

 

 

1.71

%

Allowance for loan losses as a percentage of nonperforming loans

 

 

186.77

%

 

 

97.05

%

 

 

132.15

%

 

 

99.78

%

 

 

58.79

%

Net (charge-offs) recoveries to average outstanding loans during the year

 

 

0.04

%

 

 

(0.12

%)

 

 

0.13

%

 

 

(0.06

%)

 

 

(0.30

%)

Non-performing loans as a percentage of total loans

 

 

0.73

%

 

 

1.41

%

 

 

1.19

%

 

 

1.65

%

 

 

2.91

%

Non-performing loans as a percentage of total assets

 

 

0.64

%

 

 

1.23

%

 

 

1.04

%

 

 

1.35

%

 

 

2.28

%

Total non-performing assets as a percentage of total assets

 

 

0.64

%

 

 

1.23

%

 

 

1.04

%

 

 

1.36

%

 

 

2.30

%

Total non-performing assets, accruing loans past due 90 days or more,  and accruing troubled debt restructured loans as a percentage of total assets

 

 

1.63

%

 

 

2.72

%

 

 

3.50

%

 

 

4.19

%

 

 

5.33

%

Other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of offices

 

14

 

 

14

 

 

14

 

 

14

 

 

14

 

Number of full-time equivalent employees

 

181

 

 

177

 

 

174

 

 

175

 

 

164

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.

7


PDL Community Bancorp and Subsidiaries

Loan Portfolio

 

 

At December 31,

 

 

 

2018

 

 

2017

 

 

2016

 

 

2015

 

 

2014

 

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

 

 

(Dollars in thousands)

 

Mortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 family residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investor Owned

 

$

303,197

 

 

 

32.61

%

 

$

287,158

 

 

 

35.51

%

 

$

227,409

 

 

 

34.90

%

 

$

203,239

 

 

 

35.25

%

 

$

190,726

 

 

 

34.54

%

Owner-Occupied

 

 

92,788

 

 

 

9.98

%

 

 

100,854

 

 

 

12.47

%

 

 

97,631

 

 

 

14.98

%

 

 

106,053

 

 

 

18.39

%

 

 

105,222

 

 

 

19.05

%

Multifamily residential

 

 

232,509

 

 

 

25.01

%

 

 

188,550

 

 

 

23.31

%

 

 

158,200

 

 

 

24.28

%

 

 

122,836

 

 

 

21.30

%

 

 

110,978

 

 

 

20.10

%

Nonresidential properties

 

 

196,917

 

 

 

21.18

%

 

 

151,193

 

 

 

18.70

%

 

 

121,500

 

 

 

18.64

%

 

 

106,462

 

 

 

18.46

%

 

 

111,806

 

 

 

20.24

%

Construction and land

 

 

87,572

 

 

 

9.42

%

 

 

67,240

 

 

 

8.31

%

 

 

30,340

 

 

 

4.66

%

 

 

22,883

 

 

 

3.97

%

 

 

18,707

 

 

 

3.39

%

Total mortgage loans

 

 

912,983

 

 

 

98.20

%

 

 

794,995

 

 

 

98.30

%

 

 

635,080

 

 

 

97.46

%

 

 

561,473

 

 

 

97.37

%

 

 

537,439

 

 

 

97.32

%

Nonmortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business loans

 

 

15,710

 

 

 

1.69

%

 

 

12,873

 

 

 

1.59

%

 

 

15,719

 

 

 

2.41

%

 

 

14,350

 

 

 

2.49

%

 

 

14,206

 

 

 

2.57

%

Consumer loans

 

 

1,068

 

 

 

0.11

%

 

 

886

 

 

 

0.11

%

 

 

843

 

 

 

0.13

%

 

 

788

 

 

 

0.14

%

 

 

614

 

 

 

0.11

%

Total nonmortgage loans

 

 

16,778

 

 

 

1.80

%

 

 

13,759

 

 

