Rooted in Our Values.GROWING THROUGH INNOVATION.Statement of Condition January 1, 2020

Multiplying the Good.As a local community bank, we know

that our customers’ success is the key

to our success.

That’s why we’re proud to deliver technology that lets you bank the way you want to – backed by an unwavering commitment to the values we were built on.

We look forward to another year of service to our communities, and we’re grateful for the opportunity to be your local bank.

Learn more about our traditional values and modern solutions at www.ridgewoodbank.com.

OUR CORE VALUES

Relationships

Financial Solutions

Convenience

Competitive Rates

Giving Back

Strength & Stability

Message from the ChairmanTo Our Loyal Customers:

2019 was a year of great progress

and innovation at Ridgewood Savings

Bank, in which we developed solutions,

modernized facilities, and streamlined

processes, to continue to enhance

your banking experience.

We know that convenience is one of your top priorities. That’s why we streamlined the online account opening process. Now you can generally open an account on your mobile device or computer in less than five minutes. We want you to be able to bank your way. That’s why we implemented voice recognition for Telephone Banking and added chat functionality on our Mobile and Online Banking platforms. To provide you with the very latest in banking technology, voice banking with Amazon’s Alexa was launched. For those of you on the go, contactless payments for Fitbit and Garmin smartwatches was rolled out. We enhanced the person to person (P2P) payments so you can move your money faster. Banking technology is rapidly evolving. That’s why we developed short how-to videos to help you get started with the latest easy-to-use technology.

Security and control are as important to you as convenience. To help you fight fraud and manage your debit card, quickly and easily, we added

We’re proud to be rated A+ by the Better Business Bureau.

Our mobile app has a

rating of 4.8 out of 5 on both

Google Play and iTunes.

card controls and text alerts to help prevent unauthorized debit card transactions, right from your phone or computer. Our partnership with industry leader EZShield® provides all our checking customers with free access to EZShield® ID Restoration, which includes 24/7 live support. Premier Checking customers also receive free access to EZShield® ID Protection Plus – an even more powerful suite of protection services. These services provide a critical added layer of security that will save you time, money and the endless frustration that accompanies identity theft.

We introduced three new credit cards that offer competitive rates and features. Whether you prefer a more favorable interest rate or stronger rewards on purchases, Ridgewood has the right credit card for you.

The Bank just launched a no-fee personal loan that you can use to pay for a vacation, wedding, debt consolidation, home or car repairs, or whatever life may send your way. With no origination fees or prepayment penalties, quick funding, simple terms, low rates and online application, the new Ridgewood Personal Loan is a great example of how we’re working hard to make banking easy for you.

The Bank has been enhancing the product line for our small business customers as well. With dedicated and localized customer service and product solutions growing in scope and sophistication, Ridgewood has everything a small business needs to achieve your financial goals.

Continued on the next page…

Statement of Condition www.ridgewoodbank.com 54

The Bank financed over

$190 million in affordable

multi-family housing and

mixed-use properties and

invested an additional

$12 million to help build,

rehabilitate and provide

safe and affordable

housing for lower-income

New York residents.

Ridgewood continues to focus on the future to bring you the latest products, services and delivery channels, while remaining deeply rooted in a tradition of personalized service. Our employees know you and welcome you with a smile and a cup of coffee. We’re pleased to see that you are noticing our efforts. Our mobile app has a rating of 4.8 out of 5 on both Google Play and iTunes and we’re proud to be rated A+ by the Better Business Bureau.

For 98 years and counting, we have continued to invest in our communities. A total overhaul of our Glendale branch was completed in 2019, with modern amenities and a community meeting space to be used by not-for-profits, civic organizations and community groups. We also celebrated the golden anniversary of our Franklin Square branch, and held customer appreciation events at both locations.

