PDL Community Bancorp, (the “Company”) (NASDAQ:PDLB), the holding
company for Ponce Bank (the “Bank”), reported a net loss of $3.2
million for the quarter ended September 30, 2017 compared to net
income of $282,000 for the same period in 2016. The Company
reported a net loss of $1.5 million for the nine months ended
September 30, 2017 compared to net income of $1.2 million for the
same period in 2016. The Company’s results for the quarter ended
September 30, 2017 include a one-time pre-tax contribution of $6.3
million in connection with the funding of the Ponce De Leon
Foundation (the “Foundation”), a charitable organization
established in connection with the recent reorganization and
dedicated to providing financial support to charitable
organizations in the communities in which the Bank operates now and
in the future. Excluding this non-recurring expense, net income
would have been $953,000 for the quarter ended September 30, 2017
and $2.8 million for the nine months ended September 30,
2017.
“The current quarter marks our beginning quarter
as a public company, for which we thank our depositors for their
faith in our reorganization and our investors for their confidence
in our future,” said Steven A. Tsavaris, Executive Chairman. Carlos
P. Naudon, President and CEO, noted that “we were able to fund the
Foundation and are starting with otherwise excellent results in our
metrics, as we have reported today.”
Net Interest Income
Net interest income was $8.3 million for the
quarter ended September 30, 2017, up $1.4 million, or 20.3%, from
$6.9 million for the quarter ended September 30, 2016. The interest
rate spread and net interest margin was 3.58% and 3.86%,
respectively, for the quarter ended September 30, 2017 compared to
3.73% and 3.94%, respectively, for the quarter ended September 30,
2016. The increase in net interest income for the quarter ended
September 30, 2017 compared to the same period in 2016
reflects a $1.8 million, or 21.4%, increase in total interest and
dividend income offset by an increase of $325,000, or 21.8%, in
total interest expense. The increase in interest and dividend
income is primarily due to the commercial loan growth that provided
an increase in average outstanding loans of $148.3 million or
24.2%, for the quarter ended September 30, 2017 compared to the
same period in 2016. The yield on loans decreased to 5.15% for the
quarter ended September 30, 2017 from 5.27% for the same period in
2016. The increase in interest expense is due to an increase in
average interest-bearing liabilities of $82.5 million or 14.8%, for
the quarter ended September 30, 2017 compared to the same period in
2016. The cost of interest-bearing liabilities increased to 1.12%
for the quarter ended September 30, 2017 from 1.06% for the same
period in 2016.
Net interest income was $23.7 million for the
nine months ended September 30, 2017, up $2.9 million, or 13.9%
from $20.8 million for the nine months ended September 30, 2016.
The interest rate spread and net interest margin was 3.83% and
4.07%, respectively, for the nine months ended September 30, 2017
compared to 3.84% and 4.04%, respectively, for the nine months
ended September 30, 2016. The increase in net interest income for
the nine months ended September 30, 2017 compared to the same
period in 2016 reflects a $3.5 million, or 13.7%, increase in total
interest and dividend income offset by an increase of $520,000, or
11.8% in total interest expense. The increase in interest and
dividend income is primarily due to the commercial loan growth that
provided an increase in average outstanding loans of $114.0 million
or 19.1%, for the quarter ended September 30, 2017 compared to the
same period in 2016. The yield on loans decreased to 5.28% for the
nine months ended September 30, 2017 from 5.44% for the same period
in 2016. The increase in interest expense is due to an increase in
average interest-bearing liabilities of $51.8 million, or 9.3%, for
the nine months ended September 30, 2017 compared to the same
period in 2016. The cost of interest-bearing liabilities increased
to 1.09% for the nine months ended September 30, 2017 from 1.06%
for the same period in 2016.
Total borrowings also contributed to the
increase in interest expense as the average balance of borrowings
increased $20.8 million to $21.3 million for the three months ended
September 30, 2017 from $500,000 for the same period in 2016. The
cost of borrowings increased to 1.23% for the quarter ended
September 30, 2017 from a de minimis amount for the same period in
2016. The average balance of borrowings increased $13.1 million to
$14.6 million for the nine months ended September 30, 2017 from
$1.5 million for the same period in 2016. The cost of borrowings
increased to 1.16% for the nine months ended September 30, 2017
from 0.62% for the same period in 2016.
