0000950170-23-008979 | 10-K | XBRL Viewer | Ponce Financial Group INC

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Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
Document and Entity Information - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 20, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Trading Symbol	PDLB
Entity Registrant Name	Ponce Financial Group, Inc.
Entity Central Index Key	0001874071
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Title of 12(b) Security	Common stock, par value $0.01 per share
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 228,452,292
Entity Common Stock, Shares Outstanding		24,863,500
Entity File Number	001-41255
Entity Tax Identification Number	87-1893965
Entity Address, Postal Zip Code	10462
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	2244 Westchester Avenue
Entity Address, City or Town	Bronx
Entity Address, State or Province	NY
City Area Code	718
Local Phone Number	931-9000
Document Annual Report	true
Document Transition Report	false
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Documents Incorporated by Reference	Portions of the Registrant’s Definitive Proxy Statement relating to the Annual Meeting of Stockholders, scheduled to be held on June 15, 2023, are incorporated into Part III hereof.
Auditor Name	Mazars USA LLP
Auditor Firm ID	339
Auditor Location	New York, New York, USA

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Cash and cash equivalents (Note 3):
Cash	$ 34,074	$ 98,954
Interest-bearing deposits in banks	20,286	54,940
Total cash and cash equivalents	54,360	153,894
Available-for-sale securities, at fair value	129,505	113,346
Held-to-maturity securities, at amortized cost (fair value 2022 $495,851; 2021 $914) (Note 4)	510,820	934
Placements with banks	1,494	2,490
Mortgage loans held for sale, at fair value	1,979	15,836
Loans receivable, net of allowance for loan losses - 2022 $34,592; 2021 $16,352 (Note 5)	1,493,127	1,305,078
Accrued interest receivable	15,049	12,362
Premises and equipment, net (Note 6)	17,446	19,617
Right of use asset	33,423
Federal Home Loan Bank of New York (FHLBNY) stock, at cost	24,661	6,001
Deferred tax assets (Note 10)	16,137	3,820
Other assets	13,988	20,132
Total assets	2,311,989	1,653,510
Liabilities:
Deposits (Note 8)	1,252,412	1,204,716
Operating lease liabilities	34,532
Accrued interest payable	1,390	228
Advance payments by borrowers for taxes and insurance	9,724	7,657
Advances from the FHLBNY and others (Note 9)	517,375	106,255
Warehouse lines of credit (Note 9)		15,090
Mutual holding company conversion subscription liabilities		122,000
Other liabilities	3,856	8,308
Total liabilities	1,819,289	1,464,254
Commitments and contingencies (Note 13)
Stockholders' Equity:
Preferred stock, $0.01 par value; 10,000,000 shares authorized, 225,000 shares issued and outstanding as of December 31, 2022. None were issued amd outstanding as of December 31, 2021	225,000
Common stock, $0.01 par value; 200,000,000 shares authorized; 24,861,329 shares issued and 24,859,353 shares outstanding as of December 31, 2022 and 18,463,028 shares issued and 17,425,987 outstanding as of December 31, 2021	249	185
Treasury stock, at cost; 1,976 shares as of December 31, 2022 and 1,037,041 shares as of December 31, 2020 (Note 11)	(2)	(13,687)
Additional paid-in-capital	206,508	85,601
Retained earnings	92,955	122,956
Accumulated other comprehensive income (loss) (Note 16)	(17,860)	(1,456)
Unearned Employee Stock Ownership Plan (ESOP); 1,569,476 shares as of December 31, 2022 and 434,251 shares as of December 31, 2021 (Note 11)	(14,150)	(4,343)
Total stockholders' equity	492,700	189,256
Total liabilities and stockholders' equity	$ 2,311,989	$ 1,653,510

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Held-to-maturity securities, at fair value	$ 495,851	$ 914
Loans receivable, allowance for loan losses	$ 34,592	$ 16,352
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	225,000	0
Preferred stock, shares outstanding	225,000	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	24,861,329	18,463,028
Common stock, shares, outstanding	24,859,353	17,425,987
Treasury stock,repurchased	1,976	1,037,041
Unearned Employee Stock Ownership Plan (ESOP)	1,569,475	434,251