 

1.70

%

 

 

16,562

 

 

 

2.54

%

 

 

15,138

 

 

 

2.63

%

 

 

14,820

 

 

 

2.68

%

Total loans

 

 

929,761

 

 

 

100.00

%

 

 

808,754

 

 

 

100.00

%

 

 

651,642

 

 

 

100.00

%

 

 

576,611

 

 

 

100.00

%

 

 

552,259

 

 

 

100.00

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net deferred loan origination costs

 

 

1,407

 

 

 

 

 

 

 

1,020

 

 

 

 

 

 

 

711

 

 

 

 

 

 

 

535

 

 

 

 

 

 

 

479

 

 

 

 

 

Allowance for losses on loans

 

 

(12,659

)

 

 

 

 

 

 

(11,071

)

 

 

 

 

 

 

(10,205

)

 

 

 

 

 

 

(9,484

)

 

 

 

 

 

 

(9,449

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

$

918,509

 

 

 

 

 

 

$

798,703

 

 

 

 

 

 

$

642,148

 

 

 

 

 

 

$

567,662

 

 

 

 

 

 

$

543,289

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8


PDL Community Bancorp and Subsidiaries

Nonperforming Assets

 

  

 

At December 31,

 

 

 

2018

 

 

2017

 

 

2016

 

 

2015

 

 

2014

 

 

 

(Dollars in thousands)

 

Nonaccrual loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 family residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investor owned

 

$

205

 

 

$

1,034

 

 

$

809

 

 

$

1,635

 

 

$

2,721

 

Owner occupied

 

 

1,092

 

 

 

2,624

 

 

 

1,463

 

 

 

1,078

 

 

 

1,036

 

Multifamily residential

 

 

16

 

 

 

521

 

 

 

 

 

 

 

 

 

2,957

 

Nonresidential properties

 

 

706

 

 

 

1,387

 

 

 

1,614

 

 

 

1,660

 

 

 

72

 

Construction and land

 

 

1,115

 

 

 

1,075

 

 

 

1,145

 

 

 

637

 

 

 

259

 

Nonmortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business

 

 

 

 

 

147

 

 

 

22

 

 

 

13

 

 

 

14

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total nonaccrual loans (not including non-accruing troubled debt restructured loans)

 

$

3,134

 

 

$

6,788

 

 

$

5,053

 

 

$

5,023

 

 

$

7,059

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-accruing troubled debt restructured loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 family residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investor owned

 

$

1,053

 

 

$

1,144

 

 

$

1,240

 

 

$

2,599

 

 

$

4,585

 

Owner occupied

 

 

1,987

 

 

 

2,693

 

 

 

646

 

 

 

1,055

 

 

 

1,923

 

Multifamily residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonresidential properties

 

 

604

 

 

 

783

 

 

 

783

 

 

 

828

 

 

 

2,427

 

Construction and land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonmortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

79

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-accruing troubled debt restructured loans

 

 

3,644

 

 

 

4,620

 

 

 

2,669

 

 

 

4,482

 

 

 

9,014

 

Total nonaccrual loans

 

$

6,778

 

 

$

11,408

 

 

$

7,722

 

 

$

9,505

 

 

$

16,073

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate owned:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 family residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investor owned

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Owner occupied

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multifamily residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonresidential properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction and land

 

 

 

 

 

 

 

 

 

 

 

76

 

 

 

162

 

Nonmortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total real estate owned

 

 

 

 

 

 

 

 

 

 

 

76

 

 

 

162

 

Total nonperforming assets

 

$

6,778

 

 

$

11,408

 

 

$

7,722

 

 

$

9,581

 

 

$

16,235

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accruing loans past due 90 days or more:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 family residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investor owned

 

$

 

 

$

7

 

 

$

 

 

$

 

 

$

 

Owner occupied

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multifamily residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonresidential properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

126

 

Construction and land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,257

 

Nonmortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

600

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total accruing loans past due 90 days or more

 

$

 

 

$

7

 

 

$

 

 

$

 

 

$

1,983

 

Accruing troubled debt restructured loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 family residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investor owned

 

$

5,192

 

 

$

6,559

 

 

$

6,422

 

 

$

6,579

 

 

$

5,179

 

Owner occupied

 

 

3,456

 

 

 

4,756

 

 

 

7,271

 

 

 

8,326

 

 

 

9,661

 

Multifamily residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonresidential properties

 

 

1,438

 

 

 

1,958

 

 

 

4,066

 

 

 

4,186

 

 

 

3,590

 

Construction and land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonmortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business

 

 

374

 

 

 

477

 

 

 

593

 

 

 

814

 

 

 

970

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total accruing troubled debt restructured loans

 

$

10,460

 

 

$

13,750

 

 

$

18,352

 

 

$

19,905

 

 

$

19,400

 

Total nonperforming assets, accruing loans past due 90 days or more and accruing troubled debt restructured loans

 

$

17,238

 

 

$

25,165

 

 

$

26,074

 

 

$

29,486

 

 

$

37,618

 

Total nonperforming loans to total loans

 

 

0.73

%

 

 

1.41

%

 

 

1.19

%

 

 

1.65

%

 

 

2.91

%

Total nonperforming assets to total assets

 

 

0.64

%

 

 

1.23

%

 

 

1.04

%

 

 

1.35

%

 

 

2.28

%

Total nonperforming assets, accruing loans past due 90 days or more and accruing troubled debt restructured loans to total assets

 

 

1.63

%

 

 

2.72

%

 

 

3.50

%

 

 

4.19

%

 

 

5.33

%

9


PDL Community Bancorp and Subsidiaries

Average Balance Sheets

 

  

For the Years Ended December 31,

 

 

2018

 

 

2017

 

 

2016

 

 

Average

 

 

 

 

 

 

Average

 

 

Average

 

 

 

 

 

 

Average

 

 

Average

 

 

 

 

 

 

Average

 

 

Outstanding

 

 

 

 

 

 

Yield/Rate

 

 

Outstanding

 

 

 

 

 

 

Yield/Rate

 

 

Outstanding

 

 

 

 

 

 

Yield/Rate

 

 

Balance

 

 

Interest

 

 

(1)

 

 

Balance

 

 

Interest

 

 

(1)

 

 

Balance

 

 

Interest

 

 

(1)

 

 

(Dollars in thousands)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

$

867,030

 

 

$

44,948

 

 

 

5.18

%

 

$

735,566

 

 

$

38,172

 

 

 

5.19

%

 

$

605,878

 

 

$

32,660

 

 

 

5.39

%

Available-for-sale securities

 

26,424

 

 

 

381

 

 

 

1.44

%

 

 

36,240

 

 

 

480

 

 

 

1.32

%

 

 

70,142

 

 

 

1,012

 

 

 

1.44

%

Other (2)

 

42,937

 

 

 

828

 

 

 

1.93

%

 

 

29,289

 

 

 

389

 

 

 

1.33

%

 

 

15,365

 

 

 

69

 

 

 

0.45

%

Total interest-earning assets

 

936,391

 

 

 

46,157

 

 

 

4.93

%

 

 

801,095

 

 

 

39,041

 

 

 

4.87

%

 

 

691,385

 

 

 

33,741

 

 

 

4.88

%

Non-interest-earning assets

 

33,610

 

 

 

 

 

 

 

 

 

 

 

53,809

 

 

 

 

 

 

 

 

 

 

 

33,759

 

 

 

 

 

 

 

 

 

Total assets

$

970,001

 

 

 

 

 

 

 

 

 

 

$

854,904

 

 

 

 

 

 

 

 

 

 

$

725,144

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

$

125,533

 

 

$

766

 

 

 

0.61

%

 

$

128,282

 

 

$

506

 

