Financial Report as of December 31, 2019
Apple Bank for Savings marked its 28th consecutive year of solidly profitable performance in 2019, reflecting a long history of conservative financial management. Apple's balance sheet is comprised primarily of high-quality loans and securities, and its capital ratios remain strong. 73% of Apple Bank's loan portfolio is comprised of well-secured mortgage loans on multi-family, commercial, and residential properties in New York City and its suburbs, and government-guaranteed commercial loans. The Bank's careful attention to credit quality has allowed it to remain solidly profitable.
Highlights as of December 31, 2019 include:
- Net income of $111.3 million for the year ended 12/31/19
- Deposits of $13.5 billion
- Non-performing loans of only $1.3 million in a loan portfolio of $10.1 billion
- Loan loss reserves cover non-performing loans by 25.1X
- Total shareholders' equity and capital and reserves of $1.3 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 79 full-service branch locations in the greater New York area, including Manhattan, Brooklyn, the Bronx, Queens, Staten Island, Long Island, Westchester and Rockland.
Financial Data as of December 31, 2019
| Capital Ratios |
|
|
|
| |
Apple Bank
12/31/19 |
Regulatory Minimum for
"Well Capitalized" Designation |
Apple Financial Holdings*
12/31/19 |
| Tier 1 leverage ratio |
7.28% |
5.00% |
7.29% |
| Tier 1 risk based ratio |
13.77% |
8.00% |
13.78% |
| Total risk based ratio |
14.22% |
10.00% |
14.24% |
| Common equity tier 1 capital ratio |
13.77% |
6.50% |
11.99% |
| Capital conservation buffer |
6.22% |
2.50% |
6.24% |
| Consolidated Statement of Condition |
(Amounts in Thousands) |
| ASSETS |
|
| Cash on hand & due from banks |
$ 977,445 |
| Investment Securities |
4,016,880 |
| Loans (net of reserves) |
10,055,160 |
| Other assets |
758,686 |
| TOTAL ASSETS |
$15,808,171 |
| |
|
| LIABILITIES AND EQUITY |
|
| Deposits |
$13,466,100 |
| Other Liabilities |
1,022,596 |
| Stockholders' Equity |
1,319,475 |
| TOTAL LIABILITIES AND EQUITY |
$15,808,171 |
| Consolidated Statement of Operations 12/31/2019 |
(Amounts in Thousands) |
| Revenues |
$ 340,306 |
| Expenses |
(194,575) |
| Net Income Before Taxes |
151,731 |
| Net Income |
$ 111,306 |
|
Changes in Equity Capital as of December 31, 2019
|
| Beginning Stockholders' Equity |
$ 1,195,843 |
| 2019 Net Income |
111,306 |
| Cash Dividends Paid |
( 7,600) |
| Changes in Other Comprehensive Income |
19,926 |
| Ending Stockholders' Equity |
$ 1,319,475 |
| Changes in Loan Loss Reserves as of December 31, 2019 |
| Beginning Loan Loss Reserves |
$ 36,732 |
| Provision for Loan Loss |
(3,853) |
| Recoveries |
390 |
| Charge-offs |
(23) |
| Ending Loan Loss Reserves |
$ 33,246 |
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.