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest and dividend income:
Interest on loans receivable	$ 69,865	$ 65,532	$ 52,389
Interest on deposits due from banks	713	20	84
Interest and dividend on available-for-sale securities and FHLBNY stock	12,174	1,546	866
Total interest and dividend income	82,752	67,098	53,339
Interest expense:
Interest on certificates of deposit	3,477	4,244	6,576
Interest on other deposits	6,473	1,427	2,174
Interest on borrowings	6,199	2,581	2,619
Total interest expense	16,149	8,252	11,369
Net interest income	66,603	58,846	41,970
Provision for loan losses (Note 5)	24,046	2,717	2,443
Net interest income after provision for loan losses	42,557	56,129	39,527
Non-interest income:
Service charges and fees	1,830	1,657	892
Brokerage commissions	1,020	1,324	974
Late and prepayment charges	623	1,207	358
Income on sale of mortgage loans	741	5,265	4,120
Loan origination	1,286	3,021	925
(Loss) gain on sale of premises and equipment	(436)	20,270	4,177
Other	1,355	1,893	1,801
Total non-interest income	6,419	34,637	13,247
Non-interest expense:
Compensation and benefits	27,914	23,262	22,053
Occupancy and equipment	13,968	11,328	9,564
Data processing expenses	3,779	3,015	2,137
Direct loan expenses	2,487	3,888	1,447
Insurance and surety bond premiums	870	585	553
Office supplies, telephone and postage	1,555	2,054	1,399
Professional fees	5,904	7,629	6,049
Contribution to the Ponce De Leon Foundation (Note 2)	4,995
Grain write-off and write-down (Note 5)	17,940
Marketing and promotional expenses	593	206	488
Directors fees	368	285	276
Regulatory assessment	337	323	210
Other operating expenses	5,112	4,567	3,363
Total non-interest expense	85,822	57,142	47,539
(Loss) income before income taxes	(36,846)	33,624	5,235
(Benefit) provision for income taxes (Note 10)	(6,845)	8,209	1,382
Net (loss) income	$ (30,001)	$ 25,415	$ 3,853
(Loss) earnings per share: (Note 12)
Basic	$ (1.32)	$ 1.52	$ 0.23
Diluted	$ (1.32)	$ 1.51	$ 0.23
Weighted average shares outstanding: (Note 12)
Basic	22,690,943	16,744,561	16,673,193
Diluted	22,690,943	16,791,443	16,682,584

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (30,001)	$ 25,415	$ 3,853
Net change in unrealized (losses) gains on securities :
Unrealized (losses) gain	(20,781)	(1,971)	147
Income benefit (tax) effect	4,377	380	(32)
Total other comprehensive (loss) income, net of tax	(16,404)	(1,591)	115
Total comprehensive (loss) income	$ (46,405)	$ 23,824	$ 3,968

- 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 - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Treasury Stock, At Cost	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Unearned Employee Stock Ownership Plan (ESOP)
Balance at Dec. 31, 2019	$ 158,402		$ 185	$ (14,478)	$ 84,777	$ 93,688	$ 20	$ (5,790)
Balance, Shares at Dec. 31, 2019			17,451,134
Net (loss) income	3,853					3,853
Other comprehensive income, net of tax	115						115
Release of restricted stock units				1,075	(1,075)
Release of restricted stock units, shares			96,825
Treasury stock	(4,711)			(4,711)
Treasury stock, Shares			421,990
ESOP shares committed to be released	482							482
Share-based compensation	1,403				1,403
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	25,415					25,415
Other comprehensive income, net of tax	(1,591)						(1,591)
Release of restricted stock units				1,385	(1,385)
Release of restricted stock units, shares			98,232
Treasury stock	3,136			3,042	94
Treasury stock, Shares			201,786
ESOP shares committed to be released	1,345				380			965
Share-based compensation	1,407				1,407
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	(30,001)					(30,001)
Other comprehensive income, net of tax	(16,404)						(16,404)
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 Plan ("ESOP')			$ 11		10,963			(10,974)
Purchase of shares by the Employee Stock Ownership Plan ("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
Issuance of preferred shares	225,000	$ 225,000
Issuance of preferred shares, shares		225,000
Release of restricted stock units	1		$ 2		(1)
Release of restricted stock units, shares			149,495
Treasury stock				2
Treasury stock, Shares			1,976
Treasury stock					2
ESOP shares committed to be released	1,276				109			1,167
Share-based compensation	1,567				1,567
Balance at Dec. 31, 2022	$ 492,700	$ 225,000	$ 249	$ (2)	$ 206,508	$ 92,955	$ (17,860)	$ (14,150)
Balance, Shares at Dec. 31, 2022		225,000	24,859,353