 

 

0.39

%

 

$

126,573

 

 

$

327

 

 

 

0.26

%

Interest-bearing demand

 

88,295

 

 

 

205

 

 

 

0.23

%

 

 

74,824

 

 

 

146

 

 

 

0.19

%

 

 

54,493

 

 

 

96

 

 

 

0.18

%

Certificates of deposit

 

439,737

 

 

 

7,617

 

 

 

1.73

%

 

 

387,232

 

 

 

5,917

 

 

 

1.53

%

 

 

371,313

 

 

 

5,502

 

 

 

1.48

%

Total deposits

 

653,565

 

 

 

8,588

 

 

 

1.31

%

 

 

590,338

 

 

 

6,569

 

 

 

1.11

%

 

 

552,379

 

 

 

5,925

 

 

 

1.07

%

Advance payments by borrowers

 

7,762

 

 

 

4

 

 

 

0.05

%

 

 

6,292

 

 

 

4

 

 

 

0.06

%

 

 

4,770

 

 

 

4

 

 

 

0.09

%

Borrowings

 

34,886

 

 

 

899

 

 

 

2.58

%

 

 

17,955

 

 

 

262

 

 

 

1.46

%

 

 

1,145

 

 

 

7

 

 

 

0.61

%

Total interest-bearing liabilities

 

696,213

 

 

 

9,491

 

 

 

1.36

%

 

 

614,585

 

 

 

6,835

 

 

 

1.11

%

 

 

558,294

 

 

 

5,936

 

 

 

1.06

%

Non-interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing demand

 

100,490

 

 

 

 

 

 

 

 

 

 

112,113

 

 

 

 

 

 

 

 

 

 

70,407

 

 

 

 

 

 

 

 

Other non-interest-bearing liabilities

 

5,859

 

 

 

 

 

 

 

 

 

 

3,578

 

 

 

 

 

 

 

 

 

 

3,519

 

 

 

 

 

 

 

 

Total non-interest-bearing liabilities

 

106,349

 

 

 

 

 

 

 

 

 

 

115,691

 

 

 

 

 

 

 

 

 

 

73,926

 

 

 

 

 

 

 

 

Total liabilities

 

802,562

 

 

 

9,491

 

 

 

 

 

 

 

730,276

 

 

 

6,835

 

 

 

 

 

 

 

632,220

 

 

 

5,936

 

 

 

 

 

Total equity

 

167,439

 

 

 

 

 

 

 

 

 

 

 

124,628

 

 

 

 

 

 

 

 

 

 

 

92,924

 

 

 

 

 

 

 

 

 

Total liabilities and total equity

$

970,001

 

 

 

 

 

 

 

1.36

%

 

$

854,904

 

 

 

 

 

 

 

1.11

%

 

$

725,144

 

 

 

 

 

 

 

1.06

%

Net interest income

 

 

 

 

$

36,666

 

 

 

 

 

 

 

 

 

 

$

32,206

 

 

 

 

 

 

 

 

 

 

$

27,805

 

 

 

 

 

Net interest rate spread (3)

 

 

 

 

 

 

 

 

 

3.57

%

 

 

 

 

 

 

 

 

 

 

3.76

%

 

 

 

 

 

 

 

 

 

 

3.82

%

Net interest-earning assets (4)

$

240,178

 

 

 

 

 

 

 

 

 

 

$

186,510

 

 

 

 

 

 

 

 

 

 

$

133,091

 

 

 

 

 

 

 

 

 

Net interest margin (5)

 

 

 

 

 

 

 

 

 

3.92

%

 

 

 

 

 

 

 

 

 

 

4.02

%

 

 

 

 

 

 

 

 

 

 

4.02

%

Average interest-earning assets to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

interest-bearing liabilities

 

 

 

 

 

 

 

 

 

134.50

%

 

 

 

 

 

 

 

 

 

 

130.35

%

 

 

 

 

 

 

 

 

 

 

123.84

%

 

 

(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.

