Financial Report as of December 31, 2020

Conservative management resulted in our 29th year of uninterrupted profitability.

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.