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Exhibit 99.1 PDL Community Bancorp Announces 2021 Third Quarter Results New York ( November 2 , 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 $ 2.1 million , or $ 0.12 per basic and diluted share , for the third quarter of 2021 , compared to net income of $ 5.9 million , or $ 0.35 per basic and diluted share , for the prior quarter and net income of $ 4.0 million , or $ 0.24 per basic and diluted share , for the third quarter of 2020 . Third Quarter Highlights • • Net interest income of $ 15.4 million for the current quarter increased $ 1.7 million , or 12.4 % , from prior quarter and $ 4.6 million , or 42.3 % , from same quarter last year . Income before income taxes of $ 3.4 million for the current quarter decreased $ 4.5 million , or 57.0 % , from prior quarter and $ 1.8 million , or 34.6 % , for the same quarter last year . Included in the prior quarter was a net gain of $ 4.2 million and included in the same quarter last year was a net gain of $ 4.4 million , both resulting from the sale of real property . Average cost of interest - bearing deposits was 0.58 % for the current quarter , a decrease from 0.67 % for the prior quarter and from 1.12 % for the same quarter last year . Net interest margin was 4.13 % for the current quarter , an increase from 3.84 % for the prior quarter and from 3.65 % for the same quarter last year . Net interest rate spread was 3.92 % for the current quarter , an increase from 3.60 % for the prior quarter and from 3.33 % for the same quarter last year . Efficiency ratio was 78.89 % for the current quarter compared to 61.80 % for the prior quarter and 68.09 % for the same quarter last year . Non - performing loans of $ 10.2 million decreased $ 793,000 year - over - year and equates to 0.77 % of total gross loans receivable as of September 30 , 2021 . Net loans receivable were $ 1.30 billion at September 30 , 2021 , an increase of $ 143.6 million , or 12.4 % , from December 31 , 2020 . Deposits were $ 1.25 billion at September 30 , 2021 , an increase of $ 219.7 million , or 21.3 % , from December 31 , 2020 . President and Chief Executive Officer's Comments Carlos P. Naudon , the Company's President and CEO , noted “ The numbers are substantiating the success of our strategy . We continue increasing customer relationships , growing both our deposits and loans while continuing to increase our net interest margin and building our demand deposit base . We focus on net operating expenses , maintaining net operating expenses stable as we add resources that deliver revenue producing services to customers , allowing us to further grow into our overhead while increasing profitability . As our PPP loans are being forgiven by the SBA , we are heartened in the retention of large segments of these borrowers and in the continued acknowledgement of the positive impact we are having on our communities . Our demonstrated success as an MDI and CDFI has positioned us well to lead 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 " Strengthening our capital position is a cornerstone of our strategy of being impactful to both our communities and our other stakeholders . As we move forward to seek approval of our mutual - to - stock conversion and await a favorable outcome of the recently applied for $ 225 million in capital from the U.S. Department of the Treasury under the Emergency Capital Investment Program , we are humbled and inspired by the trust and hopes being placed in our Company . " Loan Payment Deferrals As of September 30 , 2021 , five loans in the amount of $ 9.9 million remained in forbearance as a result of renewed forbearance for a period of three months . Of the five loans receiving renewed forbearance , one loan in the amount of $ 6.6 million is related to construction real estate , three loans , totaling $ 2.9 million are related to one - to - four family residential real estate and one loan in the amount of $ 388,000 is related to non - residential properties . 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 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