Ponce Financial Group, Inc. Reports Fourth Quarter 2024 Results

Core Viewpoint - Ponce Financial Group, Inc. reported strong financial performance for the fourth quarter and full year of 2024, highlighting significant growth in loans and deposits, improved profitability, and strategic initiatives to enhance liquidity and capital management [4][12]. Financial Performance Highlights - For the fourth quarter of 2024, net income available to common stockholders was $2.7 million, or $0.12 per diluted share, compared to $2.2 million, or $0.10 per diluted share in the previous quarter and $0.5 million, or $0.02 per diluted share in the same quarter last year [4][9]. - Total net income for the fourth quarter was $2.9 million, reflecting an increase from $2.4 million in the prior quarter and $0.5 million in the same quarter last year [9][12]. - For the full year 2024, net income available to common stockholders was $10.3 million, or $0.46 per diluted share, compared to $3.4 million, or $0.15 per diluted share for 2023 [4][12]. Loan and Deposit Growth - Loans grew by 20.61% year-over-year, reaching $2.29 billion as of December 31, 2024, an increase of $390.7 million from $1.90 billion in the previous year [4][25]. - Deposits increased by 25.02% year-over-year, totaling $1.88 billion as of December 31, 2024, up from $1.51 billion [4][26]. Interest Income and Margin - Net interest income for the fourth quarter of 2024 was $20.7 million, an increase of $1.7 million, or 8.97%, from the prior quarter and $3.5 million, or 20.54%, from the same quarter last year [13][14]. - The net interest margin was 2.80% for the fourth quarter of 2024, compared to 2.65% in the prior quarter and 2.66% in the same quarter last year [15][16]. Non-Interest Income and Expenses - Non-interest income for the fourth quarter of 2024 was $2.1 million, an increase of $0.9 million, or 82.19%, from the previous quarter and $0.8 million, or 63.19%, from the same quarter last year [17][19]. - Non-interest expense for the fourth quarter was $17.3 million, an increase of $0.9 million, or 5.82%, from the prior quarter but a decrease of $0.6 million, or 3.54%, from the same quarter last year [21][23]. Balance Sheet Summary - Total assets increased by $289.2 million, or 10.51%, to $3.04 billion as of December 31, 2024, from $2.75 billion a year earlier [25]. - Total liabilities rose by $275.1 million, or 12.18%, to $2.53 billion as of December 31, 2024, primarily due to an increase in deposits [26]. - Total stockholders' equity increased by $14.1 million, or 2.87%, to $505.5 million as of December 31, 2024, from $491.4 million a year earlier [27].