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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2023
OR
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 001-41255
Ponce Financial Group, Inc.
(Exact Name of Registrant as Specified in its Charter)
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Maryland |
87-1893965 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
2244 Westchester Avenue Bronx, NY |
10462 |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (718) 931-9000
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common stock, par value $0.01 per share |
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PDLB |
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The NASDAQ Stock Market, LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of November 8, 2023, the registrant had 23,653,600 shares of common stock, $0.01 par value per share, outstanding.
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Auditor Firm Id: 339 |
Auditor Name: Mazars USA LLP |
Auditor Location: New York, New York, USA |
Table of Contents
i
PART I—FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements.
Ponce Financial Group, Inc. and Subsidiaries
Consolidated Statements of Financial Condition (Unaudited)
September 30, 2023 and December 31, 2022
(Dollars in thousands, except share data)
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September 30, |
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December 31, |
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2023 |
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2022 |
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(unaudited) |
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ASSETS |
|
|
|
|
|
|
Cash and due from banks: |
|
|
|
|
|
|
Cash (1) |
|
$ |
26,046 |
|
|
$ |
31,977 |
|
Interest-bearing deposits (1) |
|
|
90,966 |
|
|
|
22,383 |
|
Total cash and cash equivalents |
|
|
117,012 |
|
|
|
54,360 |
|
Available-for-sale securities, at fair value (Note 3) |
|
|
116,753 |
|
|
|
129,505 |
|
Held-to-maturity securities, net of allowance for credit losses of $647 at September 30, 2023 and $0 at December 31, 2022; at amortized cost (fair value 2023 $444,864; 2022 $495,851) (Note 3) |
|
|
471,065 |
|
|
|
510,820 |
|
Placements with banks |
|
|
996 |
|
|
|
1,494 |
|
Mortgage loans held for sale, at fair value (Note 4) |
|
|
14,103 |
|
|
|
1,979 |
|
Loans receivable, net of allowance for credit losses of $27,414 at September 30, 2023 and $34,592 at December 31, 2022 (Note 5) |
|
|
1,787,607 |
|
|
|
1,493,127 |
|
Accrued interest receivable |
|
|
16,624 |
|
|
|
15,049 |
|
Premises and equipment, net (Note 6) |
|
|
16,453 |
|
|
|
17,446 |
|
Right of use assets (Note 7) |
|
|
32,110 |
|
|
|
33,423 |
|
Federal Home Loan Bank of New York (FHLBNY) stock, at cost |
|
|
18,870 |
|
|
|
24,661 |
|
Deferred tax assets (Note 10) |
|
|
15,984 |
|
|
|
16,137 |
|
Other assets |
|
|
16,286 |
|
|
|
13,988 |
|
Total assets |
|
$ |
2,623,863 |
|
|
$ |
2,311,989 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
Deposits (Note 8) |
|
$ |
1,401,132 |
|
|
$ |
1,252,412 |
|
Operating lease liabilities |
|
|
33,459 |
|
|
|
34,532 |
|
Accrued interest payable |
|
|
8,385 |
|
|
|
1,390 |
|
Advance payments by borrowers for taxes and insurance |
|
|
13,743 |
|
|
|
9,724 |
|
Borrowings (Note 9) |
|
|
675,100 |
|
|
|
517,375 |
|
Other liabilities |
|
|
6,986 |
|
|
|
3,856 |
|
Total liabilities |
|
|
2,138,805 |
|
|
|
1,819,289 |
|
Commitments and contingencies (Note 13) |
|
|
|
|
|
|
Stockholders' Equity: |
|
|
|
|
|
|
Preferred stock, $0.01 par value; 100,000,000 shares authorized, 225,000 shares issued and outstanding as of September 30, 2023 and as of December 31, 2022. |
|
|
225,000 |
|
|
|
225,000 |
|
Common stock, $0.01 par value; 200,000,000 shares authorized; 24,886,711 shares issued and 23,653,600 shares outstanding as of September 30, 2023 and 24,861,329 shares issued and 24,859,353 shares outstanding as of December 31, 2022 |
|
|
249 |
|
|
|
249 |
|
Treasury stock, at cost; 1,233,111 shares as of September 30, 2023 and 1,976 shares as of December 31, 2022 (Note 11) |
|
|
(10,975 |
) |
|
|
(2 |
) |
Additional paid-in-capital |
|
|
207,626 |
|
|
|
206,508 |
|
Retained earnings |
|
|
96,902 |
|
|
|
92,955 |
|
Accumulated other comprehensive loss (Note 16) |
|
|
(20,468 |
) |
|
|
(17,860 |
) |
Unearned compensation ─ ESOP; 1,469,167 shares as of September 30, 2023 and 1,569,475 shares as of December 31, 2022 (Note 11) |
|
|
(13,276 |
) |
|
|
(14,150 |
) |
Total stockholders' equity |
|
|
485,058 |
|
|
|
492,700 |
|
Total liabilities and stockholders' equity |
|
$ |
2,623,863 |
|
|
$ |
2,311,989 |
|
(1)As of December 31, 2022, $2.1 million of Federal Reserve Bank ("FRB") cash were reclassified from Cash to Interest-bearing deposits.
