0001564590-22-020351 | 10-Q | XBRL Viewer | Ponce Financial Group INC

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2022	May 13, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Trading Symbol	PDLB
Entity Registrant Name	Ponce Financial Group, Inc.
Entity Current Reporting Status	Yes
Entity Central Index Key	0001874071
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		24,724,274
Entity File Number	001-41255
Entity Tax Identification Number	87-1893965
Entity Address, Address Line One	2244 Westchester Avenue
Entity Address, City or Town	Bronx
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10462
City Area Code	718
Local Phone Number	931-9000
Title of 12(b) Security	Common stock, par value $0.01 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	NY
Document Transition Report	false
Document Quarterly Report	true

Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Cash and due from banks (Note 3):
Cash	$ 32,168	$ 98,954
Interest-bearing deposits in banks	37,127	54,940
Total cash and cash equivalents	69,295	153,894
Available-for-sale securities, at fair value (Note 4)	154,799	113,346
Held-to-maturity securities, at amortized cost (fair value 2022 $868; 2021 $914) (Note 4)	927	934
Placements with banks	2,490	2,490
Mortgage loans held for sale, at fair value	7,972	15,836
Loans receivable, net of allowance for loan losses - 2022 $16,893; 2021 $16,352 (Note 5)	1,300,446	1,305,078
Accrued interest receivable	12,799	12,362
Premises and equipment, net (Note 6)	19,279	19,617
Federal Home Loan Bank of New York (FHLBNY) stock, at cost	5,420	6,001
Deferred tax assets (Note 9)	7,440	3,820
Other assets	13,730	20,132
Total assets	1,594,597	1,653,510
Liabilities:
Deposits (Note 7)	1,181,165	1,204,716
Accrued interest payable	223	228
Advance payments by borrowers for taxes and insurance	10,161	7,657
Advances from the FHLBNY and others (Note 8)	93,375	106,255
Warehouse lines of credit (Note 8)	753	15,090
Second-step liabilities		122,000
Other liabilities	9,341	8,308
Total liabilities	1,295,018	1,464,254
Commitments and contingencies (Note 12)
Stockholders' Equity:
Preferred stock, $0.01 par value; 100,000,000 shares authorized, none issued
Common stock, $0.01 par value; 200,000,000 shares authorized; 24,724,274 shares issued and outstanding as of March 31, 2022 and 18,463,028 shares issued and 17,425,987 shares outstanding as of December 31, 2021	247	185
Treasury stock, at cost; no shares as of March 31, 2022 and 1,037,041 shares as of December 31, 2021 (Note 10)		(13,687)
Additional paid-in-capital	205,243	85,601
Retained earnings	116,136	122,956
Accumulated other comprehensive income (Note 15)	(7,035)	(1,456)
Unearned compensation ─ ESOP; 1,668,101 shares as of March 31, 2022 and 434,251 shares as of December 31, 2021 (Note 10)	(15,012)	(4,343)
Total stockholders' equity	299,579	189,256
Total liabilities and stockholders' equity	$ 1,594,597	$ 1,653,510

Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Held-to-maturity securities, at amortized cost ,fair value	$ 868	$ 914
Loans receivable, allowance for loan losses	$ 16,893	$ 16,352
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares, issued	24,724,274	18,463,028
Common stock, shares, outstanding	24,724,274	17,425,987
Treasury stock,repurchased	0	1,037,041
Unearned compensation, ESOP shares	1,668,101	434,251

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Interest and dividend income:
Interest on loans receivable	$ 18,200	$ 14,925
Interest on deposits due from banks	36	2
Interest and dividend on available-for-sale securities and FHLBNY stock	782	250
Total interest and dividend income	19,018	15,177
Interest expense:
Interest on certificates of deposit	803	1,219
Interest on other deposits	284	382
Interest on borrowings	593	684
Total interest expense	1,680	2,285
Net interest income	17,338	12,892
Provision for loan losses (Note 5)	1,258	686
Net interest income after provision for loan losses	16,080	12,206
Non-interest income:
Service charges and fees	440	329
Brokerage commissions	338	223
Late and prepayment charges	58	244
Income on sale of mortgage loans	418	1,508
Loan origination	461	539
Gain on sale of real property		663
Other	511	387
Total non-interest income	2,226	3,893
Non-interest expense:
Compensation and benefits	7,125	5,664
Occupancy and equipment	3,192	2,634
Data processing expenses	847	594
Direct loan expenses	874	1,009
Insurance and surety bond premiums	147	146
Office supplies, telephone and postage	405	409
Professional fees	1,334	1,262
Contribution to the Ponce De Leon Foundation (Note 2)	4,995
Grain write-off and write-down (Note 5)	8,074
Marketing and promotional expenses	71	38
Directors fees	71	69
Regulatory dues	83	60
Other operating expenses	856	1,030
Total non-interest expense	28,074	12,915
(Loss) income before income taxes	(9,768)	3,184
(Benefit) provision for income taxes (Note 9)	(2,948)	732
Net (loss) income	$ (6,820)	$ 2,452
(Loss) earnings per share (Note 11):
Basic	$ (0.31)	$ 0.15
Diluted	$ (0.31)	$ 0.15
Weighted average shares outstanding (Note 11):
Basic	21,721,113	16,548,196
Diluted	21,721,113	16,548,196

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net (loss) income	$ (6,820)	$ 2,452
Net change in unrealized (losses) on available-for-sale securities :
Unrealized losses	(7,108)	(80)
Income benefit effect	1,529	(27)
Total other comprehensive loss, net of tax	(5,579)	(107)
Total comprehensive (loss) income	$ (12,399)	$ 2,345

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Common Stock Restricted Stock Units	Treasury Stock, At Cost	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Unallocated Common Stock of ESOP
Balance at Dec. 31, 2020	$ 159,544	$ 185		$ (18,114)	$ 85,105	$ 97,541	$ 135	$ (5,308)
Balance, Shares at Dec. 31, 2020		17,125,969
Net (loss) income	2,452					2,452
Other comprehensive income (loss), net of tax	(107)						(107)
ESOP shares committed to be released (35,119 shares)	134				13			121
Share-based compensation	352				352
Balance at Mar. 31, 2021	161,204	$ 185		(19,285)	85,470	99,993	28	(5,187)
Balance, Shares at Mar. 31, 2021		17,018,252
Treasury stock	(1,171)			(1,171)
Treasury stock, Shares		(107,717)
Balance at Dec. 31, 2021	189,256	$ 185		(13,687)	85,601	122,956	(1,456)	(4,343)
Balance, Shares at Dec. 31, 2021		17,425,987
Net (loss) income	(6,820)					(6,820)
Other comprehensive income (loss), net of tax	(5,579)						(5,579)
Conversion and reorganization of PDL Community Bancorp	118,010	$ 58			117,952
Conversion and reorganization of PDL Community Bancorp, shares		5,788,972
Retirement of treasury stock		$ (11)		$ 13,687	(13,676)
Purchase of shares by the Employee Stock Ownership Pan ("ESOP')		$ 11			10,963			(10,974)
Purchase of shares by the Employee Stock Ownership Pan ("ESOP'), shares		1,097,353
Issuance of shares to the Ponce De Leon Foundation	3,995	$ 4			3,991
Issuance of shares to the Ponce De Leon Foundation, shares		399,522
Release of restricted stock units, shares			12,440
ESOP shares committed to be released (35,119 shares)	366				61			305
Share-based compensation	351				351
Balance at Mar. 31, 2022	$ 299,579	$ 247			$ 205,243	$ 116,136	$ (7,035)	$ (15,012)
Balance, Shares at Mar. 31, 2022		24,724,274

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement Of Stockholders Equity [Abstract]
Number of ESOP shares committed to be released	35,119	12,063

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Cash Flows From Operating Activities:
Net (loss) income	$ (6,820,000)	$ 2,452,000
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of premiums/discounts on securities, net	67,000	20,000
Gain (loss) on sale of loans	(7,000)	152,000
Gain on sale of real property		(663,000)
Gain on derivatives	(152,000)	(59,000)
Provision for loan losses (Note 5)	1,258,000	686,000	$ 2,717,000
Depreciation and amortization	467,000	603,000
ESOP compensation	375,000	157,000
Share-based compensation expense	356,000	352,000
Deferred income taxes	(2,090,000)	254,000
Changes in assets and liabilities:
Decrease in mortgage loans held for sale, fair value	7,864,000	20,649,000
Increase in accrued interest receivable	(437,000)	(1,151,000)
Decrease in other assets	6,554,000	5,459,000
(Decrease) increase in accrued interest payable	(5,000)	6,000
Increase in advance payments by borrowers	2,504,000	2,245,000
Decrease in mortgage loan funding payable		(807,000)
Increase (decrease) in other liabilities	2,024,000	(7,744,000)
Net cash provided by operating activities	11,958,000	22,611,000
Cash Flows From Investing Activities:
Proceeds from redemption of FHLBNY stock	581,000	399,000
Purchases of FHLBNY Stock		(30,000)
Purchases of available-for-sale securities	(53,385,000)	(14,123,000)
Proceeds from maturities, calls and principal repayments on securities	4,763,000	634,000
Proceeds from sales of loans	3,699,000	880,000
Net increase in loans	(317,000)	(72,504,000)
Proceeds from sale of real property		2,417,000
Purchases of premises and equipment	(130,000)	(3,739,000)
Net cash used in investing activities	(44,789,000)	(86,066,000)
Cash Flows From Financing Activities:
Net (decrease) increase in deposits	(23,551,000)	108,967,000
Repurchase of treasury stock		(1,171,000)
Contribution to the Ponce De Leon Foundation	(1,000,000)
Proceeds from advances from FHLBNY		500,000
Repayments of advances from FHLBNY	(12,880,000)	(8,500,000)
Net advances on warehouse lines of credit	(14,337,000)	(18,297,000)
Net cash (used in) provided by financing activities	(51,768,000)	81,499,000
Net (decrease) increase in cash and cash equivalents	(84,599,000)	18,044,000
Cash and Cash Equivalents including restricted cash:
Beginning	153,894,000	72,078,000	72,078,000
Ending	69,295,000	90,122,000	$ 153,894,000
Supplemental disclosures of cash flow information:
Cash paid for interest on deposits and borrowings	1,685,000	2,279,000
Cash paid for income taxes	$ 42,000	$ 50,000

Nature of Business and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Nature of Business and Summary of Significant Accounting Policies

Note 1.

Nature of Business and Summary of Significant Accounting Policies

Basis of Presentation and Consolidation:

Ponce Financial Group, Inc., as the successor by merger with PDL Community Bancorp pursuant to the completion of the conversion and reorganization of Ponce Bank Mutual Holding Company from the mutual holding company to the stock holding company form of organization that was effective on January 27, 2022 (hereafter referred to as “we,” “our,” “us,” “Ponce Financial Group, Inc.,” or the “Company”), is the holding company of Ponce Bank (“Ponce Bank” or the “Bank”), a federally chartered stock savings association. The Company’s Consolidated Financial Statements presented herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

The Consolidated Financial Statements include the accounts of the Company, its wholly-owned subsidiary Ponce Bank (the “Bank”) and the Bank’s wholly-owned subsidiary, Ponce De Leon Mortgage Corp., which is a mortgage banking entity. All significant intercompany transactions and balances have been eliminated in consolidation.

Nature of Operations:

The Company is a savings and loan holding company. The Company is subject to the regulation and examination by the Board of Governors of the Federal Reserve. The Company’s business is conducted through the administrative office and 13 full service banking and 4 mortgage loan offices. The banking offices are located in New York City – the Bronx (4 branches), Manhattan (2 branches), Queens (3 branches), Brooklyn (3 branches) and Union City (1 branch), New Jersey. The mortgage loan offices are located in Queens (2) and Brooklyn (1), New York and Bergenfield (1), New Jersey. The Company’s primary market area currently consists of the New York City metropolitan area.

The Bank is a federally chartered stock savings association headquartered in the Bronx, New York. It was originally chartered in 1960 as a federally chartered mutual savings and loan association under the name Ponce De Leon Federal Savings and Loan Association. In 1985, the Bank changed its name to “Ponce De Leon Federal Savings Bank.” In 1997, the Bank changed its name again to “Ponce De Leon Federal Bank.” Upon the completion of its reorganization into a mutual holding company structure in September of 2017, the assets and liabilities of Ponce De Leon Federal Bank were transferred to and assumed by the Bank. The Bank is a Minority Depository Institution (“MDI”), a Community Development Financial Institution (“CDFI”), and a certified Small Business Administration (“SBA”) lender. The Bank is subject to comprehensive regulation and examination by the Office of Comptroller of the Currency (the “OCC”).

The Bank’s business primarily consists of taking deposits from the general public and investing those deposits, together with funds generated from operations and borrowings, in mortgage loans, consisting of one-to-four family residential (both investor-owned and owner-occupied), multifamily residential, nonresidential properties and construction and land, and, to a lesser extent, in business and consumer loans. The Bank also invests in securities, which have historically consisted of U.S. government and federal agency securities and securities issued by government-sponsored or owned enterprises, mortgage-backed securities and Federal Home Loan Bank of New York (the “FHLBNY”) stock. The Bank offers a variety of deposit accounts, including demand, savings, money markets and certificates of deposit accounts.

On July 10, 2020, the Company completed its acquisition of Mortgage World Bankers, Inc. (“Mortgage World”). During the year ended December 31, 2021, Mortgage World was a mortgage banking entity subject to the regulation and examination of the New York State Department of Financial Services. The primary business of Mortgage World was the taking of applications from the general public for residential mortgage loans, underwriting them to investors’ standards, closing and funding them and holding them until they were sold to investors. Although Mortgage World was permitted to do business in various states (New York, New Jersey, Pennsylvania, Florida and Connecticut), it primarily operated in the New York City metropolitan area. On January 26, 2022, Mortgage World transferred its assets and liabilities to Ponce Bank and ceased operating as an independent mortgage banking entity. Mortgage World’s business is now conducted as a division of Ponce Bank.

Risks and Uncertainties:

On February 24, 2022, Russian forces launched significant military action against Ukraine, and sustained conflict and disruption in the region is possible. The impact to Ukraine as well as actions taken by other countries, including new and stricter sanctions imposed by Canada, the United Kingdom, the European Union, the U.S. and other countries and companies and organizations against officials, individuals, regions, and industries in Russia, and actions taken by Russia in response to such sanctions, and each country’s potential response to such sanctions, tensions, and military actions could have a material adverse effect on our operations.

Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued)

The coronavirus (“COVID-19”) pandemic continues to disrupt the global and U.S. economies and as well as the lives of individuals throughout the world. The New York City Metropolitan area continues to experience, although to a much lesser extent, cases of the COVID-19 pandemic. Governments, businesses, and the public are still taking actions to address the spread of the COVID-19 pandemic and to mitigate its effects, including vaccinations and masking.

The financial impact of the COVID-19 pandemic may continue to adversely impact several industries within our geographic footprint and impair the ability of the Company’s customers to fulfill their contractual obligations to the Company. This could cause the Company to experience adverse effects on its business operations, loan portfolio, financial condition, and results of operations. During the three months ended March 31, 2022, the provision for loan losses amounted to $1.3 million primarily due to increases in qualitative reserves as the Company continues to assess the economic impacts the COVID-19 pandemic, inflation and increase in interest rates has on our local economy and our loan portfolio.

Summary of Significant Accounting Policies:

Use of Estimates: In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, as of the date of the consolidated statement of financial condition, and revenues and expenses for the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, the valuation of loans held for sale, the valuation of deferred tax assets and investment securities and the estimates relating to the valuation for share-based awards.

Interim Financial Statements: The interim consolidated financial statements at March 31, 2022, and for the three months ended March 31, 2022 and 2021 are unaudited and reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. The results of operations for the three months ended March 31, 2022, are not necessarily indicative of the results to be achieved for the remainder of the year ending December 31, 2022, or any other period.

Significant Group Concentrations of Credit Risk: Most of the Bank's activities are with customers located within New York City. Accordingly, the ultimate collectability of a substantial portion of the Bank's loan portfolio and Mortgage World’s, a division of the Bank, ability to sell originated loans in the secondary markets are susceptible to changes in the local market conditions. Note 4 discusses the types of securities that the Bank invests in. Notes 5 and 12 discuss the types of lending that the Bank engages in, and other concentrations.

Cash and Cash Equivalents: Cash and cash equivalents include cash on hand and amounts due from banks (including items in process of clearing). For purposes of reporting cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. Cash flows from loans originated by the Company, interest-bearing deposits in financial institutions, and deposits are reported net. Included in cash and cash equivalents are restricted cash from escrows and good faith deposits. Escrows consist of U.S. Department of Housing and Urban Development (“HUD”) upfront mortgage insurance premiums and escrows on unsold mortgages that are held on behalf of borrowers. Good faith deposits consist of deposits received from commercial loan customers for use in various disbursements relating to the closing of a commercial loan. Restricted cash are included in cash and cash equivalents for purposes of the consolidated statement of cash flows.

Securities: Management determines the appropriate classification of securities at the date individual investment securities are acquired, and the appropriateness of such classification is reassessed at each statement of financial condition date.

Debt securities that management has the positive intent and ability to hold to maturity, if any, are classified as "held-to-maturity" and recorded at amortized cost. Trading securities, if any, are carried at fair value, with unrealized gains and losses recognized in earnings. Securities not classified as held-to-maturity or trading, are classified as "available-for-sale" and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss), net of tax. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities.

Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued)

Management evaluates securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the consolidated statements of operations and 2) OTTI related to other factors, which is recognized in other comprehensive income.

The credit loss is defined as the difference between the discounted present value of the cash flows expected to be collected and the amortized cost basis. For equity securities, the entire amount of impairment is recognized through earnings.

Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific-identification method. The sale of a held-to-maturity security within three months of its maturity date or after collection of at least 85% of the principal outstanding at the time the security was acquired is considered a maturity for purposes of classification and disclosure.

Federal Home Loan Bank of New York Stock: The Bank is a member of the FHLBNY. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLBNY stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income.

Loans Receivable: Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at current unpaid principal balances, net of the allowance for loan losses and including net deferred loan origination fees and costs.

Interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the interest method without anticipating prepayments.

A loan is moved to nonaccrual status in accordance with the Company’s policy typically after 90 days of non-payment. The accrual of interest on mortgage and commercial loans is generally discontinued at the time the loan becomes 90 days past due unless the loan is well-secured and in process of collection. Consumer loans are typically charged-off no later than 120 days past due. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual status or charged-off if collection of principal or interest is considered doubtful. All nonaccrual loans are considered impaired loans.

All interest accrued but not received for loans placed on nonaccrual are reversed against interest income. Interest received on such loans is accounted for on the cash basis or recorded against principal balances, until qualifying for return to accrual. Cash basis interest recognition is only applied on nonaccrual loans with a sufficient collateral margin to ensure no doubt with respect to the collectability of principal. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and remain current for a period of time (typically six months) and future payments are reasonably assured. Accrued interest receivable is closely monitored for collectability and will be charged-off in a timely manner if deemed uncollectable.

Allowance for Loan Losses: The allowance for loan losses (“ALLL”) is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged-off. The Company’s assessment of the economic impact of the COVID-19 pandemic, inflation and interest rates on borrowers indicates that it is likely that it will be a detriment to their ability to repay in the short-term and that the likelihood of long-term detrimental effects depends significantly on the resumption of normalized economic activities, a factor not yet determinable.

The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired.

Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed.

Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued)

Impaired loans are measured for impairment using the fair value of the collateral, present value of cash flows, or the observable market price of the note. Impairment measurement for all collateral dependent loans, excluding accruing troubled debt restructurings, is based on the fair value of collateral, less costs to sell, if necessary. A loan is considered collateral dependent if repayment of the loan is expected to be provided solely by the sale or the operation of the underlying collateral.

When a loan is modified to troubled debt restructuring, management evaluates for any possible impairment using either the discounted cash flows method, where the value of the modified loan is based on the present value of expected cash flows, discounted at the contractual interest rate of the original loan agreement, or by using the fair value of the collateral less selling costs, if repayment under the modified terms becomes doubtful.

The general component covers non‑impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced over a rolling 12 quarter average period. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and, effects of changes in credit concentrations.

When establishing the allowance for loan losses, management categorizes loans into risk categories reflecting individual borrower earnings, liquidity, leverage and cash flow, as well as the nature of underlying collateral. These risk categories and relevant risk characteristics are as follows:

Residential and Multifamily Mortgage Loans: Residential and multifamily mortgage loans are secured by first mortgages. These loans are typically underwritten with loan-to-value ratios ranging from 65% to 90%. The primary risks involved in residential mortgages are the borrower’s loss of employment, or other significant event, that negatively impacts the source of repayment. Additionally, a serious decline in home values could jeopardize repayment in the event that the underlying collateral needs to be liquidated to pay-off the loan.

Nonresidential Mortgage Loans: Nonresidential mortgage loans are primarily secured by commercial buildings, office and industrial buildings, warehouses, small retail shopping centers and various special purpose properties, including hotels, restaurants and nursing homes. These loans are typically underwritten at no more than 75% loan-to-value ratio. Although terms vary, commercial real estate loans generally have amortization periods of 15 to 30 years, as well as balloon payments of 10 to 15 years, and terms which provide that the interest rates are adjusted on a 5-year schedule.

Construction and Land Loans: Construction real estate loans consist of vacant land and property that is in the process of improvement. Repayment of these loans can be dependent on the sale of the property to third parties or the successful completion of the improvements by the builder for the end user. In the event a loan is made on property that is not yet improved for the planned development, there is the risk that government approvals will not be granted or will be delayed. Construction loans also run the risk that improvements will not be completed on time or in accordance with specifications and projected costs. Construction real estate loans generally have terms of six months to two years during the construction period with fixed rates or interest rates based on a designated index.

Business Loans: Business loans are loans for commercial, corporate and business purposes, including issuing letters of credit. These loans are secured by business assets or may be unsecured and repayment is directly dependent on the successful operation of the borrower’s business and the borrower’s ability to convert the assets to operating revenue. They possess greater risk than most other types of loans because the repayment capacity of the borrower may become inadequate. Business loans generally have terms of five to seven years or less and interest rates that float in accordance with a designated published index. Substantially, all such loans are backed by the personal guarantees of the owners of the business.

Consumer Loans: Consumer loans generally have higher interest rates than mortgage loans. The risk involved in consumer loans is the type and nature of the collateral and, in certain cases, the absence of collateral. Consumer loans include passbook loans and other secured and unsecured loans that have been made for a variety of consumer purposes. Included in consumer loans are loans related to Grain.

Mortgage Loans Held for Sale, at Fair Value: Mortgage loans held for sale, at fair value, include residential mortgages that were originated in accordance with secondary market pricing and underwriting standards. These loans are loans originated by the Bank’s Mortgage World division and the Company intends to sell these loans on the secondary market. Mortgage loans held for sale are carried at fair value under the fair value option accounting guidance for financial assets and financial liabilities. The gains or losses for the changes in fair value of these loans are included in income on sale of mortgage loans on the consolidated statements of operations. Interest income on mortgage loans held for sale measured under the fair value option is calculated based on the principal amount of the loan and is included in interest loans receivable on the consolidated statements of operations.

Derivative Financial Instruments: The Company, through the Bank’s Mortgage World division, uses derivative financial instruments as a part of its price risk management activities. All such derivative financial instruments are designated as free-standing derivative instruments. In accordance with FASB ASC 815-25, Derivatives and Hedging, all derivative instruments are recognized as assets or liabilities on the balance sheet at their fair value. Change in the fair value of these derivatives is reported in current period earnings.

Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued)

Additionally, to facilitate the sale of mortgage loans, the Bank, through its Mortgage World division, may enter into forward sale positions on securities, and mandatory delivery positions. Exposure to losses or gains on these positions is limited to the net difference between the calculated amounts to be received and paid. As of March 31, 2022, the Company did not enter into any forward sale or mandatory delivery positions on their financial instruments.

Revenue from Contracts with Customers: The Company’s revenue from contracts with customers in the scope of ASC 606, Revenue from Contract with Customers, is recognized within noninterest income. ASC 606 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. Management determined the revenue streams impacted by ASC 606 included those related to service charges on deposit accounts, ATM and card fees and other services fees. The Company’s revenue recognition pattern for these revenue streams did not change from current practice. The Company's primary sources of revenue are interest income on financial assets and income from mortgage banking activities, which are explicitly excluded from the scope of ASC 606.

COVID-19 Pandemic and the CARES Act: On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law. Section 4013 of the CARES Act, “Temporary Relief from Troubled Debt Restructurings,” provides banks the option to temporarily suspend certain requirements under GAAP related to troubled debt restructurings (“TDR”) for a limited period of time to account for the effects of the COVID-19 pandemic. Additionally, on April 7, 2020, the banking agencies, including the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency, issued a statement, “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working With Customers Affected by the Coronavirus (Revised)” (“Interagency Statement”), to encourage banks to work prudently with borrowers and to describe the agencies’ interpretation of how accounting rules under ASC 310-40, “Troubled Debt Restructurings by Creditors,” apply to certain of the COVID-19 pandemic related modifications. Further, on August 3, 2020, the Federal Financial Institutions Examination Council issued a Joint Statement on Additional Loan Accommodations related to the COVID-19 pandemic, to provide prudent risk management and consumer protection principles for financial institutions to consider while working with borrowers as loans near the end of initial loan accommodation periods.

Under Section 4013 of the CARES Act, modifications of loan terms do not automatically result in TDRs and the Company generally does not need to categorize the COVID-19 pandemic-related modifications as TDRs. The Company may elect not to categorize loan modifications as TDRs if they are (1) related to the COVID-19 pandemic; (2) executed on a loan that was not more than 30 days past due as of December 31, 2019; and (3) executed between March 1, 2020, and the earlier of (A) 60 days after the date of termination of the National Emergency or (B) December 31, 2020. This relief was extended by the Consolidated Appropriations Act enacted on December 27, 2020 to the earlier of January 1, 2022 or 60 days after the termination of the national emergency. This relief was not extended beyond January 1, 2022 and the Bank has made appropriate adjustments which are not material. Federal banking agencies were required to defer to the determination of the banks making such election.

This includes short-term (e.g., six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. Financial institutions accounting for eligible loans under Section 4013 are not required to apply ASC Subtopic 310-40 to the Section 4013 loans for the term of the loan modification. Financial institutions do not have to report Section 4013 loans as TDRs in regulatory reports, including this Form 10-K. The Company has chosen to utilize this section of the CARES Act and does not report the COVID-19 pandemic related modifications as TDRs.

Transfers of Financial Assets: Transfers of financial assets are accounted for as sales when all of the components meet the definition of a participating interest and when control over the assets has been surrendered. A participating interest generally represents (1) a proportionate (pro rata) ownership interest in an entire financial asset, (2) a relationship where from the date of transfer all cash flows received from the entire financial asset are divided proportionately among the participating interest holders in an amount equal to their share of ownership, (3) the priority of cash flows has certain characteristics, including no reduction in priority, subordination of interest, or recourse to the transferor other than standard representation or warranties, and (4) no party has the right to pledge or exchange the entire financial asset unless all participating interest holders agree to pledge or exchange the entire financial asset. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Bank, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Bank does not maintain effective control over the transferred assets through either (a) an agreement to repurchase them before their maturity or (b) the ability to unilaterally cause the holder to return specific assets, other than through a clean-up call.

Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued)

Premises and Equipment: Premises and equipment are stated at cost, less accumulated depreciation.

Depreciation is computed and charged to operations using the straight-line method over the estimated useful lives of the respective assets as follows:

		Years
Buildings		39
Building improvements		15 - 39
Furniture, fixtures, and equipment		3 - 10

Leasehold improvements are amortized over the shorter of the improvements’ estimated economic lives or the related lease terms, including extensions expected to be exercised. Gains and losses on dispositions are recognized upon realization. Maintenance and repairs are expensed as incurred and improvements are capitalized. Leasehold improvements in process are not amortized until the assets are placed in operation.

Impairment of Long-Lived Assets: Long-lived assets, including premises and leasehold improvements, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If impairment is indicated by that review, the asset is written down to its estimated fair value through a charge to noninterest expense.

Other Real Estate Owned: Other Real Estate Owned (“OREO”) represents properties acquired through, or in lieu of, loan foreclosure or other proceedings. OREO is initially recorded at fair value, less estimated disposal costs, at the date of foreclosure, which establishes a new cost basis. After foreclosure, the properties are held for sale and are carried at the lower of cost or fair value, less estimated costs of disposal. Any write-down to fair value, at the time of transfer to OREO, is charged to the allowance for loan losses.

Properties are evaluated regularly to ensure that the recorded amounts are supported by current fair values and charges against earnings are recorded as necessary to reduce the carrying amount to fair value, less estimated costs to dispose. Costs relating to the development and improvement of the property are capitalized, subject to the limit of fair value of the OREO, while costs relating to holding the property are expensed. Gains or losses are included in operations upon disposal.

Income Taxes: The Company recognizes income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income, in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that all or some portion of the deferred tax assets will not be realized.

When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the consolidated financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits along with any associated interest and penalties that would be payable to the taxing authorities upon examination.

Interest and penalties associated with unrecognized tax benefits, if any, would be classified as additional provision for income taxes in the consolidated statements of operations.

Related Party Transactions: Directors and officers of the Company and their affiliates have been customers of and have had transactions with the Company, and it is expected that such persons will continue to have such transactions in the future. Management believes that all deposit accounts, loans, services and commitments comprising such transactions were made in the ordinary course of business, on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other customers who are not directors or officers. In the opinion of management, the transactions with related parties did not involve more than normal risk of collectability, nor favored treatment or terms, nor present other unfavorable features. Note 16 contains details regarding related party transactions.

Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued)

Employee Benefit Plans: The Company maintains a KSOP, an Employee Stock Ownership Plan with 401(k) provisions incorporated, a Long-Term Incentive Plan that includes grants of restricted stock units and stock options, and a Supplemental Executive Retirement Plan (the “SERP”).

KSOP, the Employee Stock Ownership Plan with 401(k) Provisions: Compensation expense is recorded as shares are committed to be released with a corresponding credit to unearned KSOP equity account at the average fair market value of the shares during the period and the shares become outstanding for earnings per share computations. Compensation expense is recognized ratably over the service period based upon management’s estimate of the number of shares expected to be allocated by the KSOP. The difference between the average fair market value and the cost of the shares allocated by the KSOP is recorded as an adjustment to additional paid-in-capital. Unallocated common shares held by the Company’s KSOP are shown as a reduction in stockholders’ equity and are excluded from weighted-average common shares outstanding for both basic and diluted earnings per share calculations until they are committed to be released. The 401(k) provisions provide for elective employee/participant deferrals of income. Discretionary matching, profit-sharing, and safe harbor contributions, not to exceed 4% of employee compensation and profit-sharing contributions may be provided.

Stock Options: The Company recognizes the value of shared-based payment transactions as compensation costs in the financial statements over the period that an employee provides service in exchange for the award. The fair value of the share-based payments for stock options is estimated using the Black-Scholes option-pricing model. The Company accounts for forfeitures as they occur during the period.

Restricted Stock Units: The Company recognizes compensation cost related to restricted stock units based on the market price of the stock units at the grant date over the vesting period. The product of the number of units granted and the grant date market price of the Company’s common stock determines the fair value of restricted stock units. The Company recognizes compensation expense for the fair value of the restricted stock units on a straight-line basis over the requisite service period.

Comprehensive Income (Loss): Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss), which are both recognized as separate components of stockholder’s equity. Other comprehensive income (loss) includes unrealized gains and losses on securities available-for-sale.

Loss Contingencies: Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are any such matters that will have a material effect on the operations and financial position of the Company.

Fair Value of Financial Instruments: Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 13. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates.

Segment Reporting: The Company has two reportable segments: the Bank and, for the three months ended March 31, 2021, Mortgage World, and for the three months ended March 31, 2022, Mortgage World as a division of the Bank. Income from the Bank consists primarily of interest and fees earned on loans and investment securities and service charges on deposit accounts. Income from Mortgage World consists primarily of taking of applications from the general public for residential mortgage loans, underwriting them to investors’ standards, closing and funding them and holding them until they are sold to investors.

Loan Commitments and Related Financial Instruments: Financial instruments include off‑balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded.

Earnings (Loss) per Share (“EPS”): Basic EPS represents net income (loss) attributable to common shareholders divided by the basic weighted average common shares outstanding. Diluted EPS is computed by dividing net income (loss) attributable to common shareholders by the basic weighted average common shares outstanding, plus the effect of potential dilutive common stock equivalents outstanding during the period. Basic weighted common shares outstanding is weighted average common shares outstanding less weighted average unallocated ESOP shares.

Treasury Stock: Shares repurchased under the Company’s share repurchase programs were purchased in open-market transactions and are held as treasury stock. The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders’ equity.

Reclassification of Prior Year Presentation: Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reporting results of operations and did not affect previously reported amounts in the Consolidated Statements of Operations.

Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued)

Recent Accounting Pronouncements:

As an emerging growth company (“EGC”) as defined in Rule 12b-2 of the Exchange Act, the Company has elected to use the extended transition period to delay the adoption of new or reissued accounting pronouncements applicable to public business entities until such pronouncements are made applicable to nonpublic business entities. The Company will be exiting the EGC status as of December 31, 2022. As of March 31, 2022, there is no significant difference in the comparability of the consolidated financial statements as a result of this extended transition period.

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” This ASU requires all lessees to recognize a lease liability and a right-of-use asset, measured at the present value of the future minimum lease payments, at the lease commencement date. Lessor accounting remains largely unchanged under the new guidance. The guidance is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that reporting period, for public business entities. As the Company is taking advantage of the extended transition period for complying with new or revised accounting standards assuming it remains an EGC, it will adopt the amendments in this update for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022.

The Company has begun its evaluation of the amended guidance including the potential impact on its consolidated financial statements. To date, the Company has identified its leased office spaces as within the scope of the guidance. The Company currently leases its administrative office and 16 branches and mortgage offices and the new guidance will result in the establishment of a right to use asset and corresponding lease obligations. The Company continues to evaluate the impact of the guidance, including determining whether other contracts exist that are deemed to be in scope and subsequent related accounting standard updates. The Company has established a project committee and has initiated training on ASU 2016-02. The Company is performing preliminary computations of its right to use asset and corresponding lease obligations for the operating leases of its administrative office and 16 leased branches and mortgage offices. The Company is utilizing a new lease accounting tool to assist in the computations of its right to use asset and corresponding lease obligations for the operating leases. The Company will adopt this standard at the end of December 2022 and anticipates recognizing approximately $34.3 million of right of use asset and approximately $35.5 million of operating lease liability.

In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” This ASU significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard is to replace today’s “incurred loss” approach with an “expected loss” model. The new model, referred to as the current expected credit loss (“CECL”) model, is to apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes, but is not limited to, loans, leases, held-to-maturity securities, loan commitments and financial guarantees. The CECL model does not apply to available-for-sale (“AFS”) debt securities. For AFS debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. As a result, entities will recognize improvements to estimated credit losses immediately in earnings rather than as interest income over time, as they do today. The ASU also reportedly simplifies the accounting model for purchased credit-impaired debt, securities and loans. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models and methods for estimating the allowance for loan and lease losses. In addition, entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years, for public business entities, that are not deemed to be smaller reporting companies as defined by the SEC as of November 15, 2019. As the Company is taking advantage of the extended transition period for complying with new or revised accounting standards assuming it remains an EGC, it will adopt the amendments in this update for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Entities have to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., modified retrospective approach).

Although early adoption is permitted, the Company does not expect to elect that option. The Company has begun its evaluation of the amended guidance including the potential impact on its consolidated financial statements. As a result of the required change in approach toward determining estimated credit losses from the current “incurred loss” model to one based on estimated cash flows over a loan’s contractual life, adjusted for prepayments (a “life of loan” model), the Company expects that the new guidance will result in an increase in the allowance for loan losses, particularly for longer duration loan portfolios. The Company also expects that the new guidance may result in an allowance for available-for-sale debt securities. The Company has selected the CECL model and has begun running scenarios. In both cases, the extent of the change is indeterminable at this time as it will be dependent upon portfolio composition and credit quality at the adoption date, as well as economic conditions and forecasts at that time.

Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued)

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848).” This ASU provides optional means and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference LIBOR or other reference rates expected to be discontinued because of the reference rate reform. The amendments in this ASU are effective for all entities as of March 12, 2020 through December 31, 2022. The Company believes this update will not have a material impact on the consolidated financial statements.

Plan of Conversion and Stock Offering

3 Months Ended

Mar. 31, 2022

Plan Of Conversion And Stock Offering [Abstract]

Plan of Conversion and Stock Offering

Note 2.Plan of Conversion and Stock Offering

On May 25, 2021, Ponce Bank Mutual Holding Company and PDL Community Bancorp, the then holding company for Ponce Bank and Mortgage World Bankers, Inc., announced that their Boards of Directors had unanimously adopted a Plan of Conversion and Reorganization (the “Plan”) pursuant to which Ponce Bank Mutual Holding Company and PDL Community Bancorp reorganized into a new stock holding company and conducted a second-step stock offering of new shares of common stock.

On January 26, 2022, Mortgage World transferred its assets and liabilities to Ponce Bank and ceased operating as an independent mortgage banking entity. Mortgage World’s business is now conducted as a division of Ponce Bank.

On January 27, 2022, Ponce Financial Group, Inc. and PDL Community Bancorp announced that the conversion and reorganization of Ponce Bank Mutual Holding Company from the mutual to stock form of organization and related stock offering was consummated at the close of business. As a result of the closing of the conversion and reorganization and stock offering, Ponce Financial Group, Inc. is now the holding company for Ponce Bank. Ponce Bank’s former mutual holding companies, PDL Community Bancorp and Ponce Bank Mutual Holding Company, have ceased to exist.

PDL Community Bancorp’s stock ceased trading at the close of the market on January 27, 2022. Ponce Financial Group, Inc.’s common stock began trading on the Nasdaq Global Market under the same trading symbol “PDLB” on January 28, 2022.

As a result of the conversion and reorganization, each issued and outstanding share of PDL Community Bancorp common stock was converted into the right to receive 1.3952 shares of Ponce Financial Group, Inc. common stock. Cash was paid in lieu of any fractional shares based on the sale price in the offering of $10.00 per share. Ponce Financial Group Inc.’s total issued and outstanding shares on January 28, 2022 was 24,711,834 shares. All shares of treasury stock of PDL Community Bancorp were eliminated on January 27, 2022.

At December 31, 2021, cash and cash equivalents included $122.0 million received in connection with the conversion and reorganization and was reflected as a separate liability on the Company’s Consolidated Statements of Financial Condition. As of January 27, 2022, these funds were reclassified as proceeds from the sale of the Company’s common stock.

On January 27, 2022, the Company made a $5.0 million contribution to the Ponce De Leon Foundation as part of the conversion and reorganization, which is included in the non-interest expense for the three months ended March 31, 2022, in the accompanying Consolidated Statements of Operations.

Restrictions on Cash and Due from Banks

3 Months Ended

Mar. 31, 2022

Cash And Cash Equivalents [Abstract]

Restrictions on Cash and Due from Banks

Note 3.

Restrictions on Cash and Due from Banks

The Bank was previously required to maintain reserve balances in cash or on deposit with the Federal Reserve Bank, based on a percentage of deposits. Effective March 26, 2020, the Federal Reserve Board eliminated reserve requirement for depository institutions to support lending to households and businesses.

Available-for-Sale Securities

3 Months Ended

Mar. 31, 2022

Investments Debt And Equity Securities [Abstract]

Available-for-Sale Securities

Note 4.

Available-for-Sale Securities

The amortized cost, gross unrealized gains and losses, and fair value of securities at March 31, 2022 and December 31, 2021 are summarized as follows:

	March 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds	$	2,982	$	—	$	(149	)	$	2,833
Corporate Bonds		25,849		133		(881	)		25,101
Mortgage-Backed Securities:
Collateralized Mortgage Obligations ⁽¹⁾		49,276		—		(2,545	)		46,731
FNMA Certificates		85,328				(5,361	)		79,967
GNMA Certificates		163		4		—			167
Total available-for-sale securities	$	163,598	$	137	$	(8,936	)	$	154,799

Held-to-Maturity Securities:
FHLMC Certificates	$	927	$	—	$	(59	)	$	868
Total held-to-maturity securities	$	927	$	—	$	(59	)	$	868

(1)

Comprised of Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Ginnie Mae (“GNMA”) issued securities.

	December 31, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds	$	2,981	$	—	$	(47	)	$	2,934
Corporate Bonds		21,243		144		(203	)		21,184
Mortgage-Backed Securities:
Collateralized Mortgage Obligations ⁽¹⁾		18,845		—		(497	)		18,348
FNMA Certificates		71,930		—		(1,231	)		70,699
GNMA Certificates		175		6		—			181
Total available-for-sale securities	$	115,174	$	150	$	(1,978	)	$	113,346

Held-to-Maturity Securities:
FHLMC Certificates	$	934	$	—	$	(20	)	$	914
Total held-to-maturity securities	$	934	$	—	$	(20	)	$	914

(1) Comprised of FHLMC, FNMA and GNMA issued securities.

Note 4.Available-for-Sale Securities (Continued)

There was one security classified as held-to-maturity as of March 31, 2022 and December 31, 2021. There were no available-for-sale and held-to-maturity securities sold during the three months ended March 31, 2022. There were two available-for-sale securities in the amount of $3.6 million and no held-to-maturity securities sold during the year ended December 31, 2021. One security in the amount of $455,000 matured and was called during the three months ended March 31, 2022 and one security in the amount of $2.7 million matured and was called during the year ended December 31, 2021. The Company purchased $53.4 million in available-for-sale securities during the three months ended March 31, 2022 and $109.9 million in available-for-sale securities during the year ended December 31, 2021.

The following table presents the Company's gross unrealized losses and fair values of its securities, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at March 31, 2022 and December 31, 2021:

	March 31, 2022
	Securities With Gross Unrealized Losses
	Less Than 12 Months					12 Months or More					Total		Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds	$	2,833	$	(149	)	$	—	$	—		$	2,833	$	(149	)
Corporate Bonds		19,695		(881	)		—		—			19,695		(881	)
Mortgage-Backed
Collateralized Mortgage Obligations		41,714		(1,891	)		5,017		(654	)		46,731		(2,545	)
FNMA Certificates		76,407		(5,151	)		3,560		(210	)		79,967		(5,361	)
Total available-for-sale securities	$	140,649	$	(8,072	)	$	8,577	$	(864	)	$	149,226	$	(8,936	)
Held-to-Maturity Securities:
FHLMC Certificates	$	—	$	—		$	868	$	(59	)	$	868	$	(59	)
Total held-to-maturity securities	$	—	$	—		$	868	$	(59	)	$	868	$	(59	)

	December 31, 2021
	Securities With Gross Unrealized Losses
	Less Than 12 Months					12 Months or More					Total		Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds	$	2,934	$	(47	)	$	—	$	—		$	2,934	$	(47	)
Corporate Bonds		15,297		(203	)		—		—			15,297		(203	)
Mortgage-Backed
Collateralized Mortgage Obligations		16,034		(419	)		2,314		(78	)		18,348		(497	)
FNMA Certificates		70,699		(1,231	)		—		—			70,699		(1,231	)
Total available-for-sale securities	$	104,964	$	(1,900	)	$	2,314	$	(78	)	$	107,278	$	(1,978	)
Held-to-Maturity Securities:
FHLMC Certificates	$	914	$	(20	)	$	—	$	—		$	914	$	(20	)
Total held-to-maturity securities	$	914	$	(20	)	$	—	$	—		$	914	$	(20	)

Note 4.Available-for-Sale Securities (Continued)

The Company’s investment portfolio had 42 and 29 available-for-sale securities at March 31, 2022 and December 31, 2021, respectively, and one held-to-maturity security at March 31, 2022 and December 31, 2021. At March 31, 2022 and December 31, 2021, the Company had 38 and 23 available-for-sale securities, respectively, and one held-to-maturity security at March 31, 2022 and December 31, 2021 with gross unrealized loss positions. Management reviewed the financial condition of the entities underlying the securities at both March 31, 2022 and December 31, 2021 and determined that they are not other than temporarily impaired because the unrealized losses in those securities relate to market interest rate changes. The Company has the ability to hold them and does not have the intent to sell these securities, and it is not more likely than not that the Company will be required to sell these securities, before recovery of the cost basis. In addition, management also considers the issuers of the securities to be financially sound and believes the Company will receive all contractual principal and interest related to these investments.

The following is a summary of maturities of securities at March 31, 2022 and December 31, 2021. Amounts are shown by contractual maturity. Because borrowers for mortgage-backed securities have the right to prepay obligations with or without prepayment penalties, at any time, these securities are included as a total within the table.

	March 31, 2022
	Amortized		Fair
	Cost		Value
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds:
Amounts maturing:
Three months or less	$	—	$	—
More than three months through one year		—		—
More than one year through five years		2,982		2,833
More than five years through ten years		—		—
		2,982		2,833
Corporate Bonds:
Amounts maturing:
Three months or less	$	—	$	—
More than three months through one year		—		—
More than one year through five years		4,000		3,801
More than five years through ten years		21,849		21,300
		25,849		25,101
Mortgage-Backed Securities		134,767		126,865
Total available-for-sale securities	$	163,598	$	154,799
Held-to-Maturity Securities:
FHLMC Certificates	$	927	$	868
Total held-to-maturity securities	$	927	$	868

Note 4.Available-for-Sale Securities (Continued)

	December 31, 2021
	Amortized		Fair
	Cost		Value
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds:
Amounts maturing:
Three months or less	$	—	$	—
More than three months through one year		—		—
More than one year through five years		2,981		2,934
More than five years through ten years		—		—
		2,981		2,934
Corporate Bonds:
Amounts maturing:
Three months or less	$	—	$	—
More than three months through one year		—		—
More than one year through five years		4,445		4,381
More than five years through ten years		16,798		16,803
		21,243		21,184
Mortgage-Backed Securities		90,950		89,228
Total available-for-sale securities	$	115,174	$	113,346
Held-to-Maturity Securities:
FHLMC Certificates	$	934	$	914
Total held-to-maturity securities	$	934	$	914

There were no securities pledged at March 31, 2022 and December 31, 2021.

The held-to-maturity securities held at March 31, 2022 and December 31, 2021 will mature on October 1, 2050.

Loans Receivable and Allowance for Loan Losses

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Loans Receivable and Allowance for Loan Losses

Note 5.

Loans Receivable and Allowance for Loan Losses

Loans receivable at March 31, 2022 and December 31, 2021 are summarized as follows:

	March 31,			December 31,
	2022			2021
	(in thousands)
Mortgage loans:
1-4 Family residential
Investor-Owned	$	323,442		$	317,304
Owner-Occupied		95,234			96,947
Multifamily residential		368,133			348,300
Nonresidential properties		251,893			239,691
Construction and land		144,881			134,651
Total mortgage loans		1,183,583			1,136,893
Nonmortgage loans:
Business loans ⁽¹⁾		100,253			150,512
Consumer loans ⁽²⁾		31,899			34,693
Total non-mortgage loans		132,152			185,205
Total loans, gross		1,315,735			1,322,098
Net deferred loan origination costs		1,604			(668	)
Allowance for loan losses		(16,893	)		(16,352	)
Loans receivable, net	$	1,300,446		$	1,305,078

(1)

As of March 31, 2022 and December 31, 2021, business loans include $86.0 million and $136.8 million, respectively, of SBA Paycheck Protection Program (“PPP”) loans.

(2)

As of March 31, 2022 and December 31, 2021, consumer loans include $31.0 million and $33.9 million, respectively, of microloans originated by the Bank through a mobile application of Grain Technologies, LLC (“Grain”) that is geared to the underbanked and new generations entering the financial services market and uses non-traditional underwriting methodologies.

The Company’s lending activities are conducted principally in metropolitan New York City. The Company primarily grants loans secured by real estate to individuals and businesses pursuant to an established credit policy applicable to each type of lending activity in which it engages. Although collateral provides assurance as a secondary source of repayment, the Company ordinarily requires the primary source of repayment to be based on the borrowers’ ability to generate continuing cash flows. The Company also evaluates the collateral and creditworthiness of each customer. The credit policy provides that depending on the borrowers’ creditworthiness and type of collateral, credit may be extended up to predetermined percentages of the market value of the collateral or on an unsecured basis. Real estate is the primary form of collateral. Other important forms of collateral are time deposits and marketable securities.

For disclosures related to the allowance for loan losses and credit quality, the Company does not have any disaggregated classes of loans below the segment level.

Credit-Quality Indicators: Internally assigned risk ratings are used as credit-quality indicators, which are reviewed by management on a quarterly basis.

The objectives of the Company’s risk-rating system are to provide the Board of Directors and senior management with an objective assessment of the overall quality of the loan portfolio, to promptly and accurately identify loans with well-defined credit weaknesses so that timely action can be taken to minimize credit loss, to identify relevant trends affecting the collectability of the loan portfolio, to isolate potential problem areas and to provide essential information for determining the adequacy of the allowance for loan losses.

Note 5.

Loans Receivable and Allowance for Loan Losses (Continued)

Below are the definitions of the internally assigned risk ratings:

•

Strong Pass – Loans to a new or existing borrower collateralized at least 90 percent by an unimpaired deposit account at the Company.

•

Good Pass – Loans to a new or existing borrower in a well-established enterprise in excellent financial condition with strong liquidity and a history of consistently high level of earnings, cash flow and debt service capacity.

•

Satisfactory Pass – Loans to a new or existing borrower of average strength with acceptable financial condition, satisfactory record of earnings and sufficient historical and projected cash flow to service the debt.

•

Performance Pass – Existing loans that evidence strong payment history but document less than average strength, financial condition, record of earnings, or projected cash flows with which to service the debt.

•

Special Mention – Loans in this category are currently protected but show one or more potential weaknesses and risks which may inadequately protect collectability or borrower’s ability to meet repayment terms at some future date if the weakness or weaknesses are not monitored or remediated.

•

Substandard – Loans that are inadequately protected by the repayment capacity of the borrower or the current sound net worth of the collateral pledged, if any. Loans in this category have well defined weaknesses and risks that jeopardize the repayment. They are characterized by the distinct possibility that some loss may be sustained if the deficiencies are not remediated.

•

Doubtful – Loans that have all the weaknesses of loans classified as “Substandard” with the added characteristics that the weaknesses make collection or liquidation in full, on the basis of current existing facts, conditions, and values, highly questionable and improbable.

Loans within the top four categories above are considered pass rated, as commonly defined. Risk ratings are assigned as necessary to differentiate risk within the portfolio. Risk ratings are reviewed on an ongoing basis and revised to reflect changes in the borrowers’ financial condition and outlook, debt service coverage capability, repayment performance, collateral value and coverage as well as other considerations.

The following tables present credit risk ratings by loan segment as of March 31, 2022 and December 31, 2021:

	March 31, 2022
	Mortgage Loans								Nonmortgage Loans
							Construction						Total
	1-4 Family		Multifamily		Nonresidential		and Land		Business		Consumer		Loans
	(in thousands)
Risk Rating:
Pass	$	407,132	$	361,069	$	249,492	$	137,314	$	100,253	$	31,899	$	1,287,159
Special mention		1,502		5,301		—		—		—		—		6,803
Substandard		10,042		1,763		2,401		7,567		—		—		21,773
Total	$	418,676	$	368,133	$	251,893	$	144,881	$	100,253	$	31,899	$	1,315,735

	December 31, 2021
	Mortgage Loans								Nonmortgage Loans
							Construction						Total
	1-4 Family		Multifamily		Nonresidential		and Land		Business		Consumer		Loans
	(in thousands)
Risk Rating:
Pass	$	402,276	$	339,047	$	237,371	$	127,084	$	150,512	$	34,693	$	1,290,983
Special mention		1,820		5,328		—		6,650		—		—		13,798
Substandard		10,155		3,925		2,320		917		—		—		17,317
Total	$	414,251	$	348,300	$	239,691	$	134,651	$	150,512	$	34,693	$	1,322,098

Note 5.Loans Receivable and Allowance for Loan Losses (Continued)

An aging analysis of loans, as of March 31, 2022 and December 31, 2021, is as follows:

	March 31, 2022
			30-59		60-89		90 Days						90 Days
			Days		Days		or More				Nonaccrual		or More
	Current		Past Due		Past Due		Past Due		Total		Loans		Accruing
	(in thousands)
Mortgage loans:
1-4 Family residential
Investor-Owned	$	319,129	$	3,645	$	—	$	668	$	323,442	$	3,826	$	—
Owner-Occupied		92,760		675		—		1,799		95,234		3,154		—
Multifamily residential		368,133		—		—		—		368,133		—		—
Nonresidential properties		251,893		—		—		—		251,893		1,264		—
Construction and land		137,314		—		7,567		—		144,881		7,567		—
Nonmortgage loans:
Business		100,188		65		—		—		100,253		—		—
Consumer		28,481		1,751		1,443		224		31,899		—		—
Total	$	1,297,898	$	6,136	$	9,010	$	2,691	$	1,315,735	$	15,811	$	—

	December 31, 2021
			30-59		60-89		90 Days						90 Days
			Days		Days		or More				Nonaccrual		or More
	Current		Past Due		Past Due		Past Due		Total		Loans		Accruing
	(in thousands)
Mortgage loans:
1-4 Family residential
Investor-Owned	$	312,918	$	321	$	2,969	$	1,096	$	317,304	$	3,583	$	—
Owner-Occupied		91,568		2,961		471		1,947		96,947		3,480		—
Multifamily residential		346,409		1,704		187		—		348,300		1,200		—
Nonresidential properties		237,589		934		1,168		—		239,691		2,262		—
Construction and land		134,651		—		—		—		134,651		917		—
Nonmortgage loans:
Business		145,919		4,036		544		13		150,512		—		—
Consumer		30,359		2,570		1,759		5		34,693		—		—
Total	$	1,299,413	$	12,526	$	7,098	$	3,061	$	1,322,098	$	11,442	$	—

Note 5.

