About Apple Bank
About Apple Bank
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Financial Report as of December 31, 2014

Apple Bank for Savings remained one of the strongest depository institutions in the nation through December 31, 2014. Apple's balance sheet is comprised primarily of high-quality loans and securities, and its capital ratios remain strong.  89% of Apple Bank's loan portfolio is comprised of well-secured mortgage loans on residential, multi-family, and commercial properties in New York City and its suburbs, and government-guaranteed commercial loans.  Its $9.0 billion total loan portfolio includes only $6.5 million in non-performing loans. The Bank's careful attention to credit quality has allowed it to remain solidly profitable.

Highlights as of December 31, 2014 include:

  • Net income of $52.9 million for the year ended 12/31/14
  • Deposits of $10.5 billion
  • Non-performing loans of only $6.5  million in a loan portfolio of $9.0 billion
  • Loan loss reserves cover non-performing loans by 3.2X
  • Total shareholders' equity and capital and reserves of $1.0 billion
  • Capital ratios that are in excess of all regulatory requirements.

Apple Bank, the second largest state-chartered savings bank in New York, traces its New York origins back to 1863.  It operates from 76 full-service branch locations in the greater New York area, including Manhattan, Brooklyn, the Bronx, Queens, Staten Island, Long Island and Westchester. 

Financial Data as of December 31, 2014

Capital Ratios
  Apple Bank
12/31/14
Regulatory Minimum
for "Well Capitalized"
Designation
            
Apple Financial Holdings*
12/31/14
Tier 1 leverage ratio   6.17%   5.00%   6.17%
Tier 1 risk based ratio 15.31%   6.00% 15.32%
Total risk based ratio 15.84% 10.00% 15.84%
Consolidated Statement of Condition (Amounts in Thousands)
Assets
Cash on hand & due from banks $     747,736
Investment Securities     1,379,251
Loans (net of reserves)     9,023,477
Other assets        508,907
Total Assets $11,659,371
 
Liabilities and Equity
Deposits $10,521,610
Other Liabilities        158,934
Stockholders' Equity        978,827
Total Liabilities and Equity $11,659,371
Consolidated Statement of Operations 12/31/2014 (Amounts in Thousands)
Revenues $     215,152
Expenses       (118,998)
Net Income Before Taxes          96,154
Net Income $       52,855

Changes in Equity Capital as of December 31, 2014

Beginning Stockholders' Equity $     932,817
2014 Net Income          52,855
Cash Dividends Paid         ( 7,564)        
Changes in Other Comprehensive Income               719
Ending Stockholders' Equity $     978,827
Changes in Loan Loss Reserves as of December 31, 2014
Beginning Loan Loss Reserves          $    18,067                    
Provision for Loan Loss         3,112
Recoveries                6
Charge-offs           (107)
Ending Loan Loss Reserves  $     21,078


I hereby attest that the above information is true and complete.

Louis A. Rawden
Senior Vice President
Chief Financial Officer

*Apple Financial Holdings is the holding company that owns 100% of Apple Bank.

Disclaimer required by Part 350.4 (d) of the FDIC Rules and Regulations: This statement has not been reviewed, or confirmed for accuracy or relevance, by the Federal Deposit Insurance Corporation.

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