PDL Community Bancorp Announces Results for the Year Ended December 31, 2017


NEW YORK, April 02, 2018 (GLOBE NEWSWIRE) -- PDL Community Bancorp, (the “Company”) (NASDAQ:PDLB), the holding company for Ponce Bank (the “Bank”), reported a net loss of $4.4 million for the year ended December 31, 2017 compared to net income of $1.4 million for the same period in 2016. The Company was formed on September 29, 2017 in conjunction with the reorganization of Ponce De Leon Federal Bank, Ponce Bank’s predecessor, into Ponce Bank Mutual Holding Company, a mutual holding company. Accordingly, the Company’s financial results of prior periods are solely those of Ponce Bank. The Company’s results of operations for 2017 include a one-time pre-tax contribution by the Company of 609,279 shares of common stock, valued at $6.1 million, and $200,000 in cash, to establish the Ponce De Leon Foundation (the “Foundation”).

The Company reported a net loss of $2.9 million for the quarter ended December 31, 2017 compared to net income of $239,000 for the same period in 2016. Earnings (loss) per share, for the period of September 29, 2017 to December 31, 2017, was ($0.16). The Company’s results for the quarter ended December 31, 2017 includes a one-time tax expense of $2.1 million due to the enactment of federal tax reform.

“The quarter ended December 31, 2017 was our first full quarter as a public company; it has been a rewarding and challenging period as we embark on deploying and growing into our capital,” said Steven A. Tsavaris, Executive Chairman. Carlos P. Naudon, President and CEO, noted that “we are delighted with our operating results, particularly with our organic loan growth, and its effects, in the face of headwinds from increasing interest rates.”

Net Interest Income

Net interest income was $32.2 million for the year ended December 31, 2017, up $4.4 million, or 15.8% from $27.8 million for the year ended December 31, 2016. The increase in net interest income for the year ended December 31, 2017 compared to the same period in 2016 reflects a $5.2 million, or 15.6%, increase in total interest and dividend income offset by an increase of $847,000, or 14.3% in total interest expense. The increase in interest and dividend income is primarily due to the mortgage loan growth that provided an increase in average outstanding loans of $129.7 million or 21.4%, for the year ended December 31, 2017 compared to the same period in 2016. The net interest rate spread and net interest margin was 3.76% and 4.02%, respectively, for the year ended December 31, 2017 compared to 3.82% and 4.02%, respectively, for the same period in 2016. The yield on loans decreased to 5.19% for the year ended December 31, 2017 from 5.39% for the same period in 2016. The increase in interest expense is due to an increase in average interest-bearing liabilities of $56.7 million, or 10.2%, for the year ended December 31, 2017 compared to the same period in 2016. The cost of interest-bearing liabilities increased to 1.11% for the year ended December 31, 2017 from 1.06% for the same period in 2016.

Net interest income was $8.5 million for the quarter ended December 31, 2017, up $1.5 million, or 21.4%, from $7.0 million for the quarter ended December 31, 2016. The increase in net interest income for the quarter ended December 31, 2017 compared to the same period in 2016 reflects a $1.8 million, or 21.2%, increase in total interest and dividend income offset by an increase of $378,000, or 24.8%, in total interest expense. The increase in interest and dividend income is primarily due to growth in the investor-owned one-to-four family, multifamily, nonresidential, and construction and land loans, that provided an increase in average outstanding loans of $174.0 million or 27.4%, for the quarter ended December 31, 2017 compared to the same period in 2016. The net interest rate spread and net interest margin was 3.58% and 3.88%, respectively, for the quarter ended December 31, 2017 compared to 3.74% and 3.95%, respectively, for the same period in 2016. The yield on loans decreased to 4.96% for the quarter ended December 31, 2017 from 5.23% for the same period in 2016. The increase in interest expense is due to an increase in average interest-bearing liabilities of $70.7 million or 12.5%, for the quarter ended December 31, 2017 compared to the same period in 2016. The cost of interest-bearing liabilities increased to 1.15% for the quarter ended December 31, 2017 from 1.07% for the same period in 2016.