Noninterest Income
Noninterest income was $768,000 for the quarter
ended September 30, 2017, up $130,000, or 20.4%, from $638,000 for
the same period in 2016. The increase is mainly attributed to
increases in miscellaneous non-recurring income of $41,000,
brokerage commission fees of $34,000, other mortgage fees of
$27,000, debit card fees of $11,000, and line of credit and letter
of credit fees of $12,000.
Noninterest income was $2.4 million for the nine
months ended September 30, 2017, up $567,000, or 30.7%, from $1.8
million for the same period in 2016. The increase is mainly
attributed to increases in mortgage loan fees of $327,000, letter
of credit fees of $81,000, brokerage commissions of $71,000, and
debit card fees of $54,000.
Noninterest Expenses
Noninterest expenses were $13.7 million for the
quarter ended September 30, 2017, up $6.8 million, or 99.5%, from
$6.9 million for the same period in 2016. The increase is mainly
attributed to a one-time pre-tax contribution of $6.3 million in
connection with the establishment of the Foundation.
Noninterest expenses were $27.8 million for the
nine months ended September 30, 2017, up $7.0 million, or 33.6%,
from $20.8 million for the same period in 2016. The increase is
mainly attributed to a one-time pre-tax contribution of $6.3
million in connection with the establishment of the Foundation.
Asset Quality
Provision for loan losses was $238,000 for the
quarter ended September 30, 2017, up $122,000, or 105.2%, from
$116,000 for the same period in 2016. Provision for loan losses was
$497,000 for the nine months ended September 30, 2017, up $693,000,
or 353.6%, from a recovery of $196,000 for the nine months ended
September 30, 2016. The increases in the provision for loan losses
for both periods are mainly reflections of the commercial loan
growth. The increases in the provision for loan losses were based
on management’s assessment of the loan portfolio growth and
composition changes, improving historical charge-off trends, and
ongoing evaluation of credit quality and current economic
conditions. The allowance for loan losses was $11.1 million, or
1.43%, of total loans at September 30, 2017, compared to $10.2
million, or 1.59%, of total loans at September 30, 2016. Net
charge-offs totaled $6,000 for the quarter ended September 30,
2017, or 0.003% of average loans outstanding on an annualized
basis, compared to $13,000 for the quarter ended September 30,
2016, or 0.008% of average loans outstanding on an annualized
basis.
Balance Sheet
Total assets increased $147.3 million, or 19.8%,
to $892.3 million at September 30, 2017 from $745.0 million at
December 31, 2016. Net loans increased $125.6 million, or 19.6%, to
$767.7 million at September 30, 2017 from $642.1 million at
December 31, 2016. The increase in net loans was primarily
attributed to increases of $72.3 million in commercial real estate
loans and $51.9 million in investor-owned one-four family
residences.
Total deposits increased $55.6 million, or 8.6%,
to $698.7 million at September 30, 2017 from $643.1 million at
December 31, 2016. The increase in deposits was primarily
attributed to increases in certificates of deposits of $31.9
million, demand deposits of $14.2 million and money market accounts
of $7.7 million.
Total stockholders’ equity was $168.5 million at
September 30, 2017 compared to $93.0 million at December 31, 2016.
The Company and the Bank exceed all regulatory capital requirements
to be deemed well-capitalized at September 30, 2017.
Attached hereto are selected financial
tables.
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.
Attached hereto are selected financial
tables.
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 goodwill and intangibles recorded in the Company’s financial
statements will become impaired; demand for loans in the Company’s
market area; the Company’s ability to attract and maintain
deposits; risks related to the implementation of acquisitions,
dispositions, and restructurings; the risk that the Company may not
be successful in the implementation of its business strategy;
changes in assumptions used in making such forward-looking
statements and the risk factors described in the prospectus and
Quarterly Reports on Form 10-Q as filed with the Securities and
Exchange Commission (the “SEC”), which are available at the SEC’s
website, www.sec.gov. Should one or more of these risks materialize
or should underlying beliefs or assumptions prove incorrect, PDL
Community Bancorp’s actual results could differ materially from
those discussed. Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date of this release. The Company disclaims any obligation to
publicly update or revise any forward-looking statements to reflect
changes in underlying assumptions or factors, new information,
future events or other changes, except as may be required by
applicable law or regulation.