Consolidated Statements of Stockholders' Equity (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Number of ESOP shares committed to be released	(133,744)	(96,500)	(48,250)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flows From Operating Activities:
Net (loss) income	$ (30,001)	$ 25,415	$ 3,853
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of premiums/discounts on securities, net	342	120	7
(Gain) loss on sale of loans	(184)	(69)	62
Loss (gain) on sale of real property	436	(20,270)	(4,177)
Gain on derivatives	(22)	(172)	(166)
Grain write-off and write-down	17,940
Provision for loan losses (Note 5)	24,046	2,717	2,443
Depreciation and amortization	4,266	2,473	2,519
ESOP compensation expense	1,372	1,395	540
Share-based compensation expense	1,567	1,405	1,403
Deferred income taxes	(7,939)	1,260	(932)
Changes in assets and liabilities:
Decrease (increase) in mortgage loans held for sale, at fair value	13,857	18,759	(23,827)
Increase in accrued interest receivable	(2,687)	(966)	(7,414)
(Increase) decrease in other assets	(11,774)	(10,579)	(10,045)
Increase (decrease) in accrued interest payable	1,162	168	(37)
Decrease in operating lease liabilities	(2,149)
Increase in advance payments by borrowers	2,067	638	671
(Decrease) increase in mortgage loan funding payable		(1,483)	246
Net (decrease) increase in other liabilities	(2,500)	(2,258)	7,354
Net cash provided by (used in) operating activities	9,799	18,553	(27,500)
Cash Flows From Investing Activities:
Business acquisition, net of cash acquired			(1,005)
Proceeds from redemption of FHLBNY Stock	213,416	1,111	4,759
Purchases of FHLBNY Stock	(232,076)	(686)	(5,450)
Purchases of available-for-sale securities	(58,383)	(109,878)	(13,625)
Purchases of held-to-maturity securities	(528,929)	0	(1,743)
Proceeds from sale of available-for-sale securities		3,641
Proceeds from maturities, calls and principal repayments on securities	40,318	9,251	17,769
Placements with banks	996	249	(2,739)
Proceeds from sales of loans	9,665	14,382	3,977
Net increase in loans	(221,576)	(162,657)	(209,385)
Proceeds from sale of real property		37,619	4,743
Purchases of premises and equipment	(492)	(4,171)	(1,902)
Net cash (used in) provided by investing activities	(777,061)	(211,139)	(204,601)
Cash Flows From Financing Activities:
Net increase in deposits	47,696	175,137	247,536
Funds received in connection with second-step conversion		122,000
Common stock issued from vesting of restricted stock units	2
Proceeds from issuance of preferred stock	225,000
Repurchase of treasury stock		(1,607)	(4,711)
Proceeds from the sale of treasury stock		4,743
Contribution to the Ponce De Leon Foundation	(1,000)
Net proceeds from advances from FHLBNY	411,120	(11,000)	12,851
Net advances on warehouse lines of credit	(15,090)	(14,871)	20,826
Net cash provided by (used) in financing activities	667,728	274,402	276,502
Net (decrease) increase in cash and cash equivalents	(99,534)	81,816	44,401
Cash and Cash Equivalents, including restricted cash:
Beginning	153,894	72,078	27,677
Ending	54,360	153,894	72,078
Cash paid during the year:
Interest	14,987	8,084	11,360
Income taxes	173	$ 5,970	531
Supplemental disclosure related to adoption of ASU 2016-02, detailed in Note 7:
ROU Assets	35,870
Operating lease liabilities	$ 36,681
Non-cash assets acquired:
Mortgage loans held for sale, at fair value			10,549
Premises and equipment			302
Other assets			772
Total non-cash assets acquired			11,623
Liabilities assumed:
Warehouse lines of credit			9,135
Mortgage loan fundings payable			1,237
Other liabilities			246
Total liabilities assumed			10,618
Net non-cash assets acquired			(1,005)
Cash and cash equivalents acquired			750
Consideration paid			$ 1,755

Nature of Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 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 6 mortgage loan offices. The banking offices are located in New York City – the Bronx (4 branches), Queens (3 branches), Brooklyn (3 branches), Manhattan (2 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 MDI, a CDFI, and a certified 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 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. 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 continues. 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.

Inflation and interest rates 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 year ended December 31, 2022, the provision for loan losses amounted to $24.0 million primarily due to reserves related to loans originated by Grain (see Note 5 for additional information related to Grain reserves) as well as increases in the 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.

