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Ponce Financial Group, Inc. Reports Fourth Quarter 2024 Results

1. PDLB reported $2.7 million net income for Q4 2024, up from $2.2 million. 2. Net interest income rose 8.97%, boosting profitability and financial stability. 3. Loans increased 20.61% to $2.29 billion, driving revenue growth. 4. Deposits grew by 25.02% to $1.88 billion, enhancing liquidity. 5. PDLB's Deep Impact Lending was 79%, exceeding target for preferred stock buyback eligibility.

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Why Bullish?

Strong income growth and improving financial metrics support PDLB's upward price potential, akin to prior earnings growth market reactions.

How important is it?

The significant growth in income and deposits directly impacts PDLB's valuation and market confidence.

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The reported earnings and metrics likely influence immediate investor sentiment and trading activity.

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NEW YORK, Jan. 28, 2025 (GLOBE NEWSWIRE) -- Ponce Financial Group, Inc., (the “Company”) (NASDAQ: PDLB), the holding company for Ponce Bank (the “Bank”), today announced results for the fourth quarter of 2024. Fourth Quarter 2024 Highlights (Compared to Prior Periods): Net income available to common stockholders was $2.7 million, or $0.12 per diluted share for the three months ended December 31, 2024, as compared to net income available to common stockholders of $2.2 million, or $0.10 per diluted share for the three months ended September 30, 2024 and net income available to common stockholders of $0.5 million, or $0.02 per diluted share for the three months ended December 31, 2023. Total net income for the three months ended December 31, 2024 was $2.9 million. The Company paid dividends of $0.3 million on its preferred stock during the three months ended December 31, 2024.Included in the $2.7 million of net income available to common stockholders for the fourth quarter of 2024 results is $42.9 million in interest and dividend income and $2.1 million in non-interest income, offset by $22.2 million in interest expense, $17.3 million in non-interest expense, $1.5 million in provision for income taxes. $1.1 million in provision for credit losses and $0.3 million in dividends on preferred shares.Net interest income of $20.7 million for the fourth quarter of 2024 increased $1.7 million, or 8.97%, from the prior quarter and increased $3.5 million, or 20.54%, from the same quarter last year. Net interest margin was 2.80% for the fourth quarter of 2024, versus 2.65% for the prior quarter and 2.66% for the same quarter last year. Full Year 2024 Highlights (Compared to 2023): Net income available to common stockholders was $10.3 million, or $0.46 per diluted share for the year ended December 31, 2024, compared to net income available to common stockholders of $3.4 million, or $0.15 per diluted share for the year ended December 31, 2023. Total net income for the year ended December 31, 2024, prior to the payment of $0.6 million in dividends on preferred shares, was $11.0 million.Net interest income for the year ended December 31, 2024 was $76.5 million, an increase of $11.2 million, or 17.18%, compared to $65.3 million for the year ended December 31, 2023.Non-interest income for the year ended December 31, 2024 was $7.2 million, a decrease of $3.0 million, or 29.44%, from $10.2 million for the year ended December 31, 2023. The decrease was primarily driven by $4.2 million in grants that were received in the prior year.Non-interest expense for the year ended December 31, 2024 was $66.7 million, a decrease of $2.0 million, or 2.90%, compared to $68.7 million for the year ended December 31, 2023.Cash and equivalents were $139.8 million as of December 31, 2024, an increase of $0.6 million, or 0.47%, from $139.2 million as of December 31, 2023.Securities totaled $472.9 million as of December 31, 2024, a decrease of $108.7 million, or 18.70%, from $581.7 million as of December 31, 2023 primarily due to regular principal payments, the maturity of one available-for-sale security in the amount of $4.0 million and one held-to-maturity security in the amount of $25.0 million and the call of one held-to-maturity security in the amount of $25.0 million.Net loans receivable were $2.29 billion as of December 31, 2024, an increase of $390.7 million, or 20.61%, from $1.90 billion as of December 31, 2023.Deposits were $1.88 billion as of December 31, 2024, an increase of $377.2 million, or 25.02%, from $1.51 billion as of December 31, 2023. President and Chief Executive Officer’s Comments Carlos P. Naudon, Ponce Financial Group, Inc.’s President and CEO, stated, “We are pleased with the progress we have made in 2024. We executed an agreement with the U.S. Treasury that gives us the option, upon achievement of certain conditions, to buy back the ECIP preferred shares we previously issued at favorable prices, we launched our PonceDirect digital bank and gained significant traction with SBA loans. Our levels of liquidity and capital remain strong, while our loans grew by 20.61% and deposits by 25.02%. We have seen consistent profitability over the past several quarters as we continue to see increases both in net interest income as well as net interest margin, while expenses are down year on year, reflecting both reduced development and continued adoption of our new technology. 