Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 08, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | PDLB | |
Entity Registrant Name | Ponce Financial Group, Inc. | |
Entity Current Reporting Status | Yes | |
Entity Central Index Key | 0001874071 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 23,811,732 | |
Entity File Number | 001-41255 | |
Entity Tax Identification Number | 87-1893965 | |
Entity Address, Address Line One | 2244 Westchester Avenue | |
Entity Address, City or Town | Bronx | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10462 | |
City Area Code | 718 | |
Local Phone Number | 931-9000 | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | NY | |
Document Transition Report | false | |
Document Quarterly Report | true |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Cash and due from banks: | ||
Cash | $ 29,972 | $ 28,930 |
Interest-bearing deposits | 104,752 | 110,260 |
Total cash and cash equivalents | 134,724 | 139,190 |
Available-for-sale securities, at fair value (Note 3) | 116,044 | 119,902 |
Held-to-maturity securities, net of allowance for credit losses of $473 at March 31, 2024 and $398 at December 31, 2023; at amortized cost (fair value 2024 $438,113; 2023 $450,042) (Note 3) | 452,955 | 461,748 |
Placements with banks | 249 | 249 |
Mortgage loans held for sale, at fair value (Note 4) | 7,860 | 9,980 |
Loans receivable, net of allowance for credit losses of $24,664 at March 31, 2024 and $26,154 at December 31, 2023 (Note 5) | 1,981,428 | 1,895,886 |
Accrued interest receivable | 18,063 | 18,010 |
Premises and equipment, net | 17,396 | 16,053 |
Right of use assets (Note 6) | 31,021 | 31,272 |
Federal Home Loan Bank of New York (FHLBNY) stock, at cost | 23,892 | 19,377 |
Deferred tax assets | 13,919 | 14,332 |
Other assets | 21,151 | 24,723 |
Total assets | 2,818,702 | 2,750,722 |
Liabilities: | ||
Deposits (Note 7) | 1,585,784 | 1,507,620 |
Operating lease liabilities | 32,486 | 32,684 |
Accrued interest payable | 4,218 | 11,965 |
Advance payments by borrowers for taxes and insurance | 13,245 | 10,778 |
Borrowings (Note 8) | 680,421 | 684,421 |
Other liabilities | 8,866 | 11,859 |
Total liabilities | 2,325,020 | 2,259,327 |
Commitments and contingencies (Note 11) | ||
Stockholders' Equity: | ||
Preferred stock, $0.01 par value; 100,000,000 shares authorized, 225,000 shares issued and outstanding as of March 31, 2024 and as of December 31, 2023. | 225,000 | 225,000 |
Common stock, $0.01 par value; 200,000,000 shares authorized; 24,886,711 shares issued and 23,790,497 shares outstanding as of March 31, 2024 and 24,886,711 shares issued and 23,785,520 shares outstanding as of December 31, 2023 | 249 | 249 |
Treasury stock, at cost; 1,096,214 shares as of March 31, 2024 and 1,101,191 shares as of December 31, 2023 | (9,702) | (9,747) |
Additional paid-in-capital | 207,584 | 207,106 |
Retained earnings | 99,834 | 97,420 |
Accumulated other comprehensive loss (Note 14) | (16,590) | (15,649) |
Unearned compensation - ESOP; 1,402,296 shares as of March 31, 2024 and 1,435,732 shares as of December 31, 2023 | (12,693) | (12,984) |
Total stockholders' equity | 493,682 | 491,395 |
Total liabilities and stockholders' equity | $ 2,818,702 | $ 2,750,722 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Held-to-maturity securities, at fair value | $ 438,113 | $ 450,042 |
Held-to-maturity securities, allowance for credit losses | 473 | 398 |
Loans receivable, allowance for credit losses | $ 24,664 | $ 26,154 |
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 | 24,886,711 |
Common stock, shares, outstanding | 23,790,497 | 23,785,520 |
Treasury stock, common shares | 1,096,214 | 1,101,191 |
Unearned compensation, ESOP shares | 1,402,296 | 1,435,732 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Interest and dividend income: | |||
Interest on loans receivable | $ 30,664 | $ 19,700 | |
Interest on deposits due from banks | 2,911 | 197 | |
Interest and dividend on securities and FHLBNY stock | 6,091 | 6,459 | |
Total interest and dividend income | 39,666 | 26,356 | |
Interest expense: | |||
Interest on certificates of deposits | [1] | 6,380 | 3,225 |
Interest on other deposits | [1] | 6,540 | 2,812 |
Interest on borrowings | 7,923 | 5,074 | |
Total interest expense | 20,843 | 11,111 | |
Net interest income | 18,823 | 15,245 | |
Benefit for credit losses (Note 3) (Note 5) | (180) | (174) | |
Net interest income after benefit for credit losses | 19,003 | 15,419 | |
Non-interest income: | |||
Service charges and fees | 473 | 491 | |
Brokerage commissions | 8 | 15 | |
Late and prepayment charges | 359 | 729 | |
Income on sale of mortgage loans | 302 | 99 | |
Other | 565 | 485 | |
Total non-interest income | 1,707 | 1,819 | |
Non-interest expense: | |||
Compensation and benefits | 7,844 | 7,446 | |
Occupancy and equipment | 3,667 | 3,570 | |
Data processing expenses | 1,127 | 1,192 | |
Direct loan expenses | 732 | 412 | |
Provision for contingencies | 164 | 985 | |
Insurance and surety bond premiums | 253 | 265 | |
Office supplies, telephone and postage | 249 | 399 | |
Professional fees | 1,723 | 1,455 | |
Grain recoveries (Note 5) | (53) | (914) | |
Marketing and promotional expenses | 100 | 128 | |
Directors' fees and regulatory assessment | 179 | 155 | |
Other operating expenses | 965 | 1,268 | |
Total non-interest expense | 16,950 | 16,361 | |
Income before income taxes | 3,760 | 877 | |
Provision for income taxes | 1,346 | 546 | |
Net income | $ 2,414 | $ 331 | |
Earnings per common share (Note 10): | |||
Basic | $ 0.11 | $ 0.01 | |
Diluted | $ 0.11 | $ 0.01 | |
Weighted average common shares outstanding (Note 10): | |||
Basic | 22,353,492 | 23,293,013 | |
Diluted | 22,366,728 | 23,324,532 | |
[1] For the three months ended March 31, 20 23, $ 1.4 million of in terest expense were reclassified from Interest on other deposits to Interest on certificates of deposits. |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Unaudited) (Parenthetical) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Income Statement [Abstract] | |
Interest expense reclassified from Interest on other deposits to Interest on certificates of deposits | $ 1.4 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 2,414 | $ 331 |
Net change in unrealized (losses) gain on securities: | ||
Unrealized (losses) gain | (1,196) | 1,564 |
Income benefit (tax) effect | 255 | (333) |
Total other comprehensive (loss) income, net of tax | (941) | 1,231 |
Total comprehensive income | $ 1,473 | $ 1,562 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Treasury Stock, At Cost | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Unallocated Common Stock of ESOP |
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 income | 331 | 331 | ||||||
Other comprehensive income (loss), net of tax | 1,231 | 1,231 | ||||||
Impact of CECL adoption, net of tax | 1,113 | 1,113 | ||||||
Release of restricted stock units, shares | 4,147 | |||||||
ESOP shares committed to be released | 262 | (29) | 291 | |||||
Share-based compensation | 404 | 404 | ||||||
Balance at Mar. 31, 2023 | 496,041 | $ 225,000 | $ 249 | (2) | 206,883 | 94,399 | (16,629) | (13,859) |
Balance, Shares at Mar. 31, 2023 | 225,000 | 24,863,500 | ||||||
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 | ||||||
Net income | 2,414 | 2,414 | ||||||
Other comprehensive income (loss), net of tax | (941) | (941) | ||||||
Release of restricted stock units | 45 | (45) | ||||||
Release of restricted stock units, shares | 4,977 | |||||||
ESOP shares committed to be released | 297 | 6 | 291 | |||||
Share-based compensation | 517 | 517 | ||||||
Balance at Mar. 31, 2024 | $ 493,682 | $ 225,000 | $ 249 | $ (9,702) | $ 207,584 | $ 99,834 | $ (16,590) | $ (12,693) |
Balance, Shares at Mar. 31, 2024 | 225,000 | 23,790,497 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Number of ESOP shares committed to be released | 33,436 | 33,436 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flows From Operating Activities: | ||
Net income | $ 2,414 | $ 331 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of premiums/discounts on securities, net | (39) | (30) |
Gain on sale of loans | (276) | 0 |
Gain on derivatives | 0 | (119) |
Grain recoveries | (53) | (914) |
Benefit for credit losses | (180) | (174) |
Depreciation and amortization | 673 | 742 |
ESOP compensation | 297 | 262 |
Share-based compensation expense | 517 | 404 |
Deferred income taxes | 667 | 391 |
Changes in assets and liabilities: | ||
Decrease (increase) in mortgage loans held for sale, fair value | 2,396 | (1,008) |
Increase in accrued interest receivable | (53) | (386) |
Decrease (increase) in other assets | 3,572 | (778) |
(Decrease) increase in accrued interest payable | (7,747) | 377 |
Decrease in operating lease liabilities | (198) | (224) |
Increase in advance payments by borrowers | 2,467 | 5,178 |
(Decrease) increase in other liabilities | (2,996) | 2,094 |
Net cash provided by operating activities | 1,461 | 6,146 |
Cash Flows From Investing Activities: | ||
Net purchase and redemption of FHLBNY stock | (4,500) | 5,452 |
Proceeds from maturities, calls and principal repayments on securities | 11,419 | 21,140 |
Placements with banks | 0 | 249 |
Net increase in loans | (79,278) | (117,890) |
Purchase of loans | (5,956) | 0 |
Purchases of premises and equipment | (1,776) | (235) |
Net cash used in investing activities | (80,091) | (91,284) |
Cash Flows From Financing Activities: | ||
Net increase in deposits | 78,164 | 84,465 |
Net proceeds from borrowings | (4,000) | 131,000 |
Net cash provided by financing activities | 74,164 | 215,465 |
Net (decrease) increase in cash and cash equivalents | (4,466) | 130,327 |
Cash and Cash Equivalents: | ||
Cash and cash equivalents at beginning of period | 139,190 | 54,360 |
Cash and cash equivalents at end of period | 134,724 | 184,687 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest on deposits and borrowings | 28,590 | 10,734 |
Cash paid for income taxes | $ 290 | $ 37 |
Nature of Business and Summary
Nature of Business and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Summary of Significant Accounting Policies | Note 1. Nature of Business 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. For further information, refer to the audited Consolidated Financial Statements and Notes included in the Company' Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 19, 2024 (the "2023 Form 10-K"). Reclassification of Prior Periods 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 Three Months Ended March 31, 2023 for details on the reclassification. Recent Accounting Pronouncements Not Yet Adopted: In November 2023, FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." The amendments in this ASU require improved reportable segment information on an annual and interim basis, primarily through enhanced disclosures about significant segment expenses. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2023, and interim periods for fiscal years beginning after December 15, 2024. Early adoptions is permitted. The Company does not expect this standard to have an impact on the consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, "Improvements to Income Tax Disclosures (Topic 740) . " The amendment to this update addresses 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. |
Preferred Stock
Preferred Stock | 3 Months Ended |
Mar. 31, 2024 | |
Preferred Stock [Abstract] | |
Preferred Stock | Note 2. Preferred Stock Preferred Stock 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. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 3. Securities The amortized cost, gross unrealized gains and losses, and fair value of securities at March 31, 2024 and December 31, 2023 are summarized as follows: March 31, 2024 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (in thousands) Available-for-Sale Securities: U.S. Government Bonds $ 2,991 $ — $ ( 211 ) $ 2,780 Corporate Bonds 25,782 — ( 2,262 ) 23,520 Mortgage-Backed Securities: Collateralized Mortgage Obligations (1) 38,183 — ( 6,229 ) 31,954 FHLMC Certificates 9,903 — ( 1,424 ) 8,479 FNMA Certificates 60,158 — ( 10,948 ) 49,210 GNMA Certificates 102 — ( 1 ) 101 Total available-for-sale securities $ 137,119 $ — $ ( 21,075 ) $ 116,044 Held-to-Maturity Securities: U.S. Agency Bonds $ 25,000 $ — $ ( 289 ) $ 24,711 Corporate Bonds 82,500 — ( 2,211 ) 80,289 Mortgage-Backed Securities: Collateralized Mortgage Obligations (1) 207,079 — ( 7,468 ) 199,611 FHLMC Certificates 3,819 — ( 253 ) 3,566 FNMA Certificates 116,085 — ( 5,263 ) 110,822 SBA Certificates 18,945 169 — 19,114 Allowance for Credit Losses ( 473 ) — — — Total held-to-maturity securities $ 452,955 $ 169 $ ( 15,484 ) $ 438,113 (1) Comprised of Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Ginnie Mae (“GNMA”) issued securities. 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. The Company’s securities portfolio had 40 available-for-sale securities and 33 held-to-maturity securities at both March 31, 2024 and December 31, 2023 . There were no available-for-sale and held-to-maturity securities sold during the three months ended March 31, 2024 and for the year ended December 31, 2023. One held-to-maturity security in the amount of $ 10.0 million matured and/or was called during the year ended December 31, 2023. There were no securities that matured and/or were called during the three months ended March 31, 2024. The Company did no t purchase any available-for-sale securities and held-to-maturity securities during the three months ended March 31, 2024 and during the year ended December 31, 2023. The following table presents the Company's gross unrealized losses and fair values of its securities, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at March 31, 2024 and December 31, 2023: March 31, 2024 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 $ — $ — $ 2,780 $ ( 211 ) $ 2,780 $ ( 211 ) Corporate Bonds — — 23,520 ( 2,262 ) 23,520 ( 2,262 ) Mortgage-Backed Securities: Collateralized Mortgage Obligations — — 31,954 ( 6,229 ) 31,954 ( 6,229 ) FHLMC Certificates — — 8,479 ( 1,424 ) 8,479 ( 1,424 ) FNMA Certificates — — 49,210 ( 10,948 ) 49,210 ( 10,948 ) GNMA Certificates — — 101 ( 1 ) 101 ( 1 ) Total available-for-sale securities $ — $ — $ 116,044 $ ( 21,075 ) $ 116,044 $ ( 21,075 ) Held-to-Maturity Securities: U.S. Agency Bonds $ — $ — $ 24,711 $ ( 289 ) $ 24,711 $ ( 289 ) Corporate Bonds 3,304 ( 196 ) 76,985 ( 2,015 ) 80,289 ( 2,211 ) Mortgage-Backed Securities: Collateralized Mortgage Obligations 33,444 ( 423 ) 166,167 ( 7,045 ) 199,611 ( 7,468 ) FHLMC Certificates — — 3,566 ( 253 ) 3,566 ( 253 ) FNMA Certificates — — 110,822 ( 5,263 ) 110,822 ( 5,263 ) Total held-to-maturity securities $ 36,748 $ ( 619 ) $ 382,251 $ ( 14,865 ) $ 418,999 $ ( 15,484 ) 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 ) At March 31, 2024 and December 31, 2023 , the Company had 40 available-for-sale securities, for both periods, and 30 and 31 held-to-maturity securities at March 31, 2024 and December 31, 2023, respectively, with gross unrealized loss positions. Management reviewed the financial condition of the entities underlying the securities at both March 31, 2024 and December 31, 2023. 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 March 31, 2024 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 March 31, 2024 and December 31, 2023. 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. March 31, 2024 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 2,991 2,780 More than five years through ten years — — 2,991 2,780 Corporate Bonds: Amounts maturing: Three months or less $ — $ — More than three months through one year 4,000 3,910 More than one year through five years 1,000 137 More than five years through ten years 20,782 19,473 25,782 23,520 Mortgage-Backed Securities 108,346 89,744 Total available-for-sale securities $ 137,119 $ 116,044 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 24,711 More than five years through ten years — — 25,000 24,711 Corporate Bonds: Amounts maturing: Three months or less $ — $ — More than three months through one year 25,000 24,673 More than one year through five years 50,000 48,851 More than five years through ten years 7,500 6,765 82,500 80,289 Mortgage-Backed Securities 345,928 333,113 Allowance for Credit Losses ( 473 ) — Total held-to-maturity securities $ 452,955 $ 438,113 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 At March 31, 2024 , 20 available-for-sale securities with a fair value totaling $ 66.0 million and 11 held-to-maturity securities with an amortized cost totaling $ 136.6 million were pledged at the Federal Reserve Bank of New York ("FRBNY") as collateral for borrowing activities. 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 FRBNY as collateral for borrowing activities. The following table presents the activity in the allowance for credit losses for held-to-maturity securities: For the Three Months Ended For the Year Ended March 31, 2024 December 31, 2023 Allowance for credit losses on securities at beginning of period $ 398 $ — Impact on CECL adoption — 662 Provision (benefit) for credit losses 75 ( 264 ) Allowance for credit losses on securities at end of period $ 473 $ 398 At March 31, 2024 and December 31, 2023, the entire allowance for credit losses on securities was allocated to corporate bonds. |
Mortgage Loans Held for Sale
Mortgage Loans Held for Sale | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, December 31, 2024 2023 (in thousands) Mortgage loans held for sale, at fair value $ 7,860 $ 9,980 Mortgage loans held for sale, contractual principal outstanding 7,776 9,864 Fair value less unpaid principal balance $ 84 $ 116 At March 31, 2024 and December 31, 2023, the Bank had 10 loans and 19 loans in the amount of $ 7.9 million and $ 10.0 million, respectively, that were classified as held for sale and accounted for under the fair value option accounting guidance for financial assets and financial liabilities. At March 31, 2024 and December 31, 2023, there were $ 4.4 million, for both periods, in loans held for sale that were greater than 90 days past due and non-accrual with a substandard risk rating. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Credit Losses | Note 5. Loans Receivable and Allowance for Credit Losses Loans receivable at March 31, 2024 and December 31, 2023 are summarized as follows: March 31, December 31, 2024 2023 (in thousands) Mortgage loans: 1-4 Family residential Investor-Owned $ 339,331 $ 343,689 Owner-Occupied 150,842 152,311 Multifamily residential 545,825 550,559 Nonresidential properties 327,350 342,343 Construction and land 608,665 503,925 Total mortgage loans 1,972,013 1,892,827 Nonmortgage loans: Business loans 26,664 19,779 Consumer loans (1) 6,741 8,966 Total non-mortgage loans 33,405 28,745 Total loans, gross 2,005,418 1,921,572 Net deferred loan origination costs 674 468 Allowance for Credit Losses ( 24,664 ) ( 26,154 ) Loans receivable, net $ 1,981,428 $ 1,895,886 (1) As of March 31, 2024 and December 31, 2023, consumer loans include $ 5.7 million and $ 8.0 million, respectively, of microloans originated by the Bank pursuant to its arrangement with Grain. 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 allowance for credit losses 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 internally assigned risk ratings: • Strong Pass – Loans to a new or existing borrower 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 – Existing 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 the 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 the repayment. They are characterized by the distinct possibility that some loss may be sustained if the deficiencies are not remediated. • Doubtful – Loans that have all the weaknesses of loans classified as “Substandard” with the added characteristics 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 March 31, 2024 and December 31, 2023: March 31, 2024 Mortgage Loans Nonmortgage Loans Construction Total 1-4 Family Multifamily Nonresidential and Land Business Consumer Loans (in thousands) Risk Rating: Pass $ 480,635 $ 540,088 $ 324,319 $ 602,489 $ 26,434 $ 6,741 $ 1,980,706 Special mention 1,855 — 2,517 — 230 — 4,602 Substandard 7,683 5,737 514 6,176 — — 20,110 Total $ 490,173 $ 545,825 $ 327,350 $ 608,665 $ 26,664 $ 6,741 $ 2,005,418 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 An aging analysis of loans, as of March 31, 2024 and December 31, 2023, is as follows: March 31, 2024 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 $ 338,650 $ — $ 281 $ 400 $ 339,331 $ 400 $ — Owner-Occupied 148,969 — — 1,873 150,842 1,873 — Multifamily residential 540,088 — 1,639 4,098 545,825 4,098 — Nonresidential properties 324,392 2,517 — 441 327,350 441 — Construction and land 602,488 — — 6,177 608,665 6,177 — Nonmortgage loans: Business 26,005 274 9 376 26,664 146 230 Consumer 5,983 364 394 — 6,741 — — Total $ 1,986,575 $ 3,155 $ 2,323 $ 13,365 $ 2,005,418 $ 13,135 $ 230 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 $ — The following schedules detail the composition of the allowance for credit losses on loans and the related recorded investment in loans as of and for the three months ended March 31, 2024 and 2023, and as of and for the year ended December 31, 2023: For the Three Months Ended March 31, 2024 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 $ 4,415 $ 2,012 $ 4,365 $ 3,176 $ 4,807 $ 531 $ 6,848 $ 26,154 Provision (benefit) charged to expense ( 158 ) ( 49 ) ( 151 ) ( 940 ) 1,596 82 ( 635 ) ( 255 ) Charge-offs — — — — — ( 52 ) ( 1,302 ) ( 1,354 ) Recoveries — — — — — — 119 119 Balance, end of period $ 4,257 $ 1,963 $ 4,214 $ 2,236 $ 6,403 $ 561 $ 5,030 $ 24,664 Ending balance: individually $ — $ 75 $ — $ — $ — $ 142 $ — $ 217 Ending balance: collectively 4,257 1,888 4,214 2,236 6,403 419 5,030 24,447 Total $ 4,257 $ 1,963 $ 4,214 $ 2,236 $ 6,403 $ 561 $ 5,030 $ 24,664 Loans: Ending balance: individually $ 399 $ 1,874 $ 4,098 $ 441 $ 6,177 $ 146 $ — $ 13,135 Ending balance: collectively 338,932 148,968 541,727 326,909 602,488 26,518 6,741 1,992,283 Total $ 339,331 $ 150,842 $ 545,825 $ 327,350 $ 608,665 $ 26,664 $ 6,741 $ 2,005,418 For the Three Months Ended March 31, 2023 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 $ 3,863 $ 1,723 $ 8,021 $ 2,724 $ 2,683 $ 120 $ 15,458 $ 34,592 Provision (benefit) charged to expense 135 182 455 16 750 1 ( 1,860 ) ( 321 ) Impact of CECL adoption 766 146 ( 3,962 ) 578 ( 911 ) 236 57 ( 3,090 ) Charge-offs — — — — — — ( 2,569 ) ( 2,569 ) Recoveries — — — — — — 363 363 Balance, end of period $ 4,764 $ 2,051 $ 4,514 $ 3,318 $ 2,522 $ 357 $ 11,449 $ 28,975 Ending balance: individually $ 60 $ 100 $ — $ 37 $ — $ 40 $ — $ 237 Ending balance: collectively 4,704 1,951 4,514 3,281 2,522 317 11,449 28,738 Total $ 4,764 $ 2,051 $ 4,514 $ 3,318 $ 2,522 $ 357 $ 11,449 $ 28,975 Loans: Ending balance: individually $ 5,234 $ 5,576 $ 1,439 $ 792 $ 11,905 $ 40 $ — $ 24,986 Ending balance: collectively 349,325 143,905 551,991 313,768 223,252 19,850 14,227 1,616,318 Total $ 354,559 $ 149,481 $ 553,430 $ 314,560 $ 235,157 $ 19,890 $ 14,227 $ 1,641,304 For the Year Ended December 31, 2023 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 $ 3,863 $ 1,723 $ 8,021 $ 2,724 $ 2,683 $ 120 $ 15,458 $ 34,592 Provision (benefit) 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 ) Charge-offs — — — — — ( 63 ) ( 7,227 ) ( 7,290 ) Recoveries — — — — — 3 702 705 Balance, end of year $ 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 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 three months ended March 31, 2024 and 2023 and as of and for the year ended December 31, 2023: Unpaid Recorded Recorded Total Average Interest Income Principal With No With Recorded Related Recorded Recognized As of and For the Three Months Ended Balance Allowance Allowance Investment Allowance Investment on a Cash Basis (in thousands) Mortgage loans: 1-4 Family residential $ 2,256 $ 1,825 $ 448 $ 2,273 $ 75 $ 2,598 $ 4 Multifamily residential 4,069 4,098 — 4,098 — 3,539 35 Nonresidential properties 441 441 — 441 — 221 — Construction and land 6,177 6,177 — 6,177 — 6,418 987 Nonmortgage loans: Business 146 — 146 146 142 156 — Consumer — — — — — — — Total $ 13,089 $ 12,541 $ 594 $ 13,135 $ 217 $ 12,932 $ 1,026 Unpaid Recorded Recorded Total Average Interest Income Principal With No With Recorded Related Recorded Recognized As of and For the Three Months Ended Balance Allowance Allowance Investment Allowance Investment on a Cash Basis (in thousands) Mortgage loans: 1-4 Family residential $ 11,212 $ 9,452 $ 1,358 $ 10,810 $ 160 $ 10,197 $ 83 Multifamily residential 1,437 1,439 — 1,439 — 720 — Nonresidential properties 833 452 340 792 37 796 7 Construction and land 11,905 11,905 — 11,905 — 9,736 — Nonmortgage loans: Business 40 — 40 40 40 20 — Consumer — — — — — — — Total $ 25,427 $ 23,248 $ 1,738 $ 24,986 $ 237 $ 21,469 $ 90 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 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 other than insignificant payment delay. At March 31, 2024 and 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. At March 31, 2024 and December 31, 2023, there were 20 and 21 troubled debt restructured loans totaling $ 5.6 million and $ 5.9 million of which $ 4.9 million and $ 5.2 million are on accrual status, respectively. There were no commitments to lend additional funds to borrowers whose loans have been modified in a troubled debt restructuring. 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 former agreement with Grain, the Bank was the lender for Grain-originated microloans with credit lines currently up to $ 1,500 and, where applicable, the depository for related security deposits. Grain originated and serviced 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 was found to be fraudulent, became 90 days delinquent upon 90 days of origination or defaulted due to a failure of Grain to properly service the microloan, the Bank’s applicable standards for origination or servicing were deemed to have not been complied with and the microloan was put back to Grain, who then became responsible for the microloan and any related losses. The microloans put back to Grain were accounted for as an “other asset,” specifically referred to herein as the “Grain Receivable.” 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 March 31, 2024 , the Bank had 11,939 Grain microloans outstanding, net of put backs, with an aggregate balance totaling $ 5.7 million and which were performing, in management’s opinion, comparably to similar portfolios, offset by an $ 4.9 million allowance for credit losses, resulting in $ 0.9 million in Grain microloans. Since the beginning of the Bank’s agreement with Grain and through March 31, 2024 , 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 $ 15.4 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 wrote-off its equity investment in Grain of $ 1.0 million during the year ended December 31, 2022. As of March 31, 2024 , the Company’s total exposure to Grain was $ 0.9 million of the remaining microloans, net of allowance for credit losses, excluding $ 1.6 million of security deposits by Grain borrowers. The $ 0.1 million of recoveries for the three months ended March 31, 2024 and the $ 0.9 million recoveries for the three months ended March 31, 2023 related to Grain is included in non-interest expense in the accompanying Consolidated Statements of Operations. Grain Technology, Inc. ("Grain") Total Exposure as of March 31, 2024 (in thousands) Receivable from Grain Microloans originated - put back to Grain (inception-to-March 31, 2024) $ 24,051 Write-downs, net of recoveries (inception-to-date as of March 31, 2024) ( 15,406 ) Cash receipts from Grain (inception-to-March 31, 2024) ( 6,819 ) Grant/reserve (inception-to-March 31, 2024) ( 1,826 ) Net receivable as of March 31, 2024 $ — Microloan receivables from Grain borrowers Grain originated loans receivable as of March 31, 2024 $ 5,731 Allowance for credit losses as of March 31, 2024 (1) ( 4,868 ) Microloans, net of allowance for credit losses as of March 31, 2024 $ 863 Investments Investment in Grain $ 1,000 Investment in Grain write-off ( 1,000 ) Investment in Grain as of March 31, 2024 $ — Total exposure to Grain as of March 31, 2024 (2) $ 863 (1) 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. These loans are now serviced by the Bank. Off-Balance Sheet Credit Losses Also included within the scope of the CECL standard are off-balance sheet loan commitments, which includes the unfunded portion of committed lines of credit and construction loans. The Company estimates expected credit losses over the contractual period in which the company is exposed to credit risk through a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet exposures is adjusted as a provision for credit loss expense. The Company uses similar assumptions and risk factors that are developed for collectively evaluated financing receivables. This estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments to be funded over its estimated life. At March 31, 2024 and December 31, 2023, the allowance for off-balance sheet credit losses was $ 3.8 million and $ 3.6 million, respectively, which is included in the "Other liabilities" on the Consolidated Statements of Financial Condition. During the three months ended March 31, 2024 and 2023, the Company had $ 0.2 million and $ 1.0 million, respectively, in credit loss provision for off-balance-sheet items, which are included in "Provision for contingencies" on the Consolidated Statements of Operations. The following table presents the activity in the allowance for off-balance-sheet credit losses: For the Three Months Ended For the Year Ended March 31, 2024 December 31, 2023 Allowance for credit losses on unfunded commitment at beginning of period $ 3,613 $ 354 Impact on CECL adoption — 948 Provision for credit losses 164 2,311 Allowance for credit losses on unfunded commitment at end of period $ 3,777 $ 3,613 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | Note 6. Leases The Company has 16 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 14.8 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: March 31, December 31, 2024 2023 (Dollars in thousands) Operating lease ROU assets $ 31,021 $ 31,272 Operating lease liabilities 32,486 32,684 Weighted-average remaining lease term-operating leases 12.4 years 12.6 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 Three Months Ended March 31, 2024 2023 (Dollars in thousands) Lease Cost Operating lease cost Occupancy and equipment $ 1,026 $ 1,015 Operating lease cost Other operating expenses 3 4 Short-term lease cost Other operating expenses 5 6 Variable lease cost Occupancy and equipment 39 31 Total lease cost $ 1,073 $ 1,056 The Company’s minimum annual rental payments under the terms of the leases are as follows at March 31, 2024: Minimum Rental Years ended December 31: (in thousands) Remainder of 2024 $ 2,912 2025 3,818 2026 3,668 2027 3,537 2028 3,594 Thereafter 25,474 Total Minimum payments required 43,003 Less: implied interest 10,517 Present value of lease liabilities $ 32,486 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2024 | |
Banking And Thrifts [Abstract] | |
Deposits | Note 7. Deposits Deposits at March 31, 2024 and December 31, 2023 are summarized as follows: March 31, December 31, 2024 2023 (in thousands) Demand (1) $ 191,541 $ 185,151 Interest-bearing deposits: NOW/IOLA accounts (1) 73,202 77,909 Money market accounts 482,344 432,735 Reciprocal deposits 97,718 96,860 Savings accounts 112,713 114,139 Total NOW, money market, reciprocal and savings 765,977 721,643 Certificates of deposit of $250K or more 146,296 132,153 Brokered certificates of deposits (2) 94,689 98,729 Listing service deposits (2) 12,688 14,433 Certificates of deposit less than $250K 374,593 355,511 Total certificates of deposit 628,266 600,826 Total interest-bearing deposits 1,394,243 1,322,469 Total deposits $ 1,585,784 $ 1,507,620 (1) A s of December 31, 2023, $ 58.2 million were reclassified from demand to NOW/IOLA accounts. (2) A s of March 31, 2024 and December 31, 2023, there were $ 1.5 million and $ 0.3 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 March 31, 2024 scheduled maturities of certificates of deposit were as follows: (in thousands) 2024 $ 406,857 2025 127,741 2026 43,472 2027 47,284 2028 2,245 Thereafter 667 $ 628,266 Overdrawn deposit accounts that have been reclassified to loans amounted to $ 0.1 million as of both March 31, 2024 and December 31, 2023 . |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 8. Borrowings The Bank had outstanding term advances from the FHLBNY and the FRBNY at March 31, 2024 and December 31, 2023 as indicated below. FHLBNY Advances : As a member of the 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 the FHLBNY Statement of Credit Policy, at the time of the borrowing. In accordance with an agreement with the FHLBNY, the qualified collateral must be free and clear of liens, pledges and encumbrances. The Bank had $ 480.4 million and $ 380.4 million of outstanding term advances from the FHLBNY at March 31, 2024 and December 31, 2023 , respectively. The Bank had no overnight line of credit advance from the FHLBNY at March 31, 2024 and December 31, 2023. FRBNY Advances : The Bank also has additional borrowing capacity under a secured line with the FRBNY secured by 36.7 % of our total securities portfolio with amortized cost of $ 216.8 million at March 31, 2024. The Bank had $ 200.0 million and $ 304.0 million of outstanding term advances from the FRBNY at March 31, 2024 and December 31, 2023, respectively. Borrowed funds at March 31, 2024 and December 31, 2023 consist of the following and are summarized by maturity and call date below: March 31, December 31, 2024 2023 Scheduled Redeemable Weighted Scheduled Redeemable Weighted (Dollars in thousands) Term advances ending: 2024 $ 109,321 $ 109,321 5.15 % $ 363,321 $ 363,321 4.55 % 2025 250,000 250,000 4.69 50,000 50,000 4.41 2026 50,000 50,000 4.83 — — — 2027 212,000 212,000 3.44 212,000 212,000 3.44 2028 9,100 9,100 3.84 9,100 9,100 3.84 Thereafter 50,000 50,000 3.35 50,000 50,000 3.35 $ 680,421 $ 680,421 4.28 % $ 684,421 $ 684,421 4.10 % Interest expense on term advances totaled $ 7.9 million and $ 3.9 million for the three months ended March 31, 2024 and 2023 , respectively. |
Derivatives and Hedging
Derivatives and Hedging | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging | Note 9. 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 The Bank is a party to 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 tables present 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 March 31, 2024 Derivatives Designated as Hedging Instruments Interest rate swap contracts $ 250,000 $ 1,496 $ 1,496 Total Derivatives $ 250,000 $ 1,496 $ 1,496 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 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 10. Earnings Per Share The following table presents a reconciliation of the number of shares used in the calculation of basic and diluted earnings per common share: For the Three Months Ended March 31, 2024 2023 (Dollars in thousands except share data) Net income $ 2,414 $ 331 Common shares outstanding for basic EPS: Weighted average common shares outstanding 23,788,856 24,862,118 Less: Weighted average unallocated Employee Stock 1,435,364 1,569,105 Basic weighted average common shares outstanding 22,353,492 23,293,013 Basic earnings per common share $ 0.11 $ 0.01 Potential dilutive common shares: Add: Dilutive effect of restricted stock awards and stock options 13,236 31,519 Diluted weighted average common shares outstanding 22,366,728 23,324,532 Diluted earnings per common share $ 0.11 $ 0.01 |
Commitments, Contingencies and
Commitments, Contingencies and Credit Risk | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Credit Risk | Note 11. 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 March 31, 2024 and December 31, 2023 are as follows: March 31, December 31, 2024 2023 (in thousands) Commitments to grant mortgage loans $ 540,823 $ 529,768 Unfunded commitments under lines of credit 64,807 61,739 $ 605,630 $ 591,507 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, The Bank has agreements with investors who will commit to purchase loans at locked-in rates. The Bank has off-balance sheet market risk to the extent that the Bank does not obtain matching commitments from these investors to purchase the loans. This will expose the Bank to the lower of cost or market valuation environment. Repurchases, Indemnifications and Premium Recaptures : Loans sold by the Bank 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 March 31, 2024. 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 Bamboo : On October 1, 2022, the Company entered into a Membership Interest Purchase Agreement with Bamboo Payment Holding LLC ("Bamboo"). Under the agreement, the Company purchased from Bamboo 180 Membership Interest Units representing an aggregate amount equal to up to 19.84 % of total issued and outstanding Membership Interest in Bamboo for a purchase price of $ 2.5 million. During 2023, the Company made additional contributions for a total of $ 1.2 million. During the first quarter of 2024, the Company made two additional contributions for a total of $ 0.5 million and then made an additional payment of $ 0.2 million in April of 2024 for a total investment in Bamboo of $ 4.4 million. With over a decade processing payments in Latin America, Bamboo has a diverse network connects Latin American local payment processing to global companies as well as domestic solutions to locally based organizations. 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 March 31, 2024 , the total unfunded commitment was $ 2.4 million. Unfunded Commitments with Silvergate : In April of 2022, the Company committed to invest $ 5.2 million in EJF Silvergate Ventures Fund LP ("Silvergate"). As of March 31, 2024 , 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 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 | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 12. 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 are 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 is carried 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. Loans Held for Sale : Loans held for sale, at fair value, consists of loans originated for sale by the Bank 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, 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 for substantially all forms of mortgage loans originated for sale on a recurring basis. The fair value carrying amount of mortgages held for sale measured under the fair value option was $ 7.9 million and the aggregate unpaid principal amounted to $ 7.8 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 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 standby 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 March 31, 2024 and December 31, 2023, and indicate the level within the fair value hierarchy utilized to determine the fair value: March 31, 2024 Description Total Level 1 Level 2 Level 3 (in thousands) Available-for-Sale Securities, at fair value: U.S. Government Bonds $ 2,780 $ 2,780 $ — $ — Corporate bonds 23,520 — 23,520 — Mortgage-Backed Securities: Collateralized Mortgage Obligations 31,954 — 31,954 — FHLMC Certificates 8,479 — 8,479 — FNMA Certificates 49,210 — 49,210 — GNMA Certificates 101 — 101 — Mortgage Loans Held for Sale, at fair value 7,860 — 7,860 — Interest rate swap 1,496 — 1,496 — $ 125,400 $ 2,780 $ 122,620 $ — 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 $ — 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 March 31, 2024 and December 31, 2023 and indicate the fair value hierarchy utilized to determine the fair value: March 31, 2024 Total Level 1 Level 2 Level 3 (in thousands) Impaired loans $ 13,135 $ — $ — $ 13,135 December 31, 2023 Total Level 1 Level 2 Level 3 (in thousands) Impaired loans $ 12,726 $ — $ — $ 12,726 Losses on assets carried at fair value on a nonrecurring basis were de minimis for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024 and December 31, 2023, 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) March 31, 2024 Financial assets: Cash and cash equivalents $ 134,724 $ 134,724 $ — $ — $ 134,724 Available-for-sale securities, at fair value 116,044 2,780 113,264 — 116,044 Held-to-maturity securities, at amortized cost, net 452,955 — 438,113 — 438,113 Placements with banks 249 — 249 — 249 Mortgage loans held for sale, at fair value 7,860 — 7,860 — 7,860 Loans receivable, net 1,981,428 — — 1,935,063 1,935,063 Accrued interest receivable 18,063 — 18,063 — 18,063 FHLBNY stock 23,892 23,892 — — 23,892 Interest rate swap 1,496 — 1,496 — 1,496 Financial liabilities: Deposits: Demand deposits 191,541 191,541 — — 191,541 Interest-bearing deposits 765,977 765,977 — — 765,977 Certificates of deposit 628,266 — 621,250 — 621,250 Advance payments by borrowers for taxes and insurance 13,245 — 13,245 — 13,245 Borrowings 680,421 — 667,493 — 667,493 Interest rate swap 1,496 — 1,496 — 1,496 Accrued interest payable 4,218 — 4,218 — 4,218 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 (1) 185,151 185,151 — — 185,151 Interest-bearing deposits (1) 721,643 721,643 — — 721,643 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 (1) A s of December 31, 2023, $ 58.2 million were reclassified from demand deposits to interest-bearing deposits. The Company recognizes transfers between levels of the valuation hierarchy at the end of the applicable reporting periods. There were no transfers of Level 3 assets in the fair value hierarchy at March 31, 2024 and December 31, 2023. 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 : Loan commitments on which the committed interest rate is less than the current market rate are insignificant at March 31, 2024 and December 31, 2023. 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 2024 and 2023 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 | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Of Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements | Note 13. 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 March 31, 2024 and December 31, 2023, 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 14.8 % at March 31, 2024 and 15.3 % at December 31, 2023. 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 March 31, 2024 and December 31, 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) March 31, 2024 Ponce Financial Group, Inc. Total Capital to Risk-Weighted Assets $ 537,748 24.47 % $ 175,777 8.00 % $ 219,721 10.00 % Tier 1 Capital to Risk-Weighted Assets 510,271 23.22 % 131,833 6.00 % 175,777 8.00 % Common Equity Tier 1 Capital Ratio 285,271 12.98 % 98,874 4.50 % 142,819 6.50 % Tier 1 Capital to Total Assets 510,271 17.59 % 116,020 4.00 % 145,025 5.00 % Ponce Bank Total Capital to Risk-Weighted Assets $ 497,240 22.79 % $ 174,565 8.00 % $ 218,206 10.00 % Tier 1 Capital to Risk-Weighted Assets 469,950 21.54 % 130,924 6.00 % 174,565 8.00 % Common Equity Tier 1 Capital Ratio 469,950 21.54 % 98,193 4.50 % 141,834 6.50 % Tier 1 Capital to Total Assets 469,950 16.26 % 115,642 4.00 % 144,552 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, 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 % 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. As of March 31, 2024 and December 31, 2023, the Bank was in compliance with the applicable minimum capital requirements specified above. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 14. Accumulated Other Comprehensive Loss The accumulated other comprehensive loss is as follows: March 31, 2024 December 31, Change March 31, (in thousands) Unrealized losses on available-for-sale securities, net $ ( 15,649 ) $ ( 941 ) $ ( 16,590 ) Total $ ( 15,649 ) $ ( 941 ) $ ( 16,590 ) 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 ) |
Transactions with Related Parti
Transactions with Related Parties | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Transactions with Related Parties | Note 15. 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 three months ended March 31, 2024 and 2023 were as follows: For the Three Months Ended March 31, 2024 2023 (in thousand) Beginning balance $ 8,810 $ 8,318 Originations 1,182 578 Payments ( 50 ) ( 65 ) Ending balance $ 9,942 $ 8,831 The Company held deposits in the amount of $ 8.8 million and $ 8.4 million from directors, executive officers and non-executive officers at March 31, 2024 and December 31, 2023 , respectively. |
Nature of Business and Summar_2
Nature of Business and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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. For further information, refer to the audited Consolidated Financial Statements and Notes included in the Company' Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 19, 2024 (the "2023 Form 10-K"). |
Reclassification of Prior Periods Presentation | Reclassification of Prior Periods 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 Three Months Ended March 31, 2023 for details on the reclassification. |
Recently Accounting Pronouncements Adopted and Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted: In November 2023, FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." The amendments in this ASU require improved reportable segment information on an annual and interim basis, primarily through enhanced disclosures about significant segment expenses. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2023, and interim periods for fiscal years beginning after December 15, 2024. Early adoptions is permitted. The Company does not expect this standard to have an impact on the consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, "Improvements to Income Tax Disclosures (Topic 740) . " The amendment to this update addresses 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. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023 are summarized as follows: March 31, 2024 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (in thousands) Available-for-Sale Securities: U.S. Government Bonds $ 2,991 $ — $ ( 211 ) $ 2,780 Corporate Bonds 25,782 — ( 2,262 ) 23,520 Mortgage-Backed Securities: Collateralized Mortgage Obligations (1) 38,183 — ( 6,229 ) 31,954 FHLMC Certificates 9,903 — ( 1,424 ) 8,479 FNMA Certificates 60,158 — ( 10,948 ) 49,210 GNMA Certificates 102 — ( 1 ) 101 Total available-for-sale securities $ 137,119 $ — $ ( 21,075 ) $ 116,044 Held-to-Maturity Securities: U.S. Agency Bonds $ 25,000 $ — $ ( 289 ) $ 24,711 Corporate Bonds 82,500 — ( 2,211 ) 80,289 Mortgage-Backed Securities: Collateralized Mortgage Obligations (1) 207,079 — ( 7,468 ) 199,611 FHLMC Certificates 3,819 — ( 253 ) 3,566 FNMA Certificates 116,085 — ( 5,263 ) 110,822 SBA Certificates 18,945 169 — 19,114 Allowance for Credit Losses ( 473 ) — — — Total held-to-maturity securities $ 452,955 $ 169 $ ( 15,484 ) $ 438,113 (1) Comprised of Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Ginnie Mae (“GNMA”) issued securities. 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. |
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 table presents the Company's gross unrealized losses and fair values of its securities, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at March 31, 2024 and December 31, 2023: March 31, 2024 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 $ — $ — $ 2,780 $ ( 211 ) $ 2,780 $ ( 211 ) Corporate Bonds — — 23,520 ( 2,262 ) 23,520 ( 2,262 ) Mortgage-Backed Securities: Collateralized Mortgage Obligations — — 31,954 ( 6,229 ) 31,954 ( 6,229 ) FHLMC Certificates — — 8,479 ( 1,424 ) 8,479 ( 1,424 ) FNMA Certificates — — 49,210 ( 10,948 ) 49,210 ( 10,948 ) GNMA Certificates — — 101 ( 1 ) 101 ( 1 ) Total available-for-sale securities $ — $ — $ 116,044 $ ( 21,075 ) $ 116,044 $ ( 21,075 ) Held-to-Maturity Securities: U.S. Agency Bonds $ — $ — $ 24,711 $ ( 289 ) $ 24,711 $ ( 289 ) Corporate Bonds 3,304 ( 196 ) 76,985 ( 2,015 ) 80,289 ( 2,211 ) Mortgage-Backed Securities: Collateralized Mortgage Obligations 33,444 ( 423 ) 166,167 ( 7,045 ) 199,611 ( 7,468 ) FHLMC Certificates — — 3,566 ( 253 ) 3,566 ( 253 ) FNMA Certificates — — 110,822 ( 5,263 ) 110,822 ( 5,263 ) Total held-to-maturity securities $ 36,748 $ ( 619 ) $ 382,251 $ ( 14,865 ) $ 418,999 $ ( 15,484 ) 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 ) |
Summary of Maturities of Securities | The following is a summary of maturities of securities at March 31, 2024 and December 31, 2023. 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. March 31, 2024 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 2,991 2,780 More than five years through ten years — — 2,991 2,780 Corporate Bonds: Amounts maturing: Three months or less $ — $ — More than three months through one year 4,000 3,910 More than one year through five years 1,000 137 More than five years through ten years 20,782 19,473 25,782 23,520 Mortgage-Backed Securities 108,346 89,744 Total available-for-sale securities $ 137,119 $ 116,044 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 24,711 More than five years through ten years — — 25,000 24,711 Corporate Bonds: Amounts maturing: Three months or less $ — $ — More than three months through one year 25,000 24,673 More than one year through five years 50,000 48,851 More than five years through ten years 7,500 6,765 82,500 80,289 Mortgage-Backed Securities 345,928 333,113 Allowance for Credit Losses ( 473 ) — Total held-to-maturity securities $ 452,955 $ 438,113 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 At March 31, 2024 , 20 available-for-sale securities with a fair value totaling $ 66.0 million and 11 held-to-maturity securities with an amortized cost totaling $ 136.6 million were pledged at the Federal Reserve Bank of New York ("FRBNY") as collateral for borrowing activities. 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 FRBNY as collateral for borrowing activities. |
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: For the Three Months Ended For the Year Ended March 31, 2024 December 31, 2023 Allowance for credit losses on securities at beginning of period $ 398 $ — Impact on CECL adoption — 662 Provision (benefit) for credit losses 75 ( 264 ) Allowance for credit losses on securities at end of period $ 473 $ 398 At March 31, 2024 and December 31, 2023, the entire allowance for credit losses on securities was allocated to corporate bonds. |
Mortgage Loans Held for Sale (T
Mortgage Loans Held for Sale (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, December 31, 2024 2023 (in thousands) Mortgage loans held for sale, at fair value $ 7,860 $ 9,980 Mortgage loans held for sale, contractual principal outstanding 7,776 9,864 Fair value less unpaid principal balance $ 84 $ 116 |
Loans Receivable and Allowanc_2
Loans Receivable and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Summary of Loans | Loans receivable at March 31, 2024 and December 31, 2023 are summarized as follows: March 31, December 31, 2024 2023 (in thousands) Mortgage loans: 1-4 Family residential Investor-Owned $ 339,331 $ 343,689 Owner-Occupied 150,842 152,311 Multifamily residential 545,825 550,559 Nonresidential properties 327,350 342,343 Construction and land 608,665 503,925 Total mortgage loans 1,972,013 1,892,827 Nonmortgage loans: Business loans 26,664 19,779 Consumer loans (1) 6,741 8,966 Total non-mortgage loans 33,405 28,745 Total loans, gross 2,005,418 1,921,572 Net deferred loan origination costs 674 468 Allowance for Credit Losses ( 24,664 ) ( 26,154 ) Loans receivable, net $ 1,981,428 $ 1,895,886 (1) As of March 31, 2024 and December 31, 2023, consumer loans include $ 5.7 million and $ 8.0 million, respectively, of microloans originated by the Bank pursuant to its arrangement with Grain. |
Schedule of Credit Risk Ratings by Loan Segment | The following tables present credit risk ratings by loan segment as of March 31, 2024 and December 31, 2023: March 31, 2024 Mortgage Loans Nonmortgage Loans Construction Total 1-4 Family Multifamily Nonresidential and Land Business Consumer Loans (in thousands) Risk Rating: Pass $ 480,635 $ 540,088 $ 324,319 $ 602,489 $ 26,434 $ 6,741 $ 1,980,706 Special mention 1,855 — 2,517 — 230 — 4,602 Substandard 7,683 5,737 514 6,176 — — 20,110 Total $ 490,173 $ 545,825 $ 327,350 $ 608,665 $ 26,664 $ 6,741 $ 2,005,418 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 |
Schedule of Aging Analysis of Loans | An aging analysis of loans, as of March 31, 2024 and December 31, 2023, is as follows: March 31, 2024 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 $ 338,650 $ — $ 281 $ 400 $ 339,331 $ 400 $ — Owner-Occupied 148,969 — — 1,873 150,842 1,873 — Multifamily residential 540,088 — 1,639 4,098 545,825 4,098 — Nonresidential properties 324,392 2,517 — 441 327,350 441 — Construction and land 602,488 — — 6,177 608,665 6,177 — Nonmortgage loans: Business 26,005 274 9 376 26,664 146 230 Consumer 5,983 364 394 — 6,741 — — Total $ 1,986,575 $ 3,155 $ 2,323 $ 13,365 $ 2,005,418 $ 13,135 $ 230 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 $ — |
Schedule of Composition of Allowance for Loan Losses and Related Recorded Investment | The following schedules detail the composition of the allowance for credit losses on loans and the related recorded investment in loans as of and for the three months ended March 31, 2024 and 2023, and as of and for the year ended December 31, 2023: For the Three Months Ended March 31, 2024 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 $ 4,415 $ 2,012 $ 4,365 $ 3,176 $ 4,807 $ 531 $ 6,848 $ 26,154 Provision (benefit) charged to expense ( 158 ) ( 49 ) ( 151 ) ( 940 ) 1,596 82 ( 635 ) ( 255 ) Charge-offs — — — — — ( 52 ) ( 1,302 ) ( 1,354 ) Recoveries — — — — — — 119 119 Balance, end of period $ 4,257 $ 1,963 $ 4,214 $ 2,236 $ 6,403 $ 561 $ 5,030 $ 24,664 Ending balance: individually $ — $ 75 $ — $ — $ — $ 142 $ — $ 217 Ending balance: collectively 4,257 1,888 4,214 2,236 6,403 419 5,030 24,447 Total $ 4,257 $ 1,963 $ 4,214 $ 2,236 $ 6,403 $ 561 $ 5,030 $ 24,664 Loans: Ending balance: individually $ 399 $ 1,874 $ 4,098 $ 441 $ 6,177 $ 146 $ — $ 13,135 Ending balance: collectively 338,932 148,968 541,727 326,909 602,488 26,518 6,741 1,992,283 Total $ 339,331 $ 150,842 $ 545,825 $ 327,350 $ 608,665 $ 26,664 $ 6,741 $ 2,005,418 For the Three Months Ended March 31, 2023 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 $ 3,863 $ 1,723 $ 8,021 $ 2,724 $ 2,683 $ 120 $ 15,458 $ 34,592 Provision (benefit) charged to expense 135 182 455 16 750 1 ( 1,860 ) ( 321 ) Impact of CECL adoption 766 146 ( 3,962 ) 578 ( 911 ) 236 57 ( 3,090 ) Charge-offs — — — — — — ( 2,569 ) ( 2,569 ) Recoveries — — — — — — 363 363 Balance, end of period $ 4,764 $ 2,051 $ 4,514 $ 3,318 $ 2,522 $ 357 $ 11,449 $ 28,975 Ending balance: individually $ 60 $ 100 $ — $ 37 $ — $ 40 $ — $ 237 Ending balance: collectively 4,704 1,951 4,514 3,281 2,522 317 11,449 28,738 Total $ 4,764 $ 2,051 $ 4,514 $ 3,318 $ 2,522 $ 357 $ 11,449 $ 28,975 Loans: Ending balance: individually $ 5,234 $ 5,576 $ 1,439 $ 792 $ 11,905 $ 40 $ — $ 24,986 Ending balance: collectively 349,325 143,905 551,991 313,768 223,252 19,850 14,227 1,616,318 Total $ 354,559 $ 149,481 $ 553,430 $ 314,560 $ 235,157 $ 19,890 $ 14,227 $ 1,641,304 For the Year Ended December 31, 2023 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 $ 3,863 $ 1,723 $ 8,021 $ 2,724 $ 2,683 $ 120 $ 15,458 $ 34,592 Provision (benefit) 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 ) Charge-offs — — — — — ( 63 ) ( 7,227 ) ( 7,290 ) Recoveries — — — — — 3 702 705 Balance, end of year $ 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 |
Schedule of Information Relates to Impaired Loans | The following information relates to impaired loans as of and for the three months ended March 31, 2024 and 2023 and as of and for the year ended December 31, 2023: Unpaid Recorded Recorded Total Average Interest Income Principal With No With Recorded Related Recorded Recognized As of and For the Three Months Ended Balance Allowance Allowance Investment Allowance Investment on a Cash Basis (in thousands) Mortgage loans: 1-4 Family residential $ 2,256 $ 1,825 $ 448 $ 2,273 $ 75 $ 2,598 $ 4 Multifamily residential 4,069 4,098 — 4,098 — 3,539 35 Nonresidential properties 441 441 — 441 — 221 — Construction and land 6,177 6,177 — 6,177 — 6,418 987 Nonmortgage loans: Business 146 — 146 146 142 156 — Consumer — — — — — — — Total $ 13,089 $ 12,541 $ 594 $ 13,135 $ 217 $ 12,932 $ 1,026 Unpaid Recorded Recorded Total Average Interest Income Principal With No With Recorded Related Recorded Recognized As of and For the Three Months Ended Balance Allowance Allowance Investment Allowance Investment on a Cash Basis (in thousands) Mortgage loans: 1-4 Family residential $ 11,212 $ 9,452 $ 1,358 $ 10,810 $ 160 $ 10,197 $ 83 Multifamily residential 1,437 1,439 — 1,439 — 720 — Nonresidential properties 833 452 340 792 37 796 7 Construction and land 11,905 11,905 — 11,905 — 9,736 — Nonmortgage loans: Business 40 — 40 40 40 20 — Consumer — — — — — — — Total $ 25,427 $ 23,248 $ 1,738 $ 24,986 $ 237 $ 21,469 $ 90 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 |
Schedule of Total Exposure | Grain Technology, Inc. ("Grain") Total Exposure as of March 31, 2024 (in thousands) Receivable from Grain Microloans originated - put back to Grain (inception-to-March 31, 2024) $ 24,051 Write-downs, net of recoveries (inception-to-date as of March 31, 2024) ( 15,406 ) Cash receipts from Grain (inception-to-March 31, 2024) ( 6,819 ) Grant/reserve (inception-to-March 31, 2024) ( 1,826 ) Net receivable as of March 31, 2024 $ — Microloan receivables from Grain borrowers Grain originated loans receivable as of March 31, 2024 $ 5,731 Allowance for credit losses as of March 31, 2024 (1) ( 4,868 ) Microloans, net of allowance for credit losses as of March 31, 2024 $ 863 Investments Investment in Grain $ 1,000 Investment in Grain write-off ( 1,000 ) Investment in Grain as of March 31, 2024 $ — Total exposure to Grain as of March 31, 2024 (2) $ 863 (1) 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. These loans are now serviced by the Bank. |
Summary of Allowance for Off-Balance-Sheet Credit Losses | The following table presents the activity in the allowance for off-balance-sheet credit losses: For the Three Months Ended For the Year Ended March 31, 2024 December 31, 2023 Allowance for credit losses on unfunded commitment at beginning of period $ 3,613 $ 354 Impact on CECL adoption — 948 Provision for credit losses 164 2,311 Allowance for credit losses on unfunded commitment at end of period $ 3,777 $ 3,613 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Summary of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: March 31, December 31, 2024 2023 (Dollars in thousands) Operating lease ROU assets $ 31,021 $ 31,272 Operating lease liabilities 32,486 32,684 Weighted-average remaining lease term-operating leases 12.4 years 12.6 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 Three Months Ended March 31, 2024 2023 (Dollars in thousands) Lease Cost Operating lease cost Occupancy and equipment $ 1,026 $ 1,015 Operating lease cost Other operating expenses 3 4 Short-term lease cost Other operating expenses 5 6 Variable lease cost Occupancy and equipment 39 31 Total lease cost $ 1,073 $ 1,056 |
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 March 31, 2024: Minimum Rental Years ended December 31: (in thousands) Remainder of 2024 $ 2,912 2025 3,818 2026 3,668 2027 3,537 2028 3,594 Thereafter 25,474 Total Minimum payments required 43,003 Less: implied interest 10,517 Present value of lease liabilities $ 32,486 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Banking And Thrifts [Abstract] | |
Summarized Deposits | Deposits at March 31, 2024 and December 31, 2023 are summarized as follows: March 31, December 31, 2024 2023 (in thousands) Demand (1) $ 191,541 $ 185,151 Interest-bearing deposits: NOW/IOLA accounts (1) 73,202 77,909 Money market accounts 482,344 432,735 Reciprocal deposits 97,718 96,860 Savings accounts 112,713 114,139 Total NOW, money market, reciprocal and savings 765,977 721,643 Certificates of deposit of $250K or more 146,296 132,153 Brokered certificates of deposits (2) 94,689 98,729 Listing service deposits (2) 12,688 14,433 Certificates of deposit less than $250K 374,593 355,511 Total certificates of deposit 628,266 600,826 Total interest-bearing deposits 1,394,243 1,322,469 Total deposits $ 1,585,784 $ 1,507,620 (1) A s of December 31, 2023, $ 58.2 million were reclassified from demand to NOW/IOLA accounts. (2) A s of March 31, 2024 and December 31, 2023, there were $ 1.5 million and $ 0.3 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 March 31, 2024 scheduled maturities of certificates of deposit were as follows: (in thousands) 2024 $ 406,857 2025 127,741 2026 43,472 2027 47,284 2028 2,245 Thereafter 667 $ 628,266 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowed Funds FHLBNY and Correspondent Bank Advances Maturity and Call Date | Borrowed funds at March 31, 2024 and December 31, 2023 consist of the following and are summarized by maturity and call date below: March 31, December 31, 2024 2023 Scheduled Redeemable Weighted Scheduled Redeemable Weighted (Dollars in thousands) Term advances ending: 2024 $ 109,321 $ 109,321 5.15 % $ 363,321 $ 363,321 4.55 % 2025 250,000 250,000 4.69 50,000 50,000 4.41 2026 50,000 50,000 4.83 — — — 2027 212,000 212,000 3.44 212,000 212,000 3.44 2028 9,100 9,100 3.84 9,100 9,100 3.84 Thereafter 50,000 50,000 3.35 50,000 50,000 3.35 $ 680,421 $ 680,421 4.28 % $ 684,421 $ 684,421 4.10 % |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amount and Fair Value of Derivatives Designated as Hedging Instruments | The tables present 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 March 31, 2024 Derivatives Designated as Hedging Instruments Interest rate swap contracts $ 250,000 $ 1,496 $ 1,496 Total Derivatives $ 250,000 $ 1,496 $ 1,496 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 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 shares used in the calculation of basic and diluted earnings per common share: For the Three Months Ended March 31, 2024 2023 (Dollars in thousands except share data) Net income $ 2,414 $ 331 Common shares outstanding for basic EPS: Weighted average common shares outstanding 23,788,856 24,862,118 Less: Weighted average unallocated Employee Stock 1,435,364 1,569,105 Basic weighted average common shares outstanding 22,353,492 23,293,013 Basic earnings per common share $ 0.11 $ 0.01 Potential dilutive common shares: Add: Dilutive effect of restricted stock awards and stock options 13,236 31,519 Diluted weighted average common shares outstanding 22,366,728 23,324,532 Diluted earnings per common share $ 0.11 $ 0.01 |
Commitments, Contingencies an_2
Commitments, Contingencies and Credit Risk (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Financial Instruments Whose Contractual Amounts Represent Credit Risk | Financial instruments whose contractual amounts represent credit risk at March 31, 2024 and December 31, 2023 are as follows: March 31, December 31, 2024 2023 (in thousands) Commitments to grant mortgage loans $ 540,823 $ 529,768 Unfunded commitments under lines of credit 64,807 61,739 $ 605,630 $ 591,507 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023, and indicate the level within the fair value hierarchy utilized to determine the fair value: March 31, 2024 Description Total Level 1 Level 2 Level 3 (in thousands) Available-for-Sale Securities, at fair value: U.S. Government Bonds $ 2,780 $ 2,780 $ — $ — Corporate bonds 23,520 — 23,520 — Mortgage-Backed Securities: Collateralized Mortgage Obligations 31,954 — 31,954 — FHLMC Certificates 8,479 — 8,479 — FNMA Certificates 49,210 — 49,210 — GNMA Certificates 101 — 101 — Mortgage Loans Held for Sale, at fair value 7,860 — 7,860 — Interest rate swap 1,496 — 1,496 — $ 125,400 $ 2,780 $ 122,620 $ — 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 $ — |
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 March 31, 2024 and December 31, 2023 and indicate the fair value hierarchy utilized to determine the fair value: March 31, 2024 Total Level 1 Level 2 Level 3 (in thousands) Impaired loans $ 13,135 $ — $ — $ 13,135 December 31, 2023 Total Level 1 Level 2 Level 3 (in thousands) Impaired loans $ 12,726 $ — $ — $ 12,726 |
Estimated Fair Values of Financial Instruments | As of March 31, 2024 and December 31, 2023, 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) March 31, 2024 Financial assets: Cash and cash equivalents $ 134,724 $ 134,724 $ — $ — $ 134,724 Available-for-sale securities, at fair value 116,044 2,780 113,264 — 116,044 Held-to-maturity securities, at amortized cost, net 452,955 — 438,113 — 438,113 Placements with banks 249 — 249 — 249 Mortgage loans held for sale, at fair value 7,860 — 7,860 — 7,860 Loans receivable, net 1,981,428 — — 1,935,063 1,935,063 Accrued interest receivable 18,063 — 18,063 — 18,063 FHLBNY stock 23,892 23,892 — — 23,892 Interest rate swap 1,496 — 1,496 — 1,496 Financial liabilities: Deposits: Demand deposits 191,541 191,541 — — 191,541 Interest-bearing deposits 765,977 765,977 — — 765,977 Certificates of deposit 628,266 — 621,250 — 621,250 Advance payments by borrowers for taxes and insurance 13,245 — 13,245 — 13,245 Borrowings 680,421 — 667,493 — 667,493 Interest rate swap 1,496 — 1,496 — 1,496 Accrued interest payable 4,218 — 4,218 — 4,218 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 (1) 185,151 185,151 — — 185,151 Interest-bearing deposits (1) 721,643 721,643 — — 721,643 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 (1) A s of December 31, 2023, $ 58.2 million were reclassified from demand deposits to interest-bearing deposits. |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 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) March 31, 2024 Ponce Financial Group, Inc. Total Capital to Risk-Weighted Assets $ 537,748 24.47 % $ 175,777 8.00 % $ 219,721 10.00 % Tier 1 Capital to Risk-Weighted Assets 510,271 23.22 % 131,833 6.00 % 175,777 8.00 % Common Equity Tier 1 Capital Ratio 285,271 12.98 % 98,874 4.50 % 142,819 6.50 % Tier 1 Capital to Total Assets 510,271 17.59 % 116,020 4.00 % 145,025 5.00 % Ponce Bank Total Capital to Risk-Weighted Assets $ 497,240 22.79 % $ 174,565 8.00 % $ 218,206 10.00 % Tier 1 Capital to Risk-Weighted Assets 469,950 21.54 % 130,924 6.00 % 174,565 8.00 % Common Equity Tier 1 Capital Ratio 469,950 21.54 % 98,193 4.50 % 141,834 6.50 % Tier 1 Capital to Total Assets 469,950 16.26 % 115,642 4.00 % 144,552 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, 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 % |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | The accumulated other comprehensive loss is as follows: March 31, 2024 December 31, Change March 31, (in thousands) Unrealized losses on available-for-sale securities, net $ ( 15,649 ) $ ( 941 ) $ ( 16,590 ) Total $ ( 15,649 ) $ ( 941 ) $ ( 16,590 ) 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 ) |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of Aggregate Loan Transactions with Related Parties | Aggregate loan transactions with related parties for the three months ended March 31, 2024 and 2023 were as follows: For the Three Months Ended March 31, 2024 2023 (in thousand) Beginning balance $ 8,810 $ 8,318 Originations 1,182 578 Payments ( 50 ) ( 65 ) Ending balance $ 9,942 $ 8,831 |
Preferred Stock - Additional In
Preferred Stock - Additional Information (Details) - Private Placement - USD ($) $ / shares in Units, $ in Millions | Jun. 07, 2022 | Mar. 31, 2024 |
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 | |
ECIP investment by Treasury | $ 8,700 | |
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 | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |||
Available-for-Sale Securities: | ||||||
Amortized Cost | $ 137,119 | $ 139,781 | ||||
Gross Unrealized Losses | (21,075) | (19,879) | ||||
Fair Value | 116,044 | 119,902 | ||||
Held-to-Maturity Securities: | ||||||
Amortized Cost | 461,748 | |||||
Amortized Cost, after Allowance for Credit Loss | 452,955 | |||||
Gross Unrealized Gains | 169 | 270 | ||||
Gross Unrealized Losses | (15,484) | (12,374) | ||||
Fair Value | 438,113 | 450,042 | ||||
Allowance for Credit Losses | (473) | (398) | $ 0 | |||
U.S. Government Bonds | ||||||
Available-for-Sale Securities: | ||||||
Amortized Cost | 2,991 | 2,990 | ||||
Gross Unrealized Losses | (211) | (206) | ||||
Fair Value | 2,780 | 2,784 | ||||
US Agency Bonds | ||||||
Held-to-Maturity Securities: | ||||||
Amortized Cost | 25,000 | 25,000 | ||||
Gross Unrealized Losses | (289) | (181) | ||||
Fair Value | 24,711 | 24,819 | ||||
Corporate Bonds | ||||||
Available-for-Sale Securities: | ||||||
Amortized Cost | 25,782 | 25,790 | ||||
Gross Unrealized Losses | (2,262) | (2,122) | ||||
Fair Value | 23,520 | 23,668 | ||||
Held-to-Maturity Securities: | ||||||
Amortized Cost | 82,500 | 82,500 | ||||
Gross Unrealized Losses | (2,211) | (2,691) | ||||
Fair Value | 80,289 | 79,809 | ||||
Collateralized Mortgage Obligations | ||||||
Available-for-Sale Securities: | ||||||
Amortized Cost | 38,183 | [1] | 39,375 | [2] | ||
Gross Unrealized Losses | (6,229) | [1] | (6,227) | [2] | ||
Fair Value | 31,954 | [1] | 33,148 | [2] | ||
Held-to-Maturity Securities: | ||||||
Amortized Cost | 207,079 | [1] | 212,093 | [2] | ||
Gross Unrealized Gains | [2] | 104 | ||||
Gross Unrealized Losses | (7,468) | [1] | (5,170) | [2] | ||
Fair Value | 199,611 | [1] | 207,027 | [2] | ||
FHLMC Certificates | ||||||
Available-for-Sale Securities: | ||||||
Amortized Cost | 9,903 | 10,163 | ||||
Gross Unrealized Losses | (1,424) | (1,482) | ||||
Fair Value | 8,479 | 8,681 | ||||
Held-to-Maturity Securities: | ||||||
Amortized Cost | 3,819 | 3,897 | ||||
Gross Unrealized Losses | (253) | (244) | ||||
Fair Value | 3,566 | 3,653 | ||||
FNMA Certificates | ||||||
Available-for-Sale Securities: | ||||||
Amortized Cost | 60,158 | 61,359 | ||||
Gross Unrealized Losses | (10,948) | (9,842) | ||||
Fair Value | 49,210 | 51,517 | ||||
Held-to-Maturity Securities: | ||||||
Amortized Cost | 116,085 | 118,944 | ||||
Gross Unrealized Losses | (5,263) | (4,088) | ||||
Fair Value | 110,822 | 114,856 | ||||
GNMA Certificates | ||||||
Available-for-Sale Securities: | ||||||
Amortized Cost | 102 | 104 | ||||
Gross Unrealized Losses | (1) | |||||
Fair Value | 101 | 104 | ||||
SBA Certificates | ||||||
Held-to-Maturity Securities: | ||||||
Amortized Cost | 18,945 | 19,712 | ||||
Gross Unrealized Gains | 169 | 166 | ||||
Fair Value | $ 19,114 | $ 19,878 | ||||
[1] Comprised of Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Ginnie Mae (“GNMA”) issued securities. Comprised of FHLMC, FNMA and GNMA issued securities. |
Securities - Additional Informa
Securities - Additional Information (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 USD ($) Security | Dec. 31, 2023 USD ($) Security | |
Schedule Of Available For Sale Securities [Line Items] | ||
Available For Sale Securities | Security | 40 | 40 |
Held to maturity | Security | 33 | 33 |
Sale of Held - to maturity Securities | $ 0 | $ 0 |
Sale of available-for-sale securities | $ 0 | $ 0 |
Number of held to maturity securities matured or called | Security | 0 | 1 |
Held-to-maturity securities matured | $ 10,000,000 | |
Purchases of available-for-sale securities | $ 0 | 0 |
Purchases of Held-to-maturity securities | $ 0 | $ 0 |
Number of available-for-sale securities with unrealized loss positions | Security | 40 | 40 |
Number of held-to-maturity securities with unrealized loss positions | Security | 30 | 31 |
Held to maturity securities, amortized costs | $ 452,955,000 | $ 461,748,000 |
Available-for-sale securities, at fair value | 116,044,000 | 119,902,000 |
FRBNY | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Held to maturity securities, amortized costs | $ 136,600,000 | $ 193,300,000 |
Number of held-to-maturity securities | Security | 11 | 17 |
Number of available-for-sale securities | Security | 20 | 26 |
Available for sale securities fair value | $ 66,000,000 | $ 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 | Mar. 31, 2024 | Dec. 31, 2023 |
Available-for-Sale Securities: | ||
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | $ 116,044 | $ 119,798 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (21,075) | (19,879) |
Securities With Gross Unrealized Losses, Total Fair Value | 116,044 | 119,798 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (21,075) | (19,879) |
Held-to-Maturity Securities: | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | 36,748 | 85,163 |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses | (619) | (937) |
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 382,251 | 332,188 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (14,865) | (11,437) |
Securities With Gross Unrealized Losses, Total Fair Value | 418,999 | 417,351 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (15,484) | (12,374) |
U.S. Government Bonds | ||
Available-for-Sale Securities: | ||
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 2,780 | 2,784 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (211) | (206) |
Securities With Gross Unrealized Losses, Total Fair Value | 2,780 | 2,784 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (211) | (206) |
US Agency Bonds | ||
Held-to-Maturity Securities: | ||
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 24,711 | 24,819 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (289) | (181) |
Securities With Gross Unrealized Losses, Total Fair Value | 24,711 | 24,819 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (289) | (181) |
Corporate Bonds | ||
Available-for-Sale Securities: | ||
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 23,520 | 23,668 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (2,262) | (2,122) |
Securities With Gross Unrealized Losses, Total Fair Value | 23,520 | 23,668 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (2,262) | (2,122) |
Held-to-Maturity Securities: | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | 3,304 | 3,288 |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses | (196) | (212) |
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 76,985 | 76,521 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (2,015) | (2,479) |
Securities With Gross Unrealized Losses, Total Fair Value | 80,289 | 79,809 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (2,211) | (2,691) |
Collateralized Mortgage Obligations | ||
Available-for-Sale Securities: | ||
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 31,954 | 33,148 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (6,229) | (6,227) |
Securities With Gross Unrealized Losses, Total Fair Value | 31,954 | 33,148 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (6,229) | (6,227) |
Held-to-Maturity Securities: | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | 33,444 | 81,875 |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses | (423) | (725) |
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 166,167 | 112,339 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (7,045) | (4,445) |
Securities With Gross Unrealized Losses, Total Fair Value | 199,611 | 194,214 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (7,468) | (5,170) |
FHLMC Certificates | ||
Available-for-Sale Securities: | ||
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 8,479 | 8,681 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (1,424) | (1,482) |
Securities With Gross Unrealized Losses, Total Fair Value | 8,479 | 8,681 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (1,424) | (1,482) |
Held-to-Maturity Securities: | ||
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 3,566 | 3,653 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (253) | (244) |
Securities With Gross Unrealized Losses, Total Fair Value | 3,566 | 3,653 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (253) | (244) |
FNMA Certificates | ||
Available-for-Sale Securities: | ||
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 49,210 | 51,517 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (10,948) | (9,842) |
Securities With Gross Unrealized Losses, Total Fair Value | 49,210 | 51,517 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (10,948) | (9,842) |
Held-to-Maturity Securities: | ||
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 110,822 | 114,856 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (5,263) | (4,088) |
Securities With Gross Unrealized Losses, Total Fair Value | 110,822 | 114,856 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (5,263) | $ (4,088) |
GNMA Certificates | ||
Available-for-Sale Securities: | ||
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 101 | |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (1) | |
Securities With Gross Unrealized Losses, Total Fair Value | 101 | |
Securities With Gross Unrealized Losses, Total Unrealized Losses | $ (1) |
Securities - Summary of Maturit
Securities - Summary of Maturities of Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Available-for-Sale Securities: | ||
Available-for-Sale Securities, Amortized Cost | $ 137,119 | $ 139,781 |
Available-for-sale securities, at fair value | 116,044 | 119,902 |
Held-to-Maturity Securities: | ||
Held To Maturity Securities, Amortized Cost | 461,748 | |
Allowance for Credit Losses | (473) | (398) |
Held To Maturity Securities, Amortized Cost, After Allowance for Credit Losses | 452,955 | |
Held-to-maturity securities, at amortized cost ,fair value | 438,113 | 450,042 |
Corporate Bonds | ||
Available-for-Sale Securities: | ||
Available-for-Sale Securities After three months through one year, Amortized Cost | 4,000 | 4,000 |
Available-for-Sale Securities After one year through five years, Amortized Cost | 1,000 | 1,000 |
Available-for-Sale Securities After five years through ten years, Amortized Cost | 20,782 | 20,790 |
Available-for-Sale Securities, Amortized Cost | 25,782 | 25,790 |
Available-for-Sale Securities After three months through one year, Fair Value | 3,910 | 3,863 |
Available-for-Sale Securities After one year through five years, Amortized Cost | 137 | 536 |
Available-for-Sale Securities After five years through ten years, Amortized Cost | 19,473 | 19,269 |
Available-for-sale securities, at fair value | 23,520 | 23,668 |
Held-to-Maturity Securities: | ||
Held-to-Maturity Securities, More than three months through one year, Amortized Cost | 25,000 | 25,000 |
Held-to-Maturity Securities, More than one year through five years, Amortized Cost | 50,000 | 50,000 |
Held-to-Maturity Securities, More than five years through ten years, Amortized Cost | 7,500 | 7,500 |
Held To Maturity Securities, Amortized Cost | 82,500 | 82,500 |
Held-to-Maturity Securities, More than three months through one year, Fair Value | 24,673 | 24,650 |
Held-to-Maturity Securities, More than one year through five years, Fair Value | 48,851 | 48,265 |
Held-to-Maturity Securities, More than five years through ten years, Fair Value | 6,765 | 6,894 |
Held-to-maturity securities, at amortized cost ,fair value | 80,289 | 79,809 |
U.S. Government Bonds | ||
Available-for-Sale Securities: | ||
Available-for-Sale Securities After one year through five years, Amortized Cost | 2,991 | 2,990 |
Available-for-Sale Securities, Amortized Cost | 2,991 | 2,990 |
Available-for-Sale Securities After one year through five years, Amortized Cost | 2,780 | 2,784 |
Available-for-sale securities, at fair value | 2,780 | 2,784 |
Mortgage-Backed Securities | ||
Available-for-Sale Securities: | ||
Available-for-Sale Securities, Amortized Cost | 108,346 | 111,001 |
Available-for-sale securities, at fair value | 89,744 | 93,450 |
Held-to-Maturity Securities: | ||
Held To Maturity Securities, Amortized Cost | 345,928 | 354,646 |
Held-to-maturity securities, at amortized cost ,fair value | 333,113 | 345,414 |
FHLMC Certificates | ||
Available-for-Sale Securities: | ||
Available-for-Sale Securities, Amortized Cost | 9,903 | 10,163 |
Available-for-sale securities, at fair value | 8,479 | 8,681 |
Held-to-Maturity Securities: | ||
Held-to-maturity securities, at amortized cost ,fair value | 3,566 | 3,653 |
US Agency Bonds | ||
Held-to-Maturity Securities: | ||
Held-to-Maturity Securities, More than one year through five years, Amortized Cost | 25,000 | 25,000 |
Held To Maturity Securities, Amortized Cost | 25,000 | 25,000 |
Held-to-Maturity Securities, More than one year through five years, Fair Value | 24,711 | 24,819 |
Held-to-maturity securities, at amortized cost ,fair value | $ 24,711 | $ 24,819 |
Securities - Schedule of Activi
Securities - Schedule of Activity in Allowance for Credit Losses for Held-to-maturity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses on securities at beginning of period | $ 398 | $ 0 |
Impact on CECL adoption | 0 | 662 |
Provision (benefit) for credit losses | 75 | (264) |
Allowance for credit losses on securities at end of period | $ 473 | $ 398 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Receivable, Held-for-Sale [Abstract] | ||
Mortgage loans held for sale, at fair value | $ 7,860 | $ 9,980 |
Mortgage loans held for sale, contractual principal outstanding | 7,776 | 9,864 |
Fair value less unpaid principal balance | $ 84 | $ 116 |
Mortgage Loans Held for Sale _2
Mortgage Loans Held for Sale - Additional Information (Details) $ in Thousands | Mar. 31, 2024 USD ($) Loan | Dec. 31, 2023 USD ($) Loan |
Mortgage Loans Held for Sale[Line Item] | ||
Mortgage loans held for sale, at fair value | $ 7,860 | $ 9,980 |
Mortage loans held for sale | 7,776 | 9,864 |
Mortgage World Bankers Inc | ||
Mortgage Loans Held for Sale[Line Item] | ||
Mortgage loans held for sale, at fair value | $ 7,900 | $ 10,000 |
Number of loan held for sale | Loan | 10 | 19 |
Financing Receivables, 90 Days or More Past Due | ||
Mortgage Loans Held for Sale[Line Item] | ||
Mortage loans held for sale | $ 4,400 | $ 4,400 |
Loans Receivable and Allowanc_3
Loans Receivable and Allowance for Credit Losses - Summary of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | $ 2,005,418 | $ 1,921,572 | |
Net deferred loan origination costs | 674 | 468 | |
Allowance for Credit Losses | (24,664) | (26,154) | |
Loans receivable, net | 1,981,428 | 1,895,886 | |
Multifamily Residential | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | 545,825 | 550,559 | |
Nonresidential Properties | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | 327,350 | 342,343 | |
Construction and Land | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | 608,665 | 503,925 | |
Business Loans | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | 26,664 | 19,779 | |
Consumer Loans | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | 6,741 | 8,966 | |
Mortgage Loans | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | 1,972,013 | 1,892,827 | |
Mortgage Loans | 1-4 Family Residential Investor Owned | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | 339,331 | 343,689 | |
Mortgage Loans | 1-4 Family Residential Owner-Occupied | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | 150,842 | 152,311 | |
Mortgage Loans | Multifamily Residential | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | 545,825 | 550,559 | |
Mortgage Loans | Nonresidential Properties | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | 327,350 | 342,343 | |
Mortgage Loans | Construction and Land | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | 608,665 | 503,925 | |
Non-mortgage Loans | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | 33,405 | 28,745 | |
Non-mortgage Loans | Business Loans | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | 26,664 | 19,779 | |
Non-mortgage Loans | Consumer Loans | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans, gross | [1] | $ 6,741 | $ 8,966 |
[1] As of March 31, 2024 and December 31, 2023, consumer loans include $ 5.7 million and $ 8.0 million, respectively, of microloans originated by the Bank pursuant to its arrangement with Grain. |
Loans Receivable and Allowanc_4
Loans Receivable and Allowance for Credit Losses - Summary of Loans (Parenthetical) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 2,005,418 | $ 1,921,572 |
Business Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 26,664 | 19,779 |
Consumer Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 6,741 | 8,966 |
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 | $ 5,700 | $ 8,000 |
Loans Receivable and Allowanc_5
Loans Receivable and Allowance for Credit Losses - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2024 USD ($) Loan | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of troubled debt restructured loans | Loan | 20 | 21 | |||
Troubled debt restructured loans | $ 5,600 | $ 5,900 | |||
Troubled debt restructured loan, accrual status | 4,900 | 5,200 | |||
Loans before net deferred loan origination cost and allowance for losses on loan | 2,005,418 | 1,921,572 | |||
Aggregate balance of grain | 5,731 | ||||
Allowance for credit losses | [1] | (4,868) | |||
Microloans, net of allowance for loan losses | 863 | ||||
Microloans originated - put back to Grain | 24,051 | ||||
Grain Write-Downs | 15,406 | ||||
Cash Receipts From Grain | 6,819 | ||||
Grant/reserve (inception-to-March 31, 2024) | (1,826) | ||||
Investment in Grain wrote-off | (1,000) | ||||
Exposure to Grain | [2] | 863 | |||
Grain write-off and write-down | (53) | $ (914) | |||
Allowance for off-balance sheet credit losses | $ 3,777 | $ 354 | 3,613 | ||
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 | ||||
Construction Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 608,665 | 503,925 | |||
Provision for Contingencies | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Provision for off-balance-sheet credit loss | 200 | 1,000 | |||
Other Liabilities | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for off-balance sheet credit losses | 3,800 | $ 3,600 | |||
Grain Technologies LLC | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Micro loan credit limit | $ 1,500 | ||||
Number of micro loan outstanding | Loan | 11,939 | ||||
Aggregate balance of grain | $ 5,700 | ||||
Allowance for credit losses | 4,900 | ||||
Microloans, net of allowance for loan losses | 900 | ||||
Microloans originated - put back to Grain | 24,100 | ||||
Grain Write-Downs | (15,400) | ||||
Cash Receipts From Grain | 6,800 | ||||
Grant/reserve (inception-to-March 31, 2024) | 1,800 | ||||
Security deposits by borrowers | 1,600 | ||||
Investment in Grain wrote-off | $ 1,000 | ||||
Exposure to Grain | 900 | ||||
Grain recoveries | $ 900 | ||||
Grain write-off and write-down | $ 100 | ||||
Grain Technologies LLC | Microloans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of micro loan outstanding | Loan | 45,322 | ||||
Minimum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Strong Pass Loans to new or existing borrowers collateralized percentage | 90% | ||||
[1] 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. 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 | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 2,005,418 | $ 1,921,572 |
1-4 Family | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 490,173 | 496,000 |
Multifamily | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 545,825 | 550,559 |
Nonresidential | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 327,350 | 342,343 |
Construction and Land | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 608,665 | 503,925 |
Business Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 26,664 | 19,779 |
Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 6,741 | 8,966 |
Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 1,980,706 | 1,897,935 |
Pass | 1-4 Family | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 480,635 | 485,747 |
Pass | Multifamily | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 540,088 | 546,471 |
Pass | Nonresidential | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 324,319 | 339,726 |
Pass | Construction and Land | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 602,489 | 497,266 |
Pass | Business Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 26,434 | 19,759 |
Pass | Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 6,741 | 8,966 |
Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 4,602 | 5,786 |
Special Mention | 1-4 Family | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 1,855 | 2,150 |
Special Mention | Multifamily | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 1,109 | |
Special Mention | Nonresidential | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 2,517 | 2,527 |
Special Mention | Business Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 230 | |
Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 20,110 | 17,851 |
Substandard | 1-4 Family | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 7,683 | 8,103 |
Substandard | Multifamily | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 5,737 | 2,979 |
Substandard | Nonresidential | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 514 | 90 |
Substandard | Construction and Land | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 6,176 | 6,659 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | $ 2,005,418 | $ 1,921,572 |
Nonaccrual Loans | 13,135 | 12,726 |
90 Days or More Accruing | 230 | |
1-4 Family Residential Investor Owned | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 339,331 | 343,689 |
Nonaccrual Loans | 400 | 793 |
1-4 Family Residential Owner-Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 150,842 | 152,311 |
Nonaccrual Loans | 1,873 | 2,130 |
Multifamily Residential | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 545,825 | 550,559 |
Nonaccrual Loans | 4,098 | 2,979 |
Nonresidential Properties | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 327,350 | 342,343 |
Nonaccrual Loans | 441 | |
Construction and Land | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 608,665 | 503,925 |
Nonaccrual Loans | 6,177 | 6,659 |
Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,986,575 | 1,905,820 |
Current | 1-4 Family Residential Investor Owned | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 338,650 | 342,896 |
Current | 1-4 Family Residential Owner-Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 148,969 | 150,181 |
Current | Multifamily Residential | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 540,088 | 546,471 |
Current | Nonresidential Properties | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 324,392 | 342,343 |
Current | Construction and Land | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 602,488 | 497,266 |
Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 3,155 | 2,011 |
Financial Asset, 30 to 59 Days Past Due | Multifamily Residential | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,109 | |
Financial Asset, 30 to 59 Days Past Due | Nonresidential Properties | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 2,517 | 0 |
Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 2,323 | 1,015 |
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 | 281 | |
Financing Receivables, 60 to 89 Days Past Due | Multifamily Residential | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,639 | |
Financing Receivables, 90 Days or More Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 13,365 | 12,726 |
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 | 400 | 793 |
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 | 1,873 | 2,130 |
Financing Receivables, 90 Days or More Past Due | Multifamily Residential | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 4,098 | 2,979 |
Financing Receivables, 90 Days or More Past Due | Nonresidential Properties | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 441 | |
Financing Receivables, 90 Days or More Past Due | Construction and Land | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 6,177 | 6,659 |
Business Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 26,664 | 19,779 |
Nonaccrual Loans | 146 | 165 |
Business Loans | Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 26,005 | 19,240 |
Business Loans | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 274 | 366 |
Business Loans | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 9 | 8 |
Business Loans | Financing Receivables, 90 Days or More Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 376 | 165 |
Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 6,741 | 8,966 |
90 Days or More Accruing | 230 | |
Consumer | Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 5,983 | 7,423 |
Consumer | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 364 | 536 |
Consumer | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | $ 394 | $ 1,007 |
Loans Receivable and Allowanc_8
Loans Receivable and Allowance for Credit Losses - Composition of Allowance for Loan Losses and Related Recorded Investment in Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | $ 26,154 | $ 34,592 | $ 34,592 |
Provision (benefit) charged to expense | (255) | (321) | 1,237 |
Impact of CECL adoption | (3,090) | (3,090) | |
Charged-offs | (1,354) | (2,569) | (7,290) |
Recoveries | 119 | 363 | 705 |
Balance, end of period | 24,664 | 28,975 | 26,154 |
Ending balance: individually evaluated for impairment | 217 | 237 | 233 |
Ending balance: collectively evaluated for impairment | 24,447 | 28,738 | 25,921 |
Ending balance: individually evaluated for impairment | 13,135 | 24,986 | 12,726 |
Ending balance: collectively evaluated for impairment | 1,992,283 | 1,616,318 | 1,908,846 |
Total | 2,005,418 | 1,641,304 | 1,921,572 |
1-4 Family Investor Owned | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 4,415 | 3,863 | 3,863 |
Provision (benefit) charged to expense | (158) | 135 | (214) |
Impact of CECL adoption | 766 | 766 | |
Balance, end of period | 4,257 | 4,764 | 4,415 |
Ending balance: individually evaluated for impairment | 60 | ||
Ending balance: collectively evaluated for impairment | 4,257 | 4,704 | 4,415 |
Ending balance: individually evaluated for impairment | 399 | 5,234 | 793 |
Ending balance: collectively evaluated for impairment | 338,932 | 349,325 | 342,896 |
Total | 339,331 | 354,559 | 343,689 |
1-4 Family Owner-Occupied | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 2,012 | 1,723 | 1,723 |
Provision (benefit) charged to expense | (49) | 182 | 143 |
Impact of CECL adoption | 146 | 146 | |
Balance, end of period | 1,963 | 2,051 | 2,012 |
Ending balance: individually evaluated for impairment | 75 | 100 | 72 |
Ending balance: collectively evaluated for impairment | 1,888 | 1,951 | 1,940 |
Ending balance: individually evaluated for impairment | 1,874 | 5,576 | 2,130 |
Ending balance: collectively evaluated for impairment | 148,968 | 143,905 | 150,181 |
Total | 150,842 | 149,481 | 152,311 |
Multifamily | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 4,365 | 8,021 | 8,021 |
Provision (benefit) charged to expense | (151) | 455 | 306 |
Impact of CECL adoption | (3,962) | (3,962) | |
Balance, end of period | 4,214 | 4,514 | 4,365 |
Ending balance: collectively evaluated for impairment | 4,214 | 4,514 | 4,365 |
Ending balance: individually evaluated for impairment | 4,098 | 1,439 | 2,979 |
Ending balance: collectively evaluated for impairment | 541,727 | 551,991 | 547,580 |
Total | 545,825 | 553,430 | 550,559 |
Nonresidential | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 3,176 | 2,724 | 2,724 |
Provision (benefit) charged to expense | (940) | 16 | (126) |
Impact of CECL adoption | 578 | 578 | |
Balance, end of period | 2,236 | 3,318 | 3,176 |
Ending balance: individually evaluated for impairment | 37 | ||
Ending balance: collectively evaluated for impairment | 2,236 | 3,281 | 3,176 |
Ending balance: individually evaluated for impairment | 441 | 792 | |
Ending balance: collectively evaluated for impairment | 326,909 | 313,768 | 342,343 |
Total | 327,350 | 314,560 | 342,343 |
Construction and Land | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 4,807 | 2,683 | 2,683 |
Provision (benefit) charged to expense | 1,596 | 750 | 3,035 |
Impact of CECL adoption | (911) | (911) | |
Balance, end of period | 6,403 | 2,522 | 4,807 |
Ending balance: collectively evaluated for impairment | 6,403 | 2,522 | 4,807 |
Ending balance: individually evaluated for impairment | 6,177 | 11,905 | 6,659 |
Ending balance: collectively evaluated for impairment | 602,488 | 223,252 | 497,266 |
Total | 608,665 | 235,157 | 503,925 |
Business Loans | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 531 | 120 | 120 |
Provision (benefit) charged to expense | 82 | 1 | 235 |
Impact of CECL adoption | 236 | 236 | |
Charged-offs | (52) | (63) | |
Recoveries | 3 | ||
Balance, end of period | 561 | 357 | 531 |
Ending balance: individually evaluated for impairment | 142 | 40 | 161 |
Ending balance: collectively evaluated for impairment | 419 | 317 | 370 |
Ending balance: individually evaluated for impairment | 146 | 40 | 165 |
Ending balance: collectively evaluated for impairment | 26,518 | 19,850 | 19,614 |
Total | 26,664 | 19,890 | 19,779 |
Consumer | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 6,848 | 15,458 | 15,458 |
Provision (benefit) charged to expense | (635) | (1,860) | (2,142) |
Impact of CECL adoption | 57 | 57 | |
Charged-offs | (1,302) | (2,569) | (7,227) |
Recoveries | 119 | 363 | 702 |
Balance, end of period | 5,030 | 11,449 | 6,848 |
Ending balance: collectively evaluated for impairment | 5,030 | 11,449 | 6,848 |
Ending balance: collectively evaluated for impairment | 6,741 | 14,227 | 8,966 |
Total | $ 6,741 | $ 14,227 | $ 8,966 |
Loans Receivable and Allowanc_9
Loans Receivable and Allowance for Credit Losses - Information Relates to Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | $ 13,089 | $ 25,427 | $ 12,687 |
Recorded Investment With No Allowance | 12,541 | 23,248 | 12,113 |
Recorded Investment With Allowance | 594 | 1,738 | 613 |
Total Recorded Investment | 13,135 | 24,986 | 12,726 |
Related Allowance | 217 | 237 | 233 |
Average Recorded Investment | 12,932 | 21,469 | 14,788 |
Interest Income Recognized on Cash Basis | 1,026 | 90 | 233 |
1-4 Family Residential | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 2,256 | 11,212 | 2,906 |
Recorded Investment With No Allowance | 1,825 | 9,452 | 2,475 |
Recorded Investment With Allowance | 448 | 1,358 | 448 |
Total Recorded Investment | 2,273 | 10,810 | 2,923 |
Related Allowance | 75 | 160 | 72 |
Average Recorded Investment | 2,598 | 10,197 | 4,812 |
Interest Income Recognized on Cash Basis | 4 | 83 | 82 |
Multifamily Residential | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 4,069 | 1,437 | 2,966 |
Recorded Investment With No Allowance | 4,098 | 1,439 | 2,979 |
Total Recorded Investment | 4,098 | 1,439 | 2,979 |
Average Recorded Investment | 3,539 | 720 | 1,463 |
Interest Income Recognized on Cash Basis | 35 | 151 | |
Nonresidential Properties | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 441 | 833 | |
Recorded Investment With No Allowance | 441 | 452 | |
Recorded Investment With Allowance | 340 | ||
Total Recorded Investment | 441 | 792 | |
Related Allowance | 37 | ||
Average Recorded Investment | 221 | 796 | 198 |
Interest Income Recognized on Cash Basis | 7 | ||
Construction and Land | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 6,177 | 11,905 | 6,650 |
Recorded Investment With No Allowance | 6,177 | 11,905 | 6,659 |
Total Recorded Investment | 6,177 | 11,905 | 6,659 |
Average Recorded Investment | 6,418 | 9,736 | 8,211 |
Interest Income Recognized on Cash Basis | 987 | ||
Business Loans | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 146 | 40 | 165 |
Recorded Investment With Allowance | 146 | 40 | 165 |
Total Recorded Investment | 146 | 40 | 165 |
Related Allowance | 142 | 40 | 161 |
Average Recorded Investment | $ 156 | $ 20 | $ 104 |
Loans Receivable and Allowan_10
Loans Receivable and Allowance for Credit Losses - Schedule of Total Exposure (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) | ||
Receivable from Grain | ||
Microloans originated - put back to Grain (inception-to-March 31, 2024) | $ 24,051 | |
Write-downs, net of recoveries (inception-to-date as of September 30, 2023) | (15,406) | |
Cash receipts from Grain (inception-to-March 31, 2024) | (6,819) | |
Grant/reserve (inception-to-March 31, 2024) | (1,826) | |
Microloan receivables from Grain borrowers | ||
Grain originated loans receivable as of March 31, 2024 | 5,731 | |
Allowance for credit losses as of March 31, 2024 | (4,868) | [1] |
Microloans, net of allowance for credit losses as of March 31, 2024 | 863 | |
Investments | ||
Investment in Grain | 1,000 | |
Investment in Grain write-off | (1,000) | |
Total exposure to Grain as of March 31, 2024 | $ 863 | [2] |
[1] 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. 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 | Mar. 31, 2024 USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Security deposits | $ 1.6 |
Loans Receivable and Allowan_12
Loans Receivable and Allowance for Credit Losses - Summary of Allowance for Off-Balance-Sheet Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for credit losses on unfunded commitment at beginning of period | $ 3,613 | $ 354 |
Impact on CECL adoption | 0 | 948 |
Provision for credit losses | 164 | 2,311 |
Allowance for credit losses on unfunded commitment at end of period | $ 3,777 | $ 3,613 |
Summary of Premises and Equipme
Summary of Premises and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property Plant And Equipment [Line Items] | ||
Total premises and equipment | $ 17,396 | $ 16,053 |
Leases - Additional Information
Leases - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2024 Lease | |
Lessee, Lease, Description [Line Items] | |
Operating lease, description | Our leases have remaining lease terms ranging from less than one year to approximately 14.8 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 |
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 | 14 years 9 months 18 days |
Branches and Office Spaces | |
Lessee, Lease, Description [Line Items] | |
Number of operating leases | 16 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Operating lease ROU assets | $ 31,021 | $ 31,272 |
Operating lease liabilities | $ 32,486 | $ 32,684 |
Weighted-average remaining lease term-operating leases | 12 years 4 months 24 days | 12 years 7 months 6 days |
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 | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Lessee, Lease, Description [Line Items] | ||
Total lease cost | $ 1,073 | $ 1,056 |
Occupancy and equipment | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease cost | 1,026 | 1,015 |
Variable lease cost | 39 | 31 |
Other operating expenses | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease cost | 3 | 4 |
Short-term lease cost | $ 5 | $ 6 |
Leases - Summary of Minimum Ann
Leases - Summary of Minimum Annual Rental Payments under Terms of Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
Remainder of 2024 | $ 2,912 | |
2025 | 3,818 | |
2026 | 3,668 | |
2027 | 3,537 | |
2028 | 3,594 | |
Thereafter | 25,474 | |
Total Minimum payments required | 43,003 | |
Less: implied interest | 10,517 | |
Lease obligations | $ 32,486 | $ 32,684 |
Deposits - Summarized Deposits
Deposits - Summarized Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Banking And Thrifts [Abstract] | |||
Demand | [1] | $ 191,541 | $ 185,151 |
NOW/IOLA accounts | [1] | 73,202 | 77,909 |
Money market accounts | 482,344 | 432,735 | |
Reciprocal deposits | 97,718 | 96,860 | |
Savings accounts | 112,713 | 114,139 | |
Total NOW, money market, reciprocal and savings | 765,977 | 721,643 | |
Certificates of deposit of $250K or more | 146,296 | 132,153 | |
Brokered certificates of deposits | [2] | 94,689 | 98,729 |
Listing service deposits | [2] | 12,688 | 14,433 |
Certificates of deposit less than $250K | 374,593 | 355,511 | |
Total certificates of deposit | 628,266 | 600,826 | |
Total interest-bearing deposits | 1,394,243 | 1,322,469 | |
Total deposits | $ 1,585,784 | $ 1,507,620 | |
[1] A s of December 31, 2023, $ 58.2 million were reclassified from demand to NOW/IOLA accounts. A s of March 31, 2024 and December 31, 2023, there were $ 1.5 million and $ 0.3 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 ($) | Mar. 31, 2024 | Dec. 31, 2023 | |
Time Deposits [Line Items] | |||
Amount reclassified from demand to NOW/IOLA accounts | $ 58,200,000 | ||
Individual brokered certification of deposit | $ 1,500,000 | 300,000 | |
Listing service deposits | [1] | 12,688,000 | 14,433,000 |
Brokered certificates of deposits | [1] | 94,689,000 | $ 98,729,000 |
Minimum | |||
Time Deposits [Line Items] | |||
Listing service deposits | 250,000 | ||
Maximum | |||
Time Deposits [Line Items] | |||
Brokered certificates of deposits | $ 250,000 | ||
[1] A s of March 31, 2024 and December 31, 2023, there were $ 1.5 million and $ 0.3 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 | Mar. 31, 2024 | Dec. 31, 2023 |
Banking And Thrifts [Abstract] | ||
2024 | $ 406,857 | |
2025 | 2,245 | |
2026 | 127,741 | |
2027 | 43,472 | |
2028 | 47,284 | |
Thereafter | 667 | |
Total certificates of deposit | $ 628,266 | $ 600,826 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Banking And Thrifts [Abstract] | ||
Overdrawn deposit reclassified to loans amounted | $ 0.1 | $ 0.1 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Line Of Credit Facility [Line Items] | ||
Advance from the Federal Home Loan Bank | $ 480,400,000 | $ 380,400,000 |
Interest expense on FHLBNY advances | 7,900,000 | 3,900,000 |
Overnight Line of Credit Advance | ||
Line Of Credit Facility [Line Items] | ||
Advance from the Federal Home Loan Bank | $ 0 | 0 |
FRBNY | ||
Line Of Credit Facility [Line Items] | ||
Percentage of total securities portfolio | 36.70% | |
Securities portfolio amortized cost | $ 216,800,000 | |
Outstanding term advances from FRBNY | $ 200,000,000 | $ 304,000,000 |
Borrowings - Schedule of Borrow
Borrowings - Schedule of Borrowed Funds FHLBNY and Correspondent Bank Advances Maturity and Call Date (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Line Of Credit Facility [Line Items] | ||
2024 | $ 109,321 | $ 363,321 |
2025 | 250,000 | 50,000 |
2026 | 50,000 | |
2027 | 212,000 | 212,000 |
2028 | 9,100 | 9,100 |
Thereafter | 50,000 | 50,000 |
Total | 680,421 | 684,421 |
2024 | 109,321 | 363,321 |
2025 | 250,000 | 50,000 |
2026 | 50,000 | |
2027 | 212,000 | 212,000 |
2028 | 9,100 | 9,100 |
Thereafter | 50,000 | 50,000 |
Total | $ 680,421 | $ 684,421 |
2024 | 5.15% | 4.55% |
2025 | 4.69% | 4.41% |
2026 | 4.83% | |
2027 | 3.44% | 3.44% |
2028 | 3.84% | 3.84% |
Thereafter | 3.35% | 3.35% |
Total | 4.28% | 4.10% |
Derivatives and Hedging - Addit
Derivatives and Hedging - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Oct. 12, 2023 USD ($) | Dec. 31, 2023 USD ($) Contracts | Mar. 31, 2024 USD ($) | |
Derivative [Line Items] | |||
Number of derivative financial instruments contracts | Contracts | 2 | ||
Derivatives Designated as Hedging Instruments | |||
Derivative [Line Items] | |||
Notional amount | $ 250,000 | $ 250,000 | |
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 - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Notional | $ 250,000 | $ 250,000 |
Fair value of derivative assets | $ 1,496 | $ 4,435 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Loans and Leases Receivable, Net Amount | Loans and Leases Receivable, Net Amount |
Fair value of derivative liabilities | $ 1,496 | $ 4,435 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities |
Interest Rate Swap Contracts | ||
Derivative [Line Items] | ||
Notional | $ 250,000 | $ 250,000 |
Fair value of derivative assets | 1,496 | 4,435 |
Fair value of derivative liabilities | $ 1,496 | $ 4,435 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
State and local: | ||
(Benefit) provision for income taxes | $ 1,346 | $ 546 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||
(Benefit) provision for income taxes | $ 1,346 | $ 546 |
Income Taxes - Significant Defe
Income Taxes - Significant Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Deferred tax liabilities: | ||
Net deferred tax assets | $ 13,919 | $ 14,332 |
Earnings Per Share - Schedule o
Earnings Per Share - 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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net income | $ 2,414 | $ 331 |
Common shares outstanding for basic EPS: | ||
Weighted average common shares outstanding | 23,788,856 | 24,862,118 |
Less: Weighted average unallocated Employee Stock Ownership Plan (ESOP) shares | 1,435,364 | 1,569,105 |
Basic weighted average common shares outstanding | 22,353,492 | 23,293,013 |
Basic earnings per common share | $ 0.11 | $ 0.01 |
Potential dilutive common shares: | ||
Add: Dilutive effect of restricted stock awards and stock options | 13,236 | 31,519 |
Diluted weighted average common shares outstanding | 22,366,728 | 23,324,532 |
Diluted earnings per common share | $ 0.11 | $ 0.01 |
Commitments, Contingencies an_3
Commitments, Contingencies and Credit Risk - Financial Instruments Whose Contractual Amounts Represent Credit Risk (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Contractual amounts represent credit risk | $ 605,630 | $ 591,507 |
Commitments to Grant Mortgage Loans | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Contractual amounts represent credit risk | 540,823 | 529,768 |
Unfunded Commitments Under Lines of Credit | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Contractual amounts represent credit risk | $ 64,807 | $ 61,739 |
Commitments, Contingencies an_4
Commitments, Contingencies and Credit Risk - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Oct. 01, 2022 | Apr. 30, 2024 | Apr. 30, 2022 | Dec. 31, 2021 | Mar. 31, 2024 | 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 | |||||
Unfunded Commitments with Bamboo | ||||||
Loss Contingencies [Line Items] | ||||||
Membership Interest Units purchased | 180 | |||||
Maximum percentage of total issued and outstanding membership interest | 19.84% | |||||
Purchase price of Membership Interest Units | $ 2,500,000 | |||||
Additional contributions committed | $ 500,000 | $ 1,200,000 | ||||
Unfunded Commitments with Bamboo | Subsequent Events | ||||||
Loss Contingencies [Line Items] | ||||||
Additional contributions committed | $ 200,000 | |||||
Total investment committed | $ 4,400,000 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans held for sale, at fair value | $ 7,860,000 | $ 9,980,000 |
Aggregate unpaid principal balance | 7,800,000 | |
Fair value, transfers out of Level 3 assets | $ 0 | $ 0 |
Fair Value - Assets Measured at
Fair Value - Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | $ 7,860 | $ 9,980 |
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 | 125,400 | 134,317 |
Available-for-sale securities measure at fair value on recurring basis | 7,860 | 9,980 |
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 | 2,780 | 3,320 |
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 | 122,620 | 130,997 |
Available-for-sale securities measure at fair value on recurring basis | 7,860 | 9,980 |
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 | 1,496 | 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 | 1,496 | 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 | 2,780 | 2,784 |
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 | 2,780 | 2,784 |
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 | 23,520 | 23,668 |
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 | |
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 | 23,520 | 23,132 |
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 | 31,954 | 33,148 |
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 | 31,954 | 33,148 |
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 | 8,479 | 8,681 |
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 | 8,479 | 8,681 |
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 | 49,210 | 51,517 |
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 | 49,210 | 51,517 |
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 | 101 | 104 |
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 | $ 101 | $ 104 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on nonrecurring basis | $ 13,135 | $ 12,726 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on nonrecurring basis | $ 13,135 | $ 12,726 |
Fair Value - Estimated Fair Val
Fair Value - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale securities, at fair value | $ 116,044 | $ 119,902 | |
Held-to-maturity securities, at amortized cost, net | 461,748 | ||
Mortgage loans held for sale, at fair value | 7,860 | 9,980 | |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 134,724 | 139,190 | |
Available-for-sale securities, at fair value | 116,044 | 119,902 | |
Held-to-maturity securities, at amortized cost, net | 452,955 | 461,748 | |
Placements with banks | 249 | 249 | |
Mortgage loans held for sale, at fair value | 7,860 | 9,980 | |
Loans receivable, net | 1,981,428 | 1,895,886 | |
Accrued interest receivable | 18,063 | 18,010 | |
FHLBNY stock | 23,892 | 19,377 | |
Demand deposits | 191,541 | 185,151 | [1] |
Interest-bearing deposits | 765,977 | 721,643 | [1] |
Certificates of deposit | 628,266 | 600,826 | |
Advance payments by borrowers for taxes and insurance | 13,245 | 10,778 | |
Borrowings | 680,421 | 684,421 | |
Accrued interest payable | 4,218 | 11,965 | |
Interest rate swap | $ 1,496 | $ 4,435 | |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Loans and Leases Receivable, Net Amount | Loans and Leases Receivable, Net Amount | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities | |
Fair Value Measurements | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | $ 134,724 | $ 139,190 | |
Available-for-sale securities, at fair value | 116,044 | 119,902 | |
Held-to-maturity securities, at amortized cost, net | 438,113 | 450,042 | |
Placements with banks | 249 | 249 | |
Mortgage loans held for sale, at fair value | 7,860 | 9,980 | |
Loans receivable, net | 1,935,063 | 1,844,507 | |
Accrued interest receivable | 18,063 | 18,010 | |
FHLBNY stock | 23,892 | 19,377 | |
Demand deposits | 191,541 | 185,151 | [1] |
Interest-bearing deposits | 765,977 | 721,643 | [1] |
Certificates of deposit | 621,250 | 594,234 | |
Advance payments by borrowers for taxes and insurance | 13,245 | 10,778 | |
Borrowings | 667,493 | 674,155 | |
Accrued interest payable | 4,218 | 11,965 | |
Interest rate swap | 1,496 | 4,435 | |
Fair Value Measurements | Level 1 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 134,724 | 139,190 | |
Available-for-sale securities, at fair value | 2,780 | 3,320 | |
FHLBNY stock | 23,892 | 19,377 | |
Demand deposits | 191,541 | 185,151 | [1] |
Interest-bearing deposits | 765,977 | 721,643 | [1] |
Fair Value Measurements | Level 2 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale securities, at fair value | 113,264 | 116,582 | |
Held-to-maturity securities, at amortized cost, net | 438,113 | 450,042 | |
Placements with banks | 249 | 249 | |
Mortgage loans held for sale, at fair value | 7,860 | 9,980 | |
Accrued interest receivable | 18,063 | 18,010 | |
Certificates of deposit | 621,250 | 594,234 | |
Advance payments by borrowers for taxes and insurance | 13,245 | 10,778 | |
Borrowings | 667,493 | 674,155 | |
Accrued interest payable | 4,218 | 11,965 | |
Interest rate swap | 1,496 | 4,435 | |
Fair Value Measurements | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans receivable, net | $ 1,935,063 | $ 1,844,507 | |
[1] A s of December 31, 2023, $ 58.2 million were reclassified from demand deposits to interest-bearing deposits. |
Fair Value - Estimated Fair V_2
Fair Value - Estimated Fair Values of Financial Instruments (Parenthetical) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Fair Value Disclosures [Abstract] | |
Amount reclassified from demand deposits to interest bearing deposits | $ 58.2 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements - Additional Information (Details) | Mar. 31, 2024 | Dec. 31, 2023 |
Disclosure Of Regulatory Capital Requirements [Abstract] | ||
Percentage of capital buffer | 14.80% | 15.30% |
Regulatory Capital Requiremen_4
Regulatory Capital Requirements - Summary of Actual Capital Amounts and Ratios As Compared to Regulatory Requirements (Details) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Ponce Financial Group, Inc. | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Actual Amount | $ 537,748 | $ 533,513 |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 510,271 | 507,042 |
Common Equity Tier 1 Capital Ratio, Actual Amount | 285,271 | 282,042 |
Tier 1 Capital to Total Assets, Actual Amount | $ 510,271 | $ 507,042 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 0.2447 | 0.2506 |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 0.2322 | 0.2382 |
Common Equity Tier 1 Capital Ratio, Actual Ratio | 0.1298 | 0.1325 |
Tier 1 Capital to Total Assets, Actual Ratio | 0.1759 | 0.1971 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Amount | $ 175,777 | $ 170,302 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Amount | 131,833 | 127,727 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Amount | 98,874 | 95,795 |
Tier 1 Capital to Total Assets, For Capital Adequacy Amount | $ 116,020 | $ 102,911 |
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 | $ 219,721 | $ 212,878 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 175,777 | 170,302 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 142,819 | 138,371 |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 145,025 | $ 128,639 |
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 | $ 497,240 | $ 492,622 |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 469,950 | 466,151 |
Common Equity Tier 1 Capital Ratio, Actual Amount | 469,950 | 466,151 |
Tier 1 Capital to Total Assets, Actual Amount | $ 469,950 | $ 466,151 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 0.2279 | 0.233 |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 0.2154 | 0.2205 |
Common Equity Tier 1 Capital Ratio, Actual Ratio | 0.2154 | 0.2205 |
Tier 1 Capital to Total Assets, Actual Ratio | 0.1626 | 0.1749 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Amount | $ 174,565 | $ 169,153 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Amount | 130,924 | 126,865 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Amount | 98,193 | 95,149 |
Tier 1 Capital to Total Assets, For Capital Adequacy Amount | $ 115,642 | $ 106,591 |
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 | $ 218,206 | $ 211,441 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 174,565 | 169,153 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 141,834 | 137,437 |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 144,552 | $ 133,239 |
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 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive income (loss), net of tax | $ (941) | $ 2,211 |
Unrealized losses on available-for-sale securities, net | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive income (loss) beginning balance | (15,649) | (17,860) |
Other comprehensive income (loss), net of tax | (941) | 2,211 |
Accumulated other comprehensive income (loss) ending balance | (16,590) | (15,649) |
Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive income (loss) beginning balance | (15,649) | (17,860) |
Accumulated other comprehensive income (loss) ending balance | $ (16,590) | $ (15,649) |
Aggregate Loan Transactions wit
Aggregate Loan Transactions with Related Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Receivables [Abstract] | ||
Beginning balance | $ 8,810 | $ 8,318 |
Originations | 1,182 | 578 |
Payments | (50) | (65) |
Ending balance | $ 9,942 | $ 8,831 |
Transactions with Related Par_3
Transactions with Related Parties - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Related Party Transactions [Abstract] | ||
Deposits from directors, executive officers and non-executive officers | $ 8.8 | $ 8.4 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Interest Rate Swap One $ in Millions | Oct. 12, 2023 USD ($) |
Subsequent Event [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 |
Fixed rate of interest | 4.885% |