pdlb-8k_20190508.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): May 7, 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. 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common stock

 

PDLB

 

NASDAQ

 

  

 


 

Item 2.02Results of Operations and Financial Condition

On May 7, 2019, PDL Community Bancorp (the “Company”), the holding company for Ponce Bank, issued a press release announcing its financial results for the three months ended March 31, 2019.  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 May 7, 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:  May 7, 2019

 

By:

/s/ Carlos P. Naudon

 

 

 

Carlos P. Naudon

 

 

 

President

Chief Executive Officer

 

 

pdlb-ex991_6.htm

Exhibit 99.1

PDL Community Bancorp Announces 2019 First Quarter Results

New York (May 7, 2019): PDL Community Bancorp (the “Company”) (NASDAQ: PDLB), the holding company for Ponce Bank (the “Bank”), reported net income of $668,000 for the quarter ended March 31, 2019 compared to a net income of $941,000 for the quarter ended March 31, 2018. The decrease in quarterly net income amounted to $273,000 and was attributable to an increase in noninterest expenses of $832,000, increases in provisions for loan losses of $55,000 and income taxes of $39,000, and a reduction in noninterest income of $132,000, offset by an increase in net interest income of $785,000. Basic and fully diluted earnings per share were both $0.04 for the quarter ended March 31, 2019 compared to $0.05 for the quarter ended March 31, 2018.

Carlos P. Naudon, President and CEO, noted that “our slower growth this quarter reflected our commitment to maintain asset quality and manage cost of funds. We are pleased to note that our branches have now largely deployed their new equipment, such as ATMs and TCRs.” Executive Chairman Steven A. Tsavaris remarked that “we were pleased to have held our second annual shareholders meeting on May 1, 2019 where our shareholders elected Maria A. Alvarez to her first full term on our board of directors.”

Net Interest Income

Net interest income was $9.5 million for the quarter ended March 31, 2019, up $785,000, or 9.1%, from $8.7 million for the quarter ended March 31, 2018. The increase in net interest income for the quarter ended March 31, 2019 compared to the quarter ended March 31, 2018 reflects a $1.7 million, or 15.6%, increase in total interest and dividend income, offset by an increase of $887,000, or 43.6%, in total interest expense. The increase in interest and dividend income was primarily due to growth in one-to-four family residential, multifamily, and nonresidential loans that provided an increase in average outstanding loans of $119.4 million, or 14.6%, for the quarter ended March 31, 2019 compared to the same period in 2018. The net interest rate spread and net interest margin were 3.46% and 3.86%, respectively, for the quarter ended March 31, 2019 compared to 3.61% and 3.95%, respectively, for the same period in 2018. The average yield on loans increased to 5.24% for the quarter ended March 31, 2019 from 5.16% for the same period in 2018. The increase in interest expense was due to an increase in average interest-bearing liabilities of $85.0 million, or 12.9%, for the quarter ended March 31, 2019 compared to the same period in 2018. Additionally, the cost of funding interest-bearing liabilities increased to 1.60% for the quarter ended March 31, 2019 from 1.26% for the same period in 2018.

Noninterest Income

Noninterest income was $753,000 for the quarter ended March 31, 2019, down $132,000, or 14.9%, from $885,000 for the same period in 2018. The decrease is mainly attributed to a reduction in late fees and prepayment charges related to mortgage loans and other fees totaling $152,000.

Noninterest Expense

Noninterest expense was $9.1 million for the quarter ended March 31, 2019, up $832,000, or 10.1%, from $8.3 million for the same period in 2018. This quarterly variance was largely due to increases in compensation and benefits expense of $556,000 primarily due to expenses from restricted stock units and stock options totaling $326,000, and occupancy expense of $420,000. The increase in noninterest expense was partially offset by decreases in professional fees of $113,000, data processing expenses of $55,000 and marketing and promotional expenses of $26,000.

Asset Quality

Nonperforming assets increased to $8.0 million, or 0.77% of total assets at March 31, 2019, from $6.8 million, or 0.64% of total assets at December 31, 2018. The increase is mainly attributable to an increase in nonaccrual, investor-owned one-to-four family residence loans of $1.1 million.

Provision for loan losses was $149,000 for the quarter ended March 31, 2019, compared to $94,000 for the same period in 2018. The allowance for loan losses was $12.4 million, or 1.33% of total loans at March 31, 2019, compared to $12.7 million, or 1.36% of total loans at December 31, 2018. Net charge-offs totaled $360,000 for the quarter ended March 31, 2019, or 0.16% of average loans outstanding, compared to net recoveries of $244,000 for the quarter ended March 31, 2018, or 0.12% of average loans outstanding, when annualized.