The accompanying notes are an integral part of the consolidated financial statements (unaudited).
1
Ponce Financial Group, Inc. and Subsidiaries
Consolidated Statements of Operations (Unaudited)
Three and Nine Months Ended September 30, 2023 and 2022
(Dollars in thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest on loans receivable |
|
$ |
25,276 |
|
|
$ |
17,058 |
|
|
$ |
67,991 |
|
|
$ |
51,315 |
|
Interest on deposits due from banks |
|
|
1,969 |
|
|
|
346 |
|
|
|
3,983 |
|
|
|
514 |
|
Interest and dividend on securities and FHLBNY stock |
|
|
6,261 |
|
|
|
4,230 |
|
|
|
18,943 |
|
|
|
5,990 |
|
Total interest and dividend income |
|
|
33,506 |
|
|
|
21,634 |
|
|
|
90,917 |
|
|
|
57,819 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest on certificates of deposit (1) |
|
|
4,362 |
|
|
|
855 |
|
|
|
11,468 |
|
|
|
2,361 |
|
Interest on other deposits (1) |
|
|
5,639 |
|
|
|
1,375 |
|
|
|
12,864 |
|
|
|
2,154 |
|
Interest on borrowings |
|
|
6,963 |
|
|
|
1,793 |
|
|
|
18,516 |
|
|
|
2,867 |
|
Total interest expense |
|
|
16,964 |
|
|
|
4,023 |
|
|
|
42,848 |
|
|
|
7,382 |
|
Net interest income |
|
|
16,542 |
|
|
|
17,611 |
|
|
|
48,069 |
|
|
|
50,437 |
|
Provision for credit losses (Note 3) (Note 5) |
|
|
535 |
|
|
|
9,330 |
|
|
|
1,348 |
|
|
|
11,405 |
|
Net interest income after provision for credit losses |
|
|
16,007 |
|
|
|
8,281 |
|
|
|
46,721 |
|
|
|
39,032 |
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
|
|
516 |
|
|
|
464 |
|
|
|
1,488 |
|
|
|
1,349 |
|
Brokerage commissions |
|
|
17 |
|
|
|
288 |
|
|
|
67 |
|
|
|
840 |
|
Late and prepayment charges |
|
|
899 |
|
|
|
109 |
|
|
|
2,000 |
|
|
|
360 |
|
Income on sale of mortgage loans |
|
|
173 |
|
|
|
116 |
|
|
|
354 |
|
|
|
734 |
|
Loan origination |
|
|
— |
|
|
|
522 |
|
|
|
— |
|
|
|
1,843 |
|
Grant income |
|
|
3,718 |
|
|
|
— |
|
|
|
3,718 |
|
|
|
— |
|
Loss on sale of premises and equipment |
|
|
— |
|
|
|
(436 |
) |
|
|
— |
|
|
|
(436 |
) |
Other |
|
|
304 |
|
|
|
514 |
|
|
|
1,311 |
|
|
|
1,292 |
|
Total non-interest income |
|
|
5,627 |
|
|
|
1,577 |
|
|
|
8,938 |
|
|
|
5,982 |
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
7,566 |
|
|
|
7,377 |
|
|
|
22,437 |
|
|
|
21,413 |
|
Occupancy and equipment |
|
|
3,588 |
|
|
|
3,611 |
|
|
|
10,882 |
|
|
|
10,040 |
|
Data processing expenses |
|
|
1,582 |
|
|
|
994 |
|
|
|
3,982 |
|
|
|
2,665 |
|
Direct loan expenses |
|
|
369 |
|
|
|
654 |
|
|
|
1,126 |
|
|
|
2,033 |
|
Provision for contingencies |
|
|
391 |
|
|
|
519 |
|
|
|
1,893 |
|
|
|
566 |
|
Insurance and surety bond premiums |
|
|
255 |
|
|
|
297 |
|
|
|
768 |
|
|
|
600 |
|
Office supplies, telephone and postage |
|
|
301 |
|
|
|
369 |
|
|
|
1,189 |
|
|
|
1,180 |
|
Professional fees |
|
|
1,693 |
|
|
|
1,251 |
|
|
|
5,052 |
|
|
|
4,333 |
|
Contribution to the Ponce De Leon Foundation (Note 2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,995 |
|
Grain (recoveries) write-off (Note 5) |
|
|
(69 |
) |
|
|
8,881 |
|
|
|
(1,329 |
) |
|
|
18,455 |
|
Marketing and promotional expenses |
|
|
248 |
|
|
|
214 |
|
|
|
679 |
|
|
|
337 |
|
Directors' fees and regulatory assessment |
|
|
169 |
|
|
|
188 |
|
|
|
484 |
|
|
|
509 |
|
Other operating expenses |
|
|
1,223 |
|
|
|
1,061 |
|
|
|
3,603 |
|
|
|
2,931 |
|
Total non-interest expense |
|
|
17,316 |
|
|
|
25,416 |