PDL Community Bancorp and
SubsidiariesConsolidated Statements of Financial
ConditionSeptember 30, 2017 (Unaudited) and
December 31, 2016(Dollars in thousands, except for
share data) |
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2017 |
|
|
2016 |
|
|
|
(Unaudited) |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Cash and due from
banks: |
|
|
|
|
|
|
|
|
Cash |
|
$ |
4,716 |
|
|
$ |
4,796 |
|
Interest-bearing deposits in banks |
|
|
51,629 |
|
|
|
6,920 |
|
Total
cash and cash equivalents |
|
|
56,345 |
|
|
|
11,716 |
|
Available-for-sale
securities, at fair value |
|
|
29,312 |
|
|
|
52,690 |
|
Loans held for
sale |
|
|
— |
|
|
|
2,143 |
|
Loans receivable, net
of allowance for loan losses - 2017 $11,147; 2016 $10,205 |
|
|
767,721 |
|
|
|
642,148 |
|
Accrued interest
receivable |
|
|
3,132 |
|
|
|
2,707 |
|
Other real estate
owned |
|
|
— |
|
|
|
— |
|
Premises and equipment,
net |
|
|
25,729 |
|
|
|
26,028 |
|
Federal Home Loan Bank
Stock (FHLB), at cost |
|
|
1,448 |
|
|
|
964 |
|
Deferred tax
assets |
|
|
5,563 |
|
|
|
3,379 |
|
Other assets |
|
|
3,013 |
|
|
|
3,208 |
|
Total assets |
|
$ |
892,263 |
|
|
$ |
744,983 |
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Deposits |
|
$ |
698,655 |
|
|
$ |
643,078 |
|
Accrued
interest payable |
|
|
32 |
|
|
|
28 |
|
Advance
payments by borrowers for taxes and insurance |
|
|
5,967 |
|
|
|
3,882 |
|
Advances
from the Federal Home Loan Bank |
|
|
15,000 |
|
|
|
3,000 |
|
Other
liabilities |
|
|
4,101 |
|
|
|
2,003 |
|
Total liabilities |
|
|
723,755 |
|
|
|
651,991 |
|
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 September 30, 2017 |
|
|
185 |
|
|
|
— |
|
Additional paid-in-capital |
|
|
84,099 |
|
|
|
— |
|
Retained
earnings |
|
|
97,719 |
|
|
|
99,242 |
|
Accumulated other comprehensive loss |
|
|
(6,257 |
) |
|
|
(6,250 |
) |
Unearned
compensation - ESOP; 723,751 shares |
|
|
(7,238 |
) |
|
|
— |
|
Total stockholders' equity |
|
|
168,508 |
|
|
|
92,992 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
892,263 |
|
|
$ |
744,983 |
|
|
|
|
|
|
|
|
|
|
PDL Community Bancorp and
SubsidiariesConsolidated Statements of
OperationsSeptember 30, 2017 (Unaudited) and
December 31, 2016(Dollars in
thousands) |
|
|
|
For the Three Months Ended
September 30, |
|
|
For the Nine Months Ended
September 30, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Interest and dividend
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
on loans receivable |
|
$ |
9,893 |
|
|
$ |
8,128 |
|
|
$ |
28,065 |
|
|
$ |
24,330 |
|
Interest
and dividends on investment securities and FHLB stock |
|
|
271 |
|
|
|
243 |
|
|
|
596 |
|
|
|
870 |
|
Total interest and dividend income |
|
|
10,164 |
|
|
|
8,371 |
|
|
|
28,661 |
|
|
|
25,200 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
on certificates of deposit |
|
|
1,574 |
|
|
|
1,386 |
|
|
|
4,318 |
|
|
|
4,117 |
|
Interest
on other deposits |
|
|
176 |
|
|
|
104 |
|
|
|
487 |
|
|
|
287 |
|
Interest
on borrowings |
|
|
66 |
|
|
|
1 |
|
|
|
126 |
|
|
|
7 |
|
Total interest expense |
|
|
1,816 |
|
|
|
1,491 |
|
|
|
4,931 |
|
|