Loans Receivable and Allowance for Loan Losses (Continued)

The following schedules detail the composition of the allowance for loan losses and the related recorded investment in loans as of and for the three months ended March 31, 2022 and 2021, and as of and for the year ended December 31, 2021:

	For the Three Months Ended March 31, 2022
	Mortgage Loans												Nonmortgage Loans					Total
	1-4 Family Investor Owned		1-4 Family Owner Occupied			Multifamily		Nonresidential		Construction and Land			Business		Consumer			For the Period
	(in thousands)
Allowance for loan losses:
Balance, beginning of period	$	3,540	$	1,178		$	5,684	$	2,165	$	2,024		$	306	$	1,455		$	16,352
Provision charged to expense		41		(6	)		304		104		(7	)		55		767			1,258
Losses charged-off		—		—			—		—		—			—		(751	)		(751	)
Recoveries		—		—			—		—		—			2		32			34
Balance, end of period	$	3,581	$	1,172		$	5,988	$	2,269	$	2,017		$	363	$	1,503		$	16,893
Ending balance: individually evaluated for impairment	$	93	$	114		$	—	$	38	$	—		$	—	$	—		$	245
Ending balance: collectively evaluated for impairment		3,488		1,058			5,988		2,231		2,017			363		1,503			16,648
Total	$	3,581	$	1,172		$	5,988	$	2,269	$	2,017		$	363	$	1,503		$	16,893
Loans:
Ending balance: individually evaluated for impairment	$	5,970	$	4,828		$	—	$	1,991	$	7,567		$	—	$	—		$	20,356
Ending balance: collectively evaluated for impairment		317,472		90,406			368,133		249,902		137,314			100,253		31,899			1,295,379
Total	$	323,442	$	95,234		$	368,133	$	251,893	$	144,881		$	100,253	$	31,899		$	1,315,735

Note 5.Loans Receivable and Allowance for Loan Losses (Continued)

	For the Three Months Ended March 31, 2021
	Mortgage Loans												Nonmortgage Loans						Total
	1-4 Family Investor Owned			1-4 Family Owner Occupied		Multifamily		Nonresidential			Construction and Land		Business			Consumer			For the Period
	(in thousands)
Allowance for loan losses:
Balance, beginning of period	$	3,850		$	1,260	$	5,214	$	2,194		$	1,820	$	254		$	278		$	14,870
Provision charged to expense		(6	)		14		226		(10	)		107		(10	)		365			686
Losses charged-off		—			—		—		—			—		—			(50	)		(50	)
Recoveries		—			—		—		—			—		2			—			2
Balance, end of period	$	3,844		$	1,274	$	5,440	$	2,184		$	1,927	$	246		$	593		$	15,508
Ending balance: individually evaluated for impairment	$	116		$	127	$	—	$	41		$	—	$	—		$	—		$	284
Ending balance: collectively evaluated for impairment		3,728			1,147		5,440		2,143			1,927		246			593			15,224
Total	$	3,844		$	1,274	$	5,440	$	2,184		$	1,927	$	246		$	593		$	15,508
Loans:
Ending balance: individually evaluated for impairment	$	6,515		$	6,247	$	946	$	5,171		$	—	$	—		$	—		$	18,879
Ending balance: collectively evaluated for impairment		311,380			93,738		314,132		210,169			119,339		142,135			36,706			1,227,599
Total	$	317,895		$	99,985	$	315,078	$	215,340		$	119,339	$	142,135		$	36,706		$	1,246,478

Note 5.Loans Receivable and Allowance for Loan Losses (Continued)

	For the Year Ended December 31, 2021
	Mortgage Loans														Nonmortgage Loans						Total
	1-4 Family Investor Owned			1-4 Family Owner Occupied			Multifamily			Nonresidential			Construction and Land		Business			Consumer			For the Period
	(in thousands)
Allowance for loan losses:
Balance, beginning of year	$	3,850		$	1,260		$	5,214		$	2,194		$	1,820	$	254		$	278		$	14,870
Provision charged to expense		(318	)		(127	)		508			(29	)		204		(32	)		2,511			2,717
Losses charged-off		—			—			(38	)		—			—		—			(1,342	)		(1,380	)
Recoveries		8			45			—			—			—		84			8			145
Balance, end of year	$	3,540		$	1,178		$	5,684		$	2,165		$	2,024	$	306		$	1,455		$	16,352
Ending balance: individually evaluated for impairment	$	91		$	114		$	—		$	38		$	—	$	—		$	—		$	243
Ending balance: collectively evaluated for impairment		3,449			1,064			5,684			2,127			2,024		306			1,455			16,109
Total	$	3,540		$	1,178		$	5,684		$	2,165		$	2,024	$	306		$	1,455		$	16,352
Loans:
Ending balance: individually evaluated for impairment	$	6,672		$	5,854		$	1,200		$	2,995		$	917	$	13		$	—		$	17,651
Ending balance: collectively evaluated for impairment		310,632			91,093			347,100			236,696			133,734		150,499			34,693			1,304,447
Total	$	317,304		$	96,947		$	348,300		$	239,691		$	134,651	$	150,512		$	34,693		$	1,322,098

Loans are considered impaired when current information and events indicate all amounts due may not be collectable according to the contractual terms of the related loan agreements. Impaired loans, including troubled debt restructurings, are identified by applying normal loan review procedures in accordance with the allowance for loan losses methodology. Management periodically assesses loans to determine whether impairment exists. Any loan that is, or will potentially be, no longer performing in accordance with the terms of the original loan contract is evaluated to determine impairment.

Note 5.Loans Receivable and Allowance for Loan Losses (Continued)

The following information relates to impaired loans as of and for the three months ended March 31, 2022 and 2021 and as of and for the year ended December 31, 2021:

	Unpaid Contractual		Recorded Investment		Recorded Investment		Total				Average		Interest Income
	Principal		With No		With		Recorded		Related		Recorded		Recognized
As of and For the Three Months Ended March 31, 2022	Balance		Allowance		Allowance		Investment		Allowance		Investment		on a Cash Basis
	(in thousands)
Mortgage loans:
1-4 Family residential	$	11,131	$	8,386	$	2,412	$	10,798	$	207	$	11,970	$	76
Multifamily residential		—		—		—		—		—		1,104		—
Nonresidential properties		2,023		1,636		355		1,991		38		3,399		20
Construction and land		7,567		7,567		—		7,567		—		1,568		17
Nonmortgage loans:
Business		—		—		—		—		—		12		—
Consumer		—				—		—		—		24		—
Total	$	20,721	$	17,589	$	2,767	$	20,356	$	245	$	18,077	$	113

	Unpaid Contractual		Recorded Investment		Recorded Investment		Total				Average		Interest Income
	Principal		With No		With		Recorded		Related		Recorded		Recognized
As of and For the Three Months Ended March 31, 2021	Balance		Allowance		Allowance		Investment		Allowance		Investment		on a Cash Basis
	(in thousands)
Mortgage loans:
1-4 Family residential	$	13,636	$	10,302	$	2,460	$	12,762	$	243	$	12,325	$	64
Multifamily residential		946		946		—		946		—		420		—
Nonresidential properties		5,627		4,803		368		5,171		41		5,351		8
Construction and land		—		—		—		—		—		188		—
Nonmortgage loans:
Business		—		—		—		—		—		2		—
Consumer		—		—		—		—		—		—		—
Total	$	20,209	$	16,051	$	2,828	$	18,879	$	284	$	18,286	$	72

	Unpaid Contractual		Recorded Investment		Recorded Investment		Total				Average		Interest Income
	Principal		With No		With		Recorded		Related		Recorded		Recognized
As of and for the Year Ended December 31, 2021	Balance		Allowance		Allowance		Investment		Allowance		Investment		on a Cash Basis
	(in thousands)
Mortgage loans:
1-4 Family residential	$	13,333	$	10,535	$	1,991	$	12,526	$	205	$	12,145	$	189
Multifamily residential		1,200		1,200		—		1,200		—		1,139		63
Nonresidential properties		3,494		2,637		358		2,995		38		3,941		38
Construction and land		917		917		—		917		—		307		17
Nonmortgage loans:
Business		13		13		—		13		—		13		—
Consumer		—		—		—		—		—		24		—
Total	$	18,957	$	15,302	$	2,349	$	17,651	$	243	$	17,569	$	307

Note 5.

Loans Receivable and Allowance for Loan Losses (Continued)

The loan portfolio also includes certain loans that have been modified to troubled debt restructurings. Under applicable standards, loans are modified to troubled debt restructurings when a creditor, for economic or legal reasons related to a debtor’s financial condition, grants a concession to the debtor that it would not otherwise consider, unless it results in a delay in payment that is insignificant. These concessions could include a reduction of interest rate on the loan, payment and maturity extensions, forbearance, or other actions intended to maximize collections. When a loan is modified to a troubled debt restructuring, management evaluates for any possible impairment using either the discounted cash flows method, where the value of the modified loan is based on the present value of expected cash flows, discounted at the contractual interest rate of the original loan agreement, or by using the fair value of the collateral less selling costs if repayment under the modified terms becomes doubtful. If management determines that the value of the modified loan in a troubled debt restructuring is less than the recorded investment in the loan, impairment is recognized through a specific allowance estimate or charge-off against the allowance for loan losses.

During the three months ended March 31, 2022, and for the year ended December 31, 2021, there were no loans restructured as a troubled debt restructuring.

At March 31, 2022, there were 28 troubled debt restructured loans totaling $7.8 million of which $5.3 million are on accrual status. At December 31, 2021, there were 30 troubled debt restructured loans totaling $8.7 million of which $6.2 million are on accrual status. There were no commitments to lend additional funds to borrowers whose loans have been modified in a troubled debt restructuring. The financial impact from the concessions made represents specific impairment reserves on these loans, which aggregated to $245,000 and $243,000 at March 31, 2022 and December 31, 2021, respectively.

Mortgage Loans Held for Sale at Fair Value

At March 31, 2022 and at December 31, 2021, 14 loans and 27 loans related to Mortgage World in the amount of $8.0 million and $15.5 million, respectively, were held for sale and accounted for under the fair value option accounting guidance for financial assets and financial liabilities.

Write-off and write-down of Microloans

In 2020, the Company entered in a business arrangement with the FinTech startup company Grain Technologies, Inc. (“Grain”). Grain’s product is a mobile application geared to the underbanked, minorities and new generations entering the financial services market. In employing this mobile application, the Bank uses non-traditional underwriting methodologies to provide revolving credit to borrowers who otherwise may gravitate to using alternative non-bank lenders. Under the terms of its agreement with Grain, the Bank is the lender for Grain-originated microloans with credit lines currently up to $1,000 and, where applicable, the depository for related security deposits. Grain originates and services these microloans and is responsible for maintaining compliance with the Bank's origination and servicing standards, as well as applicable regulatory and legal requirements. If a microloan is found to be fraudulent, becomes 120 days delinquent upon 120 days of origination or defaults due to a failure of Grain to properly service the microloan, the Bank’s applicable standards for origination or servicing are deemed to have not been complied with and the microloan is put back to Grain, who then becomes responsible for the microloan and any related losses. The microloans put back to Grain are accounted for as an “other asset,” specifically referred to herein as the “Grain Receivable.”

The Bank, pursuant to its agreement with Grain, at December 31, 2021, had 59,180 microloans outstanding, net of put backs, with credit extensions aggregating $33.9 million. Of these microloans, the Bank estimates that 80 percent have been made in low- and low-to-moderate income census tracts with an estimated 56 percent made to minority borrowers. At March 31, 2022, the Bank had 54,247 microloans outstanding, net of put backs, with an aggregate balance totaling $31.0 million and which were performing, in management’s opinion, comparably to similar portfolios. Under the agreement with the Bank, Grain earns origination and servicing fees based on the Bank’s earnings from the microloans. Since the beginning of its agreement with Grain through March 31, 2022, 24,719 microloans amounting to $17.0 million have been deemed to be fraudulent and put back to Grain, of which, as of March 31, 2022, $11.8 million remain outstanding in the Grain Receivable (inclusive of a $1.8 million reserve established as of December 31, 2021 by the Bank using a $1.8 million grant received from the U.S. Treasury Department’s Rapid Response Program to reduce the Grain Receivable at December 31, 2021 to $8.5 million, an amount management considered collectible at the time under the facts and circumstances then known).

Based on further investigation, evaluation and financial analysis during the first quarter of 2022, the Company has assessed the collectability of the $11.8 million remaining Grain receivable and has determined that it is appropriate to write-off approximately $6.3 million and provide for an additional reserve of $1.7 million, after applying a $1.6 million security deposit set-off, leaving a net Grain Receivable balance of $2.2 million at March 31, 2022.

Note 5.

Loans Receivable and Allowance for Loan Losses (Continued)

The $8.1 million write-off and write-down is included in non-interest expense for the three months ended March 31, 2022, in the accompanying Consolidated Statements of Operations.

Premises and Equipment

3 Months Ended

Mar. 31, 2022

Property Plant And Equipment [Abstract]

Premises and Equipment

Note 6.Premises and Equipment

Premises and equipment at March 31, 2022 and December 31, 2021 are summarized as follows:

	March 31,			December 31,
	2022			2021
	(in thousands)
Land	$	932		$	932
Buildings and improvements		4,327			4,327
Leasehold improvements		15,980			16,462
Furniture, fixtures and equipment		9,586			9,661
		30,825			31,382
Less: accumulated depreciation and amortization		(11,546	)		(11,765	)
Total premises and equipment	$	19,279		$	19,617

Depreciation and amortization expense amounted to $467,000 and $603,000 for the three months ended March 31, 2022 and 2021, respectively, and are included in occupancy and equipment in the accompanying consolidated statements of operations. Compared to December 31, 2021, leasehold improvements decreased by $482,000 to $16.0 million primarily as a result of fully depreciated assets. Furniture, fixtures and equipment decreased by $75,000 to $9.6 million primarily as a result of $115,000 in purchases offset by $190,000 in write-offs of obsolete software.

Deposits

3 Months Ended

Mar. 31, 2022

Banking And Thrifts [Abstract]

Deposits

Note 7.

Deposits

Deposits at March 31, 2022 and December 31, 2021 are summarized as follows:

	March 31,		December 31,
	2022		2021
	(in thousands)
Demand ⁽¹⁾	$	281,132	$	274,956
Interest-bearing deposits:
NOW/IOLA accounts		33,010		35,280
Money market accounts		169,847		186,893
Reciprocal deposits		160,510		143,221
Savings accounts		133,966		134,887
Total NOW, money market, reciprocal and savings		497,333		500,281
Certificates of deposit of $250K or more		75,130		78,454
Brokered certificates of deposits ⁽²⁾		79,282		79,320
Listing service deposits ⁽²⁾		53,876		66,411
Certificates of deposit less than $250K		194,412		205,294
Total certificates of deposit		402,700		429,479
Total interest-bearing deposits		900,033		929,760
Total deposits	$	1,181,165	$	1,204,716

(1)

As of March 31, 2022 and December 31, 2021, included in demand deposits are deposits related to net PPP funding.

(2)

As of March 31, 2022 and December 31, 2021, there were $19.0 million and $29.0 million, respectively, in individual listing service deposits amounting to $250,000 or more. All brokered certificates of deposit individually amounted to less than $250,000.

Note 7.Deposits (Continued)

At March 31, 2022 scheduled maturities of certificates of deposit were as follows:

	(in thousands)
2023	$	242,101
2024		45,660
2025		35,866
2026		64,357
2027		10,754
Thereafter		3,962
	$	402,700

Overdrawn deposit accounts that have been reclassified to loans amounted to $130,000 and $179,000 as of March 31, 2022 and December 31, 2021, respectively.

Borrowings

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Borrowings

Note 8.

Borrowings

FHLBNY Advances: As a member of the FHLBNY, the Bank has the ability to borrow from the FHLBNY based on a certain percentage of the value of the Bank's qualified collateral, as defined in the FHLBNY Statement of Credit Policy, at the time of the borrowing. In accordance with an agreement with the FHLBNY, the qualified collateral must be free and clear of liens, pledges and encumbrances.

The Bank had $93.4 million and $106.3 million of outstanding term advances from the FHLBNY at March 31, 2022 and December 31, 2021, respectively. The Bank repaid $12.9 million in advances from FHLBNY during the three months ended March 31, 2022. Additionally, the Bank had an unsecured line of credit in the amount of $25.0 million with a correspondent bank at both March 31, 2022 and December 31, 2021, none of which was outstanding as of such dates. The Bank also had a guarantee from the FHLBNY through letters of credit of up to $21.5 million each at March 31, 2022 and December 31, 2021.

Borrowed funds at March 31, 2022 and December 31, 2021 consist of the following and are summarized by maturity and call date below:

	March 31,							December 31,
	2022							2021
	Scheduled Maturity		Redeemable at Call Date		Weighted Average Rate			Scheduled Maturity		Redeemable at Call Date		Weighted Average Rate
	(Dollars in thousands)
FHLBNY Term advances ending:
2022		65,000		65,000		1.89	%		77,880		77,880		1.73	%
2023		28,375		28,375		2.82			28,375		28,375		2.82
	$	93,375	$	93,375		2.17	%	$	106,255	$	106,255		2.02	%

Interest expense on FHLBNY term advances totaled $524,000 and $544,000 for the three months ended March 31, 2022 and 2021, respectively. There were no interest expense on FHLBNY overnight advances for the three months ended March 31, 2022 and 2021.

As of March 31, 2022 and December 31, 2021, the Bank had eligible collateral of approximately $377.2 million and $362.3 million, respectively, in residential 1-4 family and multifamily mortgage loans available to secure advances from the FHLBNY.

Warehouse Lines of Credit: Mortgage World maintained two warehouse lines of credit with financial institutions for the purpose of funding the originations and sale of residential mortgages. The lines of credit were repaid with proceeds from the sale of the mortgage loans. The lines were secured by the assets collateralizing underlying mortgages. The agreements with the warehouse lenders provide for certain restrictive covenants such as minimum net worth and liquidity ratios for Mortgage World. As of December 31, 2021, Mortgage World was in full compliance with all financial covenants.

Note 8.Borrowings (Continued)

Warehouse Line of Credit #1

The interest rate is based on the 30-day LIBOR rate plus 3.25%. The effective rate as of March 31, 2022 was 3.70% and the effective rate as of December 31, 2021 was 3.35%. The line of credit is an evergreen agreement that terminates upon request by either the financial institution or the borrower.

Warehouse Line of Credit #2

The interest rate is based on the 30-day LIBOR rate plus 3.00% for loans funded. The effective rate as of December 31, 2020 was 3.10%. The warehouse line of credit was terminated on March 31, 2022.

Total interest expense on warehouse lines of credit totaled $68,000 and $140,000 for the three months ended March 31, 2022 and 2021, respectively.

	March 31, 2022
	Credit Line		Unused Line
	Maximum		of Credit		Balance
	(in thousands)
Warehouse Line of Credit #1	$	10,000	$	9,247	$	753
Total long-term debt	$	10,000	$	9,247	$	753

	December 31, 2021
	Credit Line		Unused Line
	Maximum		of Credit		Balance
	(in thousands)
Warehouse Line of Credit #1	$	15,000	$	8,636	$	6,364
Warehouse Line of Credit #2		15,000	$	6,274	$	8,726
Total long-term debt	$	30,000	$	14,910	$	15,090

Mortgage Loan Funding Payable: Mortgage loan funding payable consists of liabilities to borrowers in connection with the origination of residential loans originated and intended for sale in the secondary market, that remain unfunded by the Company because there is typically a three day period from when the loans close to when they are funded by the warehouse line of credit. This liability is presented at cost and fully offsets the principal balance of the related loans included in mortgage loans held for sale, at fair value on the consolidated statement of financial condition. At March 31, 2022 and December 31, 2021, there were no mortgage loan funding payable for both periods.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Income Taxes

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Note 9.

Income Taxes

The provision (benefit) for income taxes for the three months ended March 31, 2022 and 2021 consists of the following:

	For the Three Months Ended March 31,
	2022			2021
	(in thousands)
Federal:
Current	$	(1,053	)	$	560
Deferred		(1,715	)		36
		(2,768	)		596
State and local:
Current		195			68
Deferred		(543	)		310
		(348	)		378
Valuation allowance		168			(242	)
(Benefit) provision for income taxes	$	(2,948	)	$	732

Note 9.Income Taxes (Continued)

Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 21% for the three months ended March 31, 2022 and 2021, respectively, to income before income taxes as a result of the following:

	For the Three Months Ended March 31,
	2022			2021
	(in thousands)
Income tax, at federal rate	$	(2,051	)	$	669
State and local tax, net of federal taxes		(275	)		299
Valuation allowance, net of the federal benefit		168			(242	)
Other		(790	)		6
	$	(2,948	)	$	732

Management maintains a valuation allowance against its net New York State and New York City deferred tax assets as it is unlikely these deferred tax assets will be utilized to reduce the Company's tax liability in future years. The valuation allowance increased by $168,000 for the three months ended March 31, 2022 and decreased by $242,000 for the three months ended March 31, 2021.

Management has determined that it is not required to establish a valuation allowance against any other deferred tax assets since it is more likely than not that the deferred tax assets will be fully utilized in future periods. In assessing the need for a valuation allowance, management considers the scheduled reversal of the deferred tax liabilities, the level of historical taxable income, and the projected future taxable income over the periods that the temporary differences comprising the deferred tax assets will be deductible.

For federal income tax purposes, a financial institution may carry net operating losses (“NOLs”) to forward tax years indefinitely. The use of NOLs to offset income is limited to 80%. The CARES Act allows NOLs generated in 2018, 2019 and 2020 to be carried back to each of the five preceding tax years. The Company did not generate NOLs in 2018, 2019 or 2020 so no carryback is available. At March 31, 2022, the Company had no federal NOLs carryforwards.

The state and city of New York allow for a three-year carryback period and carryforward period of twenty years on NOLs generated on or after tax year 2015. For tax years prior to 2015, no carryback period is allowed. Ponce De Leon Federal Bank, the predecessor of Ponce Bank, has pre-2015 carryforwards of $572,000 for New York State purposes and $528,000 for New York City purposes. Furthermore, there are post-2015 carryforwards available of $34.9 million for New York State purposes and $15.0 million for New York City purposes. Finally, for New Jersey purposes, losses may only be carried forward 20 years, with no allowable carryback period. At March 31, 2022, the Bank had a federal NOLs carryforward of $5.7 million and no New Jersey NOLs carryforwards.

At March 31, 2022 and December 31, 2021, the Company had no unrecognized tax benefits recorded. The Company does not expect that the total amount of unrecognized tax benefits will significantly increase in the next twelve months.

The Company is subject to U.S. federal income tax, New York State income tax, Connecticut income tax, New Jersey income tax, Florida income tax, Pennsylvania income tax and New York City income tax. The Company is no longer subject to examination by taxing authorities for years before 2018.

Note 9.Income Taxes (Continued)

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at March 31, 2022 and December 31, 2021 are presented below:

	March 31,		December 31,
	2022		2021
	(in thousands)
Deferred tax assets:
Allowance for loan losses	$	5,428	$	5,254
Deferred loan fees		—		214
Interest on nonaccrual loans		154		102
Unrealized loss on available-for-sale securities		1,929		399
Amortization of intangible assets		45		50
Deferred rent payable		181		152
Net operating losses		4,557		3,280
Charitable contribution carryforward		1,621		366
Compensation and benefits		666		456
Other		259		264
Total gross deferred tax assets		14,840		10,537
Deferred tax liabilities:
Depreciation of premises and equipment		1,301		1,301
Deferred loan fees		515		—
Other		63		63
Total gross deferred tax liabilities		1,879		1,364
Valuation allowance		5,521		5,353
Net deferred tax assets	$	7,440	$	3,820

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Subparagraph (b)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Topic 740
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-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Compensation and Benefit Plans

3 Months Ended

Mar. 31, 2022

Compensation And Retirement Disclosure [Abstract]

Compensation and Benefit Plans

Note 10.

Compensation and Benefit Plans

Ponce Bank Employee Stock Ownership Plan with 401(k) Provisions (the “KSOP”). Effective January 1, 2021, Ponce Bank amended and restated the terms of the Ponce Bank Employee Stock Ownership Plan (the “ESOP”) and merged the Ponce Bank 401(k) Plan into the ESOP to form the KSOP. There were no changes to the provisions of the ESOP as discussed below. The KSOP is for eligible employees of Ponce Bank and those of its affiliates. The named executive officers are eligible to participate in the KSOP just like other employees. An employee must attain the age of 21 and will be eligible to participate in the 401(k) features of the KSOP in the quarter following thirty days of service and the ESOP feature of the KSOP upon the first entry date commencing on or after the eligible employee’s completion of one year of service. Employees are eligible to participate in the 401(k) Plan at the beginning of each quarter (January 1, April 1, July 1, or October 1).

401(k) Component:

Under the 401(k) features of the KSOP (“401(k) Component”), a participant may elect to defer, on a pre-tax basis, the maximum amount as permitted by the Internal Revenue Code. For 2022, the salary deferral contribution limit was $20,500; provided, however, that a participant over age 50 may contribute an additional $6,500 to the 401(k) for a total of $27,000. In addition to salary deferral contributions, Ponce Bank may make discretionary matching contributions, discretionary profit sharing contributions or safe harbor contributions to the 401(k) Component. Discretionary matching contributions are allocated on the basis of salary deferral contributions. Discretionary profit sharing contributions are based on three classifications set forth in the 401(k) feature (i) Class A — Chairman, President, and Executive Vice Presidents; (ii) Class B — Senior Vice Presidents, Vice Presidents and Assistant Vice Presidents; and (iii) Class C — all other eligible employees. The contribution for a class will be the same percentage of compensation for all participants in that class. If Ponce Bank decides to make a safe harbor contribution for a plan year, each participant will receive a contribution equal to 3% of his or her compensation for the plan year. The 401(k) expenses recorded in the consolidated statements of operations amounted to $96,000 and $87,000 for the three months ended March 31, 2022 and 2021, respectively.

Note 10.

Compensation and Benefit Plans (Continued)

A participant is always 100% vested in his or her salary deferral contributions and safe harbor contributions. Discretionary matching and profit sharing contributions are 20% vested after two years of service, plus an additional 20% for each additional year of service; so all participants are fully vested in such contributions after six years of service. Participants also will become fully vested in his or her account balance in the 401(k) Component automatically upon normal retirement, death or disability, a change in control, or termination of the KSOP. Generally, participants will receive distributions from the KSOP upon separation from service in accordance with the terms of the governing document.

ESOP Component:

On September 29, 2017, in connection with the Bank’s reorganization into the mutual holding company form of organization, the ESOP trustee purchased, on behalf of the ESOP, 723,751 shares of PDL Community Bancorp common stock. The ESOP funded its stock purchase with a loan (“First ESOP loan”) from PDL Community Bancorp in the amount of $7.2 million, which was equal to the aggregate purchase price of the common stock. The First ESOP loan is being repaid principally through Ponce Bank’s contributions to the ESOP over the 15-year term of such loan. The interest rate for the First ESOP loan is 2.60%.

On January 27, 2022, concurrent with the completion of the conversion and reorganization of Ponce Bank Mutual Holding Company from a mutual form to a stock form of organization and the merger of PDL Community Bancorp with and into Ponce Financial Group, Inc., the shares of PDL Community Bancorp common stock held by the KSOP were converted into 977,880 shares of Ponce Financial Group, Inc. common stock.

