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Ponce Financial Group, Inc. (NASDAQ: PDLB) is a United States-based holding company, primarily engaged in the business of accepting deposits from the public and investing those funds into various loan products. Ponce Financial Group operates through its subsidiary, Ponce Bank, a Minority Depository Institution (MDI) and Community Development Financial Institution (CDFI), committed to serving underserved communities.
Its core business involves offering mortgage loans, including one-to-four-family residential, multi-family residential, non-residential property, and construction and land loans. Additionally, Ponce Financial Group provides business and consumer loans. They invest in securities issued by the U.S. Government and federal agencies, along with mortgage-backed securities.
Among the company’s suite of products and services are checking solutions, online and mobile banking, and merchant credit card services, enhancing customer convenience and financial management. Their recent achievements include a strategic collaboration with BNY Mellon under the U.S. Treasury Department’s Financial Agent Mentor-Protégé Program, aimed at bolstering Ponce Bank’s capacity to support local economic growth.
In the third quarter of 2023, Ponce Financial Group reported consolidated financial statements demonstrating robust performance. The company continues to invest in technology and workforce, emphasizing efficiency and community service. Ponce Bank's recent perpetual software license agreement with Grain further highlights its strategic moves to enhance loan servicing capabilities.
Ponce Financial Group’s commitment to community development is evident through its MDI and CDFI statuses, consistently investing in local businesses, housing, and services in low- and moderate-income areas. These efforts have positioned Ponce Bank as a leading institution in community financing and development lending intensity.
For detailed financial performance, including consolidated statements of financial condition and operations, shareholders and potential investors can access the latest quarterly reports on the company’s website or contact their investor relations.
Contact: Frank Perez, 718-931-9000
Ponce Bank has unveiled its redesigned Westchester Avenue branch in the Bronx, marking a significant transformation in its banking experience. The grand re-opening is scheduled for February 27, 2025. The renovation, which resumed after being interrupted by the Covid Pandemic, features state-of-the-art banking technologies combined with community-centric elements.
The branch's new design includes Open Tellers for consultative experiences, centrally located managers, private spaces, and meeting areas with teleconferencing capabilities. As part of the Westchester Banking Development District (BDD), this renovation reinforces the branch's role as a community hub aimed at attracting new depositors and business customers.
The project, led by SVP Steve Hamilton, represents a significant investment in modernizing banking services while maintaining a strong community focus. The initiative has received support from various officials, including New York State Comptroller Thomas P. DiNapoli and Bronx Borough President Vanessa L. Gibson, highlighting its importance in providing access to capital and supporting local economic growth.
Ponce De Leon Foundation has awarded $610,000 in grants to various nonprofits, continuing its mission of community support since 2017. The Foundation has provided over $2.4 million in grants since its inception. The current round of funding supports 23 different organizations across diverse focus areas including education, arts, youth development, senior services, and community assistance.
Notable grants include $30,000 each to organizations like Andromeda Community Initiative, Education Through Music, Housing Partnership Development Corp, and The HOPE Program. Other significant awards include $25,000 to ACE Programs for low-income housing services and $20,000 to Act Now Foundation for Alzheimer's care. The grants support various initiatives ranging from music education and youth sports to food security and digital literacy programs.
Ponce Financial Group (NASDAQ: PDLB) reported Q4 2024 results with net income available to common stockholders of $2.7 million ($0.12 per diluted share), compared to $2.2 million in Q3 2024 and $0.5 million in Q4 2023. Full-year 2024 net income reached $10.3 million ($0.46 per diluted share), up from $3.4 million in 2023.
Key financial metrics showed strong growth: net interest income increased 17.18% to $76.5 million for 2024, net loans grew 20.61% to $2.29 billion, and deposits rose 25.02% to $1.88 billion. The net interest margin improved to 2.80% in Q4 2024, up from 2.65% in Q3 2024.
The company executed an agreement with the U.S. Treasury allowing potential buyback of ECIP preferred shares upon meeting certain conditions. Deep Impact Lending reached 79% over the last 10 quarters, well above the required 60% threshold.
