Business
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”)
About this update from Ponce Financial Group, Inc.
[{"type":"text","content":"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 con...