• Ponce Financial Group, Inc. Reports Third Quarter 2024 Results

    Source: Nasdaq GlobeNewswire / 30 Oct 2024 15:16:52   America/Chicago

    NEW YORK, Oct. 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 third quarter of 2024.

    Third Quarter 2024 Highlights (Compared to Prior Periods):

    • Net income available to common stockholders was $2.2 million, or $0.10 per diluted share for the three months ended September 30, 2024, as compared to net income available to common stockholders of $3.1 million, or $0.14 per diluted share for the three months ended June 30, 2024 and net income available to common stockholders of $2.6 million, or $0.12 per diluted share for the three months ended September 30, 2023. Total net income for the three months ended September 30, 2024 was $2.4 million. The Company paid dividends of $0.3 million on its preferred stock during the quarter ended September 30, 2024.
    • Included in the $2.2 million of net income available to common stockholders for the third quarter of 2024 results is $41.3 million in interest and dividend income and $1.2 million in non-interest income, offset by $22.3 million in interest expense, $16.3 million in non-interest expense, $0.8 million in provision for credit losses, $0.6 million in provision for income taxes and $0.3 million in dividends on preferred shares.
    • Net interest income of $19.0 million for the third quarter of 2024 increased $1.1 million, or 6.25%, from the prior quarter and increased $2.5 million, or 15.00%, from the same quarter last year.
    • Net interest margin was 2.65% for the third quarter of 2024, versus 2.62% for the prior quarter and versus 2.58% for the same quarter last year.

    Nine Months 2024 Highlights (Compared to 2023):

    • Net income available to common stockholders was $7.7 million, or $0.34 per diluted share for the nine months ended September 30, 2024, as compared to net income available to common stockholders of $2.8 million, or $0.12 per diluted share for the nine months ended September 30, 2023. Total net income for the nine months ended September 30, 2024, prior to the payment of $0.4 million in dividends on preferred shares, was $8.0 million.
    • Net interest income for the nine months ended September 30, 2024 was $55.8 million, an increase of $7.7 million, or 15.98%, compared to $48.1 million for the nine months ended September 30, 2023.
    • Non-interest income for the nine months ended September 30, 2024 was $5.1 million, a decrease of $3.8 million, or 42.76%, from $8.9 million for the nine months ended September 30, 2023. The decrease was primarily driven by a $3.7 million in grants that were received in the prior year.
    • Non-interest expense for the nine months ended September 30, 2024 was $49.4 million, a decrease of $1.4 million, or 2.67%, compared to $50.8 million for the nine months ended September 30, 2023.
    • Cash and equivalents were $155.8 million as of September 30, 2024, an increase of $16.6 million, or 11.94%, from $139.2 million as of December 31, 2023.
    • Securities totaled $514.7 million as of September 30, 2024, a decrease of $66.9 million, or 11.50%, from $581.7 million as of December 31, 2023 primarily due to regular principal payments, maturity of one available-for-sale security in the amount of $4.0 million and call of one held-to-maturity security in the amount of $25.0 million.
    • Net loans receivable were $2.18 billion as of September 30, 2024, an increase of $284.4 million, or 15.00%, from $1.90 billion as of December 31, 2023.
    • Deposits were $1.87 billion as of September 30, 2024, an increase of $362.7 million, or 24.06%, from $1.51 billion as of December 31, 2023.

    President and Chief Executive Officer’s Comments

    Carlos P. Naudon, Ponce Financial Group’s President and CEO, stated, “We continue to make progress quarter over quarter both in terms of our economic performance as well as serving our communities. Book value per share continues to grow and is now $11.74 (up $0.75 vs last year) and total equity per common share stands at $21.18. Our levels of liquidity and capital remain strong. Our net interest income grew quarter over quarter, and we’re well positioned for a decline in interest rates. We reduced our borrowings during the quarter, paying off the entirety of our Bank Term Funding Program Loan, while lowering the overall cost and extending our maturities. We remain committed to the communities we serve and our status as a Minority Depository Institution (“MDI”)/Community Development Financial Institution ("CDFI"), and we continue 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, “During the quarter, the US Treasury Department issued proposed guidelines under which it may sell their ECIP investment back to the issuers or related non-profit affiliates. We believe the adoption of the proposed regulations would be greatly beneficial to Ponce Financial Group, although there can be no assurance that the proposed regulations will be adopted, or that that will be adopted in their current form.  Most of our loan growth of $157.6 million this quarter is explained by our desire to ensure qualification under the proposed regulations, if adopted. Deposits also grew significantly during the quarter including $35.0 million from the Banking Development District program of New York.” 

    Selected performance metrics are as follows (refer to “Key Metrics” for additional information):

      At or for the Three Months Ended 
      September 30,  June 30,  March 31,  December 31,  September 30, 
    Performance Ratios (Annualized): 2024  2024  2024  2023  2023 
    Return on average assets (1)  0.33%  0.45%  0.33%  0.08%  0.39%
    Return on average equity (1)  1.93%  2.59%  1.97%  0.42%  2.11%
    Net interest rate spread (1) (2)  1.77%  1.72%  1.82%  1.74%  1.68%
    Net interest margin (1) (3)  2.65%  2.62%  2.71%  2.66%  2.58%
    Non-interest expense to average assets (1)  2.19%  2.28%  2.35%  2.66%  2.58%
    Efficiency ratio (4)  80.87%  80.09%  82.56%  96.83%  78.11%
    Average interest-earning assets to average interest- bearing liabilities  128.35%  129.73%  129.69%  133.50%  134.49%
    Average equity to average assets  16.97%  17.41%  17.00%  18.25%  18.32%
                         


