Business
PDL Community Bancorp Announces 2021 Third Quarter Results
NEW YORK, Nov. 02, 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, Nov. 02, 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 $2.1 million, or $0.12 per basic and diluted share, for the third quarter of 2021, compared to net income of $5.9 million, or $0.35 per basic and diluted share, for the prior quarter and net income of $4.0 million, or $0.24 per basic and diluted share, for the third quarter of 2020. Third Quarter Highlights Net interest income of $15.4 million for the current quarter increased $1.7 million, or 12.4%, from prior quarter and $4.6 million, or 42.3%, from same quarter last year.Income before income taxes of $3.4 million for the current quarter decreased $4.5 million, or 57.0%, from prior quarter and $1.8 million, or 34.6%, for the same quarter last year. Included in the prior quarter was a net gain of $4.2 million and included in the same quarter last year was a net gain of $4.4 million, both resulting from the sale of real property.Average cost of interest-bearing deposits was 0.58% for the current quarter, a decrease from 0.67% for the prior quarter and from 1.12% for the same quarter last year.Net interest margin was 4.13% for the current quarter, an increase from 3.84% for the prior quarter and from 3.65% for the same quarter last year.Net interest rate spread was 3.92% for the current quarter, an increase from 3.60% for the prior quarter and from 3.33% for the same quarter last year.Efficiency ratio was 78.89% for the current quarter compared to 61.80% for the prior quarter and 68.09% for the same quarter last year.Non-performing loans of $10.2 million decreased $793,000 year-over-year and equates to 0.77% of total gross loans receivable as of September 30, 2021.Net loans receivable were $1.30 billion at September 30, 2021, an increase of $143.6 million, or 12.4%, from December 31, 2020.Deposits were $1.25 billion at September 30, 2021, an increase of $219.7 million, or 21.3%, from December 31, 2020. President and Chief Executive Officer’s Comments Carlos P. Naudon, the Company’s President and CEO, noted, “The numbers are substantiating the success of our strategy. We continue increasing customer relationships, growing both our deposits and loans while continuing to increase our net interest margin a...