Noninterest Income

Noninterest income was $688,000 for the quarter ended December 31, 2017, up $106,000, or 18.2%, from $582,000 for the same period in 2016. The increase is mainly attributed to an increase of $161,000 in late fees and prepayment charges related to mortgage loans.

Noninterest income was $3.1 million for the year ended December 31, 2017, up $673,000, or 27.7%, from $2.4 million for the same period in 2016. The increase is mainly attributed to an increase of $508,000 in late fees and prepayment charges related to mortgage loans.

Noninterest Expense

Noninterest expenses were $36.6 million for the year ended December 31, 2017, up $8.7 million, or 31.2%, from $27.9 million for the same period in 2016. The increase is mainly attributed to a one-time pre-tax contribution by the Company of 609,279 shares of common stock, valued at of $6.1 million, and $200,000 in cash, in connection with the establishment of the Foundation, combined with an increase of $2.1 million in total compensation and benefits expense which included an increase of $921,000 related to salaries and an expense of $735,000 related to the newly created Employee Stock Ownership Plan.

Noninterest expenses were $8.7 million for the quarter ended December 31, 2017, up $1.6 million, or 22.5%, from $7.1 million for the same period in 2016. The increase is mainly attributed to an increase of $1.1 million in total compensation and benefits expense which included an expense of $735,000 related to the newly created Employee Stock Ownership Plan as part of the reorganization.

Asset Quality

Nonperforming assets increased to $11.4 million or 1.23% of total assets at December 31, 2017 from $7.7 million or 1.04% of total assets at December 31, 2016. The increase is mainly attributed to an increase in nonaccruals of $3.2 million in owner-occupied one-to-four family residences.

Provision for loan losses was $1.2 million for the quarter ended December 31, 2017, compared to $139,000 for the same period in 2016. Provision for loan losses was $1.7 million for the year ended December 31, 2017, compared to a recovery of $57,000 for the same period in 2016. The allowance for loan losses was $11.1 million, or 1.37%, of total loans at December 31, 2017, compared to $10.2 million, or 1.57%, of total loans at December 31, 2016. Net charge-offs totaled $1.3 million for the quarter ended December 31, 2017, or 0.16% of average loans outstanding, compared to a recovery of $102,000 for the same period in 2016. Net charge-offs totaled $850,000 for the year ended December 31, 2017, or 0.12% of average loans outstanding, compared to a recovery of $778,000 for the year ended December 31, 2016.

Balance Sheet

Total assets increased $180.5 million, or 24.2%, to $925.5 million at December 31, 2017 from $745.0 million at December 31, 2016. Net loans increased $156.6 million, or 24.4%, to $798.7 million at December 31, 2017 from $642.1 million at December 31, 2016. The increase in net loans was primarily attributed to increases of $96.9 million in multifamily, nonresidential, construction and land loans and $59.8 million in investor-owned one-to-four family residences.

Total deposits increased $70.9 million, or 11.0%, to $714.0 million at December 31, 2017 from $643.1 million at December 31, 2016. The increase in deposits was primarily attributed to increases in certificates of deposits of $41.3 million and an increase of $24.2 million in demand deposits.

Total stockholders’ equity was $164.8 million at December 31, 2017 compared to $93.0 million at December 31, 2016. The Company and the Bank exceeded all regulatory capital requirements to be deemed well-capitalized at December 31, 2017. The Bank’s total capital to risk-weighted asset ratio was 20.73%, the tier 1 capital to risk-weighted assets ratio and the common equity tier 1 capital ratio was 19.48%, the tier 1 capital to total assets ratio was 14.67% at December 31, 2017 compared to 19.21%, 17.96%, and 13.32% at December 31, 2016.

