Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 18, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PDLB | ||
Entity Registrant Name | Ponce Financial Group, Inc. | ||
Entity Central Index Key | 0001874071 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Title of 12(b) Security | Common stock, par value $0.01 per share | ||
Security Exchange Name | NASDAQ | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 184,414,539 | ||
Entity Common Stock, Shares Outstanding | 23,790,497 | ||
Entity File Number | 001-41255 | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Tax Identification Number | 87-1893965 | ||
Entity Address, Postal Zip Code | 10462 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Address, Address Line One | 2244 Westchester Avenue | ||
Entity Address, City or Town | Bronx | ||
Entity Address, State or Province | NY | ||
City Area Code | 718 | ||
Local Phone Number | 931-9000 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Documents Incorporated by Reference | Portions of the Registrant’s Definitive Proxy Statement relating to the Annual Meeting of Stockholders, scheduled to be held on June 13, 2024, are incorporated into Part III hereof. | ||
Auditor Name | Mazars USA LLP | ||
Auditor Firm ID | 339 | ||
Auditor Location | New York, New York, USA |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Cash and cash equivalents: | |||
Cash (1) | [1] | $ 28,930 | $ 31,977 |
Interest-bearing deposits (1) | [1] | 110,260 | 22,383 |
Total cash and cash equivalents | 139,190 | 54,360 | |
Available-for-sale securities, at fair value (Note 3) | 119,902 | 129,505 | |
Held-to-maturity securities, net of allowance for credit losses of $398 at December 31, 2023 and $0 at December 31, 2022; at amortized cost (fair value 2023 $450,042; 2022 $495,851) (Note 3) | 461,748 | 510,820 | |
Placements with banks | 249 | 1,494 | |
Mortgage loans held for sale, at fair value (Note 4) | 9,980 | 1,979 | |
Loans receivable, net of allowance for credit losses - 2023 $26,154; 2022 $34,592 (Note 5) | 1,895,886 | 1,493,127 | |
Accrued interest receivable | 18,010 | 15,049 | |
Premises and equipment, net (Note 6) | 16,053 | 17,446 | |
Right of use assets (Note 7) | 31,272 | 33,423 | |
Federal Home Loan Bank of New York (FHLBNY) stock, at cost | 19,377 | 24,661 | |
Deferred tax assets (Note 11) | 14,332 | 16,137 | |
Other assets | 24,723 | 13,988 | |
Total assets | 2,750,722 | 2,311,989 | |
Liabilities: | |||
Deposits (Note 8) | 1,507,620 | 1,252,412 | |
Operating lease liabilities | 32,684 | 34,532 | |
Accrued interest payable | 11,965 | 1,390 | |
Advance payments by borrowers for taxes and insurance | 10,778 | 9,724 | |
Borrowings (Note 9) | 684,421 | 517,375 | |
Other liabilities | 11,859 | 3,856 | |
Total liabilities | 2,259,327 | 1,819,289 | |
Commitments and contingencies (Note 14) | |||
Stockholders' Equity: | |||
Preferred stock, $0.01 par value; 100,000,000 shares authorized, 225,000 shares issued and outstanding as of December 31, 2023 and 2022 | 225,000 | 225,000 | |
Common stock, $0.01 par value; 200,000,000 shares authorized; 24,886,711 shares issued and 23,785,520 shares outstanding as of December 31, 2023 and 24,861,329 shares issued and 24,859,353 shares outstanding as of December 31, 2022 | 249 | 249 | |
Treasury stock, at cost; 1,101,191 shares as of December 31, 2023 and 1,976 shares as of December 31, 2022 (Note 12) | (9,747) | (2) | |
Additional paid-in-capital | 207,106 | 206,508 | |
Retained earnings | 97,420 | 92,955 | |
Accumulated other comprehensive income (loss) (Note 17) | (15,649) | (17,860) | |
Unearned Employee Stock Ownership Plan (ESOP); 1,435,732 shares as of December 31, 2023 and 1,569,475 shares as of December 31, 2022 (Note 12) | (12,984) | (14,150) | |
Total stockholders' equity | 491,395 | 492,700 | |
Total liabilities and stockholders' equity | $ 2,750,722 | $ 2,311,989 | |
[1] A s of December 31, 2022, $ 2.1 million of FRBNY cash were reclassified from Cash to Interest-bearing deposits. |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Held-to-maturity securities, allowance for credit losses | $ 398 | $ 0 |
Held-to-maturity securities, at fair value | 450,042 | 495,851 |
Loans receivable, allowance for credit losses | $ 26,154 | $ 34,592 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 225,000 | 225,000 |
Preferred stock, shares outstanding | 225,000 | 225,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares, issued | 24,886,711 | 24,861,329 |
Common stock, shares, outstanding | 23,785,520 | 24,859,353 |
Treasury stock, common shares | 1,101,191 | 1,976 |
Unearned Employee Stock Ownership Plan (ESOP) | 1,435,732 | 1,569,475 |
FRBNY cash reclassified from cash to interest bearing deposits | $ 2,100 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Interest and dividend income: | ||||
Interest on loans receivable | $ 95,805 | $ 69,865 | $ 65,532 | |
Interest on deposits due from banks | 4,973 | 713 | 20 | |
Interest and dividend on securities and FHLBNY stock | 25,089 | 12,174 | 1,546 | |
Total interest and dividend income | 125,867 | 82,752 | 67,098 | |
Interest expense: | ||||
Interest on certificates of deposit (1) | [1] | 16,571 | 4,148 | 4,244 |
Interest on other deposits (1) | [1] | 18,570 | 5,802 | 1,427 |
Interest on borrowings | 25,460 | 6,199 | 2,581 | |
Total interest expense | 60,601 | 16,149 | 8,252 | |
Net interest income | 65,266 | 66,603 | 58,846 | |
Provision for credit losses (Note 3) (Note 5) | 973 | 24,046 | 2,717 | |
Net interest income after provision for credit losses | 64,293 | 42,557 | 56,129 | |
Non-interest income: | ||||
Service charges and fees | 1,986 | 1,830 | 1,657 | |
Brokerage commissions | 80 | 1,020 | 1,324 | |
Late and prepayment charges | 2,365 | 623 | 1,207 | |
Income on sale of mortgage loans | 598 | 741 | 5,265 | |
Loan origination | 1,286 | 3,021 | ||
Grant income | 4,156 | |||
Loss on sale of premises and equipment | (436) | 20,270 | ||
Other | 1,038 | 1,355 | 1,893 | |
Total non-interest income | 10,223 | 6,419 | 34,637 | |
Non-interest expense: | ||||
Compensation and benefits | 30,699 | 27,914 | 23,262 | |
Occupancy and equipment | 14,568 | 13,968 | 11,328 | |
Data processing expenses | 5,083 | 3,779 | 3,015 | |
Direct loan expenses | 1,623 | 2,487 | 3,888 | |
Provision for contingencies | 2,311 | 126 | 45 | |
Insurance and surety bond premiums | 1,018 | 870 | 585 | |
Office supplies, telephone and postage | 1,483 | 1,555 | 2,054 | |
Professional fees | 7,092 | 5,904 | 7,629 | |
Contribution to the Ponce De Leon Foundation (Note 2) | 4,995 | |||
Grain (recoveries) and write-off (Note 5) | (1,481) | 17,940 | ||
Marketing and promotional expenses | 825 | 593 | 206 | |
Directors' fees and regulatory assessment | 657 | 705 | 608 | |
Other operating expenses | 4,785 | 4,986 | 4,522 | |
Total non-interest expense | 68,663 | 85,822 | 57,142 | |
Income (loss) before income taxes | 5,853 | (36,846) | 33,624 | |
Provision (benefit) for income taxes (Note 11) | 2,501 | (6,845) | 8,209 | |
Net income (loss) | $ 3,352 | $ (30,001) | $ 25,415 | |
Earnings (loss) per share: (Note 13) | ||||
Basic | $ 0.15 | $ (1.32) | $ 1.52 | |
Diluted | $ 0.15 | $ (1.32) | $ 1.51 | |
Weighted average shares outstanding: (Note 13) | ||||
Basic | 22,745,317 | 22,690,943 | 16,744,561 | |
Diluted | 22,822,313 | 22,690,943 | 16,791,443 | |
[1] For the year ended December 31, 2022, $ 0.7 million of interest expense were reclassified from Interest on other deposits to Interest on certificates of deposits. |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Income Statement [Abstract] | |
Interest expense reclassified from Interest on other deposits to Interest on certificates of deposits | $ 0.7 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 3,352 | $ (30,001) | $ 25,415 |
Net change in unrealized gains (losses) on securities: | |||
Unrealized gain (losses) | 2,758 | (20,781) | (1,971) |
Income (tax) benefit effect | (547) | 4,377 | 380 |
Total other comprehensive income (loss), net of tax | 2,211 | (16,404) | (1,591) |
Total comprehensive income (loss) | $ 5,563 | $ (46,405) | $ 23,824 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Treasury Stock, At Cost | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Unearned Employee Stock Ownership Plan (ESOP) |
Balance at Dec. 31, 2020 | $ 159,544 | $ 185 | $ (18,114) | $ 85,105 | $ 97,541 | $ 135 | $ (5,308) | |
Balance, Shares at Dec. 31, 2020 | 17,125,969 | |||||||
Net (loss) income | 25,415 | 25,415 | ||||||
Other comprehensive income (loss), net of tax | (1,591) | (1,591) | ||||||
Release of restricted stock units | 1,385 | (1,385) | ||||||
Release of restricted stock units, shares | 98,232 | |||||||
Treasury stock | 3,136 | 3,042 | 94 | |||||
Treasury stock, Shares | 201,786 | |||||||
ESOP shares committed to be released | 1,345 | 380 | 965 | |||||
Share-based compensation | 1,407 | 1,407 | ||||||
Balance at Dec. 31, 2021 | 189,256 | $ 185 | (13,687) | 85,601 | 122,956 | (1,456) | (4,343) | |
Balance, Shares at Dec. 31, 2021 | 17,425,987 | |||||||
Net (loss) income | (30,001) | (30,001) | ||||||
Other comprehensive income (loss), net of tax | (16,404) | (16,404) | ||||||
Conversion and reorganization of PDL Community Bancorp | 118,010 | $ 58 | 117,952 | |||||
Conversion and reorganization of PDL Community Bancorp, shares | 5,788,972 | |||||||
Retirement of treasury stock | $ (11) | 13,687 | (13,676) | |||||
Purchase of shares by the Employee Stock Ownership Plan ("ESOP') | $ 11 | 10,963 | (10,974) | |||||
Purchase of shares by the Employee Stock Ownership Plan ("ESOP'), shares | 1,097,353 | |||||||
Issuance of shares to the Ponce De Leon Foundation | 3,995 | $ 4 | 3,991 | |||||
Issuance of shares to the Ponce De Leon Foundation, shares | 399,522 | |||||||
Issuance of preferred shares | 225,000 | $ 225,000 | ||||||
Issuance of preferred shares, shares | 225,000 | |||||||
Release of restricted stock units | 1 | $ 2 | (1) | |||||
Release of restricted stock units, shares | 149,495 | |||||||
Treasury stock | (2) | |||||||
Treasury stock, Shares | (1,976) | |||||||
Treasury stock | 2 | |||||||
ESOP shares committed to be released | 1,276 | 109 | 1,167 | |||||
Share-based compensation | 1,567 | 1,567 | ||||||
Balance at Dec. 31, 2022 | 492,700 | $ 225,000 | $ 249 | (2) | 206,508 | 92,955 | (17,860) | (14,150) |
Balance, Shares at Dec. 31, 2022 | 225,000 | 24,859,353 | ||||||
Net (loss) income | 3,352 | 3,352 | ||||||
Other comprehensive income (loss), net of tax | 2,211 | 2,211 | ||||||
Impact of CECL adoption, net of tax | 1,113 | 1,113 | ||||||
Release of restricted stock units | 1,264 | (1,264) | ||||||
Release of restricted stock units, shares | 161,167 | |||||||
Treasury stock | $ (11,009) | (11,009) | ||||||
Treasury stock, Shares | (1,235,000) | (1,235,000) | ||||||
ESOP shares committed to be released | $ 1,142 | (24) | 1,166 | |||||
Share-based compensation | 1,886 | 1,886 | ||||||
Balance at Dec. 31, 2023 | $ 491,395 | $ 225,000 | $ 249 | $ (9,747) | $ 207,106 | $ 97,420 | $ (15,649) | $ (12,984) |
Balance, Shares at Dec. 31, 2023 | 225,000 | 23,785,520 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Number of ESOP shares committed to be released | (133,744) | (133,744) | (96,500) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows From Operating Activities: | |||
Net income (loss) | $ 3,352,000 | $ (30,001,000) | $ 25,415,000 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | |||
Amortization of premiums/discounts on securities, net | (118,000) | 342,000 | 120,000 |
Gain on sale of mortgage loans | (558,000) | (184,000) | (69,000) |
Loss (gain) on sale of real property | 436,000 | (20,270,000) | |
Gain on derivatives | (22,000) | (172,000) | |
Grain (recoveries) write-off | (1,481,000) | 17,940,000 | |
(Benefit) provision for credit losses | 973,000 | 24,046,000 | 2,717,000 |
Depreciation and amortization | 4,526,000 | 4,266,000 | 2,473,000 |
ESOP compensation expense | 1,142,000 | 1,372,000 | 1,395,000 |
Share-based compensation expense | 1,886,000 | 1,567,000 | 1,405,000 |
Deferred income taxes | 1,258,000 | (7,939,000) | 1,260,000 |
Changes in assets and liabilities: | |||
(Increase) decrease in mortgage loans held for sale, at fair value | (7,403,000) | 13,857,000 | (18,759,000) |
Increase in accrued interest receivable | (2,961,000) | (2,687,000) | (966,000) |
Increase in other assets | (10,735,000) | (11,774,000) | (10,579,000) |
Increase in accrued interest payable | 10,575,000 | 1,162,000 | 168,000 |
Decrease in operating lease liabilities | (2,421,000) | (2,149,000) | |
Increase in advance payments by borrowers | 1,054,000 | 2,067,000 | 638,000 |
Decrease in mortgage loan funding payable | (1,483,000) | ||
Net increase (decrease) in other liabilities | 7,404,000 | (2,500,000) | (2,258,000) |
Net cash provided by operating activities | 6,493,000 | 9,799,000 | 18,553,000 |
Cash Flows From Investing Activities: | |||
Proceeds from redemption of FHLBNY Stock | 241,818,000 | 213,416,000 | 1,111,000 |
Purchases of FHLBNY Stock | (236,545,000) | (232,076,000) | (686,000) |
Purchases of available-for-sale securities | (58,383,000) | (109,878,000) | |
Purchases of held-to-maturity securities | 0 | (528,929,000) | |
Proceeds from sale of available-for-sale securities | 3,641,000 | ||
Proceeds from maturities, calls and principal repayments on securities | 60,954,000 | 40,318,000 | 9,251,000 |
Placements with banks | 1,245,000 | 996,000 | 249,000 |
Proceeds from sales of loans | 2,779,000 | 9,665,000 | 14,382,000 |
Net increase in loans | (402,748,000) | (221,576,000) | (162,657,000) |
Proceeds from sale of real property | 37,619,000 | ||
Purchases of premises and equipment | (411,000) | (492,000) | (4,171,000) |
Net cash used in investing activities | (332,908,000) | (777,061,000) | (211,139,000) |
Cash Flows From Financing Activities: | |||
Net increase in deposits | 255,208,000 | 47,696,000 | 175,137,000 |
Funds received in connection with second-step conversion | 122,000,000 | ||
Common stock issued from vesting of restricted stock units | 2,000 | ||
Proceeds from issuance of preferred stock | 225,000,000 | ||
Repurchase of treasury stock | (11,009,000) | (1,607,000) | |
Proceeds from the sale of treasury stock | 4,743,000 | ||
Contribution to the Ponce De Leon Foundation | (1,000,000) | ||
Net proceeds from borrowings | 167,046,000 | 411,120,000 | (11,000,000) |
Net advances on warehouse lines of credit | (15,090,000) | (14,871,000) | |
Net cash (used in) provided by financing activities | 411,245,000 | 667,728,000 | 274,402,000 |
Net increase (decrease) in cash and cash equivalents | 84,830,000 | (99,534,000) | 81,816,000 |
Cash and Cash Equivalents, including restricted cash: | |||
Beginning | 54,360,000 | 153,894,000 | 72,078,000 |
Ending | 139,190,000 | 54,360,000 | 153,894,000 |
Cash paid during the year: | |||
Interest | 50,026,000 | 14,987,000 | 8,084,000 |
Income taxes | $ 1,006,000 | 173,000 | $ 5,970,000 |
Supplemental disclosure related to adoption of ASU 2016-02, detailed in Note 7: | |||
ROU Assets | 35,870,000 | ||
Operating lease liabilities | $ 36,681,000 |
Nature of Business and Summary
Nature of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Summary of Significant Accounting Policies | Note 1. Nature of Busine ss and Summary of Significant Accounting Policies Basis of Presentation and Consolidation : Ponce Financial Group, Inc. (hereafter referred to as “we,” “our,” “us,” “Ponce Financial Group, Inc.,” or the “Company”), is the holding company of Ponce Bank (“Ponce Bank” or the “Bank”), a federally chartered stock savings association. The Company’s Consolidated Financial Statements presented herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Consolidated Financial Statements include the accounts of the Company, its wholly-owned subsidiary Ponce Bank (the “Bank”) and the Bank’s wholly-owned subsidiary, Ponce De Leon Mortgage Corp., which is a mortgage banking entity. All significant intercompany transactions and balances have been eliminated in consolidation. Nature of Operations: The Company is a savings and loan holding company. The Company is subject to the regulation and examination by the Board of Governors of the Federal Reserve. The Company’s business is conducted through the administrative office and 13 full service banking and 5 mortgage loan offices. The banking offices are located in New York City – the Bronx ( 4 branches), Queens ( 3 branches), Brooklyn ( 3 branches), Manhattan ( 2 branches) and Union City ( 1 branch), New Jersey. The mortgage loan offices are located in Queens ( 3 ) and Brooklyn ( 1 ), New York and Bergenfield ( 1 ), New Jersey. The Company’s primary market area currently consists of the New York City metropolitan area. The Bank is a federally chartered stock savings association headquartered in the Bronx, New York. It was originally chartered in 1960 as a federally chartered mutual savings and loan association under the name Ponce De Leon Federal Savings and Loan Association. In 1985, the Bank changed its name to “Ponce De Leon Federal Savings Bank.” In 1997, the Bank changed its name again to “Ponce De Leon Federal Bank.” Upon the completion of its reorganization into a mutual holding company structure in September of 2017, the assets and liabilities of Ponce De Leon Federal Bank were transferred to and assumed by the Bank. The Bank is a Minority Depository Institution (“MDI”), a Community Development Financial Institution (“CDFI”), and a certified Small Business Administration (“SBA”) lender. The Bank is subject to comprehensive regulation and examination by the Office of Comptroller of the Currency (the “OCC”). 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, which have historically consisted of U.S. government and federal agency securities and securities issued by government-sponsored or owned enterprises, mortgage-backed securities and Federal Home Loan Bank of New York (the “FHLBNY”) stock. The Bank offers a variety of deposit accounts, including demand, savings, money markets and certificates of deposit accounts. Risks and Uncertainties: Inflation and interest rates may continue to adversely impact several industries within our geographic footprint and impair the ability of the Company’s customers to fulfill their contractual obligations to the Company. This could cause the Company to experience adverse effects on its business operations, loan portfolio, financial condition, and results of operations. During the year ended December 31, 2023 , total interest expenses increased $ 44.5 million, or 275.3 %, to $ 60.6 million when compared to $ 16.1 million for the year ended December 31, 2022. Summary of Significant Accounting Policies: Use of Estimates : In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, as of the date of the consolidated statement of financial condition, and revenues and expenses for the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, the valuation of loans held for sale, the valuation of deferred tax assets and investment securities and the estimates relating to the valuation for share-based awards. Significant Group Concentrations of Credit Risk : Most of the Bank's activities are with customers located within New York City. Accordingly, the ultimate collectability of a substantial portion of the Bank's loan portfolio and the ability of Mortgage World, a division of the Bank, to sell originated loans in the secondary markets are susceptible to changes in the local market conditions. Note 3 discusses the types of securities in which the Bank invests. Notes 5 and 14 discuss the types of lending that the Bank engages in, and other concentrations. Cash and Cash Equivalents : Cash and cash equivalents include cash on hand and amounts due from banks (including items in process of clearing). For purposes of reporting cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. Cash flows from loans originated by the Company, interest-bearing deposits in financial institutions, and deposits are reported net. Included in cash and cash equivalents are restricted cash from escrows and good faith deposits. Escrows consist of U.S. Department of Housing and Urban Development (“HUD”) upfront mortgage insurance premiums and escrows on unsold mortgages that are held on behalf of borrowers. Good faith deposits consist of deposits received from commercial loan customers for use in various disbursements relating to the closing of a commercial loan. Securities : Management determines the appropriate classification of securities at the date individual investment securities are acquired, and the appropriateness of such classification is reassessed at each statement of financial condition date. Debt securities that management has the positive intent and ability to hold to maturity are classified as "held-to-maturity" and recorded at amortized cost. Trading securities, if any, are carried at fair value, with unrealized gains and losses recognized in earnings. Securities not classified as held-to-maturity or trading, are classified as "available-for-sale" and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss), net of tax. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Held-to maturity securities : Effective January 1, 2023, the Company adopted Accounting Standards Topic 326, "Financial Instruments - Credit Losses" which replaced the previously existing U.S. GAAP "incurred loss" approach to "expected credit losses" approach, which is referred as Current Expected Credit Losses ("CECL"). CECL modifies the accounting of impairment on held-for-sale debt securities by recognizing a credit loss through an allowance for credit losses ("ACL"). The Company methodology to measure the ACL incorporates both quantitative and qualitative information to assess lifetime expected credit losses at the portfolio level. The quantitative component includes the calculation of loss rates using an open pool method. The Company differentiates its loss-rate method for a pool of held-to-maturity corporate securities by looking to publicly available historical default and recovery statistics based on the attributes of issuer type, rating category and time to maturity. The Company measures expected credit losses of these financial assets by applying loss rates to the amortized cost basis of each asset taking into consideration amortization, prepayment and default assumptions. The Company considers qualitative adjustments to expected credit losses for information not already captured in the loss estimation process. Qualitative factor adjustments may increase or decrease management's estimate of expected credit losses. Adjustments will not be made for information that has already been considered and included in the quantitative allowance. Available-for-sale securities : The impairment model for available-for-sale ("AFS") debt securities differs from the CECL approach utilized by held-to-maturity ("HTM") debt securities since AFS debt securities are measured at fair value rather than amortized cost. For AFS debt securities in an unrealized loss position, the Bank first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. On a quarterly basis, the Company evaluates the available-for-sale securities for impairment. Securities that are in an unrealized loss position are reviewed to determine if a securities credit loss exists based on certain quantitative and qualitative factors. The primary factors considered in evaluating whether an impairment exists include: (a) the extent to which the fair value is less than the amortized cost basis, (b) the financial condition, credit rating and future prospects of the issuer, (c) whether the debtor is current on contractually obligated interest and principal payments, and (d) whether the Company intends to sell the security and whether it is more likely than not the Company will not be required to sell the security. If a determination is made that a security is impaired, the Company will estimate the amount of the unrealized loss that is attributable to credit and all other non-credit related factors. The credit related component will be recognized as a securities credit loss as a provision expense through the establishment of an allowance for available for sale securities. The securities credit loss expense will be limited to the difference between the security's amortized cost basis and fair value and any future changes may be reversed, limited to the amount previously expensed in the period they occur. The non-credit related component will be recorded as an adjustment to accumulated other comprehensive income, net of tax. The evaluation of securities for impairment is a quantitative and qualitative process, which is subject to risks and uncertainties and is intended to determine whether declines in the estimated fair value of investments should be recognized in current period earnings. The risks and uncertainties include change in general economic conditions, the issuer's financial condition and/or future prospects, the effects of changes in interest rates or credit spreads, and the expected recovery period. See Note 3 ("Securities") of the Notes to the Consolidated Financial Statements. Federal Home Loan Bank of New York Stock : The Bank is a member of the FHLBNY. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLBNY stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. Loans Receivable : Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at current unpaid principal balances, net of the ACL on loans and including net deferred loan origination fees and costs. Interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the interest method without anticipating prepayments. A loan is moved to nonaccrual status in accordance with the Company’s policy typically after 90 days of non-payment. The accrual of interest on mortgage and commercial loans is generally discontinued at the time the loan becomes 90 days past due unless the loan is well-secured and in process of collection. Consumer loans are typically charged-off no later than 90 days past due. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual status or charged-off if collection of principal or interest is considered doubtful. All nonaccrual loans are considered impaired loans. All interest accrued but not received for loans placed on nonaccrual are reversed against interest income. Interest received on such loans is accounted for on the cash basis or recorded against principal balances, until qualifying for return to accrual. Cash basis interest recognition is only applied on nonaccrual loans with a sufficient collateral margin to ensure no doubt with respect to the collectability of principal. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and remain current for a period of time (typically six months) and future payments are reasonably assured. Accrued interest receivable is closely monitored for collectability and will be charged-off in a timely manner if deemed uncollectable. In the event that collection of principal becomes uncertain, the Company has policies in place to write-off accrued interest receivable by reversing interest income in a timely manner. Therefore, the Company has made a policy election to exclude accrued interest from the amortized cost basis and therefore excludes it from the measurement of the ACL. Allowance for Credit Losses : The ACL on loans is management's estimate of expected credit losses over the expected life of the loans at the reporting date. The ACL on loans is increased through a provision for credit losses (“PCL”) recognized in the Consolidated Statements of Operations and by recoveries of amounts previously charged off. The ACL on loans is reduced by charge-offs on loans. Loan charge-offs are recognized when Management believes the collectability of the principal balance outstanding is unlikely. Full or partial charge-offs on collateral-dependent individually analyzed loans are generally recognized when the collateral is deemed to be insufficient to support the carrying value of the loan. According to ASC 326-20-30-9, estimating expected credit losses is highly judgmental and generally will require Ponce Bank to make specific judgments. One of these specific judgments around how Ponce Bank will make or obtain reasonable and supportable forecasts of expected credit losses. Ponce Bank uses the Federal Open Market Committee to obtain various forecasts for unemployment rate, national gross domestic product and the National Consumer Price Index. Ponce Bank has elected to forecast the first four quarters of the credit loss estimate and revert to a long-run average of each considered economic factor as permitted in ASC 326-20-30-9. The level of the ACL on loans is based on Management's ongoing review of all relevant information, from internal and external sources, related to past events, current conditions and reasonable forecast. Historical credit loss experience provides the basis for calculation of probability of default, loss given default, exposure at default and the estimation of expected credit losses. As discussed further below, adjustments to historical information are made for differences in specific risk characteristics, such as differences in underwriting standards, portfolio mix, delinquency level, or term, as well as for changes in environmental conditions, that may not be reflected in historical loss rates. Management employs a process and methodology to estimate the ACL on loans that evaluates both quantitative and qualitative factors. Under ASC 326-20-30-2 and 326-20-55-5, Ponce Bank should aggregate financial assets on the basis of similar risk characteristics. Management selected a Call Code segmentation, as based on the Bank's call report. Management’s criteria for determining an appropriate segmentation (1) groups loans based on similar risk characteristics; (2) allows for mapping and utilization/application of publicly available external information (Call Report Filings); (3) allows for mapping and utilization/application of publicly available external information; (4) federal call code is granular enough to accommodate enough to accommodate a “like-kind” notion, yet broad enough to maintain statistical relevance and/or a meaningful number of loan observations within material segments and (5) federal call code designation is identifiable throughout historical data sets, which is critical component of segmentation selection. Quantitative loss factors are also supplemented by certain qualitative risk factors reflecting Management's view of how losses may vary from those represented by quantitative loss rates. These qualitative risk factors include: (1) changes in lending policies, procedures and strategies including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses; (2) economic conditions such as the Bank’s market area, customer demographics, portfolio composition, along with national indicators considered impactful to the model; (3) changes in the nature and volume of the portfolio; (4) credit and lending staff/administration; (5) problem with loan trends; (6) concentrations; (7) loan review results; (8) collateral values and (9) regulatory and business environment. Because the methodology is based upon historical experience and trends, current economic data, reasonable and supportable forecasts, as well as Management's judgment, factors may arise that result in different estimations. Deteriorating conditions or assumptions could lead to further increases in the ACL on loans. The ACL on loans is determined by an estimate of future credit losses, and ultimate losses may vary from Management's estimate. Allowances for Credit Losses on Unfunded Commitments : The ACL on unfunded commitments is Management's estimate of expected credit losses over the expected contractual term (or life) in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditional cancellable by the Company. For each portfolio, estimated loss rates and funding factors are applied to the corresponding balance of unfunded commitments and the estimated loss rates applied to unfunded commitments are the same quantitative and qualitative loss rates applied to the corresponding on-balance sheet amounts in determining the ACL on loans. The estimated funding factor applied to unfunded commitments is used to project future average funding and is based upon the Company's average historical utilization rate for each portfolio. The ACL on unfunded commitments is included in other liabilities in the Consolidated Statements of Financial Conditions. The ACL on unfunded commitments is adjusted through non-interest expense in the Consolidated Statements of Operations. Loans Held for Sale, at Fair Value : Loans held for sale, at fair value, include residential mortgages that were originated in accordance with secondary market pricing and underwriting standards. These loans are loans originated by the Bank’s Mortgage World division and the Company intends to sell these loans on the secondary market. Loans held for sale are carried at fair value under the fair value option accounting guidance for financial assets and financial liabilities. The gains or losses for the changes in fair value of these loans are included in income on sale of loans on the consolidated statements of operations. Interest income on mortgage loans held for sale measured under the fair value option is calculated based on the principal amount of the loan and is included in interest loans receivable on the consolidated statements of operations. At December 31, 2023 and 2022, 19 loans and 4 loans in the amount of $ 10.0 million and $ 2.0 million, respectively, were held for sale and accounted for under the fair value option accounting guidance for financial assets and financial liabilities. Revenue from Contracts with Customers : The Company’s revenue from contracts with customers in the scope of ASC 606, Revenue from Contract with Customers , is recognized within noninterest income. ASC 606 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. Management determined the revenue streams impacted by ASC 606 included those related to service charges on deposit accounts, ATM and card fees and other services fees. The Company’s revenue recognition pattern for these revenue streams did not change from current practice. The Company's primary sources of revenue are interest income on financial assets and income from mortgage banking activities, which are explicitly excluded from the scope of ASC 606. Transfers of Financial Assets : Transfers of financial assets are accounted for as sales when all of the components meet the definition of a participating interest and when control over the assets has been surrendered. A participating interest generally represents (1) a proportionate (pro rata) ownership interest in an entire financial asset, (2) a relationship where from the date of transfer all cash flows received from the entire financial asset are divided proportionately among the participating interest holders in an amount equal to their share of ownership, (3) the priority of cash flows has certain characteristics, including no reduction in priority, subordination of interest, or recourse to the transferor other than standard representation or warranties, and (4) no party has the right to pledge or exchange the entire financial asset unless all participating interest holders agree to pledge or exchange the entire financial asset. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Bank, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Bank does not maintain effective control over the transferred assets through either (a) an agreement to repurchase them before their maturity or (b) the ability to unilaterally cause the holder to return specific assets, other than through a clean-up call. Premises and Equipment: Premises include the cost of land and buildings actually owned and occupied (or to be occupied) by the Bank, its branches, or consolidated subsidiaries. Equipment includes all movable furniture, fixtures, and equipment, including automobiles and other vehicles of the Bank, its branches and consolidated subsidiaries. Premises and equipment are stated at cost, less accumulated depreciation. Depreciation is the concept of allocating the cost of fixed assets over their estimated useful lives. Depreciation is computed and charged to operations using the straight-line method over the estimated useful lives of the respective assets as follows: Years Building 39 Building improvements 15 - 39 Furniture, fixtures and equipment 3 - 10 Leasehold improvements are amortized over the shorter of the improvements’ estimated economic lives or the related lease terms, including extensions expected to be exercised. Gains and losses on dispositions are recognized upon realization. Maintenance and repairs are expensed as incurred and improvements are capitalized. Leasehold improvements in process are not amortized until the assets are placed in operation. Impairment of Long-Lived Assets : Long-lived assets, including premises and leasehold improvements, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If impairment is indicated by that review, the asset is written down to its estimated fair value through a charge to noninterest expense. Leases : The Company leases office space and certain equipment under non-cancellable operating lease agreements and determines if an arrangement is a lease at inception. The Company does not currently have any financing lease arrangements. Right of use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right of use assets are recognized on the commencement date based on the present value of lease payments over the lease term adjusted for initial direct costs, if any, and lease incentives received or deemed probable of being received. The Company uses the rate implicit in the lease if it is readily determinable or otherwise the Company uses its incremental borrowing rate. The implicit rates of Company leases are not readily determinable and accordingly, the Company uses its incremental borrowing rate based on the information available at the commencement date for all leases. The Company's incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms and in a similar economic environment. The Company uses its FHLBNY borrowing rate based on the information available on the commencement date plus a spread of 2.50 % in determining the present value of lease payments. Lease expense is recognized on a straight-line basis over the lease term and is included in “Occupancy and equipment” in the Consolidated Statement of Operations. Some of the Company’s lease agreements include rental payments adjusted periodically for inflation which are accounted for as variable lease amounts but are not reflected as a component of the Company’s lease liability. Certain leases also require the Company to pay real estate taxes, insurance, maintenance and other operating expenses associated with the leased premises or equipment which are also not reflected as a component of the Company’s lease liability. Other Real Estate Owned : Other Real Estate Owned (“OREO”) represents properties acquired through, or in lieu of, loan foreclosure or other proceedings. OREO is initially recorded at fair value, less estimated disposal costs, at the date of foreclosure, which establishes a new cost basis. After foreclosure, the properties are held for sale and are carried at the lower of cost or fair value, less estimated costs of disposal. Any write-down to fair value, at the time of transfer to OREO, is charged to the allowance for credit losses. Properties are evaluated regularly to ensure that the recorded amounts are supported by current fair values and charges against earnings are recorded as necessary to reduce the carrying amount to fair value, less estimated costs to dispose. Costs relating to the development and improvement of the property are capitalized, subject to the limit of fair value of the OREO, while costs relating to holding the property are expensed. Gains or losses are included in operations upon disposal. Income Taxes : The Company recognizes income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income, in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that all or some portion of the deferred tax assets will not be realized. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the consolidated financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold are measured as the largest amount of tax benefit that is more than 50 % likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits, if any, would be classified as additional provision for income taxes in the consolidated statements of operations. Related Party Transactions : Directors and officers of the Company and their affiliates have been customers of and have had transactions with the Company, and it is expected that such persons will continue to have such transactions in the future. Management believes that all deposit accounts, loans, services and commitments comprising such transactions were made in the ordinary course of business, on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other customers who are not directors or officers. In the opinion of management, the transactions with related parties did not involve more than normal risk of collectability, nor favored treatment or terms, nor present other unfavorable features. Note 18 contains details regarding related party transactions. Employee Benefit Plans: The Company maintains a KSOP, an Employee Stock Ownership Plan with 401(k) provisions incorporated, a Long-Term Incentive Plan that includes grants of restricted stock units and stock options, and a Supplemental Executive Retirement Plan (the “SERP”). KSOP, the Employee Stock Ownership Plan with 401(k) Provisions: Compensation expense is recorded as shares are committed to be released with a corresponding credit to unearned KSOP equity account at the average fair market value of the shares during the period and the shares become outstanding for earnings per share computations. Compensation expense is recognized ratably over the service period based upon management’s estimate of the number of shares expected to be allocated by the KSOP. The difference between the average fair market value and the cost of the shares allocated by the KSOP is recorded as an adjustment to additional paid-in-capital. Unallocated common shares held by the Company’s KSOP are shown as a reduction in stockholders’ equity and are excluded from weighted-average common shares outstanding for both basic and diluted earnings per share calculations until they are committed to be released. The 401(k) provisions provide for elective employee/participant deferrals of income. Discretionary matching, profit-sharing, and safe harbor contributions, not to exceed 4 % of employee compensation and profit-sharing contributions may be provided. Stock Options: The Company recognizes the value of shared-based payment transactions as compensation costs in the financial statements over the period that an employee provides service in exchange for the award. The fair value of the share-based payments for stock options is estimated using the Black-Scholes option-pricing model. The Company accounts for forfeitures as they occur during the period. Restricted Stock Units: The Company recognizes compensation cost related to restricted stock units based on the market price of the stock units at the grant date over the vesting period. The product of the number of units g |
