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PDL Community Bancorp Announces 2020 Fourth Quarter Results

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NEW YORK, March 08, 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 $1.6 million, or $0.10 per basic and diluted share, for the fourth quarter of 2020, compared to net income of $4.0 million, or $0.24 per basic and diluted share, for the prior quarter and net loss of ($7.5 million), or ($0.43) per basic and diluted share, for the fourth quarter of 2019.

The Company’s net income for the year ended December 31, 2020 was $3.9 million, or $0.23 per basic and diluted share, compared to net loss of ($5.1 million), or ($0.29) per basic and diluted share, for the year ended December 31, 2019.

Ponce Bank is a federal stock savings association with 13 branches in the New York City metropolitan area, including one in Union City, New Jersey. The Bank is designated a Minority Depository Institution, a Community Development Financial Institution and a certified U.S. Small Business Administration lender. Mortgage World is a mortgage lender operating in five states. As a Federal Housing Administration (“FHA”) approved Title II lender, Mortgage World originates and sells to investors single family loans that are guaranteed by the FHA, as well as conventional mortgages.

Carlos P. Naudon, the Company’s President and CEO, noted “We concluded 2020 as we started it, by investing in the safety of our people and the future of our organization and our communities. Much of this investment consisted of one-time, non-recurring expenditures. Yet, in spite of the COVID-19 pandemic and our one-time investments, we enhanced stakeholder values. During 2020, we completed the Mortgage World acquisition, grew our Company by over $300 million, to $1.4 billion, in assets, and funded the $237.3 million increase in loan portfolio and loans held for sale with a $247.5 million increase in deposits, all while stabilizing our net interest margin to 3.69%. We continued our key investments, spending a combined $3.5 million in one-time expenses for: the implementation of GPS, our Salesforce based CRM ($1.2 million); meeting the needs of Ponce Bankers to maintain their jobs, temporarily enhance their benefits and protect them from COVID-19 pandemic ($1.1 million) and advancing our ability to operate digitally, without paper, ($1.2 million). Additionally, we protected our asset quality by increasing ALLL in response to plausible COVID-19 pandemic repercussions ($2.5 million). We were able to offset these $3.5 million one-time expenses with the $4.2 million net gain recognized from the sale of the real property associated with a relocated branch.”

Steven A. Tsavaris, the Company’s Executive Chairman, added “Our focus on building stakeholder value during 2020 is reflected in our Company’s six-month payback of its $1.8 million acquisition of Mortgage World, the repurchase of 421,824 common shares, the renovation of four more branches and the stabilization of our communities with $85.3 million in PPP loans to almost 1,000 small businesses. Importantly, the accomplishments we laud for 2020 could not have happened without the dedication and commitment of our expanding Ponce Family, to each other, our values and our communities.”

Net Income (Loss)

Net income for the three months ended December 31, 2020 was $1.6 million, compared to $4.0 million net income for the three months ended September 30, 2020. The $2.4 million decrease in net income reflects a $2.5 million decrease in non-interest income, mainly as a result of the absence of the non-recurring $4.2 million gain, net of expenses, recognized from the sale of real property in the third quarter of 2020, offset by a $1.8 million increase in income on mortgage loans held for sale and loan origination fees attributable to Mortgage World operations. Net income was also impacted by a $1.6 million, or 13.2%, increase in non-interest expense, a $710,000, or 5.2%, increase in interest and dividend income, a $663,000, or 57.8%, decrease in provision for income taxes, a $214,000, or 34.5%, decrease in provision for loan losses, and a $113,000, or 4.1%, decrease in interest expense.

Net income for the three months ended December 31, 2020 was $1.6 million, compared to a ($7.5 million) net loss for the three months ended December 31, 2019. The increase in net income reflects a $5.5 million, or 28.3%, decrease in non-interest expense, mainly as a result of the absence of the non-recurring $9.9 million loss on termination of pension plan in the fourth quarter of 2019, offset by an increase of $2.1 million in compensation and benefits, of which $1.5 million was attributable to Mortgage World operations. Net income was also impacted by a $4.1 million increase in non-interest income, mainly as a result of $4.0 million of non-interest income attributable to Mortgage World operations, a $1.6 million, or 12.3%, increase in interest and dividend income, a $541,000, or 17.0%, decrease in interest expense, a $2.4 million increase in provision for income taxes and a $311,000 increase in provision for loan losses.

Net income for the year ended December 31, 2020 was $3.9 million, compared to a ($5.1 million) net loss for the year ended December 31, 2019. The change in net income reflects a $10.6 million, or 393.7%, increase in non-interest income, mainly as a result of a $4.2 million gain, net of expenses, recognized from the sale of real property and $6.2 million of non-interest income attributable to Mortgage World operations. Net income was also impacted by a $2.8 million, or 5.6%, increase in interest and dividend income, a $989,000, or 8.0%, decrease in interest expense, offset by a $2.3 million increase in provision for income taxes, a $2.2 million increase in provision for loan losses in response to the COVID-19 pandemic and a $932,000, or 2.0%, increase in non-interest expense.

Net Interest Margin

Net interest margin increased by 13 basis points to 3.78% for the three months ended December 31, 2020 from 3.65% for the three months ended September 30, 2020, while the net interest rate spread increased by 17 basis points to 3.50% from 3.33% for the same periods. Average interest-earning assets essentially remained flat at $1.2 billion for the three months ended December 31, 2020 and the three months ended September 30, 2020. The average yield on interest-earning assets increased by 6 basis points to 4.63% from 4.57%, for the same periods. Average interest-bearing liabilities increased by $49.9 million, or 5.7%, to $930.8 million for the three months ended December 31, 2020 from $881.0 million for the three months ended September 30, 2020. The average rate on interest-bearing liabilities decreased by 11 basis points to 1.13% from 1.24% for the same periods.