On January 27, 2022, the KSOP trustee purchased, on behalf of the ESOP feature of the KSOP (“ESOP Component”), an additional 1,097,353 shares of Ponce Financial Group, Inc. common stock, or 4.44% of the total number of shares of Ponce Financial Group, Inc. common stock outstanding on January 27, 2022 (including shares issued to the Foundation). The KSOP funded this stock purchase with a loan (“Second ESOP loan”) from Ponce Financial Group, Inc. in the amount of $11.0 million, which was equal to the aggregate purchase price of the common stock. The Second ESOP loan is being repaid principally through Ponce Bank’s contributions to the ESOP Component over the 15-year term of such loan. The interest rate for the Second ESOP loan is 1.822%.

The trustee of the trust funding the KSOP holds the shares of Ponce Financial Group, Inc. common stock purchased by the KSOP in an unallocated suspense account, and shares will be released from the suspense account on a pro-rata basis as the loans are repaid. The trustee will allocate the shares released among participants on the basis of each participant’s proportional share of qualifying compensation relative to all participants participating in the ESOP Component. A participant will become 100% vested in his or her account balance in the ESOP Component after three years of service. In addition, participants will become fully vested in his or her account balance in the ESOP Component automatically upon normal retirement, death or disability, a change in control, or termination of the KSOP. Generally, participants will receive distributions from the KSOP upon separation from service in accordance with the terms of the plan document. The KSOP reallocates any unvested shares of Ponce Financial Group, Inc. common stock forfeited upon termination of employment among the remaining participants in the ESOP Component.

Contributions to the ESOP are to be sufficient to pay principal and interest currently due under the loan agreement. Under applicable accounting requirements, Ponce Bank will record a compensation expense for the ESOP at the average market price of the shares as they are committed to be released from the unallocated suspense account to participants’ accounts, which may be more or less than the original issue price. The compensation expense resulting from the release of the common stock from the suspense account and allocation to plan participants will result in a corresponding reduction in the earnings of Ponce Financial Group, Inc. The ESOP shares become outstanding for earnings per share computations (see Note 11). As of March 31, 2022, the combined outstanding balance of both the First ESOP loan and Second ESOP loan was $15.0 million.

Note 10.

Compensation and Benefit Plans (Continued)

A summary of the ESOP shares as of March 31, 2022 and December 31, 2021 are as follows:

	March 31, 2022		December 31, 2021
	(Dollars in thousands)
Shares committed-to-be released		169,756		96,500
Shares allocated to participants		235,361		170,145
Unallocated shares		1,668,101		434,251
Total		2,073,218		700,896
Fair value of unallocated shares	$	17,315	$	6,297

The Company recognized ESOP related compensation expense, including ESOP equalization expense, of $373,000 and $157,000 for the three months ended March 31, 2022 and 2021, respectively.

Supplemental Executive Retirement Plan:

The Bank maintains a non-qualified supplemental executive retirement plan (“SERP”) for the benefit of two key executive officers. The SERP expense recognized was $15,000 for both the three months ended March 31, 2022 and 2021.

2018 Incentive Plan

The Company’s stockholders approved the PDL Community Bancorp 2018 Long-Term Incentive Plan (the “2018 Incentive Plan”) at the Special Meeting of Stockholders on October 30, 2018. The maximum number of shares of common stock which can be issued under the 2018 Incentive Plan is 1,248,469. Of the 1,248,469 shares, the maximum number of shares that may be awarded under the 2018 Incentive Plan pursuant to the exercise of stock options or stock appreciation rights (“SARs”) is 891,764 shares (all of which may be granted as incentive stock options), and the number of shares of common stock that may be issued as restricted stock awards or restricted stock units is 356,705 shares. However, the 2018 Incentive Plan contains a flex feature that provides that awards of restricted stock and restricted stock units in excess of the 356,705 share limitation may be granted but each share of stock covered by such excess award shall reduce the 891,764 share limitation for awards of stock options and SARs by 3.0 shares of common stock. The Company converted 462,522 awards of stock options into 154,174 restricted stock units in 2018 and 45,000 awards of stock options into 15,000 restricted stock units in 2020.

Under the 2018 Incentive Plan, the Company made grants equal to 674,645 shares on December 4, 2018 which include 119,176 incentive options to executive officers, 44,590 non-qualified options to outside directors, 322,254 restricted stock units to executive officers, 40,000 restricted stock units to non-executive officers and 148,625 restricted stock units to outside directors. During the year ended December 31, 2020, the Company awarded 40,000 incentive options and 15,000 restricted stock units to non-executive officers under the 2018 Incentive Plan. Awards to directors generally vest 20% annually beginning with the first anniversary of the date of grant. Awards to a director with fewer than five years of service at the time of grant vest over a longer period and will not become fully vested until the director has completed ten years of service. Awards to the executive officer who is not a director vest 20% annually beginning on December 4, 2020. As of December 31, 2021, the maximum number of stock options and SARs remaining to be awarded under the Incentive Plan was 189,476. As of March 31, 2022, the maximum number of stock options and SARs remaining to be awarded under the Incentive Plan was 264,357, after the conversion from PDL Community Bancorp common stock to Ponce Financial Group, Inc. common stock. As of March 31, 2022 and December 31, 2021, the maximum number of shares of common stock that may be issued as restricted stock or restricted stock units remaining to be awarded under the Incentive Plan was none, for both periods. If the 2018 Incentive Plan’s flex feature described above were fully utilized, the maximum number of shares of common stock that may be awarded as restricted stock or restricted stock units would be 88,119 as of March 31, 2022 and 63,159 as of December 31, 2021, but would eliminate the availability of stock options and SARs available for award.

The product of the number of units granted and the grant date market price of the Company’s common stock determine the fair value of restricted stock units under the Company’s 2018 Incentive Plan. The Company recognizes compensation expense for the fair value of restricted stock units on a straight-line basis over the requisite service period for the entire award.

Note 10. Compensation and Benefit Plans (Continued)

A summary of the Company’s restricted stock unit awards activity and related information for three months ended March 31, 2022 and year ended December 31, 2021 are as follows:

	March 31, 2022
	Number of Shares			Weighted- Average Grant Date Fair Value Per Share
Non-vested, beginning of year		237,687		$	12.65
Conversion and reorganization		93,933			—
Granted		—			—
Vested		(12,440	)		9.27
Forfeited		—			—
Non-vested at March 31		319,180		$	9.06

	December 31, 2021
	Number of Shares			Weighted- Average Grant Date Fair Value Per Share
Non-vested, beginning of year ⁽¹⁾		335,919		$	12.66
Granted		—			—
Vested		(98,232	)		12.69
Forfeited		—			—
Non-vested at December 31		237,687		$	12.65

Compensation expense related to restricted stock units was $318,000 for the three months ended March 31, 2022 and 2021 for both periods. As of March 31, 2022, the total remaining unrecognized compensation cost related to restricted stock units was $2.5 million, which is expected to be recognized over the next 23 quarters.

A summary of the Company’s stock option awards activity and related information for three months ended March 31, 2022 and year ended December 31, 2021 are as follows:

	March 31, 2022
	Options		Weighted- Average Exercise Price Per Share
Outstanding, beginning of year ⁽¹⁾		203,766	$	12.02
Conversion and reorganization		80,526		—
Granted		—		—
Exercised		—		—
Forfeited		—		—
Outstanding at March 31 ⁽²⁾		284,292		8.62
Exercisable at March 31 ⁽²⁾		136,141	$	8.93

Note 10. Compensation and Benefit Plans (Continued)

	December 31, 2021
	Options		Weighted- Average Exercise Price Per Share
Outstanding, beginning of year		203,766	$	12.02
Granted		—		—
Exercised		—		—
Forfeited		—		—
Outstanding at December 31 ⁽²⁾		203,766	$	12.02
Exercisable at December 31 ⁽²⁾		94,904	$	12.45

(1)

The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at respective periods and the stated exercise price of the underlying options, was $502,000 for outstanding options and $198,000 for exercisable options at March 31, 2022 and was $505,000 for outstanding options and $195,000 or exercisable options December 31, 2021.

The weighted-average exercise price for the options as of March 31, 2022 was $8.62 per share and the weighted average remaining contractual life is 6.6 years. The weighted average period over which compensation expenses are expected to be recognized is 3.5 years. There were 136,141 shares and 94,904 shares exercisable as of March 31, 2022 and December 31, 2021, respectively. Total compensation cost related to stock options recognized was $33,000 for both the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, the total remaining unrecognized compensation cost related to unvested stock options was $320,000, which is expected to be recognized over the next 23 quarters.

The fair value of each option grant is estimated on the date of grant using Black-Scholes option pricing model with the following weighted average assumptions:

	For the Three Months Ended March 31,
	2022			2021
Dividend yield		0.00	%		0.00	%
Expected life	6.5 years			6.5 years
Expected volatility		38.51	%		38.51	%
Risk-free interest rate		0.48	%		0.48	%
Weighted average grant date fair value	$	2.70		$	3.77

The expected volatility is based on the Company’s historical volatility. The expected life is an estimate based on management’s review of the various factors and calculated using the simplified method for plain vanilla options. The dividend yield assumption is based on the Company’s history and expectation of dividend payouts.

Treasury Stock:

As a result of the conversion and reorganization, all shares of treasury stock of PDL Community Bancorp were retired on January 27, 2022.

Earnings Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Note 11.

Earnings Per Share

The following table presents a reconciliation of the number of shares used in the calculation of basic and diluted earnings per common share:

	For the Three Months Ended March 31,
	2022			2021
	(Dollars in thousands except share data)

Net (loss) income	$	(6,820	)	$	2,452

Common shares outstanding for basic EPS:
Weighted average common shares outstanding		22,744,101			17,078,813
Less: Weighted average unallocated Employee Stock Ownership Plan (ESOP) shares		1,022,988			530,617
Basic weighted average common shares outstanding		21,721,113			16,548,196
Basic earnings per common share	$	(0.31	)	$	0.15
Potential dilutive common shares:
Add: Dilutive effect of restricted stock awards and stock options		—			—
Diluted weighted average common shares outstanding		21,721,113			16,548,196
Diluted earnings per common share	$	(0.31	)	$	0.15

Commitments, Contingencies and Credit Risk

3 Months Ended

Mar. 31, 2022

Commitments And Contingencies Disclosure [Abstract]

Commitments, Contingencies and Credit Risk

Note 12.

Commitments, Contingencies and Credit Risk

Financial Instruments With Off-Balance-Sheet Risk: In the normal course of business, financial instruments with off-balance-sheet risk may be used to meet the financing needs of customers. These financial instruments include commitments to extend credit and letters of credit. These instruments involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized on the consolidated statements of financial condition. The contractual amounts of these instruments reflect the extent of involvement in particular classes of financial instruments.

The contractual amounts of commitments to extend credit represent the amounts of potential accounting loss should the contract be fully drawn upon, the customer default, and the value of any existing collateral become worthless. The same credit policies are used in making commitments and contractual obligations as for on-balance-sheet instruments. Financial instruments whose contractual amounts represent credit risk at March 31, 2022 and December 31, 2021 are as follows:

	March 31,		December 31,
	2022		2021
	(in thousands)
Commitments to grant mortgage loans	$	146,684	$	127,159
Commitments to sell loans at lock-in rates		7,123		13,321
Unfunded commitments under lines of credit		80,478		80,033
	$	234,285	$	220,513

Commitments to Grant Mortgage Loans: Commitments to grant mortgage loans are agreements to lend to a customer as long as all terms and conditions are met as established in the contract. Commitments generally have fixed expiration dates or other termination clauses, and may require payment of a fee by the borrower. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Each customer's creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary upon extension of credit, is based on management's credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property and equipment, residential real estate and income-producing commercial properties. Material losses are not anticipated as a result of these transactions.

Note 12.Commitments, Contingencies and Credit Risk (Continued)

Commitments to Sell Loans at Lock-in Rates: In order to assure itself of a marketplace to sell its loans, Mortgage World has agreements with investors who will commit to purchase loans at locked-in rates. Mortgage World has off-balance sheet market risk to the extent that Mortgage World does not obtain matching commitments from these investors to purchase the loans. This will expose Mortgage World to the lower of cost or market valuation environment.

Repurchases, Indemnifications and Premium Recaptures: Loans sold by Mortgage World under investor programs are subject to repurchase or indemnification if they fail to meet the origination criteria of those programs. In addition, loans sold to investors are also subject to repurchase or indemnifications if the loan is two or three months delinquent during a set period which usually varies from six months to a year after the loan is sold. There are no open repurchase or indemnification requests for loans sold as a correspondent lender or where the Company acted as a broker in the transaction as of March 31, 2022.

Unfunded Commitments Under Lines of Credit: Unfunded commitments under commercial lines of credit, revolving credit lines and overdraft protection agreements are commitments for possible future extension of credit to existing customers. These lines of credit are uncollateralized and usually contain a specified maturity date and, ultimately, may not be drawn upon to the total extent to which the Company is committed.

Letters of Credit: Letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. These guarantees are primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Letters of credit are largely cash secured.

Concentration by Geographic Location: Loans, commitments to extend credit and letters of credit have been granted to customers who are located primarily in the New York City metropolitan area. Generally, such loans most often are secured by one-to-four family residential. The loans are expected to be repaid from the borrowers' cash flows.

Loan Concentrations: As of March 31, 2022, approximately 46.0% of Mortgage World’s, a division of the Bank, total originated loan volume was insured and approximately 59.7% of total originated loan volume was sold to three investors. The Bank’s Mortgage World division has closed approximately 97.9% of its loan volume in two states, New York and New Jersey.

Lease Commitments: At March 31, 2022, there are noncancelable operating leases for office space that expire on various dates through 2038. Certain of these leases contains escalation clauses providing for increased rental based on pre-scheduled annual increases or on increases in real estate taxes.

On February 11, 2021, the Company completed the sale of real property located at 3821 Bergenline Avenue, Union City, New Jersey for a sale price of $2.4 million. Concurrent with the sale, the Bank and the purchaser entered into a fifteen-year lease agreement whereby the Bank will lease back this real property at an initial annual base rent of approximately $145,000 subject to annual rent increases of 1.5%. Under the lease agreement, the Bank has four (4) consecutive options to extend the term of the lease by five (5) years for each such option. The sale lease-back resulted in a gain of approximately $623,000, net of expenses, which is included in other non-interest income in the accompanying Consolidated Statements of Operations.

Rental expenses under operating leases, included in occupancy expense, totaled $1.1 million and $503,000 for the three months ended March 31, 2022 and 2021, respectively.

The projected minimum rental payments under the terms of the leases at March 31, 2022 are as follows:

	(in thousands)
Remainder of 2022	$	2,662
2023		3,600
2024		3,643
2025		3,600
2026		3,422
2027		3,285
Thereafter		28,827
	$	49,039

Legal Matters: The Company is involved in various legal proceedings which have arisen in the normal course of business. Management believes that resolution of these matters will not have a material effect on the Company’s financial condition or results of operations.

Fair Value

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value

Note 13.Fair Value

The following fair value hierarchy is used based on the lowest level of input significant to the fair value measurement. There are three levels of inputs that may be used to measure fair values:

Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The Company used the following methods and significant assumptions to estimate fair value:

Cash and Cash Equivalents, Placements with Banks, Accrued Interest Receivable, Advance Payments by Borrowers for Taxes and Insurance, and Accrued Interest Payable: The carrying amount is a reasonable estimate of fair value. These assets and liabilities are not recorded at fair value on a recurring basis.

Available-for-Sale Securities: These financial instruments are recorded at fair value in the consolidated financial statements on a recurring basis. Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted prices are not available, then fair values are estimated by using pricing models (e.g., matrix pricing) or quoted prices of securities with similar characteristics and are classified within Level 2 of the valuation hierarchy. Examples of such instruments include government agency bonds and mortgage-backed securities. Level 3 securities are securities for which significant unobservable inputs are utilized. There were no changes in valuation techniques used to measure similar assets during the period.

FHLBNY Stock: The carrying value of FHLBNY stock approximates fair value since the Bank can redeem such stock with FHLBNY at cost. As a member of the FHLBNY, the Company is required to purchase this stock, which is carried at cost and classified as restricted equity securities.

Loans Receivable: For variable rate loans, which reprice frequently and have no significant change in credit risk, carrying values are a reasonable estimate of fair values, adjusted for credit losses inherent in the portfolios. The fair value of fixed rate loans is estimated by discounting the future cash flows using estimated market rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities, adjusted for credit losses inherent in the portfolios. Impaired loans are valued using a present value discounted cash flow method, or the fair value of the collateral. Loans are not recorded at fair value on a recurring basis.

Mortgage Loans Held for Sale: Mortgage loans held for sale, at fair value, consists of mortgage loans originated for sale by Mortgage World and accounted for under the fair value option. These assets are valued using stated investor pricing for substantially equivalent loans as Level 2. In determining fair value, such measurements are derived based on observable market data, including whole-loan transaction pricing and similar market transactions adjusted for portfolio composition, servicing value and market conditions. Loans held for sale by the Bank are carried at the lower of cost or fair value as determined by investor bid prices.

Under the fair value option, management has elected, on an instrument-by-instrument basis, fair value for substantially all forms of mortgage loans originated for sale on a recurring basis. The fair value carrying amount of mortgages held for sale measured under the fair value option was $8.0 million and the aggregate unpaid principal amounted to $7.8 million.

Interest Rate Lock Commitments: The Bank, through its Mortgage World division, enters into rate lock commitments to extend credit to borrowers for generally up to a 60 day period for origination and/or purchase of loans. To the extent that a loan is ultimately granted and the borrower ultimately accepts the terms of the loan, these loan commitments expose the Bank’s Mortgage World division to variability in its fair value due to changes in interest rates.

Note 13.Fair Value (Continued)

The FASB determined that loan commitments related to the origination or acquisition of mortgage loans that will be held for sale must be accounted for as derivative instruments. Such commitments, along with any related fees received from potential borrowers, are recorded at fair value in derivative assets or liabilities, with changes in fair value recorded in income on sale of mortgage loans. Fair value is based on active market pricing for substantially similar underlying mortgage loans commonly referred to as best execution pricing or investment commitment pricing, if the loan is committed to an investor through a best efforts contract. In valuing interest rate lock commitments, there are several unobservable inputs such as the fair value of the mortgage servicing rights, estimated remaining cost to originate the loans, and the pull through rate of the open pipeline. Accordingly, such derivative is classified as Level 3.

The approximate notional amounts of Mortgage World’s derivative instruments were $7.1 million and $13.3 million at March 31, 2022 and December 31, 2021, respectively. The fair value of derivatives related to interest rate lock commitments not subject to a forward loan sale commitment, amounted to $152,000 and $172,000 as of March 31, 2022 and December 31, 2021 and is included in other assets on the consolidated statements of financial position.

The table below presents the changes in derivatives from interest rate lock commitments that are measured at fair value on a recurring basis:

	(Dollars in thousands)
Balance as of December 31, 2021	$	172
Change in fair value of derivative instrument reported in earnings		(20	)
Balance as of March 31, 2022		152

Other Real Estate Owned: Other real estate owned represents real estate acquired through foreclosure, and is recorded at fair value less estimated disposal costs on a nonrecurring basis. Fair value is based upon independent market prices, appraised values of the collateral or management's estimation of the value of the collateral. When the fair value of the collateral is based on an observable market price or a current appraised value, the asset is classified as Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the asset is classified as Level 3.

Deposits: The fair values of demand deposits, savings, NOW and money market accounts equal their carrying amounts, which represent the amounts payable on demand at the reporting date. Fair values for fixed-term, fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies market interest rates on certificates of deposit to a schedule of aggregated expected monthly maturities on such deposits. Deposits are not recorded at fair value on a recurring basis.

FHLBNY Advances: The fair value of the advances is estimated using a discounted cash flow calculation that applies current market-based FHLBNY interest rates for advances of similar maturity to a schedule of maturities of such advances. These borrowings are not recorded at fair value on a recurring basis.

Warehouse Lines of Credit: The carrying amounts of warehouse lines of credit and mortgage loan funding payable approximate fair value and due to their short-term nature are classified as Level 2.

Off-Balance-Sheet Instruments: Fair values for off-balance-sheet instruments (lending commitments and standby letters of credit) are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties' credit standing. Off-balance-sheet instruments are not recorded at fair value on a recurring basis.

Note 13.Fair Value (Continued)

The following tables detail the assets that are carried at fair value and measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021, and indicate the level within the fair value hierarchy utilized to determine the fair value:

			March 31, 2022
Description	Total		Level 1		Level 2		Level 3
	(in thousands)
Available-for-Sale Securities, at fair value:
U.S. Government Bonds	$	2,833	$	—	$	2,833	$	—
Corporate bonds		25,101		—		25,101		—
Mortgage-Backed Securities:
Collateralized Mortgage Obligations		46,731		—		46,731		—
FNMA Certificates		79,967		—		79,967		—
GNMA Certificates		167		—		167		—
Mortgage Loans Held for Sale, at fair value		7,972		—		7,972		—
Derivatives from interest rate lock commitments		152		—		—		152
	$	162,923	$	—	$	162,771	$	152

			December 31, 2021
Description	Total		Level 1		Level 2		Level 3
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds	$	2,934	$	—	$	2,934	$	—
Corporate bonds		21,184		—		21,184		—
Mortgage-Backed Securities:
Collateralized Mortgage Obligations		18,348		—		18,348		—
FNMA Certificates		70,699		—		70,699		—
GNMA Certificates		181		—		181		—
Mortgage Loans Held for Sale, at fair value		15,836		—		15,836		—
Derivatives from interest rate lock commitments		172		—		—		172
	$	129,354	$	—	$	129,182	$	172

Management’s assessment and classification of an investment within a level can change over time based upon maturity or liquidity of the investment and would be reflected at the beginning of the quarter in which the change occurred.

The following tables detail the assets carried at fair value and measured at fair value on a nonrecurring basis as of March 31, 2022 and December 31, 2021 and indicate the fair value hierarchy utilized to determine the fair value:

	March 31, 2022
	Total		Level 1		Level 2		Level 3
	(in thousands)
Impaired loans	$	20,356	$	—	$	—	$	20,356

	December 31, 2021
	Total		Level 1		Level 2		Level 3
	(in thousands)
Impaired loans	$	17,651	$	—	$	—	$	17,651

Losses on assets carried at fair value on a nonrecurring basis were de minimis for the three months ended March 31, 2022 and 2021, respectively.

Note 13.Fair Value (Continued)

As of March 31, 2022 and December 31, 2021, the carrying values and estimated fair values of the Company's financial instruments were as follows:

	Carrying		Fair Value Measurements
	Amount		Level 1		Level 2		Level 3		Total
	(in thousands)
March 31, 2022
Financial assets:
Cash and cash equivalents	$	69,295	$	69,295	$	—	$	—	$	69,295
Available-for-sale securities, at fair value		154,799		—		154,799		—		154,799
Held-to-maturity securities, at amortized cost		927		—		868		—		868
Placements with banks		2,490		—		2,490		—		2,490
Mortgage loans held for sale, at fair value		7,972		—		7,972		—		7,972
Loans receivable, net		1,300,446		—		—		1,286,531		1,286,531
Accrued interest receivable		12,799		—		12,799		—		12,799
FHLBNY stock		5,420		5,420		—		—		5,420
Financial liabilities:
Deposits:
Demand deposits		281,132		281,132		—		—		281,132
Interest-bearing deposits		497,333		497,333		—		—		497,333
Certificates of deposit		402,700		—		398,967		—		398,967
Advance payments by borrowers for taxes and insurance		10,161		—		10,161		—		10,161
Advances from FHLBNY		93,375		—		91,134		—		91,134
Warehouse lines of credit		753		—		753		—		753
Accrued interest payable		223		—		223		—		223

Note 13.

Fair Value (Continued)

	Carrying		Fair Value Measurements
	Amount		Level 1		Level 2		Level 3		Total
	(in thousands)
December 31, 2021
Financial assets:
Cash and cash equivalents	$	153,894	$	153,894	$	—	$	—	$	153,894
Available-for-sale securities, at fair value		113,346		—		108,417		4,929		113,346
Held-to-maturity securities, at amortized cost		934		—		914		—		914
Placements with banks		2,490		—		2,490		—		2,490
Mortgage loans held for sale, at fair value		15,836		—		15,836				15,836
Loans receivable, net		1,305,078		—		—		1,306,253		1,306,253
Accrued interest receivable		12,362		—		12,362		—		12,362
FHLBNY stock		6,001		6,001		—		—		6,001
Financial liabilities:
Deposits:
Demand deposits		274,956		274,956		—		—		274,956
Interest-bearing deposits		500,281		500,281		—		—		500,281
Certificates of deposit		429,479		—		431,339		—		431,339
Advance payments by borrowers for taxes and insurance		7,657		—		7,657		—		7,657
Advances from FHLBNY		106,255		—		106,680		—		106,680
Warehouse lines of credit		15,090		—		15,090		—		15,090
Accrued interest payable		228		—		228		—		228

Off-Balance-Sheet Instruments: Loan commitments on which the committed interest rate is less than the current market rate are insignificant at March 31, 2022 and December 31, 2021.

The fair value information about financial instruments are disclosed, whether or not recognized in the consolidated statements of financial condition, for which it is practicable to estimate that value. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The estimated fair value amounts for 2022 and 2021 have been measured as of their respective period-ends and have not been reevaluated or updated for purposes of these consolidated financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than amounts reported at each period.

The information presented should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only required for a limited portion of the Company's assets and liabilities. Due to the wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company's disclosures and those of other banks may not be meaningful.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Regulatory Capital Requirements

3 Months Ended

Mar. 31, 2022

Disclosure Of Regulatory Capital Requirements [Abstract]

Regulatory Capital Requirements

Note 14.

Regulatory Capital Requirements

The Company and the Bank are subject to various regulatory capital requirements administered by the Federal Reserve Board, the OCC and the U.S. Department of Housing and Urban Development. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s operations and financial statements. Under the regulatory capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company's assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.

Quantitative measures established by regulation require the maintenance of minimum amounts and ratios (set forth in the table below) of total risk-based and Tier 1 capital to risk-weighted assets (as defined), common equity Tier 1 capital (as defined), and Tier 1 capital to adjusted total assets (as defined) adjusted total assets (as defined). As of March 31, 2022 and December 31, 2021, the applicable capital adequacy requirements specified below have been met.

Note 14.Regulatory Capital Requirements (Continued)

The below minimum capital requirements exclude the capital conservation buffer required to avoid limitations on capital distributions including dividend payments and certain discretionary bonus payments to executive officers. The applicable capital buffer for the Bank was 15.27% at March 31, 2022 and 9.23% at December 31, 2021.

The most recent notification from the OCC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Company and the Bank must maintain minimum total risk-based, common equity risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the table below. There were no conditions or events since then that have changed the Bank's category.

