Ponce Financial Group, Inc. reported a net income of $771,000, or $0.03 per basic and diluted share, for the second quarter of 2022. This compares to a net loss of ($6.8 million) for the prior quarter and a net income of $5.9 million for the second quarter of 2021. The increase from the prior quarter was primarily due to a decrease in non-interest expense, while the decrease from the same quarter last year was due to an increase in non-interest expense and a decrease in non-interest income.
Completed a private placement of $225.0 million of Senior Non-Cumulative Perpetual Preferred Stock, Series A, to the U.S. Department of Treasury pursuant to the Emergency Capital Investment Program.
Net interest income of $15.5 million increased $1.8 million, or 12.79%, from the same quarter last year.
Income before taxes was $283,000 for the second quarter of 2022 as compared to income before taxes of $7.8 million for the same quarter last year.
Non-performing loans of $18.6 million as of June 30, 2022 increased $9.6 million year-over-year and were 1.39% of total gross loans receivable at June 30, 2022.
No forward guidance was provided in the earnings report.
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