Net interest margin increased by 7 basis points to 3.78% for the three months ended December 31, 2020 from 3.71% for the three months ended December 31, 2019, while the net interest rate spread increased by 16 basis points to 3.50% from 3.34% for the same periods. Average interest-earning assets increased by $207.3 million, or 20.29%, partly as a result of $86.1 million in average outstanding PPP loans, to $1.2 billion for the three months ended December 31, 2020 from $1.0 billion for the three months ended December 31, 2019. The average yield on interest-earning assets decreased by 32 basis points to 4.63% from 4.95%, for the same periods. Average interest-bearing liabilities increased by $148.7 million, or 19.01%, to $930.8 million, for the three months ended December 31, 2020 from $782.1 million for the three months ended December 31, 2019. The average rate on interest-bearing liabilities decreased by 48 basis points to 1.13% from 1.61% for the same periods.

Net interest margin decreased by 10 basis points to 3.69% for the year ended December 31, 2020 from 3.79% for the year ended December 31, 2019, while the net interest rate spread decreased by 3 basis points to 3.37% from 3.40% for the same periods. Average interest-earning assets increased by $132.5 million, or 13.16%, partly as a result of $50.6 million in average outstanding PPP loans, to $1.1 billion, for the year ended December 31, 2020 from $1.0 billion for the year ended December 31, 2019. The average yield on interest-earning assets decreased by 34 basis points to 4.68% from 5.02%, for the same periods. Average interest-bearing liabilities increased by $104.1 million, or 13.68%, to $865.1 million, for the year ended December 31, 2020 from $761.0 million for the year ended December 31, 2019. The average rate on interest-bearing liabilities decreased by 31 basis points to 1.31% from 1.62% for the same periods.

Non-interest Income

Total non-interest income decreased $2.5 million to $4.8 million for the three months ended December 31, 2020 from $7.3 million for the three months ended September 30, 2020. The decrease in non-interest income for the three months ended December 31, 2020 compared to the three months ended September 30, 2020 was due to the effect of a non-recurring $4.4 million gain on the sale of real property recognized in the third quarter of 2020, offset by $1.8 million in gain on sale of mortgage loans, loan origination fees, brokerage commissions and other non-interest income attributable to Mortgage World operations during the quarter. The decrease in non-interest income also resulted from decreases of $106,000 in other non-interest income and $64,000 in late and prepayment charges related to mortgage loans related to the Bank offset by increases of $284,000 in brokerage commissions and $27,000 in service charges and fees related to the Bank.

Total non-interest income increased $4.1 million to $4.8 million for the three months ended December 31, 2020 from $665,000 for the three months ended December 31, 2019. The increase in non-interest income for the three months ended December 31, 2020 compared to the three months ended December 31, 2019 was due to $4.0 million in gain on sale of mortgage loans, loan origination fees, brokerage commissions and other non-interest income attributable to Mortgage World operations. The increase in non-interest income also resulted from an increase of $283,000 in brokerage commissions related to the Bank, offset by decreases of $126,000 in late and prepayment charges on mortgage loans and service charges and fees and $35,000 in other non-interest income related to the Bank.

Total non-interest income increased $10.6 million to $13.2 million for the year ended December 31, 2020 from $2.7 million for the year ended December 31, 2019. The increase in non-interest income for the year ended December 31, 2020 compared to the year ended December 31, 2019 was due to a $4.2 million gain, net of expenses, on the sale of real property, combined with $6.2 million in gain on sale of mortgage loans, loan origination fees, brokerage commissions and other non-interest income attributable to Mortgage World operations. The increase in non-interest income also resulted from $429,000 in other non-interest income and $228,000 in brokerage commissions related to the Bank, offset by decreases of $397,000 in late and prepayment charges related to mortgage loans and $79,000 in service charges and fees related to the Bank.

Non-interest Expense

Total non-interest expense increased $1.6 million, or 13.2%, to $14.0 million for the three months ended December 31, 2020, from $12.3 million for the three months ended September 30, 2020. The increase in non-interest expense was primarily attributable to an increase of $1.3 million in compensation and benefits expense, of which $698,000 was attributable to Mortgage World operations. Included in non-interest expense for the three months ended December 31, 2020 were $266,000 of expenses incurred as a result of the COVID-19 pandemic.

Total non-interest expense decreased $5.5 million, or 28.3%, to $14.0 million for the three months ended December 31, 2020, compared to $19.5 million for the three months ended December 31, 2019. The decrease in non-interest expense was attributable to the absence of a non-recurring $9.9 million loss on the termination of the pension plan related to the Bank in the fourth quarter of 2019, offset by $2.3 million of non-interest expense attributable to Mortgage World operations, of which $1.5 million was related to compensation and benefits. The decrease in non-interest expense was further offset by increases attributable to the Bank of $605,000 in compensation and benefits, $491,000 in occupancy and equipment, $483,000 in professional fees, $296,000 in other non-interest expense and $178,000 in data processing expenses. Included in non-interest expense for the three months ended December 31, 2020 were $266,000 of expenses incurred as a result of the COVID-19 pandemic. Excluding the impact of the $2.3 million in non-interest expense related to Mortgage World operations in the fourth quarter of 2020 and the $9.9 million loss on termination of pension plan related to the Bank recognized in the fourth quarter of 2019, total non-interest expense would have increased $2.1 million, or 22.3%, to $11.7 million for the three months ended December 31, 2020 compared to $9.5 million for the three months ended December 31, 2019.