Preferred Stock Issuance; Plan
Preferred Stock Issuance; Plan of Conversion and Stock Offering | 12 Months Ended |
Dec. 31, 2023 | |
Plan Of Conversion And Stock Offering [Abstract] | |
Preferred Stock Issuance; Plan of Conversion and Stock Offering | Note 2. Preferred Stock Issuance; Plan of Conversion and Stock Offering Preferred Stock Issuance On June 7, 2022, the Company closed a private placement (the “Private Placement”) of 225,000 shares of the Company’s Senior Non-Cumulative Perpetual Preferred Stock, Series A, par value $ 0.01 (the “Preferred Stock”) for an aggregate purchase price equal to $ 225.0 million in cash, to the United States Department of the Treasury (the “Treasury”) pursuant to the Emergency Capital Investment Program (“ECIP”). The holders of the Preferred Stock will be entitled to a dividend payable in cash quarterly at an annual rate dependent on certain factors as reported by the Company to Treasury in a quarterly supplemental report. The initial dividend rate is zero percent for the first two years after issuance, and thereafter the floor dividend rate is 0.50 % and the ceiling dividend rate is 2.00 %. After 10 years of issuance, the perpetual dividend rate in effect, will be determined based on said floor and ceiling. The actual dividend rate that will be paid by the Company on the Preferred Stock cannot be determined at this time. The ECIP investment by the Treasury is part of a program to invest over $ 8.7 billion into Community Development Financial Institution (“CDFI”) or Minority Depository Institution (“MDI”), of which Ponce Bank is both. The ECIP is intended to incentivize CDFIs and MDIs to provide loans, grants, and forbearance to small businesses, minority-owned businesses, and consumers in low-income and underserved communities that may have been disproportionately impacted by the economic effects of the COVID-19 pandemic. In the event of a liquidation, dissolution or winding up of the Company, the Preferred Stock will be entitled to a liquidation preference, subject to certain limitations, in the amount of the sum of $ 1,000 per share plus declared and unpaid dividends (without accumulation of undeclared dividends) on each share. Plan of Conversion and Common Stock Offering On May 25, 2021, Ponce Bank Mutual Holding Company and PDL Community Bancorp, the then holding company for Ponce Bank and Mortgage World Bankers, Inc., announced that their Boards of Directors had unanimously adopted a Plan of Conversion and Reorganization (the “Plan”) pursuant to which Ponce Bank Mutual Holding Company and PDL Community Bancorp reorganized into a new stock holding company and conducted a second-step stock offering of new shares of common stock. On January 26, 2022, Mortgage World transferred its assets and liabilities to Ponce Bank and ceased operating as an independent mortgage banking entity. Mortgage World’s business is now conducted as a division of Ponce Bank. On January 27, 2022, Ponce Financial Group, Inc. and PDL Community Bancorp announced that the conversion and reorganization of Ponce Bank Mutual Holding Company from the mutual to stock form of organization and related stock offering was consummated at the close of business. As a result of the closing of the conversion and reorganization and stock offering, Ponce Financial Group, Inc. is now the holding company for Ponce Bank. Ponce Bank’s former mutual holding companies, PDL Community Bancorp and Ponce Bank Mutual Holding Company, have ceased to exist. PDL Community Bancorp’s stock ceased trading at the close of the market on January 27, 2022. Ponce Financial Group, Inc.’s common stock began trading on the Nasdaq Global Market under the same trading symbol “PDLB” on January 28, 2022. As a result of the conversion and reorganization, each issued and outstanding share of PDL Community Bancorp common stock was converted into the right to receive 1.3952 shares of Ponce Financial Group, Inc. common stock. Cash was paid in lieu of any fractional shares based on the sale price in the offering of $ 10.00 per share. Ponce Financial Group Inc.’s total issued and outstanding shares on January 28, 2022 was 24,711,834 shares. All shares of treasury stock of PDL Community Bancorp were eliminated on January 27, 2022. On January 27, 2022, the Company made $ 5.0 million in contributions to the Ponce De Leon Foundation as part of the conversion and reorganization, which is included in the non-interest expense for the year ended December 31, 2022, in the accompanying Consolidated Statements of Operations. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 3. Securities The amortized cost, gross unrealized gains and losses, and fair value of securities at December 31, 2023 and 2022 are summarized as follows: December 31, 2023 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (in thousands) Available-for-Sale Securities: U.S. Government Bonds $ 2,990 $ — $ ( 206 ) $ 2,784 Corporate Bonds 25,790 — ( 2,122 ) 23,668 Mortgage-Backed Securities: Collateralized Mortgage Obligations (1) 39,375 — ( 6,227 ) 33,148 FHLMC Certificates 10,163 — ( 1,482 ) 8,681 FNMA Certificates 61,359 — ( 9,842 ) 51,517 GNMA Certificates 104 — — 104 Total available-for-sale securities $ 139,781 $ — $ ( 19,879 ) $ 119,902 Held-to-Maturity Securities: U.S. Agency Bonds $ 25,000 $ — $ ( 181 ) $ 24,819 Corporate Bonds 82,500 — ( 2,691 ) 79,809 Mortgage-Backed Securities: Collateralized Mortgage Obligations (1) 212,093 104 ( 5,170 ) 207,027 FHLMC Certificates 3,897 — ( 244 ) 3,653 FNMA Certificates 118,944 — ( 4,088 ) 114,856 SBA Certificates 19,712 166 — 19,878 Allowance for Credit Losses ( 398 ) — — — Total held-to-maturity securities $ 461,748 $ 270 $ ( 12,374 ) $ 450,042 (1) Comprised of FHLMC, FNMA and GNMA issued securities . December 31, 2022 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (in thousands) Available-for-Sale Securities: U.S. Government Bonds $ 2,985 $ — $ ( 296 ) $ 2,689 Corporate Bonds 25,824 — ( 2,465 ) 23,359 Mortgage-Backed Securities: Collateralized Mortgage Obligations (1) 44,503 — ( 6,726 ) 37,777 FHLMC Certificates 11,310 — ( 1,676 ) 9,634 FNMA Certificates 67,199 — ( 11,271 ) 55,928 GNMA Certificates 122 — ( 4 ) 118 Total available-for-sale securities $ 151,943 $ — $ ( 22,438 ) $ 129,505 Held-to-Maturity Securities: U.S. Agency Bonds $ 35,000 $ — $ ( 380 ) $ 34,620 Corporate Bonds 82,500 57 ( 3,819 ) 78,738 Mortgage-Backed Securities: Collateralized Mortgage Obligations (1) 235,479 192 ( 5,558 ) 230,113 FHLMC Certificates 4,120 — ( 268 ) 3,852 FNMA Certificates 131,918 — ( 5,227 ) 126,691 SBA Certificates 21,803 34 — 21,837 Total held-to-maturity securities $ 510,820 $ 283 $ ( 15,252 ) $ 495,851 (1) Comprised of FHLMC, FNMA and GNMA issued securities . The Company’s securities portfolio had 40 and 42 available-for-sale securities and 35 and 34 held-to-maturity securities at December 31, 2023 and 2022 , respectively. There were no available-for-sale and held-to-maturity securities sold during the years ended December 31, 2023 and 2022. One held-to-maturity security in the amount of $ 10.0 million matured and/or was called during the year ended December 31, 2023. Two available-for-sale securities in the amount of $ 5.4 million matured and/or were called during the year ended December 31, 2022. The Company did no t purchase any available-for-sale securities and held-to-maturity securities during the year ended December 31, 2023 and purchased $ 58.4 million in available-for-sale securities and $ 528.9 million in held-to-maturity securities during the year ended December 31, 2022. The following tables present the Company's securities gross unrealized losses and fair values, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at December 31, 2023 and 2022: December 31, 2023 Securities With Gross Unrealized Losses Less Than 12 Months 12 Months or More Total Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (in thousands) Available-for-Sale Securities: U.S. Government Bonds $ — $ — $ 2,784 $ ( 206 ) $ 2,784 $ ( 206 ) Corporate Bonds — — 23,668 ( 2,122 ) 23,668 ( 2,122 ) Mortgage-Backed Securities: Collateralized Mortgage Obligations — — 33,148 ( 6,227 ) 33,148 ( 6,227 ) FHLMC Certificates — — 8,681 ( 1,482 ) 8,681 ( 1,482 ) FNMA Certificates — — 51,517 ( 9,842 ) 51,517 ( 9,842 ) GNMA Certificates — — — — — — Total available-for-sale securities $ — $ — $ 119,798 $ ( 19,879 ) $ 119,798 $ ( 19,879 ) Held-to-Maturity Securities: U.S. Agency Bonds $ — $ — $ 24,819 $ ( 181 ) $ 24,819 $ ( 181 ) Corporate Bonds 3,288 ( 212 ) 76,521 ( 2,479 ) 79,809 ( 2,691 ) Mortgage-Backed Securities: Collateralized Mortgage Obligations 81,875 ( 725 ) 112,339 ( 4,445 ) 194,214 ( 5,170 ) FHLMC Certificates — — 3,653 ( 244 ) 3,653 ( 244 ) FNMA Certificates — — 114,856 ( 4,088 ) 114,856 ( 4,088 ) Total held-to-maturity securities $ 85,163 $ ( 937 ) $ 332,188 $ ( 11,437 ) $ 417,351 $ ( 12,374 ) December 31, 2022 Securities With Gross Unrealized Losses Less Than 12 Months 12 Months or More Total Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (in thousands) Available-for-Sale Securities: U.S. Government Bonds $ — $ — $ 2,689 $ ( 296 ) $ 2,689 $ ( 296 ) Corporate Bonds 13,138 ( 1,186 ) 10,221 ( 1,279 ) 23,359 ( 2,465 ) Mortgage-Backed Securities: Collateralized Mortgage Obligations 4,537 ( 300 ) 33,240 ( 6,426 ) 37,777 ( 6,726 ) FHLMC Certificates — — 9,634 ( 1,676 ) 9,634 ( 1,676 ) FNMA Certificates 12,111 ( 1,230 ) 43,817 ( 10,041 ) 55,928 ( 11,271 ) GNMA Certificates 118 ( 4 ) — — 118 ( 4 ) Total available-for-sale securities $ 29,904 $ ( 2,720 ) $ 99,601 $ ( 19,718 ) $ 129,505 $ ( 22,438 ) Held-to-Maturity Securities: U.S. Agency Bonds $ 24,620 $ ( 380 ) $ — $ — $ 24,620 $ ( 380 ) Corporate Bonds 75,181 ( 3,819 ) — — 75,181 ( 3,819 ) Mortgage-Backed Securities: Collateralized Mortgage Obligations 215,300 ( 5,558 ) — — 215,300 ( 5,558 ) FHLMC Certificates 3,177 ( 115 ) 675 ( 153 ) 3,852 ( 268 ) FNMA Certificates 126,691 ( 5,227 ) — — 126,691 ( 5,227 ) Total held-to-maturity securities $ 444,969 $ ( 15,099 ) $ 675 $ ( 153 ) $ 445,644 $ ( 15,252 ) At December 31, 2023 and December 31, 2022 , the Company had 40 and 42 available-for-sale securities and 31 and 27 held-to-maturity securities with gross unrealized loss positions, respectively. Management reviewed the financial condition of the entities underlying the securities at both December 31, 2023 and 2022. The unrealized losses related to the Company debt securities were issued by U.S. government-sponsored entities and agencies. The Company does not believe that the debt securities that were in an unrealized loss position as of December 31, 2023 represents a credit loss impairment. The gross unrealized loss positions related to mortgage-backed securities and other obligations issued by the U.S. government agencies or U.S. government-sponsored enterprises carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Total gross unrealized losses were primarily attributable to changes in interest rates relative to when the investment securities were purchased and not due to the credit quality of the investment securities. Management reviewed the collectability of the corporate bonds taking into consideration of such factors as the financial condition of the issuers, reported regulatory capital ratios of the issuers, credit ratings, including ratings in effect as of the reporting date. Management believes the unrealized losses on the corporate bonds are primarily attributable to changes in the interest rates and not changes in the credit quality of the issuers of the corporate bonds. The following is a summary of maturities of securities at December 31, 2023 and 2022. Amounts are shown by contractual maturity. Because borrowers for mortgage-backed securities have the right to prepay obligations with or without prepayment penalties, at any time, these securities are included as a total within the table. December 31, 2023 Amortized Fair Cost Value (in thousands) Available-for-Sale Securities: U.S. Government Bonds: Amounts maturing: Three months or less $ — $ — More than three months through one year — — More than one year through five years 2,990 2,784 More than five years through ten years — — 2,990 2,784 Corporate Bonds: Amounts maturing: Three months or less $ — $ — More than three months through one year 4,000 3,863 More than one year through five years 1,000 536 More than five years through ten years 20,790 19,269 25,790 23,668 Mortgage-Backed Securities 111,001 93,450 Total available-for-sale securities $ 139,781 $ 119,902 Held-to-Maturity Securities: U.S. Agency Bonds: Amounts maturing: Three months or less $ — $ — More than three months through one year — — More than one year through five years 25,000 24,819 More than five years through ten years — — 25,000 24,819 Corporate Bonds: Amounts maturing: Three months or less $ — $ — More than three months through one year 25,000 24,650 More than one year through five years 50,000 48,265 More than five years through ten years 7,500 6,894 82,500 79,809 Mortgage-Backed Securities 354,646 345,414 Allowance for Credit Losses ( 398 ) — Total held-to-maturity securities $ 461,748 $ 450,042 December 31, 2022 Amortized Fair Cost Value (in thousands) Available-for-Sale Securities: U.S. Government Bonds: Amounts maturing: Three months or less $ — $ — More than three months through one year — — More than one year through five years 2,985 2,689 More than five years through ten years — — 2,985 2,689 Corporate Bonds: Amounts maturing: Three months or less $ — $ — More than three months through one year — — More than one year through five years 4,000 3,710 More than five years through ten years 21,824 19,649 25,824 23,359 Mortgage-Backed Securities 123,134 103,457 Total available-for-sale securities $ 151,943 $ 129,505 Held-to-Maturity Securities: U.S. Agency Bonds: Amounts maturing: Three months or less $ — $ — More than three months through one year — — More than one year through five years 35,000 34,620 More than five years through ten years — — 35,000 34,620 Corporate Bonds: Amounts maturing: Three months or less $ — $ — More than three months through one year — — More than one year through five years 75,000 71,328 More than five years through ten years 7,500 7,410 82,500 78,738 Mortgage-Backed Securities 393,320 382,493 Total held-to-maturity securities $ 510,820 $ 495,851 At December 31, 2023, 26 available-for-sale securities with a fair value totaling $ 93.3 million and 17 held-to-maturity securities with an amortized cost totaling $ 193.3 million were pledged at the Federal Reserve Bank of New York ("FRBNY") as collateral for borrowing activities. At December 31, 2022 six held-to-maturity securities with an amortized costs totaling $ 194.9 million were pledged at the FHLBNY as collateral for borrowing activities. No available-for-sale securities were pledged at December 31, 2022. The following table presents the activity in the allowance for credit losses for held-to-maturity securities. December 31, 2023 2022 Beginning balance $ — $ — Impact on CECL adoption 662 — Benefit for credit losses ( 264 ) — Allowance for credit losses $ 398 $ — |
Mortgage Loans Held for Sale
Mortgage Loans Held for Sale | 12 Months Ended |
Dec. 31, 2023 | |
Receivable, Held-for-Sale [Abstract] | |
Mortgage Loans Held for Sale | Note 4. Mortgage Loans Held for Sale The following table provides the fair value and contractual principal balance outstanding of loans held for sale accounted for under the fair value options: December 31, 2023 2022 (in thousands) Mortgage loans held for sale, at fair value $ 9,980 $ 1,979 Mortgage loans held for sale, contractual principal outstanding 9,864 1,979 Fair value less unpaid principal balance $ 116 $ — At December 31, 2023 and 2022, the Bank had 19 loans and 4 loans in the amount of $ 10.0 million and $ 2.0 million, respectively, were held for sale and accounted for under the fair value option accounting guidance for financial assets and financial liabilities. At December 31, 2023, there were $ 4.4 million in loans held for sale that were greater than 90 days past due and non-accrual with a substandard risk rating. At December 31, 2022, there were no loans held for sale that were greater than 90 days past due. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Credit Losses | Note 5. Loans Receivable and Allowance for Credit Losses Loans at December 31, 2023 and 2022 are summarized as follows: December 31, 2023 2022 (in thousands) Mortgage loans: 1-4 Family residential Investor-Owned $ 343,689 $ 343,968 Owner-Occupied 152,311 134,878 Multifamily residential 550,559 494,667 Nonresidential properties 342,343 308,043 Construction and land 503,925 185,018 Total mortgage loans 1,892,827 1,466,574 Nonmortgage loans: Business loans (1) 19,779 39,965 Consumer loans (2) 8,966 19,129 Total non-mortgage loans 28,745 59,094 Total loans, gross 1,921,572 1,525,668 Net deferred loan origination costs 468 2,051 Allowance for loan losses ( 26,154 ) ( 34,592 ) Loans receivable, net $ 1,895,886 $ 1,493,127 (1) As of December 31, 2023 and 2022, business loans include $ 1.0 million and $ 20.0 million, respectively, of PPP loans. (2) As of December 31, 2023 and 2022, consumer loans include $ 8.0 million and $ 18.2 million, respectively, of microloans originated by the Bank pursuant to its former arrangement with Grain . As of November 2023, these loans are now serviced by the Bank. The Company’s lending activities are conducted principally in metropolitan New York City. The Company primarily grants loans secured by real estate to individuals and businesses pursuant to an established credit policy applicable to each type of lending activity in which it engages. Although collateral provides assurance as a secondary source of repayment, the Company ordinarily requires the primary source of repayment to be based on the borrowers’ ability to generate continuing cash flows. The Company also evaluates the collateral and creditworthiness of each customer. The credit policy provides that depending on the borrowers’ creditworthiness and type of collateral, credit may be extended up to predetermined percentages of the market value of the collateral or on an unsecured basis. Real estate is the primary form of collateral. Other important forms of collateral are time deposits and marketable securities. For disclosures related to the ACL and credit quality, the Company does not have any disaggregated classes of loans below the segment level. Credit-Quality Indicators : Internally assigned risk ratings are used as credit-quality indicators, which are reviewed by management on a quarterly basis. The objectives of the Company’s risk-rating system are to provide the Board of Directors and senior management with an objective assessment of the overall quality of the loan portfolio, to promptly and accurately identify loans with well-defined credit weaknesses so that timely action can be taken to minimize credit loss, to identify relevant trends affecting the collectability of the loan portfolio, to isolate potential problem areas and to provide essential information for determining the adequacy of the allowance for credit losses. Below are the definitions of the Company's internally assigned risk ratings: Strong Pass – Loans to new or existing borrowers collateralized at least 90 percent by an unimpaired deposit account at the Company. Good Pass – Loans to a new or existing borrower in a well-established enterprise in excellent financial condition with strong liquidity and a history of consistently high level of earnings, cash flow and debt service capacity. Satisfactory Pass – Loans to a new or existing borrower of average strength with acceptable financial condition, satisfactory record of earnings and sufficient historical and projected cash flow to service the debt. Performance Pass – Loans that evidence strong payment history but document less than average strength, financial condition, record of earnings, or projected cash flows with which to service debt. Special Mention – Loans in this category are currently protected but show one or more potential weaknesses and risks which may inadequately protect collectability or borrower’s ability to meet repayment terms at some future date if the weakness or weaknesses are not monitored or remediated. Substandard – Loans that are inadequately protected by the repayment capacity of the borrower or the current sound net worth of the collateral pledged, if any. Loans in this category have well defined weaknesses and risks that jeopardize their repayment. They are characterized by the distinct possibility that some loss may be sustained if the deficiencies are not remedied. Doubtful – Loans that have all the weaknesses of loans classified as “Substandard” with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of current existing facts, conditions, and values, highly questionable and improbable. Loans within the top four categories above are considered pass rated, as commonly defined. Risk ratings are assigned as necessary to differentiate risk within the portfolio. Risk ratings are reviewed on an ongoing basis and revised to reflect changes in the borrowers’ financial condition and outlook, debt service coverage capability, repayment performance, collateral value and coverage as well as other considerations. The following tables present credit risk ratings by loan segment as of December 31, 2023 and 2022: December 31, 2023 Mortgage Loans Nonmortgage Loans Construction Total 1-4 Family Multifamily Nonresidential and Land Business Consumer Loans (in thousands) Risk Rating: Pass $ 485,747 $ 546,471 $ 339,726 $ 497,266 $ 19,759 $ 8,966 $ 1,897,935 Special mention 2,150 1,109 2,527 — — — 5,786 Substandard 8,103 2,979 90 6,659 20 — 17,851 Total $ 496,000 $ 550,559 $ 342,343 $ 503,925 $ 19,779 $ 8,966 $ 1,921,572 December 31, 2022 Mortgage Loans Nonmortgage Loans Construction Total 1-4 Family Multifamily Nonresidential and Land Business Consumer Loans (in thousands) Risk Rating: Pass $ 462,126 $ 492,556 $ 307,307 $ 173,351 $ 39,965 $ 19,129 $ 1,494,434 Special mention 7,692 1,437 606 — — — 9,735 Substandard 9,028 674 130 11,667 — — 21,499 Total $ 478,846 $ 494,667 $ 308,043 $ 185,018 $ 39,965 $ 19,129 $ 1,525,668 An aging analysis of loans, as of December 31, 2023 and 2022, is as follows: December 31, 2023 30-59 60-89 90 Days 90 Days Days Days or More Nonaccrual or More Current Past Due Past Due Past Due Total Loans Accruing (in thousands) Mortgage loans: 1-4 Family residential Investor-Owned $ 342,896 $ — $ — $ 793 $ 343,689 $ 793 $ — Owner-Occupied 150,181 — — 2,130 152,311 2,130 — Multifamily residential 546,471 1,109 — 2,979 550,559 2,979 — Nonresidential properties 342,343 — — — 342,343 — — Construction and land 497,266 — — 6,659 503,925 6,659 — Nonmortgage loans: Business 19,240 366 8 165 19,779 165 — Consumer 7,423 536 1,007 — 8,966 — — Total $ 1,905,820 $ 2,011 $ 1,015 $ 12,726 $ 1,921,572 $ 12,726 $ — December 31, 2022 30-59 60-89 90 Days 90 Days Days Days or More Nonaccrual or More Current Past Due Past Due Past Due Total Loans Accruing (in thousands) Mortgage loans: 1-4 Family residential Investor-Owned $ 340,495 $ 1,530 $ 78 $ 1,865 $ 343,968 $ 3,061 $ — Owner-Occupied 131,510 2,553 — 815 134,878 2,987 — Multifamily residential 490,024 4,643 — — 494,667 — — Nonresidential properties 303,190 4,246 607 — 308,043 93 — Construction and land 173,351 — 4,100 7,567 185,018 7,567 — Nonmortgage loans: Business 27,657 1,466 7,869 2,973 39,965 — 2,973 Consumer 16,743 1,267 1,119 — 19,129 — — Total $ 1,482,970 $ 15,705 $ 13,773 $ 13,220 $ 1,525,668 $ 13,708 $ 2,973 The following schedules detail the composition of the ACL and the related recorded investment in loans as of December 31, 2023, and allowance for loan losses for December 31, 2022, and 2021, respectively. For the Year Ended December 31, 2023 Mortgage Loans Nonmortgage Total 1-4 1-4 Multifamily Nonresidential Construction Business Consumer For the (in thousands) Allowance for credit losses: Balance, beginning of period $ 3,863 $ 1,723 $ 8,021 $ 2,724 $ 2,683 $ 120 $ 15,458 $ 34,592 (Benefit) provision charged to expense ( 214 ) 143 306 ( 126 ) 3,035 235 ( 2,142 ) 1,237 Impact of CECL adoption 766 146 ( 3,962 ) 578 ( 911 ) 236 57 ( 3,090 ) Losses charged-off — — — — — ( 63 ) ( 7,227 ) ( 7,290 ) Recoveries — — — — — 3 702 705 Balance, end of period $ 4,415 $ 2,012 $ 4,365 $ 3,176 $ 4,807 $ 531 $ 6,848 $ 26,154 Ending balance: individually $ — $ 72 $ — $ — $ — $ 161 $ — $ 233 Ending balance: collectively 4,415 1,940 4,365 3,176 4,807 370 6,848 25,921 Total $ 4,415 $ 2,012 $ 4,365 $ 3,176 $ 4,807 $ 531 $ 6,848 $ 26,154 Loans: Ending balance: individually $ 793 $ 2,130 $ 2,979 $ — $ 6,659 $ 165 $ — $ 12,726 Ending balance: collectively 342,896 150,181 547,580 342,343 497,266 19,614 8,966 1,908,846 Total $ 343,689 $ 152,311 $ 550,559 $ 342,343 $ 503,925 $ 19,779 $ 8,966 $ 1,921,572 For the Year Ended December 31, 2022 Mortgage Loans Nonmortgage Loans Total 1-4 1-4 Multifamily Nonresidential Construction Business Consumer For the (in thousands) Allowance for loan losses: Balance, beginning of period $ 3,540 $ 1,178 $ 5,684 $ 2,165 $ 2,024 $ 306 $ 1,455 $ 16,352 Provision charged to expense 167 506 2,337 559 659 ( 280 ) 20,098 24,046 Losses charged-off — — — — — — ( 6,660 ) ( 6,660 ) Recoveries 156 39 — — — 94 565 854 Balance, end of period $ 3,863 $ 1,723 $ 8,021 $ 2,724 $ 2,683 $ 120 $ 15,458 $ 34,592 Ending balance: individually $ 63 $ 96 $ — $ 37 $ — $ — $ — $ 196 Ending balance: collectively 3,800 1,627 8,021 2,687 2,683 120 15,458 34,396 Total $ 3,863 $ 1,723 $ 8,021 $ 2,724 $ 2,683 $ 120 $ 15,458 $ 34,592 Loans: Ending balance: individually $ 5,269 $ 4,315 $ — $ 801 $ 7,567 $ — $ — $ 17,952 Ending balance: collectively 338,699 130,563 494,667 307,242 177,451 39,965 19,129 1,507,716 Total $ 343,968 $ 134,878 $ 494,667 $ 308,043 $ 185,018 $ 39,965 $ 19,129 $ 1,525,668 For the Year Ended December 31, 2021 Mortgage Loans Nonmortgage Loans Total 1-4 1-4 Multifamily Nonresidential Construction Business Consumer For the (in thousands) Allowance for loan losses: Balance, beginning of year $ 3,850 $ 1,260 $ 5,214 $ 2,194 $ 1,820 $ 254 $ 278 $ 14,870 Provision charged to expense ( 318 ) ( 127 ) 508 ( 29 ) 204 ( 32 ) 2,511 2,717 Losses charged-off — — ( 38 ) — — — ( 1,342 ) ( 1,380 ) Recoveries 8 45 — — — 84 8 145 Balance, end of year $ 3,540 $ 1,178 $ 5,684 $ 2,165 $ 2,024 $ 306 $ 1,455 $ 16,352 Ending balance: individually $ 91 $ 114 $ — $ 38 $ — $ — $ — $ 243 Ending balance: collectively 3,449 1,064 5,684 2,127 2,024 306 1,455 16,109 Total $ 3,540 $ 1,178 $ 5,684 $ 2,165 $ 2,024 $ 306 $ 1,455 $ 16,352 Loans: Ending balance: individually $ 6,672 $ 5,854 $ 1,200 $ 2,995 $ 917 $ 13 $ — $ 17,651 Ending balance: collectively 310,632 91,093 347,100 236,696 133,734 150,499 34,693 1,304,447 Total $ 317,304 $ 96,947 $ 348,300 $ 239,691 $ 134,651 $ 150,512 $ 34,693 $ 1,322,098 Loans are considered impaired when current information and events indicate all amounts due may not be collectable according to the contractual terms of the related loan agreements. Impaired loans are identified by applying normal loan review procedures in accordance with the allowance for credit losses methodology. Management periodically assesses loans to determine whether impairment exists. Any loan that is, or will potentially be, no longer performing in accordance with the terms of the original loan contract is evaluated to determine impairment. The following information relates to impaired loans as of and for the years ended December 31, 2023, 2022, and 2021: Unpaid Recorded Recorded Total Average Interest Income Principal With No With Recorded Related Recorded Recognized As of and For the Year Ended Balance Allowance Allowance Investment Allowance Investment on a Cash Basis (in thousands) Mortgage loans: 1-4 Family residential $ 2,906 $ 2,475 $ 448 $ 2,923 $ 72 $ 4,812 $ 82 Multifamily residential 2,966 2,979 — 2,979 — 1,463 151 Nonresidential properties — — — — — 198 — Construction and land 6,650 6,659 — 6,659 — 8,211 — Nonmortgage loans: Business 165 — 165 165 161 104 — Consumer — — — — — — — Total $ 12,687 $ 12,113 $ 613 $ 12,726 $ 233 $ 14,788 $ 233 Unpaid Recorded Recorded Total Average Interest Income Principal With No With Recorded Related Recorded Recognized As of and For the Year Ended Balance Allowance Allowance Investment Allowance Investment on a Cash Basis (in thousands) Mortgage loans: 1-4 Family residential $ 9,986 $ 7,827 $ 1,757 $ 9,584 $ 159 $ 11,072 $ 307 Multifamily residential — — — — — 630 — Nonresidential properties 843 457 344 801 37 1,930 30 Construction and land 7,567 7,567 — 7,567 — 6,408 — Nonmortgage loans: Business — — — — — 3 — Consumer — — — — — — — Total $ 18,396 $ 15,851 $ 2,101 $ 17,952 $ 196 $ 20,043 $ 337 Unpaid Recorded Recorded Total Average Interest Income Principal With No With Recorded Related Recorded Recognized As of and For the Year Ended Balance Allowance Allowance Investment Allowance Investment on a Cash Basis (in thousands) Mortgage loans: 1-4 Family residential $ 13,333 $ 10,535 $ 1,991 $ 12,526 $ 205 $ 12,145 $ 189 Multifamily residential 1,200 1,200 — 1,200 — 1,139 63 Nonresidential properties 3,494 2,637 358 2,995 38 3,941 38 Construction and land 917 917 — 917 — 307 17 Nonmortgage loans: Business 13 13 — 13 — 13 — Consumer — — — — — 24 — Total $ 18,957 $ 15,302 $ 2,349 $ 17,651 $ 243 $ 17,569 $ 307 The Company adopted Accounting Standards Update (“ASU”) 2022-02 on January 1, 2023 . Since adoption, the Company has not modified any loans with borrowers experiencing financial difficulty. These modifications may include a reduction in interest rate, an extension in term, principal forgiveness and/or any other than insignificant payment delay. At December 31, 2023, there were no loans with modifications to borrowers experiencing financial difficulty. Prior to the adoption of ASU 2022-02 on January 1, 2023, the Company classified certain loans as troubled debt restructuring (“TDR”) loans when credit terms to a borrower in financial difficulty were modified, in accordance with ASC 310-40. With the adoption of ASU 2022-02 as of January 1, 2023, the Company has ceased to recognize or measure for new TDRs but those existing at December 31, 2022 will remain until settled . During the year ended December 31, 2022 , there were no loans restructured as a troubled debt restructuring. At December 31, 2023 and 2022, there were 21 and 23 troubled debt restructured loans totaling $ 5.9 million and $ 6.6 million of which $ 5.2 million and $ 4.2 million are on accrual status. There were no commitments to lend additional funds to borrowers whose loans have been modified in a troubled debt restructuring. The financial impact from the concessions made represents specific impairment reserves on these loans, which aggregated to $ 0.2 million at December 31, 2022. Write-off and write-down of Microloans In 2020, the Company entered into a business arrangement with the FinTech startup company Grain. Grain’s product is a mobile application geared to the underbanked, minorities and new generations entering the financial services market. In employing this mobile application, the Bank uses non-traditional underwriting methodologies to provide revolving credit to borrowers who otherwise may gravitate to using alternative non-bank lenders. Under the terms of its agreement with Grain, the Bank is the lender for Grain-originated microloans with credit lines currently up to $ 1,500 and, where applicable, the depository for related security deposits. Grain originates and services these microloans and is responsible for maintaining compliance with the Bank's origination and servicing standards, as well as applicable regulatory and legal requirements. If a microloan is found to be fraudulent, becomes 90 days delinquent upon 90 days of origination or defaults due to a failure of Grain to properly service the microloan, the Bank’s applicable standards for origination or servicing are deemed to have not been complied with and the microloan is put back to Grain, who then becomes responsible for the microloan and any related losses. The microloans put back to Grain are accounted for as an “other asset,” specifically referred to herein as the “Grain Receivable.” At December 31, 2022, the Bank had 27,886 Grain microloans outstanding, net of put backs, with an aggregate balance totaling $ 18.2 million and which were performing, in management's opinion, comparably to similar portfolios, offset by a $ 15.4 million ACL, resulting in $ 2.8 million in Grain microloans, net of allowance for loan losses. On November 1, 2023, Ponce Financial Group, Inc. and Grain signed a Perpetual Software License Agreement in order for the Bank to assume the servicing of the remaining Grain loans. In order to facilitate the transfer of the servicing responsibilities to the Bank, Grain granted the Bank a perpetual right and license to use the Grain software, including the source code to service the remaining loans. At December 31, 2023 , the Bank had 14,727 Grain microloans outstanding, net of put backs, with an aggregate balance totaling $ 8.0 million and which were performing, in management’s opinion, comparably to similar portfolios, offset by a $ 7.0 million allowance for credit losses, resulting in $ 1.0 million in Grain microloans. Since the beginning of the Bank’s agreement with Grain and through December 31, 2023 , 45,322 microloans amounting to $ 24.1 million have been deemed to be fraudulent and put back to Grain. The Company has written-down a total of $ 15.5 million, net of recoveries, of the Grain Receivable and received $ 6.8 million in cash from Grain and through the application of security deposits connected to fraudulent loan accounts. The Bank also opted to use the $ 1.8 million grant it received from the U.S. Treasury Department’s Rapid Response Program to defray the Grain Receivable. The application of those amounts resulted in no net receivable. Additionally, the Company has written-off its equity investment in Grain of $ 1.0 million. As of December 31, 2023 , the Company’s total exposure to Grain was $ 1.0 million of the remaining microloans, net of allowance for credit losses, excluding $ 2.4 million of unused commitments available to Grain borrowers and $ 1.6 million of security deposits by Grain borrowers. The $ 1.5 million of recoveries for the year ended December 31, 2023 and the $ 17.9 million write-off for the year ended December 31, 2022 related to Grain is included in non-interest expense in the accompanying Consolidated Statements of Operations. Of the $ 1.5 million of recoveries for the year ended December 31, 2023, $ 0.7 million were payments received from Grain on the Grain Receivable and the remainder were payments from Grain borrowers. Grain Technologies, Inc. ("Grain") Total Exposure as of December 31, 2023 (in thousands) Receivable from Grain Microloans originated - put back to Grain (inception-to-December 31, 2023) $ 24,104 Write-downs, net of recoveries (year to date as of December 31, 2023) ( 15,459 ) Cash receipts from Grain (inception-to-December 31, 2023) ( 6,819 ) Grant/reserve (inception-to-December 31, 2023) ( 1,826 ) Net receivable as of December 31, 2022 $ — Microloan receivables from Grain borrowers Grain originated loans receivable as of December 31, 2023 $ 7,985 Allowance for credit losses on loan as of December 31, 2023 (1) ( 7,026 ) Microloans, net of allowance for credit losses on loans as of December 31, 2023 $ 959 Investments Investment in Grain $ 1,000 Investment in Grain write-off ( 1,000 ) Investment in Grain as of December 31, 2023 $ — Total exposure related to Grain as of December 31, 2023 (2) $ 959 (1) Includes $ 0.3 million for allowance for unused commitments on the $ 2.4 million of unused commitments available to Grain originated borrowers reported in other liabilities in the accompanying Consolidated Statements of Financial Conditions. Excludes $ 1.6 million of security deposits by Grain originated borrowers reported in deposits in the accompanying Consolidated Statements of Financial Conditions. (2) Total remaining exposure to Grain borrowers. As of November 2023, these loans are now serviced by the Bank. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Note 6. Premises and Equipment A summary of premises and equipment at December 31, 2023 and 2022 is as follows: December 31, 2023 2022 (in thousands) Land $ 932 $ 932 Buildings and improvements 4,717 4,717 Leasehold improvements 15,982 15,808 Furniture, fixtures and equipment 8,611 8,497 30,242 29,954 Less: accumulated depreciation and amortization ( 14,189 ) ( 12,508 ) Total premises and equipment $ 16,053 $ 17,446 Depreciation and amortization expense amounted to $ 1.8 million both for the years ended December 31, 2023 and 2022 and are included in occupancy and equipment in the accompanying consolidated statements of operations. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 7. Leases Effective January 1, 2022, the Company adopted the provisions of Topic 842 using the prospective transition approach. Therefore, prior period comparative information has not been adjusted and continues to be reported under GAAP in effect prior to the adoption of Topic 842. The Company has 15 operating leases for branches (including headquarters) and office spaces and five operating leases for equipment. Our leases have remaining lease terms ranging from less than one year to approximately 15 years , none of which has a renewal option reasonably certain of exercise, which has been reflected in the Company’s calculation of lease term. Certain leases have escalation clauses for operating expenses and real estate taxes. The Company’s non-cancelable operating lease agreements expire through 2038 . Supplemental balance sheet information related to leases was as follows: December 31, 2023 2022 (Dollars in thousands) Operating lease ROU assets $ 31,272 $ 33,423 Operating lease liabilities 32,684 34,532 Weighted-average remaining lease term-operating leases 12.6 years 13.5 years Weighted average discount rate-operating leases 4.9 % 4.9 % The components of lease expense and cash flow information related to leases were as follows: For the Years Ended December 31, 2023 2022 2021 (Dollars in thousands) Lease Cost Operating lease cost Occupancy and equipment $ 4,150 $ 4,416 $ 2,158 Operating lease cost Other operating expenses 20 7 3 Short-term lease cost Other operating expenses 19 11 7 Variable lease cost Occupancy and equipment 126 155 177 Total lease cost $ 4,315 $ 4,589 $ 2,345 The Company’s minimum annual rental payments under the terms of the leases are as follows at December 31, 2023: Minimum Rental Years ended December 31: (in thousands) 2024 3,866 2025 3,818 2026 3,668 2027 3,537 2028 3,594 Thereafter 25,474 Total Minimum payments required 43,957 Less: implied interest 11,273 Present value of lease liabilities $ 32,684 Lease Commitments : As of December 31, 2023 , there are noncancelable operating leases for office space that expire on various dates through 2038 . Certain of these leases contains escalation clauses providing for increased rental based on pre-scheduled annual increases or on increases in real estate taxes. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Banking And Thrifts [Abstract] | |
