Ponce Financial Group, Inc.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
PDLB$21.70-0.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0000950170-25-103249
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0001193125-25-267220
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 186 previous paragraphs and 193 current paragraphs.
122 unchanged; 58 reworded; 10 added; 6 removed; 0 previous and 3 current paragraphs rearranged.
Tables are not compared: 22 previous and 22 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
Inwood, New York Branch
Current report
On September 16, 2025, Ponce Bank opened another branch at its new location 3879 9th Avenue, New York, NY 10034. With its ribbon cutting ceremony on October 6, 2025, the Bank noted that this new branch at this Inwood location will create opportunities for residents and small business owners in one of Manhattan's most vibrant and diverse neighborhoods.
Current report
Ponce Bank Conversion
Current report
On October 10, 2025, the Company's wholly-owned subsidiary, Ponce Bank (formerly a federally chartered stock savings association), completed its previously announced conversion to a national bank and commenced operations as Ponce Bank, National Association. In connection with the conversion of Ponce Bank, the Company also commenced operations as a bank holding company as of the same date. Further, the Company also became a financial holding company, which is an additional election that allows the Company to engage in activities that are financial in nature or incidental to a financial activity.
Current report
Policies with respect to the methodology used to determine the allowance for credit losses is a critical accounting policy and estimate because of its importance to presentation of the Company's financial condition and results of operations and high level of subjectivity. The critical accounting policy involves a higher degree of complexity and requires management to make difficult and subjective judgments which often require assumptions or estimates about highly uncertain matters. The use of different judgments, assumptions, and estimates could result in material differences in the results of operations or financial condition. The allowance for credit losses policy and its application is reviewed periodically, and at least annually, with the Audit Committee of the Board of Directors.
Current report
As of September 30, 2025 and December 31, 2024, Advance payments by borrowers for taxes and insurance in the amounts of $14.3 million and $10.3 million, respectively, are included in deposits. The $10.3 million at December 31, 2024 were reclassified for consistency.
Current report
For the three months ended September 30, 2024, Advance payments by borrowers for taxes and insurance in the amount of $13.2 million, were reclassified to Savings.
Current report
(1) For the nine months ended September 30, 2024, provision for contingencies in the amount of $0.6 million were reclassified from total non-interest expense to provision (benefit) for credit losses.
Current report
(1) For the nine months ended September 30, 2024, benefit for contingencies in the amount of $0.6 million were reclassified from total non-interest expense to benefit for credit losses.
Current report
For the nine months ended September 30, 2024, Advance payments by borrowers for taxes and insurance in the amount of $13.7 million, were reclassified to Savings.
Removed paragraphs (6)
Previous report
Ponce Bank Plan of Conversion
Previous report
On May 13, 2025, the Company announced that its wholly-owned subsidiary, Ponce Bank, which is currently a federally chartered stock savings association, has adopted a plan of conversion to convert to a national bank. In connection with the conversion of Ponce Bank, the Company has filed an application with the Federal Reserve Board to become a bank holding company, which application is currently awaiting regulatory approval.
Previous report
The allowance for credit losses is established as probable incurred losses are estimated to have occurred through a provision for credit losses charged to earnings. Credit losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. If our loss rate factor was to increase 10 basis points, our reserve would increase by approximately $2.5 million. Likewise, if our loss rate factor was to decrease 10 basis points, our reserve would decrease by approximately $2.5 million.
Previous report
(1) For the three months ended June 30, 2024, benefit for contingencies in the amount of $0.5 million were reclassified from total non-interest expense to benefit for credit losses.
Previous report
(1) For the three months ended June 30, 2024, benefit for contingencies in the amount of $0.5 million were reclassified from total non-interest expense to benefit for credit losses.
Previous report
The Bank’s management took steps to enhance the Company’s liquidity position by increasing its on balance sheet cash and cash equivalents position in order to meet unforeseen liquidity events and to fund upcoming funding needs.
Reworded paragraphs (58)
Previous wording
Management’s discussion and analysis of the financial condition at June 30, 2025 and December 31, 2024, and results of operations for the three and six months ended June 30, 2025 and 2024, is intended to assist in understanding the financial condition and results of operations of Ponce Financial Group, Inc. (the “Company”). The information contained in this section should be read in conjunction with the unaudited financial statements and the notes thereto appearing in Part I, Item 1, of this quarterly report on Form 10-Q.
Current wording
Management’s discussion and analysis of the financial condition at September 30, 2025 and December 31, 2024, and results of operations for the three and nine months ended September 30, 2025 and 2024, is intended to assist in understanding the financial condition and results of operations of Ponce Financial Group, Inc. (the “Company”). The information contained in this section should be read in conjunction with the unaudited financial statements and the notes thereto appearing in Part I, Item 1, of this quarterly report on Form 10-Q.
