Financial Report as of December 31, 2021
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
12/31/21 |
Regulatory Minimum for
"Well Capitalized" Designation |
Apple Financial Holdings*
12/31/21 |
| 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) |
| ASSETS |
|
| 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 |
| |
|
| LIABILITIES AND EQUITY |
|
| Deposits |
$13,982,342 |
| Other Liabilities |
678,634 |
| Stockholders' Equity |
1,395,862 |
| TOTAL LIABILITIES AND EQUITY |
$16,056,838 |
| 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.