Wire Stories

PDL Community Bancorp Announces 2021 First Quarter Results

NEW YORK, April 30, 2021 (GLOBE NEWSWIRE) -- PDL Community Bancorp (the �Company�) (NASDAQ: PDLB), the financial holding company for Ponce Bank (the �Bank�) and Mortgage World Bankers, Inc. (�Mortgage World�), reported net income of $2.5 million, or $0.15 per basic and diluted share, for the first quarter of 2021, compared to net income of $1.6 million, or $0.10 per basic and diluted share, for the prior quarter and a net loss of ($1.2 million), or ($0.07) per basic and diluted share, for the first quarter of 2020.

First Quarter Highlights

  • Net interest income of $12.9 million for the current quarter increased $1.2 million, or 10.4% from prior quarter and increased $3.0 million, or 29.9% from same quarter last year.
  • Income before income taxes of $3.2 million for the current quarter increased $1.1 million, or 50.8% from prior quarter and increased $4.6 million, or 323.9% from same quarter last year.
  • Cost of interest-bearing deposits was 0.77% for the current quarter, a decrease from 0.94% from the prior quarter and 1.48% from same quarter last year.
  • The net interest margin was 4.00% for the current quarter, an increase from 3.78% for the prior quarter and 3.87% from same quarter last year.
  • The net interest rate spread was 3.76% for the current quarter, an increase from 3.50% for the prior quarter and 3.51% from same quarter last year.
  • The efficiency ratio was 76.94% for the current quarter compared to 84.71% for the prior quarter and 102.62% from same quarter last year.
  • Non-performing loans of $12.3 million increased $2.6 million year-over-year and equates to 0.99% of total loans receivable as of March 31, 2021.
  • Net loans receivable were $1.23 billion at March 31, 2021, an increase of $71.8 million, or 6.2%, from December 31, 2020.
  • Deposits were $1.14 billion at March 31, 2021, an increase of $109.0 million, or 10.6%, from December 31, 2020.

President and Chief Executive Officer�s Comments

Carlos P. Naudon, the Company�s President and CEO, noted �This is a great start for the new year and reflects our executing well on all fronts. We significantly grew our deposit base while lowering our cost of funds; our loan portfolio continued to expand while improving our net interest margin. We continue investing in GPS, our Sales Force initiative, while lowering our operating expenses and increasing profitability. In addition, Mortgage World is contributing nicely to our product and income diversification. Importantly, these accomplishments could not have happened without the dedication and commitment of our expanding Ponce Family to each other, our values and our stakeholders. We are now poised to benefit from the rediscovery of the important role MDIs and CDFIs like us have in remediating the disparate effects of the pandemic, and the wealth and financial gaps present, in our communities.�

Executive Chairman�s Comments

Steven A. Tsavaris, the Company�s Executive Chairman, added �Our focus on building stakeholder value during 2021 is reflected in our Company�s nine-month payback of its $1.8 million acquisition of Mortgage World, the repurchase of 107,717 common shares during the first quarter of 2021, the renovation of four more branches and contributing to the stabilization of our communities with $132.5 million in PPP loans to over 1,700 small businesses.

Loan Payment Deferrals

Through March 31, 2021, 406 loans aggregating $376.1 million had received forbearance primarily consisting of the deferral of principal, interest, and escrow payments for a period of three months. Of those 406 loans, 337 loans aggregating $303.6 million are no longer in deferment and continue performing pursuant to their terms and 69 loans in the amount of $72.4 million remained in deferment and are in renewed forbearance. All of these loans had been performing in accordance with their contractual obligations prior to the granting of the initial forbearance. The Company actively monitors the business activities of borrowers in forbearance and seeks to determine their capacity to resume payments as contractually obligated upon the termination of the forbearance period. The initial and extended forbearances are short-term modifications made on a good faith basis in response to the COVID-19 pandemic and in furtherance of governmental policies.

Results of Operations Summary

Net income for the three months ended March�31, 2021 was $2.5 million, compared to $1.6 million of net income for the three months ended December 31, 2020 and a ($1.2 million) net loss for the three months ended March 31, 2020. The change from the three months ended March 31, 2020 is primarily due to a $3.3 million increase in non-interest income, a $3.0 million increase in net interest income, a decrease of $460,000 in provision for loan losses, offset by a $2.1 million increase in non-interest expense and a $941,000 increase in provision for income taxes.

