Ponce Financial Group, Inc. Reports First Quarter 2025 Results
Ponce Financial Group (NASDAQ: PDLB) reported strong Q1 2025 results with net income available to common stockholders of $5.7 million ($0.25 per diluted share), up from $2.7 million in Q4 2024 and $2.4 million in Q1 2024.
Key highlights include:
- Net interest income increased to $22.2 million, up 7.11% from previous quarter
- Net interest margin improved to 2.98%, up from 2.80% in Q4 2024
- Non-interest income rose to $2.4 million, a 13.54% increase from Q4 2024
- Deposits grew by $120.1 million to $2.00 billion, a 6.37% increase
- Net loans receivable increased by $84.3 million to $2.37 billion
The company's focus on net interest margin, operating expenses, and fee income yielded positive trends. Their construction lending initiatives, qualifying as Deep Impact lending under the U.S. Treasury's Emergency Capital Investment Program, help reduce preferred stock dividends payable to the U.S. Treasury.
Ponce Financial Group (NASDAQ: PDLB) ha riportato risultati solidi nel primo trimestre 2025 con un utile netto disponibile per gli azionisti comuni di 5,7 milioni di dollari (0,25 dollari per azione diluita), in aumento rispetto ai 2,7 milioni del quarto trimestre 2024 e ai 2,4 milioni del primo trimestre 2024.
I punti salienti includono:
- Il reddito netto da interessi è salito a 22,2 milioni di dollari, con un incremento del 7,11% rispetto al trimestre precedente
- Il margine netto da interessi è migliorato al 2,98%, rispetto al 2,80% del quarto trimestre 2024
- Il reddito non da interessi è aumentato a 2,4 milioni di dollari, con una crescita del 13,54% rispetto al quarto trimestre 2024
- I depositi sono cresciuti di 120,1 milioni di dollari raggiungendo i 2,00 miliardi, un aumento del 6,37%
- I prestiti netti in essere sono aumentati di 84,3 milioni di dollari arrivando a 2,37 miliardi
Il focus della società sul margine netto da interessi, sulle spese operative e sulle commissioni ha prodotto tendenze positive. Le iniziative di prestito per costruzioni, qualificate come prestiti a impatto profondo nell’ambito del Programma di Investimento di Capitale d’Emergenza del Tesoro USA, contribuiscono a ridurre i dividendi sulle azioni privilegiate dovuti al Tesoro degli Stati Uniti.
Ponce Financial Group (NASDAQ: PDLB) reportó sólidos resultados en el primer trimestre de 2025 con un ingreso neto disponible para accionistas comunes de 5.7 millones de dólares (0.25 dólares por acción diluida), aumentando desde 2.7 millones en el cuarto trimestre de 2024 y 2.4 millones en el primer trimestre de 2024.
Los aspectos destacados incluyen:
- Los ingresos netos por intereses aumentaron a 22.2 millones de dólares, un 7.11% más que el trimestre anterior
- El margen neto de interés mejoró a 2.98%, desde 2.80% en el cuarto trimestre de 2024
- Los ingresos no relacionados con intereses crecieron a 2.4 millones de dólares, un aumento del 13.54% respecto al cuarto trimestre de 2024
- Los depósitos crecieron en 120.1 millones de dólares hasta 2.00 mil millones, un aumento del 6.37%
- Los préstamos netos por cobrar aumentaron en 84.3 millones hasta 2.37 mil millones
El enfoque de la compañía en el margen neto de interés, gastos operativos e ingresos por comisiones generó tendencias positivas. Sus iniciativas de préstamos para construcción, calificadas como préstamos de impacto profundo bajo el Programa de Inversión de Capital de Emergencia del Tesoro de EE.UU., ayudan a reducir los dividendos sobre acciones preferentes pagaderos al Tesoro de EE.UU.
Ponce Financial Group (NASDAQ: PDLB)는 2025년 1분기에 보통주주에게 귀속되는 순이익이 570만 달러(희석 주당 0.25달러)로, 2024년 4분기의 270만 달러와 2024년 1분기의 240만 달러에서 증가한 강력한 실적을 보고했습니다.
주요 내용은 다음과 같습니다:
- 순이자수익이 2,220만 달러로 전분기 대비 7.11% 증가
- 순이자마진이 2.98%로 2024년 4분기의 2.80%에서 개선
- 비이자수익이 240만 달러로 2024년 4분기 대비 13.54% 증가
- 예금이 1억 2,010만 달러 증가하여 20억 달러에 도달, 6.37% 증가
- 순대출금이 8,430만 달러 증가하여 23억 7천만 달러 달성
회사는 순이자마진, 운영비용 및 수수료 수익에 집중하여 긍정적인 추세를 보였습니다. 미국 재무부 긴급 자본 투자 프로그램 하에 딥 임팩트 대출로 분류되는 건설 대출 사업은 미국 재무부에 지급하는 우선주 배당금을 줄이는 데 기여합니다.
Ponce Financial Group (NASDAQ : PDLB) a annoncé de solides résultats pour le premier trimestre 2025, avec un bénéfice net attribuable aux actionnaires ordinaires de 5,7 millions de dollars (0,25 dollar par action diluée), en hausse par rapport à 2,7 millions au quatrième trimestre 2024 et 2,4 millions au premier trimestre 2024.
Les points clés incluent :
- Le produit net d’intérêts a augmenté à 22,2 millions de dollars, soit une hausse de 7,11 % par rapport au trimestre précédent
- La marge nette d’intérêts s’est améliorée à 2,98 %, contre 2,80 % au quatrième trimestre 2024
- Les revenus hors intérêts ont progressé à 2,4 millions de dollars, soit une hausse de 13,54 % par rapport au quatrième trimestre 2024
- Les dépôts ont augmenté de 120,1 millions de dollars pour atteindre 2,00 milliards, soit une hausse de 6,37 %
- Les prêts nets à recevoir ont augmenté de 84,3 millions pour atteindre 2,37 milliards
La focalisation de la société sur la marge nette d’intérêts, les dépenses d’exploitation et les revenus de commissions a généré des tendances positives. Leurs initiatives de prêts à la construction, qualifiées de prêts à fort impact dans le cadre du programme d’investissement en capital d’urgence du Trésor américain, contribuent à réduire les dividendes sur actions privilégiées versés au Trésor américain.