Ridgewood’s strong community involvement continued on many levels in 2019. The Bank financed over $190 million in affordable multi-family housing and mixed-use properties and invested an additional $12 million to help build, rehabilitate and provide safe and affordable

housing for lower-income New York residents. We continued to focus on providing financial resources and education in the communities we serve, conducting financial literacy workshops on topics such as buying a home, budgeting, saving and credit management, and reaching over 14,000 of your children in our local schools through our partnerships with the American Bankers Association and Junior Achievement.

Thanks to your ongoing support for and commitment to our Bank, 2019 was a strong year for growth. Our assets reached $5.8 billion, loans and deposits increased to $4 billion and $4.5 billion respectively, while net worth increased to $777 million. This growth in the Bank’s net worth will allow us to continue to invest in products and solutions aimed at prioritizing and strengthening our relationships with you, our customers. We are confident that by staying true to our traditional values while continuing to bring you modern solutions, Ridgewood will continue to be the strong, secure bank that you have come to trust and rely upon.

On behalf of our Board of Trustees, and all the Management and Staff, thank you for your continued support. We remain ever mindful of the trust you have placed in us. We extend our best wishes to you for good health, happiness and prosperity in 2020.

Leonard StekolChairman, President & CEO

Statement of Condition www.ridgewoodbank.com 76

Here for Our CommunitySince we first opened our doors in 1921,

community and service have been the

foundation for everything we do. Each

year, Ridgewood proudly supports local

hospitals, food banks, youth programs,

housing initiatives and many other worthy

causes through corporate giving and

the generosity of our employees.

HOW WE GAVE BACK IN 2019

284 employee volunteers

2,700 volunteer hours

628 hours volunteering at local soup kitchens

$140,675 in community reinvestment

$60,000 in community outreach

$669,000 in corporate giving and donations

$57,200 in employee charitable donations

$97,500 in bank-matched donations

13,800 students and 1,600 senior citizens reached through Ridgewood’s financial literacy programs

Statement of Condition8 9www.ridgewoodbank.com

See What’s New at RidgewoodTake a look at these exciting new products

and services to help you save time, stay

protected and make the most of each

opportunity ahead.

Bank

Mobile Banking – Take Ridgewood everywhere you go. Use our app to deposit checks, make person-to-person payments, access uChoose Rewards®, manage your debit card with Card Controls, budget with the Money Management (MX) tool, view eStatements, chat with a representative and more.

Online Banking – Enjoy all of the features of mobile banking plus fill out customer change request forms, set up alerts and more.

Alexa Voice Banking – Get quick hands-free access to your banking information using your Amazon Alexa-enabled device.

55,000+ Surcharge-Free ATMs – Get cash where you want, when you want, wherever you are – without ATM fees.

Spend

Ridgewood Credit Cards – In stores or online, a Ridgewood Mastercard® can make purchases a breeze. Whether you want a competitive APR or great rewards, you’ll find your card here.

Mobile Wallets for Fitness Trackers – Add your Ridgewood debit card to your device’s mobile wallet, including Apple Pay®, Samsung Pay®, Fitbit Pay™ and Garmin Pay™, and make simple, secure purchases with just a tap – no card required.

Borrow

No-Fee Personal Loans – For those memorable moments, planned or unplanned, let financing be the easiest decision you make. Access affordable funds quickly with a great low rate, no fees and a 100% online process.

Check your rate in minutes at www.ridgewoodbank.com/loan.

Protect

Card Controls – Help prevent unauthorized transactions by controlling your Ridgewood debit card through our Mobile Banking app.

Debit Card Fraud Text Alerts – Receive real-time text alerts if we identify any suspicious activity on your debit card. Sign up with Online Banking or through our Customer Contact Center.

EZShield® ID Protection Plus – We’ve partnered with EZShield to offer you a full array of 24/7 services to help guard against fraud and identity theft.

Connect

Online Chat – Have a question about your accounts? Log in to Online Banking to chat with one of our friendly representatives.

Voice Response Technology – Now Telephone Banking is easier and even more convenient.