Net interest income for the three months ended March�31, 2021 was $12.9 million, an increase of $1.2 million, or 10.4%, from the three months ended December 31, 2020 and an increase of $3.0 million, or 29.9%, from the three months ended March 31, 2020.

Net interest margin was 4.00% for the three months ended March�31, 2021, an increase of 22 basis points from 3.78% for the three months ended December 31, 2020 and an increase of 13 basis points from 3.87% for the three months ended March�31, 2020.

Net interest rate spread increased by 25 basis points to 3.76% for the three months ended March�31, 2021 from 3.51% for the three months ended March�31, 2020. The increase in the net interest rate spread was primarily due to a decrease in the average rates on interest-bearing liabilities of 62 basis points to 0.94% for the three months ended March�31, 2020 from 1.56% for the three months ended March 31, 2020 offset by a decrease on the average yield on interest-earning assets of 37 basis points to 4.70% for the three months ended March�31, 2021 from 5.07% for the three months ended March�31, 2020.

Non-interest income decreased $906,000 to $3.9 million for the three months ended March�31, 2021 from $4.8 million for the three months ended December�31, 2020 and increased $3.3 million from $622,000 for the three months ended March�31, 2020. The decrease in non-interest income for the three months ended March�31, 2021 compared to the three months ended December�31, 2020 was primarily due to a $1.2 million decrease on income from the sale of mortgage loans, a $232,000 decrease in brokerage commissions, and a decrease of $209,000 in other non-interest income, offset by a non-recurring $663,000 gain, net of expenses, on the sale of real property recognized in the first quarter of 2021 and an increase of $163,000 in late and prepayment charges. The increase in non-interest income for the three months ended March�31, 2021 compared to the three months ended March�31, 2020 was due to $1.5 million in income on sale of mortgage loans attributable to Mortgage World operations, a non-recurring $663,000 gain, net of expenses, on the sale of real property recognized in the first quarter of 2021 and an increase of $539,000 in loan origination fees.

Non-interest expense decreased $1.0 million, or 7.5%, to $12.9 million for the three months ended March�31, 2021, compared to $14.0 million for the three months ended December�31, 2020 and increased $2.1 million, or 19.3% from $10.8 million for the three months ended March�31, 2020. The decrease in non-interest expense for the three months ended March�31, 2021, compared to the three months ended December�31, 2020 was attributable to decreases of $1.2 million in compensation and benefits and $271,000 in professional fees, offset by an increase of $410,000 in direct loan expenses. The increase in non-interest expense for the three months ended March�31, 2021, compared to the three months ended March�31, 2020 primarily reflects Mortgage World operations and was attributable to increases of $797,000 in direct loan expenses, $656,000 in compensation and benefits, $617,000 in occupancy and equipment, $325,000 in other non-interest expense and $127,000 in data processing expenses, offset by decreases of $365,000 in professional fees and $196,000 in marketing and promotional expenses.

Balance Sheet Summary

Total assets increased $78.5 million, or 5.8%, to $1.43 billion at March�31, 2021 from $1.36 billion at December�31, 2020. The increase in total assets is attributable to increases in net loans receivable of $71.8 million, including $57.7 million in PPP loans, cash and cash equivalents of $18.0 million, available-for-sale securities of $13.4 million, premises and equipment, net, of $1.6 million and accrued interest receivable of $1.2 million. The increase in total assets was reduced by decreases in mortgage loans held for sale, at fair value, of $21.7 million, other assets of $5.4 million, FHLBNY stock of $369,000 and deferred taxes of $87,000.

Total liabilities increased $76.8 million, or 6.4%, to $1.27 billion at March�31, 2021 from $1.20 billion at December�31, 2020. The increase in total liabilities was mainly attributable to increases of $109.0 million in deposits and $2.2 million in advance payments by borrowers for taxes and insurance. The increase in total liabilities was offset by decreases of $18.3 million in warehouse lines of credit, $8.0 million in advances from FHLBNY, $7.3 million in other liabilities and $807,000 in mortgage loan fundings payable.