Ponce Financial Group (NASDAQ: PDLB) meldete starke Ergebnisse für das erste Quartal 2025 mit einem auf Stammaktionäre entfallenden Nettogewinn von 5,7 Millionen US-Dollar (0,25 US-Dollar je verwässerter Aktie), gegenüber 2,7 Millionen im vierten Quartal 2024 und 2,4 Millionen im ersten Quartal 2024.
Wichtige Highlights umfassen:
- Der Nettozinsertrag stieg auf 22,2 Millionen US-Dollar, ein Anstieg von 7,11 % gegenüber dem Vorquartal
- Die Nettozinsmarge verbesserte sich auf 2,98%, gegenüber 2,80 % im vierten Quartal 2024
- Die Nichtzinserträge stiegen auf 2,4 Millionen US-Dollar, ein Anstieg von 13,54 % gegenüber dem vierten Quartal 2024
- Die Einlagen wuchsen um 120,1 Millionen US-Dollar auf 2,00 Milliarden US-Dollar, ein Anstieg von 6,37 %
- Die Nettokredite stiegen um 84,3 Millionen US-Dollar auf 2,37 Milliarden US-Dollar
Der Fokus des Unternehmens auf die Nettozinsmarge, Betriebskosten und Gebühreneinnahmen führte zu positiven Trends. Ihre Baukreditinitiativen, die als Deep Impact Loans im Rahmen des Emergency Capital Investment Program des US-Finanzministeriums qualifiziert sind, helfen, die auf Vorzugsaktien zahlbaren Dividenden an das US-Finanzministerium zu reduzieren.
- Net income more than doubled to $6.0 million in Q1 2025 from $2.9 million in Q4 2024
- EPS increased significantly to $0.25 from $0.12 in previous quarter
- Net interest margin improved by 18 basis points to 2.98%
- Deposits grew by $120.1 million (6.37%) to $2.00 billion
- Non-interest income increased by 13.54% quarter-over-quarter
- Operating expenses decreased by 3.30% from previous quarter
- Non-performing loans remained elevated at $32.0 million
- Total capital to risk-weighted assets slightly decreased to 22.84% from 22.98%
- Cash and equivalents decreased by $9.9 million (7.11%)
- Securities portfolio declined by $11.3 million (2.39%)
Insights
Ponce Financial Group delivered exceptional Q1 2025 results with net income more than doubling year-over-year, improved margins, and enhanced operational efficiency.
Ponce Financial Group's Q1 2025 earnings reveal remarkable improvement across key performance metrics. Net income available to common stockholders surged to
The bank's strategic focus on enhancing net interest margin, controlling operating expenses, and growing fee income has yielded tangible results. Net interest margin expanded significantly to
Operational efficiency shows notable enhancement, with the efficiency ratio improving to
Balance sheet trends reflect healthy growth, with net loans increasing
The bank's construction lending strategy appears to be paying dividends, generating high yields while qualifying as Deep Impact lending under the Treasury's Emergency Capital Investment Program, which helps reduce preferred stock dividend obligations. Management emphasized conservative underwriting in this portfolio, with
While non-performing loans increased year-over-year to
Return on average assets improved dramatically to
NEW YORK, April 25, 2025 (GLOBE NEWSWIRE) -- Ponce Financial Group, Inc., (the “Company”) (NASDAQ: PDLB), the holding company for Ponce Bank (the “Bank”), today announced results for the first quarter of 2025.
First Quarter 2025 Highlights (Compared to Prior Periods):
- Net income available to common stockholders was
$5.7 million , or$0.25 per diluted share for the three months ended March 31, 2025, as compared to net income available to common stockholders of$2.7 million , or$0.12 per diluted share for the three months ended December 31, 2024 and net income available to common stockholders of$2.4 million , or$0.11 per diluted share for the three months ended March 31, 2024. Total net income for the three months ended March 31, 2025 was$6.0 million . The Company paid dividends of$0.3 million on its preferred stock during the three months ended March 31, 2025. - Included in the
$5.7 million of net income available to common stockholders for the first quarter of 2025 results is$44.0 million in interest and dividend income,$2.4 million in non-interest income and$0.3 million in benefit for credit losses, offset by$21.8 million in interest expense,$16.9 million in non-interest expense,$2.0 million in provision for income taxes and$0.3 million in dividends on preferred shares. - Net interest income of
$22.2 million for the first quarter of 2025 increased$1.5 million , or7.11% , from the prior quarter and increased$3.4 million , or17.96% , from the same quarter last year. - Net interest margin was
2.98% for the first quarter of 2025, versus2.80% for the prior quarter and2.71% for the same quarter last year. - Non-interest income for the three months ended March 31, 2025 was
$2.4 million , an increase of$0.3 million , or13.54% , from$2.1 million for the three months ended December 31, 2024, and an increase of$0.7 million , or39.48% , from$1.7 million for the three months ended March 31, 2024. - Non-interest expense for the three months ended March 31, 2025 was
$16.9 million , a decrease of$0.6 million , or3.30% , from$17.5 million for the three months ended December 31, 2024, and an increase of$0.1 million , or0.61% , compared to$16.8 million for the three months ended March 31, 2024. - Cash and equivalents were
$129.9 million as of March 31, 2025, a decrease of$9.9 million , or7.11% , from$139.8 million as of December 31, 2024. - Securities totaled
$461.6 million as of March 31, 2025, a decrease of$11.3 million , or2.39% , from$472.9 million as of December 31, 2024 primarily due to regular principal payments and the call of one available-for-sale security in the amount of$1.0 million . - Net loans receivable were
$2.37 billion as of March 31, 2025, an increase of$84.3 million , or3.69% , from$2.29 billion as of December 31, 2024. - Deposits were
$2.00 billion as of March 31, 2025, an increase of$120.1 million , or6.37% , from$1.88 billion as of December 31, 2024.
President and Chief Executive Officer’s Comments
Carlos P. Naudon, Ponce Financial Group, Inc.’s President and CEO, stated “We continued executing well our strategy of focusing on net interest margin, operating expenses and fee income, which translated into several positive trends this quarter. Our net interest margin this quarter increased by 18 basis points, reflecting both our high-yielding construction loans and our decreasing borrowing costs. In fact, our loan yields rose by 9 basis points while our cost of funds decreased by 10 basis points. Our operating expenses have decreased quarter over quarter, and our non-interest income compares favorably to prior periods. All-in-all, a very good quarter in these turbulent and uncertain times."