10


PDL Community Bancorp and Subsidiaries

Average Balance Sheets

 

 

  

For the Three Months Ended December 31,

 

 

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

$

916,625

 

 

$

12,026

 

 

 

5.21

%

 

$

807,932

 

 

$

10,107

 

 

 

4.96

%

Available-for-sale securities

 

23,477

 

 

 

82

 

 

 

1.39

%

 

 

29,156

 

 

 

104

 

 

 

1.42

%

Other (2)

 

36,481

 

 

 

218

 

 

 

2.37

%

 

 

29,362

 

 

 

118

 

 

 

1.59

%

Total interest-earning assets

 

976,583

 

 

 

12,326

 

 

 

5.01

%

 

 

866,450

 

 

 

10,329

 

 

 

4.73

%

Non-interest-earning assets

 

33,003

 

 

 

 

 

 

 

 

 

 

 

113,915

 

 

 

 

 

 

 

 

 

Total assets

$

1,009,586

 

 

 

 

 

 

 

 

 

 

$

980,365

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

$

124,786

 

 

$

263

 

 

 

0.84

%

 

$

125,422

 

 

$

131

 

 

 

0.41

%

Interest-bearing demand

 

99,115

 

 

 

55

 

 

 

0.22

%

 

 

75,770

 

 

 

38

 

 

 

0.20

%

Certificates of deposit

 

444,950

 

 

 

2,078

 

 

 

1.85

%

 

 

400,818

 

 

 

1,599

 

 

 

1.58

%

Total deposits

 

668,851

 

 

 

2,396

 

 

 

1.42

%

 

 

602,010

 

 

 

1,768

 

 

 

1.17

%

Advance payments by borrowers

 

8,999

 

 

 

1

 

 

 

0.04

%

 

 

7,226

 

 

 

1

 

 

 

0.05

%

Borrowings

 

49,296

 

 

 

321

 

 

 

2.58

%

 

 

27,864

 

 

 

84

 

 

 

1.20

%

Total interest-bearing liabilities

 

727,146

 

 

 

2,718

 

 

 

1.48

%

 

 

637,100

 

 

 

1,853

 

 

 

1.15

%

Non-interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing demand

 

107,145

 

 

 

 

 

 

 

 

 

 

129,593

 

 

 

 

 

 

 

 

Other non-interest-bearing liabilities

 

6,763

 

 

 

 

 

 

 

 

 

 

3,333

 

 

 

 

 

 

 

 

Total non-interest-bearing liabilities

 

113,908

 

 

 

 

 

 

 

 

 

 

132,926

 

 

 

 

 

 

 

 

Total liabilities

 

841,054

 

 

 

2,718

 

 

 

 

 

 

 

770,026

 

 

 

1,853

 

 

 

 

 

Total equity

 

168,532

 

 

 

 

 

 

 

 

 

 

 

210,339

 

 

 

 

 

 

 

 

 

Total liabilities and total equity

$

1,009,586

 

 

 

 

 

 

 

1.48

%

 

$

980,365

 

 

 

 

 

 

 

1.15

%

Net interest income

 

 

 

 

$

9,608

 

 

 

 

 

 

 

 

 

 

$

8,476

 

 

 

 

 

Net interest rate spread (3)

 

 

 

 

 

 

 

 

 

3.52

%

 

 

 

 

 

 

 

 

 

 

3.58

%

Net interest-earning assets (4)

$

249,437

 

 

 

 

 

 

 

 

 

 

$

229,350

 

 

 

 

 

 

 

 

 

Net interest margin (5)

 

 

 

 

 

 

 

 

 

3.90

%

 

 

 

 

 

 

 

 

 

 

3.88

%

Average interest-earning assets to

   interest-bearing liabilities

 

 

 

 

 

 

 

 

 

134.30

%

 

 

 

 

 

 

 

 

 

 

136.00

%

 

(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.

11