Financial Report as of December 31, 2023

Conservative management resulting 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.

Highlights as of December 31, 2023 include:

  • Net income of $121 million for Apple Bank and $119 million for Apple Financial Holdings* the year ended 12/31/23
  • Deposits of $15 billion
  • Non-performing loans of only $21 million in a loan portfolio of $12 billion
  • Loan-to-deposit ratio of 79%
  • Loan loss reserves cover non-performing loans by 2.1X
  • Total shareholders' equity and capital and reserves of $1.5 billion
  • Capital ratios that are in excess of all regulatory requirements

Apple Bank is the largest state-chartered savings bank in New York, tracing its New York origins back to 1863. It operates over 80 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, 2023

Capital Ratios      
  Apple Bank
Regulatory Minimum for
"Well Capitalized" Designation
Apple Financial Holdings*
Leverage ratio    8.37%     5.00%    8.10%
Common equity tier 1 ratio 11.87%     6.50% 10.30%
Tier 1 risk based ratio 11.87%     8.00% 11.49%
Total risk based ratio 12.27%   10.00% 12.31%
Consolidated Statement of Condition (Amounts in Thousands)
Cash on hand & due from banks $ 922,226
Investment Securities 3,400,094
Loans (net of reserves) 11,630,917
Other assets 1,027,620
TOTAL ASSETS $16,980,857
Deposits $14,831,868
Other Liabilities 683,782
Stockholders' Equity 1,465,207
Consolidated Statement of Operations 12/31/2023 (Amounts in Thousands)
Revenue $ 463,624
Expenses (302,154)
Net Income Before Taxes 161,470
Net Income $120,677

Changes in Equity Capital as of December 31, 2023

Beginning Stockholders' Equity $ 1,286,830  
2023 Net Income 120,677  
Cash Dividends Paid ( 5,723)  
Changes in Other Comprehensive Income 17,423  
Parent company issued subordinated debt 46,000  
Ending Stockholders' Equity $ 1,465,207  
Changes in Loan Loss Reserves as of December 31, 2023
Beginning Loan Loss Reserves $ 55,738
Provision for Loan Loss (6,651)
Recoveries 240
Charge-offs (5,783)
Ending Loan Loss Reserves $ 43,544

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.