The Annual Meeting of Stockholders of PDL Community Bancorp will be held at our administrative office located at 2244 Westchester Avenue, Bronx, New York 10462 on May 10, 2018, at 10:00 am, local time.

About PDL Community Bancorp

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

Forward Looking Statements

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

 

 
PDL Community Bancorp and Subsidiaries
Consolidated Balance Sheets
(Dollars in thousands, except for share data)
 
  As of 
  December 31,  September 30,  June 30,  March 31,  December 31, 
  2017  2017  2017  2017  2016 
ASSETS                    
Cash and due from banks:                    
Cash $24,746  $4,716  $4,096  $4,557  $4,796 
Interest-bearing deposits in banks  34,978   51,629   5,400   11,947   6,920 
Total cash and cash equivalents  59,724   56,345   9,496   16,504   11,716 
Available-for-sale securities, at fair value  28,897   29,312   29,668   51,937   52,690 
Loans held for sale        2,143   2,143   2,143 
Loans receivable, net of allowance for loan losses  798,703   767,721   732,520   677,525   642,148 
Accrued interest receivable  3,335   3,132   2,917   2,749   2,707 
Premises and equipment, net  27,172   25,729   25,599   25,687   26,028 
Federal Home Loan Bank Stock (FHLB), at cost  1,511   1,448   1,288   2,089   964 
Deferred tax assets  3,909   5,563   3,378   3,378   3,379 
Other assets  2,271   3,013   5,987   4,241   3,208 
Total assets $925,522  $892,263  $812,996  $786,253  $744,983 
LIABILITIES AND STOCKHOLDERS' EQUITY                    
Liabilities:                    
Deposits $713,985  $698,655  $702,406  $655,882  $643,078 
Accrued interest payable  42   32   31   26   28 
Advance payments by borrowers for taxes and insurance  5,025   5,967   4,661   5,670   3,882 
Advances and borrowings  36,400   15,000   8,000   28,000   3,000 
Other liabilities  5,285   4,101   3,224   3,201   2,003 
Total liabilities  760,737   723,755   718,322   692,779   651,991 
Commitments and contingencies               
Stockholders' Equity:                    
Preferred stock, $0.01 par value; 10,000,000 shares authorized, none issued               
Common stock, $0.01 par value; 50,000,000  shares authorized; 18,463,028 shares issued and
outstanding at December 31, 2017
  185   185          
Additional paid-in-capital  84,351   84,099          
Retained earnings  94,855   97,719   100,929   99,805   99,242 
Accumulated other comprehensive loss  (7,851)  (6,257)  (6,255)  (6,331)  (6,250)
Unearned Employee Stock Ownership Plan (ESOP) shares; 675,501 shares at December 31, 2017  (6,755)  (7,238)         
Total stockholders' equity  164,785   168,508   94,674   93,474   92,992 
Total liabilities and stockholders' equity $925,522  $892,263  $812,996  $786,253  $744,983 
                     
                     


  
PDL Community Bancorp and Subsidiaries 
Consolidated Statements of Income (Loss) 
(Dollars in thousands, except per share data) 
                     
