$PDLB

Ponce Financial Group, Inc.

CIK:0001874071|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest and dividend income:
Interest on loans receivable	$ 46,835	$ 40,291	$ 90,817	$ 77,427
Interest on deposits due from banks	954	807	1,724	2,475
Interest and dividend on securities and FHLBNY stock	3,863	4,762	7,773	9,955
Total interest and dividend income	51,652	45,860	100,314	89,857
Interest expense:
Interest on certificates of deposit	6,785	7,382	13,200	15,136
Interest on other deposits	9,544	9,058	18,174	17,612
Interest on borrowings	5,262	4,994	10,653	10,480
Total interest expense	21,591	21,434	42,027	43,228
Net interest income	30,061	24,426	58,287	46,629
Provision for credit losses (Note 3) (Note 5)	2,148	1,626	3,804	1,341
Net interest income after provision for credit losses	27,913	22,800	54,483	45,288
Non-interest income:
Service charges and fees	600	511	1,139	1,036
Brokerage commissions				4
Late and prepayment charges	138	530	864	1,227
Income on sale of mortgage loans	161	169	281	317
Income on sale of SBA loans				404
Grant income		428		428
Other	628	422	1,285	1,025
Total non-interest income	1,527	2,060	3,569	4,441
Non-interest expense:
Compensation and benefits	9,070	7,627	17,733	15,407
Occupancy and equipment	3,901	3,907	7,573	7,820
Data processing expenses	1,195	1,188	2,414	2,340
Direct loan expenses	187	241	308	629
Insurance and surety bond premiums	332	297	665	612
Office supplies, telephone and postage	152	174	345	344
Professional fees	1,470	1,367	2,816	2,731
Marketing and promotional expenses	190	266	418	349
Federal deposit insurance and regulatory assessment	408	546	817	1,007
Other operating expenses	1,230	1,256	2,286	2,518
Total non-interest expense	18,135	16,869	35,375	33,757
Income before income taxes	11,305	7,991	22,677	15,972
Provision for income taxes	2,810	1,891	5,559	3,913
Net income	8,495	6,100	17,118	12,059
Dividends on preferred shares	282	282	563	563
Net income available to common stockholders	$ 8,213	$ 5,818	$ 16,555	$ 11,496
Earnings per common share (Note 9):
Basic	$ 0.36	$ 0.26	$ 0.72	$ 0.51
Diluted	$ 0.35	$ 0.25	$ 0.71	$ 0.5
Weighted average common shares outstanding (Note 9):
Basic	23,053,460	22,716,615	23,021,069	22,689,914
Diluted	23,508,153	22,947,769	23,419,915	22,920,841

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities:
Net income	$ 17,118	$ 12,059
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of premiums/discounts on securities, net	(19)	(39)
Gain on sale of loans	(281)	(721)
Provision for credit losses	3,804	1,341
Depreciation and amortization	2,468	2,427
ESOP compensation expense	1,283	1,053
Share-based compensation expense	1,297	955
Deferred income taxes	(1,512)	(678)
Changes in assets and liabilities:
Decrease in mortgage loans held for sale, fair value	619	5,350
Increase in accrued interest receivable	(2,034)	(1,355)
Increase in other assets	(143)	(1,670)
Increase in accrued interest payable	49	449
Decrease in operating lease liabilities	(1,380)	(1,355)
Increase in other liabilities	655	1,445
Net cash provided by operating activities	21,924	19,261
Cash Flows From Investing Activities:
Net (purchases) redemptions of FHLBNY stock	(1,380)	2,562
Net purchases of FRBNY stock	(16)	0
Proceeds from maturities, calls and principal repayments on securities	26,989	42,382
Proceeds from sale of loans	4,247	5,738
Net increase in loans	(287,691)	(179,518)
Purchases of premises and equipment	(50)	(407)
Net cash used in investing activities	(257,901)	(129,243)
Cash Flows From Financing Activities:
Net increase in deposits	225,174	157,345
Net proceeds (repayment) from borrowings	25,000	(60,000)
Stock options exercised	222	0
Dividends paid on preferred stock	(563)	(563)
Net cash provided by financing activities	249,833	96,782
Net increase (decrease) in cash and cash equivalents	13,856	(13,200)
Cash and Cash Equivalents:
Cash and cash equivalents at beginning of period	126,154	139,839
Cash and cash equivalents at end of period	140,010	126,639
Supplemental disclosures of cash flow information:
Cash paid for interest on deposits and borrowings	42,358	42,778
Cash paid for income taxes, net of refunds	6,550	$ 3,335
Operating lease assets in exchange for operating lease liabilities	$ 901

Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Cash and due from banks:
Cash	$ 25,567	$ 28,511
Interest-bearing deposits	114,443	97,643
Total cash and cash equivalents	140,010	126,154
Available-for-sale securities, at fair value (Note 3)	84,774	92,196
Held-to-maturity securities, net of allowance for credit losses of $210 at June 30, 2026 and $236 at December 31, 2025; at amortized cost (fair value at June 30, 2026 $246,965 and at December 31. 2025 $268,875) (Note 3)	253,616	272,982
Placement with banks	249	249
Mortgage loans held for sale, at fair value (Note 4)	3,050	3,388
Loans receivable, net of allowance for credit losses of $27,554 at June 30, 2026 and $25,449 at December 31, 2025 (Note 5)	2,879,740	2,599,258
Accrued interest receivable	19,939	17,905
Premises and equipment, net	14,645	15,638
Right of use assets (Note 6)	27,055	27,583
Federal Home Loan Bank of New York (FHLBNY) stock, at cost	30,689	29,309
Federal Reserve Bank of New York (FRBNY) stock, at cost	10,714	10,698
Deferred tax assets	12,979	11,501
Other assets	17,251	17,109
Total assets	3,494,711	3,223,970
Liabilities:
Deposits (Note 7)	2,271,809	2,046,635
Borrowings (Note 8)	621,100	596,100
Operating lease liabilities	28,874	29,353
Accrued interest payable	3,837	3,788
Other liabilities	8,121	6,545
Total liabilities	2,933,741	2,682,421
Commitments and contingencies (Note 10)
Stockholders' Equity:
Preferred stock, $0.01 par value; 100,000,000 shares authorized: Series A, senior non-cumulative perpetual, $1,000 per share liquidation preference, 225,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025	225,000	225,000
Common stock, $0.01 par value; 200,000,000 shares authorized; 24,886,711 shares issued at both June 30, 2026 and December 31, 2025; 24,187,901 shares outstanding as of June 30, 2026 and 24,135,926 shares outstanding as of December 31, 2025	249	249
Treasury stock, at cost; 698,810 shares as of June 30, 2026 and 750,785 shares as of December 31, 2025	(5,738)	(6,164)
Additional paid-in-capital	210,339	208,604
Retained earnings	151,887	135,332
Accumulated other comprehensive loss (Note 13)	(10,698)	(10,820)
Unearned compensation - ESOP; 1,101,372 shares as of June 30, 2026 and 1,168,244 shares as of December 31, 2025	(10,069)	(10,652)
Total stockholders' equity	560,970	541,549
Total liabilities and stockholders' equity	$ 3,494,711	$ 3,223,970