PDL Community Bancorp(NASDAQ:PDLB) 
PDL Community Bancorp operates as the holding company for Ponce Bank that provides various banking products and services primarily in the New York City metropolitan area. The company provides deposit accounts, including demand, savings, and money market accounts, as well as certificates of deposit a...
Website: http://www.poncebank.com
Founded: 2021
Full Time Employees: 230
Sector: Financial Services
Industry: Banks-Regional
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At a glance:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
interest and dividend income: | ||||||||||||||||
interest on loans receivable | 16,991,000 | 15,603,000 | 14,925,000 | 14,070,000 | 13,375,000 | 12,162,000 | 12,782,000 | 12,488,000 | 12,663,000 | 12,060,000 | 12,095,000 | 12,026,000 | 11,483,000 | 11,053,000 | 10,386,000 | |
interest on deposits due from banks | 9,000 | 2,000 | 2,000 | 10,000 | 5,000 | 3,000 | 66,000 | 119,000 | 117,000 | 278,000 | ||||||
interest and dividend on available-for-sale securities and fhlbny stock | 425,000 | 239,000 | 250,000 | 233,000 | 223,000 | 228,000 | 182,000 | 135,000 | 173,000 | 76,000 | ||||||
total interest and dividend income | 17,425,000 | 15,844,000 | 15,177,000 | 14,313,000 | 13,603,000 | 12,393,000 | 13,030,000 | 12,742,000 | 12,953,000 | 12,414,000 | 12,382,000 | 12,325,000 | 11,737,000 | 11,383,000 | 10,710,000 | |
interest expense: | ||||||||||||||||
interest on certificates of deposit | 1,010,000 | 1,108,000 | 1,219,000 | 1,422,000 | 1,597,000 | 1,730,000 | 1,827,000 | 1,921,000 | 1,896,000 | 1,904,000 | 1,956,000 | 2,078,000 | 1,942,000 | 1,847,000 | 1,750,000 | |
interest on other deposits | 354,000 | 382,000 | 382,000 | 448,000 | 500,000 | 534,000 | 692,000 | 616,000 | 759,000 | 821,000 | 631,000 | 319,000 | 272,000 | 199,000 | 185,000 | |
interest on borrowings | 621,000 | 622,000 | 684,000 | 769,000 | 655,000 | 608,000 | 587,000 | 643,000 | 533,000 | 345,000 | 333,000 | 321,000 | 276,000 | 204,000 | 98,000 | |
total interest expense | 1,985,000 | 2,112,000 | 2,285,000 | 2,639,000 | 2,752,000 | 2,872,000 | 3,106,000 | 3,180,000 | 3,188,000 | 3,070,000 | 2,920,000 | 2,718,000 | 2,490,000 | 2,250,000 | 2,033,000 | |
net interest income | 15,440,000 | 13,732,000 | 12,892,000 | 11,674,000 | 10,851,000 | 9,521,000 | 9,924,000 | 9,562,000 | 9,765,000 | 9,344,000 | 9,462,000 | 9,607,000 | 9,247,000 | 9,133,000 | 8,677,000 | |
benefit from loan losses | 572,000 | 586,000 | 686,000 | 406,000 | 620,000 | 271,000 | 1,146,000 | 95,000 | 14,000 | 149,000 | 215,000 | 602,000 | 337,000 | 94,000 | ||
net interest income after benefit from loan losses | 14,868,000 | 13,146,000 | 12,206,000 | 11,268,000 | 10,231,000 | 9,250,000 | 8,778,000 | 9,467,000 | 9,751,000 | 9,344,000 | 9,313,000 | 9,392,000 | 8,645,000 | 8,796,000 | 8,583,000 | |
non-interest income: | ||||||||||||||||
service charges and fees | 494,000 | 366,000 | 329,000 | 263,000 | 236,000 | 145,000 | 248,000 | 266,000 | 247,000 | 228,000 | 230,000 | 218,000 | 191,000 | 214,000 | 223,000 | |
brokerage commissions | 270,000 | 430,000 | 223,000 | 455,000 | 447,000 | 22,000 | 50,000 | 43,000 | 36,000 | 24,000 | 109,000 | 109,000 | 286,000 | 42,000 | 96,000 | |
late and prepayment charges | 329,000 | 298,000 | 244,000 | 81,000 | 145,000 | 13,000 | 119,000 | 204,000 | 150,000 | 262,000 | 139,000 | 279,000 | 65,000 | 52,000 | 211,000 | |
income on sale of mortgage loans | 1,175,000 | 1,288,000 | 1,508,000 | |||||||||||||
loan origination | 625,000 | 971,000 | 539,000 | 656,000 | 269,000 | |||||||||||
gain on sale of real property | 4,176,000 | 663,000 | -235,000 | 4,412,000 | ||||||||||||
other | 341,000 | 812,000 | 387,000 | 831,000 | 371,000 | 394,000 | 205,000 | 152,000 | 146,000 | 172,000 | 275,000 | 210,000 | 172,000 | 216,000 | 355,000 | |