Executive Chairman’s Comment
Steven A. Tsavaris, Ponce Financial Group’s Executive Chairman added “Most of our high-yielding construction lending has an additional benefit – it qualifies as Deep Impact lending under the U.S. Treasury’s Emergency Capital Investment Program and serves to lower the dividends payable on our preferred stock to the U.S. Treasury. Importantly, our construction initiatives also reflect our conservative underwriting, high developer equity requirements and short duration. Of our 64 on-going projects, more than 43 percent already have at least a temporary certificate of occupancy and 80 percent are at least halfway through construction.”
The table below indicate the Key Metrics at or for the three months ended:
| At or for the Three Months Ended | ||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||||
| Performance Ratios: | ||||||||||||||||||||
| Return on average assets(1) | 0.77 | % | 0.38 | % | 0.33 | % | 0.45 | % | 0.33 | % | ||||||||||
| Return on common equity(1) | 7.97 | % | 3.76 | % | 3.06 | % | 4.60 | % | 3.61 | % | ||||||||||
| Net interest margin(1) (2) | 2.98 | % | 2.80 | % | 2.65 | % | 2.62 | % | 2.71 | % | ||||||||||
| Non-interest expense to average assets(1) | 2.19 | % | 2.25 | % | 2.19 | % | 2.28 | % | 2.35 | % | ||||||||||
| Efficiency ratio(3) | 68.70 | % | 75.63 | % | 80.87 | % | 80.09 | % | 82.56 | % | ||||||||||
| Capital Ratios: | ||||||||||||||||||||
| Total capital to risk-weighted assets (Ponce Financial Group) | 22.84 | % | 22.98 | % | 22.87 | % | 23.86 | % | 24.47 | % | ||||||||||
| Common equity Tier 1 capital to risk-weighted assets (Ponce Financial Group) | 12.51 | % | 12.44 | % | 12.28 | % | 12.71 | % | 12.98 | % | ||||||||||
| Tier 1 capital to total assets (Ponce Financial Group) | 16.84 | % | 17.70 | % | 17.81 | % | 17.88 | % | 17.59 | % | ||||||||||
| Total capital to risk-weighted assets (Bank only) | 21.38 | % | 21.47 | % | 21.61 | % | 22.47 | % | 22.79 | % | ||||||||||
| Common equity Tier 1 capital to risk-weighted assets (Bank only) | 20.35 | % | 20.40 | % | 20.45 | % | 21.24 | % | 21.54 | % | ||||||||||
| Tier 1 capital to total assets (Bank only) | 15.61 | % | 15.81 | % | 16.19 | % | 16.70 | % | 16.26 | % | ||||||||||
| Asset Quality Ratios: | ||||||||||||||||||||
| Allowance for credit losses on loans as a percentage of total loans | 0.96 | % | 0.97 | % | 1.09 | % | 1.18 | % | 1.23 | % | ||||||||||
| Allowance for credit losses on loans as a percentage of nonperforming loans | 84.15 | % | 82.29 | % | 139.52 | % | 130.28 | % | 140.90 | % | ||||||||||
| Net (charge-offs) recoveries to average outstanding loans(1) | (0.04 | %) | (0.45 | %) | (0.17 | %) | (0.10 | %) | (0.25 | %) | ||||||||||
| Non-performing loans as a percentage of total assets | 0.88 | % | 0.90 | % | 0.57 | % | 0.65 | % | 0.62 | % | ||||||||||
| Other: | ||||||||||||||||||||
| Number of offices | 18 | 19 | 19 | 18 | 18 | |||||||||||||||
| Number of full-time equivalent employees | 211 | 218 | 228 | 227 | 233 | |||||||||||||||
(1) Annualized where appropriate.
(2) Net interest margin represents net interest income divided by average total interest-earning assets.
(3) Efficiency ratio represents noninterest expense divided by the sum of net interest income and noninterest income.
Summary of Results of Operations
Net income for the three months ended March 31, 2025 was
The
The
Net Interest Income and Net Margin
Net interest income for the three months ended March 31, 2025, increased
The
The
For the three months ended March 31, 2025, benefit for credit losses amounted to
Net interest margin was
Non-interest Income
Non-interest income for the three months ended March 31, 2025, was
The
The
Non-interest Expense
Non-interest expense for the three months ended March 31, 2025, was
The
The
Credit Quality:
Non-performing loans were
During the three months ended March 31, 2025, a credit loss benefit of
Balance Sheet Summary
Total assets increased
Total liabilities increased
Total stockholders’ equity increased
About Ponce Financial Group, Inc.
Ponce Financial Group, Inc. is the holding company for Ponce Bank. Ponce Bank is a Minority Depository Institution, a Community Development Financial Institution, and a certified Small Business Administration lender. Ponce Bank’s business primarily consists of taking deposits from the general public and to a lesser extent alternative funding sources and investing those funds, together with funds generated from operations and borrowings, in mortgage loans, consisting of 1-4 family residences (investor-owned and owner-occupied), multifamily residences, nonresidential properties, construction and land, and, to a lesser extent, in business and consumer loans. Ponce Bank also invests in securities, which consist of U.S. Government and federal agency securities and securities issued by government-sponsored or government-owned enterprises, as well as, mortgage-backed securities, corporate bonds and obligations, and Federal Home Loan Bank stock.
Forward Looking Statements
Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “project,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on business activities; changes in interest rates; competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or in the local markets in which Ponce Bank operates, including changes that adversely affect borrowers’ ability to service and repay Ponce Bank’s loans; changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs, and their related impacts on the economy; changes in the value of securities in the investment portfolio; changes in loan default and charge-off rates; fluctuations in real estate values; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; changes in government regulation; changes in accounting standards and practices; the risk that intangibles recorded in the financial statements will become impaired; demand for loans in Ponce Bank’s market area; Ponce Bank’s ability to attract and maintain deposits; risks related to the implementation of acquisitions, dispositions, and restructurings; the risk that Ponce Financial Group, Inc. may not be successful in the implementation of its business strategy; changes in assumptions used in making such forward-looking statements and the risk factors described in Ponce Financial Group, Inc.’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Ponce Financial Group, Inc. disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as may be required by applicable law or regulation.
Ponce Financial Group, Inc. and Subsidiaries
Consolidated Statements of Financial Condition
(Dollars in thousands, except for share data)
| As of | ||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Cash and due from banks: | ||||||||||||||||||||
| Cash | $ | 32,113 | $ | 35,478 | $ | 32,061 | $ | 23,128 | $ | 29,972 | ||||||||||
| Interest-bearing deposits | 97,780 | 104,361 | 123,751 | 80,038 | 104,752 | |||||||||||||||
| Total cash and cash equivalents | 129,893 | 139,839 | 155,812 | 103,166 | 134,724 | |||||||||||||||
| Available-for-sale securities, at fair value | 103,570 | 104,970 | 111,005 | 113,125 | 116,044 | |||||||||||||||
| Held-to-maturity securities, at amortized cost | 358,024 | 367,938 | 403,736 | 442,113 | 452,955 | |||||||||||||||
| Placement with banks | 249 | 249 | 249 | 249 | 249 | |||||||||||||||
| Mortgage loans held for sale, at fair value | 8,567 | 10,736 | 9,566 | 37,764 | 7,860 | |||||||||||||||
| Loans receivable, net | 2,370,931 | 2,286,599 | 2,180,331 | 2,022,173 | 1,981,428 | |||||||||||||||
| Accrued interest receivable | 19,008 | 17,771 | 16,890 | 17,441 | 18,063 | |||||||||||||||
| Premises and equipment, net | 16,417 | 16,794 | 16,843 | 16,976 | 17,396 | |||||||||||||||
| Right of use assets | 29,496 | 29,093 | 29,785 | 30,349 | 31,021 | |||||||||||||||
| Federal Home Loan Bank of New York stock (FHLBNY), at cost | 25,807 | 29,182 | 28,515 | 23,972 | 23,892 | |||||||||||||||
| Deferred tax assets | 11,629 | 12,074 | 11,845 | 13,172 | 13,919 | |||||||||||||||
| Other assets | 16,245 | 24,693 | 51,392 | 21,507 | 21,151 | |||||||||||||||
| Total assets | $ | 3,089,836 | $ | 3,039,938 | $ | 3,015,969 | $ | 2,842,007 | $ | 2,818,702 | ||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||
| Deposits | $ | 2,004,947 | $ | 1,884,864 | $ | 1,870,323 | $ | 1,606,097 | $ | 1,585,784 | ||||||||||
| Operating lease liabilities | 31,126 | 30,696 | 31,343 | 31,861 | 32,486 | |||||||||||||||
| Accrued interest payable | 4,628 | 3,712 | 2,918 | 6,820 | 4,218 | |||||||||||||||
| Advance payments by borrowers for taxes and insurance | 12,901 | 10,349 | 13,733 | 10,838 | 13,245 | |||||||||||||||
| Borrowings | 521,100 | 596,100 | 580,421 | 680,421 | 680,421 | |||||||||||||||
| Other liabilities | 1,248 | 8,717 | 12,642 | 8,313 | 8,866 | |||||||||||||||
| Total liabilities | 2,575,950 | 2,534,438 | 2,511,380 | 2,344,350 | 2,325,020 | |||||||||||||||
| Commitments and contingencies | ||||||||||||||||||||
| Stockholders' Equity: | ||||||||||||||||||||
| Preferred stock, | 225,000 | 225,000 | 225,000 | 225,000 | 225,000 | |||||||||||||||
| Common stock, | 249 | 249 | 249 | 249 | 249 | |||||||||||||||
| Treasury stock, at cost | (7,641 | ) | (7,707 | ) | (9,445 | ) | (9,519 | ) | (9,702 | ) | ||||||||||
| Additional paid-in-capital | 207,888 | 207,319 | 208,478 | 207,934 | 207,584 | |||||||||||||||
| Retained earnings | 113,432 | 107,754 | 105,103 | 102,951 | 99,834 | |||||||||||||||
| Accumulated other comprehensive loss | (13,515 | ) | (15,297 | ) | (12,686 | ) | (16,557 | ) | (16,590 | ) | ||||||||||
| Unearned compensation ─ ESOP | (11,527 | ) | (11,818 | ) | (12,110 | ) | (12,401 | ) | (12,693 | ) | ||||||||||
| Total stockholders' equity | 513,886 | 505,500 | 504,589 | 497,657 | 493,682 | |||||||||||||||
| Total liabilities and stockholders' equity | $ | 3,089,836 | $ | 3,039,938 | $ | 3,015,969 | $ | 2,842,007 | $ | 2,818,702 | ||||||||||
Ponce Financial Group, Inc. and Subsidiaries
Consolidated Statements of Operations
(Dollars in thousands, except per share data)
| Three Months Ended | ||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||||
| Interest and dividend income: | ||||||||||||||||||||
| Interest on loans receivable | $ | 37,136 | $ | 35,622 | $ | 32,945 | $ | 31,281 | $ | 30,664 | ||||||||||
| Interest on deposits due from banks | 1,668 | 1,783 | 2,430 | 1,542 | 2,911 | |||||||||||||||
| Interest and dividend on securities and FHLBNY stock | 5,193 | 5,481 | 5,918 | 5,969 | 6,091 | |||||||||||||||
| Total interest and dividend income | 43,997 | 42,886 | 41,293 | 38,792 | 39,666 | |||||||||||||||
| Interest expense: | ||||||||||||||||||||
| Interest on certificates of deposit | 7,754 | 8,104 | 6,926 | 6,358 | 6,380 | |||||||||||||||
| Interest on other deposits | 8,554 | 8,476 | 8,519 | 7,389 | 6,540 | |||||||||||||||
| Interest on borrowings | 5,486 | 5,576 | 6,825 | 7,141 | 7,923 | |||||||||||||||
| Total interest expense | 21,794 | 22,156 | 22,270 | 20,888 | 20,843 | |||||||||||||||
| Net interest income | 22,203 | 20,730 | 19,023 | 17,904 | 18,823 | |||||||||||||||
| (Benefit) provision for credit losses(1) | (285 | ) | 897 | 537 | (867 | ) | (16 | ) | ||||||||||||
| Net interest income after (benefit) provision for credit losses | 22,488 | 19,833 | 18,486 | 18,771 | 18,839 | |||||||||||||||
| Non-interest income: | ||||||||||||||||||||
| Service charges and fees | 525 | 500 | 508 | 492 | 473 | |||||||||||||||
| Brokerage commissions | 4 | 44 | — | 9 | 8 | |||||||||||||||
| Late and prepayment charges | 697 | 318 | 77 | 426 | 359 | |||||||||||||||
| Income on sale of mortgage loans | 148 | 254 | 218 | 274 | 302 | |||||||||||||||
| Income on sale of SBA loans | 404 | 148 | — | — | — | |||||||||||||||
| Other | 603 | 833 | 348 | 1,057 | 565 | |||||||||||||||
| Total non-interest income | 2,381 | 2,097 | 1,151 | 2,258 | 1,707 | |||||||||||||||