      At or for the Three Months Ended 
      September 30,  June 30,  March 31,  December 31,  September 30, 
    Capital Ratios (Annualized): 2024  2024  2024  2023  2023 
    Total capital to risk-weighted assets (Bank only)  21.61%  22.47%  22.79%  23.30%  25.10%
    Tier 1 capital to risk-weighted assets (Bank only)  20.45%  21.24%  21.54%  22.05%  23.85%
    Common equity Tier 1 capital to risk-weighted assets (Bank only)  20.45%  21.24%  21.54%  22.05%  23.85%
    Tier 1 capital to average assets (Bank only)  16.19%  16.70%  16.26%  17.49%  17.51%
                         


      At or for the Three Months Ended 
      September 30,  June 30,  March 31,  December 31,  September 30, 
    Asset Quality Ratios (Annualized): 2024  2024  2024  2023  2023 
    Allowance for loan losses as a percentage of total loans  1.09%  1.18%  1.23%  1.36%  1.51%
    Allowance for loan losses as a percentage of nonperforming loans  139.52%  130.28%  140.90%  152.99%  169.49%
    Net (charge-offs) recoveries to average outstanding loans (1)  (0.17%)  (0.10%)  (0.25%)  (0.24%)  (0.34%)
    Non-performing loans as a percentage of total gross loans  0.78%  0.89%  0.87%  0.89%  0.89%
    Non-performing loans as a percentage of total assets  0.57%  0.65%  0.62%  0.62%  0.62%
    Total non-performing assets as a percentage of total assets  0.57%  0.65%  0.62%  0.62%  0.62%
    Total non-performing assets and accruing modifications to borrowers experiencing financial difficulty as a percentage of total assets (5)  0.73%  0.82%  0.79%  0.81%  0.82%
                         


     (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 cost 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 September 30, 2024 was $2.4 million compared to net income of $3.2 million for the three months ended June 30, 2024 and net income of $2.6 million for the three months ended September 30, 2023.

    The decrease of net income for the three months ended September 30, 2024 compared to the three months ended June 30, 2024 was attributed mainly to an increase of $1.2 million in provision for credit losses, a decrease of $1.1 million in non-interest income, an increase of $0.2 million in non-interest expense, partially offset by an increase of $1.1 million in net interest income and a decrease of $0.6 million in provision for income taxes .

    The decrease of net income for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 was largely due to a decrease of $4.5 million in non-interest income as a result of a $3.7 million grant reported in the third quarter of 2023 and an increase of $0.3 million in provision for credit losses, partially offset by an increase of $2.5 million in net interest income and decreases of $1.1 million in provision for income taxes and $ 1.0 million in non-interest expense.

    Net income for the nine months ended September 30, 2024 was $8.0 million compared to a net income of $2.8 million for the nine months ended September 30, 2023. The increase of $5.2 million in net income was attributable to an increase of $7.7 million in net interest income, a decrease of $1.3 million in non-interest expense and a decrease of $1.1 million in provision for credit losses, partially offset by a decrease of $3.8 million in non-interest income and an increase of $1.1 million in provision for income taxes.

    Net Interest Income and Net Margin

    Net interest income for the three months ended September 30, 2024, increased $1.1 million, or 6.25%, to $19.0 million compared to $17.9 million for the three months ended June 30, 2024 and increased $2.5 million, or 15.00%, compared to $16.5 million for the three months ended September 30, 2023.

    Net interest income for the nine months ended September 30, 2024, increased $7.7 million, or 15.98%, to $55.8 million, compared to $48.1 million for the nine months ended September 30, 2023. The increase of $7.7 million of net interest income was attributable to an increase of $28.8 million in total interest and dividend income, offset by an increase of $21.1 million in total interest expense.

    For the nine months ended September 30, 2024, provision for credit losses amounted to $0.2 million consisting of a provision for credit losses on loans in the amount of $0.4 million and a benefit for credit losses on held-to-maturity securities in the amount of $0.2 million. The $0.4 million provision for credit losses on loans for the nine months ended September 30, 2024 resulted from a benefit of $2.1 million related to microloans offset by a provision of $2.5 million related to non-microloans.

    Net interest margin was 2.65% for the three months ended September 30, 2024 compared to 2.62% for the prior quarter, an increase of 3bps and 2.58% for the same period last year, an increase of 7bps.

    Net interest margin was 2.66% for the nine months ended September 30, 2024 compared to 2.65% for the nine months ended September 30, 2023, an increase of 1bp.

    Non-interest Income

    Non-interest income for the three months ended September 30, 2024, was $1.2 million, a decrease of $1.1 million, or 49.03%, compared to $2.3 million the three months ended June 30, 2024 and a decrease of $4.5 million, or 79.55%, compared to $5.6 million the three months ended September 30, 2023.

    The $1.1 million decrease in non-interest income for the three months ended September 30, 2024 compared to the three months ended June 30, 2024 was largely attributable to decreases of $0.7 million in other non-interest income related to the mark to market adjustments on a private equity fund investment and $0.3 million in late and prepayment charges.

    The $4.5 million decrease in non-interest income for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 was largely attributable to $3.7 million in grants received in the third quarter of 2023 and a decrease of $0.8 million in late and prepayment charges.

    Non-interest income for the nine months ended September 30, 2024, was $5.1 million, a decrease of $3.8 million, or 42.76%, compared to $8.9 million for the nine months ended September 30, 2023. The decrease was largely attributable to $3.7 million related to grants received in the third quarter of 2023 and a decrease of $1.1 million in late and prepayment charges, partially, offset by increases of $0.6 million in other non-interest income and $0.4 million in income on sale of mortgage loans.

    Non-interest Expense

    Non-interest expense for the three months ended September 30, 2024, was $16.3 million, an increase of $0.2 million, or 1.03%, compared to $16.1 million for the three months ended June 30, 2024 and a decrease of $1.0 million, or 5.79%, compared to $17.3 million for the three months ended September 30, 2023.