The Company's and the Bank’s actual capital amounts and ratios as of March 31, 2022 and December 31, 2021 as compared to regulatory requirements are as follows:

									To Be Well
									Capitalized Under
						For Capital			Prompt Corrective
	Actual					Adequacy Purposes			Action Provisions
	Amount		Ratio			Amount		Ratio	Amount		Ratio
	(Dollars in thousands)
March 31, 2022
Ponce Financial Group, Inc.
Total Capital to Risk-Weighted Assets	$	320,821		28.29	%	$	90,715	8.00%	$	113,394		10.00	%
Tier 1 Capital to Risk-Weighted Assets		306,310		27.01	%		68,036	6.00%		90,715		8.00	%
Common Equity Tier 1 Capital Ratio		306,310		27.01	%		51,027	4.50%		73,706		6.50	%
Tier 1 Capital to Total Assets		306,310		17.74	%		69,072	4.00%		86,339		5.00	%
Ponce Bank
Total Capital to Risk-Weighted Assets	$	262,826		23.27	%	$	90,356	8.00%	$	112,945		10.00	%
Tier 1 Capital to Risk-Weighted Assets		248,671		22.02	%		67,767	6.00%		90,356		8.00	%
Common Equity Tier 1 Capital Ratio		248,671		22.02	%		50,825	4.50%		73,414		6.50	%
Tier 1 Capital to Total Assets		248,671		14.88	%		66,840	4.00%		83,551		5.00	%

											To Be Well
											Capitalized Under
						For Capital					Prompt Corrective
	Actual					Adequacy Purposes					Action Provisions
	Amount		Ratio			Amount		Ratio			Amount		Ratio
	(Dollars in thousands)
December 31, 2021
PDL Community Bancorp
Total Capital to Risk-Weighted Assets	$	204,216		18.96	%	$	86,169		8.00	%	$	107,711		10.00	%
Tier 1 Capital to Risk-Weighted Assets		190,714		17.71	%		64,627		6.00	%		86,169		8.00	%
Common Equity Tier 1 Capital Ratio		190,714		17.71	%		48,470		4.50	%		70,012		6.50	%
Tier 1 Capital to Total Assets		190,714		12.58	%		60,629		4.00	%		75,786		5.00	%
Ponce Bank
Total Capital to Risk-Weighted Assets	$	184,689		17.23	%	$	85,735		8.00	%	$	107,168		10.00	%
Tier 1 Capital to Risk-Weighted Assets		171,253		15.98	%		64,301		6.00	%		85,735		8.00	%
Common Equity Tier 1 Capital Ratio		171,253		15.98	%		48,226		4.50	%		69,659		6.50	%
Tier 1 Capital to Total Assets		171,253		10.91	%		62,784		4.00	%		78,481		5.00	%

Ponce Bank through its Mortgage World division, is subject to various net worth requirements in connection with lending agreements that Ponce Bank has entered with purchase facility lenders. Failure to maintain minimum capital requirements could result in the Bank’s Mortgage World division being unable to originate and service loans, and, therefore, could have a direct material effect on the Company’s consolidated financial statements.

Note 14.

Regulatory Capital Requirements (Continued)

Prior to becoming a division of Ponce Bank, Mortgage World’s minimum net worth requirements as of December 31, 2021 are reflected below:

	Minimum
	Requirement
	(In thousands)
HUD	$	1,000
New York Department of Financial Services		250
Other State Banking Departments		250

As of December 31, 2021, Mortgage World was in compliance with the applicable minimum capital requirements specified above.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 15.

Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) are as follows:

	March 31, 2022
	December 31, 2021			Change			March 31, 2022
	(in thousands)
Unrealized gains (losses) on available-for-sale securities, net	$	(1,456	)	$	(5,579	)	$	(7,035	)
Total	$	(1,456	)	$	(5,579	)	$	(7,035	)

	December 31, 2021
	December 31, 2020		Change			December 31, 2021
	(in thousands)
Unrealized gains on available-for-sale securities, net	$	135	$	(1,591	)	$	(1,456	)
Total	$	135	$	(1,591	)	$	(1,456	)

Transactions with Related Parties

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Transactions with Related Parties

Note 16.Transactions with Related Parties

Directors, executive officers and non-executive officers of the Company have been customers of and have had transactions with the Bank, and it is expected that such persons will continue to have such transactions in the future. Aggregate loan transactions with related parties for the three months ended March 31, 2022 and 2021 were as follows:

	For the Three Months Ended March 31,
	2022			2021
	(in thousand)
Beginning balance ⁽¹⁾	$	5,631		$	424
Originations ⁽¹⁾		4,048			10
Payments		(1,475	)		(10	)
Ending balance	$	8,204		$	424

(1) Includes loans held by James Perez who became a director on March 17, 2022.

The Company held deposits in the amount of $6.6 million and $6.2 million from directors, executive officers and non-executive officers at March 31, 2022 and December 31, 2021, respectively.

Segment Reporting

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Reporting

Note 17.Segment Reporting

The Company has two reportable segments: Ponce Bank and Mortgage World. Income from Ponce Bank consists primarily of interest earned on loans and investment securities and service charges on deposit accounts. Income from Mortgage World consists primarily of taking of applications from the general public for residential mortgage loans, underwriting them to investors’ standards, closing and funding them and holding them until they are sold to investors.

The accounting policies of the reportable segments are the same as those described in the summary of accounting policies. Segment profit and loss is measured by net income on an entity basis for the three months ended March 31, 2021 but on an operations basis for the three months ended March 31, 2022. Significant intercompany transactions are eliminated for the three months ended March 31, 2021 in consolidation.

The following tables set forth condensed consolidated statements of operations and total assets for the operating segments for the three months ended March 31, 2022 and 2021, respectively:

	For the Three Months Ended March 31, 2022
	Ponce Bank			Mortgage World			Ponce Financial Group, Inc.			Eliminations			Consolidated
	(in thousands)
Interest and dividend income	$	18,888		$	130		$	84		$	(84	)	$	19,018
Interest expense		1,696			68			—			(84	)		1,680
Net interest income		17,192			62			84			—			17,338
Provision for loan losses		1,258			—			—			—			1,258
Net interest income after provision for loan losses		15,934			62			84			—			16,080
Non-interest income		1,055			1,297			—			(126	)		2,226
Non-interest expense		20,118			2,223			5,859			(126	)		28,074
Income (loss) before income taxes		(3,129	)		(864	)		(5,775	)		—			(9,768	)
Provision (benefit) for income taxes		406			—			(3,354	)		—			(2,948	)
Equity in undistributed earnings of Ponce Bank		—			—			(4,399	)		4,399			—
Net income (loss)	$	(3,535	)	$	(864	)	$	(6,820	)	$	4,399		$	(6,820	)

Total assets at March 31, 2022	$	1,574,228		$	15,938		$	298,418		$	(293,987	)	$	1,594,597

Total assets at December 31, 2021	$	1,630,031		$	20,096		$	312,137		$	(308,754	)	$	1,653,510

	For the Three Months Ended March 31, 2021
	Ponce Bank		Mortgage World		Ponce Financial Group, Inc.			Eliminations			Consolidated
	(in thousands)
Interest and dividend income	$	15,027	$	150	$	41		$	(41	)	$	15,177
Interest expense		2,186		140		—			(41	)		2,285
Net interest income		12,841		10		41			—			12,892
Provision for loan losses		686		—		—			—			686
Net interest income after provision for loan losses		12,155		10		41			—			12,206
Non-interest income		1,804		2,358		—			(269	)		3,893
Non-interest expense		10,000		2,291		893			(269	)		12,915
Income (loss) before income taxes		3,959		77		(852	)		—			3,184
Provision (benefit) for income taxes		1,105		40		(413	)		—			732
Equity in undistributed earnings of Ponce Bank		—		—		2,891			(2,891	)		—
Net income (loss)	$	2,854	$	37	$	2,452		$	(2,891	)	$	2,452

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Nature of Business and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Financial Statement Presentation

Basis of Presentation and Consolidation:

Nature of Operations

Nature of Operations:

Risks and Uncertainties

Risks and Uncertainties:

Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued)

Use of Estimates

Interim Financial Statements

Significant Group Concentrations of Credit Risk

Cash and Cash Equivalents

Securities

Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued)

Federal Home Loan Bank of New York Stock

Loans Receivable

Allowance for Loan Losses

Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued)

Residential and Multifamily Mortgage Loans

Nonresidential Mortgage Loans

Construction and Land Loans

Business Loans

Consumer Loans

Mortgage Loans Held for Sale, at Fair Value

Derivative Financial Instrument

Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued)

Revenue from Contracts with Customers

COVID-19 Pandemic and the CARES Act

Transfers of Financial Assets

Transfers of Financial Assets: Transfers of financial assets are accounted for as sales when all of the components meet the definition of a participating interest and when control over the assets has been surrendered. A participating interest generally represents (1) a proportionate (pro rata) ownership interest in an entire financial asset, (2) a relationship where from the date of transfer all cash flows received from the entire financial asset are divided proportionately among the participating interest holders in an amount equal to their share of ownership, (3) the priority of cash flows has certain characteristics, including no reduction in priority, subordination ofinterest, or recourse to the transferor other than standard representation or warranties, and (4) no party has the right to pledge or exchange the entire financial asset unless all participating interest holders agree to pledge or exchange the entire financial asset. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Bank, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Bank does not maintain effective control over the transferred assets through either (a) an agreement to repurchase them before their maturity or (b) the ability to unilaterally cause the holder to return specific assets, other than through a clean-up call.

Premises and Equipment

Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued)

Premises and Equipment: Premises and equipment are stated at cost, less accumulated depreciation.

Depreciation is computed and charged to operations using the straight-line method over the estimated useful lives of the respective assets as follows:

		Years
Buildings		39
Building improvements		15 - 39
Furniture, fixtures, and equipment		3 - 10

Impairment of Long-Lived Assets

Other Real Estate Owned

Income Taxes

Interest and penalties associated with unrecognized tax benefits, if any, would be classified as additional provision for income taxes in the consolidated statements of operations.

Related Party Transactions

Employee Benefit Plans

Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued)

KSOP, the Employee Stock Ownership Plan with 401(k) Provisions

Stock Options

Restricted Stock Units

Comprehensive Income (Loss)

Loss Contingencies

Fair Value of Financial Instruments

Segment Reporting

Loan Commitments and Related Financial Instruments

Earnings (Loss) Per Share ("EPS")

Treasury Stock

Reclassification of Prior Year Presentation

Recent Accounting Pronouncements

Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued)

Recent Accounting Pronouncements:

Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued)

Nature of Business and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Estimated Useful Lives of Assets

Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued)

Premises and Equipment: Premises and equipment are stated at cost, less accumulated depreciation.

Depreciation is computed and charged to operations using the straight-line method over the estimated useful lives of the respective assets as follows:

		Years
Buildings		39
Building improvements		15 - 39
Furniture, fixtures, and equipment		3 - 10

Available-for-Sale Securities (Tables)

3 Months Ended

Mar. 31, 2022

Investments Debt And Equity Securities [Abstract]

Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Securities

The amortized cost, gross unrealized gains and losses, and fair value of securities at March 31, 2022 and December 31, 2021 are summarized as follows:

	March 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds	$	2,982	$	—	$	(149	)	$	2,833
Corporate Bonds		25,849		133		(881	)		25,101
Mortgage-Backed Securities:
Collateralized Mortgage Obligations ⁽¹⁾		49,276		—		(2,545	)		46,731
FNMA Certificates		85,328				(5,361	)		79,967
GNMA Certificates		163		4		—			167
Total available-for-sale securities	$	163,598	$	137	$	(8,936	)	$	154,799

Held-to-Maturity Securities:
FHLMC Certificates	$	927	$	—	$	(59	)	$	868
Total held-to-maturity securities	$	927	$	—	$	(59	)	$	868

(1)

Comprised of Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Ginnie Mae (“GNMA”) issued securities.

	December 31, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds	$	2,981	$	—	$	(47	)	$	2,934
Corporate Bonds		21,243		144		(203	)		21,184
Mortgage-Backed Securities:
Collateralized Mortgage Obligations ⁽¹⁾		18,845		—		(497	)		18,348
FNMA Certificates		71,930		—		(1,231	)		70,699
GNMA Certificates		175		6		—			181
Total available-for-sale securities	$	115,174	$	150	$	(1,978	)	$	113,346

Held-to-Maturity Securities:
FHLMC Certificates	$	934	$	—	$	(20	)	$	914
Total held-to-maturity securities	$	934	$	—	$	(20	)	$	914

(1) Comprised of FHLMC, FNMA and GNMA issued securities.

Company's Securities Gross Unrealized Losses and Fair Values, Aggregated by Length of Time Individual Securities Have Been in a Continuous Unrealized Loss Position

	March 31, 2022
	Securities With Gross Unrealized Losses
	Less Than 12 Months					12 Months or More					Total		Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds	$	2,833	$	(149	)	$	—	$	—		$	2,833	$	(149	)
Corporate Bonds		19,695		(881	)		—		—			19,695		(881	)
Mortgage-Backed
Collateralized Mortgage Obligations		41,714		(1,891	)		5,017		(654	)		46,731		(2,545	)
FNMA Certificates		76,407		(5,151	)		3,560		(210	)		79,967		(5,361	)
Total available-for-sale securities	$	140,649	$	(8,072	)	$	8,577	$	(864	)	$	149,226	$	(8,936	)
Held-to-Maturity Securities:
FHLMC Certificates	$	—	$	—		$	868	$	(59	)	$	868	$	(59	)
Total held-to-maturity securities	$	—	$	—		$	868	$	(59	)	$	868	$	(59	)

	December 31, 2021
	Securities With Gross Unrealized Losses
	Less Than 12 Months					12 Months or More					Total		Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds	$	2,934	$	(47	)	$	—	$	—		$	2,934	$	(47	)
Corporate Bonds		15,297		(203	)		—		—			15,297		(203	)
Mortgage-Backed
Collateralized Mortgage Obligations		16,034		(419	)		2,314		(78	)		18,348		(497	)
FNMA Certificates		70,699		(1,231	)		—		—			70,699		(1,231	)
Total available-for-sale securities	$	104,964	$	(1,900	)	$	2,314	$	(78	)	$	107,278	$	(1,978	)
Held-to-Maturity Securities:
FHLMC Certificates	$	914	$	(20	)	$	—	$	—		$	914	$	(20	)
Total held-to-maturity securities	$	914	$	(20	)	$	—	$	—		$	914	$	(20	)

Summary of Maturities of Securities

	March 31, 2022
	Amortized		Fair
	Cost		Value
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds:
Amounts maturing:
Three months or less	$	—	$	—
More than three months through one year		—		—
More than one year through five years		2,982		2,833
More than five years through ten years		—		—
		2,982		2,833
Corporate Bonds:
Amounts maturing:
Three months or less	$	—	$	—
More than three months through one year		—		—
More than one year through five years		4,000		3,801
More than five years through ten years		21,849		21,300
		25,849		25,101
Mortgage-Backed Securities		134,767		126,865
Total available-for-sale securities	$	163,598	$	154,799
Held-to-Maturity Securities:
FHLMC Certificates	$	927	$	868
Total held-to-maturity securities	$	927	$	868

Note 4.Available-for-Sale Securities (Continued)

	December 31, 2021
	Amortized		Fair
	Cost		Value
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds:
Amounts maturing:
Three months or less	$	—	$	—
More than three months through one year		—		—
More than one year through five years		2,981		2,934
More than five years through ten years		—		—
		2,981		2,934
Corporate Bonds:
Amounts maturing:
Three months or less	$	—	$	—
More than three months through one year		—		—
More than one year through five years		4,445		4,381
More than five years through ten years		16,798		16,803
		21,243		21,184
Mortgage-Backed Securities		90,950		89,228
Total available-for-sale securities	$	115,174	$	113,346
Held-to-Maturity Securities:
FHLMC Certificates	$	934	$	914
Total held-to-maturity securities	$	934	$	914

Loans Receivable and Allowance for Loan Losses (Tables)

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Summary of Loans

Loans receivable at March 31, 2022 and December 31, 2021 are summarized as follows:

	March 31,			December 31,
	2022			2021
	(in thousands)
Mortgage loans:
1-4 Family residential
Investor-Owned	$	323,442		$	317,304
Owner-Occupied		95,234			96,947
Multifamily residential		368,133			348,300
Nonresidential properties		251,893			239,691
Construction and land		144,881			134,651
Total mortgage loans		1,183,583			1,136,893
Nonmortgage loans:
Business loans ⁽¹⁾		100,253			150,512
Consumer loans ⁽²⁾		31,899			34,693
Total non-mortgage loans		132,152			185,205
Total loans, gross		1,315,735			1,322,098
Net deferred loan origination costs		1,604			(668	)
Allowance for loan losses		(16,893	)		(16,352	)
Loans receivable, net	$	1,300,446		$	1,305,078

(1)

As of March 31, 2022 and December 31, 2021, business loans include $86.0 million and $136.8 million, respectively, of SBA Paycheck Protection Program (“PPP”) loans.

(2)

Schedule of Credit Risk Ratings by Loan Segment

The following tables present credit risk ratings by loan segment as of March 31, 2022 and December 31, 2021:

	March 31, 2022
	Mortgage Loans								Nonmortgage Loans
							Construction						Total
	1-4 Family		Multifamily		Nonresidential		and Land		Business		Consumer		Loans
	(in thousands)
Risk Rating:
Pass	$	407,132	$	361,069	$	249,492	$	137,314	$	100,253	$	31,899	$	1,287,159
Special mention		1,502		5,301		—		—		—		—		6,803
Substandard		10,042		1,763		2,401		7,567		—		—		21,773
Total	$	418,676	$	368,133	$	251,893	$	144,881	$	100,253	$	31,899	$	1,315,735

	December 31, 2021
	Mortgage Loans								Nonmortgage Loans
							Construction						Total
	1-4 Family		Multifamily		Nonresidential		and Land		Business		Consumer		Loans
	(in thousands)
Risk Rating:
Pass	$	402,276	$	339,047	$	237,371	$	127,084	$	150,512	$	34,693	$	1,290,983
Special mention		1,820		5,328		—		6,650		—		—		13,798
Substandard		10,155		3,925		2,320		917		—		—		17,317
Total	$	414,251	$	348,300	$	239,691	$	134,651	$	150,512	$	34,693	$	1,322,098

Schedule of Aging Analysis of Loans

Note 5.Loans Receivable and Allowance for Loan Losses (Continued)

An aging analysis of loans, as of March 31, 2022 and December 31, 2021, is as follows:

	March 31, 2022
			30-59		60-89		90 Days						90 Days
			Days		Days		or More				Nonaccrual		or More
	Current		Past Due		Past Due		Past Due		Total		Loans		Accruing
	(in thousands)
Mortgage loans:
1-4 Family residential
Investor-Owned	$	319,129	$	3,645	$	—	$	668	$	323,442	$	3,826	$	—
Owner-Occupied		92,760		675		—		1,799		95,234		3,154		—
Multifamily residential		368,133		—		—		—		368,133		—		—
Nonresidential properties		251,893		—		—		—		251,893		1,264		—
Construction and land		137,314		—		7,567		—		144,881		7,567		—
Nonmortgage loans:
Business		100,188		65		—		—		100,253		—		—
Consumer		28,481		1,751		1,443		224		31,899		—		—
Total	$	1,297,898	$	6,136	$	9,010	$	2,691	$	1,315,735	$	15,811	$	—

	December 31, 2021
			30-59		60-89		90 Days						90 Days
			Days		Days		or More				Nonaccrual		or More
	Current		Past Due		Past Due		Past Due		Total		Loans		Accruing
	(in thousands)
Mortgage loans:
1-4 Family residential
Investor-Owned	$	312,918	$	321	$	2,969	$	1,096	$	317,304	$	3,583	$	—
Owner-Occupied		91,568		2,961		471		1,947		96,947		3,480		—
Multifamily residential		346,409		1,704		187		—		348,300		1,200		—
Nonresidential properties		237,589		934		1,168		—		239,691		2,262		—
Construction and land		134,651		—		—		—		134,651		917		—
Nonmortgage loans:
Business		145,919		4,036		544		13		150,512		—		—
Consumer		30,359		2,570		1,759		5		34,693		—		—
Total	$	1,299,413	$	12,526	$	7,098	$	3,061	$	1,322,098	$	11,442	$	—

Schedule of Composition of Allowance for Loan Losses and Related Recorded Investment

	For the Three Months Ended March 31, 2022
	Mortgage Loans												Nonmortgage Loans					Total
	1-4 Family Investor Owned		1-4 Family Owner Occupied			Multifamily		Nonresidential		Construction and Land			Business		Consumer			For the Period
	(in thousands)
Allowance for loan losses:
Balance, beginning of period	$	3,540	$	1,178		$	5,684	$	2,165	$	2,024		$	306	$	1,455		$	16,352
Provision charged to expense		41		(6	)		304		104		(7	)		55		767			1,258
Losses charged-off		—		—			—		—		—			—		(751	)		(751	)
Recoveries		—		—			—		—		—			2		32			34
Balance, end of period	$	3,581	$	1,172		$	5,988	$	2,269	$	2,017		$	363	$	1,503		$	16,893
Ending balance: individually evaluated for impairment	$	93	$	114		$	—	$	38	$	—		$	—	$	—		$	245
Ending balance: collectively evaluated for impairment		3,488		1,058			5,988		2,231		2,017			363		1,503			16,648
Total	$	3,581	$	1,172		$	5,988	$	2,269	$	2,017		$	363	$	1,503		$	16,893
Loans:
Ending balance: individually evaluated for impairment	$	5,970	$	4,828		$	—	$	1,991	$	7,567		$	—	$	—		$	20,356
Ending balance: collectively evaluated for impairment		317,472		90,406			368,133		249,902		137,314			100,253		31,899			1,295,379
Total	$	323,442	$	95,234		$	368,133	$	251,893	$	144,881		$	100,253	$	31,899		$	1,315,735

Note 5.Loans Receivable and Allowance for Loan Losses (Continued)

	For the Three Months Ended March 31, 2021
	Mortgage Loans												Nonmortgage Loans						Total
	1-4 Family Investor Owned			1-4 Family Owner Occupied		Multifamily		Nonresidential			Construction and Land		Business			Consumer			For the Period
	(in thousands)
Allowance for loan losses:
Balance, beginning of period	$	3,850		$	1,260	$	5,214	$	2,194		$	1,820	$	254		$	278		$	14,870
Provision charged to expense		(6	)		14		226		(10	)		107		(10	)		365			686
Losses charged-off		—			—		—		—			—		—			(50	)		(50	)
Recoveries		—			—		—		—			—		2			—			2
Balance, end of period	$	3,844		$	1,274	$	5,440	$	2,184		$	1,927	$	246		$	593		$	15,508
Ending balance: individually evaluated for impairment	$	116		$	127	$	—	$	41		$	—	$	—		$	—		$	284
Ending balance: collectively evaluated for impairment		3,728			1,147		5,440		2,143			1,927		246			593			15,224
Total	$	3,844		$	1,274	$	5,440	$	2,184		$	1,927	$	246		$	593		$	15,508
Loans:
Ending balance: individually evaluated for impairment	$	6,515		$	6,247	$	946	$	5,171		$	—	$	—		$	—		$	18,879
Ending balance: collectively evaluated for impairment		311,380			93,738		314,132		210,169			119,339		142,135			36,706			1,227,599
Total	$	317,895		$	99,985	$	315,078	$	215,340		$	119,339	$	142,135		$	36,706		$	1,246,478

Note 5.Loans Receivable and Allowance for Loan Losses (Continued)

	For the Year Ended December 31, 2021
	Mortgage Loans														Nonmortgage Loans						Total
	1-4 Family Investor Owned			1-4 Family Owner Occupied			Multifamily			Nonresidential			Construction and Land		Business			Consumer			For the Period
	(in thousands)
Allowance for loan losses:
Balance, beginning of year	$	3,850		$	1,260		$	5,214		$	2,194		$	1,820	$	254		$	278		$	14,870
Provision charged to expense		(318	)		(127	)		508			(29	)		204		(32	)		2,511			2,717
Losses charged-off		—			—			(38	)		—			—		—			(1,342	)		(1,380	)
Recoveries		8			45			—			—			—		84			8			145
Balance, end of year	$	3,540		$	1,178		$	5,684		$	2,165		$	2,024	$	306		$	1,455		$	16,352
Ending balance: individually evaluated for impairment	$	91		$	114		$	—		$	38		$	—	$	—		$	—		$	243
Ending balance: collectively evaluated for impairment		3,449			1,064			5,684			2,127			2,024		306			1,455			16,109
Total	$	3,540		$	1,178		$	5,684		$	2,165		$	2,024	$	306		$	1,455		$	16,352
Loans:
Ending balance: individually evaluated for impairment	$	6,672		$	5,854		$	1,200		$	2,995		$	917	$	13		$	—		$	17,651
Ending balance: collectively evaluated for impairment		310,632			91,093			347,100			236,696			133,734		150,499			34,693			1,304,447
Total	$	317,304		$	96,947		$	348,300		$	239,691		$	134,651	$	150,512		$	34,693		$	1,322,098

Schedule of Information Relates to Impaired Loans

The following information relates to impaired loans as of and for the three months ended March 31, 2022 and 2021 and as of and for the year ended December 31, 2021:

	Unpaid Contractual		Recorded Investment		Recorded Investment		Total				Average		Interest Income
	Principal		With No		With		Recorded		Related		Recorded		Recognized
As of and For the Three Months Ended March 31, 2022	Balance		Allowance		Allowance		Investment		Allowance		Investment		on a Cash Basis
	(in thousands)
Mortgage loans:
1-4 Family residential	$	11,131	$	8,386	$	2,412	$	10,798	$	207	$	11,970	$	76
Multifamily residential		—		—		—		—		—		1,104		—
Nonresidential properties		2,023		1,636		355		1,991		38		3,399		20
Construction and land		7,567		7,567		—		7,567		—		1,568		17
Nonmortgage loans:
Business		—		—		—		—		—		12		—
Consumer		—				—		—		—		24		—
Total	$	20,721	$	17,589	$	2,767	$	20,356	$	245	$	18,077	$	113

	Unpaid Contractual		Recorded Investment		Recorded Investment		Total				Average		Interest Income
	Principal		With No		With		Recorded		Related		Recorded		Recognized
As of and For the Three Months Ended March 31, 2021	Balance		Allowance		Allowance		Investment		Allowance		Investment		on a Cash Basis
	(in thousands)
Mortgage loans:
1-4 Family residential	$	13,636	$	10,302	$	2,460	$	12,762	$	243	$	12,325	$	64
Multifamily residential		946		946		—		946		—		420		—
Nonresidential properties		5,627		4,803		368		5,171		41		5,351		8
Construction and land		—		—		—		—		—		188		—
Nonmortgage loans:
Business		—		—		—		—		—		2		—
Consumer		—		—		—		—		—		—		—
Total	$	20,209	$	16,051	$	2,828	$	18,879	$	284	$	18,286	$	72

	Unpaid Contractual		Recorded Investment		Recorded Investment		Total				Average		Interest Income
	Principal		With No		With		Recorded		Related		Recorded		Recognized
As of and for the Year Ended December 31, 2021	Balance		Allowance		Allowance		Investment		Allowance		Investment		on a Cash Basis
	(in thousands)
Mortgage loans:
1-4 Family residential	$	13,333	$	10,535	$	1,991	$	12,526	$	205	$	12,145	$	189
Multifamily residential		1,200		1,200		—		1,200		—		1,139		63
Nonresidential properties		3,494		2,637		358		2,995		38		3,941		38
Construction and land		917		917		—		917		—		307		17
Nonmortgage loans:
Business		13		13		—		13		—		13		—
Consumer		—		—		—		—		—		24		—
Total	$	18,957	$	15,302	$	2,349	$	17,651	$	243	$	17,569	$	307

Premises and Equipment (Tables)

3 Months Ended

Mar. 31, 2022

Property Plant And Equipment [Abstract]

Summary of Premises and Equipment

Premises and equipment at March 31, 2022 and December 31, 2021 are summarized as follows:

	March 31,			December 31,
	2022			2021
	(in thousands)
Land	$	932		$	932
Buildings and improvements		4,327			4,327
Leasehold improvements		15,980			16,462
Furniture, fixtures and equipment		9,586			9,661
		30,825			31,382
Less: accumulated depreciation and amortization		(11,546	)		(11,765	)
Total premises and equipment	$	19,279		$	19,617

Deposits (Tables)

3 Months Ended

Mar. 31, 2022

Banking And Thrifts [Abstract]

Summarized Deposits

Deposits at March 31, 2022 and December 31, 2021 are summarized as follows:

	March 31,		December 31,
	2022		2021
	(in thousands)
Demand ⁽¹⁾	$	281,132	$	274,956
Interest-bearing deposits:
NOW/IOLA accounts		33,010		35,280
Money market accounts		169,847		186,893
Reciprocal deposits		160,510		143,221
Savings accounts		133,966		134,887
Total NOW, money market, reciprocal and savings		497,333		500,281
Certificates of deposit of $250K or more		75,130		78,454
Brokered certificates of deposits ⁽²⁾		79,282		79,320
Listing service deposits ⁽²⁾		53,876		66,411
Certificates of deposit less than $250K		194,412		205,294
Total certificates of deposit		402,700		429,479
Total interest-bearing deposits		900,033		929,760
Total deposits	$	1,181,165	$	1,204,716

(1)

As of March 31, 2022 and December 31, 2021, included in demand deposits are deposits related to net PPP funding.