|
4,411 |
|
Net interest income |
|
|
8,348 |
|
|
|
6,880 |
|
|
|
23,730 |
|
|
|
20,789 |
|
Provision for loan
losses (recovery) |
|
|
238 |
|
|
|
116 |
|
|
|
497 |
|
|
|
(196 |
) |
Net interest income after provision for loan losses
(recovery) |
|
|
8,110 |
|
|
|
6,764 |
|
|
|
23,233 |
|
|
|
20,985 |
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges and fees |
|
|
231 |
|
|
|
238 |
|
|
|
684 |
|
|
|
704 |
|
Brokerage
commissions |
|
|
167 |
|
|
|
133 |
|
|
|
453 |
|
|
|
382 |
|
Late and
prepayment charges |
|
|
157 |
|
|
|
111 |
|
|
|
603 |
|
|
|
257 |
|
Other |
|
|
213 |
|
|
|
156 |
|
|
|
676 |
|
|
|
506 |
|
Total noninterest income |
|
|
768 |
|
|
|
638 |
|
|
|
2,416 |
|
|
|
1,849 |
|
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
4,220 |
|
|
|
3,635 |
|
|
|
12,005 |
|
|
|
10,986 |
|
Occupancy
expense |
|
|
1,412 |
|
|
|
1,410 |
|
|
|
4,235 |
|
|
|
4,181 |
|
Data
processing expenses |
|
|
316 |
|
|
|
490 |
|
|
|
1,181 |
|
|
|
1,240 |
|
Direct
loan expenses |
|
|
189 |
|
|
|
214 |
|
|
|
558 |
|
|
|
678 |
|
Insurance
and surety bond premiums |
|
|
44 |
|
|
|
97 |
|
|
|
205 |
|
|
|
369 |
|
Office
supplies, telephone and postage |
|
|
250 |
|
|
|
279 |
|
|
|
786 |
|
|
|
819 |
|
FDIC
deposit insurance assessment |
|
|
122 |
|
|
|
102 |
|
|
|
246 |
|
|
|
546 |
|
Charitable foundation contributions |
|
|
6,293 |
|
|
|
— |
|
|
|
6,293 |
|
|
|
— |
|
Other
operating expenses |
|
|
884 |
|
|
|
654 |
|
|
|
2,320 |
|
|
|
1,983 |
|
Total noninterest expense |
|
|
13,730 |
|
|
|
6,881 |
|
|
|
27,829 |
|
|
|
20,802 |
|
Income (loss) before income taxes |
|
|
(4,852 |
) |
|
|
521 |
|
|
|
(2,180 |
) |
|
|
2,032 |
|
Provision (benefit) for
income taxes |
|
|
(1,643 |
) |
|
|
239 |
|
|
|
(657 |
) |
|
|
846 |
|
Net income (loss) |
|
$ |
(3,209 |
) |
|
$ |
282 |
|
|
$ |
(1,523 |
) |
|
$ |
1,186 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PDL Community Bancorp and
SubsidiariesAverage Balances / Yields /
Rates(Unaudited)(Dollars in
thousands) |
|
|
|
|
|
For the Three Months Ended
September 30, |
|
|
|
2017 |
|
|
2016 |
|
|
|
Average |
|
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
|
|
|
Outstanding |
|
|
|
|
|
|
Average |
|
|
Outstanding |
|
|
|
|
|
|
Average |
|
|
|
Balance |
|
|
Interest |
|
|
Yield/Rate (1) |
|
|
Balance |
|
|
Interest |
|
|
Yield/Rate (1) |
|
|
|
(Dollars in thousands) |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
762,048 |
|
|
$ |
9,893 |
|
|
|
5.15 |
% |
|
$ |
613,759 |
|
|
$ |
8,128 |
|
|
|
5.27 |
% |
Available-for-sale
securities |
|
|
29,543 |
|
|
|
104 |
|
|
|
1.40 |
% |
|
|
64,987 |
|
|
|
227 |
|
|
|
1.39 |
% |
Other (2) |
|
|
65,468 |
|
|
|
167 |
|
|
|
1.01 |
% |
|
|
15,498 |
|
|
|
16 |
|
|
|
0.41 |
% |
Total
interest-earning assets |
|
|
857,059 |
|
|
|
10,164 |
|
|
|
4.70 |
% |
|
|
694,244 |
|
|
|
8,371 |
|
|
|
4.80 |
% |
Non-interest-earning
assets |
|
|
33,946 |
|
|
|
|
|
|
|
|
|
|
|
33,661 |
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
891,005 |
|
|
|
|
|
|
|
|
|
|
$ |
727,905 |
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
$ |
130,855 |
|
|
$ |
131 |
|
|
|