Previous wording
general economic conditions, either nationally or in the market areas, that are worse than expected;
Current wording
general economic conditions that are worse than expected, particularly in connection with low or negative growth in the. economy as well as economic uncertainty (including from an economic slowdown or recession, the federal government shutdown, unemployment, or limited growth in consumer income or spending), either nationally or in the market areas;
Previous wording
As a participant in the ECIP, the Company must comply with certain operating requirements. Specifically, the Company must adopt the Treasury's standards for executive compensation and luxury expenses for the period during which the Treasury holds equity issued under the ECIP. These restrictions may make it difficult to adequately compensate our management team, which could impact our ability to retain qualified management. Additionally, under the ECIP regulations, the Company cannot pay dividends or repurchase its common stock unless it meets certain income-based tests and has paid the required dividends on the Preferred Stock. In June 2024, the Company began paying dividends on its Preferred Stock, which dividends were $0.6 million for the six months ended June 30, 2025 and $0.6 million for the year ended December 31, 2024.
Current wording
As a participant in the ECIP, the Company must comply with certain operating requirements. Specifically, the Company must adopt the Treasury's standards for executive compensation and luxury expenses for the period during which the Treasury holds equity issued under the ECIP. These restrictions may make it difficult to adequately compensate our management team, which could impact our ability to retain qualified management. Additionally, under the ECIP regulations, the Company cannot pay dividends or repurchase its common stock unless it meets certain income-based tests and has paid the required dividends on the Preferred Stock. In June 2024, the Company began paying dividends on its Preferred Stock, which dividends were $0.8 million for the nine months ended September 30, 2025 and $0.6 million for the year ended December 31, 2024.
Previous wording
On December 20, 2024, the Company entered into an ECIP Securities Purchase Option Agreement (the “Repurchase Agreement”) with Treasury. Pursuant to the Repurchase Agreement, Treasury has granted the Company an option to purchase all of the Preferred Stock during the Option Period, which is the first fifteen years following the Original Closing Date. The purchase price for the Preferred Stock pursuant to the purchase option is determined based on a formula equal to the present value of the Preferred Stock, calculated as set forth in the Repurchase Agreement, together with any accrued and unpaid dividends thereon, as of the closing date. Subject to variations in interest rates and the equity risk premium, which are components included in the purchase price calculation, the Company presently expects that the purchase price will be at a substantial discount from the face value of the Preferred Stock.
Current wording
Stock during the Option Period, which is the first fifteen years following the Original Closing Date. The purchase price for the Preferred Stock pursuant to the purchase option is determined based on a formula equal to the present value of the Preferred Stock, calculated as set forth in the Repurchase Agreement, together with any accrued and unpaid dividends thereon, as of the closing date. Subject to variations in interest rates and the equity risk premium, which are components included in the purchase price calculation, the Company presently expects that the purchase price will be at a substantial discount from the face value of the Preferred Stock.
Previous wording
The earliest possible date by which a Threshold Condition may be met is June 30, 2026, which is the end of the sixteenth consecutive quarter following the Original Closing Date. However, the Company does not currently meet any of the Threshold Conditions to exercise the purchase option, and there can be no assurance if and when the Threshold Conditions will be met. The closing of the repurchase of the Preferred Stock, if consummated, would occur between thirty and ninety days following the satisfaction of the Threshold Condition and all other applicable conditions. At present, the Company has reported 12 consecutive quarters for which it has met both the Deep Impact and Qualified Lending Conditions. The Preferred Stock currently has a dividend rate of 0.5%.
Current wording
The earliest possible date by which a Threshold Condition may be met is June 30, 2026, which is the end of the sixteenth consecutive quarter following the Original Closing Date. However, the Company does not currently meet any of the Threshold Conditions to exercise the purchase option, and there can be no assurance if and when the Threshold Conditions will be met. The closing of the repurchase of the Preferred Stock, if consummated, would occur between thirty and ninety days following the satisfaction of the Threshold Condition and all other applicable conditions. At present, the Company has reported 13 consecutive quarters for which it has met both the Deep Impact and Qualified Lending Conditions. The Preferred Stock currently has a dividend rate of 0.5%.
Previous wording
The Ponce Bank Westchester Avenue Branch located at 2244 Westchester Avenue in the Castle Hill area of the Bronx was approved as a Banking Development District ("BDD"). New York State’s BDD Program, administered by the Department of Financial Services ("DFS"), supports the establishment of bank and credit union branches in areas across New York State where there is a demonstrated need for banking services. To encourage participation, approved BDD branches receive access to subsidized and market rate deposits from New York State. On July 30, 2024, Ponce Bank received total program deposits of $35.0 million.
