Financial Report as of December 31, 2020
Apple Bank for Savings marked its 29th consecutive year of solidly profitable performance in 2020, 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. 74% 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, 2020 include:
- Net income of $22.9 million for the year ended 12/31/20
- Deposits of $14.5 billion
- Non-performing loans of only $28.4 million in a loan portfolio of $10.6 billion
- Loan loss reserves cover non-performing loans by 2.6X
- 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 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, 2020
| Capital Ratios |
|
|
|
| |
Apple Bank
12/31/20 |
Regulatory Minimum for
"Well Capitalized" Designation |
Apple Financial Holdings*
12/31/20 |
| Tier 1 leverage ratio |
6.92% |
5.00% |
6.92% |
| Tier 1 risk based ratio |
12.88% |
8.00% |
12.89% |
| Total risk based ratio |
13.75% |
10.00% |
13.76% |
| Common equity tier 1 capital ratio |
12.88% |
6.50% |
11.24% |
| Capital conservation buffer |
5.75% |
2.50% |
5.76% |
| Consolidated Statement of Condition |
(Amounts in Thousands) |
| ASSETS |
|
| Cash on hand & due from banks |
$ 1,085,677 |
| Investment Securities |
3,682,614 |
| Loans (net of reserves) |
10,554,008 |
| Other assets |
849,844 |
| TOTAL ASSETS |
$16,172,133 |
| |
|
| LIABILITIES AND EQUITY |
|
| Deposits |
$14,521,826 |
| Other Liabilities |
252,478 |
| Stockholders' Equity |
1,397,829 |
| TOTAL LIABILITIES AND EQUITY |
$16,172,133 |
| Consolidated Statement of Operations 12/31/2020 |
(Amounts in Thousands) |
| Revenues |
$ 304,723 |
| Expenses |
(273,777) |
| Net Income Before Taxes |
30,946 |
| Net Income |
$ 22,872 |
|
Changes in Equity Capital as of December 31, 2020
|
| Beginning Stockholders' Equity |
$ 1,319,475 |
| 2020 Net Income |
22,872 |
| Cash Dividends Paid |
( 7,600) |
| Changes in Other Comprehensive Income |
63,082 |
| Ending Stockholders' Equity |
$ 1,397,829 |
| Changes in Loan Loss Reserves as of December 31, 2020 |
| Beginning Loan Loss Reserves |
$ 33,246 |
| Provision for Loan Loss |
40,738 |
| Recoveries |
3 |
| Charge-offs |
(51) |
| Ending Loan Loss Reserves |
$ 73,936 |
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.