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 the ability of Mortgage World, a division of the Bank, to sell originated loans in the secondary markets are susceptible to changes in the local market conditions. Note 4 discusses the types of securities in which the Bank invests. Notes 5 and 13 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.

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 90 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 its loan portfolio, including Grain, and the economic impact of inflation and increased interest rates on borrowers indicates that it is likely that such conditions 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.

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, except for loans originated by Grain where the Bank uses one fiscal quarter. 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 originated by 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.

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 December 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.

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.

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
Building		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, 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.

Leases: The Company leases office space and certain equipment under non-cancellable operating lease agreements and determines if an arrangement is a lease at inception. The Company does not currently have any financing lease arrangements.

Right of use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right of use assets are recognized on the commencement date based on the present value of lease payments over the lease term adjusted for initial direct costs, if any, and lease incentives received or deemed probable of being received. The Company uses the rate implicit in the lease if it is readily determinable or otherwise the Company uses its incremental borrowing rate. The implicit rates of Company leases are not readily determinable and accordingly, the

Company uses its incremental borrowing rate based on the information available at the commencement date for all leases. The Company's incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms and in a similar economic environment. The Company uses its FHLBNY borrowing rate based on the information available on the commencement date plus a spread of 2.50% in determining the present value of lease payments.

Lease expense is recognized on a straight-line basis over the lease term and is included in “Occupancy and equipment” in the Consolidated Statement of Operations. Some of the Company’s lease agreements include rental payments adjusted periodically for inflation which are accounted for as variable lease amounts but are not reflected as a component of the Company’s lease liability. Certain leases also require the Company to pay real estate taxes, insurance, maintenance and other operating expenses associated with the leased premises or equipment which are also not reflected as a component of the Company’s lease liability

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 17 contains details regarding related party transactions.

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: Comprehensive (loss) income consists of net (loss) income and other comprehensive (loss) income, which are both recognized as separate components of stockholder’s equity. Other comprehensive (loss) income 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 14. 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: Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (the “CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the Company’s CODM. The CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, the Company has determined that it operates as one operating segment and one reportable segment.

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 periods amounts have been reclassified for consistency with the current period 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.

Recently Adopted Accounting Standards Updates ("ASU")

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. The Company took advantage of the extended transition period for complying with new or revised accounting standards as an EGC, and it adopted 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 evaluated the amended guidance including the potential impact on its consolidated financial statements. The Company has identified its leased office spaces and equipment as within the scope of the guidance. The Company currently leases its administrative office and 15 branches and mortgage offices and the new guidance resulted in the establishment of a right to use asset of $36.2 million and corresponding lease obligations of $36.7 million. 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 has adopted this standard on December 31, 2022, effective January 1, 2022.

Recent Accounting Pronouncements Not Yet Adopted:

As an emerging growth company (“EGC”) as defined in Rule 12b-2 of the Exchange Act, the Company had 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 has exited the EGC status as of December 31, 2022.

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. The Company took advantage of the extended transition period for complying with new or revised accounting standard as an EGC, and adopted this accounting standards and applied the standard’s provisions as a cumulative-effect adjustment to retained earnings as of January 1, 2023.

The Company has evaluated 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 might result in an increase in the allowance for loan losses, particularly for longer duration loan portfolios. The Company also notes that the new guidance will result in an allowance for held-to-maturity debt securities. Upon adoption, the Company anticipates that it would decrease the allowance to approximately $31.5 million for the loan portfolio and add a $0.7 million allowance to the held-to-maturity securities portfolio.

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.

In March 2022, the FASB issued ASU 2022-02, "Financial Instruments-Credit Losses (Topic 326).” This ASU eliminates troubled debt restructuring guidance for organizations that adopted the amendments in ASU 2016-13 while providing for additional disclosures for loan modifications. This new guidance introduces new disclosure requirements for modifications of receivables to borrowers experiencing financial difficulty. Creditors should evaluate all modifications as either a new loan or continuation of an existing loan under the general guidance on loan refinancing and restructuring in ASC 310-20-35-9 through 35-11. The Company continues to evaluate the impact of the guidance, including determining whether new modifications exist that are deemed to be in scope and subsequent related accounting standard updates.