Current wording
The Ponce Bank Westchester Avenue Branch located at 2244 Westchester Avenue in the Castle Hill area of the Bronx was approved as a Banking Development District ("BDD"). New York State’s BDD Program, administered by the Department of Financial Services ("DFS"), supports the establishment of bank and credit union branches in areas across New York State where there is a demonstrated need for banking services. To encourage participation, approved BDD branches receive access to subsidized and market rate deposits from New York State. On July 30, 2024, Ponce Bank received total program deposits of $35.0 million. On June 24, 2025, the Bank received an additional $10.0 million from the New York City Department of Finance resulting in a total BDD Program deposit of $45.0 million.
Previous wording
Ponce Bank is seeking to become a national bank in order to increase bank powers, including its eligibility to receive municipal deposits in New York. However, the Company and Ponce Bank do not expect any material changes in their core business as a result of the Company becoming a bank holding company and Ponce Bank becoming a national bank.
Current wording
Ponce Bank sought to become a national bank in order to increase bank powers, including its eligibility to receive municipal deposits in New York. However, the Company and Ponce Bank do not expect any material changes in their core business as a result of the Company becoming a bank holding company and a financial holding company, and Ponce Bank becoming a national bank.
Previous wording
The Company continues its relationship with Raisin Solutions US LLC ("Raisin"), a fintech that focuses on gathering deposits for financial institutions through the Internet. As of June 30, 2025 and December 31, 2024, the Company had $650.4 million and $574.1 million, respectively, in such deposits, which the Company classifies as core deposits.
Current wording
The Company continues its relationship with Raisin Solutions US LLC ("Raisin"), a fintech that focuses on gathering deposits for financial institutions through the Internet. As of September 30, 2025 and December 31, 2024, the Company had $639.1 million and $574.1 million, respectively, in such deposits, which the Company classifies as core deposits.
Previous wording
At December 31, 2018, the first year after our initial public offering, the Company had approximately $1.06 billion in assets, $918.5 million in loans, net of allowance for credit losses of $12.7 million, and $809.8 million in deposits. The Company has since grown to $3.15 billion in assets, $2.46 billion in loans receivables, net of allowance for credit losses of $24.1 million, and $2.04 billion in deposits at June 30, 2025, all while investing in infrastructure, implementing digital banking and diversifying its product offering. Now, the Company believes that it is poised to enhance its presence, locally and in similar communities outside New York, as a leading CDFI and MDI financial institution holding company.
Current wording
At December 31, 2018, the first year after our initial public offering, the Company had approximately $1.06 billion in assets, $918.5 million in loans, net of allowance for credit losses of $12.7 million, and $809.8 million in deposits. The Company has since grown to $3.16 billion in assets, $2.49 billion in loans receivables, net of allowance for credit losses of $24.8 million, and $2.06 billion in deposits at September 30, 2025, all while investing in infrastructure, implementing digital banking and diversifying its product offering. Now, the Company believes that it is poised to enhance its presence, locally and in similar communities outside New York, as a leading CDFI and MDI financial institution holding company.
Previous wording
Total Assets. Total consolidated assets increased $113.9 million, or 3.7%, to $3.15 billion at June 30, 2025 from $3.04 billion at December 31, 2024. The increase in total assets is largely attributable to increases of $172.1 million in net loans receivable, $1.7 million in other assets and $1.4 million in accrued interest receivable, partially offset by decreases of $31.1 million in held-to-maturity securities, $13.2 million in cash and cash equivalents, $8.4 million in available-for-sale securities, $5.0 million in mortgage loans held for sale and $2.6 million in FHLBNY stock.
Current wording
Total Assets. Total consolidated assets increased $117.1 million, or 3.9%, to $3.16 billion at September 30, 2025 from $3.04 billion at December 31, 2024. The increase in total assets is largely attributable to increases of $203.4 million in net loans receivable, $8.1 million in other assets, $6.7 million in cash and cash equivalents, $1.1 million in accrued interest receivable and $0.3 million in deferred tax asset, partially offset by decreases of $82.8 million in held-to-maturity securities, $10.1 million in available-for-sale securities, $4.9 million in mortgage loans held for sale, $3.2 million in Federal Home Loan Bank of New York stock, $0.8 million in right of use asset and $0.7 million in premises and equipment, net.
Previous wording
Cash and Cash Equivalents. Cash and cash equivalents decreased $13.2 million, or 9.4%, to $126.6 million at June 30, 2025, compared to $139.8 million at December 31, 2024. The decrease in cash and cash equivalents was primarily the result of an increase of $179.5 million in net loans and a $60.0 million net repayment of borrowings. The decrease in cash and cash equivalents was offset primarily by an increase of $157.3 million in net deposits, $42.4 million in proceeds from maturities, calls and principal repayment on securities, $5.7 million from sale of loans and $2.6 million in net redemption of FHLBNY stock.