Total stockholders� equity increased $1.7�million, or 1.0%, to $161.2 million at March�31, 2021 from $159.5�million at December�31, 2020. The $1.7 million increase in stockholders� equity was mainly attributable to $2.5 million in net income, $352,000 related to restricted stock units and stock options, $134,000 related to the Company�s Employee Stock Ownership Plan, offset by $1.2 million in stock repurchases and $107,000 related to unrealized loss on available-for-sale securities.

As of March�31, 2021, the Company had repurchased a total of 1,631,570 shares under the repurchase programs at a weighted average price of $13.27 per share, of which 1,444,776 were reported as treasury stock. Of the 1,631,570 shares repurchased, a total of 186,960 shares have been used for grants given to directors, executive officers and non-executive officers under the Company�s 2018 Long-Term Incentive Plan pursuant to restricted stock units which vested on December 4, 2020 and 2019. Of these 186,960 shares, 166 shares were retained to satisfy a recipient�s taxes and other withholding obligations and these shares remain as part of treasury stock.

About PDL Community Bancorp

PDL Community Bancorp is the financial holding company for Ponce Bank and Mortgage World Bankers, Inc. Ponce Bank is a federally chartered savings association. Ponce Bank is designated a Minority Depository Institution, a Community Development Financial Institution, and a certified Small Business Administration lender. Ponce Bank�s business primarily consists of taking deposits from the general public and to a lesser extent from alternative funding sources and investing those deposits, together with funds generated from operations and borrowings, in mortgage loans, consisting of 1-4 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. Ponce Bank also invests in securities, which consist of U.S. Government and federal agency securities and securities issued by government-sponsored or government-owned enterprises as well as mortgage-backed securities, corporate bonds and obligations, and Federal Home Loan Bank stock. Mortgage World Bankers, Inc. is a mortgage lender operating in five states. As a Federal Housing Administration (�FHA�)-approved Title II lender, Mortgage World Bankers, Inc. originates and sells to investors single family mortgage loans guaranteed by the FHA, as well as conventional mortgages.

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; the anticipated impact of the COVID-19 novel coronavirus pandemic and the Company�s attempts at mitigation; 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 Annual Report on Form 10-K 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.

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PDL Community Bancorp and Subsidiaries
Consolidated Statements of Financial Condition
(Dollars in thousands, except for share data)

As of
March�31,December 31,September 30,June 30,March 31,
20212020202020202020
ASSETS
Cash and due from banks:
Cash$13,551$26,936$14,302$15,875$13,165
Interest-bearing deposits in banks76,57145,14261,79060,75690,795
Total cash and cash equivalents90,12272,07876,09276,631103,960
Available-for-sale securities, at fair value30,92917,49814,51213,80019,140
Held-to-maturity securities, at amortized cost1,7321,743
Placement with banks2,7392,7392,739
Mortgage loans held for sale, at fair value13,72535,40613,1001,0301,030
Loans receivable, net1,230,4581,158,6401,108,9561,072,417972,979
Accrued interest receivable12,54711,3969,9957,6774,198
Premises and equipment, net33,62532,04532,11332,10232,480
Federal Home Loan Bank of New York stock (FHLBNY), at cost6,0576,4266,4146,4227,889
Deferred tax assets4,5694,6563,5864,3284,140
Other assets7,20412,6049,8445,8245,127
Total assets$1,433,707$1,355,231$1,277,351$1,220,231$1,150,943
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits$1,138,546$1,029,579$973,244$936,219$829,741
Accrued interest payable6660584886
Advance payments by borrowers for taxes and insurance9,2647,0197,7396,0078,295
Advances from the Federal Home Loan Bank of New York and others109,255117,255117,283117,284152,284
Warehouse lines of credit11,66429,9619,065
Mortgage loan fundings payable6761,4831,457
Other liabilities3,03210,33010,1315,6744,794
Total liabilities1,272,5031,195,6871,118,9771,065,232995,200
Commitments and contingencies
Stockholders' Equity:
Preferred stock, $0.01 par value; 10,000,000 shares authorized
Common stock, $0.01 par value; 50,000,000 shares authorized185185185185185
Treasury stock, at cost(19,285)(18,114)(18,281)(17,172)(16,490)
Additional paid-in-capital85,47085,10585,81785,48185,132
Retained earnings99,99397,54195,91391,90492,475
Accumulated other comprehensive income28135168150110
Unearned compensation ? ESOP(5,187)(5,308)(5,428)(5,549)(5,669)
Total stockholders' equity161,204159,544158,374154,999155,743
Total liabilities and stockholders' equity$1,433,707$1,355,231$1,277,351$1,220,231$1,150,943