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, “We are working diligently to ensure that we will meet the conditions necessary to allow us to repurchase our ECIP preferred stock in the future. The agreement we executed with the U.S. Treasury in December 2024, allows for a repurchase of the ECIP preferred stock once we have achieved Deep Impact Lending, as defined under the ECIP program, that is at least 60% of our total originations on average over 16 consecutive quarters, provided that we also meet certain other conditions at the time we exercise the repurchase option. As of December 31, 2024, our Deep Impact Lending over the last 10 consecutive quarters stands at 79%, well above the threshold. Also, from second quarter of 2024 to fourth quarter of 2024, we have originated $514 million of Deep Impact Lending as well as $54 million of qualified lending which represents 383% of our base, which period, together with the first quarter of 2025, will determine the rate of dividends payable on the ECIP preferred stock from the third quarter of 2025 to the second quarter of 2026. With one quarter to go, we are confident that we will get to over 400% of our base and ensure another year of preferred dividends of 0.50%, which is the lowest dividend rate.”  Selected performance metrics are as follows (refer to “Key Metrics” for additional information):   At or for the Three Months Ended   December 31,  September 30,  June 30,  March 31,  December 31, Performance Ratios (Annualized): 2024  2024  2024  2024  2023 Return on average assets (1)  0.38%  0.33%  0.45%  0.33%  0.08%Return on average equity (1)  2.30%  1.93%  2.59%  1.97%  0.42%Net interest rate spread (1) (2)  1.98%  1.77%  1.72%  1.82%  1.74%Net interest margin (1) (3)  2.80%  2.65%  2.62%  2.71%  2.66%Non-interest expense to average assets (1)  2.25%  2.19%  2.28%  2.35%  2.66%Efficiency ratio (4)  75.63%  80.87%  80.09%  82.56%  96.83%Average interest-earning assets to average interest- bearing liabilities  127.60%  128.35%  129.73%  129.69%  133.50%Average equity to average assets  16.59%  16.97%  17.41%  17.00%  18.25%                        At or for the Three Months Ended   December 31,  September 30,  June 30,  March 31,  December 31, Capital Ratios (Annualized): 2024  2024  2024  2024  2023 Total capital to risk-weighted assets (Bank only)  21.47%  21.61%  22.47%  22.79%  23.30%Tier 1 capital to risk-weighted assets (Bank only)  20.40%  20.45%  21.24%  21.54%  22.05%Common equity Tier 1 capital to risk-weighted assets (Bank only)  20.40%  20.45%  21.24%  21.54%  22.05%Tier 1 capital to average assets (Bank only)  15.81%  16.19%  16.70%  16.26%  17.49%   At or for the Three Months Ended   December 31,  September 30,  June 30,  March 31,  December 31, Asset Quality Ratios (Annualized): 2024  2024  2024  2024  2023 Allowance for loan losses as a percentage of total loans  0.97%  1.09%  1.18%  1.23%  1.36%Allowance for loan losses as a percentage of nonperforming loans  82.29%  139.52%  130.28%  140.90%  152.99%Net (charge-offs) recoveries to average outstanding loans (1)  (0.45%)  (0.17%)  (0.10%)  (0.25%)  (0.24%)Non-performing loans as a percentage of total gross loans  1.18%  0.78%  0.89%  0.87%  0.89%Non-performing loans as a percentage of total assets  0.90%  0.57%  0.65%  0.62%  0.62%Total non-performing assets as a percentage of total assets  0.90%  0.57%  0.65%  0.62%  0.62%Total non-performing assets and accruing modifications to borrowers experiencing financial difficulty as a percentage of total assets (5)  1.06%  0.73%  0.82%  0.79%  0.81%  (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 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 December 31, 2024 was $2.9 million compared to net income of $2.4 million for the three months ended September 30, 2024 and net income of $0.5 million for the three months ended December 31, 2023. The $0.5 million increase of net income for the three months ended December 31, 2024 compared to the three months ended September 30, 2024 was attributed mainly to increases of $1.7 million in net interest income and $1.0 million in non-interest income, partially offset by increases of $1.0 million in non-interest expense, $0.9 million in provision for income taxes and $0.3 million in provision for credit losses. The $2.4 million increase of net income for the three months ended December 31, 2024 compared to the three months ended December 31, 2023 was largely due to increases of $3.5 million in net interest income and $0.9 million in non-interest income and a decrease of $0.5 million in non-interest expense, partially offset by increases of $1.5 million in provision for credit losses and $1.1 million in provision for income taxes. Net income for the year ended December 31, 2024 was $11.0 million compared to a net income of $3.4 million for the year ended December 31, 2023. The $7.6 million increase in net income was attributable to an increase of $11.2 million in net interest income and a decrease of $1.9 million in non-interest expense, partially offset by a decrease of $2.9 million in non-interest income and increases of $2.2 million in provision for income taxes and $0.4 million in provision for credit losses. Net Interest Income and Net Margin Net interest income for the three months ended December 31, 2024, increased $1.7 million, or 8.97%, to $20.7 million compared to $19.0 million for the three months ended September 30, 2024 and increased $3.5 million, or 20.54%, compared to $17.2 million for the three months ended December 31, 2023. Net interest income for the year ended December 31, 2024, increased $11.2 million, or 17.18%, to $76.5 million, compared to $65.3 million for the year ended December 31, 2023. The $11.2 million increase in net interest income was attributable to an increase of $36.8 million in total interest and dividend income, offset by an increase of $25.6 million in total interest expense. For the year ended December 31, 2024, provision for credit losses amounted to $1.3 million, consisting of a provision for credit losses on loans in the amount of $1.5 million and a benefit on credit losses on held-to-maturity securities in the amount of $0.2 million. Net interest margin was 2.80% for the three months ended December 31, 2024 compared to 2.65% for the prior quarter, an increase of 15bps and 2.66% for the same period last year, an increase of 14bps. Net interest margin was 2.70% for the year ended December 31, 2024 compared to 2.66% for the year ended December 31, 2023, an increase of 4bps. Non-interest Income Non-interest income for the three months ended December 31, 2024, was $2.1 million, an increase of $0.9 million, or 82.19%, compared to $1.2 million for the three months ended September 30, 2024 and an increase of $0.8 million, or 63.19%, compared to $1.3 million for the three months ended December 31, 2023. The $0.9 million increase in non-interest income for the three months ended December 31, 2024 compared to the three months ended September 30, 2024 was largely attributable to increases of $0.5 million in other non-interest income, $0.2 million in late and prepayment charges and $0.1 million in income on sale of SBA loans. The $0.8 million increase in non-interest income for the three months ended December 31, 2024 compared to the three months ended December 31, 2023 was largely attributable to increases of $1.1 million in other non-interest income and $0.1 million in income on sale of SBA loans, partially offset by a decrease of $0.4 million in grant income received in the fourth quarter of 2023. Non-interest income for the year ended December 31, 2024, was $7.2 million, a decrease of $3.0 million, or 29.44%, compared to $10.2 million for the year ended December 31, 2023. The $3.0 million decrease in non-interest income was largely attributable to $4.2 million related to grants received in 2023 and a decrease of $1.2 million in late and prepayment charges, partially offset by increases of $1.8 million in other non-interest income, $0.5 million in income on sale of mortgage loans and $0.1 million in income on sale of SBA loans. Non-interest Expense Non-interest expense for the three months ended December 31, 2024, was $17.3 million, an increase of $0.9 million, or 5.82%, compared to $16.3 million for the three months ended September 30, 2024 and a decrease of $0.6 million, or 3.54%, compared to $17.9 million for the three months ended December 31, 2023. The $0.9 million increase in non-interest expense from the three months ended September 30, 2024 was mainly attributable to increases of $0.4 million in professional fees, $0.2 million in other operating expense, $0.1 million in marketing and promotional expenses, $0.1 million in office supplies, telephone and postage and $0.1 million in occupancy and equipment. The $0.6 million decrease in non-interest expense from the three months ended December 31, 2023 was mainly attributable to decreases of $0.6 million in provision for contingencies, $0.6 million in compensation and benefits and $0.3 million in professional fees, partially offset by increases of $0.3 million in other operating expense, $0.2 million in occupancy and equipment, $0.1 million in marketing and promotional expenses and $0.1 million in direct loan expenses. Non-interest expense for the year ended December 31, 2024, was $66.7 million, a decrease of $2.0 million, or 2.90%, compared to $68.7 million for the year ended December 31, 2023. The $2.0 million decrease in non-interest expense from the year ended December 31, 2023 was mainly attributable to decreases of $3.1 million in provision for contingencies, $0.9 million in professional fees, $0.7 million in data processing expenses, $0.5 million in office supplies, telephone and postage, partially offset by a decrease in microloans recoveries of $1.3 million and increases of $0.9 million in direct loan expenses, $0.3 million in occupancy and equipment and $0.2 million in compensation and benefits. Balance Sheet Summary Total assets increased $289.2 million, or 10.51%, to $3.04 billion as of December 31, 2024 from $2.75 billion as of December 31, 2023. The increase in total assets is largely attributable to increases of $390.7 million in net loans receivable, $9.8 million in Federal Home Loan Bank of New York stock, $0.8 million in mortgage loans held for sale, $0.7 million in premises and equipment and $0.6 million in cash and cash equivalents, partially offset by decreases of $93.8 million in held-to-maturity securities, $14.9 million in available-for-sale securities, $2.3 million in deferred tax assets and $2.2 million in right of use assets. Total liabilities increased $275.1 million, or 12.18%, to $2.53 billion as of December 31, 2024 from $2.26 billion as of December 31, 2023. The increase in total liabilities was largely attributable to an increase of $377.2 million in deposits, partially offset by decreases of $88.3 million in borrowings, $8.3 million in accrued interest payable, $3.1 million in other liabilities, $2.0 million in operating lease liabilities and $0.4 million in advance payments by borrowers for taxes. Total stockholders’ equity increased $14.1 million, or 2.87%, to $505.5 million as of December 31, 2024, from $491.4 million as of December 31, 2023. The $14.1 million increase in stockholders’ equity was largely attributable to $11.0 million in net income, $2.1 million impact to additional paid in capital as a result of share-based compensation and $1.4 million from release of ESOP shares and $0.3 million in other comprehensive income, offset by $0.6 million in dividends on preferred shares. 