Current wording
Cash and Cash Equivalents. Cash and cash equivalents increased $6.7 million, or 4.8%, to $146.6 million at September 30, 2025, compared to $139.8 million at December 31, 2024. The increase in cash and cash equivalents was primarily the result of an increase of $167.9 million in net deposits, $97.7 million in proceeds from maturities, calls and principal repayment on securities, $6.7 million from sale of loans and $3.2 million in net redemption of FHLBNY stock. The increase in cash and cash equivalents was offset primarily by an increase of $212.7 million in net loans and $75.0 million in net repayment of borrowings.
Previous wording
Securities. The Company securities portfolio decreased $8.4 million in available-for-sale and $31.1 million in held-to-maturity during the six months ended June 30, 2025. The decrease in the securities portfolio was primarily due to the call of two available-for-sale securities in the total amount of $6.0 million, the maturity of one held-to-maturity security in the amount of $10.0 million and changes in principal amount of the securities.
Current wording
Securities. The Company securities portfolio decreased $10.1 million, or 9.7%, to $94.8 million in available-for-sale at September 30, 2025 from $105.0 million December 31, 2024 and decreased $82.8 million, or 22.5%, to $285.1 million in held-to-maturity at September 30, 2025 from $367.9 million at December 31, 2024. The decrease in the securities portfolio was primarily due to three available-for-sale securities in the total amount of $7.0 million and three held-to-maturity securities in the total amount of $50.0 million that matured and/or were called and changes in principal amount of the securities.
Previous wording
Based on current internal loan reviews, the Company believes that the quality of our underwriting, our weighted average loan-to-value ratio of 49.0% and our customer selection processes have served us well and provided us with a reliable base with which to maintain a well-protected loan portfolio.
Current wording
Based on current internal loan reviews, the Company believes that the quality of our underwriting, our weighted average loan-to-value ratio of 49.3% and our customer selection processes have served us well and provided us with a reliable base with which to maintain a well-protected loan portfolio.
Previous wording
Multifamily residential loans increased $23.5 million, or 3.5%, when compared to December 31, 2024. The majority of the increases in multifamily residential loans that were refinanced from construction and land loans to a new permanent loan facility.
Current wording
Multifamily residential loans increased $18.4 million, or 2.7%, when compared to December 31, 2024. The majority of the increases in multifamily residential loans that were refinanced from construction and land loans to a new permanent loan facility.
Previous wording
Construction and land loans increased $149.8 million, or 20.4%, when compared to December 31, 2024. The $149.8 million growth in construction and land mortgage loans is related to funding of existing commitments prior to 2025 and new commitments, offset by loans that were refinanced from construction and land loans to new permanent loan facilities.
Current wording
Construction and land loans increased $152.7 million, or 20.8%, when compared to December 31, 2024. The $152.7 million growth in construction and land mortgage loans is related to funding of existing commitments prior to 2025 and new commitments, offset by loans that were refinanced from construction and land loans to new permanent loan facilities.
Previous wording
Our commitments to grant new mortgage loans decreased by $127.2 million as of June 30, 2025 compared to December 31, 2024. See Note 10 ("Commitments, Contingencies and Credit Risk") of Notes to the Consolidated Financial Statements.
Current wording
Our commitments to grant new mortgage loans decreased by $88.2 million as of September 30, 2025 compared to December 31, 2024. See Note 10 ("Commitments, Contingencies and Credit Risk") of Notes to the Consolidated Financial Statements.
Previous wording
The Company had 76 construction and land mortgage loans with balances of $883.5 million as indicated in the table above. Of those loans, 38 loans with aggregate balances of $622.5 million, or 70.5%, of the total, have a percentage of completion of 80% or more. Within those 38 loans there are 22 loans with balances of $340.4 million that are 100% completed and the properties have received their certificates of occupancy.
Current wording
The Company had 70 construction and land mortgage loans with balances of $886.4 million as indicated in the table above. Of those loans, 38 loans with aggregate balances of $599.6 million, or 67.7%, of the total, have a percentage of completion of 80% or more. Within those 38 loans there are 20 loans with balances of $328.6 million that are 100% completed and the properties have received their certificates of occupancy.
Previous wording
Commercial real estate loans, as defined by applicable banking regulations, include multifamily residential, nonresidential properties, and construction and land mortgage loans. At June 30, 2025 and December 31, 2024, approximately 3.6% and 3.5%, respectively, of the outstanding principal balance of the Bank’s commercial real estate mortgage loans were secured by owner-occupied commercial real estate. Owner-occupied commercial real estate is similar in many ways to commercial and industrial lending in that these loans are generally made to businesses predominantly on the basis of the cash flows of the business rather than on valuation of the real estate.
Current wording
Commercial real estate loans, as defined by applicable banking regulations, include multifamily residential, nonresidential properties, and construction and land mortgage loans. At September 30, 2025 and December 31, 2024, approximately 3.4% and 3.5%, respectively, of the outstanding principal balance of the Bank’s commercial real estate mortgage loans were secured by owner-occupied commercial real estate. Owner-occupied commercial real estate is similar in many ways to commercial and industrial lending in that these loans are generally made to businesses predominantly on the basis of the cash flows of the business rather than on valuation of the real estate.
