Ponce Financial Group reported a net loss of $6.8 million, or $0.31 per basic and diluted share, for the first quarter of 2022, compared to net income of $15.0 million for the prior quarter and $2.5 million for the same quarter last year. The net loss reflects $13.1 million in one-time pre-tax events, including a $5.0 million contribution to the Ponce De Leon Foundation and an $8.1 million write-off and write-down of the receivable due from Grain Technologies, Inc.
Net interest income increased by $4.4 million, or 34.5%, compared to the same quarter last year.
Average cost of interest-bearing deposits decreased to 0.49% from 0.77% in the same quarter last year.
Net interest margin increased to 4.68% from 4.00% in the same quarter last year.
Non-performing loans increased by $3.5 million year-over-year and was 1.20% of total gross loans receivable.
The company did not provide any specific forward guidance in the provided document.
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