total non-interest income | 3,234,000 | 8,341,000 | 3,893,000 | 4,799,000 | 7,252,000 | |||||||||||
non-interest expense: | ||||||||||||||||
compensation and benefits | 6,427,000 | 4,212,000 | 5,664,000 | 6,846,000 | 5,554,000 | 4,645,000 | 5,008,000 | 4,726,000 | 4,667,000 | 4,476,000 | 5,014,000 | 4,473,000 | 4,547,000 | 4,563,000 | 4,458,000 | |
occupancy and equipment | 2,849,000 | 2,838,000 | 2,634,000 | 2,686,000 | 2,584,000 | 2,277,000 | 2,017,000 | 1,396,500 | 1,943,000 | 1,732,000 | ||||||
data processing expenses | 917,000 | 733,000 | 594,000 | 578,000 | 596,000 | 496,000 | 467,000 | 394,000 | 398,000 | 431,000 | 353,000 | 358,000 | 342,000 | 300,000 | 408,000 | |
direct loan expenses | 696,000 | 1,151,000 | 1,009,000 | 599,000 | 437,000 | 199,000 | 212,000 | 171,000 | 183,000 | 182,000 | 156,000 | 216,000 | 265,000 | 152,000 | 155,000 | |
insurance and surety bond premiums | 147,000 | 143,000 | 146,000 | 166,000 | 138,000 | 128,000 | 121,000 | 102,000 | 146,000 | 83,000 | 83,000 | 94,000 | 87,000 | 99,000 | 89,000 | |
office supplies, telephone and postage | 626,000 | 467,000 | 409,000 | 385,000 | 386,000 | 312,000 | 316,000 | 316,000 | 281,000 | 271,000 | 317,000 | 349,000 | 308,000 | 352,000 | 300,000 | |
professional fees | 1,765,000 | 2,902,000 | 1,262,000 | 1,533,000 | 1,553,000 | 1,336,000 | 1,627,000 | 1,038,000 | 956,000 | 733,000 | 510,000 | |||||
marketing and promotional expenses | 51,000 | 48,000 | 38,000 | -18,000 | 127,000 | 145,000 | 234,000 | 39,000 | 46,000 | 47,000 | 26,000 | |||||
directors fees | 67,000 | 69,000 | 69,000 | 69,000 | 69,000 | 69,000 | 69,000 | 69,000 | 69,000 | 73,000 | 83,000 | |||||
regulatory dues | 74,000 | 120,000 | 60,000 | 59,000 | 49,000 | 56,000 | 46,000 | 58,000 | 70,000 | 47,000 | 56,000 | |||||
other operating expenses | 1,113,000 | 958,000 | 1,030,000 | 1,052,000 | 834,000 | 772,000 | 705,000 | 606,000 | 575,000 | 566,000 | 514,000 | -2,249,000 | 1,567,000 | 1,206,000 | 1,290,000 | |
total non-interest expense | 14,732,000 | 13,641,000 | 12,915,000 | 13,955,000 | 12,327,000 | |||||||||||
income before income taxes | 3,370,000 | 7,846,000 | 3,184,000 | 2,112,000 | 5,156,000 | -611,000 | -1,422,000 | -9,343,000 | 996,000 | 1,323,000 | 975,000 | 1,134,000 | 590,000 | 865,000 | 1,209,000 | |
benefit from income taxes | 1,318,000 | 224,500 | 1,147,000 | 241,750 | 287,000 | 373,000 | 307,000 | 166,000 | 268,000 | |||||||
net income | 2,052,000 | 5,932,000 | 2,452,000 | 1,628,000 | 4,009,000 | -571,000 | -1,213,000 | -7,452,000 | 709,000 | 950,000 | 668,000 | 636,000 | 402,000 | 699,000 | 941,000 | |
yoy | -48.82% | -1138.88% | -302.14% | -121.85% | 465.44% | -160.11% | -281.59% | -1271.70% | 76.37% | 35.91% | -29.01% | |||||
qoq | -65.41% | 141.92% | 50.61% | -59.39% | -802.10% | -52.93% | -83.72% | -1151.06% | -25.37% | 42.22% | 5.03% | 58.21% | -42.49% | -25.72% | ||
earnings per share | ||||||||||||||||
basic | 0.12 | 0.35 | 0.15 | 0.1 | 0.24 | -0.03 | -0.07 | -0.42 | 0.04 | 0.05 | 0.04 | 0.04 | 0.02 | 0.04 | 0.05 | |
diluted | 0.12 | 0.35 | 0.15 | 0.1 | 0.24 | -0.03 | -0.07 | -0.42 | 0.04 | 0.05 | 0.04 | 0.04 | 0.02 | 0.04 | 0.05 | |
weighted-average shares outstanding | ||||||||||||||||
basic | 16,823,731 | 16,737,037 | 16,548,196 | 16,673,193 | ||||||||||||
diluted | 16,914,833 | 16,773,606 | 16,548,196 | 16,682,584 | ||||||||||||
benefit for income taxes | 1,914,000 | 732,000 | -40,000 | -209,000 | 155,750 | 188,000 | ||||||||||
gain on sale of mortgage loans | 343,000 | 1,372,000 | ||||||||||||||
earnings per share for the period | ||||||||||||||||
basic | 0.12 | 0.35 | 0.15 | 0.1 | 0.24 | -0.03 | -0.07 | -0.42 | 0.04 | 0.05 | 0.04 | 0.04 | 0.02 | 0.04 | 0.05 | |
diluted | 0.12 | 0.35 | 0.15 | 0.1 | 0.24 | -0.03 | -0.07 | -0.42 | 0.04 | 0.05 | 0.04 | 0.04 | 0.02 | 0.04 | 0.05 | |
noninterest income: | ||||||||||||||||
total noninterest income | 574,000 | 622,000 | 665,000 | 579,000 | 686,000 | 753,000 | 816,000 | 714,000 | 524,000 | 885,000 | ||||||
