Business
PDL Community Bancorp Announces 2020 First Quarter Results
NEW YORK, May 01, 2020 (GLOBE NEWSWIRE) -- PDL Community Bancorp (the “Company”) (NASDAQ: PDLB), the holding company for Ponce Bank (the “Bank”), reported a
About this update from Ponce Financial Group, Inc.
[{"type":"text","content":"NEW YORK, May 01, 2020 (GLOBE NEWSWIRE) -- PDL Community Bancorp (the “Company”) (NASDAQ: PDLB), the holding company for Ponce Bank (the “Bank”), reported a net loss of ($1.2 million), or ($0.07) per basic and diluted share, for the first quarter of 2020, compared to a net loss of ($7.5 million), or ($0.43) per basic and diluted share, for the prior quarter and net income of $668,000, or $0.04 per basic and diluted share, for the first quarter of 2019.\n Based on our current assessment of the economic impact of the Coronavirus pandemic (“COVID-19”) on our borrowers, we have determined that it will likely be a detriment to borrowers’ 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. Accordingly, and in consideration of its loan payment forbearance programs initiated in March 2020, the Company increased its allowance for loan losses by $1.2 million for the quarter ended March 31, 2020 when compared to December 31, 2019. As a result, the Company’s allowance for loan losses to total loans increased to 1.37% at March 31, 2020 compared to 1.28% at December 31, 2019. Given that total non-accrual loans decreased to $9.7 million at March 31, 2020 from $11.6 million at December 31, 2019, the allowance for loan losses of $13.5 million at March 31, 2020 provides a coverage ratio to non-accrual loans of 138.5% compared to 106.3% at December 31, 2019. Bank Operations and Customer Service As New York became the hotbed of the COVID-19 pandemic in the United States, the Bank altered the way it has historically provided services to its deposit customers while seeking to maintain normal day-to-day back-office operations and lending functions. To that end, all back-office and lending personnel transitioned to a remote work environment while the branch network provided traditional banking services to its communities using varying hours of operations and shifting service delivery to electronic and web-based products. The Bank embarked on an extensive and intensive communications program geared to informing customers of the alternative resources provided by the Bank for retaining access to financial services, closing loans and conducting banking transactions, such as ATM networks, online banking, mobil...