0.40 |
% |
|
$ |
128,355 |
|
|
$ |
78 |
|
|
|
0.24 |
% |
Interest-bearing
demand |
|
|
78,373 |
|
|
|
44 |
|
|
|
0.22 |
% |
|
|
53,750 |
|
|
|
26 |
|
|
|
0.19 |
% |
Certificates of
deposit |
|
|
404,365 |
|
|
|
1,574 |
|
|
|
1.54 |
% |
|
|
371,330 |
|
|
|
1,386 |
|
|
|
1.48 |
% |
Total
deposits |
|
|
613,593 |
|
|
|
1,749 |
|
|
|
1.13 |
% |
|
|
553,435 |
|
|
|
1,490 |
|
|
|
1.07 |
% |
Advance payments by
borrowers |
|
|
6,060 |
|
|
|
1 |
|
|
|
0.07 |
% |
|
|
4,514 |
|
|
|
1 |
|
|
|
0.09 |
% |
Borrowings |
|
|
21,267 |
|
|
|
66 |
|
|
|
1.23 |
% |
|
|
500 |
|
|
|
— |
|
|
|
0.00 |
% |
Total
interest-bearing liabilities |
|
|
640,920 |
|
|
|
1,816 |
|
|
|
1.12 |
% |
|
|
558,449 |
|
|
|
1,491 |
|
|
|
1.06 |
% |
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
demand |
|
|
148,251 |
|
|
|
— |
|
|
|
|
|
|
|
72,909 |
|
|
|
— |
|
|
|
|
|
Other
non-interest-bearing liabilities |
|
|
3,391 |
|
|
|
— |
|
|
|
|
|
|
|
3,427 |
|
|
|
— |
|
|
|
|
|
Total
non-interest-bearing liabilities |
|
|
151,642 |
|
|
|
— |
|
|
|
|
|
|
|
76,336 |
|
|
|
— |
|
|
|
|
|
Total
liabilities |
|
|
792,562 |
|
|
|
1,816 |
|
|
|
|
|
|
|
634,785 |
|
|
|
1,491 |
|
|
|
|
|
Total equity |
|
|
98,443 |
|
|
|
|
|
|
|
|
|
|
|
93,120 |
|
|
|
|
|
|
|
|
|
Total
liabilities and total equity |
|
$ |
891,005 |
|
|
|
|
|
|
|
1.12 |
% |
|
$ |
727,905 |
|
|
|
|
|
|
|
1.06 |
% |
Net interest
income |
|
|
|
|
|
$ |
8,348 |
|
|
|
|
|
|
|
|
|
|
$ |
6,880 |
|
|
|
|
|
Net interest rate
spread (3) |
|
|
|
|
|
|
|
|
|
|
3.58 |
% |
|
|
|
|
|
|
|
|
|
|
3.73 |
% |
Net interest-earning
assets (4) |
|
$ |
216,139 |
|
|
|
|
|
|
|
|
|
|
$ |
135,795 |
|
|
|
|
|
|
|
|
|
Net interest margin
(5) |
|
|
|
|
|
|
|
|
|
|
3.86 |
% |
|
|
|
|
|
|
|
|
|
|
3.94 |
% |
Average
interest-earning assets to interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
133.72 |
% |
|
|
|
|
|
|
|
|
|
|
124.32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Annualized
where appropriate. |
(2) |
|
Includes
FHLB demand accounts and FHLB stock dividends. |
(3) |
|
Net
interest rate spread represents the difference between the weighted
average yield on interest-earning assets and the weighted average
rate of interest-bearing liabilities. |
(4) |
|
Net
interest-earning assets represent total interest-earning assets
less total interest-bearing liabilities. |
(5) |
|
Net
interest margin represents net interest income divided by average
total interest-earning assets. |
|
|
|
PDL Community Bancorp and
SubsidiariesAverage Balances / Yields /
Rates(Unaudited)(Dollars in
thousands) |
|
|
|
For the Nine Months Ended
September 30, |
|
|
|
2017 |
|
|
2016 |
|
|
|
Average |
|
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
|
|
|
Outstanding |
|
|
|
|
|
|
Average |
|
|
Outstanding |
|
|
|
|
|
|
Average |
|
|
|
Balance |
|
|
Interest |
|
|
Yield/Rate (1) |
|
|
Balance |
|
|
Interest |
|
|
Yield/Rate (1) |
|
|
|
(Dollars in thousands) |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
711,179 |
|
|
$ |
28,065 |
|
|
|
5.28 |
% |
|
$ |
597,228 |
|
|
$ |
24,330 |
|
|
|
5.44 |
% |
Available-for-sale
securities |
|
|
38,628 |
|
|