Ponce Financial Group (NASDAQ: PDLB), the holding company for Ponce Bank, has announced its participation in an upcoming virtual bank conference. The event, hosted by Sycamore Analytics and Pendragon Capital Management, is scheduled for December 11, 2024, from 1:05 to 1:35 PM. Interested parties can register for the conference at www.VirtualBankConference.com.
Ponce Financial Group reported Q3 2024 net income of $2.2 million ($0.10 per diluted share), down from $3.1 million ($0.14 per share) in Q2 2024. Net interest income increased to $19.0 million, up 6.25% from prior quarter and 15.00% year-over-year. Net interest margin was 2.65%. Total assets reached $3.02 billion, with net loans increasing by $284.4 million to $2.18 billion. Deposits grew by $362.7 million to $1.87 billion. The Company maintained strong capital ratios with total capital to risk-weighted assets at 21.61%.
Ponce Financial Group (NASDAQ: PDLB) announced the opening of its first representative office in Coral Gables, Florida. Located at 1600 Ponce de Leon Drive, this office will be managed by Customer Relationship Officer Jay Sanchez, who will split his time between this office and his previous location in Bergen County, New Jersey. The new office aims to serve the bank's dual-state clientele, especially the Hispanic community. Ponce Bank's digital platform, PonceBank+Direct℠, along with Sanchez's extensive network among small business owners, will facilitate a range of services including commercial lending, mortgages, and small-business banking. The office will leverage online banking, SBA Lending, and online account opening via a convenient app interface. CEO Carlos Naudon and COO Luis Gonzalez expressed confidence in the growth potential in the Miami area.
Ponce Financial Group, Inc. (NASDAQ: PDLB) announced that its Ponce Bank Westchester Avenue Branch in the Bronx has been approved as a Banking Development District (BDD). This designation, covering Bronx Community District 9, is part of New York State's program to support bank branches in underserved areas. As a result, Ponce Bank received $35 million in program deposits on July 30, 2024.
The bank has also applied for designation under the New York City BDD program, which could potentially bring in an additional $20 million in subsidized deposits. Ponce Bank aims to use this designation to expand access to affordable financial services, offer competitive products, and provide financial education to local residents and small businesses in the community.
Ponce Financial Group, Inc. (NASDAQ: PDLB) reported its Q2 2024 results. Net income available to common stockholders was $3.1 million, or $0.14 per diluted share, compared to $2.4 million in Q1 2024 and a net loss of $0.1 million in Q2 2023. Net interest income decreased 4.88% from Q1 2024 but increased 9.96% year-over-year. The net interest margin was 2.62%, down from 2.71% in Q1 2024 and 2.65% in Q2 2023. For the first half of 2024, net income available to common stockholders was $5.5 million, up from $0.2 million in H1 2023. Total assets increased 3.32% to $2.84 billion, with net loans receivable up 6.66% and deposits up 6.53% from December 31, 2023.
Ponce Bank celebrated the graduation of its Small Business Bootcamp in Bronx, Manhattan, and New Jersey, awarding six local businesses with funds to support their growth. The program, launched in 2020, has seen over 1,100 participants and provides free business planning, strategies, and tools for local entrepreneurs. Fiserv, a leading financial technology provider, sponsored the awards.
The top winners, receiving $10,000 each, were Jennifer Silvestre's Nasir + Idie Kids (Bronx) and Wioletta Sudol's The Helper Bears, (Manhattan/NJ). The initiative, supported by The Business Outreach Center Network, aims to improve economic prospects for traditionally underserved groups. Ponce Bank President and CEO Carlos Naudon emphasized the importance of small businesses as 'beating hearts of our communities'.
Ponce Financial Group, the holding company for Ponce Bank (NASDAQ: PDLB), announced that it surpassed its ECIP targets and qualified for a reduced dividend rate on its preferred stock. From June 8, 2023, to March 31, 2024, the bank's qualified lending reached $1.162 billion. This achievement lowers the quarterly dividend rate on the company's $225 million of preferred stock payable to the U.S. Treasury from 2.0% to 0.5%, resulting in an annualized savings of $3.375 million through June 2025. The ECIP program supports low- and moderate-income community financial institutions, and Ponce Bank's efforts included $717.73 million in qualified lending, with $445.08 million designated as Deep Impact Lending, which receives double credit.
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