Balance Sheet

Total assets decreased $26.3 million, or 2.5%, to $1,033.6 million at March 31, 2019 from $1,059.9 million at December 31, 2018. Net loans increased $6.6 million, or 0.7%, to $925.1 million at March 31, 2019 from $918.5 million at December 31, 2018. The increase in loans was primarily due to aggregate increases of $9.3 million in mortgage loans in the investor-owned and owner-occupied one-to-four family residential, multifamily and nonresidential categories, offset by decreases of $2.7 million in construction and land loans and $609,000 in business loans.

1


Federal Home Loan Bank advances and other decreased $25.0 million or 36.0%, to $44.4 million at March 31, 2019 from $69.4 million at December 31, 2018.

Total deposits decreased $3.0 million, or 0.4%, to $806.8 million at March 31, 2019 from $809.8 million at December 31, 2018. The quarterly variance was due to decreases in certificates of deposits of $22.9 million, NOW and savings accounts of $5.8 million, and demand deposits of $2.4 million, offset by an increase in money market accounts of $28.2 million.

Total stockholders’ equity was $170.3 million at March 31, 2019 compared to $169.2 million at December 31, 2018. The Company and the Bank exceeded all regulatory capital requirements to be deemed well-capitalized at March 31, 2019. The Bank’s total capital to risk-weighted assets ratio was 19.32%, the tier 1 capital to risk-weighted assets ratio and the common equity tier 1 capital ratio were both 18.06%, and the tier 1 capital to total assets ratio was 13.56% at March 31, 2019, compared to 19.39%, 18.14%, and 13.66% at December 31, 2018, respectively.

On March 22, the Company announced that the Board of Directors had adopted a share repurchase program. As of May 6, 2019, the Company has repurchased 234,823 shares of stock at a weighted average price $14.22 per share.

About PDL Community Bancorp

PDL Community Bancorp is the holding company for Ponce Bank. The Bank’s business primarily consists of taking deposits from the general public and investing those deposits, together with funds generated from operations and borrowings, in mortgage loans, consisting of one-to-four family residences (investor-owned and owner-occupied), multifamily residences, nonresidential properties and construction and land, and, to a lesser extent, in business and consumer loans. The Bank also invests in securities, which have historically consisted of U.S. Government and federal agency securities and securities issued by government-sponsored or -owned enterprises, as well as, mortgage-backed securities and Federal Home Loan Bank stock. The Bank offers a variety of deposit accounts, including demand, savings, money market and certificates of deposit.  

Forward Looking Statements

Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “project,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on the Company’s business activities; changes in interest rates; competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or in the local markets in which the Company operates, including changes that adversely affect borrowers’ ability to service and repay the Company’s loans; changes in the value of securities in the Company’s investment portfolio; changes in loan default and charge-off rates; fluctuations in real estate values; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; changes in government regulation; changes in accounting standards and practices; the risk that intangibles recorded in the Company’s financial statements will become impaired; demand for loans in the Company’s market area; the Company’s ability to attract and maintain deposits; risks related to the implementation of acquisitions, dispositions, and restructurings; the risk that the Company may not be successful in the implementation of its business strategy; changes in assumptions used in making such forward-looking statements and the risk factors described in the prospectus and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, www.sec.gov. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, PDL Community Bancorp’s actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as may be required by applicable law or regulation.

2


PDL Community Bancorp and Subsidiaries

Consolidated Balance Sheets

(Dollars in thousands, except for share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

2019

 

 

2018

 

 

2018

 

 

2018

 

 

2018

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

$

5,690

 

 

$

45,225

 

 

$

5,494

 

 

$

7,088

 

 

$

6,570

 

Interest-bearing deposits in banks

 

35,877

 

 

 

24,553

 

 

 

16,895

 

 

 

42,094

 

 

 

52,409

 

Total cash and cash equivalents

 

41,567

 

 

 

69,778

 

 

 

22,389

 

 

 

49,182

 

 

 

58,979

 

Available-for-sale securities, at fair value

 

22,166

 

 

 

27,144

 

 

 

24,177

 

 

 

28,144

 

 

 

28,422

 

Loans receivable, net

 

925,099

 

 

 

918,509

 

 

 

893,884

 

 

 

850,426

 

 

 

823,014

 

Accrued interest receivable

 

3,735

 

 

 

3,795

 

 

 

3,609

 

 

 

3,350

 

 

 

3,202

 

