Financial Report as of December 31, 2018
Apple Bank for Savings marked its 27th consecutive year of solidly profitable performance in 2018, 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. 71% 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, 2018 include:
- Net income of $100.9 million for the year ended 12/31/18
- Deposits of $12.5 billion
- Non-performing loans of only $0.9 million in a loan portfolio of $10.5 billion
- Loan loss reserves cover non-performing loans by 39.6X
- Total shareholders' equity and capital and reserves of $1.2 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, 2018
| Capital Ratios |
|
|
|
| |
Apple Bank
12/31/18 |
Regulatory Minimum for
"Well Capitalized" Designation |
Apple Financial Holdings*
12/31/18 |
| Tier 1 leverage ratio |
7.27% |
5.00% |
7.28% |
| Tier 1 risk based ratio |
13.27% |
8.00% |
13.28% |
| Total risk based ratio |
13.81% |
10.00% |
13.82% |
| Common equity tier 1 capital ratio |
13.27% |
6.50% |
11.37% |
| Capital conservation buffer |
5.81% |
2.50% |
5.82% |
| Consolidated Statement of Condition |
(Amounts in Thousands) |
| ASSETS |
|
| Cash on hand & due from banks |
$ 867,584 |
| Investment Securities |
2,493,142 |
| Loans (net of reserves) |
10,446,646 |
| Other assets |
499,866 |
| TOTAL ASSETS |
$14,307,238 |
| |
|
| LIABILITIES AND EQUITY |
|
| Deposits |
$12,464,381 |
| Other Liabilities |
647,014 |
| Stockholders' Equity |
1,195,843 |
| TOTAL LIABILITIES AND EQUITY |
$14,307,238 |
| Consolidated Statement of Operations 12/31/2018 |
(Amounts in Thousands) |
| Revenues |
$ 340,728 |
| Expenses |
(201,203) |
| Net Income Before Taxes |
139,525 |
| Net Income |
$ 100,901 |
|
Changes in Equity Capital as of December 31, 2018
|
| Beginning Stockholders' Equity |
$ 1,127,864 |
| 2018 Net Income |
100,901 |
| Cash Dividends Paid |
( 7,600) |
| Changes in Other Comprehensive Income |
(25,322) |
| Ending Stockholders' Equity |
$ 1,195,843 |
| Changes in Loan Loss Reserves as of December 31, 2018 |
| Beginning Loan Loss Reserves |
$ 28,256 |
| Provision for Loan Loss |
7,173 |
| Recoveries |
1,332 |
| Charge-offs |
(29) |
| Ending Loan Loss Reserves |
$ 36,732 |
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.