Previous wording
Banking regulations have established guidelines relating to the amount of construction and land mortgage loans and investor- owned commercial real estate mortgage loans of 100% and 300% of total risk-based capital, respectively. Should a bank’s ratios be in excess of these guidelines, banking regulations generally require an increased level of monitoring in these lending areas by bank management. The Bank’s policy is to operate within the 200% guideline for construction and land mortgage loans and up to 450% for investor-owned commercial real estate mortgage loans. Both ratios are calculated by dividing certain types of loan balances for each of the two categories by the Bank’s total risk-based capital. At June 30, 2025 and December 31, 2024, the Bank’s construction and land mortgage loans as a percentage of total risk-based capital was 169.4% and 145.0%, respectively. Investor-owned commercial real estate mortgage loans as a percentage of total risk-based capital was 366.0% and 341.7% as of June 30, 2025 and December 31, 2024, respectively. At June 30, 2025, the Bank was above the 100% guidelines established by the banking regulations and under the 200% guidelines set by the Bank for construction and land mortgage loans and above the 300% guideline established by banking regulators but under the 450% guidelines set by the Bank for investor owned commercial real estate mortgage loans. Management believes that it has established the appropriate level of controls to monitor the Bank’s lending in these areas.
Current wording
Banking regulations have established guidelines relating to the amount of construction and land mortgage loans and investor- owned commercial real estate mortgage loans of 100% and 300% of total risk-based capital, respectively. Should a bank’s ratios be in excess of these guidelines, banking regulations generally require an increased level of monitoring in these lending areas by bank management. The Bank’s policy is to operate within the 200% guideline for construction and land mortgage loans and up to 450% for investor-owned commercial real estate mortgage loans. Both ratios are calculated by dividing certain types of loan balances for each of the two categories by the Bank’s total risk-based capital. At September 30, 2025 and December 31, 2024, the Bank’s construction and land mortgage loans as a percentage of total risk-based capital was 167.0% and 145.0%, respectively. Investor-owned commercial real estate mortgage loans as a percentage of total risk-based capital was 366.1% and 341.7% as of September 30, 2025 and December 31, 2024, respectively. At September 30, 2025, the Bank was above the 100% guidelines established by the banking regulations and under the 200% guidelines set by the Bank for construction and land mortgage loans and above the 300% guideline established by banking regulators but under the 450% guidelines set by the Bank for investor owned commercial real estate mortgage loans. Management believes that it has established the appropriate level of controls to monitor the Bank’s lending in these areas.
Previous wording
Loans Held For Sale. Loans held for sale, at fair value, at June 30, 2025 decreased $5.0 million, or 46.9%, to $5.7 million from $10.7 million at December 31, 2024.
Current wording
Loans Held For Sale. Loans held for sale, at fair value, at September 30, 2025 decreased $4.9 million, or 46.0%, to $5.8 million from $10.7 million at December 31, 2024.
Previous wording
Borrowings. The Bank had outstanding borrowings at June 30, 2025 and December 31, 2024 of $521.1 million and $571.1 million in term advances from the FHLBNY. The Bank had one overnight line of credit advance in the amount of $15.0 million from the FHLBNY at June 30, 2025 and had one overnight line of credit advance in the amount of $25.0 million from the FHLBNY at December 31, 2024. Additionally, the Bank had two unsecured lines of credit in the amount of $75.0 million with two correspondent banks for both periods at June 30, 2025 and December 31, 2024. The Bank did not have any term and overnight line of credit advances from the FRBNY at June 30, 2025 and December 31, 2024.
Current wording
Borrowings. The Bank had outstanding borrowings at September 30, 2025 and December 31, 2024 of $521.1 million and $571.1 million in term advances from the FHLBNY. The Bank had no overnight line of credit advance from the FHLBNY at September 30, 2025 and had one overnight line of credit advance in the amount of $25.0 million from the FHLBNY at December 31, 2024. Additionally, the Bank had two unsecured lines of credit in the amount of $75.0 million with two correspondent banks for both periods at September 30, 2025 and December 31, 2024. The Bank did not have any term and overnight line of credit advances from the FRBNY at September 30, 2025 and December 31, 2024.
Previous wording
Stockholders’ Equity. The Company’s consolidated stockholders’ equity increased $15.6 million, or 3.1%, to $521.1 million as of June 30, 2025 from $505.5 million as of December 31, 2024. The $15.6 million increase in stockholders’ equity was largely attributable to $12.1 million in net income, $2.3 million in other comprehensive income, $1.0 million impact to additional paid in capital as a result of share-based compensation and $0.9 million from release of ESOP shares, offset by $0.6 million in dividends on preferred shares.