noninterest expense: | ||||||||||||||||
total noninterest expense | 10,435,000 | 10,822,000 | 19,475,000 | 9,334,000 | 8,707,000 | 9,091,000 | 9,074,000 | 8,769,000 | 8,455,000 | 8,259,000 | ||||||
fdic deposit insurance assessment | 66,000 | 68,000 | 70,000 | 68,000 | 66,000 | 68,000 | ||||||||||
interest and dividends on investment securities and fhlb stock | 287,000 | 299,000 | 254,000 | 330,000 | 324,000 | |||||||||||
occupancy expense | 1,911,000 | 1,879,000 | 1,585,000 | 1,717,000 | 1,491,000 | |||||||||||
charitable foundation contributions | ||||||||||||||||
earnings per share for the period january 1, 2018 to june 30, 2018: | ||||||||||||||||
basic | 0.12 | 0.35 | 0.15 | 0.1 | 0.24 | -0.03 | -0.07 | -0.42 | 0.04 | 0.05 | 0.04 | 0.04 | 0.02 | 0.04 | 0.05 | |
diluted | 0.12 | 0.35 | 0.15 | 0.1 | 0.24 | -0.03 | -0.07 | -0.42 | 0.04 | 0.05 | 0.04 | 0.04 | 0.02 | 0.04 | 0.05 | |
earnings per share for the period january1, 2018 to march 31, 2018: | ||||||||||||||||
basic | 0.12 | 0.35 | 0.15 | 0.1 | 0.24 | -0.03 | -0.07 | -0.42 | 0.04 | 0.05 | 0.04 | 0.04 | 0.02 | 0.04 | 0.05 | |
diluted | 0.12 | 0.35 | 0.15 | 0.1 | 0.24 | -0.03 | -0.07 | -0.42 | 0.04 | 0.05 | 0.04 | 0.04 | 0.02 | 0.04 | 0.05 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||
cash and due from banks | ||||||||||||||||||
cash | 29,365,000 | 32,541,000 | 13,551,000 | 26,936,000 | 14,302,000 | 15,875,000 | 13,165,000 | 6,762,000 | 6,425,000 | 6,003,000 | 5,690,000 | 45,225,000 | 5,494,000 | 7,088,000 | 6,570,000 | 24,746,000 | 4,716,000 | |
interest-bearing deposits in banks | 33,673,000 | 33,551,000 | 76,571,000 | 45,142,000 | 61,790,000 | 60,756,000 | 90,795,000 | 20,915,000 | 40,965,000 | 47,007,000 | 35,877,000 | 24,553,000 | 16,895,000 | 42,094,000 | 52,409,000 | 34,978,000 | 51,629,000 | |
total cash and cash equivalents | 63,038,000 | 66,092,000 | 90,122,000 | 72,078,000 | 76,092,000 | 76,631,000 | 103,960,000 | 27,677,000 | 47,390,000 | 53,010,000 | 41,567,000 | 69,778,000 | 22,389,000 | 49,182,000 | 58,979,000 | 59,724,000 | 56,345,000 | |
available-for-sale securities, at fair value | 104,358,000 | 48,536,000 | 30,929,000 | 17,498,000 | 14,512,000 | 13,800,000 | 19,140,000 | 21,504,000 | 51,966,000 | 22,154,000 | 22,166,000 | 27,144,000 | 24,177,000 | 28,144,000 | 28,422,000 | 28,897,000 | 29,312,000 | |
held-to-maturity securities, at amortized cost | 1,437,000 | 1,720,000 | 1,732,000 | 1,743,000 | ||||||||||||||
placements with banks | 2,490,000 | 2,739,000 | 2,739,000 | 2,739,000 | 2,739,000 | |||||||||||||
mortgage loans held for sale, at fair value | 13,930,000 | 15,308,000 | 13,725,000 | 35,406,000 | 13,100,000 | |||||||||||||
loans receivable, net of allowance for loan losses - 2021 16,008; 2020 14,870 | 1,302,238,000 | |||||||||||||||||
accrued interest receivable | 13,360,000 | 13,134,000 | 12,547,000 | 11,396,000 | 9,995,000 | 7,677,000 | 4,198,000 | 3,982,000 | 3,893,000 | 3,773,000 | 3,735,000 | 3,795,000 | 3,609,000 | 3,350,000 | 3,202,000 | 3,335,000 | 3,132,000 | |
premises and equipment | 34,081,000 | 34,057,000 | 33,625,000 | 32,045,000 | 32,113,000 | 32,102,000 | 32,480,000 | 32,746,000 | 32,805,000 | 32,205,000 | 31,777,000 | 31,135,000 | 29,293,000 | 28,366,000 | 27,684,000 | 27,172,000 | 25,729,000 | |
federal home loan bank of new york (fhlbny) stock, at cost | 6,001,000 | 6,156,000 | ||||||||||||||||
deferred tax assets | 4,826,000 | 5,493,000 | 4,569,000 | 4,656,000 | 3,586,000 | 4,328,000 | 4,140,000 | 3,724,000 | 3,925,000 | 3,913,000 | 3,852,000 | 3,811,000 | 4,118,000 | 3,805,000 | 3,801,000 | 3,909,000 | 5,563,000 | |
other assets | 14,793,000 | 10,837,000 | 7,204,000 | 12,604,000 | 9,844,000 | 5,824,000 | 5,127,000 | 1,621,000 | 2,802,000 | 2,158,000 | 2,485,000 | 2,814,000 | 2,620,000 | 2,923,000 | 2,848,000 | 2,271,000 | 3,013,000 | |
total assets | 1,560,552,000 | 1,547,650,000 | 1,433,707,000 | 1,355,231,000 | 1,277,351,000 | 1,220,231,000 | 1,150,943,000 | 1,053,756,000 | 1,099,988,000 | 1,056,116,000 | 1,033,596,000 | 1,059,901,000 | 982,711,000 | 968,813,000 | 949,623,000 | 925,522,000 | 892,263,000 | 788,901,000 |
liabilities and stockholders' equity | ||||||||||||||||||
liabilities: | ||||||||||||||||||
deposits | 1,249,261,000 | 1,236,161,000 | 1,138,546,000 | 1,029,579,000 | 973,244,000 | 936,219,000 | 829,741,000 | 782,043,000 | 757,845,000 | 802,408,000 | 806,781,000 | 809,758,000 | 764,792,000 | 753,255,000 | 752,267,000 | 713,985,000 | 698,655,000 | |
accrued interest payable | 238,000 | 55,000 | 66,000 | 60,000 | 58,000 | 48,000 | 86,000 | 97,000 | 81,000 | 88,000 | 75,000 | 63,000 | 75,000 | 141,000 | 61,000 | 42,000 | 32,000 | |
advance payments by borrowers for taxes and insurance | 9,118,000 | 7,682,000 | 9,264,000 | 7,019,000 | 7,739,000 | 6,007,000 | 8,295,000 | 6,348,000 | 7,780,000 | 6,059,000 | 8,099,000 | 6,037,000 | 7,219,000 | 5,491,000 | 6,999,000 | 5,025,000 | 5,967,000 | |
advances from the fhlbny and others | 106,255,000 | 109,255,000 | ||||||||||||||||
warehouse lines of credit | 11,261,000 | 13,084,000 | 11,664,000 | 29,961,000 | 9,065,000 | |||||||||||||
mortgage loan funding payable | 1,136,000 | 743,000 | ||||||||||||||||
other liabilities | 9,396,000 | 8,780,000 | 3,032,000 | 10,330,000 | 10,131,000 | 5,674,000 | 4,794,000 | 2,462,000 | 4,324,000 | 2,954,000 | 3,975,000 | 5,467,000 | 5,706,000 | 5,573,000 | 4,582,000 | 5,285,000 | 4,101,000 | |
total liabilities | 1,386,665,000 | 1,375,760,000 | 1,272,503,000 | 1,195,687,000 | 1,118,977,000 | 1,065,232,000 | 995,200,000 | 895,354,000 | 939,434,000 | 890,913,000 | 863,334,000 | 890,729,000 | 815,567,000 | 802,235,000 | 783,909,000 | 760,737,000 | 723,755,000 | 693,963,000 |
commitments and contingencies | ||||||||||||||||||
stockholders' equity: | ||||||||||||||||||
preferred stock, 0.01 par value... | ||||||||||||||||||
common stock, 0.01 par value... | 185,000 | 185,000 | 185,000 | 185,000 | 185,000 | 185,000 | 185,000 | 185,000 | 185,000 | 185,000 | 185,000 | 185,000 | 185,000 | 185,000 | 185,000 | 185,000 | 185,000 | |
treasury stock | -15,069,000 | -15,069,000 | -19,285,000 | -18,114,000 | -18,281,000 | -17,172,000 | -16,490,000 | -14,478,000 | -12,663,000 | -6,798,000 | -193,000 | |||||||
additional paid-in-capital | 86,360,000 | 85,956,000 | 85,470,000 | 85,105,000 | 85,817,000 | 85,481,000 | 85,132,000 | 84,777,000 | 85,749,000 | 85,357,000 | 84,976,000 | 84,581,000 | 84,557,000 | 84,488,000 | 84,419,000 | 84,351,000 | 84,099,000 | |
retained earnings | 107,977,000 | 105,925,000 | 99,993,000 | 97,541,000 | 95,913,000 | 91,904,000 | 92,475,000 | 93,688,000 | 101,140,000 | 100,431,000 | 99,481,000 | 98,813,000 | 96,896,000 | 96,495,000 | 95,796,000 | 94,855,000 | 97,719,000 | |
accumulated other comprehensive income | -621,000 | -41,000 | 28,000 | 135,000 | 168,000 | 150,000 | 110,000 | 20,000 | ||||||||||
unearned compensation ─ esop; 494,562 shares as of september 30, 2021 and 530,751 shares as of december 31, 2020 | -4,945,000 | |||||||||||||||||
total stockholders' equity | 173,887,000 | 171,890,000 | 161,204,000 | 159,544,000 | 158,374,000 | 154,999,000 | 155,743,000 | 158,402,000 | 160,554,000 | 165,203,000 | 170,262,000 | 169,172,000 | 167,144,000 | 166,578,000 | 165,714,000 | 164,785,000 | 168,508,000 | |
total liabilities and stockholders' equity | 1,560,552,000 | 1,547,650,000 | 1,433,707,000 | 1,355,231,000 | 1,277,351,000 | 1,220,231,000 | 1,150,943,000 | 1,053,756,000 | 1,099,988,000 | 1,056,116,000 | 1,033,596,000 | 1,059,901,000 | 982,711,000 | 968,813,000 | 949,623,000 | 925,522,000 | 892,263,000 | |
loans receivable, net of allowance for loan losses - 2021 15,875; 2020 14,870 | 1,343,578,000 | |||||||||||||||||
unearned compensation ─ esop; 506,625 shares as of june 30, 2021 and 530,751 shares as of december 31, 2020 | -5,066,000 | |||||||||||||||||
loans receivable, net of allowance for loan losses - 2021 15,508; 2020 14,870 | 1,230,458,000 | |||||||||||||||||
federal home loan bank of new york stock (fhlbny), at cost | 6,057,000 | 6,426,000 | 6,414,000 | 6,422,000 | 7,889,000 | 5,735,000 | 8,659,000 | 4,609,000 | ||||||||||
advances from the federal home loan bank of new york and others | 109,255,000 | 117,255,000 | 117,283,000 | 117,284,000 | 152,284,000 | 104,404,000 | 169,404,000 | 79,404,000 | ||||||||||
mortgage loan fundings payable | 676,000 | 1,483,000 | 1,457,000 | |||||||||||||||
unearned compensation ─ esop; 518,688 shares as of march 31, 2021 and 530,751 shares as of december 31, 2020 | -5,187,000 | |||||||||||||||||
cash and cash equivalents | ||||||||||||||||||
loans receivable, net of allowance for loan losses - 2020 14,870; 2019 12,329 | 1,158,640,000 | |||||||||||||||||
unearned employee stock ownership plan | -5,308,000 | -5,790,000 | -6,272,000 | -6,755,000 | ||||||||||||||
loans receivable | 1,108,956,000 | 1,072,417,000 | 972,979,000 | 948,548,000 | 934,236,000 | 925,099,000 | 893,884,000 | 850,426,000 | 823,014,000 | |||||||||
unearned compensation ─ esop; 542,812 shares as of september 30, 2020 and 579,001 shares as of december 31, 2019 | -5,428,000 | |||||||||||||||||
loans held for sale | 1,030,000 | 1,030,000 | 1,030,000 | |||||||||||||||
unearned compensation - esop; 554,875 shares as of june 30, 2020 and 579,001 shares as of december 31, 2019 | -5,549,000 | |||||||||||||||||
unearned compensation - esop; 566,938 shares as of march 31, 2020 and 579,001 shares as of december 31, 2019 | -5,669,000 | |||||||||||||||||
loans receivable, net of allowance for loan losses - 2019 12,329; 2018 12,659 | 955,737,000 | |||||||||||||||||
the accompanying notes are an integral part of the consolidated financial statements. | ||||||||||||||||||
accumulated other comprehensive loss | -7,947,000 | -7,941,000 | -8,035,000 | -8,135,000 | -8,101,000 | -8,076,000 | -8,052,000 | -7,851,000 | -6,257,000 | |||||||||
unearned compensation - esop; 591,062 shares as of september 30, 2019 and 627,251 shares as of december 31, 2018 | -5,910,000 | |||||||||||||||||
other real estate owned | 58,000 | |||||||||||||||||
unearned compensation - esop; 603,125 shares as of june 30, 2019 and 627,251 shares as of december 31, 2018 | -6,031,000 | |||||||||||||||||
federal home loan bank stock (fhlb), at cost | 2,915,000 | 2,915,000 | 2,621,000 | 2,617,000 | 1,673,000 | 1,511,000 | 1,448,000 | |||||||||||
advances from the federal home loan bank and others | 44,404,000 | 69,404,000 | 37,775,000 | 37,775,000 | 20,000,000 | 36,400,000 | ||||||||||||
unearned compensation - esop; 615,188 shares as of march 31, 2019 and 627,251 shares as of december 31, 2018 | -6,152,000 | |||||||||||||||||
loans receivable, net of allowance for loan losses - 2018 12,659; 2017 11,071 | 918,509,000 | |||||||||||||||||
unearned compensation - esop; 639,312 shares | -6,393,000 | |||||||||||||||||
unearned compensation - esop; 651,375 shares | -6,514,000 | |||||||||||||||||
unearned compensation - esop; 663,438 shares | -6,634,000 | |||||||||||||||||
loans receivable, net of allowance for loan losses - 2017 11,071; 2016 10,205 | 798,703,000 | |||||||||||||||||
loans receivable, net of allowance for loan losses - 2017 11,147; 2016 10,205 | 767,721,000 | |||||||||||||||||
advances from the federal home loan bank | 15,000,000 | |||||||||||||||||
unearned compensation - esop; 723,751 shares | -7,238,000 | |||||||||||||||||
interest-earning assets: | ||||||||||||||||||
loans | 709,330,000 | |||||||||||||||||
available-for-sale securities | 34,251,000 | |||||||||||||||||
other | 11,752,000 | |||||||||||||||||
total interest-earning assets | 755,333,000 | |||||||||||||||||
non-interest-earning assets | 33,568,000 | |||||||||||||||||
interest-bearing liabilities: | ||||||||||||||||||
savings accounts | 128,004,000 | |||||||||||||||||
interest-bearing demand | 74,862,000 | |||||||||||||||||
certificates of deposit | 380,664,000 | |||||||||||||||||
total deposits | 583,530,000 | |||||||||||||||||
advance payments by borrowers | 6,596,000 | |||||||||||||||||
borrowings | 10,648,000 | |||||||||||||||||
total interest-bearing liabilities | 600,774,000 | |||||||||||||||||
non-interest-bearing liabilities: | ||||||||||||||||||
non-interest-bearing demand | 89,793,000 | |||||||||||||||||
other non-interest-bearing liabilities | 3,396,000 | |||||||||||||||||
total non-interest-bearing liabilities | 93,189,000 | |||||||||||||||||
total equity | 94,938,000 | |||||||||||||||||
total liabilities and total equity | 788,901,000 | |||||||||||||||||
net interest income | 8,083,000 | |||||||||||||||||
net interest rate spread | 4,070 | |||||||||||||||||
net interest-earning assets | 154,559,000 | |||||||||||||||||
net interest margin | 4,290 | |||||||||||||||||
average interest-earning assets to interest-bearing liabilities | 125,730 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | |||||||||||||||
net income | 2,052,000 | 5,932,000 | 2,452,000 | 1,628,000 | 4,009,000 | -571,000 | -1,213,000 | -7,452,000 | 709,000 | 950,000 | 668,000 | 401,000 | 699,000 | 941,000 | -3,210,000 |
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||
amortization of premiums/discounts on securities | 32,000 | 5,000 | 20,000 | 14,000 | -32,000 | 23,000 | 2,000 | ||||||||
gain on sale of loans | 125,000 | -1,000 | 102,000 | -142,000 | |||||||||||
gain on sale of real property | 27,000 | -4,176,000 | -663,000 | 235,000 | |||||||||||
gain on derivatives | -62,000 | -224,000 | -59,000 | -108,000 | |||||||||||
benefit from loan losses | 572,000 | 586,000 | 686,000 | 406,000 | 620,000 | 271,000 | 1,146,000 | 95,000 | 14,000 | 0 | 149,000 | 603,000 | 337,000 | 94,000 | |
depreciation and amortization | 646,000 | 636,000 | 603,000 | 641,000 | 652,000 | 624,000 | 602,000 | 596,000 | 567,000 | 550,000 | 509,000 | 453,000 | 437,000 | 417,000 | 402,000 |
esop compensation | 183,000 | 173,000 | 157,000 | 155,000 | 91,000 | 156,000 | 184,000 | 187,000 | 203,000 | 236,000 | 189,000 | 189,000 | |||
share-based compensation expense | 351,000 | 352,000 | 352,000 | 354,000 | 351,000 | 346,000 | 352,000 | 257,000 | 343,000 | 330,000 | 326,000 | ||||
deferred income taxes | 889,000 | -1,127,000 | 254,000 | -1,063,000 | 771,000 | -199,000 | -441,000 | -1,933,000 | -10,000 | -86,000 | -70,000 | -301,000 | 8,000 | 109,000 | -2,184,000 |
changes in assets and liabilities: | |||||||||||||||
decrease (increase) in mortgage loans held for sale, fair value | |||||||||||||||
increase in accrued interest receivable | -226,000 | -587,000 | -1,151,000 | -1,401,000 | -2,318,000 | -3,479,000 | -216,000 | -89,000 | -215,000 | ||||||
increase in other assets | -2,652,000 | -3,190,000 | -697,000 | -3,506,000 | 299,000 | -75,000 | -577,000 | 2,973,000 | |||||||
increase in accrued interest payable | 6,000 | 2,000 | 10,000 | -38,000 | -11,000 | 16,000 | -7,000 | 13,000 | 12,000 | -66,000 | 80,000 | 19,000 | 1,000 | ||
increase in advance payments by borrowers | 1,436,000 | -1,582,000 | 2,245,000 | -720,000 | 1,732,000 | -2,288,000 | 1,947,000 | -1,432,000 | |||||||
increase in mortgage loan funding payable | |||||||||||||||
increase in other liabilities | 557,000 | 6,048,000 | -7,744,000 | 4,183,000 | 793,000 | 2,439,000 | |||||||||
net cash from operating activities | -333,000 | 5,752,000 | 22,611,000 | -24,867,000 | 1,234,000 | -5,124,000 | 1,257,000 | 23,000 | 4,133,000 | -881,000 | 2,801,000 | 3,139,000 | 1,177,000 | 2,425,000 | 4,293,000 |
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
free cash flows | -333,000 | 5,752,000 | 22,611,000 | -24,867,000 | 1,234,000 | -5,124,000 | 1,257,000 | 23,000 | 4,133,000 | -881,000 | 2,801,000 | 3,139,000 | 1,177,000 | 2,425,000 | 4,293,000 |
cash flows from investing activities: | |||||||||||||||
business acquisition, net of cash acquired | 0 | ||||||||||||||
proceeds from redemption of fhlbny stock | 155,000 | 548,000 | 399,000 | 381,000 | 269,000 | 2,070,000 | 2,039,000 | 4,770,000 | 2,340,000 | ||||||
purchases of fhlbny stock | 0 | -647,000 | -30,000 | -393,000 | -261,000 | -603,000 | -4,193,000 | -1,846,000 | -6,390,000 | ||||||
purchases of available-for-sale securities | -58,949,000 | -21,114,000 | -14,123,000 | -3,512,000 | -983,000 | -445,000 | -8,685,000 | -4,000,000 | |||||||
proceeds from sale of available-for-sale securities | 1,000,000 | 8,875,000 | -37,000 | ||||||||||||
proceeds from maturities, calls and principal repayments on available-for-sale securities | 1,625,000 | 897,000 | 634,000 | 481,000 | 333,000 | 14,807,000 | 2,148,000 | 34,064,000 | 173,000 | 168,000 | 5,150,000 | 212,000 | 271,000 | 302,000 | 401,000 |
placements with banks | 0 | ||||||||||||||
proceeds from sales of loans | 8,961,000 | 3,150,000 | 880,000 | 0 | 447,000 | 0 | 3,530,000 | -46,000 | 46,000 | 0 | 3,614,000 | 0 | 1,769,000 | 2,992,000 | |
net increase in loans | 36,659,000 | -121,509,000 | -72,504,000 | -50,090,000 | -37,668,000 | -99,709,000 | -21,918,000 | -8,256,000 | -14,385,000 | -9,136,000 | -10,455,000 | -44,061,000 | -29,714,000 | -27,255,000 | -36,372,000 |
proceeds from sale of real property | 0 | 5,735,000 | 2,417,000 | 0 | |||||||||||
purchases of premises and equipment | -698,000 | -2,825,000 | -3,739,000 | -566,000 | -754,000 | -246,000 | -336,000 | -520,000 | -1,167,000 | -978,000 | -1,151,000 | -1,380,000 | -1,119,000 | -929,000 | -531,000 |
net cash from investing activities | -10,998,000 | -133,124,000 | -86,066,000 | -55,442,000 | -37,618,000 | -93,001,000 | -18,540,000 | 24,166,000 | -49,325,000 | -11,698,000 | -2,842,000 | -41,469,000 | -29,737,000 | -25,052,000 | -33,732,000 |
cash flows from financing activities: | |||||||||||||||
net increase in deposits | 13,100,000 | 97,615,000 | 108,967,000 | 56,335,000 | 37,025,000 | 106,478,000 | 47,698,000 | 24,198,000 | -44,563,000 | -4,373,000 | -2,977,000 | 11,537,000 | 988,000 | 38,282,000 | -1,665,000 |
repurchase of treasury stock | 0 | -436,000 | -1,171,000 | -908,000 | -1,109,000 | -682,000 | -2,012,000 | -3,100,000 | -5,865,000 | -6,605,000 | -193,000 | ||||
proceeds from the sale of treasury stock | 0 | ||||||||||||||
proceeds from advances from fhlbny | 0 | 11,000,000 | 500,000 | 8,000,000 | 5,600,000 | 55,500,000 | 123,630,000 | 257,000,000 | |||||||
repayments of advances from fhlbny | -3,000,000 | -11,000,000 | -8,500,000 | -5,601,000 | -90,500,000 | -75,750,000 | -167,000,000 | ||||||||
net advances on warehouse lines of credit | -1,823,000 | 1,420,000 | -18,297,000 | 20,896,000 | |||||||||||
net cash from financing activities | 8,277,000 | 103,342,000 | 81,499,000 | 35,845,000 | 70,796,000 | 93,566,000 | -43,902,000 | 39,572,000 | 24,022,000 | -28,170,000 | 11,537,000 | 18,763,000 | 21,882,000 | 76,288,000 | |
net increase in cash and cash equivalents | -3,054,000 | -24,030,000 | 18,044,000 | -4,014,000 | -539,000 | -27,329,000 | 76,283,000 | -745,000 | 46,849,000 | ||||||
cash and cash equivalents including restricted cash: | |||||||||||||||
beginning | 0 | 0 | 72,078,000 | 0 | 0 | 0 | 27,677,000 | 0 | 0 | 0 | 69,778,000 | 0 | 0 | 59,724,000 | 0 |
ending | -3,054,000 | -24,030,000 | 90,122,000 | -4,014,000 | -539,000 | -27,329,000 | 103,960,000 | -19,713,000 | -5,620,000 | 11,443,000 | 41,567,000 | -26,793,000 | -9,797,000 | 58,979,000 | 46,849,000 |
decrease in mortgage loans held for sale, fair value | -1,585,000 | 20,649,000 | |||||||||||||
decrease (increase) in other assets | 1,568,000 | 5,459,000 | 1,438,000 | -526,000 | 209,000 | 329,000 | |||||||||
decrease in accrued interest payable | |||||||||||||||
decrease in mortgage loan funding payable | |||||||||||||||
supplemental disclosures of cash flow information: | |||||||||||||||
cash paid for interest on deposits and borrowings | 2,123,000 | 2,279,000 | |||||||||||||
cash paid for income taxes | 2,238,000 | 50,000 | |||||||||||||
loss on sale of loans | 152,000 | 0 | -12,000 | 0 | |||||||||||
decrease in mortgage loan fundings payable | -807,000 | ||||||||||||||
gain on sale of available-for-sale securities | |||||||||||||||
loss on termination of pension plan | |||||||||||||||
esop compensation expense | |||||||||||||||
increase in mortgage loans held for sale, at fair value | |||||||||||||||
increase in loan fundings payable | |||||||||||||||
net increase in other liabilities | 514,000 | 1,783,000 | -548,000 | 1,238,000 | 46,000 | ||||||||||
purchases of held-to-maturity securities | |||||||||||||||
repayments of advances to fhlbny | |||||||||||||||
net cash provided (used in) by financing activities | |||||||||||||||
cash and cash equivalents, including restricted cash: | |||||||||||||||
increase in loans held for sale | |||||||||||||||
increase in loan funding payable | |||||||||||||||
cash and cash equivalents: | |||||||||||||||
net change in other real estate owned | |||||||||||||||
supplemental disclosures: | |||||||||||||||
cash paid during the period: | |||||||||||||||
interest | 2,911,000 | 3,117,000 | 3,164,000 | 3,148,000 | 3,104,000 | 2,908,000 | 2,553,000 | 2,172,000 | 2,012,000 | 1,814,000 | |||||
income taxes | 0 | 91,000 | 290,000 | 515,000 | 330,000 | 43,000 | 384,000 | -93,000 | 225,000 | 925,000 | |||||
(gain) loss on sale of available-for-sale securities | |||||||||||||||
amortization of core deposit intangible assets | |||||||||||||||
charitable foundation contribution expense | |||||||||||||||
proceeds from issuance of common stock | |||||||||||||||
funds loaned to the esop | |||||||||||||||
proceeds from advances | 172,016,000 | 137,023,000 | 17,775,000 | 3,600,000 | |||||||||||
repayments of advances | -197,016,000 | -137,023,000 | 0 | -20,000,000 | |||||||||||
cash paid during the year: | |||||||||||||||
supplemental disclosures of noncash investing activities: | |||||||||||||||
transfer of loans held for sale from loans | |||||||||||||||
transfer of loans held for sale to loans | |||||||||||||||
supplemental disclosure of noncash financing activities: | |||||||||||||||
issuance of common stock to the ponce de leon foundation | |||||||||||||||
amortization of premiums on securities | 41,000 | 2,000 | -1,000 | 2,000 | 2,000 | 4,000 | 41,000 | ||||||||
net (decrease) in cash and cash equivalents | -5,620,000 | 11,443,000 | -28,211,000 | ||||||||||||
decrease (increase) in accrued interest receivable | -259,000 | -148,000 | 133,000 | ||||||||||||
net increase in other liabilities and advance payments by borrowers | |||||||||||||||
decrease in accrued interest receivable | 60,000 | ||||||||||||||
proceeds from redemption of fhlb stock | 3,015,000 | 6,140,000 | |||||||||||||
purchases of fhlb stock | -3,015,000 | 0 | -944,000 | -162,000 | -6,300,000 | ||||||||||
loss on sale of available-for-sale securities | 0 | ||||||||||||||
gain on sale of other real estate owned | |||||||||||||||
net decrease in cash and cash equivalents | |||||||||||||||
(gain) loss on sale of loans | |||||||||||||||
benefit from (recovery from) loan losses | 238,000 | ||||||||||||||
proceeds from sale of other real estate owned | |||||||||||||||
proceeds from fhlb advances | -1,279,000,000 | ||||||||||||||
repayments of fhlb advances | 1,286,000,000 | ||||||||||||||
transfer of loans and loans held for sale to other real estate owned | |||||||||||||||
transfer of loans to loans held for sale | |||||||||||||||
write-down of other real estate owned |