PDL Community Bancorp and Subsidiaries
Consolidated Statements of Operations
(Dollars in thousands, except per share data)

Three Months Ended
March�31,December 31,September 30,June 30,March 31,
20212020202020202020
(Dollars in thousands, except share and per share data)
Interest and dividend income:
Interest on loans receivable$14,925$14,070$13,375$12,162$12,782
Interest on deposits due from banks2105366
Interest and dividend on securities and FHLBNY stock250233223228182
Total interest and dividend income15,17714,31313,60312,39313,030
Interest expense:
Interest on certificates of deposit1,2191,4221,5971,7301,827
Interest on other deposits382448500534692
Interest on borrowings684769655608587
Total interest expense2,2852,6392,7522,8723,106
Net interest income12,89211,67410,8519,5219,924
Provision for loan losses6864066202711,146
Net interest income after provision for loan losses12,20611,26810,2319,2508,778
Non-interest income:
Service charges and fees329263236145248
Brokerage commissions2234554472250
Late and prepayment charges2448114513119
Income on sale of mortgage loans1,5082,7481,372
Loan origination539656269
Gain on sale of real property6634,412
Other387596371394205
Total non-interest income3,8934,7997,252574622
Non-interest expense:
Compensation and benefits5,6646,8465,5544,6455,008
Occupancy and equipment2,6342,6862,5842,2772,017
Data processing expenses594578596496467
Direct loan expenses1,009599437199212
Insurance and surety bond premiums146166138128121
Office supplies, telephone and postage409385386312316
Professional fees1,2621,5331,5531,3361,627
Marketing and promotional expenses38127145234
Directors fees6969696969
Regulatory dues6059495646
Other operating expenses1,0301,034834772705
Total non-interest expense12,91513,95512,32710,43510,822
Income (loss) before income taxes3,1842,1125,156(611)(1,422)
Provision (benefit) for income taxes7324841,147(40)(209)
Net income (loss)$2,452$1,628$4,009$(571)$(1,213)
Earnings (loss) per share:
Basic$0.15$0.10$0.24$(0.03)$(0.07)
Diluted$0.15$0.10$0.24$(0.03)$(0.07)
Weighted average shares outstanding:
Basic16,548,19616,558,57616,612,20516,723,44916,800,538
Diluted16,548,19616,558,57616,612,20516,723,44916,800,538


PDL Community Bancorp and Subsidiaries
Consolidated Statements of Operations
(Dollars in thousands, except per share data)

Three Months Ended March�31,
20212020Variance $Variance %
(Dollars in thousands, except share and per share data)
Interest and dividend income:
Interest on loans receivable$14,925$12,782$2,14316.77%
Interest on deposits due from banks266(64)(96.97%)
Interest and dividend on securities and FHLBNY stock2501826837.36%
Total interest and dividend income15,17713,0302,14716.48%
Interest expense:
Interest on certificates of deposit1,2191,827(608)(33.28%)
Interest on other deposits382692(310)(44.80%)
Interest on borrowings6845879716.52%
Total interest expense2,2853,106(821)(26.43%)
Net interest income12,8929,9242,96829.91%
Provision for loan losses6861,146(460)(40.14%)
Net interest income after provision for loan losses12,2068,7783,42839.05%
Non-interest income:
Service charges and fees3292488132.66%
Brokerage commissions22350173346.00%
Late and prepayment charges244119125105.04%
Income on sale of mortgage loans1,5081,508%
Loan origination539539%
Gain on sale of real property663663%
Other38720518288.78%
Total non-interest income3,8936223,271525.88%
Non-interest expense:
Compensation and benefits5,6645,00865613.10%
Occupancy and equipment2,6342,01761730.59%
Data processing expenses59446712727.19%
Direct loan expenses1,009212797375.94%
Insurance and surety bond premiums1461212520.66%
Office supplies, telephone and postage4093169329.43%
Professional fees1,2621,627(365)(22.43%)
Marketing and promotional expenses38234(196)(83.76%)
Directors fees6969%
Regulatory dues60461430.43%
Other operating expenses1,03070532546.10%
Total non-interest expense12,91510,8222,09319.34%
Income (loss) before income taxes3,184(1,422)4,606323.91%
Provision (benefit) for income taxes732(209)941450.24%
Net income (loss)$2,452$(1,213)$3,665302.14%
Earnings (loss) per share:
Basic$0.15$(0.07)N/AN/A
Diluted$0.15$(0.07)N/AN/A
Weighted average shares outstanding:
Basic16,548,19616,800,538N/AN/A
Diluted16,548,19616,800,538N/AN/A