| Non-interest expense: | ||||||||||||||||||||
| Compensation and benefits | 7,780 | 7,668 | 7,674 | 7,724 | 7,844 | |||||||||||||||
| Occupancy and equipment | 3,913 | 3,863 | 3,786 | 3,564 | 3,667 | |||||||||||||||
| Data processing expenses | 1,152 | 1,143 | 1,099 | 1,013 | 1,127 | |||||||||||||||
| Direct loan expenses | 388 | 617 | 573 | 633 | 732 | |||||||||||||||
| Insurance and surety bond premiums | 315 | 293 | 292 | 263 | 253 | |||||||||||||||
| Office supplies, telephone and postage | 170 | 294 | 222 | 233 | 249 | |||||||||||||||
| Professional fees | 1,364 | 1,703 | 1,351 | 1,369 | 1,723 | |||||||||||||||
| Microloans recoveries | — | (29 | ) | (54 | ) | (65 | ) | (53 | ) | |||||||||||
| Marketing and promotional expenses | 83 | 289 | 180 | 145 | 100 | |||||||||||||||
| Federal deposit insurance and regulatory assessment(2) | 461 | 418 | 392 | 428 | 389 | |||||||||||||||
| Other operating expenses(2) | 1,262 | 1,206 | 1,051 | 1,333 | 755 | |||||||||||||||
| Total non-interest expense(1) | 16,888 | 17,465 | 16,566 | 16,640 | 16,786 | |||||||||||||||
| Income before income taxes | 7,981 | 4,465 | 3,071 | 4,389 | 3,760 | |||||||||||||||
| Provision for income taxes | 2,022 | 1,532 | 638 | 1,197 | 1,346 | |||||||||||||||
| Net income | $ | 5,959 | $ | 2,933 | $ | 2,433 | $ | 3,192 | $ | 2,414 | ||||||||||
| Dividends on preferred shares | 281 | 282 | 281 | 75 | — | |||||||||||||||
| Net income available to common stockholders | $ | 5,678 | $ | 2,651 | $ | 2,152 | $ | 3,117 | $ | 2,414 | ||||||||||
| Earnings per common share: | ||||||||||||||||||||
| Basic | $ | 0.25 | $ | 0.12 | $ | 0.10 | $ | 0.14 | $ | 0.11 | ||||||||||
| Diluted | $ | 0.25 | $ | 0.12 | $ | 0.10 | $ | 0.14 | $ | 0.11 | ||||||||||
| Weighted average common shares outstanding: | ||||||||||||||||||||
| Basic | 22,662,916 | 22,528,160 | 22,446,009 | 22,409,803 | 22,353,492 | |||||||||||||||
| Diluted | 22,876,740 | 22,807,644 | 22,612,028 | 22,419,309 | 22,366,728 | |||||||||||||||
(1) For the three months ended December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, (benefit) provision for contingencies in the amounts of (
(2) For the three months ended September 30, 2024, June 30, 2024, and March 31, 2024,
Ponce Financial Group, Inc. and Subsidiaries
Consolidated Statements of Operations
(Dollars in thousands, except per share data)
| For the Three Months Ended March 31, | ||||||||||||||||
| 2025 | 2024 | Variance $ | Variance % | |||||||||||||
| Interest and dividend income: | ||||||||||||||||
| Interest on loans receivable | $ | 37,136 | $ | 30,664 | $ | 6,472 | 21.11 | % | ||||||||
| Interest on deposits due from banks | 1,668 | 2,911 | (1,243 | ) | (42.70 | %) | ||||||||||
| Interest and dividend on securities and FHLBNY stock | 5,193 | 6,091 | (898 | ) | (14.74 | %) | ||||||||||
| Total interest and dividend income | 43,997 | 39,666 | 4,331 | 10.92 | % | |||||||||||
| Interest expense: | ||||||||||||||||
| Interest on certificates of deposit | 7,754 | 6,380 | 1,374 | 21.54 | % | |||||||||||
| Interest on other deposits | 8,554 | 6,540 | 2,014 | 30.80 | % | |||||||||||
| Interest on borrowings | 5,486 | 7,923 | (2,437 | ) | (30.76 | %) | ||||||||||
| Total interest expense | 21,794 | 20,843 | 951 | 4.56 | % | |||||||||||
| Net interest income | 22,203 | 18,823 | 3,380 | 17.96 | % | |||||||||||
| Benefit for credit losses (1) | (285 | ) | (16 | ) | (269 | ) | 1,681.25 | % | ||||||||
| Net interest income after benefit for credit losses | 22,488 | 18,839 | 3,649 | 19.37 | % | |||||||||||
| Non-interest income: | ||||||||||||||||
| Service charges and fees | 525 | 473 | 52 | 10.99 | % | |||||||||||
| Brokerage commissions | 4 | 8 | (4 | ) | (50.00 | %) | ||||||||||
| Late and prepayment charges | 697 | 359 | 338 | 94.15 | % | |||||||||||
| Income on sale of mortgage loans | 148 | 302 | (154 | ) | (50.99 | %) | ||||||||||
| Income on sale of SBA loans | 404 | — | 404 | — | % | |||||||||||
| Other | 603 | 565 | 38 | 6.73 | % | |||||||||||
| Total non-interest income | 2,381 | 1,707 | 674 | 39.48 | % | |||||||||||
| Non-interest expense: | ||||||||||||||||
| Compensation and benefits | 7,780 | 7,844 | (64 | ) | (0.82 | %) | ||||||||||
| Occupancy and equipment | 3,913 | 3,667 | 246 | 6.71 | % | |||||||||||
| Data processing expenses | 1,152 | 1,127 | 25 | 2.22 | % | |||||||||||
| Direct loan expenses | 388 | 732 | (344 | ) | (46.99 | %) | ||||||||||
| Insurance and surety bond premiums | 315 | 253 | 62 | 24.51 | % | |||||||||||
| Office supplies, telephone and postage | 170 | 249 | (79 | ) | (31.73 | %) | ||||||||||
| Professional fees | 1,364 | 1,723 | (359 | ) | (20.84 | %) | ||||||||||
| Microloans recoveries | — | (53 | ) | 53 | (100.00 | %) | ||||||||||
| Marketing and promotional expenses | 83 | 100 | (17 | ) | (17.00 | %) | ||||||||||
| Federal deposit insurance and regulatory assessments (2) | 461 | 389 | 72 | 18.51 | % | |||||||||||
| Other operating expenses (2) | 1,262 | 755 | 507 | 67.15 | % | |||||||||||
| Total non-interest expense (1) | 16,888 | 16,786 | 102 | 0.61 | % | |||||||||||
| Income before income taxes | 7,981 | 3,760 | 4,221 | 112.26 | % | |||||||||||
| Provision for income taxes | 2,022 | 1,346 | 676 | 50.22 | % | |||||||||||
| Net income | $ | 5,959 | $ | 2,414 | $ | 3,545 | 146.85 | % | ||||||||
| Dividends on preferred shares | 281 | — | 281 | — | % | |||||||||||