    The $0.2 million increase from the three months ended September 30, 2024 compared to the three months ended June 30, 2024 was mainly attributable to a decrease of $0.2 million in benefit for contingencies and an increase of $0.2 million in occupancy and equipment, partially offset by a decrease of $0.3 million in other operating expense.

    The $1.0 million decrease from the three months ended September 30, 2023 compared to the three months ended September 30, 2023 was mainly attributable to decreases of $0.6 million in provision for contingencies, $0.5 million in data processing expenses and $0.3 million in professional fees, partially offset by increases of $0.2 million in direct loan expenses, $0.2 million in occupancy and equipment and $0.1 million in compensation and benefits.

    Non-interest expense for the nine months ended September 30, 2024, was $49.4 million, a decrease of $1.4 million, or 2.67%, compared to $50.8 million for the nine months ended September 30, 2023. The $1.4 million decrease from the nine months ended September 30, 2023 was mainly attributable to decreases of $2.5 million in provision for contingencies, $0.7 million in data processing expenses, $0.6 million in professional fees and $0.5 million in office supplies, telephone and postage, partially offset by a decrease of $1.2 million in microloans recoveries and increases of $0.8 million in compensation and benefits and $0.8 million in direct loan expenses.

    Balance Sheet Summary

    Total assets increased $265.2 million, or 9.64%, to $3.02 billion as of September 30, 2024 from $2.75 billion as of December 31, 2023. The increase in total assets is largely attributable to increases of $284.4 million in net loans receivable, $26.7 million in other assets, $16.6 million in cash and cash equivalents, $9.1 million in Federal Home Loan Bank of New York stock and $0.8 million in net premises and equipment, partially offset by decreases of $58.0 million in held-to-maturity securities, $8.9 million in available-for-sale securities, $2.5 million in deferred tax assets, $1.5 million in right of use assets, $1.1 million in accrued interest receivable and $0.4 million in mortgage loans held for sale.

    Total liabilities increased $252.1 million, or 11.16%, to $2.51 billion as of September 30, 2024 from $2.26 billion as of December 31, 2023. The increase in total liabilities was largely attributable to an increase of $362.7 million in deposits, $3.0 million in advance payments by borrowers for taxes and insurance and $0.8 million in other liabilities, partially offset by decreases of $104.0 million in borrowings, $9.0 million in accrued interest payable and $1.4 million in operating lease liabilities.

    Total stockholders’ equity increased $13.2 million, or 2.69%, to $504.6 million as of September 30, 2024, from $491.4 million as of December 31, 2023. This increase in stockholders’ equity was largely attributable to $8.0 million in net income, $3.0 million in other comprehensive income, $1.6 million impact to additional paid in capital as a result of share-based compensation and $1.0 million from release of ESOP shares, offset by $0.4 million in preferred stock dividend for shares issued pursuant to the ECIP.

    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 
     September 30,  June 30,  March 31,  December 31,  September 30, 
     2024  2024  2024  2023  2023 
    ASSETS              
    Cash and due from banks:              
    Cash$32,061  $23,128  $29,972  $28,930  $26,046 
    Interest-bearing deposits 123,751   80,038   104,752   110,260   90,966 
    Total cash and cash equivalents 155,812   103,166   134,724   139,190   117,012 
    Available-for-sale securities, at fair value 111,005   113,125   116,044   119,902   116,753 
    Held-to-maturity securities, at amortized cost 403,736   442,113   452,955   461,748   471,065 
    Placement with banks 249   249   249   249   996 
    Mortgage loans held for sale, at fair value 9,566   37,764   7,860   9,980   14,103 
    Loans receivable, net 2,180,331   2,022,173   1,981,428   1,895,886   1,787,607 
    Accrued interest receivable 16,890   17,441   18,063   18,010   16,624 
    Premises and equipment, net 16,843   16,976   17,396   16,053   16,453 
    Right of use assets 29,785   30,349   31,021   31,272   32,110 
    Federal Home Loan Bank of New York stock (FHLBNY), at cost 28,515   23,972   23,892   19,377   18,870 
    Deferred tax assets 11,845   13,172   13,919   14,332   15,984 
    Other assets 51,392   21,507   21,151   24,723   16,286 
    Total assets$3,015,969  $2,842,007  $2,818,702  $2,750,722  $2,623,863 
    LIABILITIES AND STOCKHOLDERS' EQUITY              
    Liabilities:              
    Deposits$1,870,323  $1,606,097  $1,585,784  $1,507,620  $1,401,132 
    Operating lease liabilities 31,343   31,861   32,486   32,684   33,459 
    Accrued interest payable 2,918   6,820   4,218   11,965   8,385 
    Advance payments by borrowers for taxes and insurance 13,733   10,838   13,245   10,778   13,743 
    Borrowings 580,421   680,421   680,421   684,421   675,100 
    Other liabilities 12,642   8,313   8,866   11,859   6,986 
    Total liabilities 2,511,380   2,344,350   2,325,020   2,259,327   2,138,805 
    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 (9,445)  (9,519)  (9,702)  (9,747)  (10,975)
    Additional paid-in-capital 208,478   207,934   207,584   207,106   207,626 
    Retained earnings 105,103   102,951   99,834   97,420   96,902 
    Accumulated other comprehensive loss (12,686)  (16,557)  (16,590)  (15,649)  (20,468)
    Unearned compensation ─ ESOP (12,110)  (12,401)  (12,693)  (12,984)  (13,276)
    Total stockholders' equity 504,589   497,657   493,682   491,395   485,058 
    Total liabilities and stockholders' equity$3,015,969  $2,842,007  $2,818,702  $2,750,722  $2,623,863 
                        