Current wording
Stockholders’ Equity. The Company’s consolidated stockholders’ equity increased $24.3 million, or 4.8%, to $529.8 million as of September 30, 2025 from $505.5 million as of December 31, 2024. The $24.3 million increase in stockholders’ equity was largely attributable to $18.6 million in net income, $3.7 million in other comprehensive income, $1.4 million impact to additional paid in capital as a result of share-based compensation, $1.4 million from release of ESOP shares and $0.1 million from exercise of stock options, offset by $0.8 million in dividends on preferred shares.
Previous wording
Overview. Net income available to common stockholders was $5.8 million for the three months ended June 30, 2025 compared to net income available to common stockholders of $3.1 million for the three months ended June 30, 2024. Earnings per basic share was $0.26 and diluted share was $0.25 for the three months ended June 30, 2025 compared to earnings per basic and diluted share of $0.14 for the three months ended June 30, 2024. The $2.7 million increase of net income available to common stockholders from the three months ended June 30, 2024, was due to an increase of $6.5 million in net interest income, partially offset by increases of $2.5 million in provision for credit losses, $0.7 million in provision for income taxes, $0.2 million in dividends on preferred shares and $0.2 million in non-interest expense and a decrease of $0.2 million in non-interest income. Net income for the three months ended June 30, 2025 and 2024, which excludes $0.3 million and $0.1 million, respectively, in dividends on preferred shares, were $6.1 million and $3.2 million, respectively.
Current wording
Overview. Net income available to common stockholders was $6.2 million for the three months ended September 30, 2025 compared to net income available to common stockholders of $2.2 million for the three months ended September 30, 2024. Earnings per basic and diluted share was $0.27 for the three months ended September 30, 2025 compared to earnings per basic and diluted share of $0.10 for the three months ended September 30, 2024. The $4.1 million increase of net income available to common stockholders from the three months ended September 30, 2024, was due to increases of $6.2 million in net interest income and $0.3 million in non-interest income, partially offset by increases of $1.6 million in provision for income taxes and $0.8 million in provision for credit losses.
Previous wording
(1) For the six months ended June 30, 2024, benefit for contingencies in the amount of $0.3 million were reclassified from total non-interest expense to benefit for credit losses.
Current wording
(1) For the three months ended September 30, 2024, benefit for contingencies in the amount of $0.3 million were reclassified from total non-interest expense to benefit for credit losses.
Previous wording
Interest and Dividend Income. Interest and dividend income increased $7.1 million, or 18.2%, to $45.9 million for the three months ended June 30, 2025 from $38.8 million for the three months ended June 30, 2024. Interest income on loans receivable, which is the Company’s primary source of income, increased $9.0 million, or 28.8%, to $40.3 million for the three months ended June 30, 2025 from $31.3 million for the three months ended June 30, 2024.
Current wording
Interest and Dividend Income. Interest and dividend income increased $5.6 million, or 13.5%, to $46.8 million for the three months ended September 30, 2025 from $41.3 million for the three months ended September 30, 2024. Interest income on loans receivable, which is the Company’s primary source of income, increased $8.5 million, or 25.9%, to $41.5 million for the three months ended September 30, 2025 from $32.9 million for the three months ended September 30, 2024.
Previous wording
Total interest and dividend income on securities, FHLBNY stock and deposits due from banks decreased $1.9 million, or 25.9%, to $5.6 million for the three months ended June 30, 2025 from $7.5 million for the three months ended June 30, 2024. The decrease was primarily attributable to a decrease of $1.2 million in interest on securities and $0.7 million in interest on deposits due from banks.
Current wording
Total interest and dividend income on securities, FHLBNY stock and deposits due from banks decreased $3.0 million, or 35.8%, to $5.4 million for the three months ended September 30, 2025 from $8.3 million for the three months ended September 30, 2024. The decrease was primarily attributable to a decrease of $1.5 million in interest on securities and $1.5 million in interest on deposits due from banks.
Previous wording
Interest Expense. Interest expense increased $0.5 million, or 2.6%, to $21.4 million for the three months ended June 30, 2025 from $20.9 million for the three months ended June 30, 2024.
Current wording
Interest Expense. Interest expense decreased $0.7 million, or 3.0%, to $21.6 million for the three months ended September 30, 2025 from $22.3 million for the three months ended September 30, 2024.
Previous wording
Net Interest Income. Net interest income increased $6.5 million, or 36.4%, to $24.4 million for the three months ended June 30, 2025 from $17.9 million for the three months ended June 30, 2024. The $6.5 million increase in net interest income for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 was attributable to an increase of $7.1 million in total interest and dividend income primarily due to increases in average loans receivable, offset by an increase of $0.5 million in interest expense due primarily to a higher average cost of funds on interest bearing liabilities.
