Ponce Financial Group, Inc. Reports Second Quarter 2024 Results
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 Financial Group, Inc. (NASDAQ: PDLB) ha riportato i risultati per il secondo trimestre del 2024. Il reddito netto disponibile per gli azionisti ordinari è stato di 3,1 milioni di dollari, pari a 0,14 dollari per azione diluita, rispetto ai 2,4 milioni del primo trimestre del 2024 e a una perdita netta di 0,1 milioni nel secondo trimestre del 2023. Il reddito netto da interessi è diminuito del 4,88% rispetto al primo trimestre del 2024, ma è aumentato del 9,96% rispetto all'anno precedente. Il margine netto di interesse è stato del 2,62%, in calo rispetto al 2,71% del primo trimestre del 2024 e al 2,65% del secondo trimestre del 2023. Per la prima metà del 2024, il reddito netto disponibile per gli azionisti ordinari è stato di 5,5 milioni di dollari, in crescita rispetto ai 0,2 milioni della prima metà del 2023. Gli attivi totali sono aumentati del 3,32% a 2,84 miliardi di dollari, con i prestiti netti in aumento del 6,66% e i depositi in crescita del 6,53% rispetto al 31 dicembre 2023.
Ponce Financial Group, Inc. (NASDAQ: PDLB) informó sus resultados del segundo trimestre de 2024. El ingreso neto disponible para los accionistas comunes fue de 3,1 millones de dólares, o 0,14 dólares por acción diluida, en comparación con 2,4 millones en el primer trimestre de 2024 y una pérdida neta de 0,1 millones en el segundo trimestre de 2023. El ingreso neto por intereses disminuyó un 4,88% desde el primer trimestre de 2024, pero aumentó un 9,96% año a año. El margen de intereses neto fue del 2,62%, en descenso desde el 2,71% en el primer trimestre de 2024 y del 2,65% en el segundo trimestre de 2023. En la primera mitad de 2024, el ingreso neto disponible para los accionistas comunes fue de 5,5 millones de dólares, en comparación con 0,2 millones en la primera mitad de 2023. Los activos totales aumentaron un 3,32% a 2,84 mil millones de dólares, con préstamos netos en aumento del 6,66% y depósitos en alza del 6,53% desde el 31 de diciembre de 2023.
Ponce Financial Group, Inc. (NASDAQ: PDLB)는 2024년 2분기 실적을 발표했습니다. 보통주주에게 배당 가능한 순이익은 310만 달러로, 희석주당 0.14달러에 해당하며, 2024년 1분기의 240만 달러 및 2023년 2분기의 10만 달러 손실과 비교됩니다. 순이자수익은 2024년 1분기와 비교하여 4.88% 감소했지만, 전년 대비 9.96% 증가했습니다. 순이자 마진은 2.62%로, 2024년 1분기의 2.71% 및 2023년 2분기의 2.65%에서 감소했습니다. 2024년 상반기 동안 보통주주에게 배당 가능한 순이익은 550만 달러로, 2023년 상반기의 20만 달러에서 증가했습니다. 총 자산은 2.84억 달러로 3.32% 증가했으며, 순대출은 6.66% 증가하고, 예금은 2023년 12월 31일 기준으로 6.53% 증가했습니다.
Ponce Financial Group, Inc. (NASDAQ: PDLB) a publié ses résultats pour le deuxième trimestre de 2024. Le revenu net disponible pour les actionnaires ordinaires était de 3,1 millions de dollars, soit 0,14 dollar par action diluée, comparé à 2,4 millions de dollars au premier trimestre 2024 et à une perte nette de 0,1 million de dollars au deuxième trimestre 2023. Le revenu net d'intérêts a diminué de 4,88% par rapport au premier trimestre 2024 mais a augmenté de 9,96% par rapport à l'année précédente. Le taux de marge d'intérêt nette était de 2,62%, en baisse par rapport à 2,71% au premier trimestre 2024 et 2,65% au deuxième trimestre 2023. Pour le premier semestre de 2024, le revenu net disponible pour les actionnaires ordinaires était de 5,5 millions de dollars, contre 0,2 million sur la même période en 2023. Les actifs totaux ont augmenté de 3,32% pour atteindre 2,84 milliards de dollars, les prêts nets ayant augmenté de 6,66% et les dépôts de 6,53% par rapport au 31 décembre 2023.
Ponce Financial Group, Inc. (NASDAQ: PDLB) hat die Ergebnisse für das zweite Quartal 2024 veröffentlicht. Der den Stammaktionären zur Verfügung stehende Nettogewinn betrug 3,1 Millionen Dollar oder 0,14 Dollar je verwässerter Aktie, verglichen mit 2,4 Millionen Dollar im ersten Quartal 2024 und einem Nettoverlust von 0,1 Millionen Dollar im zweiten Quartal 2023. Die Nettozinseinnahmen sanken um 4,88% gegenüber dem ersten Quartal 2024, stiegen jedoch im Jahresvergleich um 9,96%. Die Nettozinsspanne betrug 2,62%, ein Rückgang von 2,71% im ersten Quartal 2024 und 2,65% im zweiten Quartal 2023. Für die erste Hälfte des Jahres 2024 betrug der den Stammaktionären zur Verfügung stehende Nettogewinn 5,5 Millionen Dollar, ein Anstieg gegenüber 0,2 Millionen Dollar in der ersten Hälfte des Jahres 2023. Die gesamten Vermögenswerte stiegen um 3,32% auf 2,84 Milliarden Dollar, wobei die Nettoforderungen um 6,66% und die Einlagen um 6,53% seit dem 31. Dezember 2023 zugenommen haben.
- Net income available to common stockholders increased to $3.1 million in Q2 2024, up from $2.4 million in Q1 2024 and a net loss in Q2 2023
- Net interest income increased 9.96% year-over-year for Q2 2024
- Net loans receivable increased by 6.66% to $2.02 billion from December 31, 2023
- Deposits increased by 6.53% to $1.61 billion from December 31, 2023
- Total capital ratio at Ponce Bank stands at 22.47%, well above regulatory requirements
- Net interest income decreased 4.88% compared to Q1 2024
- Net interest margin decreased to 2.62% in Q2 2024 from 2.71% in Q1 2024
- Cash and equivalents decreased by 25.88% to $103.2 million from December 31, 2023
- Securities decreased by 4.54% to $555.2 million from December 31, 2023
Insights
Ponce Financial Group's Q2 2024 results show a mixed performance with some positive trends and ongoing challenges. The company reported
Key positives include:
- Net interest income increased
9.96% year-over-year to$17.9 million - Non-interest income rose
51.34% year-over-year to$2.3 million - Net loans receivable grew
6.66% to$2.02 billion since December 2023 - Deposits increased
6.53% to$1.61 billion since December 2023
However, there are some concerns:
- Net interest margin decreased to
2.62% from2.71% in Q1 2024 - Efficiency ratio remains high at
80.09% , though improved from82.56% in Q1 2024 - Non-performing loans as a percentage of total gross loans increased slightly to
0.89% from0.87% in Q1 2024
The bank's capital position remains strong, with a total capital ratio of
Overall, while Ponce Financial Group is showing signs of improvement, particularly in loan and deposit growth, the challenging operating environment continues to pressure margins and efficiency. The management's focus on expense reduction and prudent underwriting is appropriate given the current economic climate.
Ponce Financial Group's Q2 2024 results reflect the broader challenges facing the banking industry, particularly for smaller, community-focused institutions. The bank's performance highlights several industry trends:
- Margin Pressure: The decline in net interest margin to
2.62% underscores the ongoing challenge of maintaining profitability in a high-rate environment. This is a common issue across the banking sector as deposit costs rise faster than loan yields. - Credit Quality: The slight uptick in non-performing loans as a percentage of total gross loans (from
0.87% to0.89% ) suggests potential early signs of credit stress. While not alarming, it's a trend to monitor given economic uncertainties. - Liquidity Management: With
$679.9 million in liquid assets plus borrowing capacity, representing 1.7 times uninsured deposits, Ponce is well-positioned from a liquidity standpoint. This is important given recent industry events and heightened regulatory focus on liquidity. - Efficiency Challenges: The efficiency ratio of
80.09% , while improved, remains high. This reflects the ongoing struggle of smaller banks to achieve economies of scale, particularly as technology investments become increasingly necessary.
Ponce's status as a Minority Depository Institution (MDI) and Community Development Financial Institution (CDFI) provides unique opportunities but also comes with additional responsibilities and potential challenges in balancing community development goals with profitability.
The bank's prudent approach to growth and focus on sound underwriting practices is commendable in the current environment, where credit quality preservation is paramount. However, this conservative stance may limit near-term growth prospects.
