Ponce Financial Group, Inc. announced its financial results for the third quarter ended September 30, 2024. The company reported net income of $2.4 million for the quarter, a decrease from $3.2 million in the prior quarter but an increase from $2.6 million in the same period last year. For the nine months ended September 30, 2024, net income reached $8.0 million, a significant increase from $2.8 million in the corresponding period of 2023.
Net interest income for the third quarter of 2024 increased by $1.1 million, or 6.25%, to $19.0 million compared to the second quarter of 2024, and rose by $2.5 million, or 15.00%, compared to the third quarter of 2023. The net interest margin also saw an improvement, reaching 2.65% for the quarter, up 3 basis points from the prior quarter and 7 basis points from the same period last year. This expansion in net interest income and margin indicates effective asset-liability management.
The company's balance sheet demonstrated growth, with total assets increasing by $265.2 million, or 9.64%, to $3.02 billion as of September 30, 2024, from December 31, 2023. This growth was largely driven by a $284.4 million increase in net loans receivable and a $362.7 million increase in deposits. Management noted that loan growth of $157.6 million this quarter was influenced by efforts to qualify under proposed ECIP regulations, and deposits included $35.0 million from the Banking Development District program.
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