Ponce Financial Group, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
October 31, 2022 at 06:08 am
Share
Ponce Financial Group, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported net interest income was USD 17.61 million compared to USD 15.44 million a year ago. Net loss was USD 14.74 million compared to net income of USD 2.05 million a year ago. Basic loss per share from continuing operations was USD 0.64 compared to basic earnings per share from continuing operations of USD 0.086 a year ago. Diluted loss per share from continuing operations was USD 0.64 compared to diluted earnings per share from continuing operations of USD 0.086 a year ago.
For the nine months, net interest income was USD 50.44 million compared to USD 42.06 million a year ago. Net loss was USD 20.79 million compared to net income of USD 10.44 million a year ago. Basic loss per share from continuing operations was USD 0.92 compared to basic earnings per share from continuing operations of USD 0.4444 a year ago. Diluted loss per share from continuing operations was USD 0.92 compared to diluted earnings per share from continuing operations of USD 0.4444 a year ago.
Ponce Financial Group, Inc. is the holding company of Ponce Bank (the Bank), a federally chartered stock savings association. It operates through the administrative office and 13 full-service banking offices and five mortgage loan offices. The Bank's business primarily consists of taking deposits from the general public and investing those deposits, together with funds generated from operations and borrowings, in mortgage loans, consisting of one-to-four family residential (both investor-owned and owner-occupied), multifamily residential, nonresidential properties and construction and land, and, to a lesser extent, in business and consumer loans. The Bank also invests in securities, corporate securities, mortgage-backed securities and Federal Home Loan Bank of New York stock. The Bank offers a variety of deposit accounts, including demand, savings, money markets and certificates of deposit accounts. The Companyâs primary market area consists of the New York City metropolitan area.