Premises and equipment, net

 

31,777

 

 

 

31,135

 

 

 

29,293

 

 

 

28,366

 

 

 

27,684

 

Federal Home Loan Bank Stock (FHLB), at cost

 

2,915

 

 

 

2,915

 

 

 

2,621

 

 

 

2,617

 

 

 

1,673

 

Deferred tax assets

 

3,852

 

 

 

3,811

 

 

 

4,118

 

 

 

3,805

 

 

 

3,801

 

Other assets

 

2,485

 

 

 

2,814

 

 

 

2,620

 

 

 

2,923

 

 

 

2,848

 

Total assets

$

1,033,596

 

 

$

1,059,901

 

 

$

982,711

 

 

$

968,813

 

 

$

949,623

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

$

806,781

 

 

$

809,758

 

 

$

764,792

 

 

$

753,255

 

 

$

752,267

 

Accrued interest payable

 

75

 

 

 

63

 

 

 

75

 

 

 

141

 

 

 

61

 

Advance payments by borrowers for taxes and insurance

 

8,099

 

 

 

6,037

 

 

 

7,219

 

 

 

5,491

 

 

 

6,999

 

Advances from the Federal Home Loan Bank and others

 

44,404

 

 

 

69,404

 

 

 

37,775

 

 

 

37,775

 

 

 

20,000

 

Other liabilities

 

3,975

 

 

 

5,467

 

 

 

5,706

 

 

 

5,573

 

 

 

4,582

 

Total liabilities

 

863,334

 

 

 

890,729

 

 

 

815,567

 

 

 

802,235

 

 

 

783,909

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value; 10,000,000 shares authorized, none issued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock, $0.01 par value; 50,000,000  shares authorized; 18,463,028 shares issued and 18,449,162 shares outstanding as of  March 31, 2019 and 18,463,028 shares issued and outstanding as of December 31,2018

 

185

 

 

 

185

 

 

 

185

 

 

 

185

 

 

 

185

 

Treasury stock, at cost; 13,866 shares at March 31, 2019 and no shares as of December 31, 2018

 

(193

)

 

 

 

 

 

 

 

 

 

 

 

 

Additional paid-in-capital

 

84,976

 

 

 

84,581

 

 

 

84,557

 

 

 

84,488

 

 

 

84,419

 

Retained earnings

 

99,481

 

 

 

98,813

 

 

 

96,896

 

 

 

96,495

 

 

 

95,796

 

Accumulated other comprehensive loss

 

(8,035

)

 

 

(8,135

)

 

 

(8,101

)

 

 

(8,076

)

 

 

(8,052

)

Unearned compensation - ESOP; 615,188 shares and 627,251 shares as of March 31, 2019 and December 31, 2018

 

(6,152

)

 

 

(6,272

)

 

 

(6,393

)

 

 

(6,514

)

 

 

(6,634

)

Total stockholders' equity

 

170,262

 

 

 

169,172

 

 

 

167,144

 

 

 

166,578

 

 

 

165,714

 

Total liabilities and stockholders' equity

$

1,033,596

 

 

$

1,059,901

 

 

$

982,711

 

 

$

968,813

 

 

$

949,623

 

 

3


PDL Community Bancorp and Subsidiaries

Consolidated Statements of Income

(Dollars in thousands, except per share data)

 

 

For the Quarters Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2019

 

 

2018

 

 

2018

 

 

2018

 

 

2018

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on loans receivable

 

$

12,095

 

 

$

12,026

 

 

$

11,483

 

 

$

11,053

 

 

$

10,386

 

Interest and dividends on investment securities and FHLB stock

 

 

287

 

 

 

300

 

 

 

254

 

 

 

330

 

 

 

324

 

Total interest and dividend income

 

 

12,382

 

 

 

12,326

 

 

 

11,737

 

 

 

11,383

 

 

 

10,710

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on certificates of deposit

 

 

1,956

 

 

 

2,078

 

 

 

1,942

 

 

 

1,847

 

 

 

1,750

 

Interest on other deposits

 

 

631

 

 

 

320

 

 

 

272

 

 

 

199

 

 

 

185

 

Interest on borrowings

 

 

333

 

 

 

321

 

 

 

276

 

 

 

204

 

 

 

98

 

Total interest expense

 

 

2,920

 

 

 

2,719

 

 

 

2,490

 

 

 

2,250

 

 

 

2,033

 

Net interest income

 

 

9,462

 

 

 

9,607

 

 

 

9,247

 

 

 

9,133

 

 

 

8,677

 

Provision for loan losses

 

