Ponce Financial Group, Inc., (the “Company”) (NASDAQ: PDLB), the
holding company for Ponce Bank (the “Bank”), today announced
results for the first quarter of 2024.
First Quarter 2024 Highlights (Compared
to Prior Periods):
- Net income of $2.4 million, or
$0.11 per diluted share for the three months ended March 31,
2024, as compared to net income of $0.5 million, or $0.02 per
diluted share for the three months ended December 31, 2023 and
net income of $0.3 million, or $0.01 per diluted share for the
three months ended March 31, 2023.
- Included in the $2.4 million of net
income for the first quarter of 2024 results is $39.7 million in
interest and dividend income, $1.7 million in non-interest income
and $0.2 million in benefit for credit losses, offset by $20.8
million in interest expense and $17.0 million in non-interest
expense.
- Net interest income of $18.8
million for the first quarter of 2024 increased $1.6 million, or
9.46%, from the prior quarter and increased $3.6 million, or
23.47%, from the same quarter last year.
- Net interest margin was 2.71% for
the first quarter of 2024, increased from 2.66% for the prior
quarter and decreased from 2.75% for the same quarter last
year.
- Non-interest income for the three
months ended March 31, 2024 was $1.7 million, increased $0.4
million, or 32.84%, from $1.3 million for the three months ended
December 31, 2023 and decreased $0.1 million, or 6.16%, from $1.8
million for the three months ended March 31, 2023.
- Non-interest expense for the three
months ended March 31, 2024 was $17.0 million, decreased $0.9
million, or 5.29%, compared to $17.9 million for the three months
ended December 31, 2023 and increased $0.6 million, or 3.60%
compared to $16.4 million for the three months ended March 31,
2023.
- Cash and equivalents were $134.7
million as of March 31, 2024, decreased $4.5 million, or
3.21%, from December 31, 2023.
- Securities totaled $569.0 million
as of March 31, 2024, decreased $12.7 million, or 2.18%, from
December 31, 2023 primarily due to regular principal payments.
- Net loans receivable were $1.98
billion as of March 31, 2024, increased $85.5 million, or
4.51%, from December 31, 2023.
- Deposits were $1.59 billion as of
March 31, 2024, increased $78.2 million, or 5.18%, 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: net interest income grew
for the fourth quarter in a row, and net interest margin grew for
the second quarter in a row. Book value per share is now $11.29 (up
$0.39 vs last year) and total equity per share stands at $20.75.
We’re also making progress on the expense side and have reduced
headcount by 7% year over year. We continue to show strong levels
of capital and liquidity. On the capital front, our total capital
ratio at Ponce Bank stands at 23.33%, well in excess of regulatory
requirements. In terms of liquidity, our liquid assets plus
borrowing capacity at the Federal Home Loan Bank of New York
("FHLBNY") stands at $724.1 million, approximately 1.7 times of our
uninsured deposits of $416.9 million. We remain committed to the
communities we serve, our Minority Depository Institution
(“MDI”)/Community Development Financial Institutions ("CDFI")
status and continuing to invest in our people and in technology to
improve our efficiency."
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 |
|
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
Performance Ratios
(Annualized): |
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
Return on average assets (1) |
|
|
0.33 |
% |
|
|
0.08 |
% |
|
|
0.39 |
% |
|
|
(0.01 |
%) |
|
|
0.06 |
% |
Return on average equity
(1) |
|
|
1.97 |
% |
|
|
0.42 |
% |
|
|
2.11 |
% |
|
|
(0.07 |
%) |
|
|
0.27 |
% |
Net interest rate spread (1)
(2) |
|
|
1.82 |
% |
|
|
1.74 |
% |
|
|
1.68 |
% |
|
|
1.75 |
% |
|
|
1.88 |
% |
Net interest margin (1)
(3) |
|
|
2.71 |
% |
|
|
2.66 |
% |
|
|
2.58 |
% |
|
|
2.65 |
% |
|
|
2.75 |
% |
Non-interest expense to
average assets (1) |
|
|
2.35 |
% |
|
|
2.66 |
% |
|
|
2.58 |
% |
|
|
2.65 |
% |
|
|
2.79 |
% |
Efficiency ratio (4) |
|
|
82.56 |
% |
|
|
96.83 |
% |
|
|
78.11 |
% |
|
|
96.15 |
% |
|
|
95.88 |
% |
Average interest-earning
assets to average interest- bearing liabilities |
|
|
129.69 |
% |
|
|
133.50 |
% |
|
|
134.49 |
% |
|
|
137.67 |
% |
|
|
143.62 |
% |
Average equity to average
assets |
|
|
17.00 |
% |
|
|
18.25 |
% |
|
|
18.32 |
% |
|
|
19.21 |
% |
|
|
20.91 |
% |
|
|
At or for the Three Months Ended |
|
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
Capital Ratios
(Annualized): |
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
Total capital to risk-weighted assets (Bank only) |
|
|
22.79 |
% |
|
|
23.30 |
% |
|
|
25.10 |
% |
|
|
26.30 |
% |
|
|
27.54 |
% |
Tier 1 capital to
risk-weighted assets (Bank only) |
|
|
21.54 |
% |
|
|
22.05 |
% |
|
|
23.85 |
% |
|
|
25.05 |
% |
|
|
26.28 |
% |
Common equity Tier 1 capital
to risk-weighted assets (Bank only) |
|
|
21.54 |
% |
|
|
22.05 |
% |
|
|
23.85 |
% |
|
|
25.05 |
% |
|
|
26.28 |
% |
Tier 1 capital to average
assets (Bank only) |
|
|
16.26 |
% |
|
|
17.49 |
% |
|
|
17.51 |
% |
|
|
17.95 |
% |
|
|
19.51 |
% |
|
|
At or for the Three Months Ended |
|
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
Asset Quality Ratios
(Annualized): |
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
Allowance for loan losses as a percentage of total loans |
|
|
1.23 |
% |
|
|
1.36 |
% |
|
|
1.51 |
% |
|
|
1.64 |
% |
|
|
1.77 |
% |
Allowance for loan losses as a
percentage of nonperforming loans |
|
|
140.90 |
% |
|
|
152.99 |
% |
|
|
169.49 |
% |
|
|
167.06 |
% |
|
|
149.73 |
% |
Net (charge-offs) recoveries
to average outstanding loans (1) |
|
|
(0.25 |
%) |
|
|
(0.24 |
%) |
|
|
(0.34 |
%) |
|
|
(0.41 |
%) |
|
|
(0.57 |
%) |
Non-performing loans as a
percentage of total gross loans |
|
|
0.87 |
% |
|
|
0.89 |
% |
|
|
0.89 |
% |
|
|
0.98 |
% |
|
|
1.18 |
% |
Non-performing loans as a
percentage of total assets |
|
|
0.62 |
% |
|
|
0.62 |
% |
|
|
0.62 |
% |
|
|
0.63 |
% |
|
|
0.76 |
% |
Total non-performing assets as
a percentage of total assets |
|
|
0.62 |
% |
|
|
0.62 |
% |
|
|
0.62 |
% |
|
|
0.63 |
% |
|
|
0.76 |
% |
Total non-performing assets
and accruing modifications to borrowers experiencing financial
difficulty as a percentage of total assets (5) |
|
|
0.79 |
% |
|
|
0.81 |
% |
|
|
0.82 |
% |
|
|
0.83 |
% |
|
|
0.93 |
% |
|
(1) Annualized where appropriate.(2) 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.(3) Net interest margin
represents net interest income divided by average total
interest-earning assets.(4) Efficiency ratio represents
noninterest expense divided by the sum of net interest income and
noninterest income.(5) 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
March 31, 2024 was $2.4 million compared to net income of $0.5
million for the three months ended December 31, 2023 and net income
of $0.3 million for the three months ended March 31, 2023.
The increase of net income for the three months
ended March 31, 2024 compared to the three months ended
December 31, 2023 was attributed mainly to an increase in net
interest income, a decrease in non-interest expense and an increase
in non-interest income, partially offset by an increase in
provision for income taxes and a decrease in benefit for credit
losses.
The increase of net income for the three months
ended March 31, 2024 compared to the three months ended
March 31, 2023 was largely due to increases in net interest
income, partially offset by increases in provision for income taxes
and non-interest expense and a decrease in non-interest income.
Net Interest Income and Net
Margin
Net interest income for the three months ended
March 31, 2024, increased $1.6 million, or 9.46%, to $18.8
million compared to $17.2 million for the three months ended
December 31, 2023 and increased $3.6 million, or 23.47%, compared
to $15.2 million for the three months ended March 31, 2023.
Included in this increase was a recovery of $1.0 million in
interest income from a construction loan that was previously
nonperforming.
For the three months ended March 31, 2024,
benefit for credit losses amounted to $0.2 million consists of a
benefit for credit losses on loans in the amount of $0.3 million
and a provision on credit losses on held-to-maturity securities in
the amount of $0.1 million. The $0.3 million benefit for credit
losses on loans for the three months ended March 31, 2024 resulted
from a benefit of $0.8 million related to micro loans originated by
Grain and a provision of $0.5 million related to non-micro
loans.
Net interest margin was 2.71% for the three
months ended March 31, 2024 compared to 2.66% for the prior
quarter, an increase of 5bps and 2.75% for the same period last
year, a decrease of 4bps. The decrease in net interest margin for
the three months ended March 31, 2024 when compared to the same
period last year was a result of an increase in the cost of funds
driven by higher interest rates.
Non-interest Income
Non-interest income for the three months ended
March 31, 2024, was $1.7 million, an increase of $0.4 million,
or 32.84%, compared to the three months ended December 31,
2023 and a decrease of $0.1 million, or 6.16%, compared to the
three months ended March 31, 2023.
The $0.4 million increase in non-interest income
for the three months ended March 31, 2024 compared to the
three months ended December 31, 2023 was largely attributable
to an increase of $0.8 million in other non-interest income
partially offset by a grant of $0.4 million received in the fourth
quarter of 2023 from the U.S. Treasury. No grants were received in
the first quarter of 2024.
The $0.1 million decrease in non-interest income
for the three months ended March 31, 2024 compared to the
three months ended March 31, 2023 was largely attributable to
a decrease of $0.4 million in late and prepayment charges,
partially offset by increases of $0.2 million in income on sale of
mortgage loans and $0.1 million in other non-interest income.
Non-interest Expense
Non-interest expense for the three months ended
March 31, 2024, was $17.0 million, a decrease of $0.9 million,
or 5.29%, compared to $17.9 million for the three months ended
December 31, 2023 and an increase of $0.6 million, or 3.60%,
compared to $16.4 million for the three months ended March 31,
2023.
The $0.9 million decrease from the three months
ended December 31, 2023 was mainly attributable to decreases
of $0.4 million in compensation and benefits, $0.3 million in
provision for contingencies, $0.3 million in professional fees and
$0.2 million in other operating expense, partially offset by an
increase of $0.3 million in direct loan expense.
The $0.6 million increase from the three months
ended March 31, 2023 was mainly attributable to a decrease of
$0.9 million in Grain recoveries, increases of $0.4 million in
compensation and benefits, $0.3 million in direct loan expenses and
$0.3 million in professional fees, partially offset by decreases of
$0.8 million in provision for contingencies, $0.3 million in other
operating expense and $0.2 million in office supplies,
telephone and postage.
Balance Sheet Summary
Total assets increased $68.0 million, or 2.47%,
to $2.82 billion as of March 31, 2024 from $2.75 billion as of
December 31, 2023. The increase in total assets is
largely attributable to increases of $85.5 million in net loans
receivable, $4.5 million in Federal Home Loan Bank of New York
stock and $1.3 million in premises and equipment, partially offset
by decreases of $8.8 million in held-to-maturity securities, $4.5
million in cash and cash equivalents, $3.9 million in
available-for-sale securities. $3.6 million in other assets and
$2.1 million in mortgage loans held for sale.
Total liabilities increased $65.7 million, or
2.91%, to $2.33 billion as of March 31, 2024 from $2.26
billion as of December 31, 2023. The increase in total
liabilities was largely attributable to increases of $78.2 million
in deposits and $2.5 million in advance payments by borrowers for
taxes and insurance, partially offset by decreases of $7.7 million
in accrued interest payable, $4.0 million in borrowings and $3.0
million in other liabilities.
Total stockholders’ equity increased $2.3
million, or 0.47%, to $493.7 million as of March 31, 2024,
from $491.4 million as of December 31, 2023. This increase in
stockholders’ equity was largely attributable to $2.4 million in
net income, $0.5 million impact to additional paid in capital as a
result of share-based compensation and $0.3 million from release of
ESOP shares, offset by $0.9 million in other comprehensive
loss.
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;
anticipated losses with respect to the Company's investment in
Grain; 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 SubsidiariesConsolidated Statements of
Financial Condition(Dollars in thousands, except
for share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
$ |
29,972 |
|
|
$ |
28,930 |
|
|
$ |
26,046 |
|
|
$ |
31,162 |
|
|
$ |
26,951 |
|
Interest-bearing deposits |
|
104,752 |
|
|
|
110,260 |
|
|
|
90,966 |
|
|
|
212,627 |
|
|
|
157,736 |
|
Total cash and cash equivalents |
|
134,724 |
|
|
|
139,190 |
|
|
|
117,012 |
|
|
|
243,789 |
|
|
|
184,687 |
|
Available-for-sale securities,
at fair value |
|
116,044 |
|
|
|
119,902 |
|
|
|
116,753 |
|
|
|
123,720 |
|
|
|
128,320 |
|
Held-to-maturity securities,
at amortized cost |
|
452,955 |
|
|
|
461,748 |
|
|
|
471,065 |
|
|
|
481,952 |
|
|
|
491,649 |
|
Placement with banks |
|
249 |
|
|
|
249 |
|
|
|
996 |
|
|
|
996 |
|
|
|
1,245 |
|
Mortgage loans held for sale,
at fair value |
|
7,860 |
|
|
|
9,980 |
|
|
|
14,103 |
|
|
|
10,070 |
|
|
|
2,987 |
|
Loans receivable, net |
|
1,981,428 |
|
|
|
1,895,886 |
|
|
|
1,787,607 |
|
|
|
1,695,047 |
|
|
|
1,614,428 |
|
Accrued interest
receivable |
|
18,063 |
|
|
|
18,010 |
|
|
|
16,624 |
|
|
|
16,054 |
|
|
|
15,435 |
|
Premises and equipment,
net |
|
17,396 |
|
|
|
16,053 |
|
|
|
16,453 |
|
|
|
16,856 |
|
|
|
17,215 |
|
Right of use assets |
|
31,021 |
|
|
|
31,272 |
|
|
|
32,110 |
|
|
|
32,435 |
|
|
|
33,147 |
|
Federal Home Loan Bank of New
York stock (FHLBNY), at cost |
|
23,892 |
|
|
|
19,377 |
|
|
|
18,870 |
|
|
|
19,195 |
|
|
|
19,209 |
|
Deferred tax assets |
|
13,919 |
|
|
|
14,332 |
|
|
|
15,984 |
|
|
|
15,924 |
|
|
|
15,413 |
|
Other assets |
|
21,151 |
|
|
|
24,723 |
|
|
|
16,286 |
|
|
|
15,919 |
|
|
|
15,799 |
|
Total assets |
$ |
2,818,702 |
|
|
$ |
2,750,722 |
|
|
$ |
2,623,863 |
|
|
$ |
2,671,957 |
|
|
$ |
2,539,534 |
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
$ |
1,585,784 |
|
|
$ |
1,507,620 |
|
|
$ |
1,401,132 |
|
|
$ |
1,442,013 |
|
|
$ |
1,336,877 |
|
Operating lease liabilities |
|
32,486 |
|
|
|
32,684 |
|
|
|
33,459 |
|
|
|
33,716 |
|
|
|
34,308 |
|
Accrued interest payable |
|
4,218 |
|
|
|
11,965 |
|
|
|
8,385 |
|
|
|
4,704 |
|
|
|
1,767 |
|
Advance payments by borrowers for taxes and insurance |
|
13,245 |
|
|
|
10,778 |
|
|
|
13,743 |
|
|
|
12,402 |
|
|
|
14,902 |
|
Borrowings |
|
680,421 |
|
|
|
684,421 |
|
|
|
675,100 |
|
|
|
682,100 |
|
|
|
648,375 |
|
Other liabilities |
|
8,866 |
|
|
|
11,859 |
|
|
|
6,986 |
|
|
|
6,540 |
|
|
|
7,264 |
|
Total liabilities |
|
2,325,020 |
|
|
|
2,259,327 |
|
|
|
2,138,805 |
|
|
|
2,181,475 |
|
|
|
2,043,493 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, $0.01 par value; 100,000,000 shares
authorized |
|
225,000 |
|
|
|
225,000 |
|
|
|
225,000 |
|
|
|
225,000 |
|
|
|
225,000 |
|
Common stock, $0.01 par value; 200,000,000 shares authorized |
|
249 |
|
|
|
249 |
|
|
|
249 |
|
|
|
249 |
|
|
|
249 |
|
Treasury stock, at cost |
|
(9,702 |
) |
|
|
(9,747 |
) |
|
|
(10,975 |
) |
|
|
(5,202 |
) |
|
|
(2 |
) |
Additional paid-in-capital |
|
207,584 |
|
|
|
207,106 |
|
|
|
207,626 |
|
|
|
207,287 |
|
|
|
206,883 |
|
Retained earnings |
|
99,834 |
|
|
|
97,420 |
|
|
|
96,902 |
|
|
|
94,312 |
|
|
|
94,399 |
|
Accumulated other comprehensive loss |
|
(16,590 |
) |
|
|
(15,649 |
) |
|
|
(20,468 |
) |
|
|
(17,597 |
) |
|
|
(16,629 |
) |
Unearned compensation ─ ESOP |
|
(12,693 |
) |
|
|
(12,984 |
) |
|
|
(13,276 |
) |
|
|
(13,567 |
) |
|
|
(13,859 |
) |
Total stockholders' equity |
|
493,682 |
|
|
|
491,395 |
|
|
|
485,058 |
|
|
|
490,482 |
|
|
|
496,041 |
|
Total liabilities and stockholders' equity |
$ |
2,818,702 |
|
|
$ |
2,750,722 |
|
|
$ |
2,623,863 |
|
|
$ |
2,671,957 |
|
|
$ |
2,539,534 |
|
|
Ponce Financial Group, Inc. and
SubsidiariesConsolidated Statements of
Operations(Dollars in thousands, except per share
data)
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
Interest and dividend
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on loans receivable |
$ |
30,664 |
|
|
$ |
27,814 |
|
|
$ |
25,276 |
|
|
$ |
23,015 |
|
|
$ |
19,700 |
|
Interest on deposits due from banks |
|
2,911 |
|
|
|
990 |
|
|
|
1,969 |
|
|
|
1,817 |
|
|
|
197 |
|
Interest and dividend on securities and FHLBNY stock |
|
6,091 |
|
|
|
6,146 |
|
|
|
6,261 |
|
|
|
6,223 |
|
|
|
6,459 |
|
Total interest and dividend income |
|
39,666 |
|
|
|
34,950 |
|
|
|
33,506 |
|
|
|
31,055 |
|
|
|
26,356 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on certificates of deposit |
|
6,380 |
|
|
|
5,103 |
|
|
|
4,362 |
|
|
|
3,881 |
|
|
|
3,225 |
|
Interest on other deposits |
|
6,540 |
|
|
|
5,706 |
|
|
|
5,639 |
|
|
|
4,413 |
|
|
|
2,812 |
|
Interest on borrowings |
|
7,923 |
|
|
|
6,944 |
|
|
|
6,963 |
|
|
|
6,479 |
|
|
|
5,074 |
|
Total interest expense |
|
20,843 |
|
|
|
17,753 |
|
|
|
16,964 |
|
|
|
14,773 |
|
|
|
11,111 |
|
Net interest income |
|
18,823 |
|
|
|
17,197 |
|
|
|
16,542 |
|
|
|
16,282 |
|
|
|
15,245 |
|
(Benefit) provision for credit
losses |
|
(180 |
) |
|
|
(375 |
) |
|
|
535 |
|
|
|
987 |
|
|
|
(174 |
) |
Net interest income after (benefit) provision for credit
losses |
|
19,003 |
|
|
|
17,572 |
|
|
|
16,007 |
|
|
|
15,295 |
|
|
|
15,419 |
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
|
473 |
|
|
|
498 |
|
|
|
516 |
|
|
|
481 |
|
|
|
491 |
|
Brokerage commissions |
|
8 |
|
|
|
13 |
|
|
|
17 |
|
|
|
35 |
|
|
|
15 |
|
Late and prepayment charges |
|
359 |
|
|
|
365 |
|
|
|
899 |
|
|
|
372 |
|
|
|
729 |
|
Income on sale of mortgage loans |
|
302 |
|
|
|
244 |
|
|
|
173 |
|
|
|
82 |
|
|
|
99 |
|
Grant income |
|
— |
|
|
|
438 |
|
|
|
3,718 |
|
|
|
— |
|
|
|
— |
|
Other |
|
565 |
|
|
|
(273 |
) |
|
|
304 |
|
|
|
522 |
|
|
|
485 |
|
Total non-interest income |
|
1,707 |
|
|
|
1,285 |
|
|
|
5,627 |
|
|
|
1,492 |
|
|
|
1,819 |
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
7,844 |
|
|
|
8,262 |
|
|
|
7,566 |
|
|
|
7,425 |
|
|
|
7,446 |
|
Occupancy and equipment |
|
3,667 |
|
|
|
3,686 |
|
|
|
3,588 |
|
|
|
3,724 |
|
|
|
3,570 |
|
Data processing expenses |
|
1,127 |
|
|
|
1,101 |
|
|
|
1,582 |
|
|
|
1,208 |
|
|
|
1,192 |
|
Direct loan expenses |
|
732 |
|
|
|
497 |
|
|
|
369 |
|
|
|
345 |
|
|
|
412 |
|
Provision for contingencies |
|
164 |
|
|
|
418 |
|
|
|
391 |
|
|
|
517 |
|
|
|
985 |
|
Insurance and surety bond premiums |
|
253 |
|
|
|
250 |
|
|
|
255 |
|
|
|
248 |
|
|
|
265 |
|
Office supplies, telephone and postage |
|
249 |
|
|
|
294 |
|
|
|
301 |
|
|
|
489 |
|
|
|
399 |
|
Professional fees |
|
1,723 |
|
|
|
2,040 |
|
|
|
1,693 |
|
|
|
1,904 |
|
|
|
1,455 |
|
Grain recoveries |
|
(53 |
) |
|
|
(152 |
) |
|
|
(69 |
) |
|
|
(346 |
) |
|
|
(914 |
) |
Marketing and promotional expenses |
|
100 |
|
|
|
146 |
|
|
|
248 |
|
|
|
303 |
|
|
|
128 |
|
Directors fees and regulatory assessment |
|
179 |
|
|
|
173 |
|
|
|
169 |
|
|
|
160 |
|
|
|
155 |
|
Other operating expenses |
|
965 |
|
|
|
1,182 |
|
|
|
1,223 |
|
|
|
1,112 |
|
|
|
1,268 |
|
Total non-interest expense |
|
16,950 |
|
|
|
17,897 |
|
|
|
17,316 |
|
|
|
17,089 |
|
|
|
16,361 |
|
Income (loss) before income taxes |
|
3,760 |
|
|
|
960 |
|
|
|
4,318 |
|
|
|
(302 |
) |
|
|
877 |
|
Provision (benefit) for income
taxes |
|
1,346 |
|
|
|
442 |
|
|
|
1,728 |
|
|
|
(215 |
) |
|
|
546 |
|
Net income (loss) |
$ |
2,414 |
|
|
$ |
518 |
|
|
$ |
2,590 |
|
|
$ |
(87 |
) |
|
$ |
331 |
|
Earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.11 |
|
|
$ |
0.02 |
|
|
$ |
0.12 |
|
|
$ |
(0.00 |
) |
|
$ |
0.01 |
|
Diluted |
$ |
0.11 |
|
|
$ |
0.02 |
|
|
$ |
0.12 |
|
|
$ |
(0.00 |
) |
|
$ |
0.01 |
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
22,353,492 |
|
|
|
22,224,945 |
|
|
|
22,272,076 |
|
|
|
23,208,168 |
|
|
|
23,293,013 |
|
Diluted |
|
22,366,728 |
|
|
|
22,406,102 |
|
|
|
22,349,217 |
|
|
|
23,208,168 |
|
|
|
23,324,532 |
|
|
Ponce Financial Group, Inc. and
SubsidiariesConsolidated Statements of
Operations(Dollars in thousands, except per share
data)
|
|
|
For the Three Months Ended March
31, |
|
|
|
2024 |
|
|
2023 |
|
|
Variance $ |
|
|
Variance % |
|
Interest and dividend
income: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest on loans receivable |
|
$ |
30,664 |
|
|
$ |
19,700 |
|
|
$ |
10,964 |
|
|
|
55.65 |
% |
Interest on deposits due from banks |
|
|
2,911 |
|
|
|
197 |
|
|
|
2,714 |
|
|
|
1,377.66 |
% |
Interest and dividend on securities and FHLBNY stock |
|
|
6,091 |
|
|
|
6,459 |
|
|
|
(368 |
) |
|
|
(5.70 |
%) |
Total interest and dividend income |
|
|
39,666 |
|
|
|
26,356 |
|
|
|
13,310 |
|
|
|
50.50 |
% |
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest on certificates of deposit |
|
|
6,380 |
|
|
|
3,225 |
|
|
|
3,155 |
|
|
|
97.83 |
% |
Interest on other deposits |
|
|
6,540 |
|
|
|
2,812 |
|
|
|
3,728 |
|
|
|
132.57 |
% |
Interest on borrowings |
|
|
7,923 |
|
|
|
5,074 |
|
|
|
2,849 |
|
|
|
56.15 |
% |
Total interest expense |
|
|
20,843 |
|
|
|
11,111 |
|
|
|
9,732 |
|
|
|
87.59 |
% |
Net interest income |
|
|
18,823 |
|
|
|
15,245 |
|
|
|
3,578 |
|
|
|
23.47 |
% |
Benefit for credit losses |
|
|
(180 |
) |
|
|
(174 |
) |
|
|
(6 |
) |
|
|
3.45 |
% |
Net interest income after benefit for credit
losses |
|
|
19,003 |
|
|
|
15,419 |
|
|
|
3,584 |
|
|
|
23.24 |
% |
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
|
|
473 |
|
|
|
491 |
|
|
|
(18 |
) |
|
|
(3.67 |
%) |
Brokerage commissions |
|
|
8 |
|
|
|
15 |
|
|
|
(7 |
) |
|
|
(46.67 |
%) |
Late and prepayment charges |
|
|
359 |
|
|
|
729 |
|
|
|
(370 |
) |
|
|
(50.75 |
%) |
Income on sale of mortgage loans |
|
|
302 |
|
|
|
99 |
|
|
|
203 |
|
|
|
205.05 |
% |
Other |
|
|
565 |
|
|
|
485 |
|
|
|
80 |
|
|
|
16.49 |
% |
Total non-interest income |
|
|
1,707 |
|
|
|
1,819 |
|
|
|
(112 |
) |
|
|
(6.16 |
%) |
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
7,844 |
|
|
|
7,446 |
|
|
|
398 |
|
|
|
5.35 |
% |
Occupancy and equipment |
|
|
3,667 |
|
|
|
3,570 |
|
|
|
97 |
|
|
|
2.72 |
% |
Data processing expenses |
|
|
1,127 |
|
|
|
1,192 |
|
|
|
(65 |
) |
|
|
(5.45 |
%) |
Direct loan expenses |
|
|
732 |
|
|
|
412 |
|
|
|
320 |
|
|
|
77.67 |
% |
Provision for contingencies |
|
|
164 |
|
|
|
985 |
|
|
|
(821 |
) |
|
|
(83.35 |
%) |
Insurance and surety bond premiums |
|
|
253 |
|
|
|
265 |
|
|
|
(12 |
) |
|
|
(4.53 |
%) |
Office supplies, telephone and postage |
|
|
249 |
|
|
|
399 |
|
|
|
(150 |
) |
|
|
(37.59 |
%) |
Professional fees |
|
|
1,723 |
|
|
|
1,455 |
|
|
|
268 |
|
|
|
18.42 |
% |
Grain recoveries |
|
|
(53 |
) |
|
|
(914 |
) |
|
|
861 |
|
|
|
(94.20 |
%) |
Marketing and promotional expenses |
|
|
100 |
|
|
|
128 |
|
|
|
(28 |
) |
|
|
(21.88 |
%) |
Directors fees and regulatory assessment |
|
|
179 |
|
|
|
155 |
|
|
|
24 |
|
|
|
15.48 |
% |
Other operating expenses |
|
|
965 |
|
|
|
1,268 |
|
|
|
(303 |
) |
|
|
(23.90 |
%) |
Total non-interest expense |
|
|
16,950 |
|
|
|
16,361 |
|
|
|
589 |
|
|
|
3.60 |
% |
Income before income taxes |
|
|
3,760 |
|
|
|
877 |
|
|
|
2,883 |
|
|
|
328.73 |
% |
Provision for income
taxes |
|
|
1,346 |
|
|
|
546 |
|
|
|
800 |
|
|
|
146.52 |
% |
Net income |
|
$ |
2,414 |
|
|
$ |
331 |
|
|
$ |
2,083 |
|
|
|
629.31 |
% |
Earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.11 |
|
|
$ |
0.01 |
|
|
$ |
0.09 |
|
|
|
659.96 |
% |
Diluted |
|
$ |
0.11 |
|
|
$ |
0.01 |
|
|
$ |
0.09 |
|
|
|
660.54 |
% |
Weighted average
common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
22,353,492 |
|
|
|
23,293,013 |
|
|
|
(939,521 |
) |
|
|
(4.03 |
%) |
Diluted |
|
|
22,366,728 |
|
|
|
23,324,532 |
|
|
|
(957,804 |
) |
|
|
(4.11 |
%) |
|
Ponce Financial Group, Inc. and
SubsidiariesKey Metrics
|
|
At or for the Three Months Ended |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
Performance
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets (1) |
|
0.33 |
% |
|
|
0.08 |
% |
|
|
0.39 |
% |
|
|
(0.01 |
%) |
|
|
0.06 |
% |
Return on average equity
(1) |
|
1.97 |
% |
|
|
0.42 |
% |
|
|
2.11 |
% |
|
|
(0.07 |
%) |
|
|
0.27 |
% |
Net interest rate spread (1)
(2) |
|
1.82 |
% |
|
|
1.74 |
% |
|
|
1.68 |
% |
|
|
1.75 |
% |
|
|
1.88 |
% |
Net interest margin (1)
(3) |
|
2.71 |
% |
|
|
2.66 |
% |
|
|
2.58 |
% |
|
|
2.65 |
% |
|
|
2.75 |
% |
Non-interest expense to
average assets (1) |
|
2.35 |
% |
|
|
2.66 |
% |
|
|
2.58 |
% |
|
|
2.65 |
% |
|
|
2.79 |
% |
Efficiency ratio (4) |
|
82.56 |
% |
|
|
96.83 |
% |
|
|
78.11 |
% |
|
|
96.15 |
% |
|
|
95.88 |
% |
Average interest-earning
assets to average interest- bearing liabilities |
|
129.69 |
% |
|
|
133.50 |
% |
|
|
134.49 |
% |
|
|
137.67 |
% |
|
|
143.62 |
% |
Average equity to average
assets |
|
17.00 |
% |
|
|
18.25 |
% |
|
|
18.32 |
% |
|
|
19.21 |
% |
|
|
20.91 |
% |
Capital
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital to risk-weighted
assets (Bank only) |
|
22.79 |
% |
|
|
23.30 |
% |
|
|
25.10 |
% |
|
|
26.30 |
% |
|
|
27.54 |
% |
Tier 1 capital to
risk-weighted assets (Bank only) |
|
21.54 |
% |
|
|
22.05 |
% |
|
|
23.85 |
% |
|
|
25.05 |
% |
|
|
26.28 |
% |
Common equity Tier 1 capital
to risk-weighted assets (Bank only) |
|
21.54 |
% |
|
|
22.05 |
% |
|
|
23.85 |
% |
|
|
25.05 |
% |
|
|
26.28 |
% |
Tier 1 capital to average
assets (Bank only) |
|
16.26 |
% |
|
|
17.49 |
% |
|
|
17.51 |
% |
|
|
17.95 |
% |
|
|
19.51 |
% |
Asset Quality
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses on
loans as a percentage of total loans |
|
1.23 |
% |
|
|
1.36 |
% |
|
|
1.51 |
% |
|
|
1.64 |
% |
|
|
1.77 |
% |
Allowance for credit losses on
loans as a percentage of nonperforming loans |
|
140.90 |
% |
|
|
152.99 |
% |
|
|
169.49 |
% |
|
|
167.06 |
% |
|
|
149.73 |
% |
Net (charge-offs) recoveries
to average outstanding loans (1) |
|
(0.25 |
%) |
|
|
(0.24 |
%) |
|
|
(0.34 |
%) |
|
|
(0.41 |
%) |
|
|
(0.57 |
%) |
Non-performing loans as a
percentage of total gross loans |
|
0.87 |
% |
|
|
0.89 |
% |
|
|
0.89 |
% |
|
|
0.98 |
% |
|
|
1.18 |
% |
Non-performing loans as a
percentage of total assets |
|
0.62 |
% |
|
|
0.62 |
% |
|
|
0.62 |
% |
|
|
0.63 |
% |
|
|
0.76 |
% |
Total non-performing assets as
a percentage of total assets |
|
0.62 |
% |
|
|
0.62 |
% |
|
|
0.62 |
% |
|
|
0.63 |
% |
|
|
0.76 |
% |
Total non-performing assets
and accruing modifications to borrowers experiencing financial
difficulty as a percentage of total assets (5) |
|
0.79 |
% |
|
|
0.81 |
% |
|
|
0.82 |
% |
|
|
0.83 |
% |
|
|
0.93 |
% |
Other: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of offices |
|
18 |
|
|
|
18 |
|
|
|
19 |
|
|
|
19 |
|
|
|
19 |
|
Number of full-time equivalent
employees |
|
233 |
|
|
|
237 |
|
|
|
243 |
|
|
|
244 |
|
|
|
251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Annualized where appropriate.(2) 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.(3) Net interest margin
represents net interest income divided by average total
interest-earning assets.(4) Efficiency ratio represents
noninterest expense divided by the sum of net interest income and
noninterest income.(5) 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
SubsidiariesSecurities Portfolio
|
|
March 31, 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 |
|
$ |
2,991 |
|
|
$ |
— |
|
|
$ |
(211 |
) |
|
$ |
2,780 |
|
|
$ |
2,990 |
|
|
$ |
— |
|
|
$ |
(206 |
) |
|
$ |
2,784 |
|
Corporate Bonds |
|
|
25,782 |
|
|
|
— |
|
|
|
(2,262 |
) |
|
|
23,520 |
|
|
|
25,790 |
|
|
|
— |
|
|
|
(2,122 |
) |
|
|
23,668 |
|
Mortgage-Backed
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateralized Mortgage Obligations (1) |
|
|
38,183 |
|
|
|
— |
|
|
|
(6,229 |
) |
|
|
31,954 |
|
|
|
39,375 |
|
|
|
— |
|
|
|
(6,227 |
) |
|
|
33,148 |
|
FHLMC Certificates |
|
|
9,903 |
|
|
|
— |
|
|
|
(1,424 |
) |
|
|
8,479 |
|
|
|
10,163 |
|
|
|
— |
|
|
|
(1,482 |
) |
|
|
8,681 |
|
FNMA Certificates |
|
|
60,158 |
|
|
|
— |
|
|
|
(10,948 |
) |
|
|
49,210 |
|
|
|
61,359 |
|
|
|
— |
|
|
|
(9,842 |
) |
|
|
51,517 |
|
GNMA Certificates |
|
|
102 |
|
|
|
— |
|
|
|
(1 |
) |
|
|
101 |
|
|
|
104 |
|
|
|
— |
|
|
|
— |
|
|
|
104 |
|
Total available-for-sale securities |
|
$ |
137,119 |
|
|
$ |
— |
|
|
$ |
(21,075 |
) |
|
$ |
116,044 |
|
|
$ |
139,781 |
|
|
$ |
— |
|
|
$ |
(19,879 |
) |
|
$ |
119,902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held-to-Maturity
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Agency Bonds |
|
$ |
25,000 |
|
|
$ |
— |
|
|
$ |
(289 |
) |
|
$ |
24,711 |
|
|
$ |
25,000 |
|
|
$ |
— |
|
|
$ |
(181 |
) |
|
$ |
24,819 |
|
Corporate Bonds |
|
|
82,500 |
|
|
|
— |
|
|
|
(2,211 |
) |
|
|
80,289 |
|
|
|
82,500 |
|
|
|
— |
|
|
|
(2,691 |
) |
|
|
79,809 |
|
Mortgage-Backed
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateralized Mortgage Obligations (1) |
|
|
207,079 |
|
|
|
— |
|
|
|
(7,468 |
) |
|
|
199,611 |
|
|
|
212,093 |
|
|
|
104 |
|
|
|
(5,170 |
) |
|
|
207,027 |
|
FHLMC Certificates |
|
|
3,819 |
|
|
|
— |
|
|
|
(253 |
) |
|
|
3,566 |
|
|
|
3,897 |
|
|
|
— |
|
|
|
(244 |
) |
|
|
3,653 |
|
FNMA Certificates |
|
|
116,085 |
|
|
|
— |
|
|
|
(5,263 |
) |
|
|
110,822 |
|
|
|
118,944 |
|
|
|
— |
|
|
|
(4,088 |
) |
|
|
114,856 |
|
SBA Certificates |
|
|
18,945 |
|
|
|
169 |
|
|
|
— |
|
|
|
19,114 |
|
|
|
19,712 |
|
|
|
166 |
|
|
|
— |
|
|
|
19,878 |
|
Allowance for Credit
Losses |
|
|
(473 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(398 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total held-to-maturity securities |
|
$ |
452,955 |
|
|
$ |
169 |
|
|
$ |
(15,484 |
) |
|
$ |
438,113 |
|
|
$ |
461,748 |
|
|
$ |
270 |
|
|
$ |
(12,374 |
) |
|
$ |
450,042 |
|
|
(1) 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 Three |
|
|
For the |
|
|
|
Months Ended |
|
|
Year Ended |
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
Allowance for credit losses on securities at beginning of the
period |
|
$ |
398 |
|
|
$ |
— |
|
CECL adoption |
|
|
— |
|
|
|
662 |
|
Provision for credit
losses |
|
|
75 |
|
|
|
(264 |
) |
Allowance for credit losses on
securities at end of the period |
|
$ |
473 |
|
|
$ |
398 |
|
|
Ponce Financial Group, Inc. and
SubsidiariesLoan Portfolio
|
|
As of |
|
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
|
Amount |
|
|
Percent |
|
|
Amount |
|
|
Percent |
|
|
Amount |
|
|
Percent |
|
|
Amount |
|
|
Percent |
|
|
Amount |
|
|
Percent |
|
|
|
(Dollars in thousands) |
|
Mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Owned |
|
$ |
339,331 |
|
|
|
16.92 |
% |
|
$ |
343,689 |
|
|
|
17.89 |
% |
|
$ |
347,082 |
|
|
|
19.13 |
% |
|
$ |
351,754 |
|
|
|
20.43 |
% |
|
$ |
354,559 |
|
|
|
21.60 |
% |
Owner-Occupied |
|
|
150,842 |
|
|
|
7.52 |
% |
|
|
152,311 |
|
|
|
7.93 |
% |
|
|
151,866 |
|
|
|
8.37 |
% |
|
|
154,116 |
|
|
|
8.94 |
% |
|
|
149,481 |
|
|
|
9.10 |
% |
Multifamily residential |
|
|
545,825 |
|
|
|
27.22 |
% |
|
|
550,559 |
|
|
|
28.65 |
% |
|
|
553,694 |
|
|
|
30.52 |
% |
|
|
550,033 |
|
|
|
31.94 |
% |
|
|
553,430 |
|
|
|
33.71 |
% |
Nonresidential properties |
|
|
327,350 |
|
|
|
16.32 |
% |
|
|
342,343 |
|
|
|
17.81 |
% |
|
|
321,472 |
|
|
|
17.71 |
% |
|
|
317,416 |
|
|
|
18.43 |
% |
|
|
314,560 |
|
|
|
19.17 |
% |
Construction and land |
|
|
608,665 |
|
|
|
30.35 |
% |
|
|
503,925 |
|
|
|
26.22 |
% |
|
|
411,383 |
|
|
|
22.67 |
% |
|
|
315,843 |
|
|
|
18.34 |
% |
|
|
235,157 |
|
|
|
14.33 |
% |
Total mortgage loans |
|
|
1,972,013 |
|
|
|
98.33 |
% |
|
|
1,892,827 |
|
|
|
98.50 |
% |
|
|
1,785,497 |
|
|
|
98.40 |
% |
|
|
1,689,162 |
|
|
|
98.08 |
% |
|
|
1,607,187 |
|
|
|
97.91 |
% |
Non-mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business loans |
|
|
26,664 |
|
|
|
1.33 |
% |
|
|
19,779 |
|
|
|
1.03 |
% |
|
|
18,416 |
|
|
|
1.02 |
% |
|
|
21,041 |
|
|
|
1.22 |
% |
|
|
19,890 |
|
|
|
1.21 |
% |
Consumer loans (1) |
|
|
6,741 |
|
|
|
0.34 |
% |
|
|
8,966 |
|
|
|
0.47 |
% |
|
|
10,416 |
|
|
|
0.58 |
% |
|
|
11,958 |
|
|
|
0.70 |
% |
|
|
14,227 |
|
|
|
0.88 |
% |
Total non-mortgage loans |
|
|
33,405 |
|
|
|
1.67 |
% |
|
|
28,745 |
|
|
|
1.50 |
% |
|
|
28,832 |
|
|
|
1.60 |
% |
|
|
32,999 |
|
|
|
1.92 |
% |
|
|
34,117 |
|
|
|
2.09 |
% |
Total loans, gross |
|
|
2,005,418 |
|
|
|
100.00 |
% |
|
|
1,921,572 |
|
|
|
100.00 |
% |
|
|
1,814,329 |
|
|
|
100.00 |
% |
|
|
1,722,161 |
|
|
|
100.00 |
% |
|
|
1,641,304 |
|
|
|
100.00 |
% |
Net deferred loan origination
costs |
|
|
674 |
|
|
|
|
|
|
468 |
|
|
|
|
|
|
692 |
|
|
|
|
|
|
1,059 |
|
|
|
|
|
|
2,099 |
|
|
|
|
Allowance for credit losses on
loans |
|
|
(24,664 |
) |
|
|
|
|
|
(26,154 |
) |
|
|
|
|
|
(27,414 |
) |
|
|
|
|
|
(28,173 |
) |
|
|
|
|
|
(28,975 |
) |
|
|
|
Loans, net |
|
$ |
1,981,428 |
|
|
|
|
|
$ |
1,895,886 |
|
|
|
|
|
$ |
1,787,607 |
|
|
|
|
|
$ |
1,695,047 |
|
|
|
|
|
$ |
1,614,428 |
|
|
|
|
|
(1) As of March 31, 2024, December 31,
2023, September 30, 2023, June 30, 2023 and March 31, 2023,
consumer loans include $5.7 million, $8.0 million, $9.3 million,
$11.2 million and $13.4 million, respectively, of loans originated
by the Bank pursuant to its arrangement with Grain.
Ponce Financial Group, Inc. and
SubsidiariesGrain Loan Exposure
Grain Technologies, Inc. ("Grain") Total Exposure as of
March 31, 2024 |
|
(in thousands) |
|
Receivable from
Grain |
|
|
|
Microloans originated - put back to Grain (inception-to-March 31,
2024) |
|
$ |
24,051 |
|
Write-downs, net of recoveries
(inception-to-date as of March 31, 2024) |
|
|
(15,406 |
) |
Cash receipts from Grain
(inception-to-March 31, 2024) |
|
|
(6,819 |
) |
Grant/reserve |
|
|
(1,826 |
) |
Net receivable as of March 31,
2024 |
|
$ |
— |
|
Microloan receivables
from Grain Borrowers |
|
|
|
Grain originated loans
receivable as of March 31, 2024 |
|
$ |
5,731 |
|
Allowance for credit losses on
loans as of March 31, 2024 (1) |
|
|
(4,868 |
) |
Microloans, net of allowance
for credit losses on loans as of March 31, 2024 |
|
$ |
863 |
|
Investments |
|
|
|
Investment in Grain |
|
$ |
1,000 |
|
Investment in Grain write-off
in Q3 2022 |
|
|
(1,000 |
) |
Investment in Grain as of
March 31, 2024 |
|
|
— |
|
Total exposure related to
Grain as of March 31, 2024 (2) |
|
$ |
863 |
|
|
(1) Excludes $1.6 million of security deposits by Grain
originated borrowers reported in deposits in the accompanying
Consolidated Statements of Financial Conditions.(2) 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
SubsidiariesAllowance for Credit Losses on
Loans
|
|
For the Three Months Ended |
|
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
|
(Dollars in thousands) |
|
Allowance for credit losses on loans at beginning of the
period |
|
$ |
26,154 |
|
|
$ |
27,414 |
|
|
$ |
28,173 |
|
|
$ |
28,975 |
|
|
$ |
34,592 |
|
(Benefit) provision for credit
losses on loans |
|
|
(255 |
) |
|
|
(126 |
) |
|
|
750 |
|
|
|
934 |
|
|
|
(321 |
) |
Adoption of CECL |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,090 |
) |
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 |
|
|
(1,302 |
) |
|
|
(1,135 |
) |
|
|
(1,592 |
) |
|
|
(1,931 |
) |
|
|
(2,569 |
) |
Total charge-offs |
|
|
(1,354 |
) |
|
|
(1,198 |
) |
|
|
(1,592 |
) |
|
|
(1,931 |
) |
|
|
(2,569 |
) |
Recoveries: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residences |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor owned |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Owner occupied |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Multifamily residences |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Nonresidential properties |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Construction and land |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business |
|
|
1 |
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
— |
|
Consumer |
|
|
118 |
|
|
|
64 |
|
|
|
80 |
|
|
|
195 |
|
|
|
363 |
|
Total recoveries |
|
|
119 |
|
|
|
64 |
|
|
|
83 |
|
|
|
195 |
|
|
|
363 |
|
Net (charge-offs)
recoveries |
|
|
(1,235 |
) |
|
|
(1,134 |
) |
|
|
(1,509 |
) |
|
|
(1,736 |
) |
|
|
(2,206 |
) |
Allowance for credit losses on
loans at end of the period |
|
$ |
24,664 |
|
|
$ |
26,154 |
|
|
$ |
27,414 |
|
|
$ |
28,173 |
|
|
$ |
28,975 |
|
|
Ponce Financial Group, Inc. and
SubsidiariesDeposits
|
|
As of |
|
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
|
Amount |
|
|
Percent |
|
|
Amount |
|
|
Percent |
|
|
Amount |
|
|
Percent |
|
|
Amount |
|
|
Percent |
|
|
Amount |
|
|
Percent |
|
|
|
(Dollars in thousands) |
|
Demand (1) |
|
$ |
191,541 |
|
|
|
12.07 |
% |
|
$ |
185,151 |
|
|
|
12.28 |
% |
|
$ |
214,326 |
|
|
|
15.30 |
% |
|
$ |
225,106 |
|
|
|
15.61 |
% |
|
$ |
236,120 |
|
|
|
17.67 |
% |
Interest-bearing
deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW/IOLA accounts (1) |
|
|
73,202 |
|
|
|
4.62 |
% |
|
|
77,909 |
|
|
|
5.17 |
% |
|
|
74,055 |
|
|
|
5.29 |
% |
|
|
64,193 |
|
|
|
4.45 |
% |
|
|
68,356 |
|
|
|
5.11 |
% |
Money market accounts (2) |
|
|
482,344 |
|
|
|
30.42 |
% |
|
|
432,735 |
|
|
|
28.70 |
% |
|
|
370,500 |
|
|
|
26.44 |
% |
|
|
387,970 |
|
|
|
26.91 |
% |
|
|
293,140 |
|
|
|
21.93 |
% |
Reciprocal deposits |
|
|
97,718 |
|
|
|
6.16 |
% |
|
|
96,860 |
|
|
|
6.42 |
% |
|
|
82,670 |
|
|
|
5.90 |
% |
|
|
100,919 |
|
|
|
7.00 |
% |
|
|
109,649 |
|
|
|
8.20 |
% |
Savings accounts |
|
|
112,713 |
|
|
|
7.11 |
% |
|
|
114,139 |
|
|
|
7.57 |
% |
|
|
117,870 |
|
|
|
8.41 |
% |
|
|
119,635 |
|
|
|
8.30 |
% |
|
|
127,731 |
|
|
|
9.55 |
% |
Total NOW, money market, reciprocal and savings
accounts |
|
|
765,977 |
|
|
|
48.31 |
% |
|
|
721,643 |
|
|
|
47.86 |
% |
|
|
645,095 |
|
|
|
46.04 |
% |
|
|
672,717 |
|
|
|
46.66 |
% |
|
|
598,876 |
|
|
|
44.79 |
% |
Certificates of deposit of $250K or more (2) |
|
|
146,296 |
|
|
|
9.23 |
% |
|
|
132,153 |
|
|
|
8.77 |
% |
|
|
122,353 |
|
|
|
8.73 |
% |
|
|
120,043 |
|
|
|
8.32 |
% |
|
|
113,955 |
|
|
|
8.52 |
% |
Brokered certificates of deposit (3) |
|
|
94,689 |
|
|
|
5.97 |
% |
|
|
98,729 |
|
|
|
6.55 |
% |
|
|
98,729 |
|
|
|
7.05 |
% |
|
|
98,729 |
|
|
|
6.85 |
% |
|
|
98,754 |
|
|
|
7.39 |
% |
Listing service deposits (3) |
|
|
12,688 |
|
|
|
0.80 |
% |
|
|
14,433 |
|
|
|
0.96 |
% |
|
|
15,180 |
|
|
|
1.08 |
% |
|
|
20,258 |
|
|
|
1.40 |
% |
|
|
28,417 |
|
|
|
2.13 |
% |
All other certificates of deposit less than $250K (2) |
|
|
374,593 |
|
|
|
23.62 |
% |
|
|
355,511 |
|
|
|
23.58 |
% |
|
|
305,449 |
|
|
|
21.80 |
% |
|
|
305,160 |
|
|
|
21.16 |
% |
|
|
260,755 |
|
|
|
19.50 |
% |
Total certificates of deposit |
|
|
628,266 |
|
|
|
39.62 |
% |
|
|
600,826 |
|
|
|
39.86 |
% |
|
|
541,711 |
|
|
|
38.66 |
% |
|
|
544,190 |
|
|
|
37.73 |
% |
|
|
501,881 |
|
|
|
37.54 |
% |
Total interest-bearing
deposits |
|
|
1,394,243 |
|
|
|
87.93 |
% |
|
|
1,322,469 |
|
|
|
87.72 |
% |
|
|
1,186,806 |
|
|
|
84.70 |
% |
|
|
1,216,907 |
|
|
|
84.39 |
% |
|
|
1,100,757 |
|
|
|
82.33 |
% |
Total deposits |
|
$ |
1,585,784 |
|
|
|
100.00 |
% |
|
$ |
1,507,620 |
|
|
|
100.00 |
% |
|
$ |
1,401,132 |
|
|
|
100.00 |
% |
|
$ |
1,442,013 |
|
|
|
100.00 |
% |
|
$ |
1,336,877 |
|
|
|
100.00 |
% |
|
(1) As of December 31, 2023, September 30, 2023, June 30,
2023 and March 31, 2023, $58.2 million, $51.5 million, $41.4
million and $46.6 million, respectively, were reclassified from
demand to NOW/IOLA accounts.(2) As of June 30, 2023 and March
31, 2023, $150.6 million and $115.3 million, respectively, of
SaveBetter deposits were reclassified from money market accounts to
certificates of deposits. $36.4 million and $37.1 million,
respectively, were reclassified to Certificates of deposits of
$250K or more and $114.2 million and $78.2 million, respectively,
were reclassified to certificates of deposit less than
$250K.(3) As of March 31, 2024, December 31, 2023, September
30, 2023, June 30, 2023 and March 31, 2023, there were $1.5
million, $0.3 million, $0.3 million, $3.3 million and $9.5 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
SubsidiariesBorrowings
|
March 31, |
|
|
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 |
|
|
|
5.15 |
% |
|
$ |
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 |
|
|
|
4.28 |
% |
|
$ |
684,421 |
|
|
$ |
684,421 |
|
|
|
4.10 |
% |
|
Ponce Financial Group, Inc. and Subsidiaries
Nonperforming Assets
|
As of Three Months Ended |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
(Dollars in thousands) |
|
Non-accrual
loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor owned |
$ |
399 |
|
|
$ |
793 |
|
|
$ |
396 |
|
|
$ |
296 |
|
|
$ |
2,836 |
|
Owner occupied |
|
1,426 |
|
|
|
1,682 |
|
|
|
1,685 |
|
|
|
2,363 |
|
|
|
2,245 |
|
Multifamily residential |
|
4,098 |
|
|
|
2,979 |
|
|
|
1,444 |
|
|
|
1,435 |
|
|
|
— |
|
Nonresidential properties |
|
441 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Construction and land |
|
10,277 |
|
|
|
10,759 |
|
|
|
11,721 |
|
|
|
11,721 |
|
|
|
11,906 |
|
Non-mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business |
|
146 |
|
|
|
165 |
|
|
|
209 |
|
|
|
— |
|
|
|
40 |
|
Consumer |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total non-accrual loans (not including non-accruing modifications
to borrowers experiencing financial difficulty) (1) |
$ |
16,787 |
|
|
$ |
16,378 |
|
|
$ |
15,455 |
|
|
$ |
15,815 |
|
|
$ |
17,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accruing
modifications to borrowers experiencing financial difficulty
(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor owned |
$ |
270 |
|
|
$ |
270 |
|
|
$ |
270 |
|
|
$ |
209 |
|
|
$ |
213 |
|
Owner occupied |
|
447 |
|
|
|
447 |
|
|
|
449 |
|
|
|
840 |
|
|
|
2,020 |
|
Multifamily residential |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Nonresidential properties |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
91 |
|
Construction and land |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Consumer |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total non-accruing modifications to borrowers experiencing
financial difficulty (1) |
|
717 |
|
|
|
717 |
|
|
|
719 |
|
|
|
1,049 |
|
|
|
2,324 |
|
Total non-accrual loans (2) |
$ |
17,504 |
|
|
$ |
17,095 |
|
|
$ |
16,174 |
|
|
$ |
16,864 |
|
|
$ |
19,351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing modifications
to borrowers experiencing financial difficulty (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor owned |