| Net income available to common stockholders | $ | 5,678 | $ | 2,414 | $ | 3,264 | 135.21 | % | ||||||||
| Earnings per common share: | ||||||||||||||||
| Basic | $ | 0.25 | $ | 0.11 | $ | 0.14 | 127.27 | % | ||||||||
| Diluted | $ | 0.25 | $ | 0.11 | $ | 0.14 | 127.27 | % | ||||||||
| Weighted average common shares outstanding: | ||||||||||||||||
| Basic | 22,662,916 | 22,353,492 | 309,424 | 1.38 | % | |||||||||||
| Diluted | 22,876,740 | 22,366,728 | 510,012 | 2.28 | % | |||||||||||
(1) For the three months ended March 31, 2024, provision for contingencies in the amount of
(2) For the three months ended March 31, 2024,
Ponce Financial Group, Inc. and Subsidiaries
Loans Receivable excluding Mortgage Loans Held for Sale
| As of | ||||||||||||||||||||||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||||||||||||||||||||||||
| Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
| Mortgage loans: | ||||||||||||||||||||||||||||||||||||||||
| 1-4 family residential | ||||||||||||||||||||||||||||||||||||||||
| Investor Owned | $ | 325,866 | 13.62 | % | $ | 330,053 | 14.30 | % | $ | 332,380 | 15.09 | % | $ | 337,292 | 16.49 | % | $ | 339,331 | 16.92 | % | ||||||||||||||||||||
| Owner-Occupied | 137,676 | 5.75 | % | 142,363 | 6.17 | % | 145,065 | 6.59 | % | 147,485 | 7.21 | % | 150,842 | 7.52 | % | |||||||||||||||||||||||||
| Multifamily residential | 675,541 | 28.24 | % | 670,159 | 29.04 | % | 678,029 | 30.78 | % | 545,323 | 26.66 | % | 545,825 | 27.22 | % | |||||||||||||||||||||||||
| Nonresidential properties | 390,681 | 16.33 | % | 389,898 | 16.89 | % | 383,277 | 17.40 | % | 337,583 | 16.51 | % | 327,350 | 16.32 | % | |||||||||||||||||||||||||
| Construction and land | 815,425 | 34.08 | % | 733,660 | 31.79 | % | 631,461 | 28.67 | % | 641,879 | 31.39 | % | 608,665 | 30.35 | % | |||||||||||||||||||||||||
| Total mortgage loans | 2,345,189 | 98.02 | % | 2,266,133 | 98.19 | % | 2,170,212 | 98.53 | % | 2,009,562 | 98.26 | % | 1,972,013 | 98.33 | % | |||||||||||||||||||||||||
| Non-mortgage loans: | ||||||||||||||||||||||||||||||||||||||||
| Business loans | 46,329 | 1.94 | % | 40,849 | 1.77 | % | 28,499 | 1.29 | % | 30,222 | 1.48 | % | 26,664 | 1.33 | % | |||||||||||||||||||||||||
| Consumer loans(1) | 997 | 0.04 | % | 1,038 | 0.04 | % | 4,021 | 0.18 | % | 5,305 | 0.26 | % | 6,741 | 0.34 | % | |||||||||||||||||||||||||
| Total non-mortgage loans | 47,326 | 1.98 | % | 41,887 | 1.81 | % | 32,520 | 1.47 | % | 35,527 | 1.74 | % | 33,405 | 1.67 | % | |||||||||||||||||||||||||
| Total loans, gross | 2,392,515 | 100.00 | % | 2,308,020 | 100.00 | % | 2,202,732 | 100.00 | % | 2,045,089 | 100.00 | % | 2,005,418 | 100.00 | % | |||||||||||||||||||||||||
| Net deferred loan origination costs | 1,390 | 1,081 | 1,565 | 1,145 | 674 | |||||||||||||||||||||||||||||||||||
| Allowance for credit losses on loans | (22,974 | ) | (22,502 | ) | (23,966 | ) | (24,061 | ) | (24,664 | ) | ||||||||||||||||||||||||||||||
| Loans, net | $ | 2,370,931 | $ | 2,286,599 | $ | 2,180,331 | $ | 2,022,173 | $ | 1,981,428 | ||||||||||||||||||||||||||||||
(1) As of September 30, 2024, June 30, 2024, and March 31, 2024, consumer loans include
Ponce Financial Group, Inc. and Subsidiaries
Allowance for Credit Losses on Loans
| For the Three Months Ended | ||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
| 2024 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Allowance for credit losses on loans at beginning of the period | $ | 22,502 | $ | 23,966 | $ | 24,061 | $ | 24,664 | $ | 26,154 | ||||||||||
| Provision (benefit) for credit losses on loans | 731 | 1,090 | 801 | (120 | ) | (255 | ) | |||||||||||||
| Charge-offs: | ||||||||||||||||||||
| Mortgage loans: | ||||||||||||||||||||
| 1-4 family residences | ||||||||||||||||||||
| Investor owned | (38 | ) | — | — | — | — | ||||||||||||||
| Owner occupied | — | — | — | — | — | |||||||||||||||
| Multifamily residences | — | — | — | — | — | |||||||||||||||
| Nonresidential properties | — | — | (7 | ) | — | — | ||||||||||||||
| Construction and land | — | — | — | — | — | |||||||||||||||
| Non-mortgage loans: | ||||||||||||||||||||
| Business | (222 | ) | (232 | ) | (450 | ) | — | (52 | ) | |||||||||||
| Consumer | (3 | ) | (2,465 | ) | (634 | ) | (747 | ) | (1,302 | ) | ||||||||||
| Total charge-offs | (263 | ) | (2,697 | ) | (1,091 | ) | (747 | ) | (1,354 | ) | ||||||||||
| Recoveries: | ||||||||||||||||||||
| Non-mortgage loans: | ||||||||||||||||||||
| Business | 4 | — | 1 | 7 | 1 | |||||||||||||||
| Consumer | — | 143 | 194 | 257 | 118 | |||||||||||||||
| Total recoveries | 4 | 143 | 195 | 264 | 119 | |||||||||||||||
| Net (charge-offs) recoveries | (259 | ) | (2,554 | ) | (896 | ) | (483 | ) | (1,235 | ) | ||||||||||
| Allowance for credit losses on loans at end of the period | $ | 22,974 | $ | 22,502 | $ | 23,966 | $ | 24,061 | $ | 24,664 | ||||||||||
Ponce Financial Group, Inc. and Subsidiaries
Deposits
| As of | ||||||||||||||||||||||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||||||||||||||||||||||||
| Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
| Demand | $ | 212,139 | 10.58 | % | $ | 169,178 | 8.98 | % | $ | 182,737 | 9.78 | % | $ | 178,125 | 11.09 | % | $ | 191,541 | 12.07 | % | ||||||||||||||||||||
| Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||||||
| NOW/IOLA accounts | 74,430 | 3.71 | % | 62,616 | 3.32 | % | 71,445 | 3.82 | % | 81,178 | 5.05 | % | 73,202 | 4.62 | % | |||||||||||||||||||||||||