(2)

Scheduled Maturities of Certificates of Deposit

At March 31, 2022 scheduled maturities of certificates of deposit were as follows:

	(in thousands)
2023	$	242,101
2024		45,660
2025		35,866
2026		64,357
2027		10,754
Thereafter		3,962
	$	402,700

- Definition

Tabular disclosure of type of deposit liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (e)

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)(i)(ii)

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (1)

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (1)

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (d)

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)(i)

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)(i)(iv)

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (5)

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)(i)(iii)

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (4)

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (c)

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (2)

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (3)

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)

+ Details

Borrowings (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Borrowed Funds FHLBNY Advances Maturity and Call Date

Borrowed funds at March 31, 2022 and December 31, 2021 consist of the following and are summarized by maturity and call date below:

	March 31,							December 31,
	2022							2021
	Scheduled Maturity		Redeemable at Call Date		Weighted Average Rate			Scheduled Maturity		Redeemable at Call Date		Weighted Average Rate
	(Dollars in thousands)
FHLBNY Term advances ending:
2022		65,000		65,000		1.89	%		77,880		77,880		1.73	%
2023		28,375		28,375		2.82			28,375		28,375		2.82
	$	93,375	$	93,375		2.17	%	$	106,255	$	106,255		2.02	%

Schedule of Warehouse Lines of Credit

	March 31, 2022
	Credit Line		Unused Line
	Maximum		of Credit		Balance
	(in thousands)
Warehouse Line of Credit #1	$	10,000	$	9,247	$	753
Total long-term debt	$	10,000	$	9,247	$	753

	December 31, 2021
	Credit Line		Unused Line
	Maximum		of Credit		Balance
	(in thousands)
Warehouse Line of Credit #1	$	15,000	$	8,636	$	6,364
Warehouse Line of Credit #2		15,000	$	6,274	$	8,726
Total long-term debt	$	30,000	$	14,910	$	15,090

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes for the three months ended March 31, 2022 and 2021 consists of the following:

	For the Three Months Ended March 31,
	2022			2021
	(in thousands)
Federal:
Current	$	(1,053	)	$	560
Deferred		(1,715	)		36
		(2,768	)		596
State and local:
Current		195			68
Deferred		(543	)		310
		(348	)		378
Valuation allowance		168			(242	)
(Benefit) provision for income taxes	$	(2,948	)	$	732

Schedule of Reconciliation of Differences Between Federal Income Tax Rate and Total Income Tax Expense

	For the Three Months Ended March 31,
	2022			2021
	(in thousands)
Income tax, at federal rate	$	(2,051	)	$	669
State and local tax, net of federal taxes		(275	)		299
Valuation allowance, net of the federal benefit		168			(242	)
Other		(790	)		6
	$	(2,948	)	$	732

Schedule of Significant Deferred Tax Assets and Liabilities

Note 9.Income Taxes (Continued)

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at March 31, 2022 and December 31, 2021 are presented below:

	March 31,		December 31,
	2022		2021
	(in thousands)
Deferred tax assets:
Allowance for loan losses	$	5,428	$	5,254
Deferred loan fees		—		214
Interest on nonaccrual loans		154		102
Unrealized loss on available-for-sale securities		1,929		399
Amortization of intangible assets		45		50
Deferred rent payable		181		152
Net operating losses		4,557		3,280
Charitable contribution carryforward		1,621		366
Compensation and benefits		666		456
Other		259		264
Total gross deferred tax assets		14,840		10,537
Deferred tax liabilities:
Depreciation of premises and equipment		1,301		1,301
Deferred loan fees		515		—
Other		63		63
Total gross deferred tax liabilities		1,879		1,364
Valuation allowance		5,521		5,353
Net deferred tax assets	$	7,440	$	3,820

Compensation and Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2022

Compensation And Retirement Disclosure [Abstract]

Summary of ESOP Shares

Note 10.

Compensation and Benefit Plans (Continued)

A summary of the ESOP shares as of March 31, 2022 and December 31, 2021 are as follows:

	March 31, 2022		December 31, 2021
	(Dollars in thousands)
Shares committed-to-be released		169,756		96,500
Shares allocated to participants		235,361		170,145
Unallocated shares		1,668,101		434,251
Total		2,073,218		700,896
Fair value of unallocated shares	$	17,315	$	6,297

Schedule of Restricted Stock Units Awards Activity and Related Information

A summary of the Company’s restricted stock unit awards activity and related information for three months ended March 31, 2022 and year ended December 31, 2021 are as follows:

	March 31, 2022
	Number of Shares			Weighted- Average Grant Date Fair Value Per Share
Non-vested, beginning of year		237,687		$	12.65
Conversion and reorganization		93,933			—
Granted		—			—
Vested		(12,440	)		9.27
Forfeited		—			—
Non-vested at March 31		319,180		$	9.06

	December 31, 2021
	Number of Shares			Weighted- Average Grant Date Fair Value Per Share
Non-vested, beginning of year ⁽¹⁾		335,919		$	12.66
Granted		—			—
Vested		(98,232	)		12.69
Forfeited		—			—
Non-vested at December 31		237,687		$	12.65

Schedule of Stock Option Awards Activity and Related Information

A summary of the Company’s stock option awards activity and related information for three months ended March 31, 2022 and year ended December 31, 2021 are as follows:

	March 31, 2022
	Options		Weighted- Average Exercise Price Per Share
Outstanding, beginning of year ⁽¹⁾		203,766	$	12.02
Conversion and reorganization		80,526		—
Granted		—		—
Exercised		—		—
Forfeited		—		—
Outstanding at March 31 ⁽²⁾		284,292		8.62
Exercisable at March 31 ⁽²⁾		136,141	$	8.93

	December 31, 2021
	Options		Weighted- Average Exercise Price Per Share
Outstanding, beginning of year		203,766	$	12.02
Granted		—		—
Exercised		—		—
Forfeited		—		—
Outstanding at December 31 ⁽²⁾		203,766	$	12.02
Exercisable at December 31 ⁽²⁾		94,904	$	12.45

(1)

Schedule of Fair Value of Option Grant Using Black-Scholes Option Pricing Model With Weighted Average Assumptions

The fair value of each option grant is estimated on the date of grant using Black-Scholes option pricing model with the following weighted average assumptions:

	For the Three Months Ended March 31,
	2022			2021
Dividend yield		0.00	%		0.00	%
Expected life	6.5 years			6.5 years
Expected volatility		38.51	%		38.51	%
Risk-free interest rate		0.48	%		0.48	%
Weighted average grant date fair value	$	2.70		$	3.77

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Reconciliation of Number of Shares Used in Calculation of Basic and Diluted Earnings Per Common Share

The following table presents a reconciliation of the number of shares used in the calculation of basic and diluted earnings per common share:

	For the Three Months Ended March 31,
	2022			2021
	(Dollars in thousands except share data)

Net (loss) income	$	(6,820	)	$	2,452

Common shares outstanding for basic EPS:
Weighted average common shares outstanding		22,744,101			17,078,813
Less: Weighted average unallocated Employee Stock Ownership Plan (ESOP) shares		1,022,988			530,617
Basic weighted average common shares outstanding		21,721,113			16,548,196
Basic earnings per common share	$	(0.31	)	$	0.15
Potential dilutive common shares:
Add: Dilutive effect of restricted stock awards and stock options		—			—
Diluted weighted average common shares outstanding		21,721,113			16,548,196
Diluted earnings per common share	$	(0.31	)	$	0.15

Commitments, Contingencies and Credit Risk (Tables)

3 Months Ended

Mar. 31, 2022

Commitments And Contingencies Disclosure [Abstract]

Financial Instruments Whose Contractual Amounts Represent Credit Risk

Financial instruments whose contractual amounts represent credit risk at March 31, 2022 and December 31, 2021 are as follows:

	March 31,		December 31,
	2022		2021
	(in thousands)
Commitments to grant mortgage loans	$	146,684	$	127,159
Commitments to sell loans at lock-in rates		7,123		13,321
Unfunded commitments under lines of credit		80,478		80,033
	$	234,285	$	220,513

Projected Minimum Rental Payments under Terms of Leases

The projected minimum rental payments under the terms of the leases at March 31, 2022 are as follows:

	(in thousands)
Remainder of 2022	$	2,662
2023		3,600
2024		3,643
2025		3,600
2026		3,422
2027		3,285
Thereafter		28,827
	$	49,039

- Definition

Tabular disclosure of all significant concentrations of risk, including credit risk and market risk, arising from all financial instruments (as defined), whether from an individual counterparty or groups of counterparties. The disclosure concerning concentrations of risk may consist of the following information: (1) for concentrations of credit risk disclosure may include: (a) information about the (shared) activity, region, or economic characteristic that identifies the concentration, (b) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the entity would incur if parties to the financial instruments that make up the concentration failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the entity, (c) the policy of requiring collateral or other security to support financial instruments subject to credit risk, information about the entity's access to that collateral or other security, and the nature and a brief description of the collateral or other security supporting those financial instruments, and (d) the policy of entering into master netting arrangements to mitigate the credit risk of financial instruments, information about the arrangements for which the entity is a party, and a brief description of the terms of those arrangements, including the extent to which they would reduce the entity's maximum amount of loss due to credit risk and (2) for disclosure of quantitative information about the market risks of financial instruments that is consistent with the way the company manages or adjusts those risks, disclosure may include: (a) more details about current positions and perhaps activity during the period, (b) the hypothetical effects on comprehensive income (or net assets), or annual income, of several possible changes in market prices, (c) a gap analysis of interest rate re-pricing or maturity dates, (d) the duration of the financial instruments, (e) the entity's value at risk from derivatives and from other positions at the end of the reporting period and the average value at risk during the year, or (f) other ways of reporting quantitative information as internally developed.

+ References + Details

Fair Value (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Changes in Derivatives From Interest Rate Lock Commitments are Measured at Fair Value

The table below presents the changes in derivatives from interest rate lock commitments that are measured at fair value on a recurring basis:

	(Dollars in thousands)
Balance as of December 31, 2021	$	172
Change in fair value of derivative instrument reported in earnings		(20	)
Balance as of March 31, 2022		152

Assets Measured at Fair Value on Recurring Basis

			March 31, 2022
Description	Total		Level 1		Level 2		Level 3
	(in thousands)
Available-for-Sale Securities, at fair value:
U.S. Government Bonds	$	2,833	$	—	$	2,833	$	—
Corporate bonds		25,101		—		25,101		—
Mortgage-Backed Securities:
Collateralized Mortgage Obligations		46,731		—		46,731		—
FNMA Certificates		79,967		—		79,967		—
GNMA Certificates		167		—		167		—
Mortgage Loans Held for Sale, at fair value		7,972		—		7,972		—
Derivatives from interest rate lock commitments		152		—		—		152
	$	162,923	$	—	$	162,771	$	152

			December 31, 2021
Description	Total		Level 1		Level 2		Level 3
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds	$	2,934	$	—	$	2,934	$	—
Corporate bonds		21,184		—		21,184		—
Mortgage-Backed Securities:
Collateralized Mortgage Obligations		18,348		—		18,348		—
FNMA Certificates		70,699		—		70,699		—
GNMA Certificates		181		—		181		—
Mortgage Loans Held for Sale, at fair value		15,836		—		15,836		—
Derivatives from interest rate lock commitments		172		—		—		172
	$	129,354	$	—	$	129,182	$	172

Assets Measured at Fair Value on Nonrecurring Basis

	March 31, 2022
	Total		Level 1		Level 2		Level 3
	(in thousands)
Impaired loans	$	20,356	$	—	$	—	$	20,356

	December 31, 2021
	Total		Level 1		Level 2		Level 3
	(in thousands)
Impaired loans	$	17,651	$	—	$	—	$	17,651

Estimated Fair Values of Financial Instruments

Note 13.Fair Value (Continued)

As of March 31, 2022 and December 31, 2021, the carrying values and estimated fair values of the Company's financial instruments were as follows:

	Carrying		Fair Value Measurements
	Amount		Level 1		Level 2		Level 3		Total
	(in thousands)
March 31, 2022
Financial assets:
Cash and cash equivalents	$	69,295	$	69,295	$	—	$	—	$	69,295
Available-for-sale securities, at fair value		154,799		—		154,799		—		154,799
Held-to-maturity securities, at amortized cost		927		—		868		—		868
Placements with banks		2,490		—		2,490		—		2,490
Mortgage loans held for sale, at fair value		7,972		—		7,972		—		7,972
Loans receivable, net		1,300,446		—		—		1,286,531		1,286,531
Accrued interest receivable		12,799		—		12,799		—		12,799
FHLBNY stock		5,420		5,420		—		—		5,420
Financial liabilities:
Deposits:
Demand deposits		281,132		281,132		—		—		281,132
Interest-bearing deposits		497,333		497,333		—		—		497,333
Certificates of deposit		402,700		—		398,967		—		398,967
Advance payments by borrowers for taxes and insurance		10,161		—		10,161		—		10,161
Advances from FHLBNY		93,375		—		91,134		—		91,134
Warehouse lines of credit		753		—		753		—		753
Accrued interest payable		223		—		223		—		223

	Carrying		Fair Value Measurements
	Amount		Level 1		Level 2		Level 3		Total
	(in thousands)
December 31, 2021
Financial assets:
Cash and cash equivalents	$	153,894	$	153,894	$	—	$	—	$	153,894
Available-for-sale securities, at fair value		113,346		—		108,417		4,929		113,346
Held-to-maturity securities, at amortized cost		934		—		914		—		914
Placements with banks		2,490		—		2,490		—		2,490
Mortgage loans held for sale, at fair value		15,836		—		15,836				15,836
Loans receivable, net		1,305,078		—		—		1,306,253		1,306,253
Accrued interest receivable		12,362		—		12,362		—		12,362
FHLBNY stock		6,001		6,001		—		—		6,001
Financial liabilities:
Deposits:
Demand deposits		274,956		274,956		—		—		274,956
Interest-bearing deposits		500,281		500,281		—		—		500,281
Certificates of deposit		429,479		—		431,339		—		431,339
Advance payments by borrowers for taxes and insurance		7,657		—		7,657		—		7,657
Advances from FHLBNY		106,255		—		106,680		—		106,680
Warehouse lines of credit		15,090		—		15,090		—		15,090
Accrued interest payable		228		—		228		—		228

Regulatory Capital Requirements (Tables)

3 Months Ended

Mar. 31, 2022

Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items]

Summary of Bank's Actual Capital Amounts and Ratios As Compared to Regulatory Requirements

The Company's and the Bank’s actual capital amounts and ratios as of March 31, 2022 and December 31, 2021 as compared to regulatory requirements are as follows:

									To Be Well
									Capitalized Under
						For Capital			Prompt Corrective
	Actual					Adequacy Purposes			Action Provisions
	Amount		Ratio			Amount		Ratio	Amount		Ratio
	(Dollars in thousands)
March 31, 2022
Ponce Financial Group, Inc.
Total Capital to Risk-Weighted Assets	$	320,821		28.29	%	$	90,715	8.00%	$	113,394		10.00	%
Tier 1 Capital to Risk-Weighted Assets		306,310		27.01	%		68,036	6.00%		90,715		8.00	%
Common Equity Tier 1 Capital Ratio		306,310		27.01	%		51,027	4.50%		73,706		6.50	%
Tier 1 Capital to Total Assets		306,310		17.74	%		69,072	4.00%		86,339		5.00	%
Ponce Bank
Total Capital to Risk-Weighted Assets	$	262,826		23.27	%	$	90,356	8.00%	$	112,945		10.00	%
Tier 1 Capital to Risk-Weighted Assets		248,671		22.02	%		67,767	6.00%		90,356		8.00	%
Common Equity Tier 1 Capital Ratio		248,671		22.02	%		50,825	4.50%		73,414		6.50	%
Tier 1 Capital to Total Assets		248,671		14.88	%		66,840	4.00%		83,551		5.00	%

											To Be Well
											Capitalized Under
						For Capital					Prompt Corrective
	Actual					Adequacy Purposes					Action Provisions
	Amount		Ratio			Amount		Ratio			Amount		Ratio
	(Dollars in thousands)
December 31, 2021
PDL Community Bancorp
Total Capital to Risk-Weighted Assets	$	204,216		18.96	%	$	86,169		8.00	%	$	107,711		10.00	%
Tier 1 Capital to Risk-Weighted Assets		190,714		17.71	%		64,627		6.00	%		86,169		8.00	%
Common Equity Tier 1 Capital Ratio		190,714		17.71	%		48,470		4.50	%		70,012		6.50	%
Tier 1 Capital to Total Assets		190,714		12.58	%		60,629		4.00	%		75,786		5.00	%
Ponce Bank
Total Capital to Risk-Weighted Assets	$	184,689		17.23	%	$	85,735		8.00	%	$	107,168		10.00	%
Tier 1 Capital to Risk-Weighted Assets		171,253		15.98	%		64,301		6.00	%		85,735		8.00	%
Common Equity Tier 1 Capital Ratio		171,253		15.98	%		48,226		4.50	%		69,659		6.50	%
Tier 1 Capital to Total Assets		171,253		10.91	%		62,784		4.00	%		78,481		5.00	%

Mortgage World Bankers Inc

Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items]

Summary of Bank's Actual Capital Amounts and Ratios As Compared to Regulatory Requirements

Prior to becoming a division of Ponce Bank, Mortgage World’s minimum net worth requirements as of December 31, 2021 are reflected below:

	Minimum
	Requirement
	(In thousands)
HUD	$	1,000
New York Department of Financial Services		250
Other State Banking Departments		250

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) are as follows:

	March 31, 2022
	December 31, 2021			Change			March 31, 2022
	(in thousands)
Unrealized gains (losses) on available-for-sale securities, net	$	(1,456	)	$	(5,579	)	$	(7,035	)
Total	$	(1,456	)	$	(5,579	)	$	(7,035	)

	December 31, 2021
	December 31, 2020		Change			December 31, 2021
	(in thousands)
Unrealized gains on available-for-sale securities, net	$	135	$	(1,591	)	$	(1,456	)
Total	$	135	$	(1,591	)	$	(1,456	)

Transactions with Related Parties (Tables)

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Schedule of Aggregate Loan Transactions with Related Parties

Aggregate loan transactions with related parties for the three months ended March 31, 2022 and 2021 were as follows:

	For the Three Months Ended March 31,
	2022			2021
	(in thousand)
Beginning balance ⁽¹⁾	$	5,631		$	424
Originations ⁽¹⁾		4,048			10
Payments		(1,475	)		(10	)
Ending balance	$	8,204		$	424

(1) Includes loans held by James Perez who became a director on March 17, 2022.

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Schedule of Operations and Total Assets of Operating Segments

The following tables set forth condensed consolidated statements of operations and total assets for the operating segments for the three months ended March 31, 2022 and 2021, respectively:

	For the Three Months Ended March 31, 2022
	Ponce Bank			Mortgage World			Ponce Financial Group, Inc.			Eliminations			Consolidated
	(in thousands)
Interest and dividend income	$	18,888		$	130		$	84		$	(84	)	$	19,018
Interest expense		1,696			68			—			(84	)		1,680
Net interest income		17,192			62			84			—			17,338
Provision for loan losses		1,258			—			—			—			1,258
Net interest income after provision for loan losses		15,934			62			84			—			16,080
Non-interest income		1,055			1,297			—			(126	)		2,226
Non-interest expense		20,118			2,223			5,859			(126	)		28,074
Income (loss) before income taxes		(3,129	)		(864	)		(5,775	)		—			(9,768	)
Provision (benefit) for income taxes		406			—			(3,354	)		—			(2,948	)
Equity in undistributed earnings of Ponce Bank		—			—			(4,399	)		4,399			—
Net income (loss)	$	(3,535	)	$	(864	)	$	(6,820	)	$	4,399		$	(6,820	)

Total assets at March 31, 2022	$	1,574,228		$	15,938		$	298,418		$	(293,987	)	$	1,594,597

Total assets at December 31, 2021	$	1,630,031		$	20,096		$	312,137		$	(308,754	)	$	1,653,510

	For the Three Months Ended March 31, 2021
	Ponce Bank		Mortgage World		Ponce Financial Group, Inc.			Eliminations			Consolidated
	(in thousands)
Interest and dividend income	$	15,027	$	150	$	41		$	(41	)	$	15,177
Interest expense		2,186		140		—			(41	)		2,285
Net interest income		12,841		10		41			—			12,892
Provision for loan losses		686		—		—			—			686
Net interest income after provision for loan losses		12,155		10		41			—			12,206
Non-interest income		1,804		2,358		—			(269	)		3,893
Non-interest expense		10,000		2,291		893			(269	)		12,915
Income (loss) before income taxes		3,959		77		(852	)		—			3,184
Provision (benefit) for income taxes		1,105		40		(413	)		—			732
Equity in undistributed earnings of Ponce Bank		—		—		2,891			(2,891	)		—
Net income (loss)	$	2,854	$	37	$	2,452		$	(2,891	)	$	2,452

Nature of Business and Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands		3 Months Ended		12 Months Ended
	Jul. 10, 2020 BranchOffice MortgageOffice	Mar. 31, 2022 USD ($) Segment BranchLease	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Number of branch banking offices \| BranchOffice	13
Number of branch mortgage loan offices \| MortgageOffice	4
Provision for loan losses (Note 5) \| $		$ 1,258	$ 686	$ 2,717
Minimum collection percentage of securities required to be considered as a maturity		85.00%
Period of historical loss experience to estimate allowance for loan losses		36 months
Percentage of largest amount of tax benefits likely to realize		50.00%
Percentage of employee discretionary matching, profit sharing and safe harbor contributions, maximum		4.00%
Number of business segment \| Segment		2
Number of leased branches \| BranchLease		16
Scenario Forecast
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Right of use asset \| $					$ 34,300
Operating lease liability \| $					$ 35,500
Construction Loans
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Provision for loan losses (Note 5) \| $		$ (7)	107	204
Commercial Real Estate Portfolio Segment
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Period on which interest rate is adjusted		5 years
Commercial Portfolio Segment
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Provision for loan losses (Note 5) \| $		$ 55	$ (10)	$ (32)
Minimum
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Percentage of loan to value ratio		65.00%
Minimum \| Construction Loans
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Loan term		6 months
Minimum \| Commercial Real Estate Portfolio Segment
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Loan amortization period		15 years
Balloon payments period of loan		10 years
Minimum \| Commercial Portfolio Segment
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Loan term		5 years
Maximum
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Percentage of loan to value ratio		90.00%
Maximum \| Construction Loans
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Loan term		2 years
Maximum \| Commercial Real Estate Portfolio Segment
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Percentage of loan to value ratio		75.00%
Loan amortization period		30 years
Balloon payments period of loan		15 years
Maximum \| Commercial Portfolio Segment
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Loan term		7 years
COVID-19
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Provision for loan losses (Note 5) \| $		$ 1,300
Mortgage World Bankers Inc
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Business Acquisition, Effective Date of Acquisition	Jul. 10, 2020
Business Acquisition, Name of Acquired Entity	Mortgage World
Bronx
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Number of branch banking offices \| BranchOffice	4
Manhattan
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Number of branch banking offices \| BranchOffice	2
Queens
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Number of branch banking offices \| BranchOffice	3
Number of branch mortgage loan offices \| MortgageOffice	2
Brooklyn
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Number of branch banking offices \| BranchOffice	3
Number of branch mortgage loan offices \| MortgageOffice	1
Union City
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Number of branch banking offices \| BranchOffice	1
New York and Bergenfield
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Number of branch mortgage loan offices \| MortgageOffice	1

Nature of Business and Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	3 Months Ended
	Mar. 31, 2022
Buildings
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	39 years
Minimum \| Building Improvements
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	15 years
Minimum \| Furniture, Fixtures and Equipment
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	3 years
Maximum \| Building Improvements
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	39 years
Maximum \| Furniture, Fixtures and Equipment
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	10 years

Plan of Conversion and Stock Offering - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Jan. 28, 2022	Jan. 27, 2022	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Conversion Of Stock [Line Items]
Cash and cash equivalents			$ 69,295	$ 153,894
Contribution to the Ponce De Leon Foundation (Note 2)		$ 5,000	$ 4,995
PDL Community Bancorp
Conversion Of Stock [Line Items]
Cash and cash equivalents				$ 122,000
Common Stock
Conversion Of Stock [Line Items]
Total outstanding shares	24,711,834		24,724,274	17,425,987	17,018,252	17,125,969
Total issued shares	24,711,834
Sale price in offering	$ 10.00
Common Stock \| PDL Community Bancorp
Conversion Of Stock [Line Items]
Conversion of stock	1.3952	977,880

Available-for-Sale Securities - Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Securities (Details) - USD ($)
$ in Thousands

Mar. 31, 2022

Dec. 31, 2021

Available-for-Sale Securities:

Amortized Cost

$ 163,598

$ 115,174

Gross Unrealized Gains

137

150

Gross Unrealized Losses

(8,936)

(1,978)

Fair Value

154,799

113,346

Held-to-Maturity Securities:

Amortized Cost

927

934

Gross Unrealized Losses

(59)

(20)

Fair Value

868

914

Corporate Bonds

Available-for-Sale Securities:

Amortized Cost

25,849

21,243

Gross Unrealized Gains

133

144

Gross Unrealized Losses

(881)

(203)

Fair Value

25,101

21,184

U.S. Government Bonds

Available-for-Sale Securities:

Amortized Cost

2,982

2,981

Gross Unrealized Losses

(149)

(47)

Fair Value

2,833

2,934

Collateralized Mortgage Obligations

Available-for-Sale Securities:

Amortized Cost

49,276

^[1]

18,845

Gross Unrealized Losses

(2,545)

^[1]

(497)

Fair Value

46,731

^[1]

18,348

FNMA Certificates

Available-for-Sale Securities:

Amortized Cost

85,328

71,930

Gross Unrealized Losses

(5,361)

(1,231)

Fair Value

79,967

70,699

GNMA Certificates

Available-for-Sale Securities:

Amortized Cost

163

175

Gross Unrealized Gains

Fair Value

167

181

FHLMC Certificates

Held-to-Maturity Securities:

Amortized Cost

927

934

Gross Unrealized Losses

(59)

(20)

Fair Value

$ 868

$ 914

[1]	Comprised of Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Ginnie Mae (“GNMA”) issued securities

Available-for-Sale Securities - Additional Information (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($) Security	Dec. 31, 2021 USD ($) Security
Schedule Of Available For Sale Securities [Line Items]
Held to maturity \| Security	1	1
Available For Sale Securities \| Security	42	29
Available For Sale Securities Amount		$ 3,600,000
Sale of Held - to maturity Securities	$ 0	0
Sale of available-for-sale securities	0
Available-for-sale securities matured	455,000	2,700,000
Purchases of available-for-sale securities	$ 53,400,000	$ 109,900,000
Number of held-to-maturity security \| Security	1	1
Number of investment securities not other than temporary \| Security	38	23
Securities pledged	$ 0	$ 0
Available For Sale Of Security [Member]
Schedule Of Available For Sale Securities [Line Items]
Available For Sale Securities \| Security		2

Available-for-Sale Securities - Company's Securities' Gross Unrealized Losses and Fair Values, Aggregated by Length of Time Individual Securities Have Been in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Available-for-Sale Securities:
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value	$ 140,649	$ 104,964
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses	(8,072)	(1,900)
Securities With Gross Unrealized Losses 12 Months or More, Fair Value	8,577	2,314
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses	(864)	(78)
Securities With Gross Unrealized Losses, Total Fair Value	149,226	107,278
Securities With Gross Unrealized Losses, Total Unrealized Losses	(8,936)	(1,978)
Held-to-Maturity Securities:
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value		914
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses		(20)
Securities With Gross Unrealized Losses 12 Months or More, Fair Value	868
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses	(59)
Securities With Gross Unrealized Losses, Total Fair Value	868	914
Securities With Gross Unrealized Losses, Total Unrealized Losses	(59)	(20)
U.S. Government Bonds
Available-for-Sale Securities:
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value	2,833	2,934
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses	(149)	(47)
Securities With Gross Unrealized Losses, Total Fair Value	2,833	2,934
Securities With Gross Unrealized Losses, Total Unrealized Losses	(149)	(47)
Corporate Bonds
Available-for-Sale Securities:
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value	19,695	15,297
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses	(881)	(203)
Securities With Gross Unrealized Losses, Total Fair Value	19,695	15,297
Securities With Gross Unrealized Losses, Total Unrealized Losses	(881)	(203)
Collateralized Mortgage Obligations
Available-for-Sale Securities:
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value	41,714	16,034
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses	(1,891)	(419)
Securities With Gross Unrealized Losses 12 Months or More, Fair Value	5,017	2,314
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses	(654)	(78)
Securities With Gross Unrealized Losses, Total Fair Value	46,731	18,348
Securities With Gross Unrealized Losses, Total Unrealized Losses	(2,545)	(497)
FNMA Certificates
Available-for-Sale Securities:
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value	76,407	70,699
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses	(5,151)	(1,231)
Securities With Gross Unrealized Losses 12 Months or More, Fair Value	3,560
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses	(210)
Securities With Gross Unrealized Losses, Total Fair Value	79,967	70,699
Securities With Gross Unrealized Losses, Total Unrealized Losses	(5,361)	(1,231)
FHLMC Certificates
Held-to-Maturity Securities:
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value		914
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses		(20)
Securities With Gross Unrealized Losses 12 Months or More, Fair Value	868
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses	(59)
Securities With Gross Unrealized Losses, Total Fair Value	868	914
Securities With Gross Unrealized Losses, Total Unrealized Losses	$ (59)	$ (20)

Available-for-Sale Securities - Summary of Maturities of Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Available-for-Sale Securities:
Available-for-Sale Securities, Amortized Cost	$ 163,598	$ 115,174
Held-to-Maturity Securities:
Held-to-Maturity Securities, Amortized Cost	927	934
Available-for-sale securities, at fair value (Note 4)	154,799	113,346
Held-to-maturity securities, at amortized cost ,fair value	868	914
Corporate Bonds
Available-for-Sale Securities:
Available-for-Sale Securities After one year through five years, Amortized Cost	4,000	4,445
Available-for-Sale Securities After five years through ten years, Amortized Cost	21,849	16,798
Available-for-Sale Securities, Amortized Cost	25,849	21,243
Held-to-Maturity Securities:
Available-for-Sale Securities After one year through five years, Amortized Cost	3,801	4,381
Available-for-Sale Securities After five years through ten years, Amortized Cost	21,300	16,803
Available-for-sale securities, at fair value (Note 4)	25,101	21,184
U.S. Government Bonds
Available-for-Sale Securities:
Available-for-Sale Securities After one year through five years, Amortized Cost	2,982	2,981
Available-for-Sale Securities, Amortized Cost	2,982	2,981
Held-to-Maturity Securities:
Available-for-Sale Securities After one year through five years, Amortized Cost	2,833	2,934
Available-for-sale securities, at fair value (Note 4)	2,833	2,934
Mortgage-Backed Securities
Available-for-Sale Securities:
Available-for-Sale Securities, Amortized Cost	134,767	90,950
Held-to-Maturity Securities:
Available-for-sale securities, at fair value (Note 4)	126,865	89,228
FHLMC Certificates
Held-to-Maturity Securities:
Held-to-Maturity Securities, Amortized Cost	927	934
Held-to-maturity securities, at amortized cost ,fair value	$ 868	$ 914

Summary of Loans (Details) - USD ($)
$ in Thousands

Mar. 31, 2022

Dec. 31, 2021

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

$ 1,315,735

$ 1,322,098

Net deferred loan origination costs

1,604

(668)

Allowance for loan losses

(16,893)

(16,352)

Loans receivable, net

1,300,446

1,305,078

Multifamily Residential

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

368,133

348,300

Nonresidential Properties

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

251,893

239,691

Construction and Land

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

144,881

134,651

Commercial Portfolio Segment

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

100,253

150,512

Consumer Loans

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

31,899

34,693

Mortgage Loans

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

1,183,583

1,136,893

Mortgage Loans | 1-4 Family Residential Investor Owned

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

323,442

317,304

Mortgage Loans | 1-4 Family Residential Owner-Occupied

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

95,234

96,947

Mortgage Loans | Multifamily Residential

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

368,133

348,300

Mortgage Loans | Nonresidential Properties

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

251,893

239,691

Mortgage Loans | Construction and Land

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

144,881

134,651

Nonmortgage Loans

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

132,152

185,205

Nonmortgage Loans | Commercial Portfolio Segment

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

^[1]

100,253

150,512

Nonmortgage Loans | Consumer Loans

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

^[2]

$ 31,899

$ 34,693

[1]	As of March 31, 2022 and December 31, 2021, business loans include $86.0 million and $136.8 million, respectively, of SBA Paycheck Protection Program (“PPP”) loans.
[2]	As of March 31, 2022 and December 31, 2021, consumer loans include $31.0 million and $33.9 million, respectively, of microloans originated by the Bank through a mobile application of Grain Technologies, LLC (“Grain”) that is geared to the underbanked and new generations entering the financial services market and uses non-traditional underwriting methodologies

Summary of Loans (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable Recorded Investment Past Due [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	$ 1,315,735	$ 1,322,098
Business
Financing Receivable Recorded Investment Past Due [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	100,253	150,512
Business \| PPP Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	86,000	136,800
Consumer Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	31,899	34,693
Consumer Loans \| PPP Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	$ 31,000	$ 33,900

Loans Receivable and Allowance for Loan Losses - Additional Information (Details)	3 Months Ended	12 Months Ended	21 Months Ended
	Mar. 31, 2022 USD ($) Loan	Dec. 31, 2021 USD ($) Loan	Mar. 31, 2022 USD ($) Loan	Mar. 31, 2021 USD ($)
Accounts Notes And Loans Receivable [Line Items]
Restructured loans \| Loan	0	0
Number of troubled debt restructured loans \| Loan	28	30	28
Troubled debt restructured loans	$ 7,800,000	$ 8,700,000	$ 7,800,000
Troubled debt restructured loan, accrual status	5,300,000	6,200,000	5,300,000
Impairment reserves	245,000	243,000	245,000	$ 284,000
Loans before net deferred loan origination cost and allowance for losses on loan	1,315,735,000	1,322,098,000	1,315,735,000
Loans receivable, allowance for loan losses	16,893,000	16,352,000	16,893,000
Loans receivable, net	$ 1,300,446,000	$ 1,305,078,000	1,300,446,000
Grain Technologies LLC
Accounts Notes And Loans Receivable [Line Items]
Number of micro loan outstanding \| Loan	54,247	59,180
Number of micro loan aggregate value	$ 31,000,000.0	$ 33,900,000
Micro loan credit limit	1,000		$ 1,000
Fintech write-off and write-down	8,100,000
Grain Technologies LLC \| Microloans
Accounts Notes And Loans Receivable [Line Items]
Number of loans deemed to be fraudulent \| Loan			24,719
Loans deemed fraudulent written-off			$ 17,000,000.0
Loans before net deferred loan origination cost and allowance for losses on loan	11,800,000	8,500,000	11,800,000
Loans receivable, allowance for loan losses	1,700,000	1,800,000	1,700,000
Grant received		$ 1,800,000
Loans receivable written-off	6,300,000
Security deposit set-off	1,600,000
Loans receivable, net	$ 2,200,000		$ 2,200,000
Mortgage World Bankers Inc
Accounts Notes And Loans Receivable [Line Items]
Number of loan held for sale \| Loan	14	27	14
Loans held for sale	$ 8,000,000.0	$ 15,500,000	$ 8,000,000.0
Troubled Debt Restructured Loans
Accounts Notes And Loans Receivable [Line Items]
Impairment reserves	$ 245,000	$ 243,000	$ 245,000
Minimum
Accounts Notes And Loans Receivable [Line Items]
Strong Pass Loans to new or existing borrowers collateralized percentage	90.00%		90.00%

Aging Analysis of Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	$ 1,315,735	$ 1,322,098
Nonaccrual Loans	15,811	11,442
1-4 Family Residential Investor Owned
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	323,442	317,304
Nonaccrual Loans	3,826	3,583
1-4 Family Owner-Occupied
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	95,234	96,947
Nonaccrual Loans	3,154	3,480
Multifamily Residential
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	368,133	348,300
Nonaccrual Loans		1,200
Nonresidential Properties
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	251,893	239,691
Nonaccrual Loans	1,264	2,262
Construction and Land
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	144,881	134,651
Nonaccrual Loans	7,567	917
Current
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	1,297,898	1,299,413
Current \| 1-4 Family Residential Investor Owned
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	319,129	312,918
Current \| 1-4 Family Owner-Occupied
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	92,760	91,568
Current \| Multifamily Residential
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	368,133	346,409
Current \| Nonresidential Properties
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	251,893	237,589
Current \| Construction and Land
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	137,314	134,651
Financial Asset, 30 to 59 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	6,136	12,526
Financial Asset, 30 to 59 Days Past Due \| 1-4 Family Residential Investor Owned
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	3,645	321
Financial Asset, 30 to 59 Days Past Due \| 1-4 Family Owner-Occupied
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	675	2,961
Financial Asset, 30 to 59 Days Past Due \| Multifamily Residential
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due		1,704
Financial Asset, 30 to 59 Days Past Due \| Nonresidential Properties
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due		934
Financing Receivables, 60 to 89 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	9,010	7,098
Financing Receivables, 60 to 89 Days Past Due \| 1-4 Family Residential Investor Owned
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due		2,969
Financing Receivables, 60 to 89 Days Past Due \| 1-4 Family Owner-Occupied
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due		471
Financing Receivables, 60 to 89 Days Past Due \| Multifamily Residential
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due		187
Financing Receivables, 60 to 89 Days Past Due \| Nonresidential Properties
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due		1,168
Financing Receivables, 60 to 89 Days Past Due \| Construction and Land
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	7,567
Financing Receivables, 90 Days or More Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	2,691	3,061
Financing Receivables, 90 Days or More Past Due \| 1-4 Family Residential Investor Owned
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	668	1,096
Financing Receivables, 90 Days or More Past Due \| 1-4 Family Owner-Occupied
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	1,799	1,947
Business
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	100,253	150,512
Business \| Current
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	100,188	145,919
Business \| Financial Asset, 30 to 59 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	65	4,036
Business \| Financing Receivables, 60 to 89 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due		544
Business \| Financing Receivables, 90 Days or More Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due		13
Consumer
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	31,899	34,693
Consumer \| Current
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	28,481	30,359
Consumer \| Financial Asset, 30 to 59 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	1,751	2,570
Consumer \| Financing Receivables, 60 to 89 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	1,443	1,759
Consumer \| Financing Receivables, 90 Days or More Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	$ 224	$ 5

Composition of Allowance for Loan Losses and Related Recorded Investment in Loans (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period	$ 16,352	$ 14,870	$ 14,870
Provision charged to expense	1,258	686	2,717
Losses charged-off	(751)	(50)	(1,380)
Recoveries	34	2	145
Balance, end of period	16,893	15,508	16,352
Ending balance: individually evaluated for impairment	245	284	243
Ending balance: collectively evaluated for impairment	16,648	15,224	16,109
Ending balance: individually evaluated for impairment	20,356	18,879	17,651
Ending balance: collectively evaluated for impairment	1,295,379	1,227,599	1,304,447
Total	1,315,735	1,246,478	1,322,098
1-4 Family Owner-Occupied
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period	1,178	1,260	1,260
Provision charged to expense	(6)	14	(127)
Recoveries			45
Balance, end of period	1,172	1,274	1,178
Ending balance: individually evaluated for impairment	114	127	114
Ending balance: collectively evaluated for impairment	1,058	1,147	1,064
Ending balance: individually evaluated for impairment	4,828	6,247	5,854
Ending balance: collectively evaluated for impairment	90,406	93,738	91,093
Total	95,234	99,985	96,947
Multifamily
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period	5,684	5,214	5,214
Provision charged to expense	304	226	508
Losses charged-off			(38)
Balance, end of period	5,988	5,440	5,684
Ending balance: collectively evaluated for impairment	5,988	5,440	5,684
Ending balance: individually evaluated for impairment		946	1,200
Ending balance: collectively evaluated for impairment	368,133	314,132	347,100
Total	368,133	315,078	348,300
Nonresidential
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period	2,165	2,194	2,194
Provision charged to expense	104	(10)	(29)
Balance, end of period	2,269	2,184	2,165
Ending balance: individually evaluated for impairment	38	41	38
Ending balance: collectively evaluated for impairment	2,231	2,143	2,127
Ending balance: individually evaluated for impairment	1,991	5,171	2,995
Ending balance: collectively evaluated for impairment	249,902	210,169	236,696
Total	251,893	215,340	239,691
1-4 Family Residential Investor Owned
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period	3,540	3,850	3,850
Provision charged to expense	41	(6)	(318)
Recoveries			8
Balance, end of period	3,581	3,844	3,540
Ending balance: individually evaluated for impairment	93	116	91
Ending balance: collectively evaluated for impairment	3,488	3,728	3,449
Ending balance: individually evaluated for impairment	5,970	6,515	6,672
Ending balance: collectively evaluated for impairment	317,472	311,380	310,632
Total	323,442	317,895	317,304
Construction and Land
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period	2,024	1,820	1,820
Provision charged to expense	(7)	107	204
Balance, end of period	2,017	1,927	2,024
Ending balance: collectively evaluated for impairment	2,017	1,927	2,024
Ending balance: individually evaluated for impairment	7,567		917
Ending balance: collectively evaluated for impairment	137,314	119,339	133,734
Total	144,881	119,339	134,651
Business
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period	306	254	254
Provision charged to expense	55	(10)	(32)
Recoveries	2	2	84
Balance, end of period	363	246	306
Ending balance: collectively evaluated for impairment	363	246	306
Ending balance: individually evaluated for impairment			13
Ending balance: collectively evaluated for impairment	100,253	142,135	150,499
Total	100,253	142,135	150,512
Consumer
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period	1,455	278	278
Provision charged to expense	767	365	2,511
Losses charged-off	(751)	(50)	(1,342)
Recoveries	32		8
Balance, end of period	1,503	593	1,455
Ending balance: collectively evaluated for impairment	1,503	593	1,455
Ending balance: collectively evaluated for impairment	31,899	36,706	34,693
Total	$ 31,899	$ 36,706	$ 34,693

Information Relates to Impaired Loans (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Financing Receivable Impaired [Line Items]
Unpaid Contractual Principal Balance	$ 20,721	$ 20,209	$ 18,957
Recorded Investment With No Allowance	17,589	16,051	15,302
Recorded Investment With Allowance	2,767	2,828	2,349
Total Recorded Investment	20,356	18,879	17,651
Related Allowance	245	284	243
Average Recorded Investment	18,077	18,286	17,569
Interest Income Recognized on Cash Basis	113	72	307
1-4 Family
Financing Receivable Impaired [Line Items]
Unpaid Contractual Principal Balance	11,131	13,636	13,333
Recorded Investment With No Allowance	8,386	10,302	10,535
Recorded Investment With Allowance	2,412	2,460	1,991
Total Recorded Investment	10,798	12,762	12,526
Related Allowance	207	243	205
Average Recorded Investment	11,970	12,325	12,145
Interest Income Recognized on Cash Basis	76	64	189
Multifamily Residential
Financing Receivable Impaired [Line Items]
Unpaid Contractual Principal Balance		946	1,200
Recorded Investment With No Allowance		946	1,200
Total Recorded Investment		946	1,200
Average Recorded Investment	1,104	420	1,139
Interest Income Recognized on Cash Basis			63
Nonresidential Properties
Financing Receivable Impaired [Line Items]
Unpaid Contractual Principal Balance	2,023	5,627	3,494
Recorded Investment With No Allowance	1,636	4,803	2,637
Recorded Investment With Allowance	355	368	358
Total Recorded Investment	1,991	5,171	2,995
Related Allowance	38	41	38
Average Recorded Investment	3,399	5,351	3,941
Interest Income Recognized on Cash Basis	20	8	38
Construction and Land
Financing Receivable Impaired [Line Items]
Unpaid Contractual Principal Balance	7,567		917
Recorded Investment With No Allowance	7,567		917
Total Recorded Investment	7,567		917
Average Recorded Investment	1,568	188	307
Interest Income Recognized on Cash Basis	17		17
Business
Financing Receivable Impaired [Line Items]
Unpaid Contractual Principal Balance			13
Recorded Investment With No Allowance			13
Total Recorded Investment			13
Average Recorded Investment	12	$ 2	13
Consumer
Financing Receivable Impaired [Line Items]
Average Recorded Investment	$ 24		$ 24

Summary of Premises and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 30,825	$ 31,382
Less: accumulated depreciation and amortization	(11,546)	(11,765)
Total premises and equipment	19,279	19,617
Land
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	932	932
Building Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	4,327	4,327
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	15,980	16,462
Furniture, Fixtures and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 9,586	$ 9,661

Premises and Equipment - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Depreciation and amortization	$ 467,000	$ 603,000
Property, plant and equipment, gross	30,825,000		$ 31,382,000
Leasehold Improvements
Property Plant And Equipment [Line Items]
Increase (decrease) in property, plant and equipment	482,000
Property, plant and equipment, gross	15,980,000		16,462,000
Furniture, Fixtures and Equipment
Property Plant And Equipment [Line Items]
Increase (decrease) in property, plant and equipment	75,000
Property, plant and equipment, gross	9,586,000		$ 9,661,000
Property, plant and equipment, additions	115,000
Offset Improvement
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 190,000

Deposits - Summarized Deposits (Details) - USD ($)
$ in Thousands

Mar. 31, 2022

Dec. 31, 2021

Banking And Thrifts [Abstract]

Demand

^[1]

$ 281,132

$ 274,956

NOW/IOLA accounts

33,010

35,280

Money market accounts

169,847

186,893

Reciprocal deposits

160,510

143,221

Savings accounts

133,966

134,887

Total NOW, money market, reciprocal and savings

497,333

500,281

Certificates of deposit of $250K or more

75,130

78,454

Brokered certificates of deposits

^[2]

79,282

79,320

Listing service deposits

^[2]

53,876

66,411

Certificates of deposit less than $250K

194,412

205,294

Total certificates of deposit

402,700

429,479

Total interest-bearing deposits

900,033

929,760

Total deposits

$ 1,181,165

$ 1,204,716

[1]	As of March 31, 2022 and December 31, 2021, included in demand deposits are deposits related to net PPP funding.
[2]	As of March 31, 2022 and December 31, 2021, there were $19.0 million and $29.0 million, respectively, in individual listing service deposits amounting to $250,000 or more. All brokered certificates of deposit individually amounted to less than $250,000.

Deposits - Summarized Deposits (Parenthetical) (Details) - USD ($)

Mar. 31, 2022

Dec. 31, 2021

Time Deposits [Line Items]

Individual brokered certification of deposit

$ 19,000,000.0

$ 29,000,000.0

Listing service deposits

^[1]

53,876,000

66,411,000

Brokered certificates of deposits

^[1]

79,282,000

$ 79,320,000

Minimum

Time Deposits [Line Items]

Listing service deposits

250,000

Maximum

Time Deposits [Line Items]

Brokered certificates of deposits

$ 250,000

[1]	As of March 31, 2022 and December 31, 2021, there were $19.0 million and $29.0 million, respectively, in individual listing service deposits amounting to $250,000 or more. All brokered certificates of deposit individually amounted to less than $250,000.

Deposits - Scheduled Maturities of Certificates of Deposit (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Banking And Thrifts [Abstract]
2023	$ 242,101
2024	45,660
2025	35,866
2026	64,357
2027	10,754
Thereafter	3,962
Total certificates of deposit	$ 402,700	$ 429,479

Deposits - Additional Information (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Banking And Thrifts [Abstract]
Overdrawn deposit reclassified to loans amounted	$ 130,000	$ 179,000

Borrowings - Additional Information (Details) - USD ($)	3 Months Ended
Borrowings - Additional Information (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Line Of Credit Facility [Line Items]
Advance from the Federal Home Loan Bank	$ 93,400,000		$ 106,300,000
Guarantee from the FHLBNY through a standby letter of credit	21,500,000		21,500,000
Unsecured fed fund line amount outstanding	25,000,000.0		25,000,000.0
Unsecured fed fund line amount outstanding	9,247,000		14,910,000
Repayments of advances from FHLBNY	12,880,000	$ 8,500,000
Interest expense on FHLBNY advances	524,000	544,000
Interest Expense on overnight advances	0	0
Collateral in residential 1-4 and multifamily mortgage loans available to secure advances from the FHLBNY	$ 377,200,000		$ 362,300,000
Line of credit facility, effective interest rate	3.70%		3.35%
Warehouse line of credit termination date	Mar. 31, 2022
Interest expense	$ 1,680,000	2,285,000
Mortgage loans funding payable	0		$ 0
Warehouse Line of Credit #1
Line Of Credit Facility [Line Items]
Unsecured fed fund line amount outstanding	$ 9,247,000		8,636,000
Debt Instrument, Interest Rate, Basis for Effective Rate	The interest rate is based on the 30-day LIBOR rate plus 3.25%.
Warehouse Line of Credit #2
Line Of Credit Facility [Line Items]
Unsecured fed fund line amount outstanding			6,274,000
Debt Instrument, Interest Rate, Basis for Effective Rate	The interest rate is based on the 30-day LIBOR rate plus 3.00%
Line of credit facility, effective interest rate				3.10%
Interest expense	$ 68,000	$ 140,000
Variable Rate Above LIBOR \| Warehouse Line of Credit #1
Line Of Credit Facility [Line Items]
Interest rate, LIBOR/Variable rate	3.25%
Variable Rate Above LIBOR \| Warehouse Line of Credit #2
Line Of Credit Facility [Line Items]
Interest rate, LIBOR/Variable rate	3.00%
FHLBNY
Line Of Credit Facility [Line Items]
Unsecured fed fund line amount outstanding	$ 0		$ 0
Repayments of advances from FHLBNY	$ 12,900,000

Borrowings - Schedule of Borrowed Funds FHLBNY and Correspondent Bank Advances Maturity and Call Date (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2022	$ 65,000	$ 77,880
2023	28,375	28,375
Total	93,375	106,255
2022	65,000	77,880
2023	28,375	28,375
Total	$ 93,375	$ 106,255
2022	1.89%	1.73%
2023	2.82%	2.82%
Total	2.17%	2.02%

Borrowings - Schedule of Warehouse Lines of Credit (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Credit Line Maximum	$ 10,000	$ 30,000
Unused Line of Credit	9,247	14,910
Balance	753	15,090
Warehouse Line of Credit #1
Debt Instrument [Line Items]
Credit Line Maximum	10,000	15,000
Unused Line of Credit	9,247	8,636
Balance	$ 753	6,364
Warehouse Line of Credit #2
Debt Instrument [Line Items]
Credit Line Maximum		15,000
Unused Line of Credit		6,274
Balance		$ 8,726

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Federal:
Current	$ (1,053)	$ 560
Deferred	(1,715)	36
Federal income tax provision (benefit)	(2,768)	596
State and local:
Current	195	68
Deferred	(543)	310
State and local income tax provision (benefit)	(348)	378
Valuation allowance	168	(242)
(Benefit) provision for income taxes	$ (2,948)	$ 732

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2021
Income Taxes [Line Items]
Federal income tax rate	21.00%	21.00%
Decreased and increased in valuation allowance	$ (168,000)	$ 242,000
Net operating loss to offset income limited	80.00%
Net operating loss generated			$ 0	$ 0	$ 0
Operating Loss Carry back			$ 0	$ 0	$ 0
New Jersey Division of Taxation
Income Taxes [Line Items]
Net operating loss carryforwards	$ 0
pre-2015 carryforwards [Member] \| New York State
Income Taxes [Line Items]
Net operating loss carryforwards	572,000
pre-2015 carryforwards [Member] \| New York City
Income Taxes [Line Items]
Net operating loss carryforwards	528,000
post-2015 carryforwards [Member] \| New York State
Income Taxes [Line Items]
Net operating loss carryforwards	34,900,000
post-2015 carryforwards [Member] \| New York City
Income Taxes [Line Items]
Net operating loss carryforwards	15,000,000.0
CARES ACT [Member]
Income Taxes [Line Items]
Net operating loss carryforwards	0
NEW YORK
Income Taxes [Line Items]
Decreased and increased in valuation allowance	168,000	$ (242,000)
Unrecognized tax benefits	0					$ 0
Federal
Income Taxes [Line Items]
Net operating loss carryforwards	$ 5,700,000

