Ponce Financial profit rallies 41% to $8.2m

• Ponce Financial Group reported second-quarter common-stockholder net income of $8.2 million, up 41% year over year.
• Diluted EPS reached $0.35, while net interest margin increased to 3.66%.
• The company believes it has met the lending conditions required to pursue an ECIP preferred-stock repurchase.

Ponce Financial Group (NASDAQ:PDLB) reported second-quarter common-stockholder net income of $8.2 million, up 41%, with diluted EPS of $0.35.

Profit was broadly stable against the previous quarter’s $8.3 million but increased from $5.8 million one year earlier.

“The consistent execution of our strategy continues to produce strong growth and financial results,” said Ponce Financial Group President and Chief Executive Officer Carlos P. Naudon.

Net interest income rose 23.1% annually to $30.1 million, while net interest margin increased 39 basis points to 3.66%.

Ponce said an ECIP repurchase remains subject to further conditions.

Meanwhile, the bank's total assets reached $3.49 billion, while net loans grew 10.8% to $2.88 billion and deposits increased 11% to $2.27 billion.

Additionally, Ponce received $225 million through the ECIP and reported capital ratios above regulatory requirements, including an 11.51% common equity Tier 1 ratio.