  For the Quarters Ended 
  December 31,  September 30,  June 30,  March 31,  December 31, 
  2017  2017  2017  2017  2016 
Interest and dividend income:                    
Interest on loans receivable $10,106  $9,893  $9,581  $8,592  $8,331 
Interest and dividends on investment securities and FHLB stock  221   271   123   202   211 
Total interest and dividend income  10,327   10,164   9,704   8,794   8,542 
Interest expense:                    
Interest on certificates of deposit  1,599   1,574   1,428   1,316   1,385 
Interest on other deposits  168   176   161   151   140 
Interest on borrowings  83   66   32   29   1 
Total interest expense  1,850   1,816   1,621   1,496   1,526 
Net interest income  8,477   8,348   8,083   7,298   7,016 
Provision for loan losses  1,219   238   207   52   139 
Net interest income after provision for loan losses  7,258   8,110   7,876   7,246   6,877 
Noninterest income:                    
Service charges and fees  224   231   225   229   234 
Brokerage commissions  94   167   168   118   133 
Late and prepayment charges  207   157   235   211   46 
Other  169   213   256   200   169 
Total noninterest income  694   768   884   758   582 
Noninterest expense:                    
Compensation and benefits  5,104   4,220   3,956   3,829   3,992 
Occupancy expense  1,588   1,412   1,400   1,425   1,471 
Data processing expenses  293   316   413   448   329 
Direct loan expenses  171   189   184   195   173 
Insurance and surety bond premiums  64   44   79   82   95 
Office supplies, telephone and postage  317   250   282   254   252 
FDIC deposit insurance assessment  4   122   58   66   (8)
Charitable foundation contributions     6,293          
Other operating expenses  1,195   884   623   797   757 
Total noninterest expense  8,736   13,730   6,995   7,096   7,061 
Income (loss) before income taxes  (784)  (4,852)  1,765   908   398 
Provision for income taxes (benefit)  2,081   (1,643)  641   345   159 
Net income (loss) $(2,865) $(3,209) $1,124  $563  $239 
Earnings per share  for the period September 29, 2017 to December 31, 2017:                    
Basic $(0.16) N/A  N/A  N/A  N/A 
Diluted $(0.16) N/A  N/A  N/A  N/A 
                     
                     


  
PDL Community Bancorp and Subsidiaries 
Consolidated Statements of Income (Loss) 
For the Years Ended December 31, 2017 and  2016 
(Dollars in thousands, except per share data) 
                 
  For the Years Ended December 31, 
  2017  2016  $ Variance  % Variance 
Interest and dividend income:                
Interest on loans receivable $38,172  $32,660  $5,512   16.88%
Interest and dividends on investment securities and FHLB stock  817   1,081   (264)  (24.42%)
Total interest and dividend income  38,989   33,741   5,248   15.55%
Interest expense:                
Interest on certificates of deposit  5,917   5,502   415   7.54%
Interest on other deposits  656   427   229   53.63%
Interest on borrowings  210   7   203   2,900.00%
Total interest expense  6,783   5,936   847   14.27%
Net interest income  32,206   27,805   4,401   15.83%
Provision for loan losses (recovery)  1,716   (57)  1,773   (3,110.53%)
Net interest income after provision for loan losses (recovery)  30,490   27,862   2,628   9.43%
Noninterest income:                
Service charges and fees  909   938   (29)  (3.09%)
Brokerage commissions  547   515   32   6.21%
Late and prepayment charges  810   302   508   168.21%
Other  838   676   162   23.96%
Total noninterest income  3,104   2,431   673   27.68%
Noninterest expense:                
Compensation and benefits  17,109   14,979   2,130   14.22%
Occupancy expense  5,825   5,651   174   3.08%
Data processing expenses  1,470   1,617   (147)  (9.09%)
Direct loan expenses  739   860   (121)  (14.07%)
Insurance and surety bond premiums  269   464   (195)  (42.03%)
Office supplies, telephone and postage  1,103   1,071   32   2.99%
FDIC deposit insurance assessment  250   538   (288)  (53.53%)
Charitable foundation contributions  6,293      6,293   100.00%
Other operating expenses  3,499   2,683   816   30.41%
Total noninterest expense  36,557   27,863   8,694   31.20%
Income (loss) before income taxes  (2,963)  2,430   (5,393)  (221.93%)
Provision for income taxes  1,424   1,005   419   41.69%
Net income (loss) $(4,387) $1,425  $(5,812)  (407.86%)
Earnings per share  for the period September 29, 2017 to December 31, 2017:                
Basic $(0.16) N/A  N/A  N/A 
Diluted $(0.16) N/A  N/A  N/A 
                 
                 


