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Exhibit 99.1 PDL Community Bancorp Announces 2021 Second Quarter Results New York ( August 5 , 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 $ 5.9 million , or $ 0.35 per basic and diluted share , for the second quarter of 2021 , compared to net income of $ 2.5 million , or $ 0.15 per basic and diluted share , for the prior quarter and a net loss of ( $ 571,000 ) , or ( $ 0.03 ) per basic and diluted share , for the second quarter of 2020 . Second Quarter Highlights • • • • • Net interest income of $ 13.7 million for the current quarter increased $ 840,000 , or 6.5 % , from prior quarter and increased $ 4.2 million , or 44.2 % , from same quarter last year . Income before income taxes of $ 7.8 million for the current quarter increased $ 4.7 million , or 146.5 % , from prior quarter and increased $ 8.5 million from a loss of ( $ 611,000 ) for the same quarter last year . Cost of interest - bearing deposits was 0.67 % for the current quarter , a decrease from 0.77 % for the prior quarter and from 1.27 % for the same quarter last year . Net interest margin was 3.84 % for the current quarter , a decrease from 4.00 % for the prior quarter and an increase from 3.45 % for the same quarter last year . Net interest rate spread was 3.60 % for the current quarter , a decrease from 3.76 % for the prior quarter and an increase from 3.13 % for the same quarter last year . Efficiency ratio was 61.80 % for the current quarter compared to 76.94 % for the prior quarter and 103.37 % for the same quarter last year . Non - performing loans of $ 9.0 million decreased $ 2.5 million year - over - year and equates to 0.66 % of total loans receivable as of June 30 , 2021 . Net loans receivable were $ 1.34 billion at June 30 , 2021 , an increase of $ 184.9 million , or 16.0 % , from December 31 , 2020 . Deposits were $ 1.24 billion at June 30 , 2021 , an increase of $ 206.6 million , or 20.1 % , from December 31 , 2020 . President and Chief Executive Officer's Comments Carlos P. Naudon , the Company's President and CEO , noted " We are pleased to have added to the great start we had for 2021 ; we continue executing well on all fronts . Our deposit growth is well centered on new customer acquisition while lowering our cost of funds ; likewise , our loan portfolio expansion continues with little adverse effect on our net interest margin and ALLL . Importantly , our growth in PPP loans , a large but not the sole source of our growth , has had a very positive impact on our communities . GPS , our Salesforce initiative , has begun to tangibly demonstrate its value while we focus on lowering our operating expenses and increasing profitability . On June 15 , 2021 , Ponce Bank was approved by the United States Department of the Treasury to receive $ 1.8 million in federal Economic Relief Funds for Small Businesses . This is further evidence that we are well positioned 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 “ As we cross the first anniversary of our acquisition , we are pleased that Mortgage World continues to contribute to our product expansion and diversification ; its integration with Ponce Bank branches will be enhanced by the renovation of our banking facilities . Loan Payment Deferrals Through June 30 , 2021 , 417 loans aggregating $ 385.0 million had received forbearance , primarily consisting of the deferral of principal , interest , and escrow payments for a period of three months , of which 23 loans have since been paid - off by borrowers as of June 30 , 2021. As of June 30 , 2021 , 353 loans aggregating $ 318.7 million were no longer in forbearance and continue performing pursuant to their terms and 41 loans in the amount of $ 47.8 million remained in forbearance as a result of renewed forbearance for a period of three months . Of the 41 loans receiving renewed forbearance , 27 loans , totaling $ 23.3 million are related to one - to - four family residential real estate . 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 . 1