|
|
|
50,766 |
|
|
|
70,057 |
|
Income (loss) before income taxes |
|
|
4,318 |
|
|
|
(15,558 |
) |
|
|
4,893 |
|
|
|
(25,043 |
) |
Provision (benefit) for income taxes (Note 10) |
|
|
1,728 |
|
|
|
(820 |
) |
|
|
2,059 |
|
|
|
(4,256 |
) |
Net income (loss) |
|
$ |
2,590 |
|
|
$ |
(14,738 |
) |
|
$ |
2,834 |
|
|
$ |
(20,787 |
) |
Earnings (loss) per common share (Note 12): |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.12 |
|
|
$ |
(0.64 |
) |
|
$ |
0.12 |
|
|
$ |
(0.92 |
) |
Diluted |
|
$ |
0.12 |
|
|
$ |
(0.64 |
) |
|
$ |
0.12 |
|
|
$ |
(0.92 |
) |
Weighted average common shares outstanding (Note 12): |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
22,272,076 |
|
|
|
23,094,859 |
|
|
|
22,920,680 |
|
|
|
22,524,477 |
|
Diluted |
|
|
22,349,217 |
|
|
|
23,094,859 |
|
|
|
22,962,956 |
|
|
|
22,524,477 |
|
(1)For the three and nine months ended September 30, 2022, $0.2 million of interest expense were reclassified from Interest on other deposits to Interest on certificates of deposits.
The accompanying notes are an integral part of the consolidated financial statements (unaudited).
2
Ponce Financial Group, Inc. and Subsidiaries
Consolidated Statements of Comprehensive (Loss) Income (Unaudited)
Three and Nine Months Ended September 30, 2023 and 2022
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net income (loss) |
|
$ |
2,590 |
|
|
$ |
(14,738 |
) |
|
$ |
2,834 |
|
|
$ |
(20,787 |
) |
Net change in unrealized losses on securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses |
|
|
(3,644 |
) |
|
|
(4,194 |
) |
|
|
(3,364 |
) |
|
|
(21,493 |
) |
Income (tax) benefit effect |
|
|
773 |
|
|
|
806 |
|
|
|
756 |
|
|
|
4,529 |
|
Total other comprehensive loss, net of tax |
|
|
(2,871 |
) |
|
|
(3,388 |
) |
|
|
(2,608 |
) |
|
|
(16,964 |
) |
Total comprehensive (loss) income |
|
$ |
(281 |
) |
|
$ |
(18,126 |
) |
|
$ |
226 |
|
|
$ |
(37,751 |
) |
The accompanying notes are an integral part of the consolidated financial statements (unaudited).
3
Ponce Financial Group, Inc. and Subsidiaries
Consolidated Statements of Stockholders’ Equity (Unaudited)
Nine Months Ended September 30, 2023 and 2022
(Dollars in thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
Unallocated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury |
|
|
Additional |
|
|
|
|
|
Other |
|
|
Common |
|
|
|
|
|
|
Preferred Stock |
|
|
Common Stock |
|
|
Stock, |
|
|
Paid-in |
|
|
Retained |
|
|
Comprehensive |
|
|
Stock |
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
At Cost |
|
|
Capital |
|
|
Earnings |
|
|
Income (Loss) |
|
|
of ESOP |
|
|
Total |
|
Balance, December 31, 2022 |
|
|
225,000 |
|
|
$ |
225,000 |
|
|
|
24,859,353 |
|
|
$ |
249 |
|
|
$ |
(2 |
) |
|
$ |
206,508 |
|
|
$ |
92,955 |
|
|
$ |
(17,860 |
) |
|
$ |
(14,150 |
) |
|
$ |
492,700 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
331 |
|
|
|
— |
|
|
|
— |
|
|
|
331 |
|
Other comprehensive income, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,231 |
|
|
|
— |
|
|
|
1,231 |
|
Impact of CECL adoption, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,113 |
|
|
|
— |
|
|
|
— |
|
|
|
1,113 |
|
Release of restricted stock units |
|
|
— |
|
|
|
— |
|
|
|
4,147 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
ESOP shares committed to be released (33,436 shares) |
|
|
— |
|
|
|