Ponce Financial Group Inc (OQ:PDLB)

Business Focus: Banks

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Sector: Financials	Industry: Banks

See Regulatory Filings on SEC

Company Contact

Address:	2244 Westchester Ave BRONX NY 10462-5010
Tel:	N/A
Website:	N/A
IR:	N/A

Key People

Steven A. Tsavaris Executive Chairman of the Board	Carlos P. Naudon President, Chief Executive Officer, Director	Sergio J. Vaccaro Chief Financial Officer, Executive Vice President
Luis Gerardo Gonzalez Executive Vice President, Chief Operating Officer	Ioannis Kouzilos Executive Vice President, Chief Lending Officer of Ponce Bank	Frank Perez Executive Vice President, Chief Investor Relations Officer
Madeline Marquez Senior Vice President of Ponce Bank

Business Overview

Ponce Financial Group, Inc. is the holding company of Ponce Bank (the Bank), a federally chartered stock savings association. It operates through the administrative office and 13 full-service banking offices and five mortgage loan offices. The Bank's business primarily consists of taking deposits from the general public and investing those deposits, together with funds generated from operations and borrowings, in mortgage loans, consisting of one-to-four family residential (both investor-owned and owner-occupied), multifamily residential, nonresidential properties and construction and land, and, to a lesser extent, in business and consumer loans. The Bank also invests in securities, corporate securities, mortgage-backed securities and Federal Home Loan Bank of New York stock. The Bank offers a variety of deposit accounts, including demand, savings, money markets and certificates of deposit accounts. The Company's primary market area consists of the New York City metropolitan area.

Financial Overview

For the three months ended 31 March 2024, Ponce Financial Group Inc interest income increased 51% to $39.7M. Net interest income after loan loss provision increased 17% to $19.1M. Net income increased from $331K to $2.4M. Net interest income after loan loss provision reflects Savings and Loan holdings segment increase from $0K to $19M. Net income benefited from Provision for contingencies decrease of 83% to $164K (expense).

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