 

149

 

 

 

215

 

 

 

602

 

 

 

337

 

 

 

94

 

Net interest income after provision for loan losses

 

 

9,313

 

 

 

9,392

 

 

 

8,645

 

 

 

8,796

 

 

 

8,583

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges and fees

 

 

230

 

 

 

217

 

 

 

191

 

 

 

214

 

 

 

223

 

Brokerage commissions

 

 

109

 

 

 

108

 

 

 

286

 

 

 

42

 

 

 

96

 

Late and prepayment charges

 

 

139

 

 

 

278

 

 

 

65

 

 

 

52

 

 

 

211

 

Other

 

 

275

 

 

 

212

 

 

 

172

 

 

 

216

 

 

 

355

 

Total noninterest income

 

 

753

 

 

 

815

 

 

 

714

 

 

 

524

 

 

 

885

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

5,014

 

 

 

4,371

 

 

 

4,547

 

 

 

4,563

 

 

 

4,458

 

Occupancy expense

 

 

1,911

 

 

 

1,879

 

 

 

1,585

 

 

 

1,717

 

 

 

1,491

 

Data processing expenses

 

 

353

 

 

 

357

 

 

 

342

 

 

 

300

 

 

 

408

 

Direct loan expenses

 

 

156

 

 

 

217

 

 

 

265

 

 

 

152

 

 

 

155

 

Insurance and surety bond premiums

 

 

83

 

 

 

94

 

 

 

87

 

 

 

99

 

 

 

89

 

Office supplies, telephone and postage

 

 

317

 

 

 

349

 

 

 

308

 

 

 

352

 

 

 

300

 

FDIC deposit insurance assessment

 

 

68

 

 

 

70

 

 

 

68

 

 

 

66

 

 

 

68

 

Professional fees

 

 

510

 

 

 

1,025

 

 

 

978

 

 

 

529

 

 

 

623

 

Marketing and promotional expenses

 

 

26

 

 

 

68

 

 

 

40

 

 

 

55

 

 

 

52

 

Directors fees

 

 

83

 

 

 

69

 

 

 

69

 

 

 

70

 

 

 

69

 

Regulatory dues

 

 

56

 

 

 

60

 

 

 

63

 

 

 

58

 

 

 

56

 

Other operating expenses

 

 

514

 

 

 

515

 

 

 

417

 

 

 

494

 

 

 

490

 

Total noninterest expense

 

 

9,091

 

 

 

9,074

 

 

 

8,769

 

 

 

8,455

 

 

 

8,259

 

Income before income taxes

 

 

975

 

 

 

1,133

 

 

 

590

 

 

 

865

 

 

 

1,209

 

Provision for income taxes

 

 

307

 

 

 

498

 

 

 

188

 

 

 

166

 

 

 

268

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

668

 

 

$

635

 

 

$

402

 

 

$

699

 

 

$

941

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.04

 

 

$

0.04

 

 

$

0.02

 

 

$

0.04

 

 

$

0.05

 

Diluted

 

$

0.04

 

 

$

0.04

 

 

$

0.02

 

 

$

0.04

 

 

$

0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4


PDL Community Bancorp and Subsidiaries

Consolidated Statements of Income

(Dollars in thousands, except per share data)

 

 

Quarter Ended March 31,

 

 

 

2019

 

 

2018

 

 

Variance $

 

 

Variance %

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on loans receivable

 

$

12,095

 

 

$

10,386

 

 

$

1,709

 

 

 

16.45

%

Interest and dividends on investment securities and FHLB stock

 

 

287

 

 

 

324

 

 

 

(37

)

 

 

(11.42

%)

Total interest and dividend income

 

 

12,382

 

 

 

10,710

 

 

 

1,672

 

 

 

15.61

%

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on certificates of deposit

 

 

1,956

 

 

 

1,750

 

 

 

206

 

 

 

11.77

%

Interest on other deposits

 

 

631

 

 

 

185

 

 

 

446

 

 

 

241.08

%

Interest on borrowings

 

 

333

 

 

 

98

 

 

 

235

 

 

 

239.80

%

Total interest expense

 

 

2,920

 

 

 

2,033

 

 

 

887

 

 

 

43.63

%

Net interest income

 

 

9,462

 

 

 

8,677

 

 

 

785

 

 

 

9.05

%

Provision for loan losses

 

 

149

 

 

 

94

 

 

 

55

 

 

 

58.51

%

Net interest income after provision for loan losses

 

 

9,313

 

 

 

8,583

 

 

 

730

 

 

 

8.51

%

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges and fees

 

 

230

 

 

 

223

 

 

 

7

 

 

 

3.14

%

Brokerage commissions

 

 

109

 

 

 

96

 

 

 

13

 

 

 

13.54

%

Late and prepayment charges

 

 

139

 

 

 

211

 

 

 

(72

)

 

 

(34.12

%)

Other

 

 

275

 

 

 

355

 

 

 

(80

)

 

 

(22.54

%)

Total noninterest income

 

 

753

 

 

 

885

 

 

 

(132

)

 

 

(14.92

%)

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

5,014

 

 

 

4,458

 

 

 

556

 

 

 

12.47

%

Occupancy expense

 

 

1,911

 

 

 

1,491

 

 

 

420

 

 

 

28.17

%

Data processing expenses

 

 

353

 

 

 

408

 

 

 

(55

)

 

 

(13.48

%)

Direct loan expenses

 

 

156

 

 

 

155

 

 

 

1

 

 

 

0.65

%

Insurance and surety bond premiums

 

 

83

 

 

 

89

 

 

 

(6

)

 

 

(6.74

%)

Office supplies, telephone and postage

 

 

317

 

 

 

300

 

 

 

17

 

 

 

5.67

%

FDIC deposit insurance assessment

 

 

68

 

 

 

68

 

 

 

 

 

 

0.00

%

Professional fees

 

 

510

 

 

 

623

 

 

 

(113

)

 

 

(18.14

%)

Marketing and promotional expenses

 

 

26

 

 

 

52

 

 

 

(26

)

 

 

(50.00

%)

Directors fees

 

 

83

 

 

 

69

 

 

 

14

 

 

 

20.29

%

Regulatory dues

 

 

56

 

 

 

56

 

 

 

 

 

 

0.00

%

Other operating expenses

 

 

514

 

 

 

490

 

 

 

24

 

 

 

4.90

%

Total noninterest expense

 

 

9,091

 

 

 

8,259

 

 

 

832

 

 

 

10.07

%

Income before income taxes

 

 

975

 

 

 

1,209

 

 

 

(234

)

 

 

(19.35

%)

Provision for income taxes

 

 

307

 

 

 

268

 

 

 

39

 

 

 

14.55

%

Net income

 

$

668

 

 

$

941

 

 

$

(273

)

 

 

(29.01

%)

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.04

 

 

$

0.05

 

 

N/A

 

 

N/A

 

Diluted

 

$

0.04

 

 

$

0.05

 

 

N/A

 

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5


PDL Community Bancorp and Subsidiaries

Key Metrics

 

 

 

At or for the Quarters Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2019

 

 

2018

 

 

2018

 

 

2018

 

 

2018

 

Performance Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

0.26

%

 

 

0.25

%

 

 

0.16

%

 

 

0.29

%

 

 

0.41

%

Return on average equity

 

 

1.59

%

 

 

1.49

%

 

 

0.95

%

 

 

1.68

%

 

 

2.30

%

Net interest rate spread (1)

 

 

3.46

%

 

 

3.52

%

 

 

3.49

%

 

 

3.64

%

 

 

3.61

%

Net interest margin (2)

 

 

3.86

%

 

 

3.90

%

 

 

3.86

%

 

 

3.96

%

 

 

3.95

%

Noninterest expense to average assets

 

 

3.59

%

 

 

3.57

%

 

 

3.54

%

 

 

3.54

%

 

 

3.61

%

Efficiency ratio (3)

 

 

89.00

%

 

 

87.07

%

 

 

88.03

%

 

 

87.55

%

 

 

86.37

%

Average interest-earning assets to average interest- bearing liabilities

 

 

133.93

%

 

 

134.30

%

 

 

135.09

%

 

 

132.89

%

 

 

135.79

%

Average equity to average assets

 

 

16.58

%

 

 

16.69

%

 

 

17.06

%

 

 

17.45

%

 

 

17.91

%

Capital Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total capital to risk weighted assets (bank only)

 

 

19.32

%

 

 

19.39

%

 

 

19.60

%

 

 

20.07

%

 

 

20.52

%

Tier 1 capital to risk weighted assets (bank only)

 

 

18.06

%

 

 

18.14

%

 

 

18.35

%

 

 

18.81

%

 

 

19.26

%

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

 

 

18.06

%

 

 

18.14

%

 

 

18.35

%

 

 

18.81

%

 

 

19.26

%

Tier 1 capital to average assets (bank only)

 

 

13.56

%

 

 

13.66

%

 

 

13.78

%

 

 

14.03

%

 