Deposits | Note 8. Deposits Deposits at December 31, 2023 and 2022 are summarized as follows: December 31, 2023 2022 (in thousands) Demand $ 243,384 $ 289,149 Interest-bearing deposits: NOW/IOLA accounts 19,676 24,349 Money market accounts (1) 432,735 236,143 Reciprocal deposits 96,860 114,049 Savings accounts 114,139 130,432 Total NOW, money market, reciprocal and savings 663,410 504,973 Certificates of deposit of $250K or more (1) 132,153 106,336 Brokered certificates of deposits (2) 98,729 98,754 Listing service deposits (2) 14,433 35,813 Certificates of deposit less than $250K (1) 355,511 217,387 Total certificates of deposit 600,826 458,290 Total interest-bearing deposits 1,264,236 963,263 Total deposits $ 1,507,620 $ 1,252,412 (1) As of December 31, 2022, $ 81.7 million of Raisin deposits were reclassified from money market accounts to certificates of deposits. $ 36.2 million were reclassified to Certificates of deposits of $250K or more and $ 45.5 million were reclassified to Certificates of deposit less than $250K. (2) As of December 31, 2023 and 2022, there were $ 0.3 milli on and $ 13.6 million, respectively, in individual listing service deposits amounting to $ 250,000 or more. All brokered certificates of deposit individually amounted to less than $ 250,000 . At December 31, 2023, scheduled maturities of certificates of deposit were as follows: December 31, (in thousands) 2024 $ 449,470 2025 59,404 2026 41,365 2027 48,378 2028 2,209 $ 600,826 Overdrawn deposit accounts that have been reclassified to loans amounted to $ 0.1 million both as of December 31, 2023 and 2022 . |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 9. Borrowings The Bank had outstanding term advances from the FHLBNY and the FRBNY at December 31, 2023 and outstanding term advances from the FHLBNY at December 31, 2022, respectively. FHLBNY Advances : As a member of FHLBNY, the Bank has the ability to borrow from the FHLBNY based on a certain percentage of the value of the Bank's qualified collateral, as defined in FHLBNY Statement of Credit Policy, at the time of the borrowing. In accordance with an agreement with FHLBNY, the qualified collateral must be free and clear of liens, pledges and encumbrances. The Bank had $ 380.4 million and $ 511.4 million of outstanding term advances from FHLBNY at December 31, 2023 and 2022 , respectively and $ 6.0 million of overnight line of credit advance from the FHLBNY at December 31, 2022. The Bank had no overnight line of credit advance from the FHLBNY at December 31, 2023. The Bank also had a guarantee from the FHLBNY through letters of credit of up to $ 71.2 million and $ 21.5 million at December 31, 2023 and 2022, respectively. FRBNY Advances : The Bank also has additional borrowing capacity under a secured line with the FRBNY secured by 50.5 % of our total securities portfolio with amortized cost of $ 304.2 million at December 31, 2023. The Bank had $ 304.0 million of outstanding term advances from the FRBNY at December 31, 2023. No amounts were outstanding at December 31, 2022. Borrowed funds at December 31, 2023 and 2022 consist of the following and are summarized by maturity and call date below: December 31, December 31, 2023 2022 Scheduled Redeemable Weighted Scheduled Redeemable Weighted (Dollars in thousands) FHLBNY Overnight line of credit $ — $ — — % $ 6,000 $ 6,000 4.61 % FHLBNY and FRBNY Term advances ending: 2023 $ — $ — — $ 178,375 $ 178,375 4.32 2024 363,321 363,321 4.55 50,000 50,000 4.75 2025 50,000 50,000 4.41 50,000 50,000 4.41 2026 — — — — — — 2027 212,000 212,000 3.44 183,000 183,000 3.25 2028 9,100 9,100 3.84 — — — Thereafter 50,000 50,000 3.35 50,000 50,000 3.35 $ 684,421 $ 684,421 4.10 % $ 517,375 $ 517,375 3.90 % Interest expense on FHLBNY term advances totaled $ 15.4 million, $ 5.4 million and $ 2.2 million for the years ended December 31, 2023, 2022 and 2021 , respectively. Interest expense on FRBNY term advances totaled $ 10.0 million, for the year ended December 31, 2023 . There was no interest expense on the FRBNY term advances for the years ended December 31, 2022 and 2021. |
Derivatives and Hedging
Derivatives and Hedging | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging | Note 10. Derivatives and Hedging During 2023, the Company entered into two derivative financial instruments contracts to enhance its ability to manage interest rate risk that exist as part of its ongoing operations. The Company manages these risks as part of its asset and liability management process. The Company utilized derivative financial instruments to accommodate the business needs and to hedge the exposure that this creates for the Company. All derivatives are recognized as either assets or liabilities on the balance sheet and are measured at fair value. The Company does not use derivative financial instruments for trading purposes. Interest Rate Swaps On October 12, 2023 the Bank entered into two interest rate swap transactions designated as fair value hedges. One interest rate swap is for a period of two years effective October 12, 2023 and terminates on November 1, 2025 with a notional amount of $ 150.0 million. The Bank will pay a fixed rate of interest of 4.885 % and receive the Secured Overnight Financing Rate ("SOFR") rate. The other interest rate swap is for a period of three years effective October 12, 2023 and terminates on November 1, 2026 with a notional amount of $ 100.0 million. The Bank will pay a fixed rate of interest of 4.62 % and receive the SOFR rate. The table presents the notional amount and fair value of derivatives designated as hedging instruments, as well as their location on the Consolidated Statements of Financial Condition. Fair Value Notional Loans Receivable Other Liabilities (in thousands) As of December 31, 2023 Derivatives Designated as Hedging Instruments Interest rate swap contracts $ 250,000 $ 4,435 $ 4,435 Total Derivatives $ 250,000 $ 4,435 $ 4,435 There were no hedging instruments as of and for the year ended December 31, 2022. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 11. Income Taxes The provision (benefit) for income taxes for the years ended December 31, 2023, 2022 and 2021 consists of the following: For the Years Ended December 31, 2023 2022 2021 (in thousands) Federal: Current $ 105 $ — $ 6,107 Deferred 773 ( 6,064 ) 646 878 ( 6,064 ) 6,753 State and local: Current 1,452 1,094 842 Deferred 696 ( 7,467 ) 1,733 2,148 ( 6,373 ) 2,575 Valuation allowance ( 525 ) 5,592 ( 1,119 ) Provision (benefit) for income taxes $ 2,501 $ ( 6,845 ) $ 8,209 Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 21 % for the years ended December 31, 2023, 2022 and 2021 to income before income taxes as a result of the following: For the Years Ended December 31, 2023 2022 2021 (in thousands) Income tax, at federal rate $ 1,229 $ ( 7,738 ) $ 7,195 State and local tax, net of federal benefit 1,697 ( 5,035 ) 2,034 Valuation allowance, net of federal benefit ( 525 ) 5,592 ( 1,119 ) Other 100 336 99 Provision (benefit) for income taxes $ 2,501 $ ( 6,845 ) $ 8,209 Management maintains a valuation allowance against its net New York State and New York City deferred tax as it is unlikely these deferred tax assets will be utilized to reduce the Company's tax liability in future years. For the years ended December 31, 2023 and 2022, the valuation allowance decreased by $ 0.5 million and increased by $ 5.6 million, respectively. In 2022, the Company generated large net operating losses in New York State and New York City which increased the 2022 valuation allowance. Management has determined that it is not required to establish a valuation allowance against any other deferred tax assets since it is more likely than not that the deferred tax assets will be fully utilized in future periods. In assessing the need for a valuation allowance, management considers the scheduled reversal of the deferred tax liabilities, the level of historical taxable income, and the projected future taxable income over the periods that the temporary differences comprising the deferred tax assets will be deductible. For federal income tax purposes, a financial institution may carry net operating losses (“NOLs”) to forward tax years indefinitely. The use of NOLs to offset income is limited to 80 % of taxable income. At December 31, 2023, the Company had a federal NOL carryforward of $ 7.6 million. The state and city of New York allow for a three-year carryback period and carryforward period of twenty years on NOLs generated on or after tax year 2015. For tax years prior to 2015, no carryback period is allowed. Ponce De Leon Federal Bank, the predecessor of Ponce Bank, has pre-2015 carryforwards of $ 0.6 million for New York State purposes and $ 0.5 million for New York City purposes. Furthermore, there are post-2015 carryforwards available of $ 64.1 million for New York State purposes and $ 33.2 million for New York City purposes. Finally, for New Jersey purposes, losses may only be carried forward 20 years, with no allowable carryback period. At December 31, 2023, the Bank had a New Jersey NOL carryforward of $ 0.2 million. At December 31, 2023 and 2022, the Company had no unrecognized tax benefits recorded. The Company does not expect that the total amount of unrecognized tax benefits will significantly increase in the next twelve months. The Company is subject to U.S. federal income tax, New York State income tax, Connecticut income tax, New Jersey income tax, Florida income tax, Pennsylvania income tax and New York City income tax. The Company is no longer subject to examination by taxing authorities for years before 2020. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2023 and 2022 are presented below: At December 31, 2023 2022 (in thousands) Deferred tax assets: Allowance for loan losses $ 8,118 $ 11,324 Interest on nonaccrual loans 734 317 Unrealized loss on available-for-sale securities 4,230 4,777 Amortization of intangible assets 13 32 Operating lease liabilities 10,145 11,304 Net operating losses 8,131 9,119 Charitable contribution carryforward 1,751 1,859 Compensation and benefits 647 562 Other 1,748 478 Total gross deferred tax assets 35,517 39,772 Deferred tax liabilities: Depreciation of premises and equipment 863 1,049 Right of use assets 9,707 10,941 Deferred loan fees 145 671 Other 49 29 Total gross deferred tax liabilities 10,764 12,690 Valuation allowance 10,421 10,945 Net deferred tax assets $ 14,332 $ 16,137 The deferred tax expense (benefit) has been allocated between operations and equity as follows: For the Years Ended December 31, 2023 2022 2021 (in thousands) Equity $ 547 $ ( 4,378 ) $ ( 424 ) Operations 944 ( 7,939 ) 1,260 $ 1,491 $ ( 12,317 ) $ 836 |
Compensation and Benefit Plans
Compensation and Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Compensation and Benefit Plans | Note 12. Compensation and Benefit Plans Ponce Bank Employee Stock Ownership Plan with 401(k) Provisions (the “KSOP”) . Effective January 1, 2021, Ponce Bank amended and restated the terms of the Ponce Bank Employee Stock Ownership Plan (the “ESOP”) and merged the Ponce Bank 401(k) Plan into the ESOP to form the KSOP. There were no changes to the provisions of the ESOP as discussed below. The KSOP is for eligible employees of Ponce Bank and those of its affiliates. The named executive officers are eligible to participate in the KSOP just like other employees. An employee must attain the age of 21 and will be eligible to participate in the 401(k) features of the KSOP in the quarter following thirty days of service and the ESOP feature of the KSOP upon the first entry date commencing on or after the eligible employee’s completion of one year of service. Employees are eligible to participate in the 401(k) Plan at the beginning of each quarter (January 1, April 1, July 1, or October 1). 401(k) Component : Under the 401(k) features of the KSOP (“401(k) Component”), a participant may elect to defer, on a pre-tax basis, the maximum amount as permitted by the Internal Revenue Code. For 2023, the salary deferral contribution limit was $ 22,500 ; provided, however, that a participant over age 50 may contribute an additional $ 7,500 to the 401(k) for a total of $ 30,000 . In addition to salary deferral contributions, Ponce Bank may make discretionary matching contributions, discretionary profit sharing contributions or safe harbor contributions to the 401(k) Component. Discretionary matching contributions are allocated on the basis of salary deferral contributions. Discretionary profit sharing contributions are based on three classifications set forth in the 401(k) feature (i) Class A — Chairman, President, and Executive Vice Presidents; (ii) Class B — Senior Vice Presidents, Vice Presidents and Assistant Vice Presidents; and (iii) Class C — all other eligible employees. The contribution for a class will be the same percentage of compensation for all participants in that class. If Ponce Bank decides to make a safe harbor contribution for a plan year, each participant will receive a contribution equal to 3 % of his or her compensation for the plan year. The 401(k) expenses recorded in the Consolidated Statements of Operations amounted to $ 0.4 million for the year ended December 31, 2021. There were no 401(k) expenses recorded in the Consolidated Statements of Operations for the years ended December 31, 2023 and 2022, as this is now part of the KSOP. A participant is always 100 % vested in his or her salary deferral contributions and safe harbor contributions. Discretionary matching and profit sharing contributions are 20 % vested after two years of service, plus an additional 20 % for each additional year of service; so all participants are fully vested in such contributions after six years of service. Participants also will become fully vested in his or her account balance in the 401(k) Component automatically upon normal retirement, death or disability, a change in control, or termination of the KSOP. Generally, participants will receive distributions from the KSOP upon separation from service in accordance with the terms of the governing document. ESOP Component: On September 29, 2017, in connection with the Bank’s reorganization into the mutual holding company form of organization, the ESOP trustee purchased, on behalf of the ESOP, 723,751 shares of PDL Community Bancorp common stock. The ESOP funded its stock purchase with a loan (“First ESOP loan”) from PDL Community Bancorp in the amount of $ 7.2 million, which was equal to the aggregate purchase price of the common stock. The First ESOP loan is being repaid principally through Ponce Bank’s contributions to the ESOP over the 15 -year term of such loan. The interest rate for the First ESOP loan is 2.60 %. On January 27, 2022, concurrent with the completion of the conversion and reorganization of Ponce Bank Mutual Holding Company from a mutual form to a stock form of organization and the merger of PDL Community Bancorp with and into Ponce Financial Group, Inc., the shares of PDL Community Bancorp common stock held by the KSOP were converted into 977,880 shares of Ponce Financial Group, Inc. common stock. On January 27, 2022, the KSOP trustee purchased, on behalf of the ESOP feature of the KSOP (“ESOP Component”), an additional 1,097,353 shares of Ponce Financial Group, Inc. common stock, or 4.44 % of the total number of shares of Ponce Financial Group, Inc. common stock outstanding on January 27, 2022 (including shares issued to the Foundation). The KSOP funded this stock purchase with a loan (“Second ESOP loan”) from Ponce Financial Group, Inc. in the amount of $ 11.0 million, which was equal to the aggregate purchase price of the common stock. The Second ESOP loan is being repaid principally through Ponce Bank’s contributions to the ESOP Component over the 15 -year term of such loan. The interest rate for the Second ESOP loan is 1.82 %. The trustee of the trust funding the KSOP holds the shares of Ponce Financial Group, Inc. common stock purchased by the KSOP in an unallocated suspense account, and shares will be released from the suspense account on a pro-rata basis as the loans are repaid. The trustee will allocate the shares released among participants on the basis of each participant’s proportional share of qualifying compensation relative to all participants participating in the ESOP Component. A participant will become 100 % vested in his or her account balance in the ESOP Component after three years of service. In addition, participants will become fully vested in his or her account balance in the ESOP Component automatically upon normal retirement, death or disability, a change in control, or termination of the KSOP. Generally, participants will receive distributions from the KSOP upon separation from service in accordance with the terms of the plan document. The KSOP reallocates any unvested shares of Ponce Financial Group, Inc. common stock forfeited upon termination of employment among the remaining participants in the ESOP Component. Contributions to the ESOP are to be sufficient to pay principal and interest currently due under the loan agreement. Under applicable accounting requirements, Ponce Bank will record a compensation expense for the ESOP at the average market price of the shares as they are committed to be released from the unallocated suspense account to participants’ accounts, which may be more or less than the original issue price. The compensation expense resulting from the release of the common stock from the suspense account and allocation to plan participants will result in a corresponding reduction in the earnings of Ponce Financial Group, Inc. The ESOP shares become outstanding for earnings per share computations (see Note 13). As of December 31, 2023 , the combined outstanding balance of both the First ESOP loan and Second ESOP loan was $ 13.0 million. A summary of the ESOP shares as of December 31, 2023 and 2022 are as follows: 2023 2022 (Dollars in thousands) Shares committed-to-be released 133,744 133,744 Shares allocated to participants 437,880 354,227 Unallocated shares 1,435,732 1,569,475 Total 2,007,356 2,057,446 Fair value of unallocated shares $ 14,013 $ 14,628 The Company recognized ESOP related compensation expense, including ESOP equalization expense, of $ 1.2 million, $ 1.4 million and $ 1.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. Supplemental Executive Retirement Plan: The Bank maintains a non-qualified supplemental executive retirement plan (“SERP”) for the benefit of two key executive officers. The SERP expenses recognized for the years ended December 31, 2023 and 2022 were $ 0.1 million each for the one key executive officer. The SERP expenses recognized for the year ended December 31, 2021 were $ 0.3 million for the two key executive officers. 2018 Incentive Plan The Company’s stockholders approved the PDL Community Bancorp 2018 Long-Term Incentive Plan (the “2018 Incentive Plan”) at the Special Meeting of Stockholders on October 30, 2018. The maximum number of shares of common stock which can be issued under the 2018 Incentive Plan is 1,248,469 . Of the 1,248,469 shares, the maximum number of shares that may be awarded under the 2018 Incentive Plan pursuant to the exercise of stock options or stock appreciation rights (“SARs”) is 891,764 shares (all of which may be granted as incentive stock options), and the number of shares of common stock that may be issued as restricted stock awards or restricted stock units is 356,705 shares. However, the 2018 Incentive Plan contains a flex feature that provides that awards of restricted stock and restricted stock units in excess of the 356,705 share limitation may be granted but each share of stock covered by such excess award shall reduce the 891,764 share limitation for awards of stock options and SARs by 3.0 shares of common stock. The Company converted 462,522 awards of stock options into 154,174 restricted stock units in 2018, 45,000 awards of stock options into 15,000 restricted stock units in 2020 and 191,145 awards of stock options into 63,715 restricted stock units in 2022. Under the 2018 Incentive Plan, the Company made grants equal to 674,645 shares on December 4, 2018 which include 119,176 incentive options to executive officers, 44,590 non-qualified options to outside directors, 322,254 restricted stock units to executive officers, 40,000 restricted stock units to non-executive officers and 148,625 restricted stock units to outside directors. During the year ended December 31, 2020, the Company awarded 40,000 incentive options and 15,000 restricted stock units to non-executive officers under the 2018 Incentive Plan. Awards to directors generally vest 20 % annually beginning with the first anniversary of the date of grant. Awards to a director with fewer than five years of service at the time of grant vest over a longer period and will not become fully vested until the director has completed ten years of service. Awards to the executive officer who is not a director vest 20 % annually beginning on December 4, 2020. On April 1, 2022, the Company awarded 23,718 incentive options to an executive officer, 30,659 incentive options to non-executive officers and 13,952 non-qualified options to an outside director. In addition, on April 1, 2022 the Company awarded 40,460 restricted stock units to executive officers and 23,255 restricted stock units to outside directors. As of December 31, 2023 and 2022, the maximum number of stock options and SARs remaining to be awarded under the Incentive Plan was 4,883 , after the conversion from PDL Community Bancorp common stock to Ponce Financial Group, Inc. common stock. As of December 31, 2023 and 2022 , the maximum number of shares of common stock that may be issued as restricted stock or restricted stock units remaining to be awarded under the Incentive Plan was none , for both periods. The product of the number of units granted and the grant date market price of the Company’s common stock determine the fair value of restricted stock units under the Company’s 2018 Incentive Plan. Management recognizes compensation expense for the fair value of restricted stock units on a straight-line basis over the requisite service period for the entire award. 2023 Long-Term Incentive Plan The Company’s stockholders approved the 2023 Long-Term Incentive Plan (the “2023 Incentive Plan”) at the Special Meeting of Stockholders on June 15, 2023. The maximum number of shares of common stock which can be issued under the Plan is 1,920,368 . Of the 1,920,368 shares, the maximum number of shares that may be awarded under the Plan pursuant to the exercise of stock options or stock appreciation rights (“SARs”) is 1,371,691 shares (all of which may be granted as incentive stock options), and the number of shares of common stock that may be issued as restricted stock awards or restricted stock units is 548,677 shares. Under the 2023 Incentive Plan, the Company made grants equal to 1,102,464 shares on December 7, 2023 which include 302,500 premium incentive options to executive officers, 90,000 non-qualified premium options to outside directors, 47,500 non-premium incentive options to non-executive officers, 488,784 restricted stock units to executive officers, 2,500 restricted stock units to non-executive officers and 171,180 restricted stock units to outside directors. A total of 491,361 options were converted to restricted stock units. As of December 31, 2023, the maximum number of stock options and SARs remaining to be awarded under the 2023 Incentive Plan was 440,330 . As of December 31, 2023 , the maximum number of shares of common stock that may be issued as restricted stock or restricted stock units remaining to be awarded under the 2023 Incentive Plan was 50,000 . A summary of the Company’s restricted stock units activity and related information for the years ended December 31, 2023 and 2022 are as follows: December 31, 2023 Number Weighted- Non-vested, beginning of year 245,840 $ 9.40 Granted 662,464 9.50 Vested ( 161,734 ) 9.27 Forfeited ( 697 ) 9.15 Non-vested at December 31 745,873 $ 9.52 December 31, 2022 Number Weighted- Non-vested, beginning of year 237,687 $ 12.65 Conversion and reorganization 93,933 — Granted 63,715 10.44 Vested ( 149,495 ) 9.11 Forfeited — — Non-vested at December 31 245,840 $ 9.40 Compensation expense related to restricted stock units for the years ended December 31, 2023, 2022 and 2021 was $ 1.6 million, $ 1.4 million and $ 1.3 million, respectively. As of December 31, 2023 , the tota l r ema i ning unrecognized compensation cost related to restr i cted stock units was $ 6.8 million, which is e xp ected to be r ecognized ove r the next 20 quarters . A summary of the Company’s stock options awards activity and related information for the years ended December 31, 2023 and 2022 are as follows: December 31, 2023 Options Weighted- Outstanding, beginning of year 352,621 $ 8.97 Granted 440,000 10.65 Exercised — — Forfeited — — Outstanding at December 31 792,621 9.90 Exercisable at December 31 (1) 261,648 $ 8.88 December 31, 2022 Options Weighted- Outstanding, beginning of year 203,766 $ 12.02 Conversion and reorganization 80,526 — Granted 68,329 10.44 Exercised — — Forfeited — — Outstanding at December 31 (1) 352,621 $ 8.97 Exercisable at December 31 (1) 190,508 $ 8.83 (1) The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at respective periods and the stated exercise price of the underlying op tions, was $ 0 for outstanding options and $ 0.2 million for exercisable options at December 31, 2023 and $ 0.1 million for outstanding options and $ 0.1 million for exercisable options at December 31, 2022 . The weighted-average exercise price for outstanding options as of December 31, 2023 was $ 9.90 per share and the weighted-average remaining contractual life is 8.2 years. The weighted-average period over which it is expected to be recognized is 5.1 years. There were 261,648 and 190,508 shares exercisable as of December 31, 2023 and 2022 . Total compensation costs related to stock options recognized was $ 0.2 million, $ 0.2 million and $ 0.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 , the total remaining unrecognized compensation cost related to unvested stock options was $ 2.0 million, which is expected to be recognized over the next 20 quarters. The fair value of each option grant is estimated on the date of grant using Black-Scholes option pricing model with the following weighted average assumptions: For the Years Ended December 31, 2023 2022 Dividend yield 0.00 % 0.00 % Expected life 5.5 -7.5 years 6.5 years Expected volatility 37.19 % 41.34 % Risk-free interest rate 4.71 % 2.65 % Weighted average grant date fair value 4.04 $ 3.85 The expected volatility is based on the Company’s historical volatility. The expected life is an estimate based on management’s review of the various factors and calculated using the simplified method for plain vanilla options. The dividend yield assumption is based on the Company’s history and expectation of dividend payouts. Treasury Stock : The Company adopted a share repurchase program effective May 16, 2023 which was completed in August of 2023. Under the repurchase program, the Company was authorized to repurchase up to 1,235,000 shares of the Company's stock or approximately 5 % of the Company's then current issued and outstanding shares. During the year ended December 31, 2023, the Company repurchased a total of 1,235,000 shares of the Company's common stock. As of December 31, 2023 and 2022, 1,101,191 shares and 1,976 shares, respectively, were held as treasury stock as a result of share buy-backs and restricted stock units vested during 2023 and restricted stock units vested during 2022, respectively. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Note 13. Earnings Per Common Share The following table presents a reconciliation of the number of common shares used in the calculation of basic and diluted earnings per common share: For the Years Ended December 31, 2023 2022 2021 (Dollars in thousands except share data) Net (loss) income $ 3,352 $ ( 30,001 ) $ 25,415 Common shares outstanding for basic EPS: Weighted average common shares outstanding 24,263,952 24,246,912 17,256,837 Less: Weighted average unallocated Employee Stock 1,518,635 1,555,969 512,276 Basic weighted average common shares outstanding 22,745,317 22,690,943 16,744,561 Basic (loss) earnings per common share $ 0.15 $ ( 1.32 ) $ 1.52 Potential dilutive common shares: Add: Dilutive effect of restricted stock awards and stock options 76,996 — 46,882 Diluted weighted average common shares outstanding 22,822,313 22,690,943 16,791,443 Diluted (loss) earnings per common share $ 0.15 $ ( 1.32 ) $ 1.51 |
Commitments, Contingencies and