Find out more and see helpful Digital Banking How-To Videos at www.ridgewoodbank.com.

Message and data rates may apply.

Statement of Condition www.ridgewoodbank.com 1110

Loans for Every OpportunityOur friendly team and fast online

applications make it easy to find the

financing that’s right for you.

Good Move Mortgages – Buy your first home, move up to something bigger or refinance the home you love with Ridgewood’s experienced local team and full range of affordable mortgages, including low down payment options.

Home Equity Products – Redo your kitchen or bath, build an addition, consolidate debt and more. Our Home Equity Line of Credit or Home Resource Loan can turn your home equity into low-cost financing you can use for practically anything.

Commercial Real Estate Lending – Acquire or refinance your new multi-family, mixed-use, office or retail property with up to 75% financing available.

Learn more and connect with a local lending consultant at www.ridgewoodbank.com.

www.ridgewoodbank.com 1312 Statement of Condition

Here to Help Your Business ThriveOur Business Banking team is ready

to support your success with a great

selection of banking, financing and

business tools.

Competitive Business Accounts – Earn very high interest with our special Business Money Market Account, and enjoy greater flexibility with our Business Checking and Savings accounts.

24/7 Access – Spend less time banking and more time growing your business. Our user-friendly Online and Mobile Banking make it easy to monitor accounts, move funds, pay bills and more.

Business Loans* and Lines of Credit* – Renovate your facility, buy equipment, access working capital and more with competitive financing and fast prequalification for qualified applicants.

Payroll Services* – Save time and administrative costs with our web-based payroll solutions.

Merchant Services* – Streamline cash flow and give customers more ways to pay with a payment solution designed around the way you do business.

Visit www.ridgewoodbank.com or call (844) 772-4722 to learn more.

Statement of Condition14 15www.ridgewoodbank.com

2019 Statement of Condition

For the Year Ended December 31, 2019 (Dollars in thousands)

Assets Cash & Due From Banks ..............................................................................................................................................................................$ 261,769 Federal Funds Sold ........................................................................................................................................................................................ NONEShort-Term Money Market Instruments ....................................................................................................................................................... 0Investment Securities: Securities Held to Maturity: U.S. Government Obligations & Other Debt Securities ................................................................................... $ 0 Mortgage-Backed Securities .............................................................................................................................. 194,791 194,791 Securities Available for Sale: Debt Securities: U.S. Government & Agency Obligations .......................................................................................................... $ 0 Municipal Obligations ......................................................................................................................................... 0 Corporate Obligations......................................................................................................................................... 184,547 Mortgage-Backed Securities ............................................................................................................................. 790,902 975,449 Equity Investments: Mutual Funds ......................................................................................................................................................... 82,989 82,989 Loans: Real Estate Loans: Conventional: One-to-Four Family Residential ................................................................................................ $ 2,012,734 Multi-Family Residential.............................................................................................................. 1,759,517 Non-Residential .......................................................................................................................... 205,197 F.H.A. Insured & V.A. Guaranteed ............................................................................................... NONE Construction Loans ........................................................................................................................ NONE Home Equity Loans ........................................................................................................................ 24,010 Total Real Estate Loans ................................................................................................................................................. $ 4,001,458 Consumer & Other Loans ............................................................................................................................................. 10,861 Net Deferred Costs on Loans ....................................................................................................................................... 18,801 Allowance for Possible Loan Losses ............................................................................................................................ (22,648) $ 4,008,472 Investments in Bank Buildings & Equipment ............................................................................................................................................... 15,074 Investments in Federal Home Loan Bank Stock......................................................................................................................................... 24,708 Accrued Interest Receivable....................................................................................................................................................................... 14,270 Goodwill & Other Intangibles ...................................................................................................................................................................... 80,205 Other Real Estate Owned ............................................................................................................................................................................ 38 Other Assets ................................................................................................................................................................................................... 167,582 Total Assets ....................................................................................................................................................................................................$ 5,825,347

