About Apple Bank
About Apple Bank

Financial Report as of December 31, 2013

Apple Bank for Savings remained one of the strongest depository institutions in the nation through December 31, 2013. Apple's balance sheet is comprised primarily of high-quality loans and securities, and its capital ratios are among the strongest in the industry.  92% 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 $8.2 billion total loan portfolio includes only $9.9 million in non-performing loans. The Bank's careful attention to credit quality has allowed it to remain solidly profitable in the wake of the financial crisis.

In 2013, Apple Bank acquired 29 branches from Emigrant Savings Bank.  Although negatively impacting 2013 earnings slightly due to acquisition related charges, the transaction has significantly expanded Apple's presence in the greater New York area.

Highlights as of December 31, 2013 include:

  • Net income of $40.0 million for the year ended 12/31/13
  • Deposits of $10.6 billion
  • Non-performing loans of only $9.9 million in a loan portfolio of $8.2 billion
  • Loan loss reserves cover non-performing loans by 1.8X
  • Total shareholders' equity and capital and reserves of $951 million
  • 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, 2013

Capital Ratios
  Apple Bank
Regulatory Minimum
for "Well Capitalized"
Apple Financial Holdings*
Tier 1 leverage ratio   5.70%   5.00%   5.70%
Tier 1 risk based ratio 15.15%   6.00% 15.15%
Total risk based ratio 15.58% 10.00% 15.59%
Consolidated Statement of Condition (Amounts in Thousands)
Cash on hand & due from banks $ 1,069,148
Investment Securities    1,894,832
Loans (net of reserves)    8,175,809
Other assets       507,366
Total Assets $11,647,155
Liabilities and Equity
Deposits $10,550,557
Other Liabilities       163,781
Stockholders' Equity       932,817
Total Liabilities and Equity $11,647,155
Consolidated Statement of Operations 12/31/13 (Amounts in Thousands)
Revenues $     183,765
Expenses       (112,103)
Net Income Before Taxes         71,662
Net Income $      40,029

Changes in Equity Capital as of December 31, 2013

Beginning Stockholders' Equity $ 774,269
2013 Net Income      40,029
Cash Dividends Paid    (56,240)        
Changes in Other Comprehensive Income    (17,241)
Additional Paid In Capital    192,000
Ending Stockholders' Equity $ 932,817
Changes in Loan Loss Reserves as of December 31, 2013
Beginning Loan Loss Reserves      $ 12,500                     
Provision for Loan Loss      5,731
Recoveries             2
Charge-offs        (166)
Ending Loan Loss Reserves  $ 18,067

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

Steven C. Bush
Executive Vice President
Chief Operating 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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