Commitments, Contingencies and Credit Risk | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Credit Risk | Note 14. Commitments, Contingencies and Credit Risk Financial Instruments With Off-Balance-Sheet Risk : In the normal course of business, financial instruments with off-balance-sheet risk may be used to meet the financing needs of customers. These financial instruments include commitments to extend credit and letters of credit. These instruments involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized on the Consolidated Statements of Financial Condition. The contractual amounts of these instruments reflect the extent of involvement in particular classes of financial instruments. The contractual amounts of commitments to extend credit represent the amounts of potential accounting loss should the contract be fully drawn upon, the customer default, and the value of any existing collateral become worthless. The same credit policies are used in making commitments and contractual obligations as for on-balance-sheet instruments. Financial instruments whose contractual amounts represent credit risk at December 31, 2023 and 2022 are as follows: December 31, 2023 2022 (in thousands) Commitments to grant mortgage loans $ 529,768 $ 207,105 Commitments to sell loans at lock-in rates — 1,676 Unfunded commitments under lines of credit 61,739 72,530 $ 591,507 $ 281,311 Commitments to Grant Mortgage Loans : Commitments to grant mortgage loans are agreements to lend to a customer as long as all terms and conditions are met as established in the contract. Commitments generally have fixed expiration dates or other termination clauses, and may require payment of a fee by the borrower. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Each customer's creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary upon extension of credit, is based on management's credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property and equipment, residential real estate and income-producing commercial properties. Material losses are not anticipated as a result of these transactions. Commitments to Sell Loans at Lock-in Rates: In order to assure itself of a marketplace to sell its loans, Mortgage World has agreements with investors who will commit to purchase loans at locked-in rates. Mortgage World has off-balance sheet market risk to the extent that Mortgage World does not obtain matching commitments from these investors to purchase the loans. This will expose Mortgage World to the lower of cost or market valuation environment. Repurchases, Indemnifications and Premium Recaptures : Loans sold by Mortgage World under investor programs are subject to repurchase or indemnification if they fail to meet the origination criteria of those programs. In addition, loans sold to investors are also subject to repurchase or indemnifications if the loan is two or three months delinquent during a set period which usually varies from six months to a year after the loan is sold. There are no open repurchase or indemnification requests for loans sold as a correspondent lender or where the Company acted as a broker in the transaction as of December 31, 2023. Unfunded Commitments Under Lines of Credit : Unfunded commitments under commercial lines of credit, revolving credit lines and overdraft protection agreements are commitments for possible future extension of credit to existing customers. These lines of credit are uncollateralized and usually contain a specified maturity date and, ultimately, may not be drawn upon to the total extent to which the Company is committed. Unfunded Commitments with Oaktree : In December of 2021, the Bank committed to invest $ 5.0 million in Oaktree SBIC Fund, L.P. ("Oaktree"). As of December 31, 2023, the total unfunded commitment was $ 2.4 million. Unfunded Commitments with Silvergate : In April of 2022, the Company committed to invest $ 5.2 million for the year ended December 31, 2023 in EJF Silvergate Ventures Fund LP ("Silvergate"). As of December 31, 2023, the total unfunded commitment was $ 2.3 million. Letters of Credit : Letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. These guarantees are primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Letters of credit are largely cash secured. Concentration by Geographic Location : Loans, commitments to extend credit and letters of credit have been granted to customers who are located primarily in the New York City metropolitan area. Generally, such loans most often are secured by one-to-four family residential properties. The loans are expected to be repaid from the borrowers' cash flows. Legal Matters : The Company is involved in various legal proceedings which have arisen in the normal course of business. Management believes that resolution of these matters will not have a material effect on the Company’s financial condition or results of operations. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 15. Fair Value The following fair value hierarchy is used based on the lowest level of input significant to the fair value measurement. There are three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company used the following methods and significant assumptions to estimate fair value: Cash and Cash Equivalents, Placements with Banks, Accrued Interest Receivable, Advance Payments by Borrowers for Taxes and Insurance, and Accrued Interest Payable : The carrying amount is a reasonable estimate of fair value. These assets and liabilities were not recorded at fair value on a recurring basis. Available-for-Sale Securities : These financial instruments are recorded at fair value in the consolidated financial statements on a recurring basis. Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted prices are not available, then fair values are estimated by using pricing models (e.g., matrix pricing) or quoted prices of securities with similar characteristics and are classified within Level 2 of the valuation hierarchy. Examples of such instruments include government agency bonds and mortgage-backed securities. Level 3 securities are securities for which significant unobservable inputs are utilized. There were no changes in valuation techniques used to measure similar assets during the period. FHLBNY Stock : The carrying value of FHLBNY stock approximates fair value since the Bank can redeem such stock with FHLBNY at cost. As a member of the FHLBNY, the Company is required to purchase this stock, which we carry at cost and classified as restricted equity securities. Loans Receivable : For variable rate loans, which reprice frequently and have no significant change in credit risk, carrying values are a reasonable estimate of fair values, adjusted for credit losses inherent in the portfolios. The fair value of fixed rate loans is estimated by discounting the future cash flows using estimated market rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities, adjusted for credit losses inherent in the portfolios. Impaired loans are valued using a present value discounted cash flow method, or the fair value of the collateral. Loans are not recorded at fair value on a recurring basis. Mortgage Loans Held for Sale : Mortgage loans held for sale, at fair value, consists primarily of mortgage loans originated for sale by Mortgage World and accounted for under the fair value option. These assets are valued using stated investor pricing for substantially equivalent loans as Level 2. In determining fair value, such measurements are derived based on observable market data, investor commitments, or broker quotations, including whole-loan transaction pricing and similar market transactions adjusted for portfolio composition, servicing value and market conditions. Loans held for sale by the Bank are carried at the lower of cost or fair value as determined by investor bid prices. Under the fair value option, management has elected, on an instrument-by-instrument basis, fair value accounting for substantially all forms of mortgage loans originated for sale on a recurring basis. The fair value carrying amount of mortgages held for sale under the fair value option was $ 10.0 million and the aggregate unpaid principal balance amounted to $ 9.9 million. Other Real Estate Owned : Other real estate owned represents real estate acquired through foreclosure, and is recorded at fair value less estimated disposal costs on a nonrecurring basis. Fair value is based upon independent market prices, appraised values of the collateral or management's estimation of the value of the collateral. When the fair value of the collateral is based on an observable market price or a current appraised value, the asset is classified as Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the asset is classified as Level 3. Deposits : The fair values of demand deposits, savings, NOW, reciprocal deposits and money market accounts equal their carrying amounts, which represent the amounts payable on demand at the reporting date. Fair values for fixed-term, fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies market interest rates on certificates of deposit to a schedule of aggregated expected monthly maturities on such deposits. Deposits are not recorded at fair value on a recurring basis. FHLBNY Advances : The fair value of the advances is estimated using a discounted cash flow calculation that applies current market-based FHLBNY interest rates for advances of similar maturity to a schedule of maturities of such advances. These borrowings are not recorded at fair value on a recurring basis. Derivatives : The Company works directly with a third-party vendor to provide periodic valuations for its interest-rate risk-management agreements to determine fair value of its interest rate swaps executed for interest-rate risk management. The vendor utilizes standard valuation methodologies applicable to interest rate derivatives based on readily observable market data and are therefore considered Level 2 valuations. Off-Balance-Sheet Instruments : Fair values for off-balance-sheet instruments (lending commitments and letters of credit) are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties' credit standing. Off-balance-sheet instruments are not recorded at fair value on a recurring basis. The following tables detail the assets that are carried at fair value and measured at fair value on a recurring basis as of December 31, 2023 and 2022, and indicate the level within the fair value hierarchy utilized to determine the fair value: December 31, 2023 Description Total Level 1 Level 2 Level 3 (in thousands) Available-for-Sale Securities, at fair value: U.S. Government Bonds $ 2,784 $ 2,784 $ — $ — Corporate bonds 23,668 536 23,132 — Mortgage-Backed Securities: Collateralized Mortgage Obligations 33,148 — 33,148 — FHLMC Certificates 8,681 8,681 FNMA Certificates 51,517 — 51,517 — GNMA Certificates 104 — 104 — Mortgage Loans Held for Sale, at fair value 9,980 — 9,980 — Interest rate swap 4,435 — 4,435 — $ 134,317 $ 3,320 $ 130,997 $ — December 31, 2022 Description Total Level 1 Level 2 Level 3 (in thousands) Available-for-Sale Securities, at fair value: U.S. Government Bonds $ 2,689 $ 2,689 $ — $ — Corporate bonds 23,359 730 22,629 — Mortgage-Backed Securities: Collateralized Mortgage Obligations 37,777 — 37,777 — FHLMC Certificates 9,634 — 9,634 — FNMA Certificates 55,928 — 55,928 — GNMA Certificates 118 — 118 — Mortgage Loans Held for Sale, at fair value 1,979 — 1,979 — Derivatives from interest rate lock commitments 22 — — 22 $ 131,506 $ 3,419 $ 128,065 $ 22 Management’s assessment and classification of an investment within a level can change over time based upon maturity or liquidity of the investment and would be reflected at the beginning of the quarter in which the change occurred. The following tables detail the assets carried at fair value and measured at fair value on a nonrecurring basis as of December 31, 2023 and 2022 and indicate the fair value hierarchy utilized to determine the fair value: December 31, 2023 Total Level 1 Level 2 Level 3 (in thousands) Impaired loans $ 12,726 $ — $ — $ 12,726 December 31, 2022 Total Level 1 Level 2 Level 3 (in thousands) Impaired loans $ 17,952 $ — $ — $ 17,952 Losses on assets carried at fair value on a nonrecurring basis were de minimis for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, the carrying values and estimated fair values of the Company's financial instruments were as follows: Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total (in thousands) December 31, 2023 Financial assets: Cash and cash equivalents $ 139,190 $ 139,190 $ — $ — $ 139,190 Available-for-sale securities, at fair value 119,902 3,320 116,582 — 119,902 Held-to-maturity securities, at amortized cost 461,748 — 450,042 — 450,042 Placements with banks 249 — 249 — 249 Mortgage loans held for sale, at fair value 9,980 — 9,980 — 9,980 Loans receivable, net 1,895,886 — — 1,844,507 1,844,507 Accrued interest receivable 18,010 — 18,010 — 18,010 FHLBNY stock 19,377 19,377 — — 19,377 Interest rate swap 4,435 — 4,435 — 4,435 Financial liabilities: Deposits: Demand deposits 243,384 243,384 — — 243,384 Interest-bearing deposits 663,410 663,410 — — 663,410 Certificates of deposit 600,826 — 594,234 — 594,234 Advance payments by borrowers for taxes and insurance 10,778 — 10,778 — 10,778 Borrowings 684,421 — 674,155 — 674,155 Interest rate swap 4,435 — 4,435 — 4,435 Accrued interest payable 11,965 — 11,965 — 11,965 Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total (in thousands) December 31, 2022 Financial assets: Cash and cash equivalents $ 54,360 $ 54,360 $ — $ — $ 54,360 Available-for-sale securities, at fair value 129,505 3,419 126,086 — 129,505 Held-to-maturity securities, at amortized cost 510,820 — 495,851 — 495,851 Placements with banks 1,494 — 1,494 — 1,494 Mortgage loans held for sale, at fair value 1,979 — 1,979 — 1,979 Loans receivable, net 1,493,127 — — 1,430,864 1,430,864 Accrued interest receivable 15,049 — 15,049 — 15,049 FHLBNY stock 24,661 24,661 — — 24,661 Financial liabilities: Deposits: Demand deposits 289,149 289,149 — — 289,149 Interest-bearing deposits 504,973 504,973 — — 504,973 Certificates of deposit 458,290 — 450,224 — 450,224 Advance payments by borrowers for taxes and insurance 9,724 — 9,724 — 9,724 Borrowings 517,375 — 503,406 — 503,406 Accrued interest payable 1,390 — 1,390 — 1,390 The following table reconciles, at December 31, 2023 and 2022, the beginning and ending balances for debt securities available-for-sale that are recognized at fair value on a recurring basis, in the Consolidated Statements of Financial Condition, using significant unobservable inputs. December 31, 2023 2022 (in thousands) Beginning balance $ — $ 4,929 Total loss included in earnings — ( 344 ) Securities sold — — Transfer out of level 3 — ( 4,585 ) Ending balance $ — $ — The Company recognizes transfers between levels of the valuation hierarchy at the end of the applicable reporting periods. There was no transfer out of Level 3 assets in the fair value hierarchy at December 31, 2023 and one security transferred out of Level 3 assets in the fair value hierarchy at December 31, 2022. Fair value for Level 3 securities was determined using a third-party pricing service with limited levels of activity and price transparency. Off-Balance-Sheet Instruments : There loan commitments on which the committed interest rate is less than the current market rate insignificant at December 31, 2023 and 2022. The fair value information about financial instruments are disclosed, whether or not recognized in the consolidated statements of financial condition, for which it is practicable to estimate that value. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The estimated fair value amounts for 2023 and 2022 have been measured as of their respective period-ends and have not been reevaluated or updated for purposes of these consolidated financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than amounts reported at each period. The information presented should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only required for a limited portion of the Company's assets and liabilities. Due to the wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company's disclosures and those of other banks may not be meaningful. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements | Note 16. Regulatory Capital Requirements The Company and the Bank are subject to various regulatory capital requirements administered by the Federal Reserve Board, the OCC and the U.S. Department of Housing and Urban Development. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s operations and financial statements. Under the regulatory capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company's assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation require the maintenance of minimum amounts and ratios (set forth in the table below) of total risk-based and Tier 1 capital to risk-weighted assets (as defined), common equity Tier 1 capital (as defined), and Tier 1 capital to adjusted total assets (as defined) adjusted total assets (as defined). As of December 31, 2023 and 2022, the applicable capital adequacy requirements specified below have been met. The below minimum capital requirements exclude the capital conservation buffer required to avoid limitations on capital distributions including dividend payments and certain discretionary bonus payments to executive officers. The applicable capital buffer for the Bank was 15.30 % and 22.53 % at December 31, 2023 and 2022. The most recent notification from the OCC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Company and the Bank must maintain minimum total risk-based, common equity risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the table below. There were no conditions or events since then that have changed the Bank's category. The Company's and the Bank’s actual capital amounts and ratios as of December 31, 2023 and 2023 as compared to regulatory requirements are as follows: To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2023 Ponce Financial Group, Inc. Total Capital to Risk-Weighted Assets $ 533,513 25.06 % $ 170,302 8.00 % $ 212,878 10.00 % Tier 1 Capital to Risk-Weighted Assets 507,042 23.82 % 127,727 6.00 % 170,302 8.00 % Common Equity Tier 1 Capital Ratio 282,042 13.25 % 95,795 4.50 % 138,371 6.50 % Tier 1 Capital to Total Assets 507,042 19.71 % 102,911 4.00 % 128,639 5.00 % Ponce Bank Total Capital to Risk-Weighted Assets $ 492,622 23.30 % $ 169,153 8.00 % $ 211,441 10.00 % Tier 1 Capital to Risk-Weighted Assets 466,151 22.05 % 126,865 6.00 % 169,153 8.00 % Common Equity Tier 1 Capital Ratio 466,151 22.05 % 95,149 4.50 % 137,437 6.50 % Tier 1 Capital to Total Assets 466,151 17.49 % 106,591 4.00 % 133,239 5.00 % To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2022 Ponce Financial Group, Inc. Total Capital to Risk-Weighted Assets $ 530,241 33.72 % $ 125,791 8.00 % $ 157,238 10.00 % Tier 1 Capital to Risk-Weighted Assets 510,537 32.47 % 94,343 6.00 % 125,791 8.00 % Common Equity Tier 1 Capital Ratio 285,537 18.16 % 70,757 4.50 % 102,205 6.50 % Tier 1 Capital to Total Assets 510,537 26.29 % 77,665 4.00 % 97,082 5.00 % Ponce Bank Total Capital to Risk-Weighted Assets $ 476,519 30.53 % $ 124,883 8.00 % $ 156,104 10.00 % Tier 1 Capital to Risk-Weighted Assets 456,816 29.26 % 93,662 6.00 % 124,883 8.00 % Common Equity Tier 1 Capital Ratio 456,816 29.26 % 70,247 4.50 % 101,468 6.50 % Tier 1 Capital to Total Assets 456,816 20.47 % 89,264 4.00 % 111,580 5.00 % Ponce Bank, through its Mortgage World division, is subject to various net worth requirements in connection with lending agreements that Ponce Bank has entered with purchase facility lenders. Failure to maintain minimum capital requirements could result in the Bank’s Mortgage World division being unable to originate and service loans, and, therefore, could have a direct material effect on the Company’s consolidated financial statements. The Bank ’s minimum net worth requirements as of December 31, 2023 and 2022 are reflected below: Minimum Requirement (in thousands) December 31, 2023 HUD $ 1,000 Minimum Requirement (in thousands) December 31, 2022 HUD $ 1,000 As of December 31, 2023 and 2022 , the Bank was in compliance with all minimum capital requirements as specified above. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 17. Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss are as follows: December 31, 2023 December 31, Change December 31, (in thousands) Unrealized losses on available-for-sale securities, net $ ( 17,860 ) $ 2,211 $ ( 15,649 ) Total $ ( 17,860 ) $ 2,211 $ ( 15,649 ) December 31, 2022 December 31, Change December 31, (in thousands) Unrealized losses on available-for-sale securities, net $ ( 1,456 ) $ ( 16,404 ) $ ( 17,860 ) Total $ ( 1,456 ) $ ( 16,404 ) $ ( 17,860 ) |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Transactions with Related Parties | Note 18. Transactions with Related Parties Directors, executive officers and non-executive officers of the Company have been customers of and have had transactions with the Bank, and it is expected that such persons will continue to have such transactions in the future. Aggregate loan transactions with related parties for the years ended December 31, 2023, 2022, and 2021 were as follows: For the Years Ended December 31, 2023 2022 2021 (in thousands) Beginning balance (1) $ 8,318 $ 5,631 $ 424 Originations (1) 1,725 6,418 10 Payments ( 1,233 ) ( 3,731 ) ( 82 ) Ending balance $ 8,810 $ 8,318 $ 352 (1) The beginning balance for 2022 includes loans held by James Perez who became a director on March 17, 2022. The Company held deposits in the amount of $8 .4 million, $ 8.0 million and $ 6.2 million from officers and directors at December 31, 2023, 2022 and 2021 , respectively. |
Parent Company Only Financial S
Parent Company Only Financial Statements | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Only Financial Statements | Note 19. Parent Company Only Financial Statements The following are the condensed financial statements of the Parent as of and for the years ended December 31, 2023 and 2022. December 31, ASSETS 2023 2022 (in thousands) Cash and cash equivalents $ 13,808 $ 28,318 Investment in Ponce Bank 450,502 438,975 Investment in Lending Front 1,000 1,000 Investment in Bamboo 3,723 2,500 Loan receivable - ESOP 13,317 14,377 Other assets 9,468 7,702 Total assets $ 491,818 $ 492,872 LIABILITIES AND STOCKHOLDERS' EQUITY Other liabilities and accrued expenses $ 423 $ 172 Stockholders' equity 491,395 492,700 Total liabilities and stockholders' equity $ 491,818 $ 492,872 For the Years Ended December 31, 2023 2022 (in thousands) Interest on ESOP loan $ 294 $ 302 Interest on other deposits — 4 Net interest income 294 306 Share-based compensation expense 1,888 1,567 Management fee expense 712 504 Office occupancy and equipment 96 80 Professional fees 2,042 1,938 Contribution to the Ponce De Leon Foundation — 4,995 Other noninterest expenses 100 1,086 Total noninterest expense 4,838 10,170 Loss before income taxes ( 4,544 ) ( 9,864 ) Benefit for income taxes ( 834 ) ( 2,009 ) Equity in undistributed earnings of Ponce Bank 7,062 ( 22,146 ) Net income (loss) $ 3,352 $ ( 30,001 ) For the Years Ended December 31, 2023 2022 Cash Flows from Operating Activities: Net income (loss) $ 3,352 $ ( 30,001 ) Adjustments to reconcile net income (loss) to net cash used in operating activities: Equity in undistributed earnings of subsidiaries ( 7,062 ) 22,146 Investment in Grain write-off — 1,000 Deferred income tax ( 798 ) 239 Share-based compensation expense 1,888 1,567 Increase in other assets ( 968 ) ( 750 ) Net increase in other liabilities 250 992 Net cash used in operating activities ( 3,338 ) ( 4,807 ) Cash Flows from Investing Activities: Investment in Lending Front — ( 1,000 ) Investment in Bamboo ( 1,223 ) ( 2,500 ) Investment in Ponce Bank — ( 302,322 ) Loan to the ESOP — ( 10,974 ) Repayment of ESOP Loan 1,060 1,052 Net cash used in investing activities ( 163 ) ( 315,744 ) Cash Flows from Financing Activities: Common stock issued from vesting of restricted stock units — 2 Proceeds from issuance of preferred stock — 225,000 Contribution to Ponce De Leon Foundation — ( 1,000 ) Repurchase of treasury shares ( 11,009 ) — Proceeds from the sale of treasury stock — — Net cash (used in) provided by financing activities ( 11,009 ) 224,002 Net decrease in cash and cash equivalents ( 14,510 ) ( 96,549 ) Cash and cash equivalents at beginning of year 28,318 124,867 Cash and cash equivalents at end of year $ 13,808 $ 28,318 |
Quarterly Financial Information
Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (unaudited) | Note 20. Quarterly Financial Information (unaudited) 2023 2022 Fourth Third Second First Fourth Third Second First (Dollars in thousands except share data) Net interest income $ 17,197 $ 16,542 $ 16,282 $ 15,245 $ 16,166 $ 17,611 $ 15,488 $ 17,338 (Benefit) provision for credit losses ( 375 ) 535 987 ( 174 ) 12,641 9,330 817 1,258 Net interest income after 17,572 16,007 15,295 15,419 3,525 8,281 14,671 16,080 Noninterest income 1,285 5,627 1,492 1,819 437 1,577 2,179 2,226 Noninterest expense 17,897 17,316 17,089 16,361 15,765 25,416 16,567 28,074 Income (loss) before income taxes 960 4,318 ( 302 ) 877 ( 11,803 ) ( 15,558 ) 283 ( 9,768 ) Provision (benefit) for income taxes 442 1,728 ( 215 ) 546 ( 2,589 ) ( 820 ) ( 488 ) ( 2,948 ) Net income (loss) $ 518 $ 2,590 $ ( 87 ) $ 331 $ ( 9,214 ) $ ( 14,738 ) $ 771 $ ( 6,820 ) Basic earnings (loss) per share $ 0.02 $ 0.12 $ — $ 0.01 $ ( 0.40 ) $ ( 0.64 ) $ 0.03 $ ( 0.31 ) Diluted earnings (loss) per share $ 0.02 $ 0.12 $ — $ 0.01 $ ( 0.40 ) $ ( 0.64 ) $ 0.03 $ ( 0.31 ) Basic weighted average 22,224,945 22,272,076 23,208,168 23,293,013 23,168,097 23,094,859 23,056,559 21,721,113 Diluted weighted average 22,406,102 22,349,217 23,208,168 23,324,532 23,168,097 23,094,859 23,128,911 21,721,113 |
Nature of Business and Summar_2
Nature of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Financial Statement Presentation | Basis of Presentation and Consolidation : Ponce Financial Group, Inc. (hereafter referred to as “we,” “our,” “us,” “Ponce Financial Group, Inc.,” or the “Company”), is the holding company of Ponce Bank (“Ponce Bank” or the “Bank”), a federally chartered stock savings association. The Company’s Consolidated Financial Statements presented herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Consolidated Financial Statements include the accounts of the Company, its wholly-owned subsidiary Ponce Bank (the “Bank”) and the Bank’s wholly-owned subsidiary, Ponce De Leon Mortgage Corp., which is a mortgage banking entity. All significant intercompany transactions and balances have been eliminated in consolidation. |
Nature of Operations | Nature of Operations: The Company is a savings and loan holding company. The Company is subject to the regulation and examination by the Board of Governors of the Federal Reserve. The Company’s business is conducted through the administrative office and 13 full service banking and 5 mortgage loan offices. The banking offices are located in New York City – the Bronx ( 4 branches), Queens ( 3 branches), Brooklyn ( 3 branches), Manhattan ( 2 branches) and Union City ( 1 branch), New Jersey. The mortgage loan offices are located in Queens ( 3 ) and Brooklyn ( 1 ), New York and Bergenfield ( 1 ), New Jersey. The Company’s primary market area currently consists of the New York City metropolitan area. The Bank is a federally chartered stock savings association headquartered in the Bronx, New York. It was originally chartered in 1960 as a federally chartered mutual savings and loan association under the name Ponce De Leon Federal Savings and Loan Association. In 1985, the Bank changed its name to “Ponce De Leon Federal Savings Bank.” In 1997, the Bank changed its name again to “Ponce De Leon Federal Bank.” Upon the completion of its reorganization into a mutual holding company structure in September of 2017, the assets and liabilities of Ponce De Leon Federal Bank were transferred to and assumed by the Bank. The Bank is a Minority Depository Institution (“MDI”), a Community Development Financial Institution (“CDFI”), and a certified Small Business Administration (“SBA”) lender. The Bank is subject to comprehensive regulation and examination by the Office of Comptroller of the Currency (the “OCC”). 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, which have historically consisted of U.S. government and federal agency securities and securities issued by government-sponsored or owned enterprises, mortgage-backed securities and Federal Home Loan Bank of New York (the “FHLBNY”) stock. The Bank offers a variety of deposit accounts, including demand, savings, money markets and certificates of deposit accounts. |
Risks and Uncertainties | Risks and Uncertainties: Inflation and interest rates may continue to adversely impact several industries within our geographic footprint and impair the ability of the Company’s customers to fulfill their contractual obligations to the Company. This could cause the Company to experience adverse effects on its business operations, loan portfolio, financial condition, and results of operations. During the year ended December 31, 2023 , total interest expenses increased $ 44.5 million, or 275.3 %, to $ 60.6 million when compared to $ 16.1 million for the year ended December 31, 2022. |
Use of Estimates | Use of Estimates : In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, as of the date of the consolidated statement of financial condition, and revenues and expenses for the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, the valuation of loans held for sale, the valuation of deferred tax assets and investment securities and the estimates relating to the valuation for share-based awards. |
Significant Group Concentrations of Credit Risk | Significant Group Concentrations of Credit Risk : Most of the Bank's activities are with customers located within New York City. Accordingly, the ultimate collectability of a substantial portion of the Bank's loan portfolio and the ability of Mortgage World, a division of the Bank, to sell originated loans in the secondary markets are susceptible to changes in the local market conditions. Note 3 discusses the types of securities in which the Bank invests. Notes 5 and 14 discuss the types of lending that the Bank engages in, and other concentrations. |
Cash and Cash Equivalents | Cash and Cash Equivalents : Cash and cash equivalents include cash on hand and amounts due from banks (including items in process of clearing). For purposes of reporting cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. Cash flows from loans originated by the Company, interest-bearing deposits in financial institutions, and deposits are reported net. Included in cash and cash equivalents are restricted cash from escrows and good faith deposits. Escrows consist of U.S. Department of Housing and Urban Development (“HUD”) upfront mortgage insurance premiums and escrows on unsold mortgages that are held on behalf of borrowers. Good faith deposits consist of deposits received from commercial loan customers for use in various disbursements relating to the closing of a commercial loan. |
Securities | Securities : Management determines the appropriate classification of securities at the date individual investment securities are acquired, and the appropriateness of such classification is reassessed at each statement of financial condition date. Debt securities that management has the positive intent and ability to hold to maturity are classified as "held-to-maturity" and recorded at amortized cost. Trading securities, if any, are carried at fair value, with unrealized gains and losses recognized in earnings. Securities not classified as held-to-maturity or trading, are classified as "available-for-sale" and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss), net of tax. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. |
Held-to Maturity Securities | Held-to maturity securities : Effective January 1, 2023, the Company adopted Accounting Standards Topic 326, "Financial Instruments - Credit Losses" which replaced the previously existing U.S. GAAP "incurred loss" approach to "expected credit losses" approach, which is referred as Current Expected Credit Losses ("CECL"). CECL modifies the accounting of impairment on held-for-sale debt securities by recognizing a credit loss through an allowance for credit losses ("ACL"). The Company methodology to measure the ACL incorporates both quantitative and qualitative information to assess lifetime expected credit losses at the portfolio level. The quantitative component includes the calculation of loss rates using an open pool method. The Company differentiates its loss-rate method for a pool of held-to-maturity corporate securities by looking to publicly available historical default and recovery statistics based on the attributes of issuer type, rating category and time to maturity. The Company measures expected credit losses of these financial assets by applying loss rates to the amortized cost basis of each asset taking into consideration amortization, prepayment and default assumptions. The Company considers qualitative adjustments to expected credit losses for information not already captured in the loss estimation process. Qualitative factor adjustments may increase or decrease management's estimate of expected credit losses. Adjustments will not be made for information that has already been considered and included in the quantitative allowance. |
Available-For-Sale Securities | Available-for-sale securities : The impairment model for available-for-sale ("AFS") debt securities differs from the CECL approach utilized by held-to-maturity ("HTM") debt securities since AFS debt securities are measured at fair value rather than amortized cost. For AFS debt securities in an unrealized loss position, the Bank first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. On a quarterly basis, the Company evaluates the available-for-sale securities for impairment. Securities that are in an unrealized loss position are reviewed to determine if a securities credit loss exists based on certain quantitative and qualitative factors. The primary factors considered in evaluating whether an impairment exists include: (a) the extent to which the fair value is less than the amortized cost basis, (b) the financial condition, credit rating and future prospects of the issuer, (c) whether the debtor is current on contractually obligated interest and principal payments, and (d) whether the Company intends to sell the security and whether it is more likely than not the Company will not be required to sell the security. If a determination is made that a security is impaired, the Company will estimate the amount of the unrealized loss that is attributable to credit and all other non-credit related factors. The credit related component will be recognized as a securities credit loss as a provision expense through the establishment of an allowance for available for sale securities. The securities credit loss expense will be limited to the difference between the security's amortized cost basis and fair value and any future changes may be reversed, limited to the amount previously expensed in the period they occur. The non-credit related component will be recorded as an adjustment to accumulated other comprehensive income, net of tax. The evaluation of securities for impairment is a quantitative and qualitative process, which is subject to risks and uncertainties and is intended to determine whether declines in the estimated fair value of investments should be recognized in current period earnings. The risks and uncertainties include change in general economic conditions, the issuer's financial condition and/or future prospects, the effects of changes in interest rates or credit spreads, and the expected recovery period. See Note 3 ("Securities") of the Notes to the Consolidated Financial Statements. |
Federal Home Loan Bank of New York Stock | Federal Home Loan Bank of New York Stock : The Bank is a member of the FHLBNY. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLBNY stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. |
Loans Receivable | Loans Receivable : Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at current unpaid principal balances, net of the ACL on loans and including net deferred loan origination fees and costs. Interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the interest method without anticipating prepayments. A loan is moved to nonaccrual status in accordance with the Company’s policy typically after 90 days of non-payment. The accrual of interest on mortgage and commercial loans is generally discontinued at the time the loan becomes 90 days past due unless the loan is well-secured and in process of collection. Consumer loans are typically charged-off no later than 90 days past due. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual status or charged-off if collection of principal or interest is considered doubtful. All nonaccrual loans are considered impaired loans. All interest accrued but not received for loans placed on nonaccrual are reversed against interest income. Interest received on such loans is accounted for on the cash basis or recorded against principal balances, until qualifying for return to accrual. Cash basis interest recognition is only applied on nonaccrual loans with a sufficient collateral margin to ensure no doubt with respect to the collectability of principal. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and remain current for a period of time (typically six months) and future payments are reasonably assured. Accrued interest receivable is closely monitored for collectability and will be charged-off in a timely manner if deemed uncollectable. In the event that collection of principal becomes uncertain, the Company has policies in place to write-off accrued interest receivable by reversing interest income in a timely manner. Therefore, the Company has made a policy election to exclude accrued interest from the amortized cost basis and therefore excludes it from the measurement of the ACL. |
Allowance for Loan Losses | Allowance for Credit Losses : The ACL on loans is management's estimate of expected credit losses over the expected life of the loans at the reporting date. The ACL on loans is increased through a provision for credit losses (“PCL”) recognized in the Consolidated Statements of Operations and by recoveries of amounts previously charged off. The ACL on loans is reduced by charge-offs on loans. Loan charge-offs are recognized when Management believes the collectability of the principal balance outstanding is unlikely. Full or partial charge-offs on collateral-dependent individually analyzed loans are generally recognized when the collateral is deemed to be insufficient to support the carrying value of the loan. According to ASC 326-20-30-9, estimating expected credit losses is highly judgmental and generally will require Ponce Bank to make specific judgments. One of these specific judgments around how Ponce Bank will make or obtain reasonable and supportable forecasts of expected credit losses. Ponce Bank uses the Federal Open Market Committee to obtain various forecasts for unemployment rate, national gross domestic product and the National Consumer Price Index. Ponce Bank has elected to forecast the first four quarters of the credit loss estimate and revert to a long-run average of each considered economic factor as permitted in ASC 326-20-30-9. The level of the ACL on loans is based on Management's ongoing review of all relevant information, from internal and external sources, related to past events, current conditions and reasonable forecast. Historical credit loss experience provides the basis for calculation of probability of default, loss given default, exposure at default and the estimation of expected credit losses. As discussed further below, adjustments to historical information are made for differences in specific risk characteristics, such as differences in underwriting standards, portfolio mix, delinquency level, or term, as well as for changes in environmental conditions, that may not be reflected in historical loss rates. Management employs a process and methodology to estimate the ACL on loans that evaluates both quantitative and qualitative factors. Under ASC 326-20-30-2 and 326-20-55-5, Ponce Bank should aggregate financial assets on the basis of similar risk characteristics. Management selected a Call Code segmentation, as based on the Bank's call report. Management’s criteria for determining an appropriate segmentation (1) groups loans based on similar risk characteristics; (2) allows for mapping and utilization/application of publicly available external information (Call Report Filings); (3) allows for mapping and utilization/application of publicly available external information; (4) federal call code is granular enough to accommodate enough to accommodate a “like-kind” notion, yet broad enough to maintain statistical relevance and/or a meaningful number of loan observations within material segments and (5) federal call code designation is identifiable throughout historical data sets, which is critical component of segmentation selection. Quantitative loss factors are also supplemented by certain qualitative risk factors reflecting Management's view of how losses may vary from those represented by quantitative loss rates. These qualitative risk factors include: (1) changes in lending policies, procedures and strategies including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses; (2) economic conditions such as the Bank’s market area, customer demographics, portfolio composition, along with national indicators considered impactful to the model; (3) changes in the nature and volume of the portfolio; (4) credit and lending staff/administration; (5) problem with loan trends; (6) concentrations; (7) loan review results; (8) collateral values and (9) regulatory and business environment. Because the methodology is based upon historical experience and trends, current economic data, reasonable and supportable forecasts, as well as Management's judgment, factors may arise that result in different estimations. Deteriorating conditions or assumptions could lead to further increases in the ACL on loans. The ACL on loans is determined by an estimate of future credit losses, and ultimate losses may vary from Management's estimate. |
Allowances for Credit Losses on Unfunded Commitments | Allowances for Credit Losses on Unfunded Commitments : The ACL on unfunded commitments is Management's estimate of expected credit losses over the expected contractual term (or life) in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditional cancellable by the Company. For each portfolio, estimated loss rates and funding factors are applied to the corresponding balance of unfunded commitments and the estimated loss rates applied to unfunded commitments are the same quantitative and qualitative loss rates applied to the corresponding on-balance sheet amounts in determining the ACL on loans. The estimated funding factor applied to unfunded commitments is used to project future average funding and is based upon the Company's average historical utilization rate for each portfolio. The ACL on unfunded commitments is included in other liabilities in the Consolidated Statements of Financial Conditions. The ACL on unfunded commitments is adjusted through non-interest expense in the Consolidated Statements of Operations. |
Loans Held for Sale, at Fair Value | Loans Held for Sale, at Fair Value : Loans held for sale, at fair value, include residential mortgages that were originated in accordance with secondary market pricing and underwriting standards. These loans are loans originated by the Bank’s Mortgage World division and the Company intends to sell these loans on the secondary market. Loans held for sale are carried at fair value under the fair value option accounting guidance for financial assets and financial liabilities. The gains or losses for the changes in fair value of these loans are included in income on sale of loans on the consolidated statements of operations. Interest income on mortgage loans held for sale measured under the fair value option is calculated based on the principal amount of the loan and is included in interest loans receivable on the consolidated statements of operations. At December 31, 2023 and 2022, 19 loans and 4 loans in the amount of $ 10.0 million and $ 2.0 million, respectively, were held for sale and accounted for under the fair value option accounting guidance for financial assets and financial liabilities. |
Revenue from Contracts with Customers | Revenue from Contracts with Customers : The Company’s revenue from contracts with customers in the scope of ASC 606, Revenue from Contract with Customers , is recognized within noninterest income. ASC 606 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. Management determined the revenue streams impacted by ASC 606 included those related to service charges on deposit accounts, ATM and card fees and other services fees. The Company’s revenue recognition pattern for these revenue streams did not change from current practice. The Company's primary sources of revenue are interest income on financial assets and income from mortgage banking activities, which are explicitly excluded from the scope of ASC 606. |
Transfers of Financial Assets | Transfers of Financial Assets : Transfers of financial assets are accounted for as sales when all of the components meet the definition of a participating interest and when control over the assets has been surrendered. A participating interest generally represents (1) a proportionate (pro rata) ownership interest in an entire financial asset, (2) a relationship where from the date of transfer all cash flows received from the entire financial asset are divided proportionately among the participating interest holders in an amount equal to their share of ownership, (3) the priority of cash flows has certain characteristics, including no reduction in priority, subordination of interest, or recourse to the transferor other than standard representation or warranties, and (4) no party has the right to pledge or exchange the entire financial asset unless all participating interest holders agree to pledge or exchange the entire financial asset. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Bank, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Bank does not maintain effective control over the transferred assets through either (a) an agreement to repurchase them before their maturity or (b) the ability to unilaterally cause the holder to return specific assets, other than through a clean-up call. |
Premises and Equipment | Premises and Equipment: Premises include the cost of land and buildings actually owned and occupied (or to be occupied) by the Bank, its branches, or consolidated subsidiaries. Equipment includes all movable furniture, fixtures, and equipment, including automobiles and other vehicles of the Bank, its branches and consolidated subsidiaries. Premises and equipment are stated at cost, less accumulated depreciation. Depreciation is the concept of allocating the cost of fixed assets over their estimated useful lives. Depreciation is computed and charged to operations using the straight-line method over the estimated useful lives of the respective assets as follows: Years Building 39 Building improvements 15 - 39 Furniture, fixtures and equipment 3 - 10 Leasehold improvements are amortized over the shorter of the improvements’ estimated economic lives or the related lease terms, including extensions expected to be exercised. Gains and losses on dispositions are recognized upon realization. Maintenance and repairs are expensed as incurred and improvements are capitalized. Leasehold improvements in process are not amortized until the assets are placed in operation. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets : Long-lived assets, including premises and leasehold improvements, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If impairment is indicated by that review, the asset is written down to its estimated fair value through a charge to noninterest expense. |
Leases | Leases : The Company leases office space and certain equipment under non-cancellable operating lease agreements and determines if an arrangement is a lease at inception. The Company does not currently have any financing lease arrangements. Right of use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right of use assets are recognized on the commencement date based on the present value of lease payments over the lease term adjusted for initial direct costs, if any, and lease incentives received or deemed probable of being received. The Company uses the rate implicit in the lease if it is readily determinable or otherwise the Company uses its incremental borrowing rate. The implicit rates of Company leases are not readily determinable and accordingly, the Company uses its incremental borrowing rate based on the information available at the commencement date for all leases. The Company's incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms and in a similar economic environment. The Company uses its FHLBNY borrowing rate based on the information available on the commencement date plus a spread of 2.50 % in determining the present value of lease payments. Lease expense is recognized on a straight-line basis over the lease term and is included in “Occupancy and equipment” in the Consolidated Statement of Operations. Some of the Company’s lease agreements include rental payments adjusted periodically for inflation which are accounted for as variable lease amounts but are not reflected as a component of the Company’s lease liability. Certain leases also require the Company to pay real estate taxes, insurance, maintenance and other operating expenses associated with the leased premises or equipment which are also not reflected as a component of the Company’s lease liability. |
Other Real Estate Owned | Other Real Estate Owned : Other Real Estate Owned (“OREO”) represents properties acquired through, or in lieu of, loan foreclosure or other proceedings. OREO is initially recorded at fair value, less estimated disposal costs, at the date of foreclosure, which establishes a new cost basis. After foreclosure, the properties are held for sale and are carried at the lower of cost or fair value, less estimated costs of disposal. Any write-down to fair value, at the time of transfer to OREO, is charged to the allowance for credit losses. Properties are evaluated regularly to ensure that the recorded amounts are supported by current fair values and charges against earnings are recorded as necessary to reduce the carrying amount to fair value, less estimated costs to dispose. Costs relating to the development and improvement of the property are capitalized, subject to the limit of fair value of the OREO, while costs relating to holding the property are expensed. Gains or losses are included in operations upon disposal. |
Income Taxes | Income Taxes : The Company recognizes income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income, in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that all or some portion of the deferred tax assets will not be realized. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the consolidated financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold are measured as the largest amount of tax benefit that is more than 50 % likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits, if any, would be classified as additional provision for income taxes in the consolidated statements of operations. |
Related Party Transactions | Related Party Transactions : Directors and officers of the Company and their affiliates have been customers of and have had transactions with the Company, and it is expected that such persons will continue to have such transactions in the future. Management believes that all deposit accounts, loans, services and commitments comprising such transactions were made in the ordinary course of business, on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other customers who are not directors or officers. In the opinion of management, the transactions with related parties did not involve more than normal risk of collectability, nor favored treatment or terms, nor present other unfavorable features. Note 18 contains details regarding related party transactions. |
Employee Benefit Plans | Employee Benefit Plans: The Company maintains a KSOP, an Employee Stock Ownership Plan with 401(k) provisions incorporated, a Long-Term Incentive Plan that includes grants of restricted stock units and stock options, and a Supplemental Executive Retirement Plan (the “SERP”). |
KSOP, the Employee Stock Ownership Plan with 401(k) Provisions | KSOP, the Employee Stock Ownership Plan with 401(k) Provisions: Compensation expense is recorded as shares are committed to be released with a corresponding credit to unearned KSOP equity account at the average fair market value of the shares during the period and the shares become outstanding for earnings per share computations. Compensation expense is recognized ratably over the service period based upon management’s estimate of the number of shares expected to be allocated by the KSOP. The difference between the average fair market value and the cost of the shares allocated by the KSOP is recorded as an adjustment to additional paid-in-capital. Unallocated common shares held by the Company’s KSOP are shown as a reduction in stockholders’ equity and are excluded from weighted-average common shares outstanding for both basic and diluted earnings per share calculations until they are committed to be released. The 401(k) provisions provide for elective employee/participant deferrals of income. Discretionary matching, profit-sharing, and safe harbor contributions, not to exceed 4 % of employee compensation and profit-sharing contributions may be provided. |
Stock Options | Stock Options: The Company recognizes the value of shared-based payment transactions as compensation costs in the financial statements over the period that an employee provides service in exchange for the award. The fair value of the share-based payments for stock options is estimated using the Black-Scholes option-pricing model. The Company accounts for forfeitures as they occur during the period. |
Restricted Stock Units | Restricted Stock Units: The Company recognizes compensation cost related to restricted stock units based on the market price of the stock units at the grant date over the vesting period. The product of the number of units granted and the grant date market price of the Company’s common stock determines the fair value of restricted stock units. The Company recognizes compensation expense for the fair value of the restricted stock units on a straight-line basis over the requisite service period. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) : Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss), which are both recognized as separate components of stockholder’s equity. Other comprehensive income (loss) includes unrealized gains and losses on securities available-for-sale. |
Loss Contingencies | Loss Contingencies : Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are any such matters that will have a material effect on the operations and financial position of the Company. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments : Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 15. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. |
Segment | Segment : Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (the “CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the Company’s CODM. The CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, the Company has determined that it operates as one operating segment and one reportable segment. |
Loan Commitments and Related Financial Instruments | Loan Commitments and Related Financial Instruments : Financial instruments include off‑balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. |
Earnings (Loss) per Share (EPS) | Earnings (Loss) per Share (“EPS”) : Basic EPS represents net income (loss) attributable to common shareholders divided by the basic weighted average common shares outstanding. Diluted EPS is computed by dividing net income (loss) attributable to common shareholders by the basic weighted average common shares outstanding, plus the effect of potential dilutive common stock equivalents outstanding during the period. Basic weighted common shares outstanding is weighted average common shares outstanding less weighted average unallocated ESOP shares. |
Treasury Stock | Treasury Stock : Shares repurchased under the Company’s share repurchase programs were purchased in open-market transactions and are held as treasury stock. The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders’ equity. |
Reclassification of Prior Year Presentation | Reclassification of Prior Year Presentation: Certain prior periods amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reporting results of operations and did not affect previously reported amounts in the Consolidated Statements of Operations. Refer to Deposits (Note 8) for the Year Ended December 31, 2022 for details on the reclassification. |
CDFI Equitable Recovery Program | CDFI Equitable Recovery Program : On September 26, 2023, the Bank received a $ 3.7 million grant from the U.S. Treasury as part of the Community Development Financial Institutions ("CDFI") Equitable Recovery Program ("ERP") which aims to help CDFI's further their mission of helping low and low-to-moderate income communities recover from the impact of the COVID-19 pandemic. |
Bank Enterprise Award Program | Bank Enterprise Award Program: On November 6, 2023, the Bank received a $ 0.5 million grant as part of the Bank Enterprise Award Program from the CDFI. Awards under the Bank Enterprise Award Program are subject to the program terms and must be used for qualified activities, which include providing loans, investments and financial services to residents and businesses in distressed communities. |
Derivative Financial Instruments | Derivative Financial Instruments: F rom time to time the company enters into interest rate swaps, a type of derivative instrument, to protect against the risk of adverse price or interest rate movements on the value of certain assets and liabilities and on future cash flows. The interest rate swaps involve future commitments to exchange interest payment streams with a counterparty based on a notional or contractual amount. All derivative instruments, including interest rate swaps, are subject to counterparty credit risk due to the possibility that the Company will incur a loss because a counterparty fails to meet its contractual obligations. Interest rates swap contracts may be executed only with financial institutions approved by the Company’s Board of Directors. If certain conditions are met, a derivative may be designated as a hedge related to fair value, cash flow, or foreign exposure risk. The recognition of changes in the fair value of a derivative instrument varies depending on the intended use of the derivative and the resulting designation. The Company accounts for hedges of customer loans as fair value hedges. The change in fair value of the hedging derivative and the change in fair value of the hedged exposure are recorded in non-interest expense in the Consolidated Statements of Operations. Any hedge ineffectiveness is also reflected in non-interest expense in the Consolidated Statements of Operations. The Company formally documents any relationships between hedging instruments and hedged items and the risk management objective and strategy for undertaking each hedged transaction. All derivative instruments are reported at fair value netted with the respective hedged assets/liabilities in the Consolidated Statements of Financial Condition. |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted: In December 2023, the FASB issued ASU 2023-09, "Improvements to Income Tax Disclosures" (Topic 740) . " The amendment to this update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. |
Nature of Business and Summar_3
Nature of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Estimated Useful Lives of Assets | Depreciation is the concept of allocating the cost of fixed assets over their estimated useful lives. Depreciation is computed and charged to operations using the straight-line method over the estimated useful lives of the respective assets as follows: Years Building 39 Building improvements 15 - 39 Furniture, fixtures and equipment 3 - 10 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Securities | The amortized cost, gross unrealized gains and losses, and fair value of securities at December 31, 2023 and 2022 are summarized as follows: December 31, 2023 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (in thousands) Available-for-Sale Securities: U.S. Government Bonds $ 2,990 $ — $ ( 206 ) $ 2,784 Corporate Bonds 25,790 — ( 2,122 ) 23,668 Mortgage-Backed Securities: Collateralized Mortgage Obligations (1) 39,375 — ( 6,227 ) 33,148 FHLMC Certificates 10,163 — ( 1,482 ) 8,681 FNMA Certificates 61,359 — ( 9,842 ) 51,517 GNMA Certificates 104 — — 104 Total available-for-sale securities $ 139,781 $ — $ ( 19,879 ) $ 119,902 Held-to-Maturity Securities: U.S. Agency Bonds $ 25,000 $ — $ ( 181 ) $ 24,819 Corporate Bonds 82,500 — ( 2,691 ) 79,809 Mortgage-Backed Securities: Collateralized Mortgage Obligations (1) 212,093 104 ( 5,170 ) 207,027 FHLMC Certificates 3,897 — ( 244 ) 3,653 FNMA Certificates 118,944 — ( 4,088 ) 114,856 SBA Certificates 19,712 166 — 19,878 Allowance for Credit Losses ( 398 ) — — — Total held-to-maturity securities $ 461,748 $ 270 $ ( 12,374 ) $ 450,042 (1) Comprised of FHLMC, FNMA and GNMA issued securities . December 31, 2022 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (in thousands) Available-for-Sale Securities: U.S. Government Bonds $ 2,985 $ — $ ( 296 ) $ 2,689 Corporate Bonds 25,824 — ( 2,465 ) 23,359 Mortgage-Backed Securities: Collateralized Mortgage Obligations (1) 44,503 — ( 6,726 ) 37,777 FHLMC Certificates 11,310 — ( 1,676 ) 9,634 FNMA Certificates 67,199 — ( 11,271 ) 55,928 GNMA Certificates 122 — ( 4 ) 118 Total available-for-sale securities $ 151,943 $ — $ ( 22,438 ) $ 129,505 Held-to-Maturity Securities: U.S. Agency Bonds $ 35,000 $ — $ ( 380 ) $ 34,620 Corporate Bonds 82,500 57 ( 3,819 ) 78,738 Mortgage-Backed Securities: Collateralized Mortgage Obligations (1) 235,479 192 ( 5,558 ) 230,113 FHLMC Certificates 4,120 — ( 268 ) 3,852 FNMA Certificates 131,918 — ( 5,227 ) 126,691 SBA Certificates 21,803 34 — 21,837 Total held-to-maturity securities $ 510,820 $ 283 $ ( 15,252 ) $ 495,851 (1) Comprised of FHLMC, FNMA and GNMA issued securities . |
Company's Securities Gross Unrealized Losses and Fair Values, Aggregated by Length of Time Individual Securities Have Been in a Continuous Unrealized Loss Position | The following tables present the Company's securities gross unrealized losses and fair values, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at December 31, 2023 and 2022: December 31, 2023 Securities With Gross Unrealized Losses Less Than 12 Months 12 Months or More Total Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (in thousands) Available-for-Sale Securities: U.S. Government Bonds $ — $ — $ 2,784 $ ( 206 ) $ 2,784 $ ( 206 ) Corporate Bonds — — 23,668 ( 2,122 ) 23,668 ( 2,122 ) Mortgage-Backed Securities: Collateralized Mortgage Obligations — — 33,148 ( 6,227 ) 33,148 ( 6,227 ) FHLMC Certificates — — 8,681 ( 1,482 ) 8,681 ( 1,482 ) FNMA Certificates — — 51,517 ( 9,842 ) 51,517 ( 9,842 ) GNMA Certificates — — — — — — Total available-for-sale securities $ — $ — $ 119,798 $ ( 19,879 ) $ 119,798 $ ( 19,879 ) Held-to-Maturity Securities: U.S. Agency Bonds $ — $ — $ 24,819 $ ( 181 ) $ 24,819 $ ( 181 ) Corporate Bonds 3,288 ( 212 ) 76,521 ( 2,479 ) 79,809 ( 2,691 ) Mortgage-Backed Securities: Collateralized Mortgage Obligations 81,875 ( 725 ) 112,339 ( 4,445 ) 194,214 ( 5,170 ) FHLMC Certificates — — 3,653 ( 244 ) 3,653 ( 244 ) FNMA Certificates — — 114,856 ( 4,088 ) 114,856 ( 4,088 ) Total held-to-maturity securities $ 85,163 $ ( 937 ) $ 332,188 $ ( 11,437 ) $ 417,351 $ ( 12,374 ) December 31, 2022 Securities With Gross Unrealized Losses Less Than 12 Months 12 Months or More Total Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (in thousands) Available-for-Sale Securities: U.S. Government Bonds $ — $ — $ 2,689 $ ( 296 ) $ 2,689 $ ( 296 ) Corporate Bonds 13,138 ( 1,186 ) 10,221 ( 1,279 ) 23,359 ( 2,465 ) Mortgage-Backed Securities: Collateralized Mortgage Obligations 4,537 ( 300 ) 33,240 ( 6,426 ) 37,777 ( 6,726 ) FHLMC Certificates — — 9,634 ( 1,676 ) 9,634 ( 1,676 ) FNMA Certificates 12,111 ( 1,230 ) 43,817 ( 10,041 ) 55,928 ( 11,271 ) GNMA Certificates 118 ( 4 ) — — 118 ( 4 ) Total available-for-sale securities $ 29,904 $ ( 2,720 ) $ 99,601 $ ( 19,718 ) $ 129,505 $ ( 22,438 ) Held-to-Maturity Securities: U.S. Agency Bonds $ 24,620 $ ( 380 ) $ — $ — $ 24,620 $ ( 380 ) Corporate Bonds 75,181 ( 3,819 ) — — 75,181 ( 3,819 ) Mortgage-Backed Securities: Collateralized Mortgage Obligations 215,300 ( 5,558 ) — — 215,300 ( 5,558 ) FHLMC Certificates 3,177 ( 115 ) 675 ( 153 ) 3,852 ( 268 ) FNMA Certificates 126,691 ( 5,227 ) — — 126,691 ( 5,227 ) Total held-to-maturity securities $ 444,969 $ ( 15,099 ) $ 675 $ ( 153 ) $ 445,644 $ ( 15,252 ) |
Summary of Maturities of Securities | The following is a summary of maturities of securities at December 31, 2023 and 2022. Amounts are shown by contractual maturity. Because borrowers for mortgage-backed securities have the right to prepay obligations with or without prepayment penalties, at any time, these securities are included as a total within the table. December 31, 2023 Amortized Fair Cost Value (in thousands) Available-for-Sale Securities: U.S. Government Bonds: Amounts maturing: Three months or less $ — $ — More than three months through one year — — More than one year through five years 2,990 2,784 More than five years through ten years — — 2,990 2,784 Corporate Bonds: Amounts maturing: Three months or less $ — $ — More than three months through one year 4,000 3,863 More than one year through five years 1,000 536 More than five years through ten years 20,790 19,269 25,790 23,668 Mortgage-Backed Securities 111,001 93,450 Total available-for-sale securities $ 139,781 $ 119,902 Held-to-Maturity Securities: U.S. Agency Bonds: Amounts maturing: Three months or less $ — $ — More than three months through one year — — More than one year through five years 25,000 24,819 More than five years through ten years — — 25,000 24,819 Corporate Bonds: Amounts maturing: Three months or less $ — $ — More than three months through one year 25,000 24,650 More than one year through five years 50,000 48,265 More than five years through ten years 7,500 6,894 82,500 79,809 Mortgage-Backed Securities 354,646 345,414 Allowance for Credit Losses ( 398 ) — Total held-to-maturity securities $ 461,748 $ 450,042 December 31, 2022 Amortized Fair Cost Value (in thousands) Available-for-Sale Securities: U.S. Government Bonds: Amounts maturing: Three months or less $ — $ — More than three months through one year — — More than one year through five years 2,985 2,689 More than five years through ten years — — 2,985 2,689 Corporate Bonds: Amounts maturing: Three months or less $ — $ — More than three months through one year — — More than one year through five years 4,000 3,710 More than five years through ten years 21,824 19,649 25,824 23,359 Mortgage-Backed Securities 123,134 103,457 Total available-for-sale securities $ 151,943 $ 129,505 Held-to-Maturity Securities: U.S. Agency Bonds: Amounts maturing: Three months or less $ — $ — More than three months through one year — — More than one year through five years 35,000 34,620 More than five years through ten years — — 35,000 34,620 Corporate Bonds: Amounts maturing: Three months or less $ — $ — More than three months through one year — — More than one year through five years 75,000 71,328 More than five years through ten years 7,500 7,410 82,500 78,738 Mortgage-Backed Securities 393,320 382,493 Total held-to-maturity securities $ 510,820 $ 495,851 |
Schedule of Activity in Allowance for Credit Losses for Held-to-maturity Securities | The following table presents the activity in the allowance for credit losses for held-to-maturity securities. December 31, 2023 2022 Beginning balance $ — $ — Impact on CECL adoption 662 — Benefit for credit losses ( 264 ) — Allowance for credit losses $ 398 $ — |
Mortgage Loans Held for Sale (T
Mortgage Loans Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivable, Held-for-Sale [Abstract] | |
Schedule of mortgage loans held for sale fair value and contractual principal balance | The following table provides the fair value and contractual principal balance outstanding of loans held for sale accounted for under the fair value options: December 31, 2023 2022 (in thousands) Mortgage loans held for sale, at fair value $ 9,980 $ 1,979 Mortgage loans held for sale, contractual principal outstanding 9,864 1,979 Fair value less unpaid principal balance $ 116 $ — |
Loans Receivable and Allowanc_2
Loans Receivable and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Summary of Loans | Loans at December 31, 2023 and 2022 are summarized as follows: December 31, 2023 2022 (in thousands) Mortgage loans: 1-4 Family residential Investor-Owned $ 343,689 $ 343,968 Owner-Occupied 152,311 134,878 Multifamily residential 550,559 494,667 Nonresidential properties 342,343 308,043 Construction and land 503,925 185,018 Total mortgage loans 1,892,827 1,466,574 Nonmortgage loans: Business loans (1) 19,779 39,965 Consumer loans (2) 8,966 19,129 Total non-mortgage loans 28,745 59,094 Total loans, gross 1,921,572 1,525,668 Net deferred loan origination costs 468 2,051 Allowance for loan losses ( 26,154 ) ( 34,592 ) Loans receivable, net $ 1,895,886 $ 1,493,127 (1) As of December 31, 2023 and 2022, business loans include $ 1.0 million and $ 20.0 million, respectively, of PPP loans. (2) As of December 31, 2023 and 2022, consumer loans include $ 8.0 million and $ 18.2 million, respectively, of microloans originated by the Bank pursuant to its former arrangement with Grain . As of November 2023, these loans are now serviced by the Bank. |
Schedule of Credit Risk Ratings by Loan Segment | The following tables present credit risk ratings by loan segment as of December 31, 2023 and 2022: December 31, 2023 Mortgage Loans Nonmortgage Loans Construction Total 1-4 Family Multifamily Nonresidential and Land Business Consumer Loans (in thousands) Risk Rating: Pass $ 485,747 $ 546,471 $ 339,726 $ 497,266 $ 19,759 $ 8,966 $ 1,897,935 Special mention 2,150 1,109 2,527 — — — 5,786 Substandard 8,103 2,979 90 6,659 20 — 17,851 Total $ 496,000 $ 550,559 $ 342,343 $ 503,925 $ 19,779 $ 8,966 $ 1,921,572 December 31, 2022 Mortgage Loans Nonmortgage Loans Construction Total 1-4 Family Multifamily Nonresidential and Land Business Consumer Loans (in thousands) Risk Rating: Pass $ 462,126 $ 492,556 $ 307,307 $ 173,351 $ 39,965 $ 19,129 $ 1,494,434 Special mention 7,692 1,437 606 — — — 9,735 Substandard 9,028 674 130 11,667 — — 21,499 Total $ 478,846 $ 494,667 $ 308,043 $ 185,018 $ 39,965 $ 19,129 $ 1,525,668 |
Schedule of Aging Analysis of Loans | An aging analysis of loans, as of December 31, 2023 and 2022, is as follows: December 31, 2023 30-59 60-89 90 Days 90 Days Days Days or More Nonaccrual or More Current Past Due Past Due Past Due Total Loans Accruing (in thousands) Mortgage loans: 1-4 Family residential Investor-Owned $ 342,896 $ — $ — $ 793 $ 343,689 $ 793 $ — Owner-Occupied 150,181 — — 2,130 152,311 2,130 — Multifamily residential 546,471 1,109 — 2,979 550,559 2,979 — Nonresidential properties 342,343 — — — 342,343 — — Construction and land 497,266 — — 6,659 503,925 6,659 — Nonmortgage loans: Business 19,240 366 8 165 19,779 165 — Consumer 7,423 536 1,007 — 8,966 — — Total $ 1,905,820 $ 2,011 $ 1,015 $ 12,726 $ 1,921,572 $ 12,726 $ — December 31, 2022 30-59 60-89 90 Days 90 Days Days Days or More Nonaccrual or More Current Past Due Past Due Past Due Total Loans Accruing (in thousands) Mortgage loans: 1-4 Family residential Investor-Owned $ 340,495 $ 1,530 $ 78 $ 1,865 $ 343,968 $ 3,061 $ — Owner-Occupied 131,510 2,553 — 815 134,878 2,987 — Multifamily residential 490,024 4,643 — — 494,667 — — Nonresidential properties 303,190 4,246 607 — 308,043 93 — Construction and land 173,351 — 4,100 7,567 185,018 7,567 — Nonmortgage loans: Business 27,657 1,466 7,869 2,973 39,965 — 2,973 Consumer 16,743 1,267 1,119 — 19,129 — — Total $ 1,482,970 $ 15,705 $ 13,773 $ 13,220 $ 1,525,668 $ 13,708 $ 2,973 |
Schedule of Composition of ACL and Related Recorded Investment in Loans and Allowance for Loan Losses | The following schedules detail the composition of the ACL and the related recorded investment in loans as of December 31, 2023, and allowance for loan losses for December 31, 2022, and 2021, respectively. For the Year Ended December 31, 2023 Mortgage Loans Nonmortgage Total 1-4 1-4 Multifamily Nonresidential Construction Business Consumer For the (in thousands) Allowance for credit losses: Balance, beginning of period $ 3,863 $ 1,723 $ 8,021 $ 2,724 $ 2,683 $ 120 $ 15,458 $ 34,592 (Benefit) provision charged to expense ( 214 ) 143 306 ( 126 ) 3,035 235 ( 2,142 ) 1,237 Impact of CECL adoption 766 146 ( 3,962 ) 578 ( 911 ) 236 57 ( 3,090 ) Losses charged-off — — — — — ( 63 ) ( 7,227 ) ( 7,290 ) Recoveries — — — — — 3 702 705 Balance, end of period $ 4,415 $ 2,012 $ 4,365 $ 3,176 $ 4,807 $ 531 $ 6,848 $ 26,154 Ending balance: individually $ — $ 72 $ — $ — $ — $ 161 $ — $ 233 Ending balance: collectively 4,415 1,940 4,365 3,176 4,807 370 6,848 25,921 Total $ 4,415 $ 2,012 $ 4,365 $ 3,176 $ 4,807 $ 531 $ 6,848 $ 26,154 Loans: Ending balance: individually $ 793 $ 2,130 $ 2,979 $ — $ 6,659 $ 165 $ — $ 12,726 Ending balance: collectively 342,896 150,181 547,580 342,343 497,266 19,614 8,966 1,908,846 Total $ 343,689 $ 152,311 $ 550,559 $ 342,343 $ 503,925 $ 19,779 $ 8,966 $ 1,921,572 For the Year Ended December 31, 2022 Mortgage Loans Nonmortgage Loans Total 1-4 1-4 Multifamily Nonresidential Construction Business Consumer For the (in thousands) Allowance for loan losses: Balance, beginning of period $ 3,540 $ 1,178 $ 5,684 $ 2,165 $ 2,024 $ 306 $ 1,455 $ 16,352 Provision charged to expense 167 506 2,337 559 659 ( 280 ) 20,098 24,046 Losses charged-off — — — — — — ( 6,660 ) ( 6,660 ) Recoveries 156 39 — — — 94 565 854 Balance, end of period $ 3,863 $ 1,723 $ 8,021 $ 2,724 $ 2,683 $ 120 $ 15,458 $ 34,592 Ending balance: individually $ 63 $ 96 $ — $ 37 $ — $ — $ — $ 196 Ending balance: collectively 3,800 1,627 8,021 2,687 2,683 120 15,458 34,396 Total $ 3,863 $ 1,723 $ 8,021 $ 2,724 $ 2,683 $ 120 $ 15,458 $ 34,592 Loans: Ending balance: individually $ 5,269 $ 4,315 $ — $ 801 $ 7,567 $ — $ — $ 17,952 Ending balance: collectively 338,699 130,563 494,667 307,242 177,451 39,965 19,129 1,507,716 Total $ 343,968 $ 134,878 $ 494,667 $ 308,043 $ 185,018 $ 39,965 $ 19,129 $ 1,525,668 For the Year Ended December 31, 2021 Mortgage Loans Nonmortgage Loans Total 1-4 1-4 Multifamily Nonresidential Construction Business Consumer For the (in thousands) Allowance for loan losses: Balance, beginning of year $ 3,850 $ 1,260 $ 5,214 $ 2,194 $ 1,820 $ 254 $ 278 $ 14,870 Provision charged to expense ( 318 ) ( 127 ) 508 ( 29 ) 204 ( 32 ) 2,511 2,717 Losses charged-off — — ( 38 ) — — — ( 1,342 ) ( 1,380 ) Recoveries 8 45 — — — 84 8 145 Balance, end of year $ 3,540 $ 1,178 $ 5,684 $ 2,165 $ 2,024 $ 306 $ 1,455 $ 16,352 Ending balance: individually $ 91 $ 114 $ — $ 38 $ — $ — $ — $ 243 Ending balance: collectively 3,449 1,064 5,684 2,127 2,024 306 1,455 16,109 Total $ 3,540 $ 1,178 $ 5,684 $ 2,165 $ 2,024 $ 306 $ 1,455 $ 16,352 Loans: Ending balance: individually $ 6,672 $ 5,854 $ 1,200 $ 2,995 $ 917 $ 13 $ — $ 17,651 Ending balance: collectively 310,632 91,093 347,100 236,696 133,734 150,499 34,693 1,304,447 Total $ 317,304 $ 96,947 $ 348,300 $ 239,691 $ 134,651 $ 150,512 $ 34,693 $ 1,322,098 |
Schedule of Information Relates to Impaired Loans | The following information relates to impaired loans as of and for the years ended December 31, 2023, 2022, and 2021: Unpaid Recorded Recorded Total Average Interest Income Principal With No With Recorded Related Recorded Recognized As of and For the Year Ended Balance Allowance Allowance Investment Allowance Investment on a Cash Basis (in thousands) Mortgage loans: 1-4 Family residential $ 2,906 $ 2,475 $ 448 $ 2,923 $ 72 $ 4,812 $ 82 Multifamily residential 2,966 2,979 — 2,979 — 1,463 151 Nonresidential properties — — — — — 198 — Construction and land 6,650 6,659 — 6,659 — 8,211 — Nonmortgage loans: Business 165 — 165 165 161 104 — Consumer — — — — — — — Total $ 12,687 $ 12,113 $ 613 $ 12,726 $ 233 $ 14,788 $ 233 Unpaid Recorded Recorded Total Average Interest Income Principal With No With Recorded Related Recorded Recognized As of and For the Year Ended Balance Allowance Allowance Investment Allowance Investment on a Cash Basis (in thousands) Mortgage loans: 1-4 Family residential $ 9,986 $ 7,827 $ 1,757 $ 9,584 $ 159 $ 11,072 $ 307 Multifamily residential — — — — — 630 — Nonresidential properties 843 457 344 801 37 1,930 30 Construction and land 7,567 7,567 — 7,567 — 6,408 — Nonmortgage loans: Business — — — — — 3 — Consumer — — — — — — — Total $ 18,396 $ 15,851 $ 2,101 $ 17,952 $ 196 $ 20,043 $ 337 Unpaid Recorded Recorded Total Average Interest Income Principal With No With Recorded Related Recorded Recognized As of and For the Year Ended Balance Allowance Allowance Investment Allowance Investment on a Cash Basis (in thousands) Mortgage loans: 1-4 Family residential $ 13,333 $ 10,535 $ 1,991 $ 12,526 $ 205 $ 12,145 $ 189 Multifamily residential 1,200 1,200 — 1,200 — 1,139 63 Nonresidential properties 3,494 2,637 358 2,995 38 3,941 38 Construction and land 917 917 — 917 — 307 17 Nonmortgage loans: Business 13 13 — 13 — 13 — Consumer — — — — — 24 — Total $ 18,957 $ 15,302 $ 2,349 $ 17,651 $ 243 $ 17,569 $ 307 The Company adopted Accounting Standards Update (“ASU”) 2022-02 on January 1, 2023 . Since adoption, the Company has not modified any loans with borrowers experiencing financial difficulty. These modifications may include a reduction in interest rate, an extension in term, principal forgiveness and/or any other than insignificant payment delay. At December 31, 2023, there were no loans with modifications to borrowers experiencing financial difficulty. Prior to the adoption of ASU 2022-02 on January 1, 2023, the Company classified certain loans as troubled debt restructuring (“TDR”) loans when credit terms to a borrower in financial difficulty were modified, in accordance with ASC 310-40. With the adoption of ASU 2022-02 as of January 1, 2023, the Company has ceased to recognize or measure for new TDRs but those existing at December 31, 2022 will remain until settled |
Schedule of Total Exposure | Grain Technologies, Inc. ("Grain") Total Exposure as of December 31, 2023 (in thousands) Receivable from Grain Microloans originated - put back to Grain (inception-to-December 31, 2023) $ 24,104 Write-downs, net of recoveries (year to date as of December 31, 2023) ( 15,459 ) Cash receipts from Grain (inception-to-December 31, 2023) ( 6,819 ) Grant/reserve (inception-to-December 31, 2023) ( 1,826 ) Net receivable as of December 31, 2022 $ — Microloan receivables from Grain borrowers Grain originated loans receivable as of December 31, 2023 $ 7,985 Allowance for credit losses on loan as of December 31, 2023 (1) ( 7,026 ) Microloans, net of allowance for credit losses on loans as of December 31, 2023 $ 959 Investments Investment in Grain $ 1,000 Investment in Grain write-off ( 1,000 ) Investment in Grain as of December 31, 2023 $ — Total exposure related to Grain as of December 31, 2023 (2) $ 959 (1) Includes $ 0.3 million for allowance for unused commitments on the $ 2.4 million of unused commitments available to Grain originated borrowers reported in other liabilities in the accompanying Consolidated Statements of Financial Conditions. Excludes $ 1.6 million of security deposits by Grain originated borrowers reported in deposits in the accompanying Consolidated Statements of Financial Conditions. (2) Total remaining exposure to Grain borrowers. As of November 2023, these loans are now serviced by the Bank. |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | A summary of premises and equipment at December 31, 2023 and 2022 is as follows: December 31, 2023 2022 (in thousands) Land $ 932 $ 932 Buildings and improvements 4,717 4,717 Leasehold improvements 15,982 15,808 Furniture, fixtures and equipment 8,611 8,497 30,242 29,954 Less: accumulated depreciation and amortization ( 14,189 ) ( 12,508 ) Total premises and equipment $ 16,053 $ 17,446 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Summary of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: December 31, 2023 2022 (Dollars in thousands) Operating lease ROU assets $ 31,272 $ 33,423 Operating lease liabilities 32,684 34,532 Weighted-average remaining lease term-operating leases 12.6 years 13.5 years Weighted average discount rate-operating leases 4.9 % 4.9 % |
Summary of Lease Expense and Cash Flow Information Related to Leases | The components of lease expense and cash flow information related to leases were as follows: For the Years Ended December 31, 2023 2022 2021 (Dollars in thousands) Lease Cost Operating lease cost Occupancy and equipment $ 4,150 $ 4,416 $ 2,158 Operating lease cost Other operating expenses 20 7 3 Short-term lease cost Other operating expenses 19 11 7 Variable lease cost Occupancy and equipment 126 155 177 Total lease cost $ 4,315 $ 4,589 $ 2,345 |
Summary of Minimum Annual Rental Payments under Terms of Leases | The Company’s minimum annual rental payments under the terms of the leases are as follows at December 31, 2023: Minimum Rental Years ended December 31: (in thousands) 2024 3,866 2025 3,818 2026 3,668 2027 3,537 2028 3,594 Thereafter 25,474 Total Minimum payments required 43,957 Less: implied interest 11,273 Present value of lease liabilities $ 32,684 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Banking And Thrifts [Abstract] | |
Summarized Deposits | Deposits at December 31, 2023 and 2022 are summarized as follows: December 31, 2023 2022 (in thousands) Demand $ 243,384 $ 289,149 Interest-bearing deposits: NOW/IOLA accounts 19,676 24,349 Money market accounts (1) 432,735 236,143 Reciprocal deposits 96,860 114,049 Savings accounts 114,139 130,432 Total NOW, money market, reciprocal and savings 663,410 504,973 Certificates of deposit of $250K or more (1) 132,153 106,336 Brokered certificates of deposits (2) 98,729 98,754 Listing service deposits (2) 14,433 35,813 Certificates of deposit less than $250K (1) 355,511 217,387 Total certificates of deposit 600,826 458,290 Total interest-bearing deposits 1,264,236 963,263 Total deposits $ 1,507,620 $ 1,252,412 (1) As of December 31, 2022, $ 81.7 million of Raisin deposits were reclassified from money market accounts to certificates of deposits. $ 36.2 million were reclassified to Certificates of deposits of $250K or more and $ 45.5 million were reclassified to Certificates of deposit less than $250K. (2) As of December 31, 2023 and 2022, there were $ 0.3 milli on and $ 13.6 million, respectively, in individual listing service deposits amounting to $ 250,000 or more. All brokered certificates of deposit individually amounted to less than $ 250,000 . |
Scheduled Maturities of Certificates of Deposit | At December 31, 2023, scheduled maturities of certificates of deposit were as follows: December 31, (in thousands) 2024 $ 449,470 2025 59,404 2026 41,365 2027 48,378 2028 2,209 $ 600,826 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowed Funds FHLBNY and FRBNY and Correspondent Bank Advances Maturity and Call Date | Borrowed funds at December 31, 2023 and 2022 consist of the following and are summarized by maturity and call date below: December 31, December 31, 2023 2022 Scheduled Redeemable Weighted Scheduled Redeemable Weighted (Dollars in thousands) FHLBNY Overnight line of credit $ — $ — — % $ 6,000 $ 6,000 4.61 % FHLBNY and FRBNY Term advances ending: 2023 $ — $ — — $ 178,375 $ 178,375 4.32 2024 363,321 363,321 4.55 50,000 50,000 4.75 2025 50,000 50,000 4.41 50,000 50,000 4.41 2026 — — — — — — 2027 212,000 212,000 3.44 183,000 183,000 3.25 2028 9,100 9,100 3.84 — — — Thereafter 50,000 50,000 3.35 50,000 50,000 3.35 $ 684,421 $ 684,421 4.10 % $ 517,375 $ 517,375 3.90 % |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amount and Fair Value of Derivatives Designated as Hedging Instruments | The table presents the notional amount and fair value of derivatives designated as hedging instruments, as well as their location on the Consolidated Statements of Financial Condition. Fair Value Notional Loans Receivable Other Liabilities (in thousands) As of December 31, 2023 Derivatives Designated as Hedging Instruments Interest rate swap contracts $ 250,000 $ 4,435 $ 4,435 Total Derivatives $ 250,000 $ 4,435 $ 4,435 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes for the years ended December 31, 2023, 2022 and 2021 consists of the following: For the Years Ended December 31, 2023 2022 2021 (in thousands) Federal: Current $ 105 $ — $ 6,107 Deferred 773 ( 6,064 ) 646 878 ( 6,064 ) 6,753 State and local: Current 1,452 1,094 842 Deferred 696 ( 7,467 ) 1,733 2,148 ( 6,373 ) 2,575 Valuation allowance ( 525 ) 5,592 ( 1,119 ) Provision (benefit) for income taxes $ 2,501 $ ( 6,845 ) $ 8,209 |
Schedule of Reconciliation of Differences Between Federal Income Tax Rate and Total Income Tax Expense | Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 21 % for the years ended December 31, 2023, 2022 and 2021 to income before income taxes as a result of the following: For the Years Ended December 31, 2023 2022 2021 (in thousands) Income tax, at federal rate $ 1,229 $ ( 7,738 ) $ 7,195 State and local tax, net of federal benefit 1,697 ( 5,035 ) 2,034 Valuation allowance, net of federal benefit ( 525 ) 5,592 ( 1,119 ) Other 100 336 99 Provision (benefit) for income taxes $ 2,501 $ ( 6,845 ) $ 8,209 |
Schedule of Significant Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2023 and 2022 are presented below: At December 31, 2023 2022 (in thousands) Deferred tax assets: Allowance for loan losses $ 8,118 $ 11,324 Interest on nonaccrual loans 734 317 Unrealized loss on available-for-sale securities 4,230 4,777 Amortization of intangible assets 13 32 Operating lease liabilities 10,145 11,304 Net operating losses 8,131 9,119 Charitable contribution carryforward 1,751 1,859 Compensation and benefits 647 562 Other 1,748 478 Total gross deferred tax assets 35,517 39,772 Deferred tax liabilities: Depreciation of premises and equipment 863 1,049 Right of use assets 9,707 10,941 Deferred loan fees 145 671 Other 49 29 Total gross deferred tax liabilities 10,764 12,690 Valuation allowance 10,421 10,945 Net deferred tax assets $ 14,332 $ 16,137 |
Schedule of Deferred Tax Expense (Benefit) Allocated Between Operations and Equity | The deferred tax expense (benefit) has been allocated between operations and equity as follows: For the Years Ended December 31, 2023 2022 2021 (in thousands) Equity $ 547 $ ( 4,378 ) $ ( 424 ) Operations 944 ( 7,939 ) 1,260 $ 1,491 $ ( 12,317 ) $ 836 |
Compensation and Benefit Plans
Compensation and Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Summary of ESOP Shares | A summary of the ESOP shares as of December 31, 2023 and 2022 are as follows: 2023 2022 (Dollars in thousands) Shares committed-to-be released 133,744 133,744 Shares allocated to participants 437,880 354,227 Unallocated shares 1,435,732 1,569,475 Total 2,007,356 2,057,446 Fair value of unallocated shares $ 14,013 $ 14,628 |
Schedule of Restricted Stock Units Activity and Related Information | A summary of the Company’s restricted stock units activity and related information for the years ended December 31, 2023 and 2022 are as follows: December 31, 2023 Number Weighted- Non-vested, beginning of year 245,840 $ 9.40 Granted 662,464 9.50 Vested ( 161,734 ) 9.27 Forfeited ( 697 ) 9.15 Non-vested at December 31 745,873 $ 9.52 December 31, 2022 Number Weighted- Non-vested, beginning of year 237,687 $ 12.65 Conversion and reorganization 93,933 — Granted 63,715 10.44 Vested ( 149,495 ) 9.11 Forfeited — — Non-vested at December 31 245,840 $ 9.40 |
Schedule of Stock Option Activity and Related Information | A summary of the Company’s stock options awards activity and related information for the years ended December 31, 2023 and 2022 are as follows: December 31, 2023 Options Weighted- Outstanding, beginning of year 352,621 $ 8.97 Granted 440,000 10.65 Exercised — — Forfeited — — Outstanding at December 31 792,621 9.90 Exercisable at December 31 (1) 261,648 $ 8.88 December 31, 2022 Options Weighted- Outstanding, beginning of year 203,766 $ 12.02 Conversion and reorganization 80,526 — Granted 68,329 10.44 Exercised — — Forfeited — — Outstanding at December 31 (1) 352,621 $ 8.97 Exercisable at December 31 (1) 190,508 $ 8.83 (1) The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at respective periods and the stated exercise price of the underlying op tions, was $ 0 for outstanding options and $ 0.2 million for exercisable options at December 31, 2023 and $ 0.1 million for outstanding options and $ 0.1 million for exercisable options at December 31, 2022 . |
Schedule of Fair Value of Option Grant Using Black-Scholes Option Pricing Model With Weighted Average Assumptions | The fair value of each option grant is estimated on the date of grant using Black-Scholes option pricing model with the following weighted average assumptions: For the Years Ended December 31, 2023 2022 Dividend yield 0.00 % 0.00 % Expected life 5.5 -7.5 years 6.5 years Expected volatility 37.19 % 41.34 % Risk-free interest rate 4.71 % 2.65 % Weighted average grant date fair value 4.04 $ 3.85 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Number of Shares Used in Calculation of Basic and Diluted Earnings Per Common Share | The following table presents a reconciliation of the number of common shares used in the calculation of basic and diluted earnings per common share: For the Years Ended December 31, 2023 2022 2021 (Dollars in thousands except share data) Net (loss) income $ 3,352 $ ( 30,001 ) $ 25,415 Common shares outstanding for basic EPS: Weighted average common shares outstanding 24,263,952 24,246,912 17,256,837 Less: Weighted average unallocated Employee Stock 1,518,635 1,555,969 512,276 Basic weighted average common shares outstanding 22,745,317 22,690,943 16,744,561 Basic (loss) earnings per common share $ 0.15 $ ( 1.32 ) $ 1.52 Potential dilutive common shares: Add: Dilutive effect of restricted stock awards and stock options 76,996 — 46,882 Diluted weighted average common shares outstanding 22,822,313 22,690,943 16,791,443 Diluted (loss) earnings per common share $ 0.15 $ ( 1.32 ) $ 1.51 |
Commitments, Contingencies an_2
Commitments, Contingencies and Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Financial Instruments Whose Contractual Amounts Represent Credit Risk | Financial instruments whose contractual amounts represent credit risk at December 31, 2023 and 2022 are as follows: December 31, 2023 2022 (in thousands) Commitments to grant mortgage loans $ 529,768 $ 207,105 Commitments to sell loans at lock-in rates — 1,676 Unfunded commitments under lines of credit 61,739 72,530 $ 591,507 $ 281,311 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on Recurring Basis | The following tables detail the assets that are carried at fair value and measured at fair value on a recurring basis as of December 31, 2023 and 2022, and indicate the level within the fair value hierarchy utilized to determine the fair value: December 31, 2023 Description Total Level 1 Level 2 Level 3 (in thousands) Available-for-Sale Securities, at fair value: U.S. Government Bonds $ 2,784 $ 2,784 $ — $ — Corporate bonds 23,668 536 23,132 — Mortgage-Backed Securities: Collateralized Mortgage Obligations 33,148 — 33,148 — FHLMC Certificates 8,681 8,681 FNMA Certificates 51,517 — 51,517 — GNMA Certificates 104 — 104 — Mortgage Loans Held for Sale, at fair value 9,980 — 9,980 — Interest rate swap 4,435 — 4,435 — $ 134,317 $ 3,320 $ 130,997 $ — December 31, 2022 Description Total Level 1 Level 2 Level 3 (in thousands) Available-for-Sale Securities, at fair value: U.S. Government Bonds $ 2,689 $ 2,689 $ — $ — Corporate bonds 23,359 730 22,629 — Mortgage-Backed Securities: Collateralized Mortgage Obligations 37,777 — 37,777 — FHLMC Certificates 9,634 — 9,634 — FNMA Certificates 55,928 — 55,928 — GNMA Certificates 118 — 118 — Mortgage Loans Held for Sale, at fair value 1,979 — 1,979 — Derivatives from interest rate lock commitments 22 — — 22 $ 131,506 $ 3,419 $ 128,065 $ 22 |
Assets Measured at Fair Value on Nonrecurring Basis | The following tables detail the assets carried at fair value and measured at fair value on a nonrecurring basis as of December 31, 2023 and 2022 and indicate the fair value hierarchy utilized to determine the fair value: December 31, 2023 Total Level 1 Level 2 Level 3 (in thousands) Impaired loans $ 12,726 $ — $ — $ 12,726 December 31, 2022 Total Level 1 Level 2 Level 3 (in thousands) Impaired loans $ 17,952 $ — $ — $ 17,952 |
Estimated Fair Values of Financial Instruments | As of December 31, 2023 and 2022, the carrying values and estimated fair values of the Company's financial instruments were as follows: Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total (in thousands) December 31, 2023 Financial assets: Cash and cash equivalents $ 139,190 $ 139,190 $ — $ — $ 139,190 Available-for-sale securities, at fair value 119,902 3,320 116,582 — 119,902 Held-to-maturity securities, at amortized cost 461,748 — 450,042 — 450,042 Placements with banks 249 — 249 — 249 Mortgage loans held for sale, at fair value 9,980 — 9,980 — 9,980 Loans receivable, net 1,895,886 — — 1,844,507 1,844,507 Accrued interest receivable 18,010 — 18,010 — 18,010 FHLBNY stock 19,377 19,377 — — 19,377 Interest rate swap 4,435 — 4,435 — 4,435 Financial liabilities: Deposits: Demand deposits 243,384 243,384 — — 243,384 Interest-bearing deposits 663,410 663,410 — — 663,410 Certificates of deposit 600,826 — 594,234 — 594,234 Advance payments by borrowers for taxes and insurance 10,778 — 10,778 — 10,778 Borrowings 684,421 — 674,155 — 674,155 Interest rate swap 4,435 — 4,435 — 4,435 Accrued interest payable 11,965 — 11,965 — 11,965 Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total (in thousands) December 31, 2022 Financial assets: Cash and cash equivalents $ 54,360 $ 54,360 $ — $ — $ 54,360 Available-for-sale securities, at fair value 129,505 3,419 126,086 — 129,505 Held-to-maturity securities, at amortized cost 510,820 — 495,851 — 495,851 Placements with banks 1,494 — 1,494 — 1,494 Mortgage loans held for sale, at fair value 1,979 — 1,979 — 1,979 Loans receivable, net 1,493,127 — — 1,430,864 1,430,864 Accrued interest receivable 15,049 — 15,049 — 15,049 FHLBNY stock 24,661 24,661 — — 24,661 Financial liabilities: Deposits: Demand deposits 289,149 289,149 — — 289,149 Interest-bearing deposits 504,973 504,973 — — 504,973 Certificates of deposit 458,290 — 450,224 — 450,224 Advance payments by borrowers for taxes and insurance 9,724 — 9,724 — 9,724 Borrowings 517,375 — 503,406 — 503,406 Accrued interest payable 1,390 — 1,390 — 1,390 |
Schedule of Beginning and Ending Balances for Debt Securities Available-for-Sale Recognized at Fair Value On Recurring Basis | The following table reconciles, at December 31, 2023 and 2022, the beginning and ending balances for debt securities available-for-sale that are recognized at fair value on a recurring basis, in the Consolidated Statements of Financial Condition, using significant unobservable inputs. December 31, 2023 2022 (in thousands) Beginning balance $ — $ 4,929 Total loss included in earnings — ( 344 ) Securities sold — — Transfer out of level 3 — ( 4,585 ) Ending balance $ — $ — |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Summary of Bank's Actual Capital Amounts and Ratios As Compared to Regulatory Requirements | The Company's and the Bank’s actual capital amounts and ratios as of December 31, 2023 and 2023 as compared to regulatory requirements are as follows: To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2023 Ponce Financial Group, Inc. Total Capital to Risk-Weighted Assets $ 533,513 25.06 % $ 170,302 8.00 % $ 212,878 10.00 % Tier 1 Capital to Risk-Weighted Assets 507,042 23.82 % 127,727 6.00 % 170,302 8.00 % Common Equity Tier 1 Capital Ratio 282,042 13.25 % 95,795 4.50 % 138,371 6.50 % Tier 1 Capital to Total Assets 507,042 19.71 % 102,911 4.00 % 128,639 5.00 % Ponce Bank Total Capital to Risk-Weighted Assets $ 492,622 23.30 % $ 169,153 8.00 % $ 211,441 10.00 % Tier 1 Capital to Risk-Weighted Assets 466,151 22.05 % 126,865 6.00 % 169,153 8.00 % Common Equity Tier 1 Capital Ratio 466,151 22.05 % 95,149 4.50 % 137,437 6.50 % Tier 1 Capital to Total Assets 466,151 17.49 % 106,591 4.00 % 133,239 5.00 % To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2022 Ponce Financial Group, Inc. Total Capital to Risk-Weighted Assets $ 530,241 33.72 % $ 125,791 8.00 % $ 157,238 10.00 % Tier 1 Capital to Risk-Weighted Assets 510,537 32.47 % 94,343 6.00 % 125,791 8.00 % Common Equity Tier 1 Capital Ratio 285,537 18.16 % 70,757 4.50 % 102,205 6.50 % Tier 1 Capital to Total Assets 510,537 26.29 % 77,665 4.00 % 97,082 5.00 % Ponce Bank Total Capital to Risk-Weighted Assets $ 476,519 30.53 % $ 124,883 8.00 % $ 156,104 10.00 % Tier 1 Capital to Risk-Weighted Assets 456,816 29.26 % 93,662 6.00 % 124,883 8.00 % Common Equity Tier 1 Capital Ratio 456,816 29.26 % 70,247 4.50 % 101,468 6.50 % Tier 1 Capital to Total Assets 456,816 20.47 % 89,264 4.00 % 111,580 5.00 % |
Mortgage World Bankers Inc | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Summary of Bank's Actual Capital Amounts and Ratios As Compared to Regulatory Requirements | ’s minimum net worth requirements as of December 31, 2023 and 2022 are reflected below: Minimum Requirement (in thousands) December 31, 2023 HUD $ 1,000 Minimum Requirement (in thousands) December 31, 2022 HUD $ 1,000 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss are as follows: December 31, 2023 December 31, Change December 31, (in thousands) Unrealized losses on available-for-sale securities, net $ ( 17,860 ) $ 2,211 $ ( 15,649 ) Total $ ( 17,860 ) $ 2,211 $ ( 15,649 ) December 31, 2022 December 31, Change December 31, (in thousands) Unrealized losses on available-for-sale securities, net $ ( 1,456 ) $ ( 16,404 ) $ ( 17,860 ) Total $ ( 1,456 ) $ ( 16,404 ) $ ( 17,860 ) |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Aggregate Loan Transactions with Related Parties | Aggregate loan transactions with related parties for the years ended December 31, 2023, 2022, and 2021 were as follows: For the Years Ended December 31, 2023 2022 2021 (in thousands) Beginning balance (1) $ 8,318 $ 5,631 $ 424 Originations (1) 1,725 6,418 10 Payments ( 1,233 ) ( 3,731 ) ( 82 ) Ending balance $ 8,810 $ 8,318 $ 352 (1) The beginning balance for 2022 includes loans held by James Perez who became a director on March 17, 2022. |
Parent Company Only Financial_2
Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of Condensed Consolidated Statements of Financial Condition | The following are the condensed financial statements of the Parent as of and for the years ended December 31, 2023 and 2022. December 31, ASSETS 2023 2022 (in thousands) Cash and cash equivalents $ 13,808 $ 28,318 Investment in Ponce Bank 450,502 438,975 Investment in Lending Front 1,000 1,000 Investment in Bamboo 3,723 2,500 Loan receivable - ESOP 13,317 14,377 Other assets 9,468 7,702 Total assets $ 491,818 $ 492,872 LIABILITIES AND STOCKHOLDERS' EQUITY Other liabilities and accrued expenses $ 423 $ 172 Stockholders' equity 491,395 492,700 Total liabilities and stockholders' equity $ 491,818 $ 492,872 |
Schedule of Condensed Consolidated Statements of Income (Loss) | For the Years Ended December 31, 2023 2022 (in thousands) Interest on ESOP loan $ 294 $ 302 Interest on other deposits — 4 Net interest income 294 306 Share-based compensation expense 1,888 1,567 Management fee expense 712 504 Office occupancy and equipment 96 80 Professional fees 2,042 1,938 Contribution to the Ponce De Leon Foundation — 4,995 Other noninterest expenses 100 1,086 Total noninterest expense 4,838 10,170 Loss before income taxes ( 4,544 ) ( 9,864 ) Benefit for income taxes ( 834 ) ( 2,009 ) Equity in undistributed earnings of Ponce Bank 7,062 ( 22,146 ) Net income (loss) $ 3,352 $ ( 30,001 ) |
Schedule of Condensed Consolidated Statements of Cash Flows | For the Years Ended December 31, 2023 2022 Cash Flows from Operating Activities: Net income (loss) $ 3,352 $ ( 30,001 ) Adjustments to reconcile net income (loss) to net cash used in operating activities: Equity in undistributed earnings of subsidiaries ( 7,062 ) 22,146 Investment in Grain write-off — 1,000 Deferred income tax ( 798 ) 239 Share-based compensation expense 1,888 1,567 Increase in other assets ( 968 ) ( 750 ) Net increase in other liabilities 250 992 Net cash used in operating activities ( 3,338 ) ( 4,807 ) Cash Flows from Investing Activities: Investment in Lending Front — ( 1,000 ) Investment in Bamboo ( 1,223 ) ( 2,500 ) Investment in Ponce Bank — ( 302,322 ) Loan to the ESOP — ( 10,974 ) Repayment of ESOP Loan 1,060 1,052 Net cash used in investing activities ( 163 ) ( 315,744 ) Cash Flows from Financing Activities: Common stock issued from vesting of restricted stock units — 2 Proceeds from issuance of preferred stock — 225,000 Contribution to Ponce De Leon Foundation — ( 1,000 ) Repurchase of treasury shares ( 11,009 ) — Proceeds from the sale of treasury stock — — Net cash (used in) provided by financing activities ( 11,009 ) 224,002 Net decrease in cash and cash equivalents ( 14,510 ) ( 96,549 ) Cash and cash equivalents at beginning of year 28,318 124,867 Cash and cash equivalents at end of year $ 13,808 $ 28,318 |
Quarterly Financial Informati_2
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | 2023 2022 Fourth Third Second First Fourth Third Second First (Dollars in thousands except share data) Net interest income $ 17,197 $ 16,542 $ 16,282 $ 15,245 $ 16,166 $ 17,611 $ 15,488 $ 17,338 (Benefit) provision for credit losses ( 375 ) 535 987 ( 174 ) 12,641 9,330 817 1,258 Net interest income after 17,572 16,007 15,295 15,419 3,525 8,281 14,671 16,080 Noninterest income 1,285 5,627 1,492 1,819 437 1,577 2,179 2,226 Noninterest expense 17,897 17,316 17,089 16,361 15,765 25,416 16,567 28,074 Income (loss) before income taxes 960 4,318 ( 302 ) 877 ( 11,803 ) ( 15,558 ) 283 ( 9,768 ) Provision (benefit) for income taxes 442 1,728 ( 215 ) 546 ( 2,589 ) ( 820 ) ( 488 ) ( 2,948 ) Net income (loss) $ 518 $ 2,590 $ ( 87 ) $ 331 $ ( 9,214 ) $ ( 14,738 ) $ 771 $ ( 6,820 ) Basic earnings (loss) per share $ 0.02 $ 0.12 $ — $ 0.01 $ ( 0.40 ) $ ( 0.64 ) $ 0.03 $ ( 0.31 ) Diluted earnings (loss) per share $ 0.02 $ 0.12 $ — $ 0.01 $ ( 0.40 ) $ ( 0.64 ) $ 0.03 $ ( 0.31 ) Basic weighted average 22,224,945 22,272,076 23,208,168 23,293,013 23,168,097 23,094,859 23,056,559 21,721,113 Diluted weighted average 22,406,102 22,349,217 23,208,168 23,324,532 23,168,097 23,094,859 23,128,911 21,721,113 |
Nature of Business and Summar_4
Nature of Business and Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) MortgageOffice BranchOffice Segment Loan | Dec. 31, 2022 USD ($) Loan | Dec. 31, 2021 USD ($) | Nov. 06, 2023 USD ($) | Sep. 26, 2023 USD ($) | |
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |||||
Number of branch banking offices | BranchOffice | 13 | ||||
Number of branch mortgage loan offices | MortgageOffice | 5 | ||||
Interest expense | $ 60,601 | $ 16,149 | $ 8,252 | ||
Total interest expenses increased | $ 44,500 | ||||
Percentage of interest expenses | 275.30% | ||||
Loans held for sale, at fair value | $ 9,980 | 1,979 | |||
Percentage of largest amount of tax benefits likely to realize | 50% | ||||
Percentage of employee discretionary matching, profit sharing and safe harbor contributions, maximum | 4% | ||||
Present value of lease payments | 2.50% | ||||
Number of operating segment | Segment | 1 | ||||
Number of reportable segment | Segment | 1 | ||||
Government grant amount received | $ 500 | ||||
Operating lease ROU assets | $ 31,272 | 33,423 | |||
Operating lease liabilities | $ 32,684 | $ 34,532 | |||
COVID-19 | |||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |||||
Government grant amount received | $ 3,700 | ||||
Mortgage World Bankers Inc | |||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |||||
Number of loan held for sale | Loan | 19 | 4 | |||
Loans held for sale, at fair value | $ 10,000 | $ 2,000 | |||
Bronx | |||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |||||
Number of branch banking offices | BranchOffice | 4 | ||||
Manhattan | |||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |||||
Number of branch banking offices | BranchOffice | 2 | ||||
Queens | |||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |||||
Number of branch banking offices | BranchOffice | 3 | ||||
Number of branch mortgage loan offices | MortgageOffice | 3 | ||||
Brooklyn | |||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |||||
Number of branch banking offices | BranchOffice | 3 | ||||
Number of branch mortgage loan offices | MortgageOffice | 1 | ||||
Union City | |||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |||||
Number of branch banking offices | BranchOffice | 1 | ||||
New York and Bergenfield | |||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |||||
Number of branch mortgage loan offices | MortgageOffice | 1 |
Nature of Business and Summar_5
Nature of Business and Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details) | Dec. 31, 2023 |
Building | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of assets | 39 years |
Minimum | Buildings and Improvements | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of assets | 15 years |
Minimum | Furniture, Fixtures and Equipment | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Maximum | Buildings and Improvements | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of assets | 39 years |
Maximum | Furniture, Fixtures and Equipment | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of assets | 10 years |
Preferred Stock Issuance; Pla_2
Preferred Stock Issuance; Plan of Conversion and Stock Offering - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Jun. 07, 2022 | Jan. 28, 2022 | Jan. 27, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2021 | Dec. 31, 2020 | |
Conversion Of Stock [Line Items] | |||||||
Cash and cash equivalents | $ 54,360 | $ 139,190 | |||||
Contribution to the Ponce De Leon Foundation (Note 2) | $ 5,000 | $ 4,995 | |||||
Common Stock | |||||||
Conversion Of Stock [Line Items] | |||||||
Sale of stock, price per share | $ 10 | ||||||
Total outstanding shares | 24,711,834 | 24,859,353 | 23,785,520 | 17,425,987 | 17,125,969 | ||
Total issued shares | 24,711,834 | ||||||
Common Stock | PDL Community Bancorp | |||||||
Conversion Of Stock [Line Items] | |||||||
Conversion of stock | 1.3952 | 977,880 | |||||
Private Placement | |||||||
Conversion Of Stock [Line Items] | |||||||
Shares issued in transaction | 225,000 | ||||||
Sale of stock, price per share | $ 0.01 | ||||||
Purchase price equal to cash | $ 225,000 | ||||||
ECIP investment by Treasury | $ 8,700,000 | ||||||
Initial dividend rate | 0% | ||||||
Floor dividend rate | 0.50% | ||||||
Ceiling dividend rate | 2% | ||||||
Preferred stock, liquidation preference per share | $ 1,000 |
Securities - Amortized Cost, Gr
Securities - Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Available-for-Sale Securities: | |||||
Amortized Cost | $ 139,781 | $ 151,943 | |||
Gross Unrealized Losses | (19,879) | (22,438) | |||
Fair Value | 119,902 | 129,505 | |||
Held-to-Maturity Securities: | |||||
Amortized Cost | 510,820 | ||||
Amortized Cost, after Allowance for Credit Loss | 461,748 | ||||
Gross Unrealized Gains | 270 | 283 | |||
Gross Unrealized Losses | (12,374) | (15,252) | |||
Fair Value | 450,042 | 495,851 | |||
Allowance for Credit Losses | (398) | 0 | $ 0 | ||
U.S. Government Bonds | |||||
Available-for-Sale Securities: | |||||
Amortized Cost | 2,990 | 2,985 | |||
Gross Unrealized Losses | (206) | (296) | |||
Fair Value | 2,784 | 2,689 | |||
US Agency Bonds | |||||
Held-to-Maturity Securities: | |||||
Amortized Cost | 25,000 | 35,000 | |||
Gross Unrealized Losses | (181) | (380) | |||
Fair Value | 24,819 | 34,620 | |||
Corporate Bonds | |||||
Available-for-Sale Securities: | |||||
Amortized Cost | 25,790 | 25,824 | |||
Gross Unrealized Losses | (2,122) | (2,465) | |||
Fair Value | 23,668 | 23,359 | |||
Held-to-Maturity Securities: | |||||
Amortized Cost | 82,500 | 82,500 | |||
Gross Unrealized Gains | 57 | ||||
Gross Unrealized Losses | (2,691) | (3,819) | |||
Fair Value | 79,809 | 78,738 | |||
Collateralized Mortgage Obligations | |||||
Available-for-Sale Securities: | |||||
Amortized Cost | 39,375 | [1] | 44,503 | [2] | |
Gross Unrealized Losses | (6,227) | [1] | (6,726) | [2] | |
Fair Value | 33,148 | [1] | 37,777 | [2] | |
Held-to-Maturity Securities: | |||||
Amortized Cost | 212,093 | [1] | 235,479 | [2] | |
Gross Unrealized Gains | 104 | [1] | 192 | [2] | |
Gross Unrealized Losses | (5,170) | [1] | (5,558) | [2] | |
Fair Value | 207,027 | [1] | 230,113 | [2] | |
FHLMC Certificates | |||||
Available-for-Sale Securities: | |||||
Amortized Cost | 10,163 | 11,310 | |||
Gross Unrealized Losses | (1,482) | (1,676) | |||
Fair Value | 8,681 | 9,634 | |||
Held-to-Maturity Securities: | |||||
Amortized Cost | 3,897 | 4,120 | |||
Gross Unrealized Losses | (244) | (268) | |||
Fair Value | 3,653 | 3,852 | |||
FNMA Certificates | |||||
Available-for-Sale Securities: | |||||
Amortized Cost | 61,359 | 67,199 | |||
Gross Unrealized Losses | (9,842) | (11,271) | |||
Fair Value | 51,517 | 55,928 | |||
Held-to-Maturity Securities: | |||||
Amortized Cost | 118,944 | 131,918 | |||
Gross Unrealized Losses | (4,088) | (5,227) | |||
Fair Value | 114,856 | 126,691 | |||
GNMA Certificates | |||||
Available-for-Sale Securities: | |||||
Amortized Cost | 104 | 122 | |||
Gross Unrealized Losses | (4) | ||||
Fair Value | 104 | 118 | |||
SBA Certificates | |||||
Held-to-Maturity Securities: | |||||
Amortized Cost | 19,712 | 21,803 | |||
Gross Unrealized Gains | 166 | 34 | |||
Fair Value | $ 19,878 | $ 21,837 | |||
[1] Comprised of FHLMC, FNMA and GNMA issued securities . Comprised of FHLMC, FNMA and GNMA issued securities . |
Securities - Additional Informa
Securities - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) Security | Dec. 31, 2022 USD ($) Security | |
Schedule Of Available For Sale Securities [Line Items] | ||
Available For Sale Securities | Security | 40 | 42 |
Held to maturity | Security | 35 | 34 |
Sale of Held - to maturity Securities | $ 0 | $ 0 |
Sale of available-for-sale securities | $ 0 | $ 0 |
Number of available-for-sale securities matured or called | Security | 2 | |
Number of held to maturity securities matured or called | Security | 1 | |
Available-for-sale securities matured | $ 5,400,000 | |
Held-to-maturity securities matured | $ 10,000,000 | |
Purchases of available-for-sale securities | 0 | 58,400,000 |
Purchases of Held-to-maturity securities | $ 0 | $ 528,929,000 |
Number of available-for-sale securities with unrealized loss positions | Security | 40 | 42 |
Number of held-to-maturity securities with unrealized loss positions | Security | 31 | 27 |
Held to maturity securities, amortized costs | $ 461,748,000 | $ 510,820,000 |
Available-for-sale securities, at fair value (Note 3) | 119,902,000 | 129,505,000 |
FHLBNY | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Held to maturity securities, amortized costs | $ 194,900,000 | |
Number of held-to-maturity securities | Security | 6 | |
Available-for-sale securities, at fair value (Note 3) | $ 0 | |
FRBNY | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Held to maturity securities, amortized costs | $ 193,300,000 | |
Number of held-to-maturity securities | Security | 17 | |
Number of available-for-sale securities | Security | 26 | |
Available for sale securities fair value | $ 93,300,000 |
Securities - Company's Securiti
Securities - Company's Securities Gross Unrealized Losses and Fair Values, Aggregated by Length of Time Individual Securities Have Been in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Available-for-Sale Securities: | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | $ 29,904 | |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses | (2,720) | |
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | $ 119,798 | 99,601 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (19,879) | (19,718) |
Securities With Gross Unrealized Losses, Total Fair Value | 119,798 | 129,505 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (19,879) | (22,438) |
Held-to-Maturity Securities: | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | 85,163 | 444,969 |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses | (937) | (15,099) |
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 332,188 | 675 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (11,437) | (153) |
Securities With Gross Unrealized Losses, Total Fair Value | 417,351 | 445,644 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (12,374) | (15,252) |
U.S. Government Bonds | ||
Available-for-Sale Securities: | ||
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 2,784 | 2,689 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (206) | (296) |
Securities With Gross Unrealized Losses, Total Fair Value | 2,784 | 2,689 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (206) | (296) |
US Agency Bonds | ||
Held-to-Maturity Securities: | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | 24,620 | |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses | (380) | |
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 24,819 | |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (181) | |
Securities With Gross Unrealized Losses, Total Fair Value | 24,819 | 24,620 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (181) | (380) |
Corporate Bonds | ||
Available-for-Sale Securities: | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | 13,138 | |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses | (1,186) | |
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 23,668 | 10,221 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (2,122) | (1,279) |
Securities With Gross Unrealized Losses, Total Fair Value | 23,668 | 23,359 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (2,122) | (2,465) |
Held-to-Maturity Securities: | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | 3,288 | 75,181 |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses | (212) | (3,819) |
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 76,521 | |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (2,479) | |
Securities With Gross Unrealized Losses, Total Fair Value | 79,809 | 75,181 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (2,691) | (3,819) |
Collateralized Mortgage Obligations | ||
Available-for-Sale Securities: | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | 4,537 | |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses | (300) | |
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 33,148 | 33,240 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (6,227) | (6,426) |
Securities With Gross Unrealized Losses, Total Fair Value | 33,148 | 37,777 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (6,227) | (6,726) |
Held-to-Maturity Securities: | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | 81,875 | 215,300 |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses | (725) | (5,558) |
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 112,339 | |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (4,445) | |
Securities With Gross Unrealized Losses, Total Fair Value | 194,214 | 215,300 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (5,170) | (5,558) |
FHLMC Certificates | ||
Available-for-Sale Securities: | ||
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 8,681 | 9,634 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (1,482) | (1,676) |
Securities With Gross Unrealized Losses, Total Fair Value | 8,681 | 9,634 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (1,482) | (1,676) |
Held-to-Maturity Securities: | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | 3,177 | |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses | (115) | |
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 3,653 | 675 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (244) | (153) |
Securities With Gross Unrealized Losses, Total Fair Value | 3,653 | 3,852 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (244) | (268) |
FNMA Certificates | ||
Available-for-Sale Securities: | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | 12,111 | |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses | (1,230) | |
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 51,517 | 43,817 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (9,842) | (10,041) |
Securities With Gross Unrealized Losses, Total Fair Value | 51,517 | 55,928 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (9,842) | (11,271) |
Held-to-Maturity Securities: | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | 126,691 | |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses | (5,227) | |
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 114,856 | |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (4,088) | |
Securities With Gross Unrealized Losses, Total Fair Value | 114,856 | 126,691 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | $ (4,088) | (5,227) |
GNMA Certificates | ||
Available-for-Sale Securities: | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | 118 | |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses | (4) | |
Securities With Gross Unrealized Losses, Total Fair Value | 118 | |
Securities With Gross Unrealized Losses, Total Unrealized Losses | $ (4) |
Securities - Summary of Maturit
Securities - Summary of Maturities of Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Available-for-Sale Securities: | ||
Available-for-Sale Securities, Amortized Cost | $ 139,781 | $ 151,943 |
Available-for-sale securities, at fair value (Note 3) | 119,902 | 129,505 |
Held-to-Maturity Securities: | ||
Held To Maturity Securities, Amortized Cost | 510,820 | |
Held To Maturity Securities, Amortized Cost, After Allowance for Credit Losses | 461,748 | |
Allowance for Credit Losses | (398) | |
Held-to-maturity securities, at amortized cost ,fair value | 450,042 | 495,851 |
U.S. Government Bonds | ||
Available-for-Sale Securities: | ||
Available-for-Sale Securities After one year through five years, Amortized Cost | 2,990 | 2,985 |
Available-for-Sale Securities After one year through five years, Fair Value | 2,784 | 2,689 |
Available-for-Sale Securities, Amortized Cost | 2,990 | 2,985 |
Available-for-sale securities, at fair value (Note 3) | 2,784 | 2,689 |
US Agency Bonds | ||
Held-to-Maturity Securities: | ||
Held-to-Maturity Securities, More than one year through five years, Amortized Cost | 25,000 | 35,000 |
Held-to-Maturity Securities, More than one year through five years, Fair Value | 24,819 | 34,620 |
Held To Maturity Securities, Amortized Cost | 25,000 | 35,000 |
Held-to-maturity securities, at amortized cost ,fair value | 24,819 | 34,620 |
Corporate Bonds | ||
Available-for-Sale Securities: | ||
Available-for-Sale Securities After three months through one year, Amortized Cost | 4,000 | |
Available-for-Sale Securities After three months through one year, Fair Value | 3,863 | |
Available-for-Sale Securities After one year through five years, Amortized Cost | 1,000 | 4,000 |
Available-for-Sale Securities After one year through five years, Fair Value | 536 | 3,710 |
Available-for-Sale Securities After five years through ten years, Amortized Cost | 20,790 | 21,824 |
Available-for-Sale Securities After five years through ten years, Fair Value | 19,269 | 19,649 |
Available-for-Sale Securities, Amortized Cost | 25,790 | 25,824 |
Available-for-sale securities, at fair value (Note 3) | 23,668 | 23,359 |
Held-to-Maturity Securities: | ||
Held-to-Maturity Securities, More than three months through one year, Amortized Cost | 25,000 | |
Held-to-Maturity Securities, More than three months through one year, Fair Value | 24,650 | |
Held-to-Maturity Securities, More than one year through five years, Amortized Cost | 50,000 | 75,000 |
Held-to-Maturity Securities, More than one year through five years, Fair Value | 48,265 | 71,328 |
Held-to-Maturity Securities, More than five years through ten years, Amortized Cost | 7,500 | 7,500 |
Held-to-Maturity Securities, More than five years through ten years, Fair Value | 6,894 | 7,410 |
Held To Maturity Securities, Amortized Cost | 82,500 | 82,500 |
Held-to-maturity securities, at amortized cost ,fair value | 79,809 | 78,738 |
Mortgage-Backed Securities | ||
Available-for-Sale Securities: | ||
Available-for-Sale Securities, Amortized Cost | 111,001 | 123,134 |
Available-for-sale securities, at fair value (Note 3) | 93,450 | 103,457 |
Held-to-Maturity Securities: | ||
Held To Maturity Securities, Amortized Cost | 354,646 | 393,320 |
Held-to-maturity securities, at amortized cost ,fair value | $ 345,414 | $ 382,493 |
Securities - Schedule of Activi
Securities - Schedule of Activity in Allowance for Credit Losses for Held-to-maturity Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | $ 0 | $ 0 |
Impact on CECL adoption | 662 | 0 |
Benefit for credit losses | (264) | 0 |
Ending Balance | $ 398 | $ 0 |
Mortgage Loans Held for Sale -
Mortgage Loans Held for Sale - Schedule of Fair Value And Contractual Principal Balance Outstanding Of Loans Held For Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Receivable, Held-for-Sale [Abstract] | ||
Mortgage loans held for sale, at fair value | $ 9,980 | $ 1,979 |
Mortgage loans held for sale, contractual principal outstanding | 9,864 | 1,979 |
Fair value less unpaid principal balance | $ 116 | $ 0 |
Mortgage Loans Held for Sale _2
Mortgage Loans Held for Sale - Additional Information (Details) | Dec. 31, 2023 USD ($) Loan | Dec. 31, 2022 USD ($) Loan |
Mortgage Loans Held for Sale[Line Item] | ||
Mortgage loans held for sale, at fair value | $ 9,980,000 | $ 1,979,000 |
Mortage loans held for sale | 9,864,000 | 1,979,000 |
Mortgage World Bankers Inc | ||
Mortgage Loans Held for Sale[Line Item] | ||
Mortgage loans held for sale, at fair value | $ 10,000,000 | $ 2,000,000 |
Number of loan held for sale | Loan | 19 | 4 |
Financing Receivables, 90 Days or More Past Due | ||
Mortgage Loans Held for Sale[Line Item] | ||
Mortage loans held for sale | $ 4,400,000 | $ 0 |
Loans Receivable and Allowanc_3
Loans Receivable and Allowance for Credit Losses - Summary of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | $ 1,921,572 | $ 1,525,668 | |
Net deferred loan origination costs | 468 | 2,051 | |
Allowance for loan losses | (26,154) | (34,592) | |
Loans receivable, net | 1,895,886 | 1,493,127 | |
Multifamily Residential | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | 550,559 | 494,667 | |
Nonresidential Properties | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | 342,343 | 308,043 | |
Construction and Land | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | 503,925 | 185,018 | |
Business Loans | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | 19,779 | 39,965 | |
Consumer Loans | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | 8,966 | 19,129 | |
Mortgage Loans | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | 1,892,827 | 1,466,574 | |
Mortgage Loans | 1-4 Family Residential Investor Owned | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | 343,689 | 343,968 | |
Mortgage Loans | 1-4 Family Residential Owner-Occupied | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | 152,311 | 134,878 | |
Mortgage Loans | Multifamily Residential | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | 550,559 | 494,667 | |
Mortgage Loans | Nonresidential Properties | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | 342,343 | 308,043 | |
Mortgage Loans | Construction and Land | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | 503,925 | 185,018 | |
Non-mortgage Loans | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | 28,745 | 59,094 | |
Non-mortgage Loans | Business Loans | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | [1] | 19,779 | 39,965 |
Non-mortgage Loans | Consumer Loans | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | [2] | $ 8,966 | $ 19,129 |
[1] As of December 31, 2023 and 2022, business loans include $ 1.0 million and $ 20.0 million, respectively, of PPP loans. As of December 31, 2023 and 2022, consumer loans include $ 8.0 million and $ 18.2 million, respectively, of microloans originated by the Bank pursuant to its former arrangement with Grain . As of November 2023, these loans are now serviced by the Bank. |
Loans Receivable and Allowanc_4
Loans Receivable and Allowance for Credit Losses - Summary of Loans (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 1,921,572 | $ 1,525,668 |
Business Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 19,779 | 39,965 |
Business Loans | PPP Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 1,000 | 20,000 |
Consumer Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 8,966 | 19,129 |
Consumer Loans | PPP Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 8,000 | $ 18,200 |
Loans Receivable and Allowanc_5
Loans Receivable and Allowance for Credit Losses - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) Loan | Dec. 31, 2022 USD ($) Loan | Dec. 31, 2021 USD ($) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Restructured loans | Loan | 0 | |||
Number of troubled debt restructured loans | Loan | 21 | 23 | ||
Troubled debt restructured loans | $ 5,900 | $ 6,600 | ||
Troubled debt restructured loan, accrual status | 5,200 | 4,200 | ||
Impairment reserves | 233 | 196 | $ 243 | |
Aggregate balance of grain | 7,985 | |||
ACL | [1] | 7,026 | ||
Microloans, net of allowance for loan losses | 959 | |||
Microloans originated - put back to Grain | 24,104 | |||
Grain Write-Downs | 15,459 | |||
Cash Receipts From Grain | 6,819 | |||
Grant/reserve (inception-to-December 31, 2023) | (1,826) | |||
Investment in Grain write-off | (1,000) | |||
Exposure to Grain | [2] | 959 | ||
Grain write-off and write-down | $ (1,481) | $ 17,940 | ||
Accounting Standards Update 2022-02 | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 01, 2023 | |||
Grain Technologies LLC | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Micro loan credit limit | $ 1,500 | |||
Number of micro loan outstanding | Loan | 14,727 | 27,886 | ||
Aggregate balance of grain | $ 8,000 | $ 18,200 | ||
ACL | (7,000) | 15,400 | ||
Microloans, net of allowance for loan losses | 1,000 | 2,800 | ||
Microloans originated - put back to Grain | 24,100 | |||
Grain Write-Downs | 15,500 | |||
Cash Receipts From Grain | 6,800 | |||
Grant/reserve (inception-to-December 31, 2023) | (1,800) | |||
Investment in Grain write-off | (1,000) | |||
Exposure to Grain | 1,000 | |||
Unused commitments available to borrowers | 2,400 | |||
Security deposits by borrowers | 1,600 | |||
Grain write-off and write-down | $ 17,900 | |||
Grain recoveries | 1,500 | |||
Payments received from Grain | $ 700 | |||
Grain Technologies LLC | Microloans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of micro loan outstanding | Loan | 45,322 | |||
Mortgage World Bankers Inc | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of loan held for sale | Loan | 19 | 4 | ||
Troubled Debt Restructured Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Impairment reserves | $ 200 | |||
Minimum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Strong Pass Loans to new or existing borrowers collateralized percentage | 90% | |||
[1] Includes $ 0.3 million for allowance for unused commitments on the $ 2.4 million of unused commitments available to Grain originated borrowers reported in other liabilities in the accompanying Consolidated Statements of Financial Conditions. Excludes $ 1.6 million of security deposits by Grain originated borrowers reported in deposits in the accompanying Consolidated Statements of Financial Conditions. Total remaining exposure to Grain borrowers. As of November 2023, these loans are now serviced by the Bank. |
Loans Receivable and Allowanc_6
Loans Receivable and Allowance for Credit Losses - Credit Risk Ratings by Loan Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 1,921,572 | $ 1,525,668 |
1-4 Family | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 496,000 | 478,846 |
Multifamily | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 550,559 | 494,667 |
Nonresidential | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 342,343 | 308,043 |
Construction and Land | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 503,925 | 185,018 |
Business Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 19,779 | 39,965 |
Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 8,966 | 19,129 |
Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 1,897,935 | 1,494,434 |
Pass | 1-4 Family | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 485,747 | 462,126 |
Pass | Multifamily | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 546,471 | 492,556 |
Pass | Nonresidential | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 339,726 | 307,307 |
Pass | Construction and Land | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 497,266 | 173,351 |
Pass | Business Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 19,759 | 39,965 |
Pass | Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 8,966 | 19,129 |
Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 5,786 | 9,735 |
Special Mention | 1-4 Family | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 2,150 | 7,692 |
Special Mention | Multifamily | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 1,109 | 1,437 |
Special Mention | Nonresidential | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 2,527 | 606 |
Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 17,851 | 21,499 |
Substandard | 1-4 Family | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 8,103 | 9,028 |
Substandard | Multifamily | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 2,979 | 674 |
Substandard | Nonresidential | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 90 | 130 |
Substandard | Construction and Land | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 6,659 | $ 11,667 |
Substandard | Business Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 20 |
Loans Receivable and Allowanc_7
Loans Receivable and Allowance for Credit Losses - Aging Analysis of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | $ 1,921,572 | $ 1,525,668 |
Nonaccrual Loans | 12,726 | 13,708 |
90 Days or More Accruing | 2,973 | |
1-4 Family Residential Investor Owned | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 343,689 | 343,968 |
Nonaccrual Loans | 793 | 3,061 |
1-4 Family Residential Owner-Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 152,311 | 134,878 |
Nonaccrual Loans | 2,130 | 2,987 |
Multifamily Residential | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 550,559 | 494,667 |
Nonaccrual Loans | 2,979 | |
Nonresidential Properties | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 342,343 | 308,043 |
Nonaccrual Loans | 93 | |
Construction and Land | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 503,925 | 185,018 |
Nonaccrual Loans | 6,659 | 7,567 |
Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,905,820 | 1,482,970 |
Current | 1-4 Family Residential Investor Owned | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 342,896 | 340,495 |
Current | 1-4 Family Residential Owner-Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 150,181 | 131,510 |
Current | Multifamily Residential | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 546,471 | 490,024 |
Current | Nonresidential Properties | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 342,343 | 303,190 |
Current | Construction and Land | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 497,266 | 173,351 |
Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 2,011 | 15,705 |
Financial Asset, 30 to 59 Days Past Due | 1-4 Family Residential Investor Owned | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,530 | |
Financial Asset, 30 to 59 Days Past Due | 1-4 Family Residential Owner-Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 2,553 | |
Financial Asset, 30 to 59 Days Past Due | Multifamily Residential | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,109 | 4,643 |
Financial Asset, 30 to 59 Days Past Due | Nonresidential Properties | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 4,246 | |
Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,015 | 13,773 |
Financing Receivables, 60 to 89 Days Past Due | 1-4 Family Residential Investor Owned | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 78 | |
Financing Receivables, 60 to 89 Days Past Due | Nonresidential Properties | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 607 | |
Financing Receivables, 60 to 89 Days Past Due | Construction and Land | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 4,100 | |
Financing Receivables, 90 Days or More Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 12,726 | 13,220 |
Financing Receivables, 90 Days or More Past Due | 1-4 Family Residential Investor Owned | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 793 | 1,865 |
Financing Receivables, 90 Days or More Past Due | 1-4 Family Residential Owner-Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 2,130 | 815 |
Financing Receivables, 90 Days or More Past Due | Multifamily Residential | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 2,979 | |
Financing Receivables, 90 Days or More Past Due | Construction and Land | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 6,659 | 7,567 |
Business Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 19,779 | 39,965 |
Nonaccrual Loans | 165 | |
90 Days or More Accruing | 2,973 | |
Business Loans | Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 19,240 | 27,657 |
Business Loans | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 366 | 1,466 |
Business Loans | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 8 | 7,869 |
Business Loans | Financing Receivables, 90 Days or More Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 165 | 2,973 |
Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 8,966 | 19,129 |
Consumer | Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 7,423 | 16,743 |
Consumer | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 536 | 1,267 |
Consumer | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | $ 1,007 | $ 1,119 |
Loans Receivable and Allowanc_8
Loans Receivable and Allowance for Credit Losses - Schedule of Composition of ACL and Related Recorded Investment in Loans and Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | $ 34,592 | $ 16,352 | $ 14,870 |
(Benefit) provision charged to expense | 1,237 | 24,046 | 2,717 |
Impact of CECL adoption | (3,090) | ||
Losses charged-off | (7,290) | (6,660) | (1,380) |
Recoveries | 705 | 854 | 145 |
Balance, end of period | 26,154 | 34,592 | 16,352 |
Ending balance: individually evaluated for impairment | 233 | 196 | 243 |
Ending balance: collectively evaluated for impairment | 25,921 | 34,396 | 16,109 |
Ending balance: individually evaluated for impairment | 12,726 | 17,952 | 17,651 |
Ending balance: collectively evaluated for impairment | 1,908,846 | 1,507,716 | 1,304,447 |
Total | 1,921,572 | 1,525,668 | 1,322,098 |
1-4 Family Investor Owned | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 3,863 | 3,540 | 3,850 |
(Benefit) provision charged to expense | (214) | 167 | (318) |
Impact of CECL adoption | 766 | ||
Recoveries | 156 | 8 | |
Balance, end of period | 4,415 | 3,863 | 3,540 |
Ending balance: individually evaluated for impairment | 63 | 91 | |
Ending balance: collectively evaluated for impairment | 4,415 | 3,800 | 3,449 |
Ending balance: individually evaluated for impairment | 793 | 5,269 | 6,672 |
Ending balance: collectively evaluated for impairment | 342,896 | 338,699 | 310,632 |
Total | 343,689 | 343,968 | 317,304 |
1-4 Family Owner-Occupied | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 1,723 | 1,178 | 1,260 |
(Benefit) provision charged to expense | 143 | 506 | (127) |
Impact of CECL adoption | 146 | ||
Recoveries | 39 | 45 | |
Balance, end of period | 2,012 | 1,723 | 1,178 |
Ending balance: individually evaluated for impairment | 72 | 96 | 114 |
Ending balance: collectively evaluated for impairment | 1,940 | 1,627 | 1,064 |
Ending balance: individually evaluated for impairment | 2,130 | 4,315 | 5,854 |
Ending balance: collectively evaluated for impairment | 150,181 | 130,563 | 91,093 |
Total | 152,311 | 134,878 | 96,947 |
Multifamily | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 8,021 | 5,684 | 5,214 |
(Benefit) provision charged to expense | 306 | 2,337 | 508 |
Impact of CECL adoption | (3,962) | ||
Losses charged-off | (38) | ||
Balance, end of period | 4,365 | 8,021 | 5,684 |
Ending balance: collectively evaluated for impairment | 4,365 | 8,021 | 5,684 |
Ending balance: individually evaluated for impairment | 2,979 | 1,200 | |
Ending balance: collectively evaluated for impairment | 547,580 | 494,667 | 347,100 |
Total | 550,559 | 494,667 | 348,300 |
Nonresidential | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 2,724 | 2,165 | 2,194 |
(Benefit) provision charged to expense | (126) | 559 | (29) |
Impact of CECL adoption | 578 | ||
Balance, end of period | 3,176 | 2,724 | 2,165 |
Ending balance: individually evaluated for impairment | 37 | 38 | |
Ending balance: collectively evaluated for impairment | 3,176 | 2,687 | 2,127 |
Ending balance: individually evaluated for impairment | 801 | 2,995 | |
Ending balance: collectively evaluated for impairment | 342,343 | 307,242 | 236,696 |
Total | 342,343 | 308,043 | 239,691 |
Construction and Land | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 2,683 | 2,024 | 1,820 |
(Benefit) provision charged to expense | 3,035 | 659 | 204 |
Impact of CECL adoption | (911) | ||
Balance, end of period | 4,807 | 2,683 | 2,024 |
Ending balance: collectively evaluated for impairment | 4,807 | 2,683 | 2,024 |
Ending balance: individually evaluated for impairment | 6,659 | 7,567 | 917 |
Ending balance: collectively evaluated for impairment | 497,266 | 177,451 | 133,734 |
Total | 503,925 | 185,018 | 134,651 |
Business Loans | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 120 | 306 | 254 |
(Benefit) provision charged to expense | 235 | (280) | (32) |
Impact of CECL adoption | 236 | ||
Losses charged-off | (63) | ||
Recoveries | 3 | 94 | 84 |
Balance, end of period | 531 | 120 | 306 |
Ending balance: individually evaluated for impairment | 161 | ||
Ending balance: collectively evaluated for impairment | 370 | 120 | 306 |
Ending balance: individually evaluated for impairment | 165 | 13 | |
Ending balance: collectively evaluated for impairment | 19,614 | 39,965 | 150,499 |
Total | 19,779 | 39,965 | 150,512 |
Consumer | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 15,458 | 1,455 | 278 |
(Benefit) provision charged to expense | (2,142) | 20,098 | 2,511 |
Impact of CECL adoption | 57 | ||
Losses charged-off | (7,227) | (6,660) | (1,342) |
Recoveries | 702 | 565 | 8 |
Balance, end of period | 6,848 | 15,458 | 1,455 |
Ending balance: collectively evaluated for impairment | 6,848 | 15,458 | 1,455 |
Ending balance: collectively evaluated for impairment | 8,966 | 19,129 | 34,693 |
Total | $ 8,966 | $ 19,129 | $ 34,693 |
Loans Receivable and Allowanc_9
Loans Receivable and Allowance for Credit Losses - Information Relates to Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | $ 12,687 | $ 18,396 | $ 18,957 |
Recorded Investment With No Allowance | 12,113 | 15,851 | 15,302 |
Recorded Investment With Allowance | 613 | 2,101 | 2,349 |
Total Recorded Investment | 12,726 | 17,952 | 17,651 |
Related Allowance | 233 | 196 | 243 |
Average Recorded Investment | 14,788 | 20,043 | 17,569 |
Interest Income Recognized on Cash Basis | 233 | 337 | 307 |
1-4 Family Residential | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 2,906 | 9,986 | 13,333 |
Recorded Investment With No Allowance | 2,475 | 7,827 | 10,535 |
Recorded Investment With Allowance | 448 | 1,757 | 1,991 |
Total Recorded Investment | 2,923 | 9,584 | 12,526 |
Related Allowance | 72 | 159 | 205 |
Average Recorded Investment | 4,812 | 11,072 | 12,145 |
Interest Income Recognized on Cash Basis | 82 | 307 | 189 |
Multifamily Residential | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 2,966 | 1,200 | |
Recorded Investment With No Allowance | 2,979 | 1,200 | |
Total Recorded Investment | 2,979 | 1,200 | |
Average Recorded Investment | 1,463 | 630 | 1,139 |
Interest Income Recognized on Cash Basis | 151 | 63 | |
Nonresidential Properties | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 843 | 3,494 | |
Recorded Investment With No Allowance | 457 | 2,637 | |
Recorded Investment With Allowance | 344 | 358 | |
Total Recorded Investment | 801 | 2,995 | |
Related Allowance | 37 | 38 | |
Average Recorded Investment | 198 | 1,930 | 3,941 |
Interest Income Recognized on Cash Basis | 30 | 38 | |
Construction and Land | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 6,650 | 7,567 | 917 |
Recorded Investment With No Allowance | 6,659 | 7,567 | 917 |
Total Recorded Investment | 6,659 | 7,567 | 917 |
Average Recorded Investment | 8,211 | 6,408 | 307 |
Interest Income Recognized on Cash Basis | 17 | ||
Business Loans | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 165 | 13 | |
Recorded Investment With No Allowance | 13 | ||
Recorded Investment With Allowance | 165 | ||
Total Recorded Investment | 165 | 13 | |
Related Allowance | 161 | ||
Average Recorded Investment | $ 104 | $ 3 | 13 |
Consumer | |||
Financing Receivable Impaired [Line Items] | |||
Average Recorded Investment | $ 24 |
Loans Receivable and Allowan_10
Loans Receivable and Allowance for Credit Losses - Schedule of Total Exposure (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | ||
Receivable from Grain | ||
Microloans originated - put back to Grain (inception-to-December 31, 2023) | $ 24,104 | |
Write-downs, net of recoveries (year to date as of December 31, 2023) | (15,459) | |
Cash receipts from Grain (inception-to-December 31, 2023) | (6,819) | |
Grant/reserve (inception-to-December 31, 2023) | (1,826) | |
Microloan receivables | ||
Grain originated loans receivable as of December 31, 2023 | 7,985 | |
Allowance for loan losses as of December 31, 2023 | (7,026) | [1] |
Microloans, net of allowance for loan losses as of December 31, 2023 | 959 | |
Investments | ||
Investment in Grain | 1,000 | |
Investment in Grain write-off | (1,000) | |
Total exposure to Grain as of December 31, 2023 | $ 959 | [2] |
[1] Includes $ 0.3 million for allowance for unused commitments on the $ 2.4 million of unused commitments available to Grain originated borrowers reported in other liabilities in the accompanying Consolidated Statements of Financial Conditions. Excludes $ 1.6 million of security deposits by Grain originated borrowers reported in deposits in the accompanying Consolidated Statements of Financial Conditions. Total remaining exposure to Grain borrowers. As of November 2023, these loans are now serviced by the Bank. |
Loans Receivable and Allowan_11
Loans Receivable and Allowance for Credit Losses - Schedule of Total Exposure (Parenthetical) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Security deposits | $ 1.6 |
Other Liabilities | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance for unused commitments | 0.3 |
Allowance for unused commitments available to grain borrowers | $ 2.4 |
Summary of Premises and Equipme
Summary of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 30,242 | $ 29,954 |
Less: accumulated depreciation and amortization | (14,189) | (12,508) |
Total premises and equipment | 16,053 | 17,446 |
Land | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 932 | 932 |
Buildings and Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 4,717 | 4,717 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 15,982 | 15,808 |
Furniture, Fixtures and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 8,611 | $ 8,497 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property Plant And Equipment [Line Items] | ||
Depreciation and amortization expense, excluding ROU assets portion | $ 1.8 | $ 1.8 |
Leases - Additional Information
Leases - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 Lease | |
Lessee, Lease, Description [Line Items] | |
Operating lease, description | Our leases have remaining lease terms ranging from less than one year to approximately 15 years, none of which has a renewal option reasonably certain of exercise, which has been reflected in the Company’s calculation of lease term. |
Lessee, non-cancelable operating lease agreements expiration year | 2038 |
Lease expiration year | 2038 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, remaining lease terms | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, remaining lease terms | 15 years |
Branches and Office Spaces | |
Lessee, Lease, Description [Line Items] | |
Number of operating leases | 15 |
Equipment | |
Lessee, Lease, Description [Line Items] | |
Number of operating leases | 5 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease ROU assets | $ 31,272 | $ 33,423 |
Operating lease liabilities | $ 32,684 | $ 34,532 |
Weighted-average remaining lease term-operating leases | 12 years 7 months 6 days | 13 years 6 months |
Weighted average discount rate-operating leases | 4.90% | 4.90% |
Leases - Summary of Lease Expen
Leases - Summary of Lease Expense and Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | |||
Total lease cost | $ 4,315 | $ 4,589 | $ 2,345 |
Occupancy and equipment | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease cost | 4,150 | 4,416 | 2,158 |
Variable lease cost | 126 | 155 | 177 |
Other operating expenses | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease cost | 20 | 7 | 3 |
Short-term lease cost | $ 19 | $ 11 | $ 7 |
Leases - Summary of Minimum Ann
Leases - Summary of Minimum Annual Rental Payments under Terms of Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2024 | $ 3,866 | |
2025 | 3,818 | |
2026 | 3,668 | |
2027 | 3,537 | |
2028 | 3,594 | |
Thereafter | 25,474 | |
Total Minimum payments required | 43,957 | |
Less: implied interest | 11,273 | |
Lease obligations | $ 32,684 | $ 34,532 |
Deposits - Summarized Deposits
Deposits - Summarized Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Banking And Thrifts [Abstract] | |||
Demand | $ 243,384 | $ 289,149 | |
NOW/IOLA accounts | 19,676 | 24,349 | |
Money market accounts | [1] | 432,735 | 236,143 |
Reciprocal deposits | 96,860 | 114,049 | |
Savings accounts | 114,139 | 130,432 | |
Total NOW, money market, reciprocal and savings | 663,410 | 504,973 | |
Certificates of deposit of $250K or more | [1] | 132,153 | 106,336 |
Brokered certificates of deposits | [2] | 98,729 | 98,754 |
Listing service deposits | [2] | 14,433 | 35,813 |
Certificates of deposit less than $250K | [1] | 355,511 | 217,387 |
Total certificates of deposit | 600,826 | 458,290 | |
Total interest-bearing deposits | 1,264,236 | 963,263 | |
Total deposits | $ 1,507,620 | $ 1,252,412 | |
[1] As of December 31, 2022, $ 81.7 million of Raisin deposits were reclassified from money market accounts to certificates of deposits. $ 36.2 million were reclassified to Certificates of deposits of $250K or more and $ 45.5 million were reclassified to Certificates of deposit less than $250K. As of December 31, 2023 and 2022, there were $ 0.3 milli on and $ 13.6 million, respectively, in individual listing service deposits amounting to $ 250,000 or more. All brokered certificates of deposit individually amounted to less than $ 250,000 . |
Deposits - Summarized Deposit_2
Deposits - Summarized Deposits (Parenthetical) (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | |
Time Deposits [Line Items] | |||
Money market accounts | [1] | $ 432,735,000 | $ 236,143,000 |
Certificates of deposit of $250K or more | [1] | 132,153,000 | 106,336,000 |
Certificates of deposit less than $250K | [1] | 355,511,000 | 217,387,000 |
Individual brokered certification of deposit | 300,000 | 13,600,000 | |
Listing service deposits | [2] | 14,433,000 | 35,813,000 |
Brokered certificates of deposits | [2] | 98,729,000 | 98,754,000 |
Raisin Solutions US LLC | |||
Time Deposits [Line Items] | |||
Money market accounts | 81,700,000 | ||
Certificates of deposit of $250K or more | 36,200,000 | ||
Certificates of deposit less than $250K | $ 45,500,000 | ||
Minimum | |||
Time Deposits [Line Items] | |||
Listing service deposits | 250,000 | ||
Maximum | |||
Time Deposits [Line Items] | |||
Brokered certificates of deposits | $ 250,000 | ||
[1] As of December 31, 2022, $ 81.7 million of Raisin deposits were reclassified from money market accounts to certificates of deposits. $ 36.2 million were reclassified to Certificates of deposits of $250K or more and $ 45.5 million were reclassified to Certificates of deposit less than $250K. As of December 31, 2023 and 2022, there were $ 0.3 milli on and $ 13.6 million, respectively, in individual listing service deposits amounting to $ 250,000 or more. All brokered certificates of deposit individually amounted to less than $ 250,000 . |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Certificates of Deposit (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Banking And Thrifts [Abstract] | ||
2024 | $ 449,470 | |
2025 | 59,404 | |
2026 | 41,365 | |
2027 | 48,378 | |
2028 | 2,209 | |
Total certificates of deposit | $ 600,826 | $ 458,290 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Banking And Thrifts [Abstract] | ||
Overdrawn deposit reclassified to loans amounted | $ 0.1 | $ 0.1 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Line Of Credit Facility [Line Items] | |||
Advance from the Federal Home Loan Bank | $ 380,400,000 | $ 511,400,000 | |
Guarantee from the FHLBNY through a standby letter of credit | 71,200,000 | 21,500,000 | |
Interest expense on FHLBNY advances | 15,400,000 | 5,400,000 | $ 2,200,000 |
Interest expense on FRBNY advances | 10,000,000 | 0 | $ 0 |
Overnight Line of Credit Advance | |||
Line Of Credit Facility [Line Items] | |||
Advance from the Federal Home Loan Bank | $ 0 | 6,000,000 | |
FRBNY | |||
Line Of Credit Facility [Line Items] | |||
Percentage of total securities portfolio | 50.50% | ||
Securities portfolio amortized cost | $ 304,200,000 | ||
Outstanding term advances from FRBNY | $ 304,000,000 | $ 0 |
Borrowings - Schedule of Borrow
Borrowings - Schedule of Borrowed Funds FHLBNY and FRBNY and Correspondent Bank Advances Maturity and Call Date (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Line Of Credit Facility [Line Items] | ||
2023 | $ 178,375 | |
2024 | $ 363,321 | 50,000 |
2025 | 50,000 | 50,000 |
2027 | 212,000 | 183,000 |
2028 | 9,100 | |
Thereafter | 50,000 | 50,000 |
Total | 684,421 | 517,375 |
2023 | 178,375 | |
2024 | 363,321 | 50,000 |
2025 | 50,000 | 50,000 |
2027 | 212,000 | 183,000 |
2028 | 9,100 | |
Thereafter | 50,000 | 50,000 |
Total | $ 684,421 | $ 517,375 |
2023 | 4.32% | |
2024 | 4.55% | 4.75% |
2025 | 4.41% | 4.41% |
2027 | 3.44% | 3.25% |
2028 | 3.84% | |
Thereafter | 3.35% | 3.35% |
Total | 4.10% | 3.90% |
FHLBNY | ||
Line Of Credit Facility [Line Items] | ||
Overnight line of credit advance | $ 6,000 | |
Overnight line of credit advance | $ 6,000 | |
Overnight advances | 4.61% |
Derivatives and Hedging - Addit
Derivatives and Hedging - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Oct. 12, 2023 USD ($) | Dec. 31, 2023 USD ($) Contracts | Dec. 31, 2022 Instruments | |
Derivative [Line Items] | |||
Number of derivative financial instruments contracts | Contracts | 2 | ||
Derivatives Designated as Hedging Instruments | |||
Derivative [Line Items] | |||
Notional amount | $ 250,000 | ||
Number of derivative instruments held | Instruments | 0 | ||
Interest Rate Swap One | |||
Derivative [Line Items] | |||
Interest rate swap period | 2 years | ||
Interest rate swap effective date | Oct. 12, 2023 | ||
Interest rate swap terminated date | Nov. 01, 2025 | ||
Notional amount | $ 150,000 | ||
Fixed rate of interest | 4.885% | ||
Interest Rate Swap Two | |||
Derivative [Line Items] | |||
Interest rate swap period | 3 years | ||
Interest rate swap effective date | Oct. 12, 2023 | ||
Interest rate swap terminated date | Nov. 01, 2026 | ||
Notional amount | $ 100,000 | ||
Fixed rate of interest | 4.62% |
Derivatives and Hedging - Sched
Derivatives and Hedging - Schedule of Notional Amount and Fair Value of Derivatives Designated as Hedging Instruments (Details) - Derivatives Designated as Hedging Instruments $ in Thousands | Dec. 31, 2023 USD ($) |
Derivative [Line Items] | |
Notional | $ 250,000 |
Fair value of derivative assets | $ 4,435 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Loans and Leases Receivable, Net Amount |
Fair value of derivative liabilities | $ 4,435 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities |
Interest Rate Swap Contracts | |
Derivative [Line Items] | |
Notional | $ 250,000 |
Fair value of derivative assets | 4,435 |
Fair value of derivative liabilities | $ 4,435 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal: | |||||||||||
Current | $ 105 | $ 6,107 | |||||||||
Deferred | 773 | $ (6,064) | 646 | ||||||||
Federal income tax provision (benefit) | 878 | (6,064) | 6,753 | ||||||||
State and local: | |||||||||||
Current | 1,452 | 1,094 | 842 | ||||||||
Deferred | 696 | (7,467) | 1,733 | ||||||||
State and local income tax provision (benefit) | 2,148 | (6,373) | 2,575 | ||||||||
Valuation allowance | (525) | 5,592 | (1,119) | ||||||||
Provision (benefit) for income taxes | $ 442 | $ 1,728 | $ (215) | $ 546 | $ (2,589) | $ (820) | $ (488) | $ (2,948) | $ 2,501 | $ (6,845) | $ 8,209 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||
Federal income tax rate | 21% | 21% | 21% |
Decreased and increased in valuation allowance | $ 525,000 | $ (5,592,000) | $ 1,119,000 |
Net operating loss offset percentage of taxable income limited | 80% | ||
Net operating loss carryforwards | $ 200,000 | ||
pre-2015 carryforwards [Member] | New York City | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 500,000 | ||
pre-2015 carryforwards [Member] | New York State | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 600,000 | ||
post-2015 carryforwards [Member] | New York City | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 33,200,000 | ||
post-2015 carryforwards [Member] | New York State | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 64,100,000 | ||
CARES ACT [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 7,600,000 | ||
NEW YORK | |||
Income Taxes [Line Items] | |||
Decreased and increased in valuation allowance | (500,000) | 5,600,000 | |
Unrecognized tax benefits | $ 0 | $ 0 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Differences Between Federal Income Tax Rate and Total Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||||||||||
Income tax, at federal rate | $ 1,229 | $ (7,738) | $ 7,195 | ||||||||
State and local tax, net of federal benefit | 1,697 | (5,035) | 2,034 | ||||||||
Valuation allowance, net of federal benefit | (525) | 5,592 | (1,119) | ||||||||
Other | 100 | 336 | 99 | ||||||||
Provision (benefit) for income taxes | $ 442 | $ 1,728 | $ (215) | $ 546 | $ (2,589) | $ (820) | $ (488) | $ (2,948) | $ 2,501 | $ (6,845) | $ 8,209 |
Income Taxes - Significant Defe
Income Taxes - Significant Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Allowance for loan losses | $ 8,118 | $ 11,324 |
Interest on nonaccrual loans | 734 | 317 |
Unrealized loss on available-for-sale securities | 4,230 | 4,777 |
Amortization of intangible assets | 13 | 32 |
Operating lease liabilities | 10,145 | 11,304 |
Net operating losses | 8,131 | 9,119 |
Charitable contribution carryforward | 1,751 | 1,859 |
Compensation and benefits | 647 | 562 |
Other | 1,748 | 478 |
Total gross deferred tax assets | 35,517 | 39,772 |
Deferred tax liabilities: | ||
Depreciation of premises and equipment | 863 | 1,049 |
Right of use assets | 9,707 | 10,941 |
Deferred loan fees | 145 | 671 |
Other | 49 | 29 |
Total gross deferred tax liabilities | 10,764 | 12,690 |
Valuation allowance | 10,421 | 10,945 |
Net deferred tax assets | $ 14,332 | $ 16,137 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Expense (Benefit) Allocated Between Operations and Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Equity | $ 547 | $ (4,378) | $ (424) |
Operations | 944 | (7,939) | 1,260 |
Deferred tax expense (benefit) from operations and equity | $ 1,491 | $ (12,317) | $ 836 |
Compensation and Benefit Plan_2
Compensation and Benefit Plans - Additional Information (Detail) | 12 Months Ended | |||||||||||
Dec. 07, 2023 shares | May 16, 2023 shares | Apr. 01, 2022 shares | Jan. 28, 2022 shares | Jan. 27, 2022 USD ($) shares | Jan. 01, 2021 USD ($) | Dec. 04, 2018 shares | Sep. 29, 2017 USD ($) shares | Dec. 31, 2023 USD ($) Executive $ / shares shares | Dec. 31, 2022 USD ($) Executive $ / shares shares | Dec. 31, 2021 USD ($) Executive $ / shares | Dec. 31, 2020 shares | |
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Additional number of shares | 2,007,356 | 2,057,446 | ||||||||||
ESOP related compensation expense including equalization expense | $ | $ 1,200,000 | $ 1,400,000 | $ 1,400,000 | |||||||||
Number of option grants | 440,000 | 68,329 | ||||||||||
Total remaining unrecognized compensation cost | $ | $ 6,800,000 | |||||||||||
Weighted average period expected to be recognized | 72 months | |||||||||||
Weighted-average exercise price for options | $ / shares | $ 9.9 | $ 8.97 | $ 12.02 | |||||||||
Weighted average remaining contractual life | 8 years 2 months 12 days | |||||||||||
Weighted average period expected to be recognized | 5 years 1 month 6 days | |||||||||||
Number of shares exercisable | 261,648 | 190,508 | ||||||||||
Stock repurchase program percentage | 5% | |||||||||||
Treasury stock, shares, acquired | 1,235,000 | |||||||||||
Treasury stock, common shares | 1,101,191 | 1,976 | ||||||||||
Non-Executive Officers | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Vesting percentage | 20% | |||||||||||
Maximum | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Number of shares authrized to repurchase | 1,235,000 | |||||||||||
Restricted Stock Units | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Number of stock grants | 662,464 | 63,715 | ||||||||||
Compensation expense | $ | $ 1,600,000 | $ 1,400,000 | $ 1,300,000 | |||||||||
Total remaining unrecognized compensation cost | $ | $ 2,000,000 | |||||||||||
Weighted average period expected to be recognized | 72 months | |||||||||||
Stock Options | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Compensation expense | $ | $ 200,000 | $ 200,000 | 100,000 | |||||||||
Weighted average period expected to be recognized | 5 years 6 months | 6 years 6 months | ||||||||||
2018 Long-Term Incentive Plan | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Equity incentive plans, maximum number of shares issuable | 1,248,469 | |||||||||||
Common stock reserved for future issuance | 1,248,469 | |||||||||||
Conversion of issuable stock options to issuable restricted stock ratio | 3 | |||||||||||
Number of issuable stock options converted into restricted stock units | 462,522 | |||||||||||
Number of restricted stock units converted from issuable stock options | 154,174 | |||||||||||
Number of grants | 674,645 | |||||||||||
2018 Long-Term Incentive Plan | Directors | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Vesting percentage | 20% | |||||||||||
Vesting period | 10 years | |||||||||||
2018 Long-Term Incentive Plan | Stock Options or Stock Appreciation Rights | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Common stock reserved for future issuance | 891,764 | |||||||||||
Shares available for future awards | 4,883 | 4,883 | ||||||||||
2018 Long-Term Incentive Plan | Restricted Stock Units | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Common stock reserved for future issuance | 356,705 | |||||||||||
Shares available for future awards | 0 | 0 | ||||||||||
2018 Long-Term Incentive Plan | Restricted Stock Units | Executive Officers | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Number of stock grants | 40,460 | 322,254 | ||||||||||
2018 Long-Term Incentive Plan | Restricted Stock Units | Outside Directors | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Number of stock grants | 23,255 | 148,625 | ||||||||||
2018 Long-Term Incentive Plan | Restricted Stock Units | Non-Executive Officers | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Number of stock grants | 30,659 | 40,000 | ||||||||||
2018 Long-Term Incentive Plan | Restricted Stock Units | Non-Executive Officers | December 31, 2020 | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Number of stock grants | 15,000 | |||||||||||
2018 Long-Term Incentive Plan | Incentive Options | Executive Officers | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Number of option grants | 23,718 | 119,176 | ||||||||||
2018 Long-Term Incentive Plan | Incentive Options | Non-Executive Officers | December 31, 2020 | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Number of stock grants | 40,000 | |||||||||||
2018 Long-Term Incentive Plan | Non-qualified Options | Outside Directors | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Number of option grants | 13,952 | 44,590 | ||||||||||
2020 Long-Term Incentive Plan | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Number of issuable stock options converted into restricted stock units | 45,000 | |||||||||||
Number of restricted stock units converted from issuable stock options | 15,000 | |||||||||||
2022 Long-Term Incentive Plan | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Number of issuable stock options converted into restricted stock units | 191,145 | |||||||||||
Number of restricted stock units converted from issuable stock options | 63,715 | |||||||||||
2023 Long-Term Incentive Plan | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Equity incentive plans, maximum number of shares issuable | 1,920,368 | |||||||||||
Number of grants | 1,102,464 | |||||||||||
2023 Long-Term Incentive Plan | Stock Options or Stock Appreciation Rights | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Common stock reserved for future issuance | 1,371,691 | |||||||||||
Shares available for future awards | 440,330 | |||||||||||
2023 Long-Term Incentive Plan | Restricted Stock Units | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Common stock reserved for future issuance | 548,677 | |||||||||||
Shares available for future awards | 50,000 | |||||||||||
Converted to restricted stock | 491,361 | |||||||||||
2023 Long-Term Incentive Plan | Restricted Stock Units | Executive Officers | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Number of stock grants | 488,784 | |||||||||||
2023 Long-Term Incentive Plan | Restricted Stock Units | Outside Directors | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Number of stock grants | 171,180 | |||||||||||
2023 Long-Term Incentive Plan | Restricted Stock Units | Non-Executive Officers | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Number of stock grants | 2,500 | |||||||||||
2023 Long-Term Incentive Plan | Premium Incentive Options | Executive Officers | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Number of option grants | 302,500 | |||||||||||
2023 Long-Term Incentive Plan | Non Qualified Premium Options | Outside Directors | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Number of option grants | 90,000 | |||||||||||
2023 Long-Term Incentive Plan | Non Premium Incentive Options | Non-Executive Officers | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Number of stock grants | 47,500 | |||||||||||
Supplemental Executive Retirement Plan | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Expense recognized | $ | $ 100,000 | $ 100,000 | $ 300,000 | |||||||||
Number of key executive under retirement plan | Executive | 1 | 1 | 2 | |||||||||
Common Stock | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Total issued shares | 24,711,834 | |||||||||||
Treasury stock, shares, acquired | 1,235,000 | 1,976 | ||||||||||
PDL Community Bancorp | Common Stock | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Conversion of stock | 1.3952 | 977,880 | ||||||||||
KSOP | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Defined contribution plan, maximum annual contributions per employee, amount | $ | $ 22,500 | |||||||||||
Defined contribution plan additional cost | $ | $ 7,500 | |||||||||||
Maximum employer matching contribution percentage | 20% | |||||||||||
Expenses recognized | $ | $ 400,000 | |||||||||||
Expense recognized | $ | $ 30,000 | |||||||||||
Defined contribution plan, employers matching contribution, annual vesting percentage | 100% | |||||||||||
Defined contribution plan additional cost percentage | 20 | |||||||||||
Number of years discretionary matching and profit sharing contributions | 2 years | |||||||||||
Number of additional year of service cost | 6 years | |||||||||||
Employer matching contribution percentage | 3% | |||||||||||
KSOP | PDL Community Bancorp | Common Stock | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Additional number of shares | 1,097,353 | |||||||||||
Percentage of Shares Outstanding | 4.44 | |||||||||||
Employee Stock Ownership Plan | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Defined contribution plan, employers matching contribution, annual vesting percentage | 100% | |||||||||||
Number of years discretionary matching and profit sharing contributions | 3 years | |||||||||||
Employee Stock Ownership Plan | PDL Community Bancorp | Common Stock | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Additional number of shares | 723,751 | |||||||||||
First ESOP Loan | PDL Community Bancorp | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Employee stock ownership plan ESOP loan term | 15 years | |||||||||||
Employee stock ownership plan ESOP interest percentage | 2.6 | |||||||||||
First ESOP Loan | PDL Community Bancorp | Common Stock | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Aggregate purchase price of common | $ | $ 7,200,000 | |||||||||||
Second ESOP Loan | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Total issued shares | 13,000,000 | |||||||||||
Second ESOP Loan | PDL Community Bancorp | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Employee stock ownership plan ESOP loan term | 15 years | |||||||||||
Employee stock ownership plan ESOP interest percentage | 1.82 | |||||||||||
Second ESOP Loan | PDL Community Bancorp | Common Stock | ||||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | ||||||||||||
Aggregate purchase price of common | $ | $ 11,000,000 |
Compensation and Benefit Plan_3
Compensation and Benefit Plans - Summary of ESOP Shares (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Share-Based Payment Arrangement [Abstract] | ||
Shares committed-to-be-released | 133,744 | 133,744 |
Shares allocated to participants | 437,880 | 354,227 |
Unallocated shares | 1,435,732 | 1,569,475 |
Total | 2,007,356 | 2,057,446 |
Fair value of unallocated shares | $ 14,013 | $ 14,628 |
Compensation and Benefit Plan_4
Compensation and Benefit Plans - Schedule of Restricted Stock Units Activity and Related Information (Detail) - Restricted Stock Units - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Non-vested, beginning of year | 245,840 | 237,687 |
Number of Shares, Conversion and reorganization | 93,933 | |
Number of Shares, Granted | 662,464 | 63,715 |
Number of Shares, Vested | (161,734) | (149,495) |
Number of Shares, Forfeited | (697) | 0 |
Number of Shares, Non-vested, ending of year | 745,873 | 245,840 |
Weighted-Average Grant Date Fair Value Per Share, Non-vested, beginning of year | $ 9.4 | $ 12.65 |
Weighted-Average Grant Date Fair Value Per Share, Conversion and reorganization | 0 | |
Weighted-Average Grant Date Fair Value Per Share, Granted | 9.5 | 10.44 |
Weighted-Average Grant Date Fair Value Per Share, Vested | 9.27 | 9.11 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited | 9.15 | 0 |
Weighted-Average Grant Date Fair Value Per Share, Non-vested, ending of year | $ 9.52 | $ 9.4 |
Compensation and Benefit Plan_5
Compensation and Benefit Plans - Schedule of Stock Option Activity and Related Information (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Options, Outstanding, beginning of year | 352,621 | 203,766 |
Options, Conversion and reorganization | 80,526 | |
Options, Granted | 440,000 | 68,329 |
Options, Exercised | 0 | 0 |
Options, Forfeited | 0 | 0 |
Options, Outstanding, end of year | 792,621 | 352,621 |
Options, Exercisable, end of year | 261,648 | 190,508 |
Weighted-Average Exercise Price Per Share, Outstanding, beginning of year | $ 8.97 | $ 12.02 |
Weighted-Average Exercise Price Per Share, Granted | 10.65 | 10.44 |
Weighted-Average Exercise Price Per Share, Exercised | 0 | 0 |
Weighted-Average Exercise Price Per Share, Forfeited | 0 | 0 |
Weighted-Average Exercise Price Per Share, Outstanding, end of year | 9.9 | 8.97 |
Weighted-Average Exercise Price Per Share, Exercisable, end of year | $ 8.88 | $ 8.83 |
Compensation and Benefit Plan_6
Compensation and Benefit Plans - Schedule of Stock Option Activity and Related Information (Parenthetical) (Detail) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Share-Based Payment Arrangement [Abstract] | ||
Average Intrinsic Value, Outstanding, end of year | $ 0 | $ 100,000 |
Average Intrinsic Value, Exercisable, end of year | $ 200,000 | $ 100,000 |
Compensation and Benefit Plan_7
Compensation and Benefit Plans - Schedule of Fair Value of Option Grant Using Black-Scholes Option Pricing Model With Weighted Average Assumptions (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected life | 5 years 1 month 6 days | |
Stock Options | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Dividend yield | 0% | 0% |
Expected life | 5 years 6 months | 6 years 6 months |
Expected volatility | 37.19% | 41.34% |
Risk-free interest rate | 4.71% | 2.65% |
Weighted average grant date fair value | $ 4.04 | $ 3.85 |
Earnings Per Common Shares - Sc
Earnings Per Common Shares - Schedule of Reconciliation of Number of Shares Used in Calculation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||||||||||
Net (loss) income | $ 518 | $ 2,590 | $ (87) | $ 331 | $ (9,214) | $ (14,738) | $ 771 | $ (6,820) | $ 3,352 | $ (30,001) | $ 25,415 |
Common shares outstanding for basic EPS: | |||||||||||
Weighted average common shares outstanding | 24,263,952 | 24,246,912 | 17,256,837 | ||||||||
Less: Weighted average unallocated Employee Stock Ownership Plan (ESOP) shares | 1,518,635 | 1,555,969 | 512,276 | ||||||||
Basic weighted average common shares outstanding | 22,224,945 | 22,272,076 | 23,208,168 | 23,293,013 | 23,168,097 | 23,094,859 | 23,056,559 | 21,721,113 | 22,745,317 | 22,690,943 | 16,744,561 |
Basic (loss) earnings per common share | $ 0.02 | $ 0.12 | $ 0.01 | $ (0.4) | $ (0.64) | $ 0.03 | $ (0.31) | $ 0.15 | $ (1.32) | $ 1.52 | |
Potential dilutive common shares: | |||||||||||
Add: Dilutive effect of restricted stock awards and stock options | 76,996 | 46,882 | |||||||||
Diluted weighted average common shares outstanding | 22,406,102 | 22,349,217 | 23,208,168 | 23,324,532 | 23,168,097 | 23,094,859 | 23,128,911 | 21,721,113 | 22,822,313 | 22,690,943 | 16,791,443 |
Diluted (loss) earnings per common share | $ 0.02 | $ 0.12 | $ 0.01 | $ (0.4) | $ (0.64) | $ 0.03 | $ (0.31) | $ 0.15 | $ (1.32) | $ 1.51 |
Commitments, Contingencies an_3
Commitments, Contingencies and Credit Risk - Financial Instruments Whose Contractual Amounts Represent Credit Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Contractual amounts represent credit risk | $ 591,507 | $ 281,311 |
Commitments to Grant Mortgage Loans | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Contractual amounts represent credit risk | 529,768 | 207,105 |
Commitments to Sell Loans at Lock-In Rates | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Contractual amounts represent credit risk | 1,676 | |
Unfunded Commitments Under Lines of Credit | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Contractual amounts represent credit risk | $ 61,739 | $ 72,530 |
Commitments, Contingencies an_4
Commitments, Contingencies and Credit Risk - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Dec. 31, 2023 | |
Loss Contingencies [Line Items] | ||
Repurchase or indemnification requests for loans sold | $ 0 | |
Unfunded Commitments with Oaktree | ||
Loss Contingencies [Line Items] | ||
Amount committed to invest | $ 5,000,000 | |
Total unfunded commitment | 2,400,000 | |
Unfunded Commitments with Silvergate | ||
Loss Contingencies [Line Items] | ||
Amount committed to invest | 5,200,000 | |
Total unfunded commitment | $ 2,300,000 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | ||
Mortgage loans held for sale, at fair value | $ 9,980,000 | $ 1,979,000 |
Aggregate unpaid principal balance | 9,900,000 | |
Fair value, transfers out of Level 3 assets | $ 0 | $ 1 |
Fair Value - Assets Measured at
Fair Value - Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | $ 9,980 | $ 1,979 |
Fair Value Measurement Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 134,317 | 131,506 |
Available-for-sale securities measure at fair value on recurring basis | 9,980 | 1,979 |
Available-for-sale securities measure at fair value on recurring basis | 22 | |
Fair Value Measurement Recurring | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 3,320 | 3,419 |
Fair Value Measurement Recurring | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 130,997 | 128,065 |
Available-for-sale securities measure at fair value on recurring basis | 9,980 | 1,979 |
Fair Value Measurement Recurring | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 22 | |
Available-for-sale securities measure at fair value on recurring basis | 22 | |
Interest Rate Swap | Fair Value Measurement Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 4,435 | |
Interest Rate Swap | Fair Value Measurement Recurring | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 4,435 | |
U.S. Government Bonds | Fair Value Measurement Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 2,784 | 2,689 |
U.S. Government Bonds | Fair Value Measurement Recurring | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 2,784 | 2,689 |
Corporate Bonds | Fair Value Measurement Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 23,668 | 23,359 |
Corporate Bonds | Fair Value Measurement Recurring | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 536 | 730 |
Corporate Bonds | Fair Value Measurement Recurring | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 23,132 | 22,629 |
Collateralized Mortgage Obligations | Fair Value Measurement Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 33,148 | 37,777 |
Collateralized Mortgage Obligations | Fair Value Measurement Recurring | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 33,148 | 37,777 |
FHLMC Certificates | Fair Value Measurement Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 8,681 | 9,634 |
FHLMC Certificates | Fair Value Measurement Recurring | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 8,681 | 9,634 |
FNMA Certificates | Fair Value Measurement Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 51,517 | 55,928 |
FNMA Certificates | Fair Value Measurement Recurring | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 51,517 | 55,928 |
GNMA Certificates | Fair Value Measurement Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 104 | 118 |
GNMA Certificates | Fair Value Measurement Recurring | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | $ 104 | $ 118 |
Fair Value - Assets Measured _2
Fair Value - Assets Measured at Fair Value on Nonrecurring Basis (Details) - Impaired Loans - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on nonrecurring basis | $ 12,726 | $ 17,952 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on nonrecurring basis | $ 12,726 | $ 17,952 |
Fair Value - Estimated Fair Val
Fair Value - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Available-for-sale securities, at fair value (Note 3) | $ 119,902 | $ 129,505 |
Held-to-maturity securities, at amortized cost | 510,820 | |
Mortgage loans held for sale, at fair value | 9,980 | 1,979 |
Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 139,190 | 54,360 |
Available-for-sale securities, at fair value (Note 3) | 119,902 | 129,505 |
Held-to-maturity securities, at amortized cost | 461,748 | 510,820 |
Placements with banks | 249 | 1,494 |
Mortgage loans held for sale, at fair value | 9,980 | 1,979 |
Loans receivable, net | 1,895,886 | 1,493,127 |
Accrued interest receivable | 18,010 | 15,049 |
FHLBNY stock | 19,377 | 24,661 |
Interest rate swap | $ 4,435 | |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Loans and Leases Receivable, Net Amount | |
Demand deposits | $ 243,384 | 289,149 |
Interest-bearing deposits | 663,410 | 504,973 |
Certificates of deposit | 600,826 | 458,290 |
Advance payments by borrowers for taxes and insurance | 10,778 | 9,724 |
Borrowings | 684,421 | 517,375 |
Interest rate swap | $ 4,435 | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | |
Accrued interest payable | $ 11,965 | 1,390 |
Fair Value Measurements | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 139,190 | 54,360 |
Available-for-sale securities, at fair value (Note 3) | 119,902 | 129,505 |
Held-to-maturity securities, at amortized cost | 450,042 | 495,851 |
Placements with banks | 249 | 1,494 |
Mortgage loans held for sale, at fair value | 9,980 | 1,979 |
Loans receivable, net | 1,844,507 | 1,430,864 |
Accrued interest receivable | 18,010 | 15,049 |
FHLBNY stock | 19,377 | 24,661 |
Interest rate swap | 4,435 | |
Demand deposits | 243,384 | 289,149 |
Interest-bearing deposits | 663,410 | 504,973 |
Certificates of deposit | 594,234 | 450,224 |
Advance payments by borrowers for taxes and insurance | 10,778 | 9,724 |
Borrowings | 674,155 | 503,406 |
Interest rate swap | 4,435 | |
Accrued interest payable | 11,965 | 1,390 |
Fair Value Measurements | Level 1 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 139,190 | 54,360 |
Available-for-sale securities, at fair value (Note 3) | 3,320 | 3,419 |
FHLBNY stock | 19,377 | 24,661 |
Demand deposits | 243,384 | 289,149 |
Interest-bearing deposits | 663,410 | 504,973 |
Fair Value Measurements | Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Available-for-sale securities, at fair value (Note 3) | 116,582 | 126,086 |
Held-to-maturity securities, at amortized cost | 450,042 | 495,851 |
Placements with banks | 249 | 1,494 |
Mortgage loans held for sale, at fair value | 9,980 | 1,979 |
Accrued interest receivable | 18,010 | 15,049 |
Interest rate swap | 4,435 | |
Certificates of deposit | 594,234 | 450,224 |
Advance payments by borrowers for taxes and insurance | 10,778 | 9,724 |
Borrowings | 674,155 | 503,406 |
Interest rate swap | 4,435 | |
Accrued interest payable | 11,965 | 1,390 |
Fair Value Measurements | Level 3 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Loans receivable, net | $ 1,844,507 | $ 1,430,864 |
Fair Value - Schedule of Beginn
Fair Value - Schedule of Beginning and Ending Balances for Debt Securities Available-for-Sale Recognized at Fair Value On Recurring Basis (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Ending balance | $ 129,505 |
Fair Value Measurement Recurring | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Beginning balance | 4,929 |
Total loss included in earnings | (344) |
Transfer out of level 3 | $ (4,585) |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements - Additional Information (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Regulatory Capital Requirements [Abstract] | ||
Percentage of capital buffer | 15.30% | 22.53% |
Regulatory Capital Requiremen_4
Regulatory Capital Requirements - Summary of Actual Capital Amounts and Ratios As Compared to Regulatory Requirements (Details) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Ponce Financial Group, Inc. | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Actual Amount | $ 533,513 | $ 530,241 |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 507,042 | 510,537 |
Common Equity Tier 1 Capital Ratio, Actual Amount | 282,042 | 285,537 |
Tier 1 Capital to Total Assets, Actual Amount | $ 507,042 | $ 510,537 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 0.2506 | 0.3372 |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 0.2382 | 0.3247 |
Common Equity Tier 1 Capital Ratio, Actual Ratio | 0.1325 | 0.1816 |
Tier 1 Capital to Total Assets, Actual Ratio | 0.1971 | 0.2629 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Amount | $ 170,302 | $ 125,791 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Amount | 127,727 | 94,343 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Amount | 95,795 | 70,757 |
Tier 1 Capital to Total Assets, For Capital Adequacy Amount | $ 102,911 | $ 77,665 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Ratio | 0.08 | 0.08 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio | 0.06 | 0.06 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio | 0.045 | 0.045 |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio | 0.04 | 0.04 |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 212,878 | $ 157,238 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 170,302 | 125,791 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 138,371 | 102,205 |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 128,639 | $ 97,082 |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.10 | 0.10 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.08 | 0.08 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.065 | 0.065 |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.05 | 0.05 |
Ponce Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Actual Amount | $ 492,622 | $ 476,519 |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 466,151 | 456,816 |
Common Equity Tier 1 Capital Ratio, Actual Amount | 466,151 | 456,816 |
Tier 1 Capital to Total Assets, Actual Amount | $ 466,151 | $ 456,816 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 0.233 | 0.3053 |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 0.2205 | 0.2926 |
Common Equity Tier 1 Capital Ratio, Actual Ratio | 0.2205 | 0.2926 |
Tier 1 Capital to Total Assets, Actual Ratio | 0.1749 | 0.2047 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Amount | $ 169,153 | $ 124,883 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Amount | 126,865 | 93,662 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Amount | 95,149 | 70,247 |
Tier 1 Capital to Total Assets, For Capital Adequacy Amount | $ 106,591 | $ 89,264 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Ratio | 0.08 | 0.08 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio | 0.06 | 0.06 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio | 0.045 | 0.045 |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio | 0.04 | 0.04 |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 211,441 | $ 156,104 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 169,153 | 124,883 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 137,437 | 101,468 |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 133,239 | $ 111,580 |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.10 | 0.10 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.08 | 0.08 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.065 | 0.065 |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.05 | 0.05 |
Regulatory Capital Requiremen_5
Regulatory Capital Requirements - Summary of Minimum Net Worth Requirements (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Mortgage World Bankers Inc | HUD | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Actual Amount | $ 1,000 | $ 1,000 |
Components of Accumulated Other
Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive income (loss), net of tax | $ 2,211 | $ (16,404) |
Unrealized losses on available-for-sale securities, net | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive income (loss) beginning balance | (17,860) | 1,456 |
Other comprehensive income (loss), net of tax | 2,211 | (16,404) |
Accumulated other comprehensive income (loss) ending balance | (15,649) | (17,860) |
Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive income (loss) beginning balance | (17,860) | 1,456 |
Accumulated other comprehensive income (loss) ending balance | $ (15,649) | $ (17,860) |
Aggregate Loan Transactions wit
Aggregate Loan Transactions with Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Receivables [Abstract] | |||
Beginning balance | $ 352 | $ 424 | |
Beginning balance | $ 8,318 | 5,631 | |
Originations | 1,725 | 6,418 | 10 |
Payments | (1,233) | (3,731) | (82) |
Ending balance | 352 | ||
Ending balance | $ 8,810 | $ 8,318 | $ 5,631 |
Transactions with Related Par_3
Transactions with Related Parties - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Related Party Transactions [Abstract] | |||
Deposits from officers and directors | $ 0.4 | $ 8 | $ 6.2 |
Parent Company Only Financial_3
Parent Company Only Financial Statements - Schedule of Condensed Consolidated Statements of Financial Condition (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||||
Cash and cash equivalents | $ 139,190 | $ 54,360 | ||
Other assets | 24,723 | 13,988 | ||
Total assets | 2,750,722 | 2,311,989 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Stockholders' equity | 491,395 | 492,700 | $ 189,256 | $ 159,544 |
Total liabilities and stockholders' equity | 2,750,722 | 2,311,989 | ||
Ponce Bank Mutual Holding Company | ||||
ASSETS | ||||
Cash and cash equivalents | 13,808 | 28,318 | ||
Investment in Ponce Bank | 450,502 | 438,975 | ||
Investment in Lending Front | 1,000 | 1,000 | ||
Investment in Bamboo | 3,723 | 2,500 | ||
Loan receivable - ESOP | 13,317 | 14,377 | ||
Other assets | 9,468 | 7,702 | ||
Total assets | 491,818 | 492,872 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Other liabilities and accrued expenses | 423 | 172 | ||
Stockholders' equity | 491,395 | 492,700 | ||
Total liabilities and stockholders' equity | $ 491,818 | $ 492,872 |
Parent Company Only Financial_4
Parent Company Only Financial Statements - Schedule of Condensed Consolidated Statements of Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Jan. 27, 2022 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Condensed Financial Statements Captions [Line Items] | |||||||||||||
Interest on other deposits (1) | [1] | $ 18,570 | $ 5,802 | $ 1,427 | |||||||||
Net interest income | $ 17,197 | $ 16,542 | $ 16,282 | $ 15,245 | $ 16,166 | $ 17,611 | $ 15,488 | $ 17,338 | 65,266 | 66,603 | 58,846 | ||
Share-based compensation expense | 1,886 | 1,567 | 1,405 | ||||||||||
Office occupancy and equipment | 14,568 | 13,968 | 11,328 | ||||||||||
Professional fees | 7,092 | 5,904 | 7,629 | ||||||||||
Contribution to the Ponce De Leon Foundation | $ 5,000 | 4,995 | |||||||||||
Other noninterest expenses | 4,785 | 4,986 | 4,522 | ||||||||||
Total non-interest expense | 17,897 | 17,316 | 17,089 | 16,361 | 15,765 | 25,416 | 16,567 | 28,074 | 68,663 | 85,822 | 57,142 | ||
Income (loss) before income taxes | 960 | 4,318 | (302) | 877 | (11,803) | (15,558) | 283 | (9,768) | 5,853 | (36,846) | 33,624 | ||
Benefit for income taxes | 442 | 1,728 | (215) | 546 | (2,589) | (820) | (488) | (2,948) | 2,501 | (6,845) | 8,209 | ||
Net income (loss) | $ 518 | $ 2,590 | $ (87) | $ 331 | $ (9,214) | $ (14,738) | $ 771 | $ (6,820) | 3,352 | (30,001) | $ 25,415 | ||
Ponce Bank Mutual Holding Company | |||||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||||
Interest on ESOP loan | 294 | 302 | |||||||||||
Interest on other deposits (1) | 4 | ||||||||||||
Net interest income | 294 | 306 | |||||||||||
Share-based compensation expense | 1,888 | 1,567 | |||||||||||
Management fee expense | 712 | 504 | |||||||||||
Office occupancy and equipment | 96 | 80 | |||||||||||
Professional fees | 2,042 | 1,938 | |||||||||||
Contribution to the Ponce De Leon Foundation | 4,995 | ||||||||||||
Other noninterest expenses | 100 | 1,086 | |||||||||||
Total non-interest expense | 4,838 | 10,170 | |||||||||||
Income (loss) before income taxes | (4,544) | (9,864) | |||||||||||
Benefit for income taxes | (834) | (2,009) | |||||||||||
Equity in undistributed earnings of Ponce Bank and Mortgage World | 7,062 | (22,146) | |||||||||||
Net income (loss) | $ 3,352 | $ (30,001) | |||||||||||
[1] For the year ended December 31, 2022, $ 0.7 million of interest expense were reclassified from Interest on other deposits to Interest on certificates of deposits. |
Parent Company Only Financial_5
Parent Company Only Financial Statements - Schedule of Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows From Operating Activities: | |||||||||||
Net income (loss) | $ 518 | $ 2,590 | $ (87) | $ 331 | $ (9,214) | $ (14,738) | $ 771 | $ (6,820) | $ 3,352 | $ (30,001) | $ 25,415 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | |||||||||||
Deferred income tax | 1,258 | (7,939) | 1,260 | ||||||||
Share-based compensation expense | 1,886 | 1,567 | 1,405 | ||||||||
Increase in other assets | (10,735) | (11,774) | (10,579) | ||||||||
Net increase in other liabilities | 7,404 | (2,500) | (2,258) | ||||||||
Net cash provided by operating activities | 6,493 | 9,799 | 18,553 | ||||||||
Cash Flows From Investing Activities: | |||||||||||
Net cash used in investing activities | (332,908) | (777,061) | (211,139) | ||||||||
Cash Flows From Financing Activities: | |||||||||||
Common stock issued from vesting of restricted stock units | 2 | ||||||||||
Proceeds from issuance of preferred stock | 225,000 | ||||||||||
Contribution to Ponce De Leon Foundation | (1,000) | ||||||||||
Repurchase of treasury shares | (11,009) | (1,607) | |||||||||
Proceeds from the sale of treasury stock | 4,743 | ||||||||||
Net cash (used in) provided by financing activities | 411,245 | 667,728 | 274,402 | ||||||||
Net increase (decrease) in cash and cash equivalents | 84,830 | (99,534) | 81,816 | ||||||||
Beginning | 54,360 | 153,894 | 54,360 | 153,894 | 72,078 | ||||||
Ending | 139,190 | 54,360 | 139,190 | 54,360 | 153,894 | ||||||
Ponce Bank Mutual Holding Company | |||||||||||
Cash Flows From Operating Activities: | |||||||||||
Net income (loss) | 3,352 | (30,001) | |||||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | |||||||||||
Equity in undistributed earnings of subsidiaries | (7,062) | 22,146 | |||||||||
Investment in Grain write-off | 1,000 | ||||||||||
Deferred income tax | (798) | 239 | |||||||||
Share-based compensation expense | 1,888 | 1,567 | |||||||||
Increase in other assets | (968) | (750) | |||||||||
Net increase in other liabilities | 250 | 992 | |||||||||
Net cash provided by operating activities | (3,338) | (4,807) | |||||||||
Cash Flows From Investing Activities: | |||||||||||
Investment in Lending Front | (1,000) | ||||||||||
Investment in Bamboo | (1,223) | (2,500) | |||||||||
Investment in Ponce Bank | (302,322) | ||||||||||
Loan to the ESOP | (10,974) | ||||||||||
Repayment of ESOP Loan | 1,060 | 1,052 | |||||||||
Net cash used in investing activities | (163) | (315,744) | |||||||||
Cash Flows From Financing Activities: | |||||||||||
Common stock issued from vesting of restricted stock units | 2 | ||||||||||
Proceeds from issuance of preferred stock | 225,000 | ||||||||||
Contribution to Ponce De Leon Foundation | (1,000) | ||||||||||
Repurchase of treasury shares | (11,009) | ||||||||||
Net cash (used in) provided by financing activities | (11,009) | 224,002 | |||||||||
Net increase (decrease) in cash and cash equivalents | (14,510) | (96,549) | |||||||||
Beginning | $ 28,318 | $ 124,867 | 28,318 | 124,867 | |||||||
Ending | $ 13,808 | $ 28,318 | $ 13,808 | $ 28,318 | $ 124,867 |
Quarterly Financial Informati_3
Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net interest income | $ 17,197 | $ 16,542 | $ 16,282 | $ 15,245 | $ 16,166 | $ 17,611 | $ 15,488 | $ 17,338 | $ 65,266 | $ 66,603 | $ 58,846 |
(Benefit) provision for credit losses | (375) | 535 | 987 | (174) | 12,641 | 9,330 | 817 | 1,258 | 973 | 24,046 | 2,717 |
Net interest income after provision for credit losses | 17,572 | 16,007 | 15,295 | 15,419 | 3,525 | 8,281 | 14,671 | 16,080 | 64,293 | 42,557 | 56,129 |
Noninterest income | 1,285 | 5,627 | 1,492 | 1,819 | 437 | 1,577 | 2,179 | 2,226 | 10,223 | 6,419 | 34,637 |
Noninterest expense | 17,897 | 17,316 | 17,089 | 16,361 | 15,765 | 25,416 | 16,567 | 28,074 | 68,663 | 85,822 | 57,142 |
Income (loss) before income taxes | 960 | 4,318 | (302) | 877 | (11,803) | (15,558) | 283 | (9,768) | 5,853 | (36,846) | 33,624 |
Provision (benefit) for income taxes | 442 | 1,728 | (215) | 546 | (2,589) | (820) | (488) | (2,948) | 2,501 | (6,845) | 8,209 |
Net income (loss) | $ 518 | $ 2,590 | $ (87) | $ 331 | $ (9,214) | $ (14,738) | $ 771 | $ (6,820) | $ 3,352 | $ (30,001) | $ 25,415 |
Basic (loss) earnings per common share | $ 0.02 | $ 0.12 | $ 0.01 | $ (0.4) | $ (0.64) | $ 0.03 | $ (0.31) | $ 0.15 | $ (1.32) | $ 1.52 | |
Diluted (loss) earnings per common share | $ 0.02 | $ 0.12 | $ 0.01 | $ (0.4) | $ (0.64) | $ 0.03 | $ (0.31) | $ 0.15 | $ (1.32) | $ 1.51 | |
Basic weighted average common shares | 22,224,945 | 22,272,076 | 23,208,168 | 23,293,013 | 23,168,097 | 23,094,859 | 23,056,559 | 21,721,113 | 22,745,317 | 22,690,943 | 16,744,561 |
Diluted weighted average common shares | 22,406,102 | 22,349,217 | 23,208,168 | 23,324,532 | 23,168,097 | 23,094,859 | 23,128,911 | 21,721,113 | 22,822,313 | 22,690,943 | 16,791,443 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Segment Profit and Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||||||||
Interest expense | $ 60,601 | $ 16,149 | $ 8,252 | ||||||||
Provision for loan losses | 973 | 24,046 | 2,717 | ||||||||
Net interest income after provision for credit losses | $ 17,572 | $ 16,007 | $ 15,295 | $ 15,419 | $ 3,525 | $ 8,281 | $ 14,671 | $ 16,080 | 64,293 | 42,557 | 56,129 |
Non-interest income: | |||||||||||
Service charges and fees | 1,986 | 1,830 | 1,657 | ||||||||
Brokerage commissions | 80 | 1,020 | 1,324 | ||||||||
Late and prepayment charges | 2,365 | 623 | 1,207 | ||||||||
Gain on sale of mortgage loans | 598 | 741 | 5,265 | ||||||||
Loan origination | 1,286 | 3,021 | |||||||||
Other | 1,038 | 1,355 | 1,893 | ||||||||
Total non-interest income | 1,285 | 5,627 | 1,492 | 1,819 | 437 | 1,577 | 2,179 | 2,226 | 10,223 | 6,419 | 34,637 |
Non-interest expense: | |||||||||||
Compensation and benefits | 30,699 | 27,914 | 23,262 | ||||||||
Occupancy and equipment | 14,568 | 13,968 | 11,328 | ||||||||
Data processing expenses | 5,083 | 3,779 | 3,015 | ||||||||
Direct loan expenses | 1,623 | 2,487 | 3,888 | ||||||||
Insurance and surety bond premiums | 1,018 | 870 | 585 | ||||||||
Office supplies, telephone and postage | 1,483 | 1,555 | 2,054 | ||||||||
Professional fees | 7,092 | 5,904 | 7,629 | ||||||||
Marketing and promotional expenses | 825 | 593 | 206 | ||||||||
Other operating expenses | 4,785 | 4,986 | 4,522 | ||||||||
Total non-interest expense | 17,897 | 17,316 | 17,089 | 16,361 | 15,765 | 25,416 | 16,567 | 28,074 | 68,663 | 85,822 | 57,142 |
Income (loss) before income taxes | 960 | 4,318 | (302) | 877 | (11,803) | (15,558) | 283 | (9,768) | 5,853 | (36,846) | 33,624 |
Provision (benefit) for income taxes (Note 11) | 442 | $ 1,728 | $ (215) | $ 546 | (2,589) | $ (820) | $ (488) | $ (2,948) | 2,501 | (6,845) | $ 8,209 |
Total assets | $ 2,750,722 | $ 2,311,989 | $ 2,750,722 | $ 2,311,989 |