Liabilities and Net WorthDue to Depositors: Savings Deposits ........................................................................................................................................................... $ 1,766,588 Money Markets .............................................................................................................................................................. 191,798 Time Deposits ................................................................................................................................................................ 1,982,212 Demand Deposits .......................................................................................................................................................... 540,554 $ 4,481,152 Escrow & Other Deposits ............................................................................................................................................................................. 47,956 Brokered Deposits ......................................................................................................................................................................................... NONEBorrowings ..................................................................................................................................................................................................... 414,370 Accrued Expenses & Taxes Payable........................................................................................................................................................... 21,513 Other Liabilities .............................................................................................................................................................................................. 83,278 Net Worth ...................................................................................................................................................................................................... 777,078 Total Liabilities and Net Worth .....................................................................................................................................................................$ 5,825,347

Statement of Condition www.ridgewoodbank.com 1716

Statement of Income and Changes in Net Worth

For the Year Ended December 31, 2019 (Dollars in thousands)

Income Statement

Interest & Dividends on: Investment Securities ...............................................................................................................................................................................$ 35,623 Real Estate Loans ..................................................................................................................................................................................... 142,990 Other Loans .............................................................................................................................................................................................. 298 Short-Term Investments ........................................................................................................................................................................... 3,354 Total Interest and Dividend Income ...........................................................................................................................................................$ 182,265

Interest Expense of: Savings Deposits ......................................................................................................................................................................................$ 9,332 Money Market Deposits ........................................................................................................................................................................... 1,646 Time Deposits ............................................................................................................................................................................................ 40,389 Demand Deposits .................................................................................................................................................................................... 767 Escrow Deposits ........................................................................................................................................................................................ 247 Borrowings ................................................................................................................................................................................................. 8,310 Total Interest Expense ...................................................................................................................................................................................$ 60,691

Net Interest Income ......................................................................................................................................................................................$ 121,574 Less: Provision for Possible Losses ................................................................................................................................................................. 437 Other Operating Income .................................................................................................................................................................... 14,863 Operating Expenses ............................................................................................................................................................................ (99,651) Net Gain on Security Transactions ..................................................................................................................................................... 18,514

Net Income Before Taxes .............................................................................................................................................................................$ 55,737

Provision for Income Taxes: Federal ...................................................................................................................................................................................................... (6,631) New York State & City .............................................................................................................................................................................. (4,303)

Net Income for the Year ..............................................................................................................................................................................$ 44,803

Reconciliation of Net Worth

Net Worth at Beginning of Year ..................................................................................................................................................................$ 719,309 Net Income for the Year .............................................................................................................................................................................. 44,803 Unrealized Appreciation on Available for Sale Securities ........................................................................................................................ 21,654 Pension & Other Postretirement Plans Unrecognized Costs .................................................................................................................... 8,618Amortization Adj. for the Callable Debt Securities (ASU 2017-08) ........................................................................................................... (70)Net Worth at End of Year ..............................................................................................................................................................................$ 777,078

Information concerning the renumeration of the three highest-paid officers and trustees’ fees may be obtained upon written request from The New York State Department of Financial Services, One State Street, New York, NY 10004. A fee of $.25 per page is required for each institution for which information is requested.

Statement of Condition www.ridgewoodbank.com 1918

Banking OfficesQueens�Main�Office�–�Ridgewood�(1)71-02 Forest Ave. Ridgewood, NY 11385 (718) 240-4900

Astoria (2)43-14 Ditmars Blvd. Astoria, NY 11105 (718) 274-5400

Bayside (3)208-24 Cross Island Pkwy. Bayside, NY 11360 (718) 423-3508

Breezy Point (4)202-16 Rockaway Point Blvd. Breezy Point, NY 11697 (718) 634-3600