    Ponce Financial Group, Inc. and Subsidiaries
    Consolidated Statements of Operations
    (Dollars in thousands, except per share data)

     Three Months Ended 
     September 30,  June 30,  March 31,  December 31,  September 30, 
     2024  2024  2024  2023  2023 
    Interest and dividend income:              
    Interest on loans receivable$32,945  $31,281  $30,664  $27,814  $25,276 
    Interest on deposits due from banks 2,430   1,542   2,911   990   1,969 
    Interest and dividend on securities and FHLBNY stock 5,918   5,969   6,091   6,146   6,261 
    Total interest and dividend income 41,293   38,792   39,666   34,950   33,506 
    Interest expense:              
    Interest on certificates of deposit 6,926   6,358   6,380   5,103   4,362 
    Interest on other deposits 8,519   7,389   6,540   5,706   5,639 
    Interest on borrowings 6,825   7,141   7,923   6,944   6,963 
    Total interest expense 22,270   20,888   20,843   17,753   16,964 
    Net interest income 19,023   17,904   18,823   17,197   16,542 
    Provision (benefit) for credit losses 789   (374)  (180)  (375)  535 
    Net interest income after provision (benefit) for credit losses 18,234   18,278   19,003   17,572   16,007 
    Non-interest income:              
    Service charges and fees 508   492   473   498   516 
    Brokerage commissions —   9   8   13   17 
    Late and prepayment charges 77   426   359   365   899 
    Income on sale of mortgage loans 218   274   302   244   173 
    Grant income —   —   —   438   3,718 
    Other 348   1,057   565   (273)  304 
    Total non-interest income 1,151   2,258   1,707   1,285   5,627 
    Non-interest expense:              
    Compensation and benefits 7,674   7,724   7,844   8,262   7,566 
    Occupancy and equipment 3,786   3,564   3,667   3,686   3,588 
    Data processing expenses 1,099   1,013   1,127   1,101   1,582 
    Direct loan expenses 573   633   732   497   369 
    (Benefit) provision for contingencies (252)  (493)  164   418   391 
    Insurance and surety bond premiums 292   263   253   250   255 
    Office supplies, telephone and postage 222   233   249   294   301 
    Professional fees 1,351   1,369   1,723   2,040   1,693 
    Microloans recoveries (54)  (65)  (53)  (152)  (69)
    Marketing and promotional expenses 180   145   100   146   248 
    Directors fees and regulatory assessment 178   176   179   173   169 
    Other operating expenses 1,265   1,585   965   1,182   1,223 
    Total non-interest expense 16,314   16,147   16,950   17,897   17,316 
    Income before income taxes 3,071   4,389   3,760   960   4,318 
    Provision for income taxes 638   1,197   1,346   442   1,728 
    Net income$2,433  $3,192  $2,414  $518  $2,590 
    Dividends on preferred shares 281   75   —   —   — 
    Net income available to common stockholders$2,152  $3,117  $2,414  $518  $2,590 
    Earnings per common share:              
    Basic$0.10  $0.14  $0.11  $0.02  $0.12 
    Diluted$0.10  $0.14  $0.11  $0.02  $0.12 
    Weighted average common shares outstanding:              
    Basic 22,446,009   22,409,803   22,353,492   22,224,945   22,272,076 
    Diluted 22,612,028   22,419,309   22,366,728   22,406,102   22,349,217 
                        

    Ponce Financial Group, Inc. and Subsidiaries
    Consolidated Statements of Operations
    (Dollars in thousands, except per share data)

      For the Nine Months Ended September 30, 
      2024  2023  Variance $  Variance % 
    Interest and dividend income:            
    Interest on loans receivable $94,890  $67,991  $26,899   39.56%
    Interest on deposits due from banks  6,883   3,983   2,900   72.81%
    Interest and dividend on securities and FHLBNY stock  17,978   18,943   (965)  (5.09%)
    Total interest and dividend income  119,751   90,917   28,834   31.71%
    Interest expense:            
    Interest on certificates of deposit  19,664   11,468   8,196   71.47%
    Interest on other deposits  22,448   12,864   9,584   74.50%
    Interest on borrowings  21,889   18,516   3,373   18.22%
    Total interest expense  64,001   42,848   21,153   49.37%
    Net interest income  55,750   48,069   7,681   15.98%
    Provision for credit losses  235   1,348   (1,113)  (82.57%)
    Net interest income after provision for credit losses  55,515   46,721   8,794   18.82%
    Non-interest income:            
    Service charges and fees  1,473   1,488   (15)  (1.01%)
    Brokerage commissions  17   67   (50)  (74.63%)
    Late and prepayment charges  862   2,000   (1,138)  (56.90%)
    Income on sale of mortgage loans  794   354   440   124.29%
    Grant income  —   3,718   (3,718)  (100.00%)
    Other  1,970   1,311   659   50.27%
    Total non-interest income  5,116   8,938   (3,822)  (42.76%)
    Non-interest expense:            
    Compensation and benefits  23,242   22,437   805   3.59%
    Occupancy and equipment  11,017   10,882   135   1.24%
    Data processing expenses  3,239   3,982   (743)  (18.66%)
    Direct loan expenses  1,938   1,126   812   72.11%
    (Benefit) provision for contingencies  (581)  1,893   (2,474)  (130.69%)
    Insurance and surety bond premiums  808   768   40   5.21%
    Office supplies, telephone and postage  704   1,189   (485)  (40.79%)
    Professional fees  4,443   5,052   (609)  (12.05%)
    Microloans recoveries  (172)  (1,329)  1,157   (87.06%)
    Marketing and promotional expenses  425   679   (254)  (37.41%)
    Directors fees and regulatory assessment  533   484   49   10.12%
    Other operating expenses  3,815   3,603   212   5.88%
    Total non-interest expense  49,411   50,766   (1,355)  (2.67%)
    Income before income taxes  11,220   4,893   6,327   129.31%
    Provision for income taxes  3,181   2,059   1,122   54.49%
    Net income $8,039  $2,834  $5,205   183.66%
    Dividends on preferred shares  356   —   356   100.00%
    Net income available to common stockholders $7,683  $2,834  $4,849   171.10%
    Earnings per common share:            
    Basic $0.34  $0.12  $0.22   177.36%
    Diluted $0.34  $0.12  $0.22   177.10%
    Weighted average common shares outstanding:            
    Basic  22,403,258   22,920,680   (517,422)  (2.26%)
    Diluted  22,466,178   22,962,956   (496,778)  (2.16%)
                     