PDL Community Bancorp and Subsidiaries
Key Metrics

At or for the Three Months Ended
March�31,December 31,September 30,June 30,March 31,
20212020202020202020
Performance Ratios:
Return on average assets (1)0.72%0.50%1.28%(0.20%)(0.46%)
Return on average equity (1)6.16%4.03%9.95%(1.47%)(3.07%)
Net interest rate spread (1) (2)3.76%3.50%3.33%3.13%3.51%
Net interest margin (1) (3)4.00%3.78%3.65%3.45%3.87%
Non-interest expense to average assets (1)3.82%4.29%3.95%3.57%4.07%
Efficiency ratio (4)76.94%84.71%68.09%103.37%102.62%
Average interest-earning assets to average interest- bearing liabilities133.25%132.04%134.35%130.72%129.16%
Average equity to average assets11.77%12.44%12.90%13.30%14.85%
Capital Ratios:
Total capital to risk weighted assets (bank only)15.80%15.95%16.93%17.52%17.84%
Tier 1 capital to risk weighted assets (bank only)14.54%14.70%15.68%16.26%16.59%
Common equity Tier 1 capital to risk-weighted assets (bank only)14.54%14.70%15.68%16.26%16.59%
Tier 1 capital to average assets (bank only)10.78%11.19%11.46%11.63%12.76%
Asset Quality Ratios:
Allowance for loan losses as a percentage of total loans1.24%1.27%1.28%1.27%1.37%
Allowance for loan losses as a percentage of nonperforming loans126.07%127.28%131.00%118.89%138.47%
Net (charge-offs) recoveries to average outstanding loans (1)(0.02%)0.03%0.00%0.01%0.00%
Non-performing loans as a percentage of total gross loans0.99%1.00%0.98%1.08%1.00%
Non-performing loans as a percentage of total assets0.86%0.86%0.86%0.95%0.85%
Total non-performing assets as a percentage of total assets0.86%0.86%0.86%0.95%0.85%
Total non-performing assets, accruing loans past due 90 days or more, and accruing troubled debt restructured loans as a percentage of total assets1.32%1.35%1.36%1.51%1.49%
Other:
Number of offices (5)2020201414
Number of full-time equivalent employees (6)236227230179184

(1) Annualized where appropriate.
(2) 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.
(3) Net interest margin represents net interest income divided by average total interest-earning assets.
(4) Efficiency ratio represents noninterest expense divided by the sum of net interest income and noninterest income.
(5) Number of offices at March 31, 2021 included 6 offices due to acquisition of Mortgage World.
(6) Number of full-time equivalent employees at March 31, 2021 included 46 full-time equivalent employees related to Mortgage World.

