NEW YORK, Oct. 28, 2022 (GLOBE NEWSWIRE) — Ponce Financial Group, Inc., as successor through merger with PDL Community Bancorp (the “Company”) PDLBthe holding company of Ponce Bank (the “Bank”), today announced third quarter 2022 results.
Third Quarter Highlights (compared to previous periods):
- Net loss of ($14.7) million or ($0.64) per diluted share for the three months ended September 30, 2022 compared to net income of $771,000 or $0.03 per diluted share for the three months ended June 30, 2022 and Net income of $2.1 million or $0.12 per diluted share for the three months ended September 30, 2021.
- Third quarter 2022 results ($14.7 million) include pre-tax charges of $17.5 million related to Grain Technologies, Inc. (“Grain”), including the following: 7.9 millions of additional write-offs of deferred grain loan receivables; $8.6 million increase in provision for loan loss reserves/undrawn commitments on Grain originating microloan portfolio and write-down of $1.0 million stock investment in Grain. In addition to the pre-tax costs associated with Grain, the company also recorded a one-time loss of $436,000 on equipment sales as it transitioned to implementing ATMs as a service.
- Net interest income of $17.6 million for the third quarter of 2022 increased $2.1 million, or 13.71%, sequentially and $2.2 million, or 14.06%, sequentially of the previous year, mainly due to the increase in the company’s securities portfolio.
- Net interest margin was 3.62% in the third quarter of 2022, down from 4.10% in the previous quarter and 4.13% in the same quarter last year. The decrease was largely due to an increase in lower yielding securities in the Company’s portfolio and an increase in financing costs.
- Securities as of September 30, 2022 totaled $626.3 million, an increase of $512.0 million from December 31, 2021.
- Loans receivable, net, were $1.39 billion as of September 30, 2022, an increase of $87.5 million or 6.70% from December…