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  December 31,  September 30,  June 30,  March 31,  December 31,  2024  2024  2024  2024  2023 ASSETS              Cash and due from banks:              Cash$35,478  $32,061  $23,128  $29,972  $28,930 Interest-bearing deposits 104,361   123,751   80,038   104,752   110,260 Total cash and cash equivalents 139,839   155,812   103,166   134,724   139,190 Available-for-sale securities, at fair value 104,970   111,005   113,125   116,044   119,902 Held-to-maturity securities, at amortized cost 367,938   403,736   442,113   452,955   461,748 Placement with banks 249   249   249   249   249 Mortgage loans held for sale, at fair value 10,736   9,566   37,764   7,860   9,980 Loans receivable, net 2,286,599   2,180,331   2,022,173   1,981,428   1,895,886 Accrued interest receivable 17,771   16,890   17,441   18,063   18,010 Premises and equipment, net 16,794   16,843   16,976   17,396   16,053 Right of use assets 29,093   29,785   30,349   31,021   31,272 Federal Home Loan Bank of New York stock (FHLBNY), at cost 29,182   28,515   23,972   23,892   19,377 Deferred tax assets 12,074   11,845   13,172   13,919   14,332 Other assets 24,693   51,392   21,507   21,151   24,723 Total assets$3,039,938  $3,015,969  $2,842,007  $2,818,702  $2,750,722 LIABILITIES AND STOCKHOLDERS' EQUITY              Liabilities:              Deposits$1,884,864  $1,870,323  $1,606,097  $1,585,784  $1,507,620 Operating lease liabilities 30,696   31,343   31,861   32,486   32,684 Accrued interest payable 3,712   2,918   6,820   4,218   11,965 Advance payments by borrowers for taxes and insurance 10,349   13,733   10,838   13,245   10,778 Borrowings 596,100   580,421   680,421   680,421   684,421 Other liabilities 8,717   12,642   8,313   8,866   11,859 Total liabilities 2,534,438   2,511,380   2,344,350   2,325,020   2,259,327 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 (7,707)  (9,445)  (9,519)  (9,702)  (9,747)Additional paid-in-capital 207,319   208,478   207,934   207,584   207,106 Retained earnings 107,754   105,103   102,951   99,834   97,420 Accumulated other comprehensive loss (15,297)  (12,686)  (16,557)  (16,590)  (15,649)Unearned compensation ─ ESOP (11,818)  (12,110)  (12,401)  (12,693)  (12,984)Total stockholders' equity 505,500   504,589   497,657   493,682   491,395 Total liabilities and stockholders' equity$3,039,938  $3,015,969  $2,842,007  $2,818,702  $2,750,722                      Ponce Financial Group, Inc. and Subsidiaries Consolidated Statements of Operations (Dollars in thousands, except per share data)  Three Months Ended  December 31,  September 30,  June 30,  March 31,  December 31,  2024  2024  2024  2024  2023 Interest and dividend income:              Interest on loans receivable$35,622  $32,945  $31,281  $30,664  $27,814 Interest on deposits due from banks 1,783   2,430   1,542   2,911   990 Interest and dividend on securities and FHLBNY stock 5,481   5,918   5,969   6,091   6,146 Total interest and dividend income 42,886   41,293   38,792   39,666   34,950 Interest expense:              Interest on certificates of deposit 8,104   6,926   6,358   6,380   5,103 Interest on other deposits 8,476   8,519   7,389   6,540   5,706 Interest on borrowings 5,576   6,825   7,141   7,923   6,944 Total interest expense 22,156   22,270   20,888   20,843   17,753 Net interest income 20,730   19,023   17,904   18,823   17,197 Provision (benefit) for credit losses 1,099   789   (374)  (180)  (375)Net interest income after provision (benefit) for credit losses 19,631   18,234   18,278   19,003   17,572 Non-interest income:              Service charges and fees 500   508   492   473   498 Brokerage commissions 44   —   9   8   13 Late and prepayment charges 318   77   426   359   365 Income on sale of mortgage loans 254   218   274   302   244 Income on sale of SBA loans 148   —   —   —   — Grant income —   —   —   —   438 Other 833   348   1,057   565   (273)Total non-interest income 2,097   1,151   2,258   1,707   1,285 Non-interest expense:              Compensation and benefits 7,668   7,674   7,724   7,844   8,262 Occupancy and equipment 3,863   3,786   3,564   3,667   3,686 Data processing expenses 1,143   1,099   1,013   1,127   1,101 Direct loan expenses 617   573   633   732   497 (Benefit) provision for contingencies (202)  (252)  (493)  164   418 Insurance and surety bond premiums 293   292   263   253   250 Office supplies, telephone and postage 294   222   233   249   294 Professional fees 1,703   1,351   1,369   1,723   2,040 Microloans recoveries (29)  (54)  (65)  (53)  (152)Marketing and promotional expenses 289   180   145   100   146 Federal deposit insurance and regulatory assessment (1) 418   392   428   389   395 Other operating expenses (1) 1,206   1,051   1,333   755   960 Total non-interest expense 17,263   16,314   16,147   16,950   17,897 Income before income taxes 4,465   3,071   4,389   3,760   960 Provision for income taxes 1,532   638   1,197   1,346   442 Net income$2,933  $2,433  $3,192  $2,414  $518 Dividends on preferred shares 282   281   75   —   — Net income available to common stockholders$2,651  $2,152  $3,117  $2,414  $518 Earnings per common share:              Basic$0.12  $0.10  $0.14  $0.11  $0.02 Diluted$0.12  $0.10  $0.14  $0.11  $0.02 Weighted average common shares outstanding:              Basic 22,528,160   22,446,009   22,409,803   22,353,492   22,224,945 Diluted 22,807,644   22,612,028   22,419,309   22,366,728   22,406,102  (1) For the three months ended September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, $0.3 million of federal