Total non-interest expense increased $932,000, or 2.0%, to $47.5 million for the year ended December 31, 2020, from $46.6 million for the year ended December 31, 2019. The increase in non-interest expense was primarily attributable to $3.9 million in non-interest expense related to Mortgage World operations, of which $2.3 million was related to compensation and benefits. The remainder of the increases in non-interest expense were $2.8 million in professional fees, $1.6 million in occupancy and equipment expense due to new software licenses and security services, $838,000 in compensation and benefits, $686,000 in other operating expenses mainly due to employment agency fees and collection fees, $544,000 in data processing expenses as a result of system enhancements and implementation charges related to new software upgrades and $319,000 in marketing and promotional expenses attributable to the Bank. The increases in non-interest expense were offset by the absence of the non-recurring $9.9 million loss on the termination of the pension plan related to the Bank, recognized in the fourth quarter of 2019. The increase of $2.8 million in professional fees was mainly attributable to increases in consulting fees of $1.8 million and professional services of $1.0 million related to the document imaging project adopted in late 2019. Included in non-interest expense for the year ended December 31, 2020 is $1.1 million of expenses incurred as a result of the COVID-19 pandemic. Excluding the impact of the $3.9 million in non-interest expense related to Mortgage World for the year ended December 31, 2020 and the $9.9 million loss on termination of pension plan related to the Bank recognized in the fourth quarter of 2019, total non-interest expense wound have increased $7.0 million, or 19.0%, to $43.7 million for the year ended December 31, 2020 compared to $36.7 million for the year ended December 31, 2019.

Asset Quality

Total non-performing assets were $11.7 million, or 0.86% of total assets, at December 31, 2020, an increase of $705,000 from $11.0 million, or 0.86% of total assets, at September 30, 2020 and an increase of $85,000 from $11.6 million, or 1.10% of total assets, at December 31, 2019. Comparing non-performing assets at December 31, 2020 to September 30, 2020, total non-accruals inclusive of troubled debt restructured (“TDR”) loans increased by $736,000 in multifamily loans and $24,000 in 1-4 family residential loans and decreased by $55,000 in nonresidential loans. Comparing non-performing assets at December 31, 2020 to December 31, 2019, total non-accruals inclusive of TDR loans increased by $946,000 in multifamily loans, $229,000 in nonresidential loans and $28,000 in 1-4 family residential loans and decreased by $1.1 million in construction and land loans.

The Company continues to assess the economic impact of the COVID-19 pandemic on borrowers and believes that it is likely that the pandemic will be a detriment to their ability to repay in the short-term and that the likelihood of long-term detrimental effects will depend significantly on the resumption of normalized economic activities, a factor not yet determinable. The allowance for loan losses was $14.9 million, or 1.27% of total gross loans (total gross loans include $85.3 million of PPP loans) at December 31, 2020, compared to $14.4 million, or 1.28% of total gross loans (total gross loans include $86.2 million of PPP loans) at September 30, 2020, and $12.3 million, or 1.28% of total gross loans, at December 31, 2019. Excluding PPP loans, the allowance for loan losses was 1.37% of total gross loans at December 31, 2020 and 1.39% of total gross loans at September 30, 2020. Net recoveries totaled $83,000 for the three months ended December 31, 2020, $1,000 for the three months ended September 30, 2020 and $74,000 for the quarter ended December 31, 2019.

Through December 31, 2020, 412 loans aggregating $380.3 million had requested forbearance primarily consisting of the deferral of principal, interest, and escrow payments for a period of three months. Of those 412 loans, 339 loans aggregating $306.5 million are no longer in deferment and continue performing and 73 loans in the amount of $73.8 million remained in deferment. Of the 73 loans in deferment, 72 loans in the amount of $73.5 million are in renewed forbearance and one loan in the amount of $297,000 is in its initial 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.

Balance Sheet

Total assets increased $301.5 million, or 28.6%, to $1.4 billion at December 31, 2020 from $1.1 billion at December 31, 2019. The increase in total assets is attributable to increases in net loans receivable of $202.9 million, including $85.3 million in PPP loans, cash and cash equivalents of $44.4 million, mortgage loans held for sale, at fair value, of $34.4 million, other assets of $11.0 million, accrued interest receivable of $7.4 million, placements with banks of $2.7 million, held-to-maturity securities of $1.7 million, deferred taxes of $932,000 and FHLBNY stock of $691,000. The increase in total assets was reduced by decreases in available-for-sale securities of $4.0 million and premises and equipment, net, of $701,000.

Cash and cash equivalents increased $44.4 million, or 160.4%, to $72.1 million at December 31, 2020, compared to $27.7 million at December 31, 2019. The increase in cash and cash equivalents was primarily the result of increases of $247.5 million in net deposits, of which $43.5 million is related to net PPP funding, $20.8 million in advances of warehouse lines of credit, $17.8 million in maturities and/or calls of available-for-sale securities, $12.9 million in net advances from FHLBNY and $4.7 million in proceeds from the sale of real property. The increase in cash and cash equivalents was offset by increases of $209.4 million in net loans receivable including $85.3 million in PPP loans, $23.8 million of mortgage loans held for sale, at fair value, $13.6 million in purchases of available-for-sale securities, $4.7 million in purchases of shares held as treasury stock, $2.7 million in placement with banks, $1.9 million in purchases of premises and equipment, $1.7 million in a purchase of held-to-maturity securities and a $1.0 million, net of cash acquired, related to the acquisition of Mortgage World.

