Financial Report as of December 31, 2021

Conservative management resulted in our 30th year of uninterrupted profitability.

Apple Bank for Savings marked its 30th consecutive year of solidly profitable performance in 2021, 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. 76% 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.  

Financial Highlights as of December 31, 2021 include:

  • Net income of $50 million for the year ended 12/31/21
  • Deposits of $14 billion
  • Non-performing loans of only $62.8 million in a loan portfolio of $10.6 billion
  • Loan loss reserves cover non-performing loans by 0.93X
  • Total shareholders' equity and capital and reserves of $1.5 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 81 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, 2021

Capital Ratios      
  Apple Bank
Regulatory Minimum for
"Well Capitalized" Designation
Apple Financial Holdings*
Tier 1 leverage ratio    7.33%   5.00%    7.34%
Tier 1 risk based ratio 12.83%   8.00% 12.84%
Total risk based ratio 13.51% 10.00% 13.52%
Common equity tier 1 capital ratio 12.83%   6.50% 11.28%
Capital conservation buffer   5.51%   2.50%   5.52%
Consolidated Statement of Condition (Amounts in Thousands)
Cash on hand & due from banks $ 758,415
Investment Securities 3,985,765
Loans (net of reserves) 10,424,704
Other assets 887,954
TOTAL ASSETS $16,056,838
Deposits $13,982,342
Other Liabilities 678,634
Stockholders' Equity 1,395,862
Consolidated Statement of Operations 12/31/2021 (Amounts in Thousands)
Revenues $ 322,316
Expenses (254,925)
Net Income Before Taxes 67,391
Net Income $ 50,027

Changes in Equity Capital as of December 31, 2021

Beginning Stockholders' Equity $ 1,401,004
2021 Net Income 50,027
Cash Dividends Paid ( 7,600)
Changes in Other Comprehensive Income (47,569)
Ending Stockholders' Equity $ 1,395,862
Changes in Loan Loss Reserves as of December 31, 2021
Beginning Loan Loss Reserves $ 73,936
Provision for Loan Loss (8,843)
Recoveries 370
Charge-offs (7,091)
Ending Loan Loss Reserves $ 58,372

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

Jonathan Brickman
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.