Current wording
Net Interest Income. Net interest income increased $6.2 million, or 32.7%, to $25.2 million for the three months ended September 30, 2025 from $19.0 million for the three months ended September 30, 2024. The $6.2 million increase in net interest income for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 was attributable to an increase of $5.6 million in total interest and dividend income primarily due to increases in average loans receivable and a decrease of $0.7 million in interest expense due primarily to a higher average cost of funds on interest bearing liabilities.
Previous wording
Net interest rate spread increased by 75 basis points to 2.47% for the three months ended June 30, 2025 from 1.72% for the three months ended June 30, 2024. The increase in the net interest rate spread for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 was primarily due to and an increase in the average yields on interest-earning assets of 44 basis points to 6.13% for the three months ended June 30, 2025 from 5.69% for the three months ended June 30, 2024, and a decrease in the average rates paid on interest-bearing liabilities of 31 basis points to 3.66% for the three months ended June 30, 2025 from 3.97% for the three months ended June 30, 2024.
Current wording
Net interest rate spread increased by 74 basis points to 2.51% for the three months ended September 30, 2025 from 1.77% for the three months ended September 30, 2024. The increase in the net interest rate spread for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 was primarily due to an increase in the average yields on interest-earning assets of 37 basis points to 6.12% for the three months ended September 30, 2025 from 5.75% for the three months ended September 30, 2024, and a decrease in the average rates paid on interest-bearing liabilities of 37 basis points to 3.61% for the three months ended September 30, 2025 from 3.98% for the three months ended September 30, 2024.
Previous wording
Net interest margin increased 65 basis points for the three months ended June 30, 2025, to 3.27% from 2.62% for the three months ended June 30, 2024.
Current wording
Net interest margin increased 65 basis points for the three months ended September 30, 2025, to 3.30% from 2.65% for the three months ended September 30, 2024.
Previous wording
Non-Interest Income. Non-interest income decreased $0.2 million, or 8.8%, to $2.1 million for the three months ended June 30, 2025 from $2.3 million for the three months ended June 30, 2024. The $0.2 million decrease in non-interest income for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 was largely attributable to decreases of $0.6 million in other non-interest income and $0.1 million in income on the sale of mortgage loans, partially offset by increases of $0.4 million in grant income from grants received from the CDFI and $0.1 million in late and prepayment charges.
Current wording
Non-Interest Income. Non-interest income increased $0.3 million, or 29.6%, to $1.5 million for the three months ended September 30, 2025 from $1.2 million for the three months ended September 30, 2024. The $0.3 million increase in non-interest income for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 was largely attributable to increases of $0.4 million in grant income and $0.3 million in late and prepayment charges, partially offset by a decrease of $0.4 million in other non-interest income attributable to the Bank's investment in Oaktree as a result of a loss from Oaktree's investment.
Previous wording
Non-Interest Expense. Non-interest expense increased $0.2 million, or 1.4%, to $16.9 million for the three months ended June 30, 2025 from $16.6 million for the three months ended June 30, 2024. The $0.2 million increase in non-interest expense for the three months ended June 30, 2025, compared to the three months ended June 30, 2024 was mainly attributable to increases of $0.3 million in occupancy and equipment, $0.2 million in data processing expenses, $0.1 million in marketing and promotional expenses and $0.1 million in federal deposit insurance and regulatory assessment, partially offset by a decrease of $0.4 million in direct loan expenses.
Current wording
Non-Interest Expense. Non-interest expense remains flat at $16.6 million for the three months ended September 30, 2025 and 2024. Non-interest expense was impacted by increases of $0.2 million in compensation and benefits, $0.2 million in data processing expenses and $0.1 million in occupancy and equipment, partially offset by decreases of $0.4 million in direct loan expenses and $0.1 million in federal deposit insurance and regulatory assessment.
Previous wording
(1) For the six months ended June 30, 2024, provision for contingencies in the amount of $0.3 million were reclassified from total non-interest expense to benefit for credit losses.
Current wording
(1) For the three months ended September 30, 2024, benefit for contingencies in the amount of $0.3 million were reclassified from total non-interest expense to provision (benefit) for credit losses.
Previous wording
Income Tax Provision. The Company had a provision for income taxes of $1.9 million for the three months ended June 30, 2025 compared to a provision for income taxes of $1.2 million for the three months ended June 30, 2024.
Current wording
Income Tax Provision. The Company had a provision for income taxes of $2.3 million for the three months ended September 30, 2025 compared to a provision for income taxes of $0.6 million for the three months ended September 30, 2024.
Previous wording
Comparison of Results of Operations for the Six Months Ended June 30, 2025 and 2024
Current wording
Comparison of Results of Operations for the Nine Months Ended September 30, 2025 and 2024
Previous wording
The discussion of the Company’s results of operations for the six months ended June 30, 2025 and 2024 are presented below. The results of operations for interim periods may not be indicative of future results.