Mortgage loans held for sale, at fair value, at December 31, 2020 increased $34.4 million to $35.4 million from $ 1.0 million at December 31, 2019. The increase was partly related to the acquisition of Mortgage World, which had $10.5 million of mortgage loans held for sale as of the date of the acquisition.

Net loans receivable at December 31, 2020 increased $202.9 million, or 21.2%, to $1.2 billion from $ 955.7 million at December 31, 2019. The increase was primarily due to increases of $84.1 million, or 772.9%, in business loans, of which $85.3 million related to PPP loans, $57.2 million, or 22.8%, in multifamily residential loans, $25.3 million in consumer loans, mostly related to the partnership with Grain Technologies, LLC (the product, Grain, is a mobile application geared to the underbanked and new generations entering the financial services market that uses non-traditional underwriting methodologies), $21.2 million, or 5.3%, in 1-4 family residential loans, $11.7 million, or 5.6%, in nonresidential properties loans, and $6.5 million, or 6.6%, in construction and land loans. The increase in net loans receivable was offset by a decrease of $513,000, or 26.0%, in net deferred loan origination costs. The increase in the allowance for losses on loans of $2.5 million, substantially related to the COVID-19 pandemic, resulted in a decrease in net loans receivable.

Total deposits increased $247.5 million, or 31.7%, to $1.0 billion at December 31, 2020 from $782.0 million at December 31, 2019. The increase in deposits was mainly attributable to increases of $149.7 million, or 52.9%, in NOW, money market, reciprocal deposits and savings accounts, $80.3 million, or 73.3%, in demand deposits, of which $43.5 million is related to net PPP funding and $17.5 million, or 4.5 %, in total certificates of deposit, which includes brokered certificates of deposit and listing service deposits. The $149.7 million increase in NOW, money market, reciprocal deposits and savings accounts was mainly attributable to increases of $83.7 million, or 175.6%, in reciprocal deposits, $49.5 million, or 57.1%, in money market accounts, $10.1 million, or 8.7%, in savings accounts and $6.4 million, or 19.6%, in NOW/IOLA accounts.

Net advances from the FHLBNY increased $12.9 million, or 12.3%, to $117.3 million at December 31, 2020 from $104.4 million at December 31, 2019.

Due to the acquisition of Mortgage World, the Company maintains two warehouse lines of credit totaling $32.2 million with financial institutions for the purpose of funding the originations and sale of residential mortgages. At December 31, 2020, the Company utilized $30.0 million for funding of loans held for sale.

Total stockholders’ equity increased $1.1 million, or 0.7%, to $159.5 million at December 31, 2020 from $158.4 million December 31, 2019. The $1.1 million increase in stockholders’ equity was mainly attributable to $3.9 million in net income, $1.4 million related to restricted stock units and stock options, $482,000 related to the Company’s Employee Stock Ownership Plan and $115,000 related to unrealized gains on available-for-sale securities offset by an increase of $4.7 million in stock repurchases.

The Company adopted a share repurchase program effective March 25, 2019 which expired on September 24, 2019. Under the repurchase program, the Company was authorized to repurchase up to 923,151 shares of the Company’s stock, or approximately 5% of the Company’s then current issued and outstanding shares. On November 13, 2019, the Company adopted a second share repurchase program. Under this second program, the Company was authorized to repurchase up to 878,835 shares of the Company’s stock, or approximately 5% of the Company’s then current issued and outstanding shares. The Company’s second share repurchase program was terminated on March 27, 2020 in response to the uncertainty related to the unfolding COVID-19 pandemic. On June 1, 2020, the Company adopted a third share repurchase program. Under this third program, the Company was authorized to repurchase up to 864,987 shares of the Company’s stock, or approximately 5% of the Company’s then current issued and outstanding shares. The Company’s third share repurchase program was terminated on November 30, 2020. On December 14, 2020, the Company adopted a fourth share repurchase program. Under this fourth program, the Company is authorized to repurchase up to 852,302 shares of the Company’s stock, or approximately 5% of the Company’s then current issued and outstanding shares. The fourth repurchase program may be suspended or terminated at any time without prior notice, and it will expire no later than June 13, 2021.

As of December 31, 2020, the Company had repurchased a total of 1,523,853 shares under the repurchase programs at a weighted average price of $13.43 per share, of which 1,337,059 are reported as treasury stock. Of the 1,523,853 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.

Use of Non-GAAP Measures

In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. The Company’s management believes that the supplemental non-GAAP information, which consists of the tangible common equity, adjusted net income and adjusted earnings (loss) per share is utilized by market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

Contact:
Frank Perez
frank.perez@poncebank.net
718-931-9000

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

As of

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2020

2019

ASSETS

Cash and due from banks:

Cash

$

26,936

$

14,302

$

15,875

$

13,165

$

6,762

Interest-bearing deposits in banks

45,142

61,790

60,756

90,795

20,915

Total cash and cash equivalents

72,078

76,092

76,631

103,960

27,677

Available-for-sale securities, at fair value

17,498

14,512

13,800

19,140

21,504

Held-to-maturity securities, at amortized cost

1,743

Placement with banks

2,739

2,739

Mortgage loans held for sale, at fair value

35,406

13,100

1,030

1,030

1,030

Loans receivable, net

1,158,640

1,108,956

1,072,417

972,979

955,737

Accrued interest receivable

11,396

9,995

7,677

4,198

3,982

Premises and equipment, net

32,045

32,113

32,102

32,480

32,746

Federal Home Loan Bank of New York stock (FHLBNY), at cost

6,426

6,414

6,422

7,889

5,735

Deferred tax assets

4,656

3,586

4,328

4,140

3,724

Other assets

12,604

9,844

5,824

5,127

1,621

Total assets

$

1,355,231

$

1,277,351

$

1,220,231

$

1,150,943

$

1,053,756

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:

Deposits

$

1,029,579

$

973,244

$

936,219

$

829,741

$

782,043

Accrued interest payable

60

58

48

86

97

Advance payments by borrowers for taxes and insurance

7,019

7,739

6,007

8,295

6,348

Advances from the Federal Home Loan Bank of New York and others

117,255

117,283

117,284

152,284

104,404

Warehouse lines of credit

29,961

9,065

Mortgage loan fundings payable

1,483

1,457

Other liabilities

10,330

10,131

5,674

4,794

2,462

Total liabilities

1,195,687

1,118,977

1,065,232

995,200

895,354

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 authorized

185

185

185

185

185

Treasury stock, at cost

(18,114

)

(18,281

)

(17,172

)

(16,490

)

(14,478

)

Additional paid-in-capital

85,105

85,817

85,481

85,132

84,777

Retained earnings

97,541

95,913

91,904

92,475

93,688

Accumulated other comprehensive income

135

168

150

110

20

Unearned compensation ─ ESOP

(5,308

)

(5,428

)

(5,549

)

(5,669

)

(5,790

)

Total stockholders' equity

159,544

158,374

154,999

155,743

158,402

Total liabilities and stockholders' equity

$

1,355,231

$

1,277,351

$

1,220,231

$

1,150,943

$

1,053,756

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

For the Quarters Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2020

2019

(Dollars in thousands, except share and per share data)

Interest and dividend income:

Interest on loans receivable

$

14,070

$

13,375

$

12,162

$

12,782

$

12,488

Interest on deposits due from banks

10

5

3

66

73

Interest and dividend on securities and FHLBNY stock

233

223

228

182

181

Total interest and dividend income

14,313

13,603

12,393

13,030

12,742

Interest expense:

Interest on certificates of deposit

1,422

1,597

1,730

1,827

1,921

Interest on other deposits

448

500

534

692

616

Interest on borrowings

769

655

608

587

643

Total interest expense

2,639

2,752

2,872

3,106

3,180

Net interest income

11,674

10,851

9,521

9,924

9,562

Provision for loan losses

406

620

271

1,146

95

Net interest income after provision for loan losses

11,268

10,231

9,250

8,778

9,467

Non-interest income:

Service charges and fees

263

236

145

248

266

Brokerage commissions

455

447

22

50

43

Late and prepayment charges

81

145

13

119

204

Income on sale of mortgage loans

2,748

1,372

Loan origination

656

269

Gain on sale of real property

4,412

Other

596

371

394

205

152

Total non-interest income

4,799

7,252

574

622

665

Non-interest expense:

Compensation and benefits

6,846

5,554

4,645

5,008

4,726

Loss on termination of pension plan

9,930

Occupancy and equipment

2,686

2,584

2,277

2,017

2,026

Data processing expenses

578

596

496

467

394

Direct loan expenses

599

437

199

212

171

Insurance and surety bond premiums

166

138

128

121

102

Office supplies, telephone and postage

385

386

312

316

316

Professional fees

1,533

1,553

1,336

1,627

1,038

Marketing and promotional expenses

127

145

234

39

Directors fees

69

69

69

69

69

Regulatory dues

59

49

56

46

58

Other operating expenses

1,034

834

772

705

606

Total non-interest expense

13,955

12,327

10,435

10,822

19,475

Income (loss) before income taxes

2,112

5,156

(611

)

(1,422

)

(9,343

)

Provision (benefit) for income taxes

484

1,147

(40

)

(209

)

(1,891

)

Net income (loss)

$

1,628

$

4,009

$

(571

)

$

(1,213

)

$

(7,452

)

Earnings (loss) per share:

Basic

$

0.10

$

0.24

$

(0.03

)

$

(0.07

)

$

(0.43

)

Diluted

$

0.10

$

0.24

$

(0.03

)

$

(0.07

)

$

(0.43

)

Weighted average shares outstanding:

Basic

16,558,576

16,612,205

16,723,449

16,800,538

17,145,970

Diluted

16,558,576

16,612,205

16,723,449

16,800,538

17,145,970

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

For the Years Ended December 31,

2020

2019

Variance $

Variance %

(Dollars in thousands, except share and per share data)

Interest and dividend income:

Interest on loans receivable

$

52,389

$

49,306

$

3,083

6.25

%

Interest on deposits due from banks

84

617

(533

)

(86.39

%)

Interest and dividend on securities and FHLBNY stock

866

568

298

52.46

%

Total interest and dividend income

53,339

50,491

2,848

5.64

%

Interest expense:

Interest on certificates of deposit

6,576

7,677

(1,101

)

(14.34

%)

Interest on other deposits

2,174

2,827

(653

)

(23.10

%)

Interest on borrowings

2,619

1,854

765

41.26

%

Total interest expense

11,369

12,358

(989

)

(8.00

%)

Net interest income

41,970

38,133

3,837

10.06

%

Provision for loan losses

2,443

258

2,185

*

Net interest income after provision for loan losses

39,527

37,875

1,652

4.36

%

Non-interest income:

Service charges and fees

892

971

(79

)

(8.14

%)

Brokerage commissions

974

212

762

359.43

%

Late and prepayment charges

358

755

(397

)

(52.58

%)