PDL Community Bancorp and Subsidiaries
Loan Portfolio

As of
March�31,December 31,September 30,June 30,March 31,
20212020202020202020
AmountPercentAmountPercentAmountPercentAmountPercentAmountPercent
(Dollars in thousands)
Mortgage loans:
1-4 family residential
Investor Owned$317,89525.51%$319,59627.27%$320,43828.55%$317,05529.25%$308,20631.31%
Owner-Occupied99,9858.02%98,7958.43%93,3408.31%91,3458.43%93,8879.54%
Multifamily residential315,07825.28%307,41126.23%284,77525.37%274,64125.34%259,32626.35%
Nonresidential properties215,34017.28%218,92918.68%217,77119.40%209,06819.29%210,22521.36%
Construction and land119,3399.57%105,8589.03%99,7218.88%96,8418.93%100,20210.18%
Total mortgage loans1,067,63785.66%1,050,58989.64%1,016,04590.52%988,95091.24%971,84698.74%
Non-mortgage loans:
Business loans (1)142,13511.40%94,9478.10%96,7008.61%93,3948.62%11,1831.13%
Consumer loans (2)36,7062.94%26,5172.26%9,8060.87%1,5780.14%1,2880.13%
Total non-mortgage loans178,84114.34%121,46410.36%106,5069.48%94,9728.76%12,4711.26%
Total loans, gross1,246,478100.00%1,172,053100.00%1,122,551100.00%1,083,922100.00%984,317100.00%
Net deferred loan origination costs(512)1,4577862,2562,146
Allowance for losses on loans(15,508)(14,870)(14,381)(13,761)(13,484)
Loans, net$1,230,458$1,158,640$1,108,956$1,072,417$972,979

(1) As of March�31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, business loans include $132.5 million, $85.3 million, $86.2 million and $83.6 million, respectively, of PPP loans.
(2) As of March�31, 2021, December 31, 2020 and September 30, 2020, consumer loans include $35.9 million, $25.5 million and $8.7 million, respectively, of loans originated by the Bank pursuant to its arrangement with Grain Technologies, LLC.

PDL Community Bancorp and Subsidiaries
Deposits

As of
March�31,December 31,September 30,June 30,March 31,
20212020202020202020
AmountPercentAmountPercentAmountPercentAmountPercentAmountPercent
(Dollars in thousands)
Demand (1)$242,25521.28%$189,85518.44%$186,32819.15%$192,42920.55%$110,80113.35%
Interest-bearing deposits:
NOW/IOLA accounts32,2352.83%39,2963.82%29,6183.04%26,4772.83%31,5863.81%
Money market accounts157,27113.81%136,25813.23%148,87715.30%125,63113.42%121,62914.66%
Reciprocal deposits137,40212.07%131,36312.76%108,36711.13%96,91510.35%62,3847.52%
Savings accounts130,21111.44%125,82012.22%120,88312.42%119,27712.74%112,31813.53%
Total NOW, money market, reciprocal and savings accounts457,11940.15%432,73742.03%407,74541.89%368,30039.34%327,91739.52%
Certificates of deposit of $250K or more77,4186.80%78,4357.62%80,4038.26%81,7868.74%81,4869.82%
Brokered certificates of deposit86,0047.55%52,6785.12%55,8785.74%55,8785.97%51,6616.23%
Listing service deposits (2)61,1335.37%39,4763.83%49,3425.07%54,3705.81%55,8426.73%
All other certificates of deposit less than $250K214,61718.85%236,39822.96%193,54819.89%183,45619.59%202,03424.35%
Total certificates of deposit439,17238.57%406,98739.53%379,17138.96%375,49040.11%391,02347.13%
Total interest-bearing deposits896,29178.72%839,72481.56%786,91680.85%743,79079.45%718,94086.65%
Total deposits$1,138,546100.00%$1,029,579100.00%$973,244100.00%$936,219100.00%$829,741100.00%

(1) As of March�31, 2021, December 31, September 30, 2020 and June 30, 2020, included in demand deposits are deposits related to net PPP funding.
(2) As of March�31, 2021, there were $28.8 million in individual listing service deposits amounting to $250,000 or more.