 

14.25

%

Asset Quality Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses as a percentage of total loans

 

 

1.33

%

 

 

1.36

%

 

 

1.37

%

 

 

1.36

%

 

 

1.37

%

Allowance for loan losses as a percentage of nonperforming loans

 

 

155.87

%

 

 

186.77

%

 

 

(186.74

%)

 

 

176.63

%

 

 

122.81

%

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

 

 

(0.16

%)

 

 

0.03

%

 

 

0.00

%

 

 

0.00

%

 

 

0.12

%

Non-performing loans as a percentage of total loans

 

 

0.86

%

 

 

0.73

%

 

 

0.73

%

 

 

0.77

%

 

 

1.11

%

Non-performing loans as a percentage of total assets

 

 

0.77

%

 

 

0.64

%

 

 

0.67

%

 

 

0.69

%

 

 

0.98

%

Total non-performing assets as a percentage of total assets

 

 

0.77

%

 

 

0.64

%

 

 

0.67

%

 

 

0.69

%

 

 

0.98

%

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

 

 

1.74

%

 

 

1.63

%

 

 

1.79

%

 

 

1.87

%

 

 

2.25

%

Other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of offices

 

14

 

 

14

 

 

14

 

 

14

 

 

14

 

Number of full-time equivalent employees

 

185

 

 

181

 

 

175

 

 

194

 

 

192

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.

(2)

Net interest margin represents net interest income divided by average total interest-earning assets.

(3)

Efficiency ratio represents noninterest expense divided by the sum of net interest income and noninterest income.

 

Key metrics calculated on income statement items were annualized where appropriate.

6


PDL Community Bancorp and Subsidiaries

Loan Portfolio

 

 

 

For the Quarters Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2019

 

 

2018

 

 

2018

 

 

2018

 

 

2018

 

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

 

 

(Dollars in thousands)

 

Mortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 family residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investor Owned

 

$

304,650

 

 

 

32.55

%

 

$

303,197

 

 

 

32.61

%

 

$

295,792

 

 

 

32.69

%

 

$

296,490

 

 

 

34.44

%

 

$

290,509

 

 

 

34.86

%

Owner-Occupied

 

 

95,449

 

 

 

10.20

%

 

 

92,788

 

 

 

9.98

%

 

 

95,464

 

 

 

10.55

%

 

 

92,208

 

 

 

10.71

%

 

 

96,943

 

 

 

11.63

%

Multifamily residential

 

 

234,749

 

 

 

25.09

%

 

 

232,509

 

 

 

25.01

%

 

 

219,958

 

 

 

24.31

%

 

 

218,210

 

 

 

25.34

%

 

 

204,474

 

 

 

24.54

%

Nonresidential properties

 

 

199,903

 

 

 

21.36

%

 

 

196,917

 

 

 

21.18

%

 

 

191,603

 

 

 

21.17

%

 

 

168,788

 

 

 

19.60

%

 

 

158,525

 

 

 

19.03

%

Construction and land

 

 

84,844

 

 

 

9.07

%

 

 

87,572

 

 

 

9.42

%

 

 

85,293

 

 

 

9.43

%

 

 

72,574

 

 

 

8.43

%

 

 

67,971

 

 

 

8.16

%

Total mortgage loans

 

 

919,595

 

 

 

98.27

%

 

 

912,983

 

 

 

98.20

%

 

 

888,110

 

 

 

98.14

%

 

 

848,270

 

 

 

98.52

%

 

 

818,422

 

 

 

98.21

%

Nonmortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business loans

 

 

15,101

 

 

 

1.61

%

 

 

15,710

 

 

 

1.69

%

 

 

15,832

 

 

 

1.75

%

 

 

11,698

 

 

 

1.36

%

 

 

13,925

 

 

 

1.67

%

Consumer loans

 

 

1,125

 

 

 

0.12

%

 

 

1,068

 

 

 

0.11

%

 

 

992

 

 

 

0.11

%

 

 

1,027

 

 

 

0.12

%

 

 

975

 

 

 

0.12

%

Total nonmortgage loans

 

 

16,226

 

 

 

1.73

%

 

 

16,778

 

 

 

1.80

%

 

 

16,824

 

 

 

1.86

%

 

 

12,725

 

 

 

1.48

%

 

 

14,900

 

 

 

1.79

%

Total loans

 

 

935,821

 

 

 

100.00

%

 

 

929,761

 

 

 

100.00

%

 

 

904,934

 

 

 

100.00

%

 

 

860,995

 

 

 

100.00

%

 

 