Income Taxes - Reconciliation of Differences Between Federal Income Tax Rate and Total Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract]
Income tax, at federal rate	$ (2,051)	$ 669
State and local tax, net of federal taxes	(275)	299
Valuation allowance, net of the federal benefit	168	(242)
Other	(790)	6
(Benefit) provision for income taxes	$ (2,948)	$ 732

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Significant Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Allowance for loan losses	$ 5,428	$ 5,254
Deferred loan fees		214
Interest on nonaccrual loans	154	102
Unrealized loss on available-for-sale securities	1,929	399
Amortization of intangible assets	45	50
Deferred rent payable	181	152
Net operating losses	4,557	3,280
Charitable contribution carryforward	1,621	366
Compensation and benefits	666	456
Other	259	264
Total gross deferred tax assets	14,840	10,537
Deferred tax liabilities:
Depreciation of premises and equipment	1,301	1,301
Deferred loan fees	515
Other	63	63
Total gross deferred tax liabilities	1,879	1,364
Valuation allowance	5,521	5,353
Net deferred tax assets	$ 7,440	$ 3,820

Compensation and Benefit Plans - Additional Information (Details)					3 Months Ended		12 Months Ended
	Jan. 28, 2022 shares	Jan. 27, 2022 USD ($) shares	Jan. 01, 2021 USD ($)	Sep. 29, 2017 USD ($) shares	Mar. 31, 2022 USD ($) Executive $ / shares shares	Mar. 31, 2021 USD ($)	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 $ / shares shares
Compensation And Benefit Plans Disclosure [Line Items]
Additional number of shares					2,073,218		700,896
ESOP related compensation expense including equalization expense \| $					$ 373,000	$ 157,000
Number of option grants					0		0
Total remaining unrecognized compensation cost \| $					$ 2,500,000
Weighted average period expected to be recognized					69 months
Weighted-average exercise price for options \| $ / shares					$ 8.62		$ 12.02	$ 12.02
Weighted average remaining contractual life					6 years 7 months 6 days
Weighted average period expected to be recognized					3 years 6 months
Number of shares exercisable					136,141		94,904
Executive Officers
Compensation And Benefit Plans Disclosure [Line Items]
Vesting percentage								20.00%
Non-Executive Officers
Compensation And Benefit Plans Disclosure [Line Items]
Vesting percentage								20.00%
Non-Executive Officers Not Director
Compensation And Benefit Plans Disclosure [Line Items]
Vesting percentage								20.00%
Restricted Stock Units
Compensation And Benefit Plans Disclosure [Line Items]
Number of stock grants					0
Compensation expense \| $					$ 318,000	318,000
Total remaining unrecognized compensation cost \| $					$ 320,000
Weighted average period expected to be recognized					69 months
Stock Options
Compensation And Benefit Plans Disclosure [Line Items]
Compensation expense \| $					$ 33,000	$ 33,000
Weighted average period expected to be recognized					6 years 6 months	6 years 6 months
2018 Long-Term Incentive Plan
Compensation And Benefit Plans Disclosure [Line Items]
Equity incentive plans, maximum number of shares issuable					1,248,469
Common stock reserved for future issuance					1,248,469
Conversion of issuable stock options to issuable restricted stock ratio					3.0
Number of issuable stock options converted into restricted stock units					462,522
Number of restricted stock units converted from issuable stock options					154,174
Number of grants					674,645
Conversion of issuable stock options to issuable restricted stock					88,119		63,159
2018 Long-Term Incentive Plan \| Executive Officers
Compensation And Benefit Plans Disclosure [Line Items]
Vesting percentage								20.00%
2018 Long-Term Incentive Plan \| Directors
Compensation And Benefit Plans Disclosure [Line Items]
Vesting percentage								20.00%
Vesting period								10 years
2018 Long-Term Incentive Plan \| Stock Options or Stock Appreciation Rights
Compensation And Benefit Plans Disclosure [Line Items]
Common stock reserved for future issuance					891,764
Shares available for future awards					264,357		189,476
2018 Long-Term Incentive Plan \| Restricted Stock Units
Compensation And Benefit Plans Disclosure [Line Items]
Common stock reserved for future issuance					356,705
Shares available for future awards					0		0
2018 Long-Term Incentive Plan \| Restricted Stock Units \| Executive Officers
Compensation And Benefit Plans Disclosure [Line Items]
Number of stock grants					322,254
2018 Long-Term Incentive Plan \| Restricted Stock Units \| Outside Directors
Compensation And Benefit Plans Disclosure [Line Items]
Number of stock grants					148,625
2018 Long-Term Incentive Plan \| Restricted Stock Units \| Non-Executive Officers
Compensation And Benefit Plans Disclosure [Line Items]
Number of stock grants					40,000
2018 Long-Term Incentive Plan \| Restricted Stock Units \| Non-Executive Officers \| December 31, 2020
Compensation And Benefit Plans Disclosure [Line Items]
Number of stock grants								15,000
2018 Long-Term Incentive Plan \| Incentive Options \| Executive Officers
Compensation And Benefit Plans Disclosure [Line Items]
Number of option grants					119,176
2018 Long-Term Incentive Plan \| Incentive Options \| Non-Executive Officers \| December 31, 2020
Compensation And Benefit Plans Disclosure [Line Items]
Number of stock grants								40,000
2018 Long-Term Incentive Plan \| Non-qualified Options \| Outside Directors
Compensation And Benefit Plans Disclosure [Line Items]
Number of option grants					44,590
2020 Long-Term Incentive Plan
Compensation And Benefit Plans Disclosure [Line Items]
Number of issuable stock options converted into restricted stock units					45,000
Number of restricted stock units converted from issuable stock options					15,000
Supplemental Executive Retirement Plan
Compensation And Benefit Plans Disclosure [Line Items]
Expense recognized \| $					$ 15,000	$ 15,000
Number of key executive under retirement plan \| Executive					2
Common Stock
Compensation And Benefit Plans Disclosure [Line Items]
Total issued shares	24,711,834
PDL Community Bancorp \| Common Stock
Compensation And Benefit Plans Disclosure [Line Items]
Conversion of stock	1.3952	977,880
KSOP
Compensation And Benefit Plans Disclosure [Line Items]
Defined contribution plan, maximum annual contributions per employee, amount \| $			$ 20,500
Defined contribution plan additional cost \| $			$ 6,500
Employer matching contribution percentage			3.00%
Expense recognized \| $			$ 27,000
Expenses recognized \| $					$ 96,000	$ 87,000
Defined contribution plan, employers matching contribution, annual vesting percentage			100.00%
Defined contribution plan, employer matching contribution, percent of employees' gross pay			20.00%
Defined contribution plan additional cost percentage			20
Number of years discretionary matching and profit sharing contributions			2 years
Number of additional year of service cost			6 years
KSOP \| PDL Community Bancorp \| Common Stock
Compensation And Benefit Plans Disclosure [Line Items]
Additional number of shares		1,097,353
Percentage of Shares Outstanding		4.44
ESOP
Compensation And Benefit Plans Disclosure [Line Items]
Defined contribution plan, employers matching contribution, annual vesting percentage		100.00%
Number of years discretionary matching and profit sharing contributions		3 years
ESOP \| PDL Community Bancorp \| Common Stock
Compensation And Benefit Plans Disclosure [Line Items]
Additional number of shares				723,751
First ESOP Loan
Compensation And Benefit Plans Disclosure [Line Items]
Total issued shares					15,000,000.0
First ESOP Loan \| PDL Community Bancorp
Compensation And Benefit Plans Disclosure [Line Items]
Employee stock ownership plan ESOP loan term				15 years
Employee stock ownership plan ESOP interest percentage				2.60
First ESOP Loan \| PDL Community Bancorp \| Common Stock
Compensation And Benefit Plans Disclosure [Line Items]
Aggregate purchase price of common \| $				$ 7,200,000
Second ESOP Loan
Compensation And Benefit Plans Disclosure [Line Items]
Total issued shares					15,000,000.0
Second ESOP Loan \| PDL Community Bancorp
Compensation And Benefit Plans Disclosure [Line Items]
Employee stock ownership plan ESOP loan term		15 years
Employee stock ownership plan ESOP interest percentage		1.822
Second ESOP Loan \| PDL Community Bancorp \| Common Stock
Compensation And Benefit Plans Disclosure [Line Items]
Aggregate purchase price of common \| $		$ 11,000,000.0

Compensation and Benefit Plans - Summary of ESOP Shares (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Shares committed-to-be released	169,756	96,500
Shares allocated to participants	235,361	170,145
Unallocated shares	1,668,101	434,251
Total	2,073,218	700,896
Fair value of unallocated shares	$ 17,315	$ 6,297

Compensation and Benefit Plans - Schedule of Restricted Stock Units Awards Activity and Related Information (Details) - Restricted Stock Units - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Non-vested, beginning of year	237,687	335,919
Number of Shares, Conversion and reorganization	93,933
Number of Shares, Granted	0
Number of Shares, Vested	(12,440)	(98,232)
Number of Shares, Forfeited	0
Number of Shares, Non-vested, ending of year	319,180	237,687
Weighted-Average Grant Date Fair Value Per Share, Non-vested, beginning of year	$ 12.65	$ 12.66
Weighted-Average Grant Date Fair Value Per Share, Granted	0
Weighted-Average Grant Date Fair Value Per Share, Vested	9.27	12.69
Weighted-Average Grant Date Fair Value Per Share, Forfeited	0
Weighted-Average Grant Date Fair Value Per Share, Non-vested, ending of year	$ 9.06	$ 12.65

Compensation and Benefit Plans - Schedule of Stock Option Awards Activity and Related Information (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Options, Outstanding, beginning of year	203,766	203,766
Options, Conversion and reorganization	80,526
Options, Granted	0	0
Options, Exercised	0	0
Options, Forfeited	0	0
Options, Outstanding, end of year	284,292	203,766
Options, Exercisable, end of year	136,141	94,904
Weighted-Average Exercise Price Per Share, Outstanding, beginning of year	$ 12.02	$ 12.02
Weighted-Average Exercise Price Per Share, Granted	0	0
Weighted-Average Exercise Price Per Share, Exercised	0	0
Weighted-Average Exercise Price Per Share, Forfeited	0	0
Weighted-Average Exercise Price Per Share, Outstanding, end of year	8.62	12.02
Weighted-Average Exercise Price Per Share, Exercisable, end of year	$ 8.93	$ 12.45

Compensation and Benefit Plans - Schedule of Stock Option Awards Activity and Related Information (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Average Intrinsic Value, Outstanding, end of year	$ 502,000	$ 505,000
Average Intrinsic Value, Exercisable, end of year	$ 198,000	$ 195,000

Compensation and Benefit Plans - Schedule of Fair Value of Option Grant Using Black-Scholes Option Pricing Model With Weighted Average Assumptions (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life	3 years 6 months
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Expected life	6 years 6 months	6 years 6 months
Expected volatility	38.51%	38.51%
Risk-free interest rate	0.48%	0.48%
Weighted average grant date fair value	$ 2.70	$ 3.77

Earnings Per Share - Schedule of Reconciliation of Number of Shares Used in Calculation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net (loss) income	$ (6,820)	$ 2,452
Common shares outstanding for basic EPS:
Weighted average common shares outstanding	22,744,101	17,078,813
Less: Weighted average unallocated Employee Stock Ownership Plan (ESOP) shares	1,022,988	530,617
Basic weighted average common shares outstanding	21,721,113	16,548,196
Basic earnings per common share	$ (0.31)	$ 0.15
Potential dilutive common shares:
Diluted weighted average common shares outstanding	21,721,113	16,548,196
Diluted earnings per common share	$ (0.31)	$ 0.15

Commitments, Contingencies and Credit Risk - Financial Instruments Whose Contractual Amounts Represent Credit Risk (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Concentration Of Risk Financial Statement Captions [Line Items]
Contractual amounts represent credit risk	$ 234,285	$ 220,513
Commitments to Grant Mortgage Loans
Fair Value Concentration Of Risk Financial Statement Captions [Line Items]
Contractual amounts represent credit risk	146,684	127,159
Commitments to Sell Loans at Lock-In Rates
Fair Value Concentration Of Risk Financial Statement Captions [Line Items]
Contractual amounts represent credit risk	7,123	13,321
Unfunded Commitments Under Lines of Credit
Fair Value Concentration Of Risk Financial Statement Captions [Line Items]
Contractual amounts represent credit risk	$ 80,478	$ 80,033

Commitments, Contingencies and Credit Risk - Additional Information (Details)		3 Months Ended
	Feb. 11, 2021 USD ($)	Mar. 31, 2022 USD ($) Investor State	Mar. 31, 2021 USD ($)
Loss Contingencies [Line Items]
Repurchase or indemnification requests for loans sold		$ 0
Lease expiration year		2038
Rental expenses under operating leases		$ 1,100,000	$ 503,000
Ponce Bank Mutual Holding Company
Loss Contingencies [Line Items]
Sale price for real property	$ 2,400,000
Lease agreement term	15 years
Lease base annual rent	$ 145,000
Lease base rent annually increasing rate	1.50%
Gain on sale and leaseback transaction	$ 623,000
Sale leaseback transaction, lease terms	Under the lease agreement, the Bank has four (4) consecutive options to extend the term of the lease by five (5) years for each such option.
Mortgage World Bankers Inc
Loss Contingencies [Line Items]
Total loan volume insured		46.00%
Total loan volume sold		59.70%
Number of investors loan volume sold \| Investor		3
Total closed loan volume		97.90%
Number of states in which loan closed \| State		2

Commitments, Contingencies and Credit Risk - Projected Minimum Rental Payments under Terms of Leases (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Operating Leases Future Minimum Payments Due [Abstract]
Remainder of 2022	$ 2,662
2023	3,600
2024	3,643
2025	3,600
2026	3,422
2027	3,285
Thereafter	28,827
Projected minimum rental payments	$ 49,039

Fair Value - Additional Information (Details) - USD ($)	3 Months Ended
Fair Value - Additional Information (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Aggregate unpaid principal balance	$ 7,800,000
Mortgage loans held for sale, at fair value	$ 8,000,000.0
Significant purchase commitment description	The Bank, through its Mortgage World division, enters into rate lock commitments to extend credit to borrowers for generally up to a 60 day period for origination and/or purchase of loans. To the extent that a loan is ultimately granted and the borrower ultimately accepts the terms of the loan, these loan commitments expose the Bank’s Mortgage World division to variability in its fair value due to changes in interest rates.
Derivative, notional amount	$ 7,100,000	$ 13,300,000
Derivatives from interest rate lock commitments	$ 152,000	$ 172,000

Fair Value - Summary of Changes in Derivatives From Interest Rate Lock Commitments are Measured at Fair Value (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract]
Beginning Balance	$ 172
Change in fair value of derivative instrument reported in earnings	(20)
Ending Balance	$ 152

Fair Value - Assets Measured at Fair Value on Recurring Basis (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities measure at fair value on recurring basis	$ 8,000,000.0
Available-for-sale securities measure at fair value on recurring basis	152,000	$ 172,000
Fair Value Measurement Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities measure at fair value on recurring basis	162,923,000	129,354,000
Available-for-sale securities measure at fair value on recurring basis	7,972,000	15,836,000
Available-for-sale securities measure at fair value on recurring basis	152,000	172,000
Fair Value Measurement Recurring \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities measure at fair value on recurring basis	162,771,000	129,182,000
Available-for-sale securities measure at fair value on recurring basis	7,972,000	15,836,000
Fair Value Measurement Recurring \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities measure at fair value on recurring basis	152,000	172,000
Available-for-sale securities measure at fair value on recurring basis	152,000	172,000
U.S. Government Bonds \| Fair Value Measurement Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities measure at fair value on recurring basis	2,833,000	2,934,000
U.S. Government Bonds \| Fair Value Measurement Recurring \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities measure at fair value on recurring basis	2,833,000	2,934,000
Corporate Bonds \| Fair Value Measurement Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities measure at fair value on recurring basis	25,101,000	21,184,000
Corporate Bonds \| Fair Value Measurement Recurring \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities measure at fair value on recurring basis	25,101,000	21,184,000
FNMA Certificates \| Fair Value Measurement Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities measure at fair value on recurring basis	79,967,000	70,699,000
FNMA Certificates \| Fair Value Measurement Recurring \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities measure at fair value on recurring basis	79,967,000	70,699,000
GNMA Certificates \| Fair Value Measurement Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities measure at fair value on recurring basis	167,000	181,000
GNMA Certificates \| Fair Value Measurement Recurring \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities measure at fair value on recurring basis	167,000	181,000
Collateralized Mortgage Obligations \| Fair Value Measurement Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities measure at fair value on recurring basis	46,731,000	18,348,000
Collateralized Mortgage Obligations \| Fair Value Measurement Recurring \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities measure at fair value on recurring basis	$ 46,731,000	$ 18,348,000

Fair Value - Assets Measured at Fair Value on Nonrecurring Basis (Details) - Impaired Loans - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value on nonrecurring basis	$ 20,356	$ 17,651
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value on nonrecurring basis	$ 20,356	$ 17,651

Fair Value - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities, at fair value (Note 4)	$ 154,799	$ 113,346
Held-to-maturity securities, at amortized cost	927	934
Mortgage loans held for sale, at fair value	8,000
Warehouse lines of credit (Note 8)	753	15,090
Carrying Amount
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash and cash equivalents	69,295	153,894
Available-for-sale securities, at fair value (Note 4)	154,799	113,346
Held-to-maturity securities, at amortized cost	927	934
Placements with banks	2,490	2,490
Mortgage loans held for sale, at fair value	7,972	15,836
Loans receivable, net	1,300,446	1,305,078
Accrued interest receivable	12,799	12,362
FHLBNY stock	5,420	6,001
Demand deposits	281,132	274,956
Interest-bearing deposits	497,333	500,281
Certificates of deposit	402,700	429,479
Advance payments by borrowers for taxes and insurance	10,161	7,657
Advances from FHLBNY	93,375	106,255
Warehouse lines of credit (Note 8)	753	15,090
Accrued interest payable	223	228
Fair Value Measurements
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash and cash equivalents	69,295	153,894
Available-for-sale securities, at fair value (Note 4)	154,799	113,346
Held-to-maturity securities, at amortized cost	868	914
Placements with banks	2,490	2,490
Mortgage loans held for sale, at fair value	7,972	15,836
Loans receivable, net	1,286,531	1,306,253
Accrued interest receivable	12,799	12,362
FHLBNY stock	5,420	6,001
Demand deposits	281,132	274,956
Interest-bearing deposits	497,333	500,281
Certificates of deposit	398,967	431,339
Advance payments by borrowers for taxes and insurance	10,161	7,657
Advances from FHLBNY	91,134	106,680
Warehouse lines of credit (Note 8)	753	15,090
Accrued interest payable	223	228
Fair Value Measurements \| Level 1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash and cash equivalents	69,295	153,894
FHLBNY stock	5,420	6,001
Demand deposits	281,132	274,956
Interest-bearing deposits	497,333	500,281
Fair Value Measurements \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities, at fair value (Note 4)	154,799	108,417
Held-to-maturity securities, at amortized cost	868	914
Placements with banks	2,490	2,490
Mortgage loans held for sale, at fair value	7,972	15,836
Accrued interest receivable	12,799	12,362
Certificates of deposit	398,967	431,339
Advance payments by borrowers for taxes and insurance	10,161	7,657
Advances from FHLBNY	91,134	106,680
Warehouse lines of credit (Note 8)	753	15,090
Accrued interest payable	223	228
Fair Value Measurements \| Level 3
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities, at fair value (Note 4)		4,929
Loans receivable, net	$ 1,286,531	$ 1,306,253

Regulatory Capital Requirements - Additional Information (Details)	Mar. 31, 2022	Dec. 31, 2021
Disclosure Of Regulatory Capital Requirements [Abstract]
Percentage of capital buffer	15.27%	9.23%

Regulatory Capital Requirements - Summary of Actual Capital Amounts and Ratios As Compared to Regulatory Requirements (Details)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Ponce Financial Group, Inc.
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items]
Total Capital to Risk-Weighted Assets, Actual Amount	$ 320,821
Tier 1 Capital to Risk-Weighted Assets, Actual Amount	306,310
Common Equity Tier 1 Capital Ratio, Actual Amount	306,310
Tier 1 Capital to Total Assets, Actual Amount	$ 306,310
Total Capital to Risk-Weighted Assets, Actual Ratio	0.2829
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio	0.2701
Common Equity Tier 1 Capital Ratio, Actual Ratio	0.2701
Tier 1 Capital to Total Assets, Actual Ratio	0.1774
Total Capital to Risk-Weighted Assets, For Capital Adequacy Amount	$ 90,715
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Amount	68,036
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Amount	51,027
Tier 1 Capital to Total Assets, For Capital Adequacy Amount	$ 69,072
Total Capital to Risk-Weighted Assets, For Capital Adequacy Ratio	0.0800
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio	0.0600
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio	0.0450
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio	0.0400
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 113,394
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	90,715
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	73,706
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 86,339
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	0.1000
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	0.0800
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	0.0650
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	0.0500
Ponce Bank
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items]
Total Capital to Risk-Weighted Assets, Actual Amount	$ 262,826	$ 184,689
Tier 1 Capital to Risk-Weighted Assets, Actual Amount	248,671	171,253
Common Equity Tier 1 Capital Ratio, Actual Amount	248,671	171,253
Tier 1 Capital to Total Assets, Actual Amount	$ 248,671	$ 171,253
Total Capital to Risk-Weighted Assets, Actual Ratio	0.2327	0.1723
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio	0.2202	0.1598
Common Equity Tier 1 Capital Ratio, Actual Ratio	0.2202	0.1598
Tier 1 Capital to Total Assets, Actual Ratio	0.1488	0.1091
Total Capital to Risk-Weighted Assets, For Capital Adequacy Amount	$ 90,356	$ 85,735
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Amount	67,767	64,301
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Amount	50,825	48,226
Tier 1 Capital to Total Assets, For Capital Adequacy Amount	$ 66,840	$ 62,784
Total Capital to Risk-Weighted Assets, For Capital Adequacy Ratio	0.0800	0.0800
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio	0.0600	0.0600
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio	0.0450	0.0450
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio	0.0400	0.0400
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 112,945	$ 107,168
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	90,356	85,735
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	73,414	69,659
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 83,551	$ 78,481
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	0.1000	0.1000
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	0.0800	0.0800
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	0.0650	0.0650
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	0.0500	0.0500
PDL Community Bancorp
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items]
Total Capital to Risk-Weighted Assets, Actual Amount		$ 204,216
Tier 1 Capital to Risk-Weighted Assets, Actual Amount		190,714
Common Equity Tier 1 Capital Ratio, Actual Amount		190,714
Tier 1 Capital to Total Assets, Actual Amount		$ 190,714
Total Capital to Risk-Weighted Assets, Actual Ratio		0.1896
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio		0.1771
Common Equity Tier 1 Capital Ratio, Actual Ratio		0.1771
Tier 1 Capital to Total Assets, Actual Ratio		0.1258
Total Capital to Risk-Weighted Assets, For Capital Adequacy Amount		$ 86,169
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Amount		64,627
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Amount		48,470
Tier 1 Capital to Total Assets, For Capital Adequacy Amount		$ 60,629
Total Capital to Risk-Weighted Assets, For Capital Adequacy Ratio		0.0800
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio		0.0600
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio		0.0450
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio		0.0400
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount		$ 107,711
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount		86,169
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount		70,012
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount		$ 75,786
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio		0.1000
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio		0.0800
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio		0.0650
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio		0.0500

Regulatory Capital Requirements - Summary of Minimum Capital Requirements (Details) - Mortgage World Bankers Inc $ in Thousands	Dec. 31, 2021 USD ($)
HUD
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items]
Total Capital to Risk-Weighted Assets, Actual Amount	$ 1,000
New York Department of Financial Services
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items]
Total Capital to Risk-Weighted Assets, Actual Amount	250
Other State Banking Departments
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items]
Total Capital to Risk-Weighted Assets, Actual Amount	$ 250

Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income Loss [Line Items]
Other comprehensive income (loss), net of tax	$ (5,579)	$ (1,591)
Unrealized gains (losses) on available-for-sale securities, net
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated other comprehensive income (loss) beginning balance	(1,456)	135
Other comprehensive income (loss), net of tax	(5,579)	(1,591)
Accumulated other comprehensive income (loss) ending balance	(7,035)	(1,456)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated other comprehensive income (loss) beginning balance	(1,456)	135
Accumulated other comprehensive income (loss) ending balance	$ (7,035)	$ (1,456)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Aggregate Loan Transactions with Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Receivables [Abstract]
Beginning balance	$ 5,631	$ 424
Originations	4,048	10
Payments	(1,475)	(10)
Ending balance	$ 8,204	$ 424

Transactions with Related Parties - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Related Party Transactions [Abstract]
Deposits from directors, executive officers and non-executive officers	$ 6.6	$ 6.2

Segment Reporting - Schedule of Operations and Total Assets of Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Interest and dividend income	$ 19,018	$ 15,177
Interest expense	1,680	2,285
Net interest income	17,338	12,892
Provision for loan losses	1,258	686
Net interest income after provision for loan losses	16,080	12,206
Non-interest income	2,226	3,893
Non-interest expense	28,074	12,915
(Loss) income before income taxes	(9,768)	3,184
Provision (benefit) for income taxes	(2,948)	732
Net income (loss)	(6,820)	2,452
Total assets	1,594,597		$ 1,653,510
Ponce Bank
Segment Reporting Information [Line Items]
Interest and dividend income	18,888	15,027
Interest expense	1,696	2,186
Net interest income	17,192	12,841
Provision for loan losses	1,258	686
Net interest income after provision for loan losses	15,934	12,155
Non-interest income	1,055	1,804
Non-interest expense	20,118	10,000
(Loss) income before income taxes	(3,129)	3,959
Provision (benefit) for income taxes	406	1,105
Net income (loss)	(3,535)	2,854
Total assets	1,574,228		1,630,031
Mortgage World
Segment Reporting Information [Line Items]
Interest and dividend income	130	150
Interest expense	68	140
Net interest income	62	10
Net interest income after provision for loan losses	62	10
Non-interest income	1,297	2,358
Non-interest expense	2,223	2,291
(Loss) income before income taxes	(864)	77
Provision (benefit) for income taxes		40
Net income (loss)	(864)	37
Total assets	15,938		20,096
Ponce Financial Group, Inc.
Segment Reporting Information [Line Items]
Interest and dividend income	84	41
Net interest income	84	41
Net interest income after provision for loan losses	84	41
Non-interest expense	5,859	893
(Loss) income before income taxes	(5,775)	(852)
Provision (benefit) for income taxes	(3,354)	(413)
Equity in undistributed earnings of Ponce Bank	(4,399)	2,891
Net income (loss)	(6,820)	2,452
Total assets	298,418		312,137
Eliminations
Segment Reporting Information [Line Items]
Interest and dividend income	(84)	(41)
Interest expense	(84)	(41)
Non-interest income	(126)	(269)
Non-interest expense	(126)	(269)
Equity in undistributed earnings of Ponce Bank	4,399	(2,891)
Net income (loss)	4,399	$ (2,891)
Total assets	$ (293,987)		$ (308,754)