Financial Report as of December 31, 2023
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
12/31/23 |
Regulatory Minimum for
"Well Capitalized" Designation |
Apple Financial Holdings*
12/31/23 |
| 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) |
| ASSETS |
|
| 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 |
| |
|
| LIABILITIES AND EQUITY |
|
| Deposits |
$14,831,868 |
| Other Liabilities |
683,782 |
| Stockholders' Equity |
1,465,207 |
| TOTAL LIABILITIES AND EQUITY |
$16,980,857 |
| 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.