833,322

 

 

 

100.00

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net deferred loan origination costs

 

 

1,727

 

 

 

 

 

 

 

1,407

 

 

 

 

 

 

 

1,316

 

 

 

 

 

 

 

1,182

 

 

 

 

 

 

 

1,101

 

 

 

 

 

Allowance for losses on loans

 

 

(12,449

)

 

 

 

 

 

 

(12,659

)

 

 

 

 

 

 

(12,366

)

 

 

 

 

 

 

(11,751

)

 

 

 

 

 

 

(11,409

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

$

925,099

 

 

 

 

 

 

$

918,509

 

 

 

 

 

 

$

893,884

 

 

 

 

 

 

$

850,426

 

 

 

 

 

 

$

823,014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7


PDL Community Bancorp and Subsidiaries

Nonperforming Assets

 

 

For the Quarters Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2019

 

 

2018

 

 

2018

 

 

2018

 

 

2018

 

 

 

(Dollars in thousands)

 

Nonaccrual loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 family residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investor owned

 

$

1,284

 

 

$

205

 

 

$

206

 

 

$

208

 

 

$

209

 

Owner occupied

 

 

933

 

 

 

1,092

 

 

 

1,098

 

 

 

1,481

 

 

 

1,951

 

Multifamily residential

 

 

13

 

 

 

16

 

 

 

 

 

 

 

 

 

 

Nonresidential properties

 

 

531

 

 

 

706

 

 

 

544

 

 

 

142

 

 

 

633

 

Construction and land

 

 

1,341

 

 

 

1,115

 

 

 

1,103

 

 

 

1,111

 

 

 

1,097

 

Nonmortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business

 

 

275

 

 

 

 

 

 

 

 

 

 

 

 

30

 

Consumer

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

4,381

 

 

$

3,134

 

 

$

2,951

 

 

$

2,942

 

 

$

3,920

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-accruing troubled debt restructured loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 family residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investor owned

 

$

1,023

 

 

$

1,053

 

 

$

1,076

 

 

$

1,099

 

 

$

1,122

 

Owner occupied

 

 

1,972

 

 

 

1,987

 

 

 

1,990

 

 

 

2,007

 

 

 

2,983

 

Multifamily residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonresidential properties

 

 

611

 

 

 

604

 

 

 

605

 

 

 

606

 

 

 

1,265

 

Construction and land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonmortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-accruing troubled debt restructured loans

 

 

3,606

 

 

 

3,644

 

 

 

3,671

 

 

 

3,712

 

 

 

5,370

 

Total nonaccrual loans

 

$

7,987

 

 

$

6,778

 

 

$

6,622

 

 

$

6,654

 

 

$

9,290

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate owned:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 family residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investor owned

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Owner occupied

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multifamily residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonresidential properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction and land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonmortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total real estate owned

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total nonperforming assets

 

$

7,987

 

 

$

6,778

 

 

$

6,622

 

 

$

6,654

 

 

$

9,290

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accruing loans past due 90 days or more:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 family residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investor owned

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Owner occupied

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multifamily residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonresidential properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction and land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonmortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total accruing loans past due 90 days or more

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Accruing troubled debt restructured loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 family residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investor owned

 

$

5,157

 

 

$

5,192

 

 

$

5,224

 

 

$

5,707

 

 

$

5,738

 

Owner occupied

 

 

3,415

 

 

 

3,456

 

 

 

3,882

 

 

 

3,911

 

 

 

4,424

 

Multifamily residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonresidential properties

 

 

1,428

 

 

 

1,438

 

 

 

1,449

 

 

 

1,458

 

 

 

1,468

 

Construction and land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonmortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business

 

 

40

 

 

 

374

 

 

 

398

 

 

 

421

 

 

 

454

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total accruing troubled debt restructured loans

 

$

10,040

 

 

$

10,460

 

 

$

10,953

 

 

$

11,497

 

 

$

12,084

 

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

 

$

18,027

 

 

$

17,238

 

 

$

17,575

 

 

$

18,151

 

 

$

21,374

 

Total nonperforming loans to total loans

 

 

0.86

%

 

 

0.73

%

 

 

0.73

%

 

 

0.77

%

 

 

1.11

%

Total nonperforming assets to total assets

 

 

0.77

%

 

 

0.64

%

 

 

0.67

%

 

 

0.69

%

 

 

0.98

%

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

 

 

1.74

%

 

 

1.63

%

 

 

1.79

%

 

 

1.87

%

 

 