    Ponce Financial Group, Inc. and Subsidiaries
    Key Metrics

     At or for the Three Months Ended 
     September 30,  June 30,  March 31,  December 31,  September 30, 
     2024  2024  2024  2023  2023 
    Performance Ratios:              
    Return on average assets (1) 0.33%  0.45%  0.33%  0.08%  0.39%
    Return on average equity (1) 1.93%  2.59%  1.97%  0.42%  2.11%
    Net interest rate spread (1) (2) 1.77%  1.72%  1.82%  1.74%  1.68%
    Net interest margin (1) (3) 2.65%  2.62%  2.71%  2.66%  2.58%
    Non-interest expense to average assets (1) 2.19%  2.28%  2.35%  2.66%  2.58%
    Efficiency ratio (4) 80.87%  80.09%  82.56%  96.83%  78.11%
    Average interest-earning assets to average interest- bearing liabilities 128.35%  129.73%  129.69%  133.50%  134.49%
    Average equity to average assets 16.97%  17.41%  17.00%  18.25%  18.32%
    Capital Ratios:              
    Total capital to risk-weighted assets (Bank only) 21.61%  22.47%  22.79%  23.30%  25.10%
    Tier 1 capital to risk-weighted assets (Bank only) 20.45%  21.24%  21.54%  22.05%  23.85%
    Common equity Tier 1 capital to risk-weighted assets (Bank only) 20.45%  21.24%  21.54%  22.05%  23.85%
    Tier 1 capital to average assets (Bank only) 16.19%  16.70%  16.26%  17.49%  17.51%
    Asset Quality Ratios:              
    Allowance for credit losses on loans as a percentage of total loans 1.09%  1.18%  1.23%  1.36%  1.51%
    Allowance for credit losses on loans as a percentage of nonperforming loans 139.52%  130.28%  140.90%  152.99%  169.49%
    Net (charge-offs) recoveries to average outstanding loans (1) (0.17%)  (0.10%)  (0.25%)  (0.24%)  (0.34%)
    Non-performing loans as a percentage of total gross loans 0.78%  0.89%  0.87%  0.89%  0.89%
    Non-performing loans as a percentage of total assets 0.57%  0.65%  0.62%  0.62%  0.62%
    Total non-performing assets as a percentage of total assets 0.57%  0.65%  0.62%  0.62%  0.62%
    Total non-performing assets and accruing modifications to borrowers experiencing financial difficulty as a percentage of total assets (5) 0.73%  0.82%  0.79%  0.81%  0.82%
    Other:              
    Number of offices 19   18   18   18   19 
    Number of full-time equivalent employees 228   227   233   237   243 
                   


     (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 non-interest 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 Subsidiaries
    Securities Portfolio

      September 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 $2,993  $—  $(124) $2,869  $2,990  $—  $(206) $2,784 
    Corporate Bonds  21,766   —   (1,438)  20,328   25,790   —   (2,122)  23,668 
    Mortgage-Backed Securities:                        
    Collateralized Mortgage Obligations (1)  35,620   —   (4,976)  30,644   39,375   —   (6,227)  33,148 
    FHLMC Certificates  9,310   —   (1,119)  8,191   10,163   —   (1,482)  8,681 
    FNMA Certificates  57,345   —   (8,463)  48,882   61,359   —   (9,842)  51,517 
    GNMA Certificates  91   —   —   91   104   —   —   104 
    Total available-for-sale securities $127,125  $—  $(16,120) $111,005  $139,781  $—  $(19,879) $119,902 
                             
    Held-to-Maturity Securities:                        
    U.S. Agency Bonds $25,000  $—  $(49) $24,951  $25,000  $—  $(181) $24,819 
    Corporate Bonds  57,500   —   (618)  56,882   82,500   —   (2,691)  79,809 
    Mortgage-Backed Securities:                        
    Collateralized Mortgage Obligations (1)  193,440   454   (2,946)  190,948   212,093   104   (5,170)  207,027 
    FHLMC Certificates  3,441   —   (169)  3,272   3,897   —   (244)  3,653 
    FNMA Certificates  108,577   22   (1,967)  106,632   118,944   —   (4,088)  114,856 
    SBA Certificates  15,985   153   —   16,138   19,712   166   —   19,878 
    Allowance for Credit Losses  (207)  —   —   —   (398)  —   —   — 
    Total held-to-maturity securities $403,736  $629  $(5,749) $398,823  $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 Nine  For the 
      Months Ended  Year Ended 
      September 30, 2024  December 31, 2023 
    Allowance for credit losses on securities at beginning of the period $398  $— 
    CECL adoption  —   662 
    Benefit for credit losses  (191)  (264)
    Allowance for credit losses on securities at end of the period $207  $398 
             

    Ponce Financial Group, Inc. and Subsidiaries
    Loan Portfolio

      As of 
      September 30,  June 30,  March 31,  December 31,  September 30, 
      2024  2024  2024  2023  2023 
      Amount  Percent  Amount  Percent  Amount  Percent  Amount  Percent  Amount  Percent 
      (Dollars in thousands) 
    Mortgage loans:                              
    1-4 family residential                              
    Investor Owned $332,380   15.09% $337,292   16.49% $339,331   16.92% $343,689   17.89% $347,082   19.13%
    Owner-Occupied  145,065   6.59%  147,485   7.21%  150,842   7.52%  152,311   7.93%  151,866   8.37%
    Multifamily residential  678,029   30.78%  545,323   26.66%  545,825   27.22%  550,559   28.65%  553,694   30.52%
    Nonresidential properties  383,277   17.40%  337,583   16.51%  327,350   16.32%  342,343   17.81%  321,472   17.71%
    Construction and land  631,461   28.67%  641,879   31.39%  608,665   30.35%  503,925   26.22%  411,383   22.67%
    Total mortgage loans  2,170,212   98.53%  2,009,562   98.26%  1,972,013   98.33%  1,892,827   98.50%  1,785,497   98.40%
    Non-mortgage loans:                              
    Business loans  28,499   1.29%  30,222   1.48%  26,664   1.33%  19,779   1.03%  18,416   1.02%
    Consumer loans (1)  4,021   0.18%  5,305   0.26%  6,741   0.34%  8,966   0.47%  10,416   0.58%
    Total non-mortgage loans  32,520   1.47%  35,527   1.74%  33,405   1.67%  28,745   1.50%  28,832   1.60%
    Total loans, gross  2,202,732   100.00%  2,045,089   100.00%  2,005,418   100.00%  1,921,572   100.00%  1,814,329   100.00%
    Net deferred loan origination costs  1,565      1,145      674      468      692    
    Allowance for credit losses on loans  (23,966)     (24,061)     (24,664)     (26,154)     (27,414)   
    Loans, net $2,180,331     $2,022,173     $1,981,428     $1,895,886     $1,787,607    
                                        


     (1)As of September 30, 2024, June 30,2024, March 31, 2024, December 31, 2023, and September 30, 2023, consumer loans include $3.0 million, $4.3 million, $5.7 million, $8.0 million, and $9.3 million, respectively, of microloans originated by the Bank.
       

    Ponce Financial Group, Inc. and Subsidiaries
    Microloans Exposure (previously originated by the Bank under its arrangement with Grain)

    Total Microloans Exposure as of September 30, 2024 
    (in thousands) 
    Microloans Receivable from Grain   
    Microloans originated - put back (inception-to-September 30, 2024) $23,932 
    Write-downs, net of recoveries (inception-to-date as of September 30, 2024)  (15,287)
    Cash receipts (inception-to-September 30, 2024)  (6,819)
    Grant/reserve  (1,826)
    Net receivable as of September 30, 2024 $— 
    Microloans Receivables from Borrowers   
    Microloans receivable as of September 30, 2024 $3,033 
    Allowance for credit losses on loans as of September 30, 2024 (1)  (2,570)
    Microloans, net of allowance for credit losses on loans as of September 30, 2024 $463 
    Investments   
    Investment in Grain $1,000 
    Investment write-off in Q3 2022  (1,000)
    Net investment as of September 30, 2024  — 
    Total exposure related to microloans as of September 30, 2024 (2) $463 
         


     (1)Excludes $1.5 million of security deposits by microloans originated borrowers reported in deposits in the accompanying Consolidated Statements of Financial Conditions.
     (2)Total remaining exposure to microloan borrowers. These loans are now serviced by the Bank.
       

    On November 1, 2023, Ponce Financial Group, Inc. and Grain Technologies, Inc. ("Grain") signed a Perpetual Software License Agreement in order for the Bank to assume the servicing of the remaining microloans. 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 microloans.

    Ponce Financial Group, Inc. and Subsidiaries
    Allowance for Credit Losses on Loans

     For the Three Months Ended 
     September 30,  June 30,  March 31,  December 31,  September 30, 
     2024  2024  2024  2023  2023 
     (Dollars in thousands) 
    Allowance for credit losses on loans at beginning of the period$24,061  $24,664  $26,154  $27,414  $28,173 
    Provision (benefit) for credit losses on loans 801   (120)  (255)  (126)  750 
    Charge-offs:              
    Mortgage loans:              
    1-4 family residences              
    Investor owned —   —   —   —   — 
    Owner occupied —   —   —   —   — 
    Multifamily residences —   —   —   —   — 
    Nonresidential properties (7)  —   —   —   — 
    Construction and land —   —   —   —   — 
    Non-mortgage loans:              
    Business (450)  —   (52)  (63)  — 
    Consumer (634)  (747)  (1,302)  (1,135)  (1,592)
    Total charge-offs (1,091)  (747)  (1,354)  (1,198)  (1,592)
    Recoveries:              
    Non-mortgage loans:              
    Business 1   7   1   —   3 
    Consumer 194   257   118   64   80 
    Total recoveries 195   264   119   64   83 
    Net (charge-offs) recoveries (896)  (483)  (1,235)  (1,134)  (1,509)
    Allowance for credit losses on loans at end of the period$23,966  $24,061  $24,664  $26,154  $27,414 
                        