|
376 |
|
|
|
1.30 |
% |
|
|
74,859 |
|
|
|
820 |
|
|
|
1.46 |
% |
Other (2) |
|
|
29,264 |
|
|
|
220 |
|
|
|
1.01 |
% |
|
|
14,919 |
|
|
|
50 |
|
|
|
0.45 |
% |
Total
interest-earning assets |
|
|
779,071 |
|
|
|
28,661 |
|
|
|
4.92 |
% |
|
|
687,006 |
|
|
|
25,200 |
|
|
|
4.90 |
% |
Non-interest-earning
assets |
|
|
33,553 |
|
|
|
|
|
|
|
|
|
|
|
34,457 |
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
812,624 |
|
|
|
|
|
|
|
|
|
|
$ |
721,463 |
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
$ |
129,673 |
|
|
$ |
375 |
|
|
|
0.39 |
% |
|
$ |
126,028 |
|
|
$ |
213 |
|
|
|
0.23 |
% |
Interest-bearing
demand |
|
|
74,506 |
|
|
|
108 |
|
|
|
0.19 |
% |
|
|
51,777 |
|
|
|
71 |
|
|
|
0.18 |
% |
Certificates of
deposit |
|
|
382,653 |
|
|
|
4,318 |
|
|
|
1.51 |
% |
|
|
371,721 |
|
|
|
4,117 |
|
|
|
1.48 |
% |
Total
deposits |
|
|
586,832 |
|
|
|
4,801 |
|
|
|
1.09 |
% |
|
|
549,526 |
|
|
|
4,401 |
|
|
|
1.07 |
% |
Advance payments by
borrowers |
|
|
5,865 |
|
|
|
3 |
|
|
|
0.07 |
% |
|
|
4,475 |
|
|
|
3 |
|
|
|
0.09 |
% |
Borrowings |
|
|
14,616 |
|
|
|
127 |
|
|
|
1.16 |
% |
|
|
1,518 |
|
|
|
7 |
|
|
|
0.62 |
% |
Total
interest-bearing liabilities |
|
|
607,313 |
|
|
|
4,931 |
|
|
|
1.09 |
% |
|
|
555,519 |
|
|
|
4,411 |
|
|
|
1.06 |
% |
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
demand |
|
|
106,222 |
|
|
|
— |
|
|
|
|
|
|
|
69,867 |
|
|
|
— |
|
|
|
|
|
Other
non-interest-bearing liabilities |
|
|
3,346 |
|
|
|
— |
|
|
|
|
|
|
|
3,287 |
|
|
|
— |
|
|
|
|
|
Total
non-interest-bearing liabilities |
|
|
109,568 |
|
|
|
— |
|
|
|
|
|
|
|
73,154 |
|
|
|
— |
|
|
|
|
|
Total
liabilities |
|
|
716,881 |
|
|
|
4,931 |
|
|
|
|
|
|
|
628,673 |
|
|
|
4,411 |
|
|
|
|
|
Total equity |
|
|
95,743 |
|
|
|
|
|
|
|
|
|
|
|
92,790 |
|
|
|
|
|
|
|
|
|
Total
liabilities and total equity |
|
$ |
812,624 |
|
|
|
|
|
|
|
1.09 |
% |
|
$ |
721,463 |
|
|
|
|
|
|
|
1.06 |
% |
Net interest
income |
|
|
|
|
|
$ |
23,730 |
|
|
|
|
|
|
|
|
|
|
$ |
20,789 |
|
|
|
|
|
Net interest rate
spread (3) |
|
|
|
|
|
|
|
|
|
|
3.83 |
% |
|
|
|
|
|
|
|
|
|
|
3.84 |
% |
Net interest-earning
assets (4) |
|
$ |
171,758 |
|
|
|
|
|
|
|
|
|
|
$ |
131,487 |
|
|
|
|
|
|
|
|
|
Net interest margin
(5) |
|
|
|
|
|
|
|
|
|
|
4.07 |
% |
|
|
|
|
|
|
|
|
|
|
4.04 |
% |
Average
interest-earning assets to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
128.28 |
% |
|
|
|
|
|
|
|
|
|
|
123.67 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Annualized where
appropriate. |
(2) |
|
Includes FHLB demand
accounts and FHLB stock dividends. |
(3) |
|
Net interest rate
spread represents the difference between the weighted average yield
on interest-earning assets and the weighted average rate of
interest-bearing liabilities. |
(4) |
|
Net interest-earning
assets represent total interest-earning assets less total
interest-bearing liabilities. |
(5) |
|
Net interest margin
represents net interest income divided by average total
interest-earning assets. |
|
|
|
Contact:
Frank Perezfrank.perez@poncebank.net 718-931-9000
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