| Money market accounts | 692,753 | 34.55 | % | 636,219 | 33.75 | % | 660,168 | 35.30 | % | 502,255 | 31.27 | % | 482,344 | 30.42 | % | |||||||||||||||||||||||||
| Reciprocal deposits | 141,838 | 7.07 | % | 130,677 | 6.93 | % | 94,145 | 5.03 | % | 109,945 | 6.85 | % | 97,718 | 6.16 | % | |||||||||||||||||||||||||
| Savings accounts | 106,122 | 5.29 | % | 105,870 | 5.62 | % | 108,941 | 5.82 | % | 109,694 | 6.83 | % | 112,713 | 7.11 | % | |||||||||||||||||||||||||
| Total NOW, money market, reciprocal and savings accounts | 1,015,143 | 50.62 | % | 935,382 | 49.62 | % | 934,699 | 49.97 | % | 803,072 | 50.00 | % | 765,977 | 48.31 | % | |||||||||||||||||||||||||
| Certificates of deposit of | 219,721 | 10.96 | % | 204,293 | 10.84 | % | 210,262 | 11.25 | % | 189,683 | 11.82 | % | 183,478 | 11.57 | % | |||||||||||||||||||||||||
| Brokered certificates of deposit(2) | 84,531 | 4.22 | % | 94,531 | 5.02 | % | 94,531 | 5.05 | % | 94,614 | 5.89 | % | 94,689 | 5.97 | % | |||||||||||||||||||||||||
| Listing service deposits(2) | 6,140 | 0.31 | % | 7,376 | 0.39 | % | 7,376 | 0.39 | % | 9,361 | 0.58 | % | 12,688 | 0.80 | % | |||||||||||||||||||||||||
| All other certificates of deposit less than | 467,273 | 23.31 | % | 474,104 | 25.15 | % | 440,718 | 23.56 | % | 331,242 | 20.62 | % | 337,411 | 21.28 | % | |||||||||||||||||||||||||
| Total certificates of deposit | 777,665 | 38.80 | % | 780,304 | 41.40 | % | 752,887 | 40.25 | % | 624,900 | 38.91 | % | 628,266 | 39.62 | % | |||||||||||||||||||||||||
| Total interest-bearing deposits | 1,792,808 | 89.42 | % | 1,715,686 | 91.02 | % | 1,687,586 | 90.22 | % | 1,427,972 | 88.91 | % | 1,394,243 | 87.93 | % | |||||||||||||||||||||||||
| Total deposits | $ | 2,004,947 | 100.00 | % | $ | 1,884,864 | 100.00 | % | $ | 1,870,323 | 100.00 | % | $ | 1,606,097 | 100.00 | % | $ | 1,585,784 | 100.00 | % | ||||||||||||||||||||
(1) As of September 30, 2024, June 30, 2024 and March 31, 2024,
(2) There were no individual listing service deposits amounting to
Ponce Financial Group, Inc. and Subsidiaries
Nonperforming Assets
| As of Three Months Ended | ||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Non-accrual loans: | ||||||||||||||||||||
| Mortgage loans: | ||||||||||||||||||||
| 1-4 family residential | ||||||||||||||||||||
| Investor owned | $ | 1,052 | $ | 436 | $ | 436 | $ | 436 | $ | 399 | ||||||||||
| Owner occupied | 1,423 | 1,423 | 1,423 | 1,423 | 1,426 | |||||||||||||||
| Multifamily residential | 9,788 | 10,271 | 4,685 | 5,754 | 4,098 | |||||||||||||||
| Nonresidential properties | — | — | 824 | 828 | 441 | |||||||||||||||
| Construction and land | 14,159 | 14,158 | 8,907 | 8,907 | 10,277 | |||||||||||||||
| Non-mortgage loans: | ||||||||||||||||||||
| Business | 170 | 343 | 180 | 396 | 146 | |||||||||||||||
| Consumer | — | — | — | — | — | |||||||||||||||
| Total non-accrual loans (not including non-accruing modifications to borrowers experiencing financial difficulty)(1) | $ | 26,592 | $ | 26,631 | $ | 16,455 | $ | 17,744 | $ | 16,787 | ||||||||||
| Non-accruing modifications to borrowers experiencing financial difficulty(1): | ||||||||||||||||||||
| Mortgage loans: | ||||||||||||||||||||
| 1-4 family residential | ||||||||||||||||||||
| Investor owned | $ | 279 | $ | 279 | $ | 278 | $ | 277 | $ | 270 | ||||||||||
| Owner occupied | 431 | 435 | 444 | 448 | 447 | |||||||||||||||
| Multifamily residential | — | — | — | — | — | |||||||||||||||
| Nonresidential properties | — | — | — | — | — | |||||||||||||||
| Construction and land | — | — | — | — | — | |||||||||||||||
| Non-mortgage loans: | ||||||||||||||||||||
| Business | — | — | — | — | — | |||||||||||||||
| Consumer | — | — | — | — | — | |||||||||||||||
| Total non-accruing modifications to borrowers experiencing financial difficulty(1) | 710 | 714 | 722 | 725 | 717 | |||||||||||||||
| Total non-accrual loans(2) | $ | 27,302 | $ | 27,345 | $ | 17,177 | $ | 18,469 | $ | 17,504 | ||||||||||
| Accruing modifications to borrowers experiencing financial difficulty (1): | ||||||||||||||||||||
| Mortgage loans: | ||||||||||||||||||||
| 1-4 family residential | ||||||||||||||||||||
| Investor owned | $ | 1,792 | $ | 1,807 | $ | 1,821 | $ | 1,830 | $ | 1,850 | ||||||||||
| Owner occupied | 2,038 | 2,062 | 2,116 | 2,171 | 2,288 | |||||||||||||||
| Multifamily residential | — | — | — | — | — | |||||||||||||||
| Nonresidential properties | 644 | 652 | 672 | 707 | 748 | |||||||||||||||
| Construction and land | — | — | — | — | — | |||||||||||||||
| Non-mortgage loans: | ||||||||||||||||||||
| Business | 209 | 215 | 222 | — | — | |||||||||||||||
| Consumer | — | — | — | — | — | |||||||||||||||
| Total accruing modifications to borrowers experiencing financial difficulty(1) | $ | 4,683 | $ | 4,736 | $ | 4,831 | $ | 4,708 | $ | 4,886 | ||||||||||
| Total non-performing assets and accruing modifications to borrowers experiencing financial difficulty(1) | $ | 31,985 | $ | 32,081 | $ | 22,008 | $ | 23,177 | $ | 22,390 | ||||||||||
| Total non-performing assets to total assets | 0.88 | % | 0.90 | % | 0.57 | % | 0.65 | % | 0.62 | % | ||||||||||
(1) Balances include both modifications to borrowers experiencing financial difficulty, in accordance with ASU 2022-02 adopted on January 1, 2023, and previously existing troubled debt restructurings.
(2) Includes nonperforming mortgage loans held for sale.
Ponce Financial Group, Inc. and Subsidiaries
Average Balance Sheets
| For the Three Months Ended March 31, | ||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||
| Average | Average | |||||||||||||||||||||
| Outstanding | Average | Outstanding | Average | |||||||||||||||||||
| Balance | Interest | Yield/Rate(1) | Balance | Interest | Yield/Rate(1) | |||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||
| Loans(2) | $ | 2,369,433 | $ | 37,136 | 6.36 | % | $ | 1,979,263 | $ | 30,664 | 6.23 | % | ||||||||||
| Securities(3) | 467,560 | 4,521 | 3.92 | % | 576,235 | 5,619 | 3.92 | % | ||||||||||||||
| Other(4) | 186,021 | 2,340 | 5.10 | % | 238,432 | 3,383 | 5.71 | % | ||||||||||||||
| Total interest-earning assets | 3,023,014 | 43,997 | 5.90 | % | 2,793,930 | 39,666 | 5.71 | % | ||||||||||||||
| Non-interest-earning assets | 109,166 | 106,566 | ||||||||||||||||||||
| Total assets | $ | 3,132,180 | $ | 2,900,496 | ||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||
| NOW/IOLA | $ | 72,354 | $ | 115 | 0.64 | % | $ | 82,849 | $ | 218 | 1.06 | % | ||||||||||
| Money market | 827,948 | 8,411 | 4.12 | % | 544,563 | 6,292 | 4.65 | % | ||||||||||||||
| Savings | 105,171 | 26 | 0.10 | % | 113,501 | 28 | 0.10 | % | ||||||||||||||
| Certificates of deposit | 794,270 | 7,754 | 3.96 | % | 629,528 | 6,380 | 4.08 | % | ||||||||||||||
| Total deposits | 1,799,743 | 16,306 | 3.67 | % | 1,370,441 | 12,918 | 3.79 | % | ||||||||||||||
| Advance payments by borrowers | 12,445 | 2 | 0.07 | % | 12,886 | 2 | 0.06 | % | ||||||||||||||
| Borrowings | 568,601 | 5,486 | 3.91 | % | 771,070 | 7,923 | 4.13 | % | ||||||||||||||
| Total interest-bearing liabilities | 2,380,789 | 21,794 | 3.71 | % | 2,154,397 | 20,843 | 3.89 | % | ||||||||||||||
| Non-interest-bearing liabilities: | ||||||||||||||||||||||
| Non-interest-bearing demand | 196,627 | — | 198,862 | — | ||||||||||||||||||
| Other non-interest-bearing liabilities | 43,915 | — | 54,061 | — | ||||||||||||||||||
| Total non-interest-bearing liabilities | 240,542 | — | 252,923 | — | ||||||||||||||||||
| Total liabilities | 2,621,331 | 21,794 | 2,407,320 | 20,843 | ||||||||||||||||||
| Total equity | 510,849 | 493,176 | ||||||||||||||||||||
| Total liabilities and total equity | $ | 3,132,180 | 3.71 | % | $ | 2,900,496 | 3.89 | % | ||||||||||||||
| Net interest income | $ | 22,203 | $ | 18,823 | ||||||||||||||||||
| Net interest rate spread(5) | 2.19 | % | 1.82 | % | ||||||||||||||||||
| Net interest-earning assets(6) | $ | 642,225 | $ | 639,533 | ||||||||||||||||||
| Net interest margin(7) | 2.98 | % | 2.71 | % | ||||||||||||||||||
| Average interest-earning assets to interest-bearing liabilities | 126.98 | % | 129.69 | % | ||||||||||||||||||
(1) Annualized where appropriate.
(2) Loans include loans and mortgage loans held for sale, at fair value.
(3) Securities include available-for-sale securities and held-to-maturity securities.
(4) Includes FHLBNY demand account, FHLBNY stock dividends and FRBNY demand deposits.
(5) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.
(6) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(7) Net interest margin represents net interest income divided by average total interest-earning assets.
Ponce Financial Group, Inc. and Subsidiaries
Other Data
| As of | ||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||||
| Other Data | ||||||||||||||||||||
| Common shares issued | 24,886,711 | 24,886,711 | 24,886,711 | 24,886,711 | 24,886,711 | |||||||||||||||
| Less treasury shares | 920,520 | 925,497 | 1,067,248 | 1,074,979 | 1,096,214 | |||||||||||||||
| Common shares outstanding at end of period | 23,966,191 | 23,961,214 | 23,819,463 | 23,811,732 | 23,790,497 | |||||||||||||||
| Book value per common share | $ | 12.05 | $ | 11.71 | $ | 11.74 | $ | 11.45 | $ | 11.29 | ||||||||||
| Tangible book value per common share | $ | 12.05 | $ | 11.71 | $ | 11.74 | $ | 11.45 | $ | 11.29 | ||||||||||
Contact:
Sergio J. Vaccaro
sergio.vaccaro@poncebank.net
718-931-9000
FAQ
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