Financial Report as of December 31, 2022

Conservative management resulted in over 30 years of uninterrupted profitability.

Apple Bank has been profitable annually for over 30 years reflecting a long history of conservative financial management. Apple Bank's balance sheet is comprised primarily of high-quality loans and securities, and its capital ratios remain strong. The Bank's careful attention to credit quality and liquidity has allowed it to remain solidly profitable and stable.

Financial Highlights as of December 31, 2022 include:

  • Net income of $93 million for the year ended 12/31/22
  • Deposits of $15 billion
  • Non-performing loans of only $56 million in a loan portfolio of $11.4 billion
  • Loan-to-deposit ratio of 76%
  • Loan loss reserves cover non-performing loans by 1.0X
  • Total shareholders' equity and capital and reserves of $1.3 billion
  • Capital ratios that are in excess of all regulatory requirements

Apple Bank is the largest state-chartered savings bank in New York, traces its New York origins back to 1863. It operates from 84 full-service branch locations in the greater New York area, including Manhattan, Brooklyn, the Bronx, Queens, Staten Island, Long Island, Westchester, Rockland, and New Jersey.

Financial Data as of December 31, 2022

Capital Ratios      
  Apple Bank
Regulatory Minimum for
"Well Capitalized" Designation
Apple Financial Holdings*
Tier 1 leverage ratio    7.38%   5.00%    7.39%
Tier 1 risk based ratio 11.40%   8.00% 11.42%
Total risk based ratio 11.95% 10.00% 11.96%
Common equity tier 1 capital ratio 11.40%   6.50% 10.11%
Capital conservation buffer   3.95%   2.50%   3.96%
Consolidated Statement of Condition (Amounts in Thousands)
Cash on hand & due from banks $ 880,936
Investment Securities 3,526,335
Loans (net of reserves) 11,379,154
Other assets 1,015,226
TOTAL ASSETS $16,801,651
Deposits $15,080,392
Other Liabilities 434,429
Stockholders' Equity 1,286,830
Consolidated Statement of Operations 12/31/2022 (Amounts in Thousands)
Revenues $ 421,449
Expenses (291,148)
Net Income Before Taxes 130,301
Net Income $ 92,992

Changes in Equity Capital as of December 31, 2022

Beginning Stockholders' Equity $ 1,395,862
2022 Net Income 92,992
Cash Dividends Paid ( 7,600)
Changes in Other Comprehensive Income (194,424)
Ending Stockholders' Equity $ 1,286,830
Changes in Loan Loss Reserves as of December 31, 2022
Beginning Loan Loss Reserves $ 58,372
Provision for Loan Loss (798)
Recoveries 43
Charge-offs (1,879)
Ending Loan Loss Reserves $ 55,738

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

Jonathan Brickman
Senior Executive 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.