 
PDL Community Bancorp and Subsidiaries
Key Metrics
 
   At or For the Years Ended December 31, 
  2017  2016  2015  2014  2013 
Performance Ratios:                    
Return on average assets  (0.51%)  0.20%  0.35%  0.35%  0.33%
Return on average equity  (3.52%)  1.53%  2.76%  2.80%  2.79%
Net interest rate spread (1)  3.76%  3.82%  3.96%  4.26%  3.99%
Net interest margin (2)  4.02%  4.02%  4.14%  4.42%  4.18%
Noninterest expense to average assets  4.28%  3.84%  3.67%  3.59%  3.30%
Efficiency ratio (3)  103.53%  92.15%  86.23%  79.34%  75.75%
Average interest-earning assets to average interest- bearing liabilities  130.35%  123.84%  121.66%  119.27%  117.72%
Average equity to average assets  14.58%  12.81%  12.78%  12.58%  11.79%
Capital Ratios:                    
Total capital to risk weighted assets (bank only)  20.73%  19.21%  20.72%  20.32%  18.85%
Tier 1 capital to risk weighted assets (bank only)  19.48%  17.96%  19.46%  19.06%  17.59%
Common equity Tier 1 capital to risk-weighted assets (bank only)  19.48%  17.96%  19.46% N/A  N/A 
Tier 1 capital to average assets (bank only)  14.67%  13.32%  13.67%  13.46%  12.65%
Asset Quality Ratios:                    
Allowance for loan losses as a percentage of total loans  1.37%  1.57%  1.64%  1.71%  1.74%
Allowance for loan losses as a percentage of nonperforming loans  97.05%  132.15%  99.78%  58.79%  21.80%
Net (charge-offs) recoveries to average outstanding loans during the year  (0.12%)  0.13%  (0.06%)  (0.30%)  (0.61%)
Non-performing loans as a percentage of total loans  1.41%  1.19%  1.65%  2.91%  7.98%
Non-performing loans as a percentage of total assets  1.23%  1.04%  1.35%  2.28%  6.29%
Total non-performing assets as a percentage of total assets  1.23%  1.04%  1.36%  2.30%  6.24%
Total non-performing assets, accruing loans past due 90 days or more,  and accruing troubled debt restructured loans as a percentage of total assets  2.72%  3.50%  4.19%  5.33%  7.50%
Other:                    
Number of offices 14  14  14  14  14 
Number of full-time equivalent employees 177  174  175  164  168 
                     

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

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

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

 
PDL Community Bancorp and Subsidiaries
Loan Portfolio
 
   At December 31, 
  2017  2016  2015  2014  2013 
  Amount  Percent  Amount  Percent  Amount  Percent  Amount  Percent  Amount  Percent 
  (Dollars in thousands) 
Mortgage loans:                                        
1-4 family residential                                        
Investor Owned $287,158   35.51% $227,409   34.90% $203,239   35.25% $190,726   34.54% $195,762   34.27%
Owner-Occupied  100,854   12.47%  97,631   14.98%  106,053   18.39%  105,222   19.05%  111,252   19.47%
Multifamily residences  188,550   23.31%  158,200   24.28%  122,836   21.30%  110,978   20.10%  107,541   18.82%
Nonresidential properties  151,193   18.70%  121,500   18.64%  106,462   18.46%  111,806   20.24%  109,603   19.19%
Construction and land  67,240   8.31%  30,340   4.66%  22,883   3.97%  18,707   3.39%  25,567   4.48%
Total mortgage loans  794,995   98.30%  635,080   97.46%  561,473   97.37%  537,439   97.32%  549,725   96.23%
Nonmortgage loans:                                        
Business loans  12,873   1.59%  15,719   2.41%  14,350   2.49%  14,206   2.57%  20,349   3.56%
Consumer loans  886   0.11%  843   0.13%  788   0.14%  614   0.11%  1,210   0.21%
Total nonmortgage loans  13,759   1.70%  16,562   2.54%  15,138   2.63%  14,820   2.68%  21,559   3.77%
   808,754   100.00%  651,642   100.00%  576,611   100.00%  552,259   100.00%  571,284   100.00%
                                         