$ |
1,850 |
|
|
$ |
2,112 |
|
|
$ |
2,131 |
|
|
$ |
2,161 |
|
|
$ |
2,185 |
|
Owner occupied |
|
2,288 |
|
|
|
2,313 |
|
|
|
2,335 |
|
|
|
2,353 |
|
|
|
1,310 |
|
Multifamily residential |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Nonresidential properties |
|
748 |
|
|
|
757 |
|
|
|
765 |
|
|
|
783 |
|
|
|
701 |
|
Construction and land |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Consumer |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total accruing modifications to borrowers experiencing financial
difficulty (1) |
$ |
4,886 |
|
|
$ |
5,182 |
|
|
$ |
5,231 |
|
|
$ |
5,297 |
|
|
$ |
4,196 |
|
Total non-performing assets
and accruing modifications to borrowers experiencing financial
difficulty (1) |
$ |
22,390 |
|
|
$ |
22,277 |
|
|
$ |
21,405 |
|
|
$ |
22,161 |
|
|
$ |
23,547 |
|
Total non-performing loans to
total gross loans |
|
0.87 |
% |
|
|
0.89 |
% |
|
|
0.89 |
% |
|
|
0.98 |
% |
|
|
1.18 |
% |
Total non-performing assets to
total assets |
|
0.62 |
% |
|
|
0.62 |
% |
|
|
0.62 |
% |
|
|
0.63 |
% |
|
|
0.76 |
% |
Total non-performing assets
and accruing modifications to borrowers experiencing financial
difficulty as a percentage of total assets (1) |
|
0.79 |
% |
|
|
0.81 |
% |
|
|
0.82 |
% |
|
|
0.83 |
% |
|
|
0.93 |
% |
(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
SubsidiariesAverage Balance Sheets
|
For the Three Months Ended
March 31, |
|
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) |
$ |
1,979,263 |
|
|
$ |
30,664 |
|
|
6.23 |
% |
|
$ |
1,572,148 |
|
|
$ |
19,700 |
|
|
5.08 |
% |
Securities (3) |
|
576,235 |
|
|
|
5,619 |
|
|
3.92 |
% |
|
|
631,138 |
|
|
|
6,075 |
|
|
3.90 |
% |
Other (4) (5) |
|
238,432 |
|
|
|
3,383 |
|
|
5.71 |
% |
|
|
48,473 |
|
|
|
581 |
|
|
4.86 |
% |
Total interest-earning assets |
|
2,793,930 |
|
|
|
39,666 |
|
|
5.71 |
% |
|
|
2,251,759 |
|
|
|
26,356 |
|
|
4.75 |
% |
Non-interest-earning assets
(5) |
|
106,566 |
|
|
|
|
|
|
|
|
123,007 |
|
|
|
|
|
|
Total assets |
$ |
2,900,496 |
|
|
|
|
|
|
|
$ |
2,374,766 |
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW/IOLA (6) (7) |
$ |
82,849 |
|
|
$ |
218 |
|
|
1.06 |
% |
|
$ |
71,765 |
|
|
$ |
688 |
|
|
3.89 |
% |
Money market (7) (8) |
|
544,563 |
|
|
|
6,292 |
|
|
4.65 |
% |
|
|
314,241 |
|
|
|
2,091 |
|
|
2.70 |
% |
Savings |
|
113,501 |
|
|
|
28 |
|
|
0.10 |
% |
|
|
128,876 |
|
|
|
30 |
|
|
0.09 |
% |
Certificates of deposit
(8) |
|
629,528 |
|
|
|
6,380 |
|
|
4.08 |
% |
|
|
516,327 |
|
|
|
3,225 |
|
|
2.53 |
% |
Total deposits |
|
1,370,441 |
|
|
|
12,918 |
|
|
3.79 |
% |
|
|
1,031,209 |
|
|
|
6,034 |
|
|
2.37 |
% |
Advance payments by
borrowers |
|
12,886 |
|
|
|
2 |
|
|
0.06 |
% |
|
|
12,919 |
|
|
|
3 |
|
|
0.09 |
% |
Borrowings |
|
771,070 |
|
|
|
7,923 |
|
|
4.13 |
% |
|
|
523,705 |
|
|
|
5,074 |
|
|
3.93 |
% |
Total interest-bearing liabilities |
|
2,154,397 |
|
|
|
20,843 |
|
|
3.89 |
% |
|
|
1,567,833 |
|
|
|
11,111 |
|
|
2.87 |
% |
Non-interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing demand
(6) |
|
198,862 |
|
|
|
— |
|
|
|
|
|
268,372 |
|
|
|
— |
|
|
|
Other non-interest-bearing
liabilities |
|
54,061 |
|
|
|
— |
|
|
|
|
|
42,038 |
|
|
|
— |
|
|
|
Total non-interest-bearing liabilities |
|
252,923 |
|
|
|
— |
|
|
|
|
|
310,410 |
|
|
|
— |
|
|
|
Total liabilities |
|
2,407,320 |
|
|
|
20,843 |
|
|
|
|
|
1,878,243 |
|
|
|
11,111 |
|
|
|
Total equity |
|
493,176 |
|
|
|
|
|
|
|
|
496,523 |
|
|
|
|
|
|
Total liabilities and total equity |
$ |
2,900,496 |
|
|
|
|
|
3.89 |
% |
|
$ |
2,374,766 |
|
|
|
|
|
2.87 |
% |
Net interest income |
|
|
|
$ |
18,823 |
|
|
|
|
|
|
|
$ |
15,245 |
|
|
|
Net interest rate spread
(9) |
|
|
|
|
|
|
1.82 |
% |
|
|
|
|
|
|
|
1.88 |
% |
Net interest-earning assets
(10) |
$ |
639,533 |
|
|
|
|
|
|
|
$ |
683,926 |
|
|
|
|
|
|
Net interest margin (11) |
|
|
|
|
|
|
2.71 |
% |
|
|
|
|
|
|
|
2.75 |
% |
Average interest-earning
assets to interest-bearing liabilities |
|
|
|
|
|
|
129.69 |
% |
|
|
|
|
|
|
|
143.62 |
% |
(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 FRB demand deposits.(5)
FRB demand deposits for prior period have been reclassified for
consistency.(6) Includes reclassification of $48.4 million
average outstanding balances from non-interest bearing demand to
NOW/IOLA for the three months ended March 31, 2023.(7)
Include $0.7 million of interest expense reclassified from money
market to NOW/IOLA for the three months ended March 31,
2023.(8) Includes reclassification of $135.0 million average
outstanding balances and $1.4 million of interest expenses from
money market to certificates of deposit for the three months ended
March 31, 2023.(9) 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.(10) Net interest-earning assets represent total
interest-earning assets less total interest-bearing
liabilities.(11) Net interest margin represents net interest
income divided by average total interest-earning assets.
Ponce Financial Group, Inc. and
SubsidiariesOther Data
|
As of |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
Other
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares issued |
|
24,886,711 |
|
|
|
24,886,711 |
|
|
|
24,886,711 |
|
|
|
24,886,711 |
|
|
|
24,865,476 |
|
Less treasury shares |
|
1,096,214 |
|
|
|
1,101,191 |
|
|
|
1,233,111 |
|
|
|
617,924 |
|
|
|
1,976 |
|
Common shares outstanding at
end of period |
|
23,790,497 |
|
|
|
23,785,520 |
|
|
|
23,653,600 |
|
|
|
24,268,787 |
|
|
|
24,863,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share |
$ |
11.29 |
|
|
$ |
11.20 |
|
|
$ |
10.99 |
|
|
$ |
10.94 |
|
|
$ |
10.90 |
|
Tangible book value per common
share |
$ |
11.29 |
|
|
$ |
11.20 |
|
|
$ |
10.99 |
|
|
$ |
10.94 |
|
|
$ |
10.90 |
|
|
Contact:Frank
Perezfrank.perez@poncebank.net718-931-9000
Ponce Financial (NASDAQ:PDLB)
過去 株価チャート
から 4 2024 まで 5 2024
Ponce Financial (NASDAQ:PDLB)
過去 株価チャート
から 5 2023 まで 5 2024