PDL Community Bancorp and Subsidiaries
Nonperforming Assets

Three Months Ended
March�31,December 31,September 30,June 30,March 31,
20212020202020202020
(Dollars in thousands)
Non-accrual loans:
Mortgage loans:
1-4 family residential
Investor owned$2,907$2,808$2,750$2,767$2,327
Owner occupied1,5851,0531,0751,3271,069
Multifamily residential946946210
Nonresidential properties3,7613,7763,8304,3553,228
Construction and land
Non-mortgage loans:
Business
Consumer
Total non-accrual loans (not including non-accruing troubled debt restructured loans)$9,199$8,583$7,865$8,449$6,624
Non-accruing troubled debt restructured loans:
Mortgage loans:
1-4 family residential
Investor owned$246$249$267$272$276
Owner occupied2,1952,1972,1912,1982,185
Multifamily residential
Nonresidential properties661654655656653
Construction and land
Non-mortgage loans:
Business
Consumer
Total non-accruing troubled debt restructured loans3,1023,1003,1133,1263,114
Total non-accrual loans$12,301$11,683$10,978$11,575$9,738
Total non-performing assets$12,301$11,683$10,978$11,575$9,738
Accruing troubled debt restructured loans:
Mortgage loans:
1-4 family residential
Investor owned$3,362$3,378$3,396$3,730$3,730
Owner occupied2,4662,5052,1772,3482,359
Multifamily residential
Nonresidential properties7507547597621,300
Construction and land
Non-mortgage loans:
Business
Consumer
Total accruing troubled debt restructured loans$6,578$6,637$6,332$6,840$7,389
Total non-performing assets and accruing troubled debt restructured loans$18,879$18,320$17,310$18,415$17,127
Total non-performing loans to total gross loans0.99%1.00%0.98%1.08%1.00%
Total non-performing assets to total assets0.86%0.86%0.86%0.95%0.85%
Total non-performing assets and accruing troubled debt restructured loans to total assets1.32%1.35%1.36%1.51%1.49%

PDL Community Bancorp and Subsidiaries
Average Balance Sheets

For�the�Three�Months�Ended March�31,
2021 2020
AverageAverage
OutstandingAverageOutstandingAverage
BalanceInterestYield/Rate�(1)BalanceInterestYield/Rate�(1)
(Dollars in thousands)
Interest-earning assets:
Loans (2)$1,239,127$14,9254.88%$975,499$12,7825.27%
Securities (3)22,5161763.17%18,218831.83%
Other (4)46,581760.66%38,2201651.73%
Total interest-earning assets1,308,22415,1774.70%1,031,93713,0305.07%
Non-interest-earning assets63,95137,467
Total assets$1,372,175$1,069,404
Interest-bearing liabilities:
NOW/IOLA$33,085$380.47%$29,026$380.53%
Money market277,1043040.44%160,4716181.54%
Savings126,961390.12%113,710350.12%
Certificates of deposit405,9801,2191.22%379,1541,8271.93%
Total deposits843,1301,6000.77%682,3612,5181.48%
Advance payments by borrowers8,89910.05%7,98010.05%
Borrowings129,7556842.14%108,6405872.17%
Total interest-bearing liabilities981,7842,2850.94%798,9813,1061.56%
Non-interest-bearing liabilities:
Non-interest-bearing demand215,116108,646
Other non-interest-bearing liabilities13,7542,968
Total non-interest-bearing liabilities228,870111,614
Total liabilities1,210,6542,285910,5953,106
Total equity161,521158,809
Total liabilities and total equity$1,372,1750.94%$1,069,4041.56%
Net interest income$12,892$9,924
Net interest rate spread (5)3.76%3.51%
Net interest-earning assets (6)$326,440$232,956
Net interest margin (7)4.00%3.87%
Average interest-earning assets to interest-bearing liabilities133.25%129.16%

(1) Annualized where appropriate.
(2) Loans include loans and loans held for sale.
(3) Securities include available-for-sale securities and held-to-maturity securities.
(4) Includes FHLBNY demand account and FHLBNY stock dividends.
(5) 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.
(6) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(7) Net interest margin represents net interest income divided by average total interest-earning assets.

PDL Community Bancorp and Subsidiaries
Other Data

As of
March�31,December 31,September 30,June 30,March 31,
20212020202020202020
(Dollars in thousands, except share and per share data)
Other Data
Common shares issued18,463,02818,463,02818,463,02818,463,02818,463,028
Less treasury shares1,444,7761,337,0591,346,6791,228,7371,163,288
Common shares outstanding at end of period17,018,25217,125,96917,116,34917,234,29117,299,740
Book value per share$9.47$9.32$9.25$8.99$9.00
Tangible book value per share$9.47$9.32$9.25$8.99$9.00

Contact:
Frank Perez
[email protected]
718-931-9000

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