deposit insurance was reclassified from other operating expenses to federal deposit insurance and regulatory assessments and $0.1 million of directors fees were reclassified from federal deposit insurance and regulatory assessments to other operating expenses for each periods. Ponce Financial Group, Inc. and Subsidiaries Consolidated Statements of Operations (Dollars in thousands, except per share data)   For the Years Ended December 31,   2024  2023  Variance $  Variance % Interest and dividend income:            Interest on loans receivable $130,512  $95,805  $34,707   36.23%Interest on deposits due from banks  8,666   4,973   3,693   74.26%Interest and dividend on securities and FHLBNY stock  23,459   25,089   (1,630)  (6.50%)Total interest and dividend income  162,637   125,867   36,770   29.21%Interest expense:            Interest on certificates of deposit  27,768   16,571   11,197   67.57%Interest on other deposits  30,924   18,570   12,354   66.53%Interest on borrowings  27,465   25,460   2,005   7.88%Total interest expense  86,157   60,601   25,556   42.17%Net interest income  76,480   65,266   11,214   17.18%Provision for credit losses  1,334   973   361   37.10%Net interest income after provision for credit losses  75,146   64,293   10,853   16.88%Non-interest income:            Service charges and fees  1,973   1,986   (13)  (0.65%)Brokerage commissions  61   80   (19)  (23.75%)Late and prepayment charges  1,180   2,365   (1,185)  (50.11%)Income on sale of mortgage loans  1,048   598   450   75.25%Income on sale of SBA loans  148   —   148   100.00%Grant income  —   4,156   (4,156)  (100.00%)Other  2,803   1,038   1,765   170.04%Total non-interest income  7,213   10,223   (3,010)  (29.44%)Non-interest expense:            Compensation and benefits  30,910   30,699   211   0.69%Occupancy and equipment  14,880   14,568   312   2.14%Data processing expenses  4,382   5,083   (701)  (13.79%)Direct loan expenses  2,555   1,623   932   57.42%(Benefit) provision for contingencies  (783)  2,311   (3,094)  (133.88%)Insurance and surety bond premiums  1,101   1,018   83   8.15%Office supplies, telephone and postage  998   1,483   (485)  (32.70%)Professional fees  6,146   7,092   (946)  (13.34%)Microloans recoveries  (201)  (1,481)  1,280   (86.43%)Marketing and promotional expenses  714   825   (111)  (13.45%)Federal deposit insurance and regulatory assessments (1)  1,627   1,472   155   10.53%Other operating expenses (1)  4,345   3,970   375   9.45%Total non-interest expense  66,674   68,663   (1,989)  (2.90%)Income before income taxes  15,685   5,853   9,832   167.98%Provision for income taxes  4,713   2,501   2,212   88.44%Net income $10,972  $3,352  $7,620   227.33%Dividends on preferred shares  638   —   638   100.00%Net income available to common stockholders $10,334  $3,352  $6,982   208.29%Earnings per common share:            Basic $0.46  $0.15  $0.31   206.67%Diluted $0.46  $0.15  $0.31   206.67%Weighted average common shares outstanding:            Basic  22,434,654   22,745,317   (310,663)  (1.37%)Diluted  22,551,715   22,822,313   (270,598)  (1.19%) (1) For the year ended December 31, 2023, $1.2 million of federal deposit insurance was reclassified from other operating expenses to federal deposit insurance and regulatory assessments and $0.4 million of directors fees were reclassified from federal deposit insurance and regulatory assessments to other operating expenses.   Ponce Financial Group, Inc. and Subsidiaries Key Metrics  At or for the Three Months Ended  December 31,  September 30,  June 30,  March 31,  December 31,  2024  2024  2024  2024  2023 Performance Ratios:              Return on average assets (1) 0.38%  0.33%  0.45%  0.33%  0.08%Return on average equity (1) 2.30%  1.93%  2.59%  1.97%  0.42%Net interest rate spread (1) (2) 1.98%  1.77%  1.72%  1.82%  1.74%Net interest margin (1) (3) 2.80%  2.65%  2.62%  2.71%  2.66%Non-interest expense to average assets (1) 2.25%  2.19%  2.28%  2.35%  2.66%Efficiency ratio (4) 75.63%  80.87%  80.09%  82.56%  96.83%Average interest-earning assets to average interest- bearing liabilities 127.60%  128.35%  129.73%  129.69%  133.50%Average equity to average assets 16.59%  16.97%  17.41%  17.00%  18.25%Capital Ratios:              Total capital to risk-weighted assets (Bank only) 21.47%  21.61%  22.47%  22.79%  23.30%Tier 1 capital to risk-weighted assets (Bank only) 20.40%  20.45%  21.24%  21.54%  22.05%Common equity Tier 1 capital to risk-weighted assets (Bank only) 20.40%  20.45%  21.24%  21.54%  22.05%Tier 1 capital to average assets (Bank only) 15.81%  16.19%  16.70%  16.26%  17.49%Asset Quality Ratios:              Allowance for credit losses on loans as a percentage of total loans 0.97%  1.09%  1.18%  1.23%  1.36%Allowance for credit losses on loans as a percentage of nonperforming loans 82.29%  139.52%  130.28%  140.90%  152.99%Net (charge-offs) recoveries to average outstanding loans (1) (0.45%)  (0.17%)  (0.10%)  (0.25%)  (0.24%)Non-performing loans as a percentage of total gross loans 1.18%  0.78%  0.89%  0.87%  0.89%Non-performing loans as a percentage of total assets 0.90%  0.57%  0.65%  0.62%  0.62%Total non-performing assets as a percentage of total assets 0.90%  0.57%  0.65%  0.62%  0.62%Total non-performing assets and accruing modifications to borrowers experiencing financial difficulty as a percentage of total assets (5) 1.06%  0.73%  0.82%  0.79%  0.81%Other:              Number of offices 19   19   18   18   18 Number of full-time equivalent employees 218   228   227   233   237                 (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   December 31, 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 $2,994  $—  $(121) $2,873  $2,990  $—  $(206) $2,784 Corporate Bonds  21,762   10   (1,368)  20,404   25,790   —   (2,122)  23,668 Mortgage-Backed Securities:                        Collateralized Mortgage Obligations (1)  34,526   —   (5,991)  28,535   39,375   —   (6,227)  33,148 FHLMC Certificates  9,028   —   (1,366)  7,662   10,163   —   (1,482)  8,681 FNMA Certificates  56,010   —   (10,602)  45,408   61,359   —   (9,842)  51,517 GNMA Certificates  88   —   —   88   104   —   —   104 Total available-for-sale securities $124,408  $10  $(19,448) $104,970  $139,781  $—  $(19,879) $119,902                          Held-to-Maturity Securities:                        U.S. Agency Bonds $25,000  $—  $(40) $24,960  $25,000  $—  $(181) $24,819 Corporate Bonds  32,500   12   (535)  31,977   82,500   —   (2,691)  79,809 Mortgage-Backed Securities:                        Collateralized Mortgage Obligations (1)  186,634   —   (7,052)  179,582   212,093   104   (5,170)  207,027 FHLMC Certificates  3,229   —   (223)  3,006   3,897   —   (244)  3,653 FNMA Certificates  105,417   —   (5,114)  100,303   118,944   —   (4,088)  114,856 SBA Certificates  15,374   92   —   15,466   19,712   166   —   19,878 Allowance for Credit Losses  (216)  —   —   —   (398)  —   —   — Total held-to-maturity securities $367,938  $104  $(12,964) $355,294  $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 Years Ended December 31,   2024  2023 Allowance for credit losses on securities at beginning of the period $398  $— CECL adoption  —   662 Benefit for credit losses  (182)  (264)Allowance for credit losses on securities at end of the period $216  $398           Ponce Financial Group, Inc. and Subsidiaries Loan Portfolio   As of   December 31,  September 30,  June 30,  March 31,  December 31,   2024  2024  2024  2024  2023   Amount  Percent  Amount  Percent  Amount  Percent  Amount  Percent  Amount  Percent   (Dollars in thousands) Mortgage loans:                              1-4 family residential                              Investor Owned $330,053   14.30% $332,380   15.09% $337,292   16.49% $339,331   16.92% $343,689   17.89%Owner-Occupied  142,363   6.17%  145,065   6.59%  147,485   7.21%  150,842   7.52%  152,311   7.93%Multifamily residential  670,159   29.04%  678,029   30.78%  545,323   26.66%  545,825   27.22%  550,559   28.65%Nonresidential properties  389,898   16.89%  383,277   17.40%  337,583   16.51%  327,350   16.32%  342,343   17.81%Construction and land  733,660   31.79%  631,461   28.67%  641,879   31.39%  608,665   30.35%  503,925   26.22%Total mortgage loans  2,266,133   98.19%  2,170,212   98.53%  2,009,562   98.26%  1,972,013   98.33%  1,892,827   98.50%Non-mortgage loans:                              Business loans  40,849   1.77%  28,499   1.29%  30,222   1.48%  26,664   1.33%  19,779   1.03%Consumer loans (1)  1,038   0.04%  4,021   0.18%  5,305   0.26%  6,741   0.34%  8,966   0.47%Total non-mortgage loans  41,887   1.81%  32,520   1.47%  35,527   1.74%  33,405   1.67%  28,745   1.50%Total loans, gross  2,308,020   100.00%  2,202,732   100.00%  2,045,089   100.00%  2,005,418   100.00%  1,921,572   100.00%Net deferred loan origination costs  1,081      1,565      1,145      674      468    Allowance for credit losses on loans  (22,502)     (23,966)     (24,061)     (24,664)     (26,154)   Loans, net $2,286,599     $2,180,331     $2,022,173     $1,981,428     $1,895,886     (1) As of September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, consumer loans include $3.0 million, $4.3 million, $5.7 million and $8.0 million, respectively, of microloans originated by the Bank. As of December 31, 2024, these microloans were charged-off. Ponce Financial Group, Inc. and Subsidiaries Microloans Exposure (previously originated by the Bank under its arrangement with Grain) Total Microloans Exposure as of December 31, 2024 (in thousands) Microloans Receivable from Grain   Microloans originated - put back (inception-to-December 31, 2024) $23,903 Write-downs, net of recoveries (inception-to-date as of December 31, 2024)  (15,258)Cash receipts (inception-to-December 31, 2024)  (6,819)Grant/reserve  (1,826)Net receivable as of December 31, 2024 $— Microloans Receivables from Borrowers   Microloans receivable as of December 31, 2024 $— Allowance for credit losses on loans as of December 31, 2024  — Microloans, net of allowance for credit losses on loans as of December 31, 2024 $— Investments   Investment in Grain $1,000 Investment write-off in Q3 2022  (1,000)Net investment as of December 31, 2024  — Total exposure related to microloans as of December 31, 2024 (1) $—  (1) As of December 31, 2024, the remaining microloans were charged-off. Ponce Financial Group, Inc. and Subsidiaries Allowance for Credit Losses on Loans  For the Three Months Ended  December 31,  September 30,  June 30,  March 31,  December 31,  2024  2024  2024  2024  2023  (Dollars in thousands) Allowance for credit losses on loans at beginning of the period$23,966  $24,061  $24,664  $26,154  $27,414 Provision (benefit) for credit losses on loans 1,090   801   (120)  (255)  (126)Charge-offs:              Mortgage loans:              1-4 family residences              Investor owned —   —   —   —   — Owner occupied —   —   —   —   — Multifamily residences —   —   —   —   — Nonresidential properties —   (7)  —   —   — Construction and land —   —   —   —   — Non-mortgage loans:              Business (232)  (450)  —   (52)  (63)Consumer (2,465)  (634)  (747)  (1,302)  (1,135)Total charge-offs (2,697)  (1,091)  (747)  (1,354)  (1,198)Recoveries:              Non-mortgage loans:              Business —   1   7   1   — Consumer 