Income on sale of mortgage loans

4,120

4,120

%

Loan origination

925

925

%

Gain on sale of real property

4,177

4,177

%

Other

1,801

745

1,056

141.74

%

Total non-interest income

13,247

2,683

10,564

393.74

%

Non-interest expense:

Compensation and benefits

22,053

18,883

3,170

16.79

%

Loss on termination of pension plan

9,930

(9,930

)

(100.00

%)

Occupancy and equipment

9,564

7,612

1,952

25.64

%

Data processing expenses

2,137

1,576

561

35.60

%

Direct loan expenses

1,447

692

755

109.10

%

Insurance and surety bond premiums

553

414

139

33.57

%

Office supplies, telephone and postage

1,399

1,185

214

18.06

%

Professional fees

6,049

3,237

2,812

86.87

%

Marketing and promotional expenses

488

158

330

208.86

%

Directors fees

276

294

(18

)

(6.12

%)

Regulatory dues

210

231

(21

)

(9.09

%)

Other operating expenses

3,363

2,395

968

40.42

%

Total non-interest expense

47,539

46,607

932

2.00

%

Income (loss) before income taxes

5,235

(6,049

)

11,284

(186.54

%)

Provision (benefit) for income taxes

1,382

(924

)

2,306

(249.57

%)

Net income (loss)

$

3,853

$

(5,125

)

$

8,978

(175.18

%)

Earnings (loss) per share:

Basic

$

0.23

$

(0.29

)

N/A

N/A

Diluted

$

0.23

$

(0.29

)

N/A

N/A

Weighted average shares outstanding:

Basic

16,673,193

17,432,318

N/A

N/A

Diluted

16,682,584

17,432,318

N/A

N/A

*Indicates more than 500%.

PDL Community Bancorp and Subsidiaries
Key Metrics

At or for the Quarters Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2020

2019

Performance Ratios:

Return on average assets (1)

0.50

%

1.28

%

(0.20

%)

(0.46

%)

(2.79

%)

Return on average equity (1)

4.03

%

9.95

%

(1.47

%)

(3.07

%)

(18.24

%)

Net interest rate spread (1) (2)

3.50

%

3.33

%

3.13

%

3.51

%

3.34

%

Net interest margin (1) (3)

3.78

%

3.65

%

3.45

%

3.87

%

3.71

%

Non-interest expense to average assets (1)

4.29

%

3.95

%

3.57

%

4.07

%

7.30

%

Efficiency ratio (4)

84.71

%

68.09

%

103.37

%

102.62

%

190.43

%

Average interest-earning assets to average interest- bearing liabilities

132.04

%

134.35

%

130.72

%

129.16

%

130.64

%

Average equity to average assets

12.44

%

12.90

%

13.30

%

14.85

%

15.32

%

Capital Ratios:

Total capital to risk weighted assets (bank only)

15.95

%

16.93

%

17.52

%

17.84

%

18.62

%

Tier 1 capital to risk weighted assets (bank only)

14.70

%

15.68

%

16.26

%

16.59

%

17.36

%

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

14.70

%

15.68

%

16.26

%

16.59

%

17.36

%

Tier 1 capital to average assets (bank only)

11.19

%

11.46

%

11.63

%

12.76

%

12.92

%

Asset Quality Ratios:

Allowance for loan losses as a percentage of total loans

1.27

%

1.28

%

1.27

%

1.37

%

1.28

%

Allowance for loan losses as a percentage of nonperforming loans

127.28

%

131.00

%

118.89

%

138.47

%

106.30

%

Net (charge-offs) recoveries to average outstanding loans (1)

0.03

%

0.00

%

0.01

%

0.00

%

0.03

%

Non-performing loans as a percentage of total gross loans

1.00

%

0.98

%

1.08

%

1.00

%

1.20

%

Non-performing loans as a percentage of total assets

0.86

%

0.86

%

0.95

%

0.85

%

1.10

%

Total non-performing assets as a percentage of total assets

0.86

%

0.86

%

0.95

%

0.85

%

1.10

%

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

1.35

%

1.36

%

1.51

%

1.49

%

1.92

%

Other:

Number of offices (5)

20

20

14

14

14

Number of full-time equivalent employees (6)

227

230

179

184

183

(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 December 31, 2020 included 6 offices due to acquisition of Mortgage World.
(6) Number of full-time equivalent employees at December 31, 2020 included 46 employees due to acquisition of Mortgage World.

PDL Community Bancorp and Subsidiaries
Loan Portfolio

As of

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2020

2019

Amount

Percent

Amount

Percent

Amount

Percent

Amount

Percent

Amount

Percent

(Dollars in thousands)

Mortgage loans:

1-4 family residential

Investor Owned

$

319,596

27.27

%

$

320,438

28.55

%

$

317,055

29.25

%

$

308,206

31.31

%

$

305,272

31.60

%

Owner-Occupied

98,795

8.43

%

93,340

8.31

%

91,345

8.43

%

93,887

9.54

%

91,943

9.52

%

Multifamily residential

307,411

26.23

%

284,775

25.37

%

274,641

25.34

%

259,326

26.35

%

250,239

25.90

%

Nonresidential properties

218,929

18.68

%

217,771

19.40

%

209,068

19.29

%

210,225

21.36

%

207,225

21.45

%

Construction and land

105,858

9.03

%

99,721

8.89

%

96,841

8.93

%

100,202

10.18

%

99,309

10.28

%

Total mortgage loans

1,050,589

89.64

%

1,016,045

90.52

%

988,950

91.24

%

971,846

98.74

%

953,988

98.75

%

Non-mortgage loans:

Business loans (1)