From a risk management perspective, Ponce Financial Group's Q2 2024 results present a nuanced picture:
- Capital Adequacy: The bank's total capital ratio of
22.47% is a strong point, providing a substantial buffer against potential losses and regulatory requirements. This robust capital position is particularly important given the recent stresses in the banking sector. - Asset Quality: The allowance for loan losses as a percentage of total loans stands at
1.18% , down from1.23% in the previous quarter. While this might suggest improving asset quality, the slight increase in non-performing loans as a percentage of total gross loans (to0.89% ) warrants close monitoring. - Liquidity Risk: With liquid assets plus borrowing capacity at
$679.9 million , approximately 1.7 times uninsured deposits, the bank appears well-positioned to manage potential liquidity stresses. This is important given the heightened focus on liquidity following recent industry events. - Interest Rate Risk: The decline in net interest margin to
2.62% suggests some challenges in managing interest rate risk in the current environment. The bank may need to reassess its asset-liability management strategies to mitigate further margin compression. - Operational Risk: The reduction in headcount by
7% year-over-year, while potentially improving efficiency, could also introduce operational risks if not managed carefully. Ensuring adequate staffing for key risk management and compliance functions is crucial.
The bank's commitment to sound underwriting practices and balance sheet management over loan growth is prudent from a risk perspective. However, the challenge will be balancing this conservative approach with the need for growth and profitability.
Overall, while Ponce Financial Group demonstrates strong risk management in areas like capital and liquidity, ongoing vigilance is needed, particularly around asset quality and interest rate risk management in the current economic environment.
NEW YORK, July 30, 2024 (GLOBE NEWSWIRE) -- Ponce Financial Group, Inc., (the “Company”) (NASDAQ: PDLB), the holding company for Ponce Bank (the “Bank”), today announced results for the second quarter of 2024.
Second Quarter 2024 Highlights (Compared to Prior Periods):
- Net income available to common stockholders was
$3.1 million , or$0.14 per diluted share for the three months ended June 30, 2024, as compared to net income available to common stockholders of$2.4 million , or$0.11 per diluted share for the three months ended March 31, 2024 and net loss to common stockholders of ($0.1) million , or$0.00 per diluted share for the three months ended June 30, 2023. Net income for the three months ended June 30, 2024, which excludes$0.1 million in dividends on preferred shares, was$3.2 million . The Company began paying dividends on its preferred stock during the quarter ended June 30, 2024, as required by the terms thereof.
- Included in the
$3.1 million of net income available to common stockholders for the second quarter of 2024 results is$38.8 million in interest and dividend income,$2.3 million in non-interest income and$0.4 million in benefit for credit losses, offset by$20.9 million in interest expense,$16.1 million in non-interest expense and$0.1 million in payments and accrued dividends on preferred shares.
- Net interest income of
$17.9 million for the second quarter of 2024 decreased$0.9 million , or4.88% , from the prior quarter and increased$1.6 million , or9.96% , from the same quarter last year. As discussed in our prior earnings release, the first quarter of 2024 included a$1.0 million recovery of interest from a previously non-performing loan, which increased net interest income in that period as compared to the current period.
- Net interest margin was
2.62% for the second quarter of 2024, versus2.71% for the prior quarter and versus2.65% for the same quarter last year. A significant driver of the reduction in net interest margin is the aforementioned recovery.
Six Months 2024 Highlights (Compared to 2023):
- Net income available to common stockholders was
$5.5 million , or$0.25 per diluted share for the six months ended June 30, 2024, as compared to net income available to common stockholders of$0.2 million , or$0.01 per diluted share for the six months ended June 30, 2023. Net income for the six months ended June 30, 2024, which excludes$0.1 million in dividends on preferred shares, was$5.6 million .
- Net interest income for the six months ended June 30, 2024 was
$36.7 million , an increase of$5.2 million , or16.49% , compared to$31.5 million for the six months ended June 30, 2023.
- Non-interest income for the six months ended June 30, 2024 was
$4.0 million , an increase of$0.7 million , or19.75% , from$3.3 million for the six months ended June 30, 2023.
- Non-interest expense for the six months ended June 30, 2024 was
$33.1 million , a decrease of$0.4 million , or1.06% , compared to$33.5 million for the six months ended June 30, 2023.
- Cash and equivalents were
$103.2 million as of June 30, 2024, a decrease of$36.0 million , or25.88% , from December 31, 2023.
- Securities totaled
$555.2 million as of June 30, 2024, a decrease of$26.4 million , or4.54% , from December 31, 2023 primarily due to regular principal payments.
- Net loans receivable were
$2.02 billion as of June 30, 2024, an increase of$126.3 million , or6.66% , from December 31, 2023.
- Deposits were
$1.61 billion as of June 30, 2024, an increase of$98.5 million , or6.53% , from December 31, 2023.
President and Chief Executive Officer’s Comments
Carlos P. Naudon, Ponce Financial Group’s President and CEO, stated “Despite the challenging operating environment, we continue to make progress both in terms of improving our economic performance as well as serving our communities. We have exceeded our qualified lending targets under ECIP and qualified for a
Executive Chairman’s Comment
Steven A. Tsavaris, Ponce Financial Group’s Executive Chairman added “We continue to grow both loans and deposits while maintaining credit quality. While we see resiliency in our client base, our prudent approach might result in lower growth in the coming quarters as we prioritize sound underwriting practices and balance sheet management over loan growth.”
Selected performance metrics are as follows (refer to “Key Metrics” for additional information):
| At or for the Three Months Ended | ||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| Performance Ratios (Annualized): | 2024 | 2024 | 2023 | 2023 | 2023 | |||||||||||||||
| Return on average assets (1) | 0.45 | % | 0.33 | % | 0.08 | % | 0.39 | % | (0.01 | %) | ||||||||||
| Return on average equity (1) | 2.59 | % | 1.97 | % | 0.42 | % | 2.11 | % | (0.07 | %) | ||||||||||
| Net interest rate spread (1) (2) | 1.72 | % | 1.82 | % | 1.74 | % | 1.68 | % | 1.75 | % | ||||||||||
| Net interest margin (1) (3) | 2.62 | % | 2.71 | % | 2.66 | % | 2.58 | % | 2.65 | % | ||||||||||
| Non-interest expense to average assets (1) | 2.28 | % | 2.35 | % | 2.66 | % | 2.58 | % | 2.65 | % | ||||||||||
| Efficiency ratio (4) | 80.09 | % | 82.56 | % | 96.83 | % | 78.11 | % | 96.15 | % | ||||||||||
| Average interest-earning assets to average interest- bearing liabilities | 129.73 | % | 129.69 | % | 133.50 | % | 134.49 | % | 137.67 | % | ||||||||||
| Average equity to average assets | 17.41 | % | 17.00 | % | 18.25 | % | 18.32 | % | 19.21 | % | ||||||||||
| At or for the Three Months Ended | ||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| Capital Ratios (Annualized): | 2024 | 2024 | 2023 | 2023 | 2023 | |||||||||||||||
| Total capital to risk-weighted assets (Bank only) | 22.47 | % | 22.79 | % | 23.30 | % | 25.10 | % | 26.30 | % | ||||||||||
| Tier 1 capital to risk-weighted assets (Bank only) | 21.24 | % | 21.54 | % | 22.05 | % | 23.85 | % | 25.05 | % | ||||||||||
| Common equity Tier 1 capital to risk-weighted assets (Bank only) | 21.24 | % | 21.54 | % | 22.05 | % | 23.85 | % | 25.05 | % | ||||||||||
| Tier 1 capital to average assets (Bank only) | 16.70 | % | 16.26 | % | 17.49 | % | 17.51 | % | 17.95 | % | ||||||||||
| At or for the Three Months Ended | ||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| Asset Quality Ratios (Annualized): | 2024 | 2024 | 2023 | 2023 | 2023 | |||||||||||||||
| Allowance for loan losses as a percentage of total loans | 1.18 | % | 1.23 | % | 1.36 | % | 1.51 | % | 1.64 | % | ||||||||||
| Allowance for loan losses as a percentage of nonperforming loans | 130.28 | % | 140.90 | % | 152.99 | % | 169.49 | % | 167.06 | % | ||||||||||
| Net (charge-offs) recoveries to average outstanding loans (1) | (0.10 | %) | (0.25 | %) | (0.24 | %) | (0.34 | %) | (0.41 | %) | ||||||||||
| Non-performing loans as a percentage of total gross loans | 0.89 | % | 0.87 | % | 0.89 | % | 0.89 | % | 0.98 | % | ||||||||||
| Non-performing loans as a percentage of total assets | 0.65 | % | 0.62 | % | 0.62 | % | 0.62 | % | 0.63 | % | ||||||||||
| Total non-performing assets as a percentage of total assets | 0.65 | % | 0.62 | % | 0.62 | % | 0.62 | % | 0.63 | % | ||||||||||
| Total non-performing assets and accruing modifications to borrowers experiencing financial difficulty as a percentage of total assets (5) | 0.82 | % | 0.79 | % | 0.81 | % | 0.82 | % | 0.83 | % | ||||||||||
- Annualized where appropriate.
- Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
- Net interest margin represents net interest income divided by average total interest-earning assets.
- Efficiency ratio represents noninterest expense divided by the sum of net interest income and noninterest income.
- 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.
Summary of Results of Operations
Net income for the three months ended June 30, 2024 was
The increase of net income for the three months ended June 30, 2024 compared to the three months ended March 31, 2024 was attributed mainly to a decrease in non-interest expense, an increase in non-interest income, a decrease in provision for income taxes and an increase in benefit for credit losses, partially offset by a decrease in net interest income.
The increase of net income for the three months ended June 30, 2024 compared to the three months ended June 30, 2023 was largely due to increases in net interest income, an increase to benefit for credit losses, a decrease in non-interest expense and an increase in non-interest income, partially offset by an increase in provision for income taxes.
Net income for the six months ended June 30, 2024 was
Net Interest Income and Net Margin
Net interest income for the three months ended June 30, 2024, decreased
Net interest income for the six months ended June 30, 2024, increased
For the six months ended June 30, 2024, benefit for credit losses amounted to
Net interest margin was
Net interest margin was
Non-interest Income
Non-interest income for the three months ended June 30, 2024, was
The
The
Non-interest income for the six months ended June 30, 2024, was
Non-interest Expense
Non-interest expense for the three months ended June 30, 2024, was
The
The
Non-interest expense for the six months ended June 30, 2024, was
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 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 | |||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | |||||||||||||||
| ASSETS | |||||||||||||||||||
| Cash and due from banks: | |||||||||||||||||||
| Cash | $ | 23,128 | $ | 29,972 | $ | 28,930 | $ | 26,046 | $ | 31,162 | |||||||||
| Interest-bearing deposits | 80,038 | 104,752 | 110,260 | 90,966 | 212,627 | ||||||||||||||
| Total cash and cash equivalents | 103,166 | 134,724 | 139,190 | 117,012 | 243,789 | ||||||||||||||
| Available-for-sale securities, at fair value | 113,125 | 116,044 | 119,902 | 116,753 | 123,720 | ||||||||||||||
| Held-to-maturity securities, at amortized cost | 442,113 | 452,955 | 461,748 | 471,065 | 481,952 | ||||||||||||||
| Placement with banks | 249 | 249 | 249 | 996 | 996 | ||||||||||||||
| Mortgage loans held for sale, at fair value | 37,764 | 7,860 | 9,980 | 14,103 | 10,070 | ||||||||||||||
| Loans receivable, net | 2,022,173 | 1,981,428 | 1,895,886 | 1,787,607 | 1,695,047 | ||||||||||||||
| Accrued interest receivable | 17,441 | 18,063 | 18,010 | 16,624 | 16,054 | ||||||||||||||
| Premises and equipment, net | 16,976 | 17,396 | 16,053 | 16,453 | 16,856 | ||||||||||||||
| Right of use assets | 30,349 | 31,021 | 31,272 | 32,110 | 32,435 | ||||||||||||||
| Federal Home Loan Bank of New York stock (FHLBNY), at cost | 23,972 | 23,892 | 19,377 | 18,870 | 19,195 | ||||||||||||||
| Deferred tax assets | 13,172 | 13,919 | 14,332 | 15,984 | 15,924 | ||||||||||||||
| Other assets | 21,507 | 21,151 | 24,723 | 16,286 | 15,919 | ||||||||||||||
| Total assets | $ | 2,842,007 | $ | 2,818,702 | $ | 2,750,722 | $ | 2,623,863 | $ | 2,671,957 | |||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||
| Liabilities: | |||||||||||||||||||
| Deposits | $ | 1,606,097 | $ | 1,585,784 | $ | 1,507,620 | $ | 1,401,132 | $ | 1,442,013 | |||||||||
| Operating lease liabilities | 31,861 | 32,486 | 32,684 | 33,459 | 33,716 | ||||||||||||||
| Accrued interest payable | 6,820 | 4,218 | 11,965 | 8,385 | 4,704 | ||||||||||||||
| Advance payments by borrowers for taxes and insurance | 10,838 | 13,245 | 10,778 | 13,743 | 12,402 | ||||||||||||||
| Borrowings | 680,421 | 680,421 | 684,421 | 675,100 | 682,100 | ||||||||||||||
| Other liabilities | 8,313 | 8,866 | 11,859 | 6,986 | 6,540 | ||||||||||||||
| Total liabilities | 2,344,350 | 2,325,020 | 2,259,327 | 2,138,805 | 2,181,475 | ||||||||||||||
| 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 | (9,519 | ) | (9,702 | ) | (9,747 | ) | (10,975 | ) | (5,202 | ) | |||||||||
| Additional paid-in-capital | 207,934 | 207,584 | 207,106 | 207,626 | 207,287 | ||||||||||||||
| Retained earnings | 102,951 | 99,834 | 97,420 | 96,902 | 94,312 | ||||||||||||||
| Accumulated other comprehensive loss | (16,557 | ) | (16,590 | ) | (15,649 | ) | (20,468 | ) | (17,597 | ) | |||||||||
| Unearned compensation ─ ESOP | (12,401 | ) | (12,693 | ) | (12,984 | ) | (13,276 | ) | (13,567 | ) | |||||||||
| Total stockholders' equity | 497,657 | 493,682 | 491,395 | 485,058 | 490,482 | ||||||||||||||
| Total liabilities and stockholders' equity | $ | 2,842,007 | $ | 2,818,702 | $ | 2,750,722 | $ | 2,623,863 | $ | 2,671,957 | |||||||||
Ponce Financial Group, Inc. and Subsidiaries
Consolidated Statements of Operations
(Dollars in thousands, except per share data)
| Three Months Ended | |||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | |||||||||||||||
| Interest and dividend income: | |||||||||||||||||||
| Interest on loans receivable | $ | 31,281 | $ | 30,664 | $ | 27,814 | $ | 25,276 | $ | 23,015 | |||||||||
| Interest on deposits due from banks | 1,542 | 2,911 | 990 | 1,969 | 1,817 | ||||||||||||||
| Interest and dividend on securities and FHLBNY stock | 5,969 | 6,091 | 6,146 | 6,261 | 6,223 | ||||||||||||||
| Total interest and dividend income | 38,792 | 39,666 | 34,950 | 33,506 | 31,055 | ||||||||||||||
| Interest expense: | |||||||||||||||||||
| Interest on certificates of deposit | 6,358 | 6,380 | 5,103 | 4,362 | 3,881 | ||||||||||||||
| Interest on other deposits | 7,389 | 6,540 | 5,706 | 5,639 | 4,413 | ||||||||||||||
| Interest on borrowings | 7,141 | 7,923 | 6,944 | 6,963 | 6,479 | ||||||||||||||
| Total interest expense | 20,888 | 20,843 | 17,753 | 16,964 | 14,773 | ||||||||||||||
| Net interest income | 17,904 | 18,823 | 17,197 | 16,542 | 16,282 | ||||||||||||||
| (Benefit) provision for credit losses | (374 | ) | (180 | ) | (375 | ) | 535 | 987 | |||||||||||
| Net interest income after (benefit) provision for credit losses | 18,278 | 19,003 | 17,572 | 16,007 | 15,295 | ||||||||||||||
| Non-interest income: | |||||||||||||||||||
| Service charges and fees | 492 | 473 | 498 | 516 | 481 | ||||||||||||||
| Brokerage commissions | 9 | 8 | 13 | 17 | 35 | ||||||||||||||
| Late and prepayment charges | 426 | 359 | 365 | 899 | 372 | ||||||||||||||
| Income on sale of mortgage loans | 274 | 302 | 244 | 173 | 82 | ||||||||||||||
| Grant income | — | — | 438 | 3,718 | — | ||||||||||||||
| Other | 1,057 | 565 | (273 | ) | 304 | 522 | |||||||||||||
| Total non-interest income | 2,258 | 1,707 | 1,285 | 5,627 | 1,492 | ||||||||||||||
| Non-interest expense: | |||||||||||||||||||
| Compensation and benefits | 7,724 | 7,844 | 8,262 | 7,566 | 7,425 | ||||||||||||||
| Occupancy and equipment | 3,564 | 3,667 | 3,686 | 3,588 | 3,724 | ||||||||||||||
| Data processing expenses | 1,013 | 1,127 | 1,101 | 1,582 | 1,208 | ||||||||||||||
| Direct loan expenses | 633 | 732 | 497 | 369 | 345 | ||||||||||||||
| (Benefit) provision for contingencies | (493 | ) | 164 | 418 | 391 | 517 | |||||||||||||
| Insurance and surety bond premiums | 263 | 253 | 250 | 255 | 248 | ||||||||||||||
| Office supplies, telephone and postage | 233 | 249 | 294 | 301 | 489 | ||||||||||||||
| Professional fees | 1,369 | 1,723 | 2,040 | 1,693 | 1,904 | ||||||||||||||
| Grain recoveries | (65 | ) | (53 | ) | (152 | ) | (69 | ) | (346 | ) | |||||||||
| Marketing and promotional expenses | 145 | 100 | 146 | 248 | 303 | ||||||||||||||
| Directors fees and regulatory assessment | 176 | 179 | 173 | 169 | 160 | ||||||||||||||
| Other operating expenses | 1,585 | 965 | 1,182 | 1,223 | 1,112 | ||||||||||||||
| Total non-interest expense | 16,147 | 16,950 | 17,897 | 17,316 | 17,089 | ||||||||||||||
| Income (loss) before income taxes | 4,389 | 3,760 | 960 | 4,318 | (302 | ) | |||||||||||||
| Provision (benefit) for income taxes | 1,197 | 1,346 | 442 | 1,728 | (215 | ) | |||||||||||||
| Net income (loss) | $ | 3,192 | $ | 2,414 | $ | 518 | $ | 2,590 | $ | (87 | ) | ||||||||
| Dividends on preferred shares | 75 | — | — | — | — | ||||||||||||||
| Net income (loss) available to common stockholders | $ | 3,117 | $ | 2,414 | $ | 518 | $ | 2,590 | $ | (87 | ) | ||||||||
| Earnings per common share: | |||||||||||||||||||
| Basic | $ | 0.14 | $ | 0.11 | $ | 0.02 | $ | 0.12 | $ | (0.00 | ) | ||||||||
| Diluted | $ | 0.14 | $ | 0.11 | $ | 0.02 | $ | 0.12 | $ | (0.00 | ) | ||||||||
| Weighted average common shares outstanding: | |||||||||||||||||||
| Basic | 22,409,803 | 22,353,492 | 22,224,945 | 22,272,076 | 23,208,168 | ||||||||||||||
| Diluted | 22,419,309 | 22,366,728 | 22,406,102 | 22,349,217 | 23,208,168 | ||||||||||||||
Ponce Financial Group, Inc. and Subsidiaries
Consolidated Statements of Operations
(Dollars in thousands, except per share data)
| For the Six Months Ended June 30, | ||||||||||||||||
| 2024 | 2023 | Variance $ | Variance % | |||||||||||||
| Interest and dividend income: | ||||||||||||||||
| Interest on loans receivable | $ | 61,945 | $ | 42,715 | $ | 19,230 | 45.02 | % | ||||||||
| Interest on deposits due from banks | 4,453 | 2,014 | 2,439 | 121.10 | % | |||||||||||
| Interest and dividend on securities and FHLBNY stock | 12,060 | 12,682 | (622 | ) | (4.90 | %) | ||||||||||
| Total interest and dividend income | 78,458 | 57,411 | 21,047 | 36.66 | % | |||||||||||
| Interest expense: | ||||||||||||||||
| Interest on certificates of deposit | 12,738 | 7,106 | 5,632 | 79.26 | % | |||||||||||
| Interest on other deposits | 13,929 | 7,225 | 6,704 | 92.79 | % | |||||||||||
| Interest on borrowings | 15,064 | 11,553 | 3,511 | 30.39 | % | |||||||||||
| Total interest expense | 41,731 | 25,884 | 15,847 | 61.22 | % | |||||||||||
| Net interest income | 36,727 | 31,527 | 5,200 | 16.49 | % | |||||||||||
| (Benefit) provision for credit losses | (554 | ) | 813 | (1,367 | ) | (168.14 | %) | |||||||||
| Net interest income after benefit for credit losses | 37,281 | 30,714 | 6,567 | 21.38 | % | |||||||||||
| Non-interest income: | ||||||||||||||||
| Service charges and fees | 965 | 972 | (7 | ) | (0.72 | %) | ||||||||||
| Brokerage commissions | 17 | 50 | (33 | ) | (66.00 | %) | ||||||||||
| Late and prepayment charges | 785 | 1,101 | (316 | ) | (28.70 | %) | ||||||||||
| Income on sale of mortgage loans | 576 | 181 | 395 | 218.23 | % | |||||||||||
| Other | 1,622 | 1,007 | 615 | 61.07 | % | |||||||||||
| Total non-interest income | 3,965 | 3,311 | 654 | 19.75 | % | |||||||||||
| Non-interest expense: | ||||||||||||||||
| Compensation and benefits | 15,568 | 14,871 | 697 | 4.69 | % | |||||||||||
| Occupancy and equipment | 7,231 | 7,294 | (63 | ) | (0.86 | %) | ||||||||||
| Data processing expenses | 2,140 | 2,400 | (260 | ) | (10.83 | %) | ||||||||||
| Direct loan expenses | 1,365 | 757 | 608 | 80.32 | % | |||||||||||
| (Benefit) provision for contingencies | (329 | ) | 1,502 | (1,831 | ) | (121.90 | %) | |||||||||
| Insurance and surety bond premiums | 516 | 513 | 3 | 0.58 | % | |||||||||||
| Office supplies, telephone and postage | 482 | 888 | (406 | ) | (45.72 | %) | ||||||||||
| Professional fees | 3,092 | 3,359 | (267 | ) | (7.95 | %) | ||||||||||
| Grain recoveries | (118 | ) | (1,260 | ) | 1,142 | (90.63 | %) | |||||||||
| Marketing and promotional expenses | 245 | 431 | (186 | ) | (43.16 | %) | ||||||||||
| Directors fees and regulatory assessment | 355 | 315 | 40 | 12.70 | % | |||||||||||
| Other operating expenses | 2,550 | 2,380 | 170 | 7.14 | % | |||||||||||
| Total non-interest expense | 33,097 | 33,450 | (353 | ) | (1.06 | %) | ||||||||||
| Income before income taxes | 8,149 | 575 | 7,574 | 1,317.22 | % | |||||||||||
| Provision for income taxes | 2,543 | 331 | 2,212 | 668.28 | % | |||||||||||
| Net income | $ | 5,606 | $ | 244 | $ | 5,362 | 2,197.54 | % | ||||||||
| Dividends on preferred shares | 75 | — | 75 | |||||||||||||
| Net income available to common stockholders | $ | 5,531 | $ | 244 | $ | 5,287 | 2,166.80 | % | ||||||||
| Earnings per common share: | ||||||||||||||||
| Basic | $ | 0.25 | $ | 0.01 | $ | 0.24 | 2,254.79 | % | ||||||||
| Diluted | $ | 0.25 | $ | 0.01 | $ | 0.24 | 2,256.11 | % | ||||||||
| Weighted average common shares outstanding: | ||||||||||||||||
| Basic | 22,381,647 | 23,250,357 | (868,710 | ) | (3.74 | %) | ||||||||||
| Diluted | 22,393,018 | 23,275,201 | (882,183 | ) | (3.79 | %) | ||||||||||
Ponce Financial Group, Inc. and Subsidiaries
Key Metrics
| At or for the Three Months Ended | |||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | |||||||||||||||
| Performance Ratios: | |||||||||||||||||||
| Return on average assets (1) | 0.45 | % | 0.33 | % | 0.08 | % | 0.39 | % | (0.01 | %) | |||||||||
| Return on average equity (1) | 2.59 | % | 1.97 | % | 0.42 | % | 2.11 | % | (0.07 | %) | |||||||||
| Net interest rate spread (1) (2) | 1.72 | % | 1.82 | % | 1.74 | % | 1.68 | % | 1.75 | % | |||||||||
| Net interest margin (1) (3) | 2.62 | % | 2.71 | % | 2.66 | % | 2.58 | % | 2.65 | % | |||||||||
| Non-interest expense to average assets (1) | 2.28 | % | 2.35 | % | 2.66 | % | 2.58 | % | 2.65 | % | |||||||||
| Efficiency ratio (4) | 80.09 | % | 82.56 | % | 96.83 | % | 78.11 | % | 96.15 | % | |||||||||
| Average interest-earning assets to average interest- bearing liabilities | 129.73 | % | 129.69 | % | 133.50 | % | 134.49 | % | 137.67 | % | |||||||||
| Average equity to average assets | 17.41 | % | 17.00 | % | 18.25 | % | 18.32 | % | 19.21 | % | |||||||||
| Capital Ratios: | |||||||||||||||||||
| Total capital to risk-weighted assets (Bank only) | 22.47 | % | 22.79 | % | 23.30 | % | 25.10 | % | 26.30 | % | |||||||||
| Tier 1 capital to risk-weighted assets (Bank only) | 21.24 | % | 21.54 | % | 22.05 | % | 23.85 | % | 25.05 | % | |||||||||
| Common equity Tier 1 capital to risk-weighted assets (Bank only) | 21.24 | % | 21.54 | % | 22.05 | % | 23.85 | % | 25.05 | % | |||||||||
| Tier 1 capital to average assets (Bank only) | 16.70 | % | 16.26 | % | 17.49 | % | 17.51 | % | 17.95 | % | |||||||||
| Asset Quality Ratios: | |||||||||||||||||||
| Allowance for credit losses on loans as a percentage of total loans | 1.18 | % | 1.23 | % | 1.36 | % | 1.51 | % | 1.64 | % | |||||||||
| Allowance for credit losses on loans as a percentage of nonperforming loans | 130.28 | % | 140.90 | % | 152.99 | % | 169.49 | % | 167.06 | % | |||||||||
| Net (charge-offs) recoveries to average outstanding loans (1) | (0.10 | %) | (0.25 | %) | (0.24 | %) | (0.34 | %) | (0.41 | %) | |||||||||
| Non-performing loans as a percentage of total gross loans | 0.89 | % | 0.87 | % | 0.89 | % | 0.89 | % | 0.98 | % | |||||||||
| Non-performing loans as a percentage of total assets | 0.65 | % | 0.62 | % | 0.62 | % | 0.62 | % | 0.63 | % | |||||||||
| Total non-performing assets as a percentage of total assets | 0.65 | % | 0.62 | % | 0.62 | % | 0.62 | % | 0.63 | % | |||||||||
| Total non-performing assets and accruing modifications to borrowers experiencing financial difficulty as a percentage of total assets (5) | 0.82 | % | 0.79 | % | 0.81 | % | 0.82 | % | 0.83 | % | |||||||||
| Other: | |||||||||||||||||||
| Number of offices | 18 | 18 | 18 | 19 | 19 | ||||||||||||||
| Number of full-time equivalent employees | 227 | 233 | 237 | 243 | 244 | ||||||||||||||
- Annualized where appropriate.
- 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.
- Net interest margin represents net interest income divided by average total interest-earning assets.
- Efficiency ratio represents noninterest expense divided by the sum of net interest income and non-interest income.
- 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.
Ponce Financial Group, Inc. and Subsidiaries
Securities Portfolio
| June 30, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||
| Gross | Gross | Gross | Gross | |||||||||||||||||||||||||||||
| Amortized | Unrealized | Unrealized | Amortized | Unrealized | Unrealized | |||||||||||||||||||||||||||
| Cost | Gains | Losses | Fair Value | Cost | Gains | Losses | Fair Value | |||||||||||||||||||||||||
| (in thousands) | (in thousands) | |||||||||||||||||||||||||||||||
| Available-for-Sale Securities: | ||||||||||||||||||||||||||||||||
| U.S. Government Bonds | $ | 2,992 | $ | — | $ | (196 | ) | $ | 2,796 | $ | 2,990 | $ | — | $ | (206 | ) | $ | 2,784 | ||||||||||||||
| Corporate Bonds | 25,773 | — | (1,859 | ) | 23,914 | 25,790 | — | (2,122 | ) | 23,668 | ||||||||||||||||||||||
| Mortgage-Backed Securities: | ||||||||||||||||||||||||||||||||
| Collateralized Mortgage Obligations(1) | 36,886 | — | (6,280 | ) | 30,606 | 39,375 | — | (6,227 | ) | 33,148 | ||||||||||||||||||||||
| FHLMC Certificates | 9,611 | — | (1,523 | ) | 8,088 | 10,163 | — | (1,482 | ) | 8,681 | ||||||||||||||||||||||
| FNMA Certificates | 58,797 | — | (11,174 | ) | 47,623 | 61,359 | — | (9,842 | ) | 51,517 | ||||||||||||||||||||||
| GNMA Certificates | 99 | — | (1 | ) | 98 | 104 | — | — | 104 | |||||||||||||||||||||||
| Total available-for-sale securities | $ | 134,158 | $ | — | $ | (21,033 | ) | $ | 113,125 | $ | 139,781 | $ | — | $ | (19,879 | ) | $ | 119,902 | ||||||||||||||
| Held-to-Maturity Securities: | ||||||||||||||||||||||||||||||||
| U.S. Agency Bonds | $ | 25,000 | $ | — | $ | (253 | ) | $ | 24,747 | $ | 25,000 | $ | — | $ | (181 | ) | $ | 24,819 | ||||||||||||||
| Corporate Bonds | 82,500 | — | (2,230 | ) | 80,270 | 82,500 | — | (2,691 | ) | 79,809 | ||||||||||||||||||||||
| Mortgage-Backed Securities: | ||||||||||||||||||||||||||||||||
| Collateralized Mortgage Obligations(1) | 200,684 | — | (8,533 | ) | 192,151 | 212,093 | 104 | (5,170 | ) | 207,027 | ||||||||||||||||||||||
| FHLMC Certificates | 3,664 | — | (274 | ) | 3,390 | 3,897 | — | (244 | ) | 3,653 | ||||||||||||||||||||||
| FNMA Certificates | 112,925 | — | (5,565 | ) | 107,360 | 118,944 | — | (4,088 | ) | 114,856 | ||||||||||||||||||||||
| SBA Certificates | 17,558 | 169 | — | 17,727 | 19,712 | 166 | — | 19,878 | ||||||||||||||||||||||||
| Allowance for Credit Losses | (218 | ) | — | — | — | (398 | ) | — | — | — | ||||||||||||||||||||||
| Total held-to-maturity securities | $ | 442,113 | $ | 169 | $ | (16,855 | ) | $ | 425,645 | $ | 461,748 | $ | 270 | $ | (12,374 | ) | $ | 450,042 | ||||||||||||||
- Comprised of Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Ginnie Mae (“GNMA”) issued securities.
The following table presents the activity in the allowance for credit losses for held-to-maturity securities.
| For the Six | For the | |||||||
| Months Ended | Year Ended | |||||||
| June 30, 2024 | December 31, 2023 | |||||||
| Allowance for credit losses on securities at beginning of the period | $ | 398 | $ | — | ||||
| CECL adoption | — | 662 | ||||||
| Benefit for credit losses | (180 | ) | (264 | ) | ||||
| Allowance for credit losses on securities at end of the period | $ | 218 | $ | 398 | ||||
Ponce Financial Group, Inc. and Subsidiaries
Loan Portfolio
| As of | ||||||||||||||||||||||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||||||||||||||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||||||||||||||||||||||||
| Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
| Mortgage loans: | ||||||||||||||||||||||||||||||||||||||||
| 1-4 family residential | ||||||||||||||||||||||||||||||||||||||||
| Investor Owned | $ | 337,292 | 16.49 | % | $ | 339,331 | 16.92 | % | $ | 343,689 | 17.89 | % | $ | 347,082 | 19.13 | % | $ | 351,754 | 20.43 | % | ||||||||||||||||||||
| Owner-Occupied | 147,485 | 7.21 | % | 150,842 | 7.52 | % | 152,311 | 7.93 | % | 151,866 | 8.37 | % | 154,116 | 8.94 | % | |||||||||||||||||||||||||
| Multifamily residential | 545,323 | 26.66 | % | 545,825 | 27.22 | % | 550,559 | 28.65 | % | 553,694 | 30.52 | % | 550,033 | 31.94 | % | |||||||||||||||||||||||||
| Nonresidential properties | 337,583 | 16.51 | % | 327,350 | 16.32 | % | 342,343 | 17.81 | % | 321,472 | 17.71 | % | 317,416 | 18.43 | % | |||||||||||||||||||||||||
| Construction and land | 641,879 | 31.39 | % | 608,665 | 30.35 | % | 503,925 | 26.22 | % | 411,383 | 22.67 | % | 315,843 | 18.34 | % | |||||||||||||||||||||||||
| Total mortgage loans | 2,009,562 | 98.26 | % | 1,972,013 | 98.33 | % | 1,892,827 | 98.50 | % | 1,785,497 | 98.40 | % | 1,689,162 | 98.08 | % | |||||||||||||||||||||||||
| Non-mortgage loans: | ||||||||||||||||||||||||||||||||||||||||
| Business loans | 30,222 | 1.48 | % | 26,664 | 1.33 | % | 19,779 | 1.03 | % | 18,416 | 1.02 | % | 21,041 | 1.22 | % | |||||||||||||||||||||||||
| Consumer loans (1) | 5,305 | 0.26 | % | 6,741 | 0.34 | % | 8,966 | 0.47 | % | 10,416 | 0.58 | % | 11,958 | 0.70 | % | |||||||||||||||||||||||||
| Total non-mortgage loans | 35,527 | 1.74 | % | 33,405 | 1.67 | % | 28,745 | 1.50 | % | 28,832 | 1.60 | % | 32,999 | 1.92 | % | |||||||||||||||||||||||||
| Total loans, gross | 2,045,089 | 100.00 | % | 2,005,418 | 100.00 | % | 1,921,572 | 100.00 | % | 1,814,329 | 100.00 | % | 1,722,161 | 100.00 | % | |||||||||||||||||||||||||
| Net deferred loan origination costs | 1,145 | 674 | 468 | 692 | 1,059 | |||||||||||||||||||||||||||||||||||
| Allowance for credit losses on loans | (24,061 | ) | (24,664 | ) | (26,154 | ) | (27,414 | ) | (28,173 | ) | ||||||||||||||||||||||||||||||
| Loans, net | $ | 2,022,173 | $ | 1,981,428 | $ | 1,895,886 | $ | 1,787,607 | $ | 1,695,047 | ||||||||||||||||||||||||||||||
- As of June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, consumer loans include
$4.3 million ,$5.7 million ,$8.0 million ,$9.3 million and$11.2 million , respectively, of loans originated by the Bank pursuant to its arrangement with Grain.
Ponce Financial Group, Inc. and Subsidiaries
Grain Loan Exposure
| Grain Technologies, Inc. ("Grain") Total Exposure as of June 30, 2024 | ||||
| (in thousands) | ||||
| Receivable from Grain | ||||
| Microloans originated - put back to Grain (inception-to-June 30, 2024) | $ | 23,986 | ||
| Write-downs, net of recoveries (inception-to-date as of June 30, 2024) | (15,341 | ) | ||
| Cash receipts from Grain (inception-to-June 30, 2024) | (6,819 | ) | ||
| Grant/reserve | (1,826 | ) | ||
| Net receivable as of June 30, 2024 | $ | — | ||
| Microloan receivables from Grain Borrowers | ||||
| Grain originated loans receivable as of June 30, 2024 | $ | 4,277 | ||
| Allowance for credit losses on loans as of June 30, 2024(1) | (3,623 | ) | ||
| Microloans, net of allowance for credit losses on loans as of June 30, 2024 | $ | 654 | ||
| Investments | ||||
| Investment in Grain | $ | 1,000 | ||
| Investment in Grain write-off in Q3 2022 | (1,000 | ) | ||
| Investment in Grain as of June 30, 2024 | — | |||
| Total exposure related to Grain as of June 30, 2024(2) | $ | 654 | ||
- Excludes
$1.6 million of security deposits by Grain originated borrowers reported in deposits in the accompanying Consolidated Statements of Financial Conditions. - Total remaining exposure to Grain borrowers. These loans are now serviced by the Bank.
On November 1, 2023, Ponce Financial Group, Inc. and Grain signed a Perpetual Software License Agreement in order for the Bank to assume the servicing of the remaining Grain loans. In order to facilitate the transfer of the servicing responsibilities to the Bank, Grain granted the Bank a perpetual right and license to use the Grain software, including the source code to service the remaining loans.
Ponce Financial Group, Inc. and Subsidiaries
Allowance for Credit Losses on Loans
| For the Three Months Ended | |||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | |||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| Allowance for credit losses on loans at beginning of the period | $ | 24,664 | $ | 26,154 | $ | 27,414 | $ | 28,173 | $ | 28,975 | |||||||||
| (Benefit) provision for credit losses on loans | (120 | ) | (255 | ) | (126 | ) | 750 | 934 | |||||||||||
| Charge-offs: | |||||||||||||||||||
| Mortgage loans: | |||||||||||||||||||
| 1-4 family residences | |||||||||||||||||||
| Investor owned | — | — | — | — | — | ||||||||||||||
| Owner occupied | — | — | — | — | — | ||||||||||||||
| Multifamily residences | — | — | — | — | — | ||||||||||||||
| Nonresidential properties | — | — | — | — | — | ||||||||||||||
| Construction and land | — | — | — | — | — | ||||||||||||||
| Non-mortgage loans: | |||||||||||||||||||
| Business | — | (52 | ) | (63 | ) | — | — | ||||||||||||
| Consumer | (747 | ) | (1,302 | ) | (1,135 | ) | (1,592 | ) | (1,931 | ) | |||||||||
| Total charge-offs | (747 | ) | (1,354 | ) | (1,198 | ) | (1,592 | ) | (1,931 | ) | |||||||||
| Recoveries: | |||||||||||||||||||
| Mortgage loans: | |||||||||||||||||||
| 1-4 family residences | |||||||||||||||||||
| Investor owned | — | — | — | — | — | ||||||||||||||
| Owner occupied | — | — | — | — | — | ||||||||||||||
| Multifamily residences | — | — | — | — | — | ||||||||||||||
| Nonresidential properties | — | — | — | — | — | ||||||||||||||
| Construction and land | — | — | — | — | — | ||||||||||||||
| Non-mortgage loans: | |||||||||||||||||||
| Business | 7 | 1 | — | 3 | — | ||||||||||||||
| Consumer | 257 | 118 | 64 | 80 | 195 | ||||||||||||||
| Total recoveries | 264 | 119 | 64 | 83 | 195 | ||||||||||||||
| Net (charge-offs) recoveries | (483 | ) | (1,235 | ) | (1,134 | ) | (1,509 | ) | (1,736 | ) | |||||||||
| Allowance for credit losses on loans at end of the period | $ | 24,061 | $ | 24,664 | $ | 26,154 | $ | 27,414 | $ | 28,173 | |||||||||
Ponce Financial Group, Inc. and Subsidiaries
Deposits
| As of | ||||||||||||||||||||||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||||||||||||||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||||||||||||||||||||||||
| Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
| Demand(1) | $ | 178,125 | 11.09 | % | $ | 191,541 | 12.07 | % | $ | 185,151 | 12.28 | % | $ | 214,326 | 15.30 | % | $ | 225,106 | 15.61 | % | ||||||||||||||||||||
| Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||||||
| NOW/IOLA accounts(1) | 81,178 | 5.05 | % | 73,202 | 4.62 | % | 77,909 | 5.17 | % | 74,055 | 5.29 | % | 64,193 | 4.45 | % | |||||||||||||||||||||||||
| Money market accounts(2) | 502,255 | 31.27 | % | 482,344 | 30.42 | % | 432,735 | 28.70 | % | 370,500 | 26.44 | % | 387,970 | 26.91 | % | |||||||||||||||||||||||||
| Reciprocal deposits | 109,945 | 6.85 | % | 97,718 | 6.16 | % | 96,860 | 6.42 | % | 82,670 | 5.90 | % | 100,919 | 7.00 | % | |||||||||||||||||||||||||
| Savings accounts | 109,694 | 6.83 | % | 112,713 | 7.11 | % | 114,139 | 7.57 | % | 117,870 | 8.41 | % | 119,635 | 8.30 | % | |||||||||||||||||||||||||
| Total NOW, money market, reciprocal and savings accounts | 803,072 | 50.00 | % | 765,977 | 48.31 | % | 721,643 | 47.86 | % | 645,095 | 46.04 | % | 672,717 | 46.66 | % | |||||||||||||||||||||||||
| Certificates of deposit of | 156,224 | 9.73 | % | 146,296 | 9.23 | % | 132,153 | 8.77 | % | 122,353 | 8.73 | % | 120,043 | 8.32 | % | |||||||||||||||||||||||||
| Brokered certificates of deposit(3) | 94,614 | 5.89 | % | 94,689 | 5.97 | % | 98,729 | 6.55 | % | 98,729 | 7.05 | % | 98,729 | 6.85 | % | |||||||||||||||||||||||||
| Listing service deposits(3) | 9,361 | 0.58 | % | 12,688 | 0.80 | % | 14,433 | 0.96 | % | 15,180 | 1.08 | % | 20,258 | 1.40 | % | |||||||||||||||||||||||||
| All other certificates of deposit less than | 364,701 | 22.71 | % | 374,593 | 23.62 | % | 355,511 | 23.58 | % | 305,449 | 21.80 | % | 305,160 | 21.16 | % | |||||||||||||||||||||||||
| Total certificates of deposit | 624,900 | 38.91 | % | 628,266 | 39.62 | % | 600,826 | 39.86 | % | 541,711 | 38.66 | % | 544,190 | 37.73 | % | |||||||||||||||||||||||||
| Total interest-bearing deposits | 1,427,972 | 88.91 | % | 1,394,243 | 87.93 | % | 1,322,469 | 87.72 | % | 1,186,806 | 84.70 | % | 1,216,907 | 84.39 | % | |||||||||||||||||||||||||
| Total deposits | $ | 1,606,097 | 100.00 | % | $ | 1,585,784 | 100.00 | % | $ | 1,507,620 | 100.00 | % | $ | 1,401,132 | 100.00 | % | $ | 1,442,013 | 100.00 | % | ||||||||||||||||||||
- As of December 31, 2023, September 30, 2023 and June 30, 2023,
$58.2 million ,$51.5 million and$41.4 million , respectively, were reclassified from demand to NOW/IOLA accounts. - As of June 30, 2023,
$150.6 million of Raisin deposits were reclassified from money market accounts to certificates of deposits.$36.4 million were reclassified to Certificates of deposits of$250 K or more and$114.2 million were reclassified to certificates of deposit less than$250 K. - As of June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, there were
$1.5 million ,$1.5 million ,$0.3 million ,$0.3 million and$3.3 million , respectively, in individual listing service deposits amounting to$250,000 or more. All brokered certificates of deposit individually amounted to less than$250,000.
Ponce Financial Group, Inc. and Subsidiaries
Borrowings
| June 30, | December 31, | ||||||||||||||||||||||
| 2024 | 2023 | ||||||||||||||||||||||
| Scheduled Maturity | Redeemable at Call Date | Weighted Average Rate | Scheduled Maturity | Redeemable at Call Date | Weighted Average Rate | ||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Term advances ending: | |||||||||||||||||||||||
| 2024 | $ | 109,321 | $ | 109,321 | 4.69 | % | $ | 363,321 | $ | 363,321 | 4.55 | % | |||||||||||
| 2025 | 250,000 | 250,000 | 4.69 | 50,000 | 50,000 | 4.41 | |||||||||||||||||
| 2026 | 50,000 | 50,000 | 4.83 | — | — | — | |||||||||||||||||
| 2027 | 212,000 | 212,000 | 3.44 | 212,000 | 212,000 | 3.44 | |||||||||||||||||
| 2028 | 9,100 | 9,100 | 3.84 | 9,100 | 9,100 | 3.84 | |||||||||||||||||
| Thereafter | 50,000 | 50,000 | 3.35 | 50,000 | 50,000 | 3.35 | |||||||||||||||||
| $ | 680,421 | $ | 680,421 | 4.20 | % | $ | 684,421 | $ | 684,421 | 4.10 | % | ||||||||||||
Ponce Financial Group, Inc. and Subsidiaries
Nonperforming Assets
| As of Three Months Ended | |||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | |||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| Non-accrual loans: | |||||||||||||||||||
| Mortgage loans: | |||||||||||||||||||
| 1-4 family residential | |||||||||||||||||||
| Investor owned | $ | 436 | $ | 399 | $ | 793 | $ | 396 | $ | 296 | |||||||||
| Owner occupied | 1,423 | 1,426 | 1,682 | 1,685 | 2,363 | ||||||||||||||
| Multifamily residential | 5,754 | 4,098 | 2,979 | 1,444 | 1,435 | ||||||||||||||
| Nonresidential properties | 828 | 441 | — | — | — | ||||||||||||||
| Construction and land | 8,907 | 10,277 | 10,759 | 11,721 | 11,721 | ||||||||||||||
| Non-mortgage loans: | |||||||||||||||||||
| Business | 396 | 146 | 165 | 209 | — | ||||||||||||||
| Consumer | — | — | — | — | — | ||||||||||||||
| Total non-accrual loans (not including non-accruing modifications to borrowers experiencing financial difficulty)(1) | $ | 17,744 | $ | 16,787 | $ | 16,378 | $ | 15,455 | $ | 15,815 | |||||||||
| Non-accruing modifications to borrowers experiencing financial difficulty(1): | |||||||||||||||||||
| Mortgage loans: | |||||||||||||||||||
| 1-4 family residential | |||||||||||||||||||
| Investor owned | $ | 277 | $ | 270 | $ | 270 | $ | 270 | $ | 209 | |||||||||
| Owner occupied | 448 | 447 | 447 | 449 | 840 | ||||||||||||||
| Multifamily residential | — | — | — | — | — | ||||||||||||||
| Nonresidential properties | — | — | — | — | — | ||||||||||||||
| Construction and land | — | — | — | — | — | ||||||||||||||
| Non-mortgage loans: | |||||||||||||||||||
| Business | — | — | — | — | — | ||||||||||||||
| Consumer | — | — | — | — | — | ||||||||||||||
| Total non-accruing modifications to borrowers experiencing financial difficulty(1) | 725 | 717 | 717 | 719 | 1,049 | ||||||||||||||
| Total non-accrual loans(2) | $ | 18,469 | $ | 17,504 | $ | 17,095 | $ | 16,174 | $ | 16,864 | |||||||||
| Accruing modifications to borrowers experiencing financial difficulty (1): | |||||||||||||||||||
| Mortgage loans: | |||||||||||||||||||
| 1-4 family residential | |||||||||||||||||||
| Investor owned | $ | 1,830 | $ | 1,850 | $ | 2,112 | $ | 2,131 | $ | 2,161 | |||||||||
| Owner occupied | 2,171 | 2,288 | 2,313 | 2,335 | 2,353 | ||||||||||||||
| Multifamily residential | — | — | — | — | — | ||||||||||||||
| Nonresidential properties | 707 | 748 | 757 | 765 | 783 | ||||||||||||||
| Construction and land | — | — | — | — | — | ||||||||||||||
| Non-mortgage loans: | |||||||||||||||||||
| Business | — | — | — | — | — | ||||||||||||||
| Consumer | — | — | — | — | — | ||||||||||||||
| Total accruing modifications to borrowers experiencing financial difficulty(1) | $ | 4,708 | $ | 4,886 | $ | 5,182 | $ | 5,231 | $ | 5,297 | |||||||||
| Total non-performing assets and accruing modifications to borrowers experiencing financial difficulty(1) | $ | 23,177 | $ | 22,390 | $ | 22,277 | $ | 21,405 | $ | 22,161 | |||||||||
| Total non-performing loans to total gross loans | 0.89 | % | 0.87 | % | 0.89 | % | 0.89 | % | 0.98 | % | |||||||||
| Total non-performing assets to total assets | 0.65 | % | 0.62 | % | 0.62 | % | 0.62 | % | 0.63 | % | |||||||||
| Total non-performing assets and accruing modifications to borrowers experiencing financial difficulty as a percentage of total assets(1) | 0.82 | % | 0.79 | % | 0.81 | % | 0.82 | % | 0.83 | % | |||||||||
- 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.
- Includes nonperforming mortgage loans held for sale.
Ponce Financial Group, Inc. and Subsidiaries
Average Balance Sheets
| For the Three Months Ended June 30, | |||||||||||||||||||||
| 2024 | 2023 | ||||||||||||||||||||
| Average | Average | ||||||||||||||||||||
| Outstanding | Average | Outstanding | Average | ||||||||||||||||||
| Balance | Interest | Yield/Rate(1) | Balance | Interest | Yield/Rate(1) | ||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||
| Loans(2) | $ | 2,040,149 | $ | 31,281 | 6.17 | % | $ | 1,683,117 | $ | 23,015 | 5.48 | % | |||||||||
| Securities(3) | 562,560 | 5,486 | 3.92 | % | 614,598 | 5,731 | 3.74 | % | |||||||||||||
| Other(4)(5) | 141,368 | 2,025 | 5.76 | % | 164,509 | 2,309 | 5.63 | % | |||||||||||||
| Total interest-earning assets | 2,744,077 | 38,792 | 5.69 | % | 2,462,224 | 31,055 | 5.06 | % | |||||||||||||
| Non-interest-earning assets(5) | 105,774 | 121,169 | |||||||||||||||||||
| Total assets | $ | 2,849,851 | $ | 2,583,393 | |||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||
| NOW/IOLA(6) (7) | $ | 72,932 | $ | 151 | 0.83 | % | $ | 66,314 | $ | 305 | 1.84 | % | |||||||||
| Money market(7) (8) | 599,209 | 7,209 | 4.84 | % | 408,329 | 4,077 | 4.00 | % | |||||||||||||
| Savings | 111,859 | 27 | 0.10 | % | 122,802 | 29 | 0.09 | % | |||||||||||||
| Certificates of deposit(8) | 635,850 | 6,358 | 4.02 | % | 524,445 | 3,881 | 2.97 | % | |||||||||||||
| Total deposits | 1,419,850 | 13,745 | 3.89 | % | 1,121,890 | 8,292 | 2.96 | % | |||||||||||||
| Advance payments by borrowers | 14,948 | 2 | 0.05 | % | 16,967 | 2 | 0.05 | % | |||||||||||||
| Borrowings | 680,421 | 7,141 | 4.22 | % | 649,652 | 6,479 | 4.00 | % | |||||||||||||
| Total interest-bearing liabilities | 2,115,219 | 20,888 | 3.97 | % | 1,788,509 | 14,773 | 3.31 | % | |||||||||||||
| Non-interest-bearing liabilities: | |||||||||||||||||||||
| Non-interest-bearing demand(6) | 188,920 | — | 255,673 | — | |||||||||||||||||
| Other non-interest-bearing liabilities | 49,437 | — | 42,906 | — | |||||||||||||||||
| Total non-interest-bearing liabilities | 238,357 | — | 298,579 | — | |||||||||||||||||
| Total liabilities | 2,353,576 | 20,888 | 2,087,088 | 14,773 | |||||||||||||||||
| Total equity | 496,275 | 496,305 | |||||||||||||||||||
| Total liabilities and total equity | $ | 2,849,851 | 3.97 | % | $ | 2,583,393 | 3.31 | % | |||||||||||||
| Net interest income | $ | 17,904 | $ | 16,282 | |||||||||||||||||
| Net interest rate spread(9) | 1.72 | % | 1.75 | % | |||||||||||||||||
| Net interest-earning assets(10) | $ | 628,858 | $ | 673,715 | |||||||||||||||||
| Net interest margin(11) | 2.62 | % | 2.65 | % | |||||||||||||||||
| Average interest-earning assets to interest-bearing liabilities | 129.73 | % | 137.67 | % | |||||||||||||||||
- Annualized where appropriate.
- Loans include loans and mortgage loans held for sale, at fair value.
- Securities include available-for-sale securities and held-to-maturity securities.
- Includes FHLBNY demand account, FHLBNY stock dividends and FRBNY demand deposits.
- FRBNY demand deposits for prior period have been reclassified for consistency.
- Includes reclassification of
$44.0 million average outstanding balances from non-interest bearing demand to NOW/IOLA for the three months ended June 30, 2023. - Includes
$0.3 million of interest expense reclassified from money market to NOW/IOLA for the three months ended June 30, 2023. - Includes reclassification of
$130.7 million average outstanding balances and$1.5 million of interest expenses from money market to certificates of deposit for the three months ended June 30, 2023. - 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.
- Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
- Net interest margin represents net interest income divided by average total interest-earning assets.
Ponce Financial Group, Inc. and Subsidiaries
Average Balance Sheets
| For the Six Months Ended June 30, | |||||||||||||||||||||||
| 2024 | 2023 | ||||||||||||||||||||||
| Average | Average | ||||||||||||||||||||||
| Outstanding | Average | Outstanding | Average | ||||||||||||||||||||
| Balance | Interest | Yield/Rate(1) | Balance | Interest | Yield/Rate | ||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||
| Loans(2) | $ | 2,009,706 | $ | 61,945 | 6.20 | % | $ | 1,627,939 | $ | 42,715 | 5.29 | % | |||||||||||
| Securities(3) | 569,397 | 11,105 | 3.92 | % | 622,822 | 11,806 | 3.82 | % | |||||||||||||||
| Other(4)(5) | 189,899 | 5,408 | 5.73 | % | 106,812 | 2,890 | 5.46 | % | |||||||||||||||
| Total interest-earning assets | 2,769,002 | 78,458 | 5.70 | % | 2,357,573 | 57,411 | 4.91 | % | |||||||||||||||
| Non-interest-earning assets(5) | 106,172 | 122,083 | |||||||||||||||||||||
| Total assets | $ | 2,875,174 | $ | 2,479,656 | |||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||
| NOW/IOLA(6) (7) | $ | 77,891 | $ | 369 | 0.95 | % | $ | 69,024 | $ | 993 | 2.90 | % | |||||||||||
| Money market(7) (8) | 571,886 | 13,501 | 4.75 | % | 361,557 | 6,168 | 3.44 | % | |||||||||||||||
| Savings | 112,680 | 55 | 0.10 | % | 125,823 | 59 | 0.09 | % | |||||||||||||||
| Certificates of deposit(8) | 632,689 | 12,738 | 4.05 | % | 520,420 | 7,106 | 2.75 | % | |||||||||||||||
| Total deposits | 1,395,146 | 26,663 | 3.84 | % | 1,076,824 | 14,326 | 2.68 | % | |||||||||||||||
| Advance payments by borrowers | 13,917 | 4 | 0.06 | % | 14,954 | 5 | 0.07 | % | |||||||||||||||
| Borrowings | 725,745 | 15,064 | 4.17 | % | 587,026 | 11,553 | 3.97 | % | |||||||||||||||
| Total interest-bearing liabilities | 2,134,808 | 41,731 | 3.93 | % | 1,678,804 | 25,884 | 3.11 | % | |||||||||||||||
| Non-interest-bearing liabilities: | |||||||||||||||||||||||
| Non-interest-bearing demand(6) | 193,891 | — | 261,988 | — | |||||||||||||||||||
| Other non-interest-bearing liabilities | 51,749 | — | 42,451 | — | |||||||||||||||||||
| Total non-interest-bearing liabilities | 245,640 | — | 304,439 | — | |||||||||||||||||||
| Total liabilities | 2,380,448 | 41,731 | 1,983,243 | 25,884 | |||||||||||||||||||
| Total equity | 494,726 | 496,413 | |||||||||||||||||||||
| Total liabilities and total equity | $ | 2,875,174 | 3.93 | % | $ | 2,479,656 | 3.11 | % | |||||||||||||||
| Net interest income | $ | 36,727 | $ | 31,527 | |||||||||||||||||||
| Net interest rate spread(9) | 1.77 | % | 1.80 | % | |||||||||||||||||||
| Net interest-earning assets(10) | $ | 634,194 | $ | 678,769 | |||||||||||||||||||
| Net interest margin(11) | 2.67 | % | 2.71 | % | |||||||||||||||||||
| Average interest-earning assets to | |||||||||||||||||||||||
| interest-bearing liabilities | 129.71 | % | 140.43 | % | |||||||||||||||||||
- Annualized where appropriate.
- Loans include loans and mortgage loans held for sale, at fair value.
- Securities include available-for-sale securities and held-to-maturity securities.
- Includes FHLBNY demand account, FHLBNY stock dividends and FRBNY demand deposits.
- FRBNY demand deposits for prior period have been reclassified for consistency.
- Includes reclassification of
$46.2 million average outstanding balances from non-interest bearing demand to NOW/IOLA for the six months ended June 30, 2023. - Includes
$1.0 million of interest expense reclassified from money market to NOW/IOLA for the six months ended June 30, 2023. - Includes reclassification of
$132.8 million average outstanding balances and$2.8 million of interest expenses from money market to certificates of deposit for the six months ended June 30, 2023. - 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.
- Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
- Net interest margin represents net interest income divided by average total interest-earning assets.
Ponce Financial Group, Inc. and Subsidiaries
Other Data
| As of | |||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | |||||||||||||||
| Other Data | |||||||||||||||||||
| Common shares issued | 24,886,711 | 24,886,711 | 24,886,711 | 24,886,711 | 24,886,711 | ||||||||||||||
| Less treasury shares | 1,074,979 | 1,096,214 | 1,101,191 | 1,233,111 | 617,924 | ||||||||||||||
| Common shares outstanding at end of period | 23,811,732 | 23,790,497 | 23,785,520 | 23,653,600 | 24,268,787 | ||||||||||||||
| Book value per common share | $ | 11.45 | $ | 11.29 | $ | 11.20 | $ | 10.99 | $ | 10.94 | |||||||||
| Tangible book value per common share | $ | 11.45 | $ | 11.29 | $ | 11.20 | $ | 10.99 | $ | 10.94 | |||||||||
Contact:
Sergio Vaccaro
Sergio.vaccaro@poncebank.net
718-931-9000
FAQ
What was Ponce Financial Group's (PDLB) net income for Q2 2024?
How did Ponce Financial Group's (PDLB) net interest income change in Q2 2024?
What was Ponce Financial Group's (PDLB) net interest margin in Q2 2024?
How much did Ponce Financial Group's (PDLB) deposits increase in Q2 2024?
