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Exhibit 99.1 PDL Community Bancorp Announces 2021 First Quarter Results New York ( April 30 , 2021 ) : PDL Community Bancorp ( the " Company " ) ( NASDAQ : PDLB ) , the financial holding company for Ponce Bank ( the " Bank " ) and Mortgage World Bankers , Inc. ( " Mortgage World " ) , reported net income of $ 2.5 million , or $ 0.15 per basic and diluted share , for the first quarter of 2021 , compared to net income of $ 1.6 million , or $ 0.10 per basic and diluted share , for the prior quarter and a net loss of ( $ 1.2 million ) , or ( $ 0.07 ) per basic and diluted share , for the first quarter of 2020 . First Quarter Highlights • • • Net interest income of $ 12.9 million for the current quarter increased $ 1.2 million , or 10.4 % from prior quarter and increased $ 3.0 million , or 29.9 % from same quarter last year . Income before income taxes of $ 3.2 million for the current quarter increased $ 1.1 million , or 50.8 % from prior quarter and increased $ 4.6 million , or 323.9 % from same quarter last year . Cost of interest - bearing deposits was 0.77 % for the current quarter , a decrease from 0.94 % from the prior quarter and 1.48 % from same quarter last year . The net interest margin was 4.00 % for the current quarter , an increase from 3.78 % for the prior quarter and 3.87 % from same quarter last year . The net interest rate spread was 3.76 % for the current quarter , an increase from 3.50 % for the prior quarter and 3.51 % from same quarter last year . The efficiency ratio was 76.94 % for the current quarter compared to 84.71 % for the prior quarter and 102.62 % from same quarter last year . Non - performing loans of $ 12.3 million increased $ 2.6 million year - over - year and equates to 0.99 % of total loans receivable as of March 31 , 2021 . Net loans receivable were $ 1.23 billion at March 31 , 2021 , an increase of $ 71.8 million , or 6.2 % , from December 31 , 2020 . Deposits were $ 1.14 billion at March 31 , 2021 , an increase of $ 109.0 million , or 10.6 % , from December 31 , 2020 . President and Chief Executive Officer's Comments Carlos P. Naudon , the Company's President and CEO , noted “ This is a great start for the new year and reflects our executing well on all fronts . We significantly grew our deposit base while lowering our cost of funds ; our loan portfolio continued to expand while improving our net interest margin . We continue investing in GPS , our Sales Force initiative , while lowering our operating expenses and increasing profitability . In addition , Mortgage World is contributing nicely to our product and income diversification . Importantly , these accomplishments could not have happened without the dedication and commitment of our expanding Ponce Family to each other , our values and our stakeholders . We are now poised to benefit from the rediscovery of the important role MDIs and CDFIs like us have in remediating the disparate effects of the pandemic , and the wealth and financial gaps present , in our communities . " Executive Chairman's Comments Steven A. Tsavaris , the Company's Executive Chairman , added “ Our focus on building stakeholder value during 2021 is reflected in our Company's nine- month payback of its $ 1.8 million acquisition of Mortgage World , the repurchase of 107,717 common shares during the first quarter of 2021 , the renovation of four more branches and contributing to the stabilization of our communities with $ 132.5 million in PPP loans to over 1,700 small businesses . Loan Payment Deferrals Through March 31 , 2021 , 406 loans aggregating $ 376.1 million had received forbearance primarily consisting of the deferral of principal , interest , and escrow payments for a period of three months . Of those 406 loans , 337 loans aggregating $ 303.6 million are no longer in deferment and continue performing pursuant to their terms and 69 loans in the amount of $ 72.4 million remained in deferment and are in renewed forbearance . All of these loans had been performing in accordance with their contractual obligations prior to the granting of the initial forbearance . The Company actively monitors the business activities of borrowers in forbearance and seeks to determine their capacity to resume payments as contractually obligated upon the termination of the forbearance period . The initial and extended forbearances are short - term modifications made on a good faith basis in response to the COVID - 19 pandemic and in furtherance of governmental policies . Results of Operations Summary Net income for the three months ended March 31 , 2021 was $ 2.5 million , compared to $ 1.6 million of net income for the three months ended December 31 , 2020 and a ( $ 1.2 million ) net loss for the three months ended March 31 , 2020. The change from the three months ended March 31 , 2020 is primarily due to a $ 3.3 million increase in non - interest income , a $ 3.0 million increase in net interest income , 1