94,947

8.10

%

96,700

8.61

%

93,394

8.62

%

11,183

1.13

%

10,877

1.12

%

Consumer loans (2)

26,517

2.26

%

9,806

0.87

%

1,578

0.14

%

1,288

0.13

%

1,231

0.13

%

Total non-mortgage loans

121,464

10.36

%

106,506

9.48

%

94,972

8.76

%

12,471

1.26

%

12,108

1.25

%

Total loans, gross

1,172,053

100.00

%

1,122,551

100.00

%

1,083,922

100.00

%

984,317

100.00

%

966,096

100.00

%

Net deferred loan origination costs

1,457

786

2,256

2,146

1,970

Allowance for losses on loans

(14,870

)

(14,381

)

(13,761

)

(13,484

)

(12,329

)

Loans, net

$

1,158,640

$

1,108,956

$

1,072,417

$

972,979

$

955,737

(1) As of December 31, 2020, September 30, 2020 and June 30, 2020, business loans include $85.3 million, $86.2 million and $83.6 million, respectively, of PPP loans.
(2) As of December 31, 2020 and September 30, 2020, consumer loans include $25.5 million and $8.9 million, respectively, of loans originated by the Bank pursuant to its arrangement with Grain Technologies, LLC.

PDL Community Bancorp and Subsidiaries
Deposits

As of

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2020

2019

Amount

Percent

Amount

Percent

Amount

Percent

Amount

Percent

Amount

Percent

(Dollars in thousands)

Demand (1)

$

189,855

18.44

%

$

186,328

19.15

%

$

192,429

20.55

%

$

110,801

13.35

%

$

109,548

14.01

%

Interest-bearing deposits:

NOW/IOLA accounts

39,296

3.82

%

29,618

3.04

%

26,477

2.83

%

31,586

3.81

%

32,866

4.20

%

Money market accounts

136,258

13.23

%

148,877

15.30

%

125,631

13.42

%

121,629

14.66

%

86,721

11.09

%

Reciprocal deposits

131,363

12.76

%

108,367

11.13

%

96,915

10.35

%

62,384

7.52

%

47,659

6.09

%

Savings accounts

125,820

12.22

%

120,883

12.42

%

119,277

12.74

%

112,318

13.53

%

115,751

14.80

%

Total NOW, money market, reciprocal and savings accounts

432,737

42.03

%

407,745

41.89

%

368,300

39.34

%

327,917

39.52

%

282,997

36.18

%

Certificates of deposit of $250K or more

78,435

7.62

%

80,403

8.26

%

81,786

8.74

%

81,486

9.82

%

84,263

10.77

%

Brokered certificates of deposit (2)

52,678

5.12

%

55,878

5.74

%

55,878

5.97

%

51,661

6.23

%

76,797

9.82

%

Listing service deposits (2)

39,476

3.83

%

49,342

5.07

%

54,370

5.81

%

55,842

6.73

%

32,400

4.14

%

All other certificates of deposit less than $250K

236,398

22.96

%

193,548

19.89

%

183,456

19.59

%

202,034

24.35

%

196,038

25.08

%

Total certificates of deposit

406,987

39.53

%

379,171

38.96

%

375,490

40.11

%

391,023

47.13

%

389,498

49.81

%

Total interest-bearing deposits

839,724

81.56

%

786,916

80.85

%

743,790

79.45

%

718,940

86.65

%

672,495

85.99

%

Total deposits

$

1,029,579

100.00

%

$

973,244

100.00

%

$

936,219

100.00

%

$

829,741

100.00

%

$

782,043

100.00

%

(1) As of December 31, 2020, September 30, 2020 and June 30, 2020, included in demand deposits are $43.5 million, $41.9 million and $65.1 million, respectively, related to net PPP funding.
(2) As of December 31, 2020, there were $27.0 million in individual brokered certificates of deposit or listing service deposits amounting to $250,000 or more.

PDL Community Bancorp and Subsidiaries
Nonperforming Assets

For the Quarters Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2020

2019

(Dollars in thousands)

Non-accrual loans:

Mortgage loans:

1-4 family residential

Investor owned

$

2,808

$

2,750

$

2,767

$

2,327

$

2,312

Owner occupied

1,053

1,075

1,327

1,069

1,009

Multifamily residential

946

210

Nonresidential properties

3,776

3,830

4,355

3,228

3,555

Construction and land

1,118

Non-mortgage loans:

Business

Consumer

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

$

8,583

$

7,865

$

8,449

$

6,624

$

7,994

Non-accruing troubled debt restructured loans:

Mortgage loans:

1-4 family residential

Investor owned

$

249

$

267

$

272

$

276

$

467

Owner occupied

2,197

2,191

2,198

2,185

2,491

Multifamily residential

Nonresidential properties

654

655

656

653

646

Construction and land

Non-mortgage loans:

Business

Consumer

Total non-accruing troubled debt restructured loans

3,100

3,113

3,126

3,114

3,604

Total non-accrual loans

$

11,683

$

10,978

$

11,575

$

9,738

$

11,598

Total non-performing assets

$

11,683

$

10,978

$

11,575

$

9,738

$

11,598

Accruing troubled debt restructured loans:

Mortgage loans:

1-4 family residential

Investor owned

$

3,378

$

3,396

$

3,730

$

3,730

$

5,191

Owner occupied

2,505

2,177

2,348

2,359

2,090

Multifamily residential

Nonresidential properties

754

759

762

1,300

1,306

Construction and land

Non-mortgage loans:

Business

14

Consumer

Total accruing troubled debt restructured loans

$

6,637

$

6,332

$

6,840

$

7,389

$

8,601

Total non-performing assets and accruing troubled debt restructured loans

$

18,320

$

17,310

$

18,415

$

17,127

$

20,199

Total non-performing loans to total gross loans

1.00

%

0.98

%

1.08

%

1.00

%

1.20

%

Total non-performing assets to total assets

0.86

%

0.86

%

0.95

%

0.85

%

1.10

%

Total non-performing assets and accruing troubled debt restructured loans to total assets

1.35

%

1.36

%

1.51

%

1.49

%

1.92

%

PDL Community Bancorp and Subsidiaries
Average Balance Sheets

For the Three Months Ended December 31,

2020

2019

Average

Average

Outstanding

Average

Outstanding

Average

Balance

Interest

Yield/Rate (1)

Balance

Interest

Yield/Rate (1)

(Dollars in thousands)

Interest-earning assets:

Loans (2)

$

1,164,323

$

14,070

4.81

%

$

961,555

$

12,488

5.15

%

Securities (3)

17,205

154

3.56

%

30,729

118

1.52

%

Other (4)

47,541

89

0.74

%

29,484

136

1.83

%

Total interest-earning assets

1,229,069

14,313

4.63

%

1,021,768

12,742

4.95

%

Non-interest-earning assets

63,771

36,579

Total assets

$

1,292,840

$

1,058,347

Interest-bearing liabilities:

NOW/IOLA

$

30,752

$

36

0.47

%

$

28,254

$

37

0.52

%

Money market

247,669

372

0.60

%

126,111

543

1.71

%

Savings

123,518

39

0.13

%

115,881

35

0.12

%

Certificates of deposit

391,107

1,422

1.45

%

387,490

1,921

1.97

%

Total deposits

793,046

1,869

0.94

%

657,736

2,536

1.53

%

Advance payments by borrowers

9,168

1

0.04

%

9,156

1

0.04

%

Borrowings

128,617

769

2.38

%

115,231

643

2.21

%

Total interest-bearing liabilities

930,831

2,639

1.13

%

782,123

3,180

1.61

%

Non-interest-bearing liabilities:

Non-interest-bearing demand

192,542

110,790

Other non-interest-bearing liabilities

8,623

3,343

Total non-interest-bearing liabilities

201,165

114,133

Total liabilities

1,131,996

2,639

896,256

3,180

Total equity

160,844

162,091

Total liabilities and total equity

$

1,292,840

1.13

%

$

1,058,347

1.61

%

Net interest income

$

11,674

$

9,562

Net interest rate spread (5)

3.50

%

3.34

%

Net interest-earning assets (6)

$

298,238

$

239,645

Net interest margin (7)

3.78

%

3.71

%

Average interest-earning assets to interest-bearing liabilities

132.04

%

130.64

%

(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
Average Balance Sheets

For the Year Ended December 31,

2020

2019

Average

Average

Outstanding

Average

Outstanding

Average

Balance

Interest

Yield/Rate

Balance

Interest

Yield/Rate

(Dollars in thousands)

Interest-earning assets:

Loans (1)

$

1,068,785

$

52,389

4.90

%

$

946,159

$

49,306

5.21

%

Securities (2)

16,473

515

3.13

%

24,778

362

1.46

%

Other (3)

53,683

435

0.81

%

35,517

823

2.32

%

Total interest-earning assets

1,138,941

53,339

4.68

%

1,006,454

50,491

5.02

%

Non-interest-earning assets

56,415

35,504

Total assets

$

1,195,356

$

1,041,958

Interest-bearing liabilities:

NOW/IOLA

$

29,792

$

153

0.51

%

$

27,539

$

122

0.44

%

Money market

207,454

1,869

0.90

%

124,729

2,548

2.04

%

Savings

118,956

148

0.12

%

119,521

153

0.13

%

Certificates of deposit

379,276

6,576

1.73

%

403,010

7,677

1.90

%

Total deposits

735,478

8,746

1.19

%

674,799

10,500

1.56

%

Advance payments by borrowers

8,463

4

0.05

%

8,608

4

0.05

%

Borrowings

121,193

2,619

2.16

%

77,621

1,854

2.39

%

Total interest-bearing liabilities

865,134

11,369

1.31

%

761,028

12,358

1.62

%

Non-interest-bearing liabilities:

Non-interest-bearing demand

164,555

110,745

Other non-interest-bearing liabilities

6,603

3,900

Total non-interest-bearing liabilities

171,158

114,645

Total liabilities

1,036,292

11,369

875,673

12,358

Total equity

159,064

166,285

Total liabilities and total equity

$

1,195,356

1.31

%

$

1,041,958

1.62

%

Net interest income

$

41,970

$

38,133

Net interest rate spread (4)

3.37

%

3.40

%

Net interest-earning assets (5)

$

273,807

$

245,426

Net interest margin (6)

3.69

%

3.79

%

Average interest-earning assets to

interest-bearing liabilities

131.65

%

132.25

%

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

PDL Community Bancorp and Subsidiaries
Other Data

For the Quarters Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2020

2019

(Dollars in thousands, except share and per share data)

Other Data

Common shares issued

18,463,028

18,463,028

18,463,028

18,463,028

18,463,028

Less treasury shares

1,337,059

1,346,679

1,228,737

1,163,288

1,011,894

Common shares outstanding at end of period

17,125,969

17,116,349

17,234,291

17,299,740

17,451,134

Book value per share

$

9.32

$

9.25

$

8.99

$

9.00

$

9.08

Tangible book value per share

$

9.32

$

9.25

$

8.99

$

9.00

$

9.08