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Bank History |
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Annual Report |
Annual Report
Apple Bank for Savings ends 2007 as one of the strongest depository institutions in the nation. Its balance sheet is comprised primarily of high-quality liquid securities and mortgage loans, and its capital ratios are among the strongest in the industry. Apple has avoided investing in sub-prime and Alt-A mortgage products that have adversely affected many other institutions. Apple funds its assets with core customer deposits and capital rather than relying on volatile capital markets. The Bank's loan portfolio is comprised of well-secured mortgage loans on residential, multi-family, and commercial properties in New York City and its suburbs.
Highlights in 2007 include:
- Net income of $75.2 million
- A deposit growth of $1.3 billion to $6.6 billion
- Non-performing loans of only one-half million dollars in a loan portfolio of $1.3 billion
- Total capital and reserves of $714 million
- Capital ratios that are substantially in excess of regulatory requirements
Apple Bank is a state-chartered savings bank that traces its New York origins back to 1863. It operates from 50 full-service branch locations in the metro New York area and is the third largest savings bank in New York State.
| Financial Data as of December 31, 2007 |
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| Capital Ratios |
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| Apple 12/31/07 |
Regulatory Minimum for "Well Capitalized" Designation |
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| Tier 1 leverage ratio | 9.30% | 5.00% |
| Tier 1 risk based ratio | 33.24% | 6.00% |
| Total risk based ratio | 33.46% | 10.00% |
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| Consolidated Statement of Condition | (Amounts in Thousands) |
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ASSETS |
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| Cash on hand & due from banks | $67,973 |
| Short Term Investments | 123,000 |
| Investment Securities | 5,801,996 |
| Loans (net of reserves) | 1,339,052 |
| Other assets | 100,978 |
| Total Assets | $7,432,999 |
| LIABILITIES AND EQUITY |
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| Deposits | $6,632,105 |
| Other Liabilities | 91,821 |
| Stockholders' Equity | 709,073 |
| Total Liabilities and Equity | $7,432,999 |
| Consolidated Statement of Operations | (Amounts in Thousands) |
| Revenues | $193,515 |
| Expenses | $72,942 |
| Net Income Before Taxes | $120,573 |
| Net Income | $75,194 |
| Changes in Equity Capital in 2007 | |
| Beginning Stockholder’s Equity | $663,996 |
| 2007 Net Income | 75,194 |
| Cash Dividends Paid | (20,000) |
| Changes in Other Comprehensive Income | (10,117) |
| Ending Stockholders' Equity | 709,073 |
| Changes in Loan Loss Reserve in 2007 | |
| Beginning Loan Loss Reserves | $4,600 |
| Provision for Loan Loss | - |
| Recoveries | (41) |
| Charge-offs | 41 |
| Ending Stockholders' Equity | 4,600 |
| 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. | |