143   194   257   118   64 Total recoveries 143   195   264   119   64 Net (charge-offs) recoveries (2,554)  (896)  (483)  (1,235)  (1,134)Allowance for credit losses on loans at end of the period$22,502  $23,966  $24,061  $24,664  $26,154                      Ponce Financial Group, Inc. and Subsidiaries Deposits   As of   December 31,  September 30,  June 30,  March 31,  December 31,   2024  2024  2024  2024  2023   Amount  Percent  Amount  Percent  Amount  Percent  Amount  Percent  Amount  Percent   (Dollars in thousands) Demand (1) $169,178   8.98% $182,737   9.78% $178,125   11.09% $191,541   12.07% $185,151   12.28%Interest-bearing deposits:                              NOW/IOLA accounts (1)  62,616   3.32%  71,445   3.82%  81,178   5.05%  73,202   4.62%  77,909   5.17%Money market accounts  636,219   33.75%  660,168   35.30%  502,255   31.27%  482,344   30.42%  432,735   28.70%Reciprocal deposits  130,677   6.93%  94,145   5.03%  109,945   6.85%  97,718   6.16%  96,860   6.42%Savings accounts  105,870   5.62%  108,941   5.82%  109,694   6.83%  112,713   7.11%  114,139   7.57%Total NOW, money market, reciprocal and savings accounts  935,382   49.62%  934,699   49.97%  803,072   50.00%  765,977   48.31%  721,643   47.86%Certificates of deposit of $250K or more (3)  204,293   10.84%  210,262   11.25%  189,683   11.82%  183,478   11.57%  167,530   11.12%Brokered certificates of deposit (2)  94,531   5.02%  94,531   5.05%  94,614   5.89%  94,689   5.97%  98,729   6.55%Listing service deposits (2)  7,376   0.39%  7,376   0.39%  9,361   0.58%  12,688   0.80%  14,433   0.96%All other certificates of deposit less than $250K (3)  474,104   25.15%  440,718   23.56%  331,242   20.62%  337,411   21.28%  320,134   21.23%Total certificates of deposit  780,304   41.40%  752,887   40.25%  624,900   38.91%  628,266   39.62%  600,826   39.86%Total interest-bearing deposits  1,715,686   91.02%  1,687,586   90.22%  1,427,972   88.91%  1,394,243   87.93%  1,322,469   87.72%Total deposits $1,884,864   100.00% $1,870,323   100.00% $1,606,097   100.00% $1,585,784   100.00% $1,507,620   100.00%  (1)As of December 31, 2023, $58.2 million was reclassified from demand to NOW/IOLA accounts. (2)As of December 31, 2023, there were $0.3 million in individual listing service deposits amounting to $250,000 or more. As of December 31, 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. (3)As of September 30, 2024, June 30,2024, March 31, 2024 and December 31, 2023, $36.2 million, $33.5 million, $37.2 million and $35.4 million, respectively, were reclassified from all other certificates of deposit less than $250K to certificates of deposit of $250K or more.    Ponce Financial Group, Inc. and Subsidiaries Borrowings  December 31,  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) Overnight line of credit advance$25,000  $25,000   4.69% $—  $—   — %                  Term advances ending:                 2024 —   —   —   363,321   363,321   4.55 2025 100,000   100,000   4.48   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 2029 50,000   50,000   3.35   50,000   50,000   3.35  $596,100  $596,100   3.94% $684,421  $684,421   4.10%                         Ponce Financial Group, Inc. and Subsidiaries Nonperforming Assets  As of Three Months Ended  December 31,  September 30,  June 30,  March 31,  December 31,  2024  2024  2024  2024  2023  (Dollars in thousands) Non-accrual loans:              Mortgage loans:              1-4 family residential              Investor owned$436  $436  $436  $399  $793 Owner occupied 1,423   1,423   1,423   1,426   1,682 Multifamily residential 10,271   4,685   5,754   4,098   2,979 Nonresidential properties —   824   828   441   — Construction and land 14,158   8,907   8,907   10,277   10,759 Non-mortgage loans:              Business 343   180   396   146   165 Consumer —   —   —   —   — Total non-accrual loans (not including non-accruing modifications to borrowers experiencing financial difficulty) (1)$26,631  $16,455  $17,744  $16,787  $16,378                Non-accruing modifications to borrowers experiencing financial difficulty (1):              Mortgage loans:              1-4 family residential              Investor owned$279  $278  $277  $270  $270 Owner occupied 435   444   448   447   447 Multifamily residential —   —   —   —   — Nonresidential properties —   —   —   —   — Construction and land —   —   —   —   — Non-mortgage loans:              Business —   —   —   —   — Consumer —   —   —   —   — Total non-accruing modifications to borrowers experiencing financial difficulty (1) 714   722   725   717   717 Total non-accrual loans (2)$27,345  $17,177  $18,469  $17,504  $17,095                Accruing modifications to borrowers experiencing financial difficulty (1):              Mortgage loans:              1-4 family residential              Investor owned$1,807  $1,821  $1,830  $1,850  $2,112 Owner occupied 2,062   2,116   2,171   2,288   2,313 Multifamily residential —   —   —   —   — Nonresidential properties 652   672   707   748   757 Construction and land —   —   —   —   — Non-mortgage loans:              Business 215   222   —   —   — Consumer —   —   —   —   — Total accruing modifications to borrowers experiencing financial difficulty (1)$4,736  $4,831  $4,708  $4,886  $5,182 Total non-performing assets and accruing modifications to borrowers experiencing financial difficulty (1)$32,081  $22,008  $23,177  $22,390  $22,277 Total non-performing loans to total gross loans 1.18%  0.78%  0.89%  0.87%  0.89%Total non-performing assets to total assets 0.90%  0.57%  0.65%  0.62%  0.62%Total non-performing assets and accruing modifications to borrowers experiencing