Ponce Financial reports Q2 EPS 14c, one estimate 1c

Reports Q2 Net interest income of $17.9M for the second quarter of 2024 decreased $0.9M, or 4.88%, from the prior quarter and increased $1.6 M or 9.96%, from the same quarter last year. As discussed in our prior earnings release, the first quarter of 2024 included a $1M recovery of interest from a previously non-performing loan, which increased net interest income in that period as compared to the current period..Carlos P. Naudon, Ponce Financial Group’s President and CEO, stated “Despite the challenging operating environment, we continue to make progress both in terms of improving our economic performance as well as serving our communities. We have exceeded our qualified lending targets under ECIP and qualified for a 0.50% preferred dividend rate. Book value per share continues to grow and is now $11.45 and total equity per common share stands at $20.90. We’re also making progress on the expense side and have reduced headcount by 7% year over year. We continue to show strong levels of capital and liquidity. On the capital front, our total capital ratio at Ponce Bank stands at 22.47%, well in excess of regulatory requirements. In terms of liquidity, our liquid assets plus borrowing capacity at the Federal Home Loan Bank of New York stands at $679.9 million, approximately 1.7 times of our uninsured deposits of $401.7 million. We remain committed to the communities we serve and our status as a Minority Depository Institution Community Development Financial Institution and we continue to invest in our people and in technology to improve our efficiency.”