Forest Hills (5)107-55 Queens Blvd. Forest Hills, NY 11375 (718) 261-2021

Glendale (6)65-01 Myrtle Ave. Glendale, NY 11385 (718) 821-8200

Grand Avenue (7)74-25 Grand Ave. Elmhurst, NY 11373 (718) 457-4200

Hollis (8)205-11 Hillside Ave. Hollis, NY 11423 (718) 776-9100

Laurelton (9)230-22 Merrick Blvd. Laurelton, NY 11413 (718) 276-3500

Whitestone (10)25-29 Parsons Blvd. Whitestone, NY 11354 (718) 961-6900

BronxAllerton Avenue (11)711 Allerton Ave. Bronx, NY 10467 (718) 882-2220

Crosby Avenue (12)1745 Crosby Ave. Bronx, NY 10461 (718) 931-7060

Gun Hill Road (13)1770 East Gun Hill Rd. Bronx, NY 10469 (718) 671-4600

Jerome Avenue (14)3445 Jerome Ave. Bronx, NY 10467 (718) 881-3430

Morris Park (15)1134 Morris Park Ave. Bronx, NY 10461 (718) 822-1190

Sedgwick Avenue (16)3899 Sedgwick Ave. Bronx, NY 10463 (718) 543-0400

White Plains Road (17)3824 White Plains Rd. Bronx, NY 10467 (718) 882-0440

See location map on page 22.

BrooklynBay Ridge (18)8522 3rd Ave. Brooklyn, NY 11209 (718) 680-9500

Bensonhurst (19)7124 18th Ave. Brooklyn, NY 11204 (718) 621-8480

Cobble Hill (20)244 Court St. Brooklyn, NY 11201 (718) 923-0300

Clinton Hill (21)1035 Fulton St. Brooklyn, NY 11238 (929) 666-4420

Dyker Heights (22)7020 13th Ave. Brooklyn, NY 11228 (718) 238-0060

Sheepshead Bay (23)2520 East 17th St. Brooklyn, NY 11235 (718) 615-4810

Manhattan73rd Street (24)1404 2nd Ave. New York, NY 10021 (212) 327-0800

Yorkville (25)1646 1st Ave. New York, NY 10028 (212) 348-2200

NassauBaldwin Harbor (26)835 Atlantic Ave. Baldwin Harbor, NY 11510 (516) 223-2835

Bellmore (27)2080 Bellmore Ave. Bellmore, NY 11710 (516) 785-0385

Franklin Square (28)1010 Hempstead Tpke. Franklin Square, NY 11010 (516) 775-1010

Garden City Park (29)2435 Jericho Tpke. Garden City Park, NY 11040 (516) 294-9090

Hicksville (30)220 Old Country Rd. Hicksville, NY 11801 (516) 935-0522

Hicksville Drive-up Banking (31)169 Old Country Rd. Hicksville, NY 11801 (516) 935-1808

Plainview (32)1125 Old Country Rd.Plainview, NY 11803(516) 261-0350

SuffolkLindenhurst (33)317 S. Wellwood Ave. Lindenhurst, NY 11757 (631) 225-6600

West Babylon (34)50 Farmingdale Rd./Rte. 109 West Babylon, NY 11704 (631) 376-1200

WestchesterNew Rochelle (35)382 Pelham Rd. New Rochelle, NY 10805 (914) 576-3200

Yonkers (36)670 McLean Ave. Yonkers, NY 10704 (914) 964-9820

Statement of Condition www.ridgewoodbank.com 2120

Other Services

Retirement Plan Services Center (718) 621-1200

Mortgage Center1981 Marcus Ave., Suite 110 New Hyde Park, NY 11042 (866) 772-4111

Customer Contact Center (718) 240-4778Monday – Friday: 7 a.m. – 8 p.m.Saturday: 8 a.m. – 5 p.m.

www.ridgewoodbank.comProducts, services, terms and conditions subject to change without notice. All loans subject to credit approval. © 2020 Ridgewood Savings Bank