2.25

%

8


PDL Community Bancorp and Subsidiaries

Average Balance Sheets

 

  

For the Three Months Ended March 31,

 

 

2019

 

 

2018

 

 

Average

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

 

Outstanding

 

 

 

 

 

 

Average

 

 

Outstanding

 

 

 

 

 

 

Average

 

 

Balance

 

 

Interest

 

 

Yield/Rate (1)

 

 

Balance

 

 

Interest

 

 

Yield/Rate (1)

 

 

(Dollars in thousands)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

$

935,877

 

 

$

12,095

 

 

 

5.24%

 

 

$

816,437

 

 

$

10,386

 

 

 

5.16%

 

Available-for-sale securities

 

23,790

 

 

 

86

 

 

 

1.47%

 

 

 

28,692

 

 

 

105

 

 

 

1.49%

 

Other (2)

 

33,714

 

 

 

201

 

 

 

2.42%

 

 

 

46,701

 

 

 

219

 

 

 

1.90%

 

Total interest-earning assets

 

993,381

 

 

 

12,382

 

 

 

5.06%

 

 

 

891,830

 

 

 

10,710

 

 

 

4.87%

 

Non-interest-earning assets

 

34,441

 

 

 

 

 

 

 

 

 

 

 

35,429

 

 

 

 

 

 

 

 

 

Total assets

$

1,027,822

 

 

 

 

 

 

 

 

 

 

$

927,259

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

$

122,559

 

 

$

341

 

 

 

1.13%

 

 

$

124,473

 

 

$

131

 

 

 

0.43%

 

Interest-bearing demand

 

141,761

 

 

 

289

 

 

 

0.83%

 

 

 

77,298

 

 

 

53

 

 

 

0.28%

 

Certificates of deposit

 

419,108

 

 

 

1,956

 

 

 

1.89%

 

 

 

430,242

 

 

 

1,750

 

 

 

1.65%

 

Total deposits

 

683,428

 

 

 

2,586

 

 

 

1.53%

 

 

 

632,013

 

 

 

1,934

 

 

 

1.24%

 

Advance payments by borrowers

 

7,709

 

 

 

1

 

 

 

0.05%

 

 

 

6,572

 

 

 

1

 

 

 

0.06%

 

Borrowings

 

50,570

 

 

 

333

 

 

 

2.67%

 

 

 

18,164

 

 

 

98

 

 

 

2.19%

 

Total interest-bearing liabilities

 

741,707

 

 

 

2,920

 

 

 

1.60%

 

 

 

656,749

 

 

 

2,033

 

 

 

1.26%

 

Non-interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing demand

 

110,644

 

 

 

 

 

 

 

 

 

 

99,367

 

 

 

 

 

 

 

 

Other non-interest-bearing liabilities

 

5,056

 

 

 

 

 

 

 

 

 

 

5,104

 

 

 

 

 

 

 

 

Total non-interest-bearing liabilities

 

115,700

 

 

 

 

 

 

 

 

 

 

104,471

 

 

 

 

 

 

 

 

Total liabilities

 

857,407

 

 

 

2,920

 

 

 

 

 

 

 

761,220

 

 

 

2,033

 

 

 

 

 

Total equity

 

170,415

 

 

 

 

 

 

 

 

 

 

 

166,039

 

 

 

 

 

 

 

 

 

Total liabilities and total equity

$

1,027,822

 

 

 

 

 

 

 

1.60%

 

 

$

927,259

 

 

 

 

 

 

 

1.26%

 

Net interest income

 

 

 

 

$

9,462

 

 

 

 

 

 

 

 

 

 

$

8,677

 

 

 

 

 

Net interest rate spread (3)

 

 

 

 

 

 

 

 

 

3.46%

 

 

 

 

 

 

 

 

 

 

 

3.61%

 

Net interest-earning assets (4)

$

251,674

 

 

 

 

 

 

 

 

 

 

$

235,081

 

 

 

 

 

 

 

 

 

Net interest margin (5)

 

 

 

 

 

 

 

 

 

3.86%

 

 

 

 

 

 

 

 

 

 

 

3.95%

 

Average interest-earning assets to

   interest-bearing liabilities

 

 

 

 

 

 

 

 

133.93%

 

 

 

 

 

 

 

 

 

 

 

135.79%

 

 

(1)

Annualized where appropriate.

(2)

Includes FHLB demand accounts and FHLB stock dividends.

(3)

Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.

(4)

Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

(5)

Net interest margin represents net interest income divided by average total interest-earning assets.

 

 

 

 

 

 

 

 

 

 

 

9