Preferred Stock Issuance; Plan of Conversion and Stock Offering

12 Months Ended

Dec. 31, 2022

Plan Of Conversion And Stock Offering [Abstract]

Preferred Stock Issuance; Plan of Conversion and Stock Offering

Note 2. Preferred Stock Issuance; Plan of Conversion and Stock Offering

Preferred Stock Issuance

On June 7, 2022, the Company‎ closed a private placement (the “Private Placement”) of 225,000 shares of the Company’s Senior Non-Cumulative Perpetual Preferred Stock, Series A‎, par value $0.01 (the “Preferred Stock”) for an aggregate purchase price equal to $225.0 million in cash, to the United States Department of the Treasury (the “Treasury”) pursuant to the Emergency Capital Investment Program (“ECIP”).‎ The holders of the Preferred Stock will be entitled to a dividend payable in cash quarterly at an annual rate dependent on certain factors as reported by the Company to Treasury in a quarterly supplemental report. The initial dividend rate is zero percent for the first two years after issuance, and thereafter the floor dividend rate is 0.50% and the ceiling dividend rate is 2.00%. After 10 years of issuance, the perpetual dividend rate in effect, will be determined based on said floor and ceiling. The actual dividend rate that will be paid by the Company on the Preferred Stock cannot be determined at this time.

The ECIP investment by the Treasury is part of a program to invest over $8.7 billion into Community Development Financial Institution (“CDFI”) or ‎Minority Depository Institution (“MDI”), of which Ponce Bank is both. The ECIP is intended to incentivize CDFIs and MDIs to provide loans, grants, ‎and forbearance to small businesses, minority-owned businesses, and consumers in low-income and underserved communities that may have been ‎disproportionately impacted by the economic effects of the COVID-19 pandemic.‎

In the event of a liquidation, dissolution or winding up of the Company, the Preferred Stock will be entitled to a liquidation preference, subject to certain limitations, in the amount of the sum of $1,000 per share plus declared and unpaid dividends (without accumulation of undeclared dividends) on each share.

Plan of Conversion and Common 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.

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

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.

Restrictions on Cash and Due From Banks

12 Months Ended

Dec. 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.

Securities

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Securities

Note 4. Securities

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


	December 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds	$	2,985	$	—	$	(296	)	$	2,689
Corporate Bonds		25,824		—		(2,465	)		23,359
Mortgage-Backed Securities:
Collateralized Mortgage Obligations (1)		44,503		—		(6,726	)		37,777
FHLMC Certificates		11,310		—		(1,676	)		9,634
FNMA Certificates		67,199		—		(11,271	)		55,928
GNMA Certificates		122		—		(4	)		118
Total available-for-sale securities	$	151,943	$	—	$	(22,438	)	$	129,505

Held-to-Maturity Securities:
U.S. Agency Bonds	$	35,000	$	—	$	(380	)	$	34,620
Corporate Bonds		82,500		57		(3,819	)		78,738
Mortgage-Backed Securities:
Collateralized Mortgage Obligations (1)		235,479		192		(5,558	)		230,113
FHLMC Certificates		4,120		—		(268	)		3,852
FNMA Certificates		131,918		—		(5,227	)		126,691
SBA Certificates		21,803		34		—			21,837
Total held-to-maturity securities	$	510,820	$	283	$	(15,252	)	$	495,851

(1)

Comprised of FHLMC, FNMA and 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.

The Company’s securities portfolio had 42 and 29 available-for-sale securities and 34 and one held-to-maturity securities at December 31, 2022 and 2021, respectively. There were no available-for-sale and held-to-maturity securities sold during the year ended December 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. Two available-for-sale securities in the amount of $5.4 million matured and/or were called during the year ended December 31, 2022 and one available-for-sale security in the amount of $2.7 million matured and/or was called during the year ended December 31, 2021. The Company purchased $58.4 million in available-for-sale securities and $528.9 million in held-to-maturity securities during the year ended December 31, 2022 and $109.9 million in available-for-sale securities during the year ended December 31, 2021. No held-to-maturity securities were purchased during the year ended December 31, 2021.