    Ponce Financial Group, Inc. and Subsidiaries
    Deposits

      As of 
      September 30,  June 30,  March 31,  December 31,  September 30, 
      2024  2024  2024  2023  2023 
      Amount  Percent  Amount  Percent  Amount  Percent  Amount  Percent  Amount  Percent 
      (Dollars in thousands) 
    Demand (1) $182,737   9.78% $178,125   11.09% $191,541   12.07% $185,151   12.28% $214,326   15.30%
    Interest-bearing deposits:                              
    NOW/IOLA accounts (1)  71,445   3.82%  81,178   5.05%  73,202   4.62%  77,909   5.17%  74,055   5.29%
    Money market accounts  660,168   35.30%  502,255   31.27%  482,344   30.42%  432,735   28.70%  370,500   26.44%
    Reciprocal deposits  94,145   5.03%  109,945   6.85%  97,718   6.16%  96,860   6.42%  82,670   5.90%
    Savings accounts  108,941   5.82%  109,694   6.83%  112,713   7.11%  114,139   7.57%  117,870   8.41%
    Total NOW, money market, reciprocal and savings accounts  934,699   49.97%  803,072   50.00%  765,977   48.31%  721,643   47.86%  645,095   46.04%
    Certificates of deposit of $250K or more  174,053   9.31%  156,224   9.73%  146,296   9.23%  132,153   8.77%  122,353   8.73%
    Brokered certificates of deposit (2)  94,531   5.05%  94,614   5.89%  94,689   5.97%  98,729   6.55%  98,729   7.05%
    Listing service deposits (2)  7,376   0.39%  9,361   0.58%  12,688   0.80%  14,433   0.96%  15,180   1.08%
    All other certificates of deposit less than $250K  476,927   25.50%  364,701   22.71%  374,593   23.62%  355,511   23.58%  305,449   21.80%
    Total certificates of deposit  752,887   40.25%  624,900   38.91%  628,266   39.62%  600,826   39.86%  541,711   38.66%
    Total interest-bearing deposits  1,687,586   90.22%  1,427,972   88.91%  1,394,243   87.93%  1,322,469   87.72%  1,186,806   84.70%
    Total deposits $1,870,323   100.00% $1,606,097   100.00% $1,585,784   100.00% $1,507,620   100.00% $1,401,132   100.00%
                                             


     (1)As of December 31, 2023 and September 30, 2023 $58.2 million and $51.5 million, respectively, were reclassified from demand to NOW/IOLA accounts.
     (2)As of December 31, 2023, and September 30, 2023, there were $0.3 million and $0.3 million, respectively, in individual listing service deposits amounting to $250,000 or more. As of September 30, 2024, there were no 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

     September 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$59,321  $59,321   4.00% $363,321  $363,321   4.55%
    2025 50,000   50,000   4.41   50,000   50,000   4.41 
    2026 200,000   200,000   4.25   —   —   — 
    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 
     $580,421  $580,421   3.86% $684,421  $684,421   4.10%
                            

    Ponce Financial Group, Inc. and Subsidiaries
    Nonperforming Assets

     As of Three Months Ended 
     September 30,  June 30,  March 31,  December 31,  September 30, 
     2024  2024  2024  2023  2023 
     (Dollars in thousands) 
    Non-accrual loans:              
    Mortgage loans:              
    1-4 family residential              
    Investor owned$436  $436  $399  $793  $396 
    Owner occupied 1,423   1,423   1,426   1,682   1,685 
    Multifamily residential 4,685   5,754   4,098   2,979   1,444 
    Nonresidential properties 824   828   441   —   — 
    Construction and land 8,907   8,907   10,277   10,759   11,721 
    Non-mortgage loans:              
    Business 180   396   146   165   209 
    Consumer —   —   —   —   — 
    Total non-accrual loans (not including non-accruing modifications to borrowers experiencing financial difficulty) (1)$16,455  $17,744  $16,787  $16,378  $15,455 
                   
    Non-accruing modifications to borrowers experiencing financial difficulty (1):              
    Mortgage loans:              
    1-4 family residential              
    Investor owned$278  $277  $270  $270  $270 
    Owner occupied 444   448   447   447   449 
    Multifamily residential —   —   —   —   — 
    Nonresidential properties —   —   —   —   — 
    Construction and land —   —   —   —   — 
    Non-mortgage loans:              
    Business —   —   —   —   — 
    Consumer —   —   —   —   — 
    Total non-accruing modifications to borrowers experiencing financial difficulty (1) 722   725   717   717   719 
    Total non-accrual loans (2)$17,177  $18,469  $17,504  $17,095  $16,174 
                   
    Accruing modifications to borrowers experiencing financial difficulty (1):              
    Mortgage loans:              
    1-4 family residential              
    Investor owned$1,821  $1,830  $1,850  $2,112  $2,131 
    Owner occupied 2,116   2,171   2,288   2,313   2,335 
    Multifamily residential —   —   —   —   — 
    Nonresidential properties 672   707   748   757   765 
    Construction and land —   —   —   —   — 
    Non-mortgage loans:              
    Business 222   —   —   —   — 
    Consumer —   —   —   —   — 
    Total accruing modifications to borrowers experiencing financial difficulty (1)$4,831  $4,708  $4,886  $5,182  $5,231 
    Total non-performing assets and accruing modifications to borrowers experiencing financial difficulty (1)$22,008  $23,177  $22,390  $22,277  $21,405 
    Total non-performing loans to total gross loans 0.78%  0.89%  0.87%  0.89%  0.89%
    Total non-performing assets to total assets 0.57%  0.65%  0.62%  0.62%  0.62%
    Total non-performing assets and accruing modifications to borrowers experiencing financial difficulty as a percentage of total assets (1) 0.73%  0.82%  0.79%  0.81%  0.82%
                        


     (1)Balances include both modifications to borrowers experiencing financial difficulty, in accordance with ASU 2022-02 adopted on January 1, 2023, and previously existing troubled debt restructurings.
     (2)Includes nonperforming mortgage loans held for sale.
       

    Ponce Financial Group, Inc. and Subsidiaries
    Average Balance Sheets

     For the Three Months Ended September 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)$2,096,592  $32,945  6.25% $1,777,585  $25,276  5.64%
    Securities (3) 548,708   5,324  3.86%  599,573   5,821  3.85%
    Other (4) 210,057   3,024  5.73%  169,570   2,409  5.64%
    Total interest-earning assets 2,855,357   41,293  5.75%  2,546,728   33,506  5.22%
    Non-interest-earning assets 107,153        111,771      
    Total assets$2,962,510       $2,658,499      
    Interest-bearing liabilities:               
    NOW/IOLA (5) (6)$74,690  $174  0.93% $69,935  $141  0.80%
    Money market (6) 711,385   8,318  4.65%  485,042   5,468  4.47%
    Savings 109,571   25  0.09%  118,095   29  0.10%
    Certificates of deposit 655,562   6,926  4.20%  527,302   4,362  3.28%
    Total deposits 1,551,208   15,443  3.96%  1,200,374   10,000  3.31%
    Advance payments by borrowers 13,151   2  0.06%  14,537   1  0.03%
    Borrowings 660,312   6,825  4.11%  678,676   6,963  4.07%
    Total interest-bearing liabilities 2,224,671   22,270  3.98%  1,893,587   16,964  3.55%
    Non-interest-bearing liabilities:               
    Non-interest-bearing demand (5) 185,543   —     231,299   —   
    Other non-interest-bearing liabilities 49,702   —     46,643   —   
    Total non-interest-bearing liabilities 235,245   —     277,942   —   
    Total liabilities 2,459,916   22,270     2,171,529   16,964   
    Total equity 502,594        486,970      
    Total liabilities and total equity$2,962,510     3.98% $2,658,499     3.55%
    Net interest income   $19,023       $16,542   
    Net interest rate spread (7)      1.77%       1.67%
    Net interest-earning assets (8)$630,686       $653,141      
    Net interest margin (9)      2.65%       2.58%
    Average interest-earning assets to interest-bearing liabilities      128.35%       134.49%
                      


     (1)Annualized where appropriate.
     (2)Loans include loans and mortgage loans held for sale, at fair value.
     (3)Securities include available-for-sale securities and held-to-maturity securities.
     (4)Includes FHLBNY demand account, FHLBNY stock dividends and FRBNY demand deposits.
     (5)Includes reclassification of $47.1 million average outstanding balances from non-interest bearing demand to NOW/IOLA for the three months ended September 30, 2023.
     (6)Includes $0.1 million of interest expense reclassified from money market to NOW/IOLA for the three months ended September 30, 2023.
     (7)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.
     (8)Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
     (9)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 Nine Months Ended September 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)$2,038,879  $94,890   6.22% $1,678,369  $67,991   5.42%
    Securities (3) 562,451   16,429   3.90%  614,987   17,627   3.83%
    Other (4) 196,668   8,432   5.73%  127,961   5,299   5.54%
    Total interest-earning assets 2,797,998   119,751   5.72%  2,421,317   90,917   5.02%
    Non-interest-earning assets 106,500         118,609       
    Total assets$2,904,498        $2,539,926       
    Interest-bearing liabilities:                 
    NOW/IOLA (5) (6)$76,817  $543   0.94% $69,331  $1,133   2.18%
    Money market (6) 618,725   21,819   4.71%  403,171   11,637   3.86%
    Savings 111,636   80   0.10%  123,218   88   0.10%
    Certificates of deposit 640,369   19,664   4.10%  522,740   11,468   2.93%
    Total deposits 1,447,547   42,106   3.89%  1,118,460   24,326   2.91%
    Advance payments by borrowers 13,660   6   0.06%  14,814   6   0.05%
    Borrowings 703,775   21,889   4.15%  617,912   18,516   4.01%
    Total interest-bearing liabilities 2,164,982   64,001   3.95%  1,751,186   42,848   3.27%
    Non-interest-bearing liabilities:                 
    Non-interest-bearing demand (5) 191,087   —      251,645   —    
    Other non-interest-bearing liabilities 51,061   —      43,864   —    
    Total non-interest-bearing liabilities 242,148   —      295,509   —    
    Total liabilities 2,407,130   64,001      2,046,695   42,848    
    Total equity 497,368         493,231       
    Total liabilities and total equity$2,904,498      3.95% $2,539,926      3.27%
    Net interest income   $55,750        $48,069    
    Net interest rate spread (7)       1.77%        1.74%
    Net interest-earning assets (8)$633,016        $670,131       
    Net interest margin (9)       2.66%        2.65%
    Average interest-earning assets to                 
    interest-bearing liabilities       129.24%        138.27%
                        


     (1)Annualized where appropriate.
     (2)Loans include loans and mortgage loans held for sale, at fair value.
     (3)Securities include available-for-sale securities and held-to-maturity securities.
     (4)Includes FHLBNY demand account, FHLBNY stock dividends and FRBNY demand deposits.
     (5)Includes reclassification of $46.5 million average outstanding balances from non-interest bearing demand to NOW/IOLA for the nine months ended September 30, 2023.
     (6)Includes $1.1 million of interest expense reclassified from money market to NOW/IOLA for the nine months ended September 30, 2023.
     (7)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.
     (8)Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
     (9)Net interest margin represents net interest income divided by average total interest-earning assets.
       

    Ponce Financial Group, Inc. and Subsidiaries
    Other Data

     As of 
     September 30,  June 30,  March 31,  December 31,  September 30, 
     2024  2024  2024  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 1,067,248   1,074,979   1,096,214   1,101,191   1,233,111 
    Common shares outstanding at end of period 23,819,463   23,811,732   23,790,497   23,785,520   23,653,600 
                   
    Book value per common share$11.74  $11.45  $11.29  $11.20  $10.99 
    Tangible book value per common share$11.74  $11.45  $11.29  $11.20  $10.99 
                        

    Contact:
    Sergio Vaccaro
    sergio.vaccaro@poncebank.net
    718-931-9000


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