Net deferred loan origination costs  1,020       711       535       479       279     
Allowance for losses on loans  (11,071)      (10,205)      (9,484)      (9,449)      (9,940)    
                                         
Loans, net $798,703      $642,148      $567,662      $543,289      $561,623     
                                         

 

PDL Community Bancorp and Subsidiaries
Nonperforming Assets
 At December 31, 
  2017  2016  2015 2014 2013 
  (Dollars in thousands) 
Nonaccrual loans:                    
Mortgage loans:                    
1-4 family residential                    
Investor-owned $1,034  $809  $1,635  $2,721  $7,365 
Owner-occupied  2,624   1,463   1,078   1,036   4,983 
Multifamily residential  521         2,957   4,040 
Nonresidential properties  1,387   1,614   1,660   72   1,579 
Construction and land  1,075   1,145   637   259   3,019 
Nonmortgage loans:                    
Business  147   22   13   14   236 
Consumer              29 
Total nonaccrual loans (not including non-accruing troubled debt restructured loans) $6,788  $5,053  $5,023  $7,059  $21,251 
                     
Non-accruing troubled debt restructured loans:                    
Mortgage loans:                    
1-4 family residential                    
Investor-owned $1,144  $1,240  $2,599  $4,585  $10,059 
Owner-occupied  2,693   646   1,055   1,923   7,471 
Multifamily residential              396 
Nonresidential properties  783   783   828   2,427   5,658 
Construction and land               
Nonmortgage loans:                    
Business           79   751 
Consumer               
Total non-accruing troubled debt restructured loans  4,620   2,669   4,482   9,014   24,335 
Total nonaccrual loans $11,408  $7,722  $9,505  $16,073  $45,586 
                     
Real estate owned:                    
Mortgage loans:                    
1-4 family residential                    
Investor-owned $  $  $  $  $ 
Owner-occupied                    
Multifamily residential               
Nonresidential properties               
Construction and land        76   162   1,059 
Nonmortgage loans:                    
Business               
Consumer               
Total real estate owned        76   162   1,059 
Total nonperforming assets $11,408  $7,722  $9,581  $16,235  $46,645 
                     
Accruing loans past due 90 days or more:                    
Mortgage loans:                    
1-4 family residential                    
Investor-owned $7  $  $  $  $ 
Owner-occupied               
Multifamily residential               
Nonresidential properties           126   127 
Construction and land           1,257   894 
Nonmortgage loans:                    
Business           600    
Consumer               
Total accruing loans past due 90 days or more $7  $  $  $1,983  $1,021 
Accruing troubled debt restructured loans:                    
Mortgage loans:                    
1-4 family residential                    
Investor-owned $6,559  $6,422  $6,579  $5,179  $2,371 
Owner-occupied  4,756   7,271   8,326   9,661   2,476 
Multifamily residential               
Nonresidential properties  1,958   4,066   4,186   3,590   2,262 
Construction and land               
Nonmortgage loans:                    
Business  477   593   814   970    
Consumer               
Total accruing troubled debt restructured loans $13,750  $18,352  $19,905  $19,400  $7,109 
Total nonperforming assets, accruing loans past due 90 days or more and accruing troubled debt restructured loans $25,165  $26,074  $29,486  $37,618  $54,775 
Total nonperforming loans to total loans  1.41%  1.19%  1.65%  2.91%  7.98%
Total nonperforming assets to total assets  1.23%  1.04%  1.35%  2.28%  6.24%
Total nonperforming assets, accruing loans past due 90 days or more and accruing troubled debt restructured loans to total assets  2.72%  3.50%  4.19%  5.33%  7.50%

Contact:

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