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


	December 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	$	—	$	—		$	2,689	$	(296	)	$	2,689	$	(296	)
Corporate Bonds		13,138		(1,186	)		10,221		(1,279	)		23,359		(2,465	)
Mortgage-Backed
Collateralized Mortgage Obligations		4,537		(300	)		33,240		(6,426	)		37,777		(6,726	)
FHLMC Certificates		—		—			9,634		(1,676	)		9,634		(1,676	)
FNMA Certificates		12,111		(1,230	)		43,817		(10,041	)		55,928		(11,271	)
GNMA Certificates		118		(4	)		—		—			118		(4	)
Total available-for-sale securities	$	29,904	$	(2,720	)	$	99,601	$	(19,718	)	$	129,505	$	(22,438	)
Held-to-Maturity Securities:
U.S. Agency Bonds	$	24,620	$	(380	)	$	—	$	—		$	24,620	$	(380	)
Corporate Bonds		75,181		(3,819	)		—		—			75,181		(3,819	)
Collateralized Mortgage Obligations		215,300		(5,558	)		—		—			215,300		(5,558	)
FHLMC Certificates		3,177		(115	)		675		(153	)		3,852		(268	)
FNMA Certificates		126,691		(5,227	)		—		—			126,691		(5,227	)
Total held-to-maturity securities	$	444,969	$	(15,099	)	$	675	$	(153	)	$	445,644	$	(15,252	)


	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	)

At December 31, 2022 and December 31, 2021, the Company had 42 and 23 available-for-sale securities and 27 and one held-to-maturity securities with gross unrealized loss positions, respectively. Management reviewed the financial condition of the entities underlying the securities at both December 31, 2022 and December 31, 2021. The unrealized losses related to the Company debt securities were issued by U.S. government-sponsored entities and agencies. The Company does not believe that the debt securities that were in an unrealized loss position as of December 31, 2022 represents a credit loss impairment. The gross unrealized loss positions related to mortgage-backed securities and other obligations issued by the U.S government agencies or U.S. government-sponsored enterprises carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Total gross unrealized losses were primarily attributable to changes in interest rates relative to when the investment securities were purchased and not due to the credit quality of the investment securities.

The following is a summary of maturities of securities at December 31, 2022 and 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.


	December 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		2,985		2,689
More than five years through ten years		—		—
		2,985		2,689
Corporate Bonds:
Amounts maturing:
Three months or less	$	—	$	—
More than three months through one year		—		—
More than one year through five years		4,000		3,710
More than five years through ten years		21,824		19,649
		25,824		23,359
Mortgage-Backed Securities		123,134		103,457
Total available-for-sale securities	$	151,943	$	129,505
Held-to-Maturity Securities:
U.S. Agency Bonds:
Amounts maturing:
Three months or less	$	—	$	—
More than three months through one year		—		—
More than one year through five years		35,000		34,620
More than five years through ten years		—		—
		35,000		34,620
Corporate Bonds:
Amounts maturing:
Three months or less	$	—	$	—
More than three months through one year		—		—
More than one year through five years		75,000		71,328
More than five years through ten years		7,500		7,410
		82,500		78,738
Mortgage-Backed Securities		393,320		382,493
Total held-to-maturity securities	$	510,820	$	495,851


	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

At December 31, 2022, six held-to-maturity securities with an amortized costs totaling $194.9 million were pledged at the FHLBNY as collateral for borrowing activities. No securities were pledged at December 31, 2021.

Loans Receivable and Allowance for Loan Losses

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Loans Receivable and Allowance for Loan Losses

Note 5. Loans Receivable and Allowance for Loan Losses

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


	December 31,
	2022			2021
	(in thousands)
Mortgage loans:
1-4 Family residential
Investor-Owned	$	343,968		$	317,304
Owner-Occupied		134,878			96,947
Multifamily residential		494,667			348,300
Nonresidential properties		308,043			239,691
Construction and land		185,018			134,651
Total mortgage loans		1,466,574			1,136,893
Nonmortgage loans:
Business loans (1)		39,965			150,512
Consumer loans (2)		19,129			34,693
Total non-mortgage loans		59,094			185,205
Total loans, gross		1,525,668			1,322,098
Net deferred loan origination costs		2,051			(668	)
Allowance for loan losses		(34,592	)		(16,352	)
Loans receivable, net	$	1,493,127		$	1,305,078

(1)

As of December 31, 2022 and 2021, business loans include $20.0 million and $136.8 million, respectively, of SBA PPP loans.

(2)

As of December 31, 2022 and 2021, consumer loans include $18.2 million and $33.9 million, respectively, pursuant to the Bank’s arrangement with Grain.

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.

Below are the definitions of the Company's internally assigned risk ratings:

Strong Pass – Loans to new or existing borrowers 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 – 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 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 their repayment. They are characterized by the distinct possibility that some loss may be sustained if the deficiencies are not remedied.