Current wording
The discussion of the Company’s results of operations for the nine months ended September 30, 2025 and 2024 are presented below. The results of operations for interim periods may not be indicative of future results.
Previous wording
Overview. Net income available to common stockholders was $11.5 million for the six months ended June 30, 2025 compared to net income available to common stockholders of $5.5 million for the six months ended June 30, 2024. Earnings per basic share was $0.51 and diluted share was $0.50 for the six months ended June 30, 2025 compared to earnings per basic and diluted share of $0.25 for six months ended June 30, 2024. The $6.0 million increase of net income available to common stockholders from the six months ended June 30, 2024, was due to increases of $9.9 million in net interest income and $0.5 million in non-interest income, partially offset by increases of $2.2 million in provision for credit losses, $1.4 million in provision for income taxes, $0.5 million in dividends on preferred shares and $0.3 million in non-interest expense. Net income for the six months ended June 30, 2025 and 2024, which excludes $0.6 million and $0.1 million in dividends on preferred shares, was $12.1 million and $5.6 million, respectively.
Current wording
Overview. Net income available to common stockholders was $17.7 million for the nine months ended September 30, 2025 compared to net income available to common stockholders of $7.7 million for the nine months ended September 30, 2024. Earnings per basic share was $0.78 and diluted share was $0.77 for the nine months ended September 30, 2025 compared to earnings per basic and diluted share of $0.34 for nine months ended September 30, 2024. The $10.0 million increase of net income available to common stockholders from the nine months ended September 30, 2024, was due to increases of $16.1 million in net interest income and $0.8 million in non-interest income, partially offset by increases of $3.1 million in provision for credit losses, $3.0 million in provision for income taxes, $0.5 million in dividends on preferred shares and $0.4 million in non-interest expense. Net income for the nine months ended September 30, 2025 and 2024, which excludes $0.8 million and $0.4 million in dividends on preferred shares, was $18.6 million and $8.0 million, respectively.
Previous wording
Interest and Dividend Income. Interest and dividend income increased $11.4 million, or 14.5%, to $89.9 million for the six months ended June 30, 2025 from $78.5 million for the six months ended June 30, 2024. Interest income on loans receivable, which is the Company’s primary source of income, increased $15.5 million, or 25.0%, to $77.4 million for the six months ended June 30, 2025 from $61.9 million for the six months ended June 30, 2024.
Current wording
Interest and Dividend Income. Interest and dividend income increased $17.0 million, or 14.2%, to $136.7 million for the nine months ended September 30, 2025 from $119.8 million for the nine months ended September 30, 2024. Interest income on loans receivable, which is the Company’s primary source of income, increased $24.0 million, or 25.3%, to $118.9 million for the nine months ended September 30, 2025 from $94.9 million for the nine months ended September 30, 2024.
Previous wording
Total interest and dividend income on securities, FHLBNY stock and deposits due from banks decreased $4.1 million, or 24.7%, to $12.4 million for the six months ended June 30, 2025 from $16.5 million for the six months ended June 30, 2024. The decrease was primarily attributable to decreases of $2.3 million in interest on securities and $2.0 million in interest on deposits due from banks, offset by an increase of $0.2 million in dividend on FHLBNY stock.
Current wording
Total interest and dividend income on securities, FHLBNY stock and deposits due from banks decreased $7.1 million, or 28.4%, to $17.8 million for the nine months ended September 30, 2025 from $24.9 million for the nine months ended September 30, 2024. The decrease was primarily attributable to decreases of $3.7 million in interest on securities and $3.4 million in interest on deposits due from banks, offset by an increase of $0.1 million in dividend on FHLBNY stock.
Previous wording
Interest Expense. Interest expense increased $1.5 million, or 3.6%, to $43.2 million for the six months ended June 30, 2025 from $41.7 million for the six months ended June 30, 2024.
Current wording
Interest Expense. Interest expense increased $0.8 million, or 1.3%, to $64.8 million for the nine months ended September 30, 2025 from $64.0 million for the nine months ended September 30, 2024.
Showing the first 40 of 58 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
On December 20, 2024, the Company entered into an ECIP Securities Purchase Option Agreement (the “Repurchase Agreement”) with Treasury. Pursuant to the Repurchase Agreement, Treasury has granted the Company an option to purchase all of the Preferred
Current report — wording carried from elsewhere
Net income for the three months ended September 30, 2025 and 2024, which excludes $0.3 million and $0.3 million, respectively, in dividends on preferred shares, were $6.5 million and $2.4 million, respectively.
Current report — wording carried from elsewhere
September 30, 2025, in the event of an instantaneous upward and downward change in rates from management's interest rate forecast over the next twelve months, assuming a static balance sheet, the following estimated changes are calculated: