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Ponce Financial Group Inc. (PDLB) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details an increase in total assets to $3.04 billion, up from $2.75 billion at the end of 2023. This growth is attributed primarily to increases in net loans receivable, FHLBNY stock, and cash and cash equivalents.
Net income available to common stockholders increased significantly to $10.3 million for the year ended December 31, 2024, compared to $3.4 million for the previous year. This increase was driven by a rise in net interest income and a decrease in non-interest expenses.
Interest and dividend income rose by 29.2% to $162.6 million, largely due to higher interest income from loans receivable. Interest expense also increased by 42.2% to $86.2 million, reflecting higher market interest rates.
The company's non-interest income decreased by 29.4% to $7.2 million, primarily due to a decline in grant income and late and prepayment charges.
Non-interest expenses decreased by 2.9% to $66.7 million, with notable reductions in provision for contingencies and professional fees.
Ponce Financial Group's total deposits increased by 25% to $1.88 billion, with significant growth in money market accounts and certificates of deposit.
The company reported a provision for credit losses of $1.3 million, up from $973,000 in 2023, reflecting adjustments for expected credit losses.
The filing also notes the termination of two interest rate swap transactions in January 2025, which were initially entered to manage interest rate risk.
Ponce Financial Group continues to focus on its strategic initiatives, including expanding its digital banking platform, PonceBankDirect, and maintaining its status as a Community Development Financial Institution (CDFI) and Minority Depository Institution (MDI).
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ponce Financial Group Inc. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.