Doubtful – Loans that have all the weaknesses of loans classified as “Substandard” with the added characteristic 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 December 31, 2022 and 2021:


	December 31, 2022
	Mortgage Loans								Nonmortgage Loans
							Construction						Total
	1-4 Family		Multifamily		Nonresidential		and Land		Business		Consumer		Loans
	(in thousands)
Risk Rating:
Pass	$	462,126	$	492,556	$	307,307	$	173,351	$	39,965	$	19,129	$	1,494,434
Special mention		7,692		1,437		606		—		—		—		9,735
Substandard		9,028		674		130		11,667		—		—		21,499
Total	$	478,846	$	494,667	$	308,043	$	185,018	$	39,965	$	19,129	$	1,525,668


	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

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


	December 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	$	340,495	$	1,530	$	78	$	1,865	$	343,968	$	3,061	$	—
Owner-Occupied		131,510		2,553		—		815		134,878		2,987		—
Multifamily residential		490,024		4,643		—		—		494,667		—		—
Nonresidential properties		303,190		4,246		607		—		308,043		93		—
Construction and land		173,351		—		4,100		7,567		185,018		7,567		—
Nonmortgage loans:
Business		27,657		1,466		7,869		2,973		39,965		—		2,973
Consumer		16,743		1,267		1,119		—		19,129		—		—
Total	$	1,482,970	$	15,705	$	13,773	$	13,220	$	1,525,668	$	13,708	$	2,973


	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	$	—

The following schedules detail the composition of the allowance for loan losses and the related recorded investment in loans as of December 31, 2022, 2021, and 2020, respectively.


	For the Year Ended December 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		167		506		2,337		559		659		(280	)		20,098			24,046
Losses charged-off		—		—		—		—		—		—			(6,660	)		(6,660	)
Recoveries		156		39		—		—		—		94			565			854
Balance, end of period	$	3,863	$	1,723	$	8,021	$	2,724	$	2,683	$	120		$	15,458		$	34,592
Ending balance: individually evaluated for impairment	$	63	$	96	$	—	$	37	$	—	$	—		$	—		$	196
Ending balance: collectively evaluated for impairment		3,800		1,627		8,021		2,687		2,683		120			15,458			34,396
Total	$	3,863	$	1,723	$	8,021	$	2,724	$	2,683	$	120		$	15,458		$	34,592
Loans:
Ending balance: individually evaluated for impairment	$	5,269	$	4,315	$	—	$	801	$	7,567	$	—		$	—		$	17,952
Ending balance: collectively evaluated for impairment		338,699		130,563		494,667		307,242		177,451		39,965			19,129			1,507,716
Total	$	343,968	$	134,878	$	494,667	$	308,043	$	185,018	$	39,965		$	19,129		$	1,525,668


	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 period	$	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 period	$	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


	For the Year Ended December 31, 2020
	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	$	3,503	$	1,067	$	3,865	$	1,849	$	1,782	$	254		$	9		$	12,329
Provision charged to expense		347		193		1,349		341		38		(95	)		270			2,443
Losses charged-off		—		—		—		—		—		—			(6	)		(6	)
Recoveries		—		—		—		4		—		95			5			104
Balance, end of year	$	3,850	$	1,260	$	5,214	$	2,194	$	1,820	$	254		$	278		$	14,870
Ending balance: individually evaluated for impairment	$	118	$	134	$	—	$	40	$	—	$	—		$	—		$	292
Ending balance: collectively evaluated for impairment		3,732		1,126		5,214		2,154		1,820		254			278			14,578
Total	$	3,850	$	1,260	$	5,214	$	2,194	$	1,820	$	254		$	278		$	14,870
Loans:
Ending balance: individually evaluated for impairment	$	7,468	$	5,754	$	946	$	5,184	$	—	$	—		$	—		$	19,352
Ending balance: collectively evaluated for impairment		312,128		93,041		306,465		213,745		105,858		94,947			26,517			1,152,701
Total	$	319,596	$	98,795	$	307,411	$	218,929	$	105,858	$	94,947		$	26,517		$	1,172,053

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.

The following information relates to impaired loans as of and for the years ended December 31, 2022, 2021, and 2020:


	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, 2022	Balance		Allowance		Allowance		Investment		Allowance		Investment		on a Cash Basis
	(in thousands)
Mortgage loans:
1-4 Family residential	$	9,986