financial difficulty as a percentage of total assets (1) 1.06%  0.73%  0.82%  0.79%  0.81% (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 December 31, 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)$2,261,426  $35,622  6.27% $1,884,301  $27,814  5.86%Securities (3) 507,510   4,860  3.81%  582,563   5,715  3.89%Other (4) 179,701   2,404  5.32%  96,070   1,421  5.87%Total interest-earning assets 2,948,637   42,886  5.79%  2,562,934   34,950  5.41%Non-interest-earning assets 108,558        107,305      Total assets$3,057,195       $2,670,239      Interest-bearing liabilities:               NOW/IOLA (5) (6)$68,776  $119  0.69% $75,926  $181  0.95%Money market (6) 761,130   8,329  4.35%  474,306   5,495  4.60%Savings 109,217   27  0.10%  116,600   28  0.10%Certificates of deposit 783,335   8,104  4.12%  559,713   5,103  3.62%Total deposits 1,722,458   16,579  3.83%  1,226,545   10,807  3.50%Advance payments by borrowers 15,147   1  0.03%  15,033   2  0.05%Borrowings 573,316   5,576  3.87%  678,235   6,944  4.06%Total interest-bearing liabilities 2,310,921   22,156  3.81%  1,919,813   17,753  3.67%Non-interest-bearing liabilities:               Non-interest-bearing demand (5) 191,355   —     211,434   —   Other non-interest-bearing liabilities 47,875   —     51,764   —   Total non-interest-bearing liabilities 239,230   —     263,198   —   Total liabilities 2,550,151   22,156     2,183,011   17,753   Total equity 507,044        487,228      Total liabilities and total equity$3,057,195     3.81% $2,670,239     3.67%Net interest income   $20,730       $17,197   Net interest rate spread (7)      1.98%       1.74%Net interest-earning assets (8)$637,716       $643,121      Net interest margin (9)      2.80%       2.66%Average interest-earning assets to interest-bearing liabilities      127.60%       133.50%  (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 $55.7 million average outstanding balances from non-interest bearing demand to NOW/IOLA for the three months ended December 31, 2023. (6)Includes $0.2 million of interest expense reclassified from money market to NOW/IOLA for the three months ended December 31, 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 Years Ended December 31,  2024  2023  Average        Average        Outstanding     Average  Outstanding     Average  Balance  Interest  Yield/Rate  Balance  Interest  Yield/Rate  (Dollars in thousands) Interest-earning assets:                 Loans (1)$2,094,820  $130,512   6.23% $1,730,275  $95,805   5.54%Securities (2) 548,641   21,289   3.88%  606,815   23,342   3.85%Other (3) 192,403   10,836   5.63%  119,923   6,720   5.60%Total interest-earning assets 2,835,864   162,637   5.74%  2,457,013   125,867   5.12%Non-interest-earning assets 107,017         115,760       Total assets$2,942,881        $2,572,773       Interest-bearing liabilities:                 NOW/IOLA (4) (5)$74,796  $662   0.89% $70,993  $1,314   1.85%Money market (5) 654,521   30,148   4.61%  424,160   17,132   4.04%Savings 111,028   107   0.10%  121,550   116   0.10%Certificates of deposit 676,306   27,768   4.11%  528,999   16,571   3.13%Total deposits 1,516,651   58,685   3.87%  1,145,702   35,133   3.07%Advance payments by borrowers 14,034   7   0.05%  14,869   8   0.05%Borrowings 670,982   27,465   4.09%  633,116   25,460   4.02%Total interest-bearing liabilities 2,201,667   86,157   3.91%  1,793,687   60,601   3.38%Non-interest-bearing liabilities:                 Non-interest-bearing demand (4) 191,155   —      241,510   —    Other non-interest-bearing liabilities 50,259   —      45,858   —    Total non-interest-bearing liabilities 241,414   —      287,368   —    Total liabilities 2,443,081   86,157      2,081,055   60,601    Total equity 499,800         491,718       Total liabilities and total equity$2,942,881      3.91% $2,572,773      3.38%Net interest income   $76,480        $65,266    Net interest rate spread (6)       1.83%        1.74%Net interest-earning assets (7)$634,197        $663,326       Net interest margin (8)       2.70%        2.66%Average interest-earning assets to                 interest-bearing liabilities       128.81%        136.98%  (1)Loans include loans and mortgage loans held for sale, at fair value. (2)Securities include available-for-sale securities and held-to-maturity securities. (3)Includes FHLBNY demand account, FHLBNY stock dividends and FRBNY demand deposits. (4)Includes reclassification of $48.8 million average outstanding balances from non-interest bearing demand to NOW/IOLA for the three months ended December 31, 2023. (5)Includes $1.3 million of interest expense reclassified from money market to NOW/IOLA for the year ended December 31, 2023. (6)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. (7)Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. (8)Net interest margin represents net interest income divided by average total interest-earning assets.    Ponce Financial Group, Inc. and Subsidiaries Other Data  As of  December 31,  September 30,  June 30,  March 31,  December 31,  2024  2024  2024  2024  2023 Other Data              Common shares issued 24,886,711   24,886,711   24,886,711   24,886,711   24,886,711 Less treasury shares 925,497   1,067,248   1,074,979   1,096,214   1,101,191 Common shares outstanding at end of period 23,961,214   23,819,463   23,811,732   23,790,497   23,785,520                Book value per common share$11.71  $11.74  $11.45  $11.29  $11.20 Tangible book value per common share$11.71  $11.74  $11.45  $11.29  $11.20                      Contact: Sergio Vaccaro Sergio.vaccaro@poncebank.net 718-931-9000

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