| Parent Company Only Financial Statements |
Note 18. Parent Company Only Financial Statements The following Condensed Statements of Financial Condition at December 31, 2025 and 2024 and Condensed Statements of Operations and Cash Flows for the ears ended December 31, 2025 and 2024 for Ponce Financial Group (parent company only) reflected the Company's investment in its wholly-owned subsidiaries, the Bank using the equity method of accounting. Condensed Statements of Financial Condition
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
ASSETS |
|
2025 |
|
|
2024 |
|
|
|
(in thousands) |
|
Cash and cash equivalents |
|
$ |
15,062 |
|
|
$ |
13,889 |
|
Investment in Ponce Bank |
|
|
504,790 |
|
|
|
467,003 |
|
Investment in Lending Front |
|
|
1,000 |
|
|
|
1,000 |
|
Investment in Bamboo |
|
|
4,392 |
|
|
|
4,392 |
|
Loan receivable - ESOP |
|
|
11,130 |
|
|
|
12,235 |
|
Other assets |
|
|
5,489 |
|
|
|
7,238 |
|
Total assets |
|
$ |
541,863 |
|
|
$ |
505,757 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Other liabilities and accrued expenses |
|
$ |
314 |
|
|
$ |
257 |
|
Stockholders' equity |
|
|
541,549 |
|
|
|
505,500 |
|
Total liabilities and stockholders' equity |
|
$ |
541,863 |
|
|
$ |
505,757 |
|
Condensed Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
|
(in thousands) |
|
Interest on ESOP loan |
|
$ |
249 |
|
|
$ |
272 |
|
|
$ |
294 |
|
Net interest income |
|
|
249 |
|
|
|
272 |
|
|
|
294 |
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
Share-based compensation expense |
|
|
1,928 |
|
|
|
2,074 |
|
|
|
1,888 |
|
Management fee expense |
|
|
419 |
|
|
|
557 |
|
|
|
712 |
|
Office occupancy and equipment |
|
|
74 |
|
|
|
69 |
|
|
|
96 |
|
Professional fees |
|
|
1,436 |
|
|
|
2,204 |
|
|
|
2,042 |
|
Other non-interest expenses |
|
|
(114 |
) |
|
|
94 |
|
|
|
100 |
|
Total noninterest expense |
|
|
3,743 |
|
|
|
4,998 |
|
|
|
4,838 |
|
Loss before income taxes |
|
|
(3,494 |
) |
|
|
(4,726 |
) |
|
|
(4,544 |
) |
Benefit for income taxes |
|
|
(812 |
) |
|
|
(977 |
) |
|
|
(834 |
) |
Equity in undistributed earnings of Ponce Bank |
|
|
31,385 |
|
|
|
14,721 |
|
|
|
7,062 |
|
Net income |
|
$ |
28,703 |
|
|
$ |
10,972 |
|
|
$ |
3,352 |
|
Dividends on preferred stock |
|
|
1,125 |
|
|
|
638 |
|
|
|
— |
|
Net income available to common stockholders |
|
$ |
27,578 |
|
|
$ |
10,334 |
|
|
$ |
3,352 |
|
Condensed Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
|
(in thousands) |
|
Cash Flows from Operating Activities: |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
28,703 |
|
|
$ |
10,972 |
|
|
$ |
3,352 |
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
Equity in undistributed earnings of subsidiaries |
|
|
(31,385 |
) |
|
|
(14,721 |
) |
|
|
(7,062 |
) |
Deferred income tax (benefit) |
|
|
411 |
|
|
|
2,983 |
|
|
|
(798 |
) |
Share-based compensation expense |
|
|
1,928 |
|
|
|
2,074 |
|
|
|
1,888 |
|
(Decrease) increase in other assets |
|
|
1,337 |
|
|
|
(753 |
) |
|
|
(968 |
) |
Net increase (decrease) in other liabilities |
|
|
57 |
|
|
|
(299 |
) |
|
|
250 |
|
Net cash provided by (used in) operating activities |
|
|
1,051 |
|
|
|
256 |
|
|
|
(3,338 |
) |
Cash Flows from Investing Activities: |
|
|
|
|
|
|
|
|
|
Investment in Bamboo |
|
|
— |
|
|
|
(669 |
) |
|
|
(1,223 |
) |
Repayment of ESOP Loan |
|
|
1,105 |
|
|
|
1,082 |
|
|
|
1,060 |
|
Net cash provided by (used in) investing activities |
|
|
1,105 |
|
|
|
413 |
|
|
|
(163 |
) |
Cash Flows from Financing Activities: |
|
|
|
|
|
|
|
|
|
Stock options exercised |
|
|
142 |
|
|
|
— |
|
|
|
— |
|
Repurchase of treasury shares |
|
|
— |
|
|
|
— |
|
|
|
(11,009 |
) |
Dividends paid on preferred stock |
|
|
(1,125 |
) |
|
|
(588 |
) |
|
|
— |
|
Net cash used in by financing activities |
|
|
(983 |
) |
|
|
(588 |
) |
|
|
(11,009 |
) |
Net increase (decrease) in cash and cash equivalents |
|
|
1,173 |
|
|
|
81 |
|
|
|
(14,510 |
) |
Cash and cash equivalents at beginning of year |
|
|
13,889 |
|
|
|
13,808 |
|
|
|
28,318 |
|
Cash and cash equivalents at end of year |
|
$ |
15,062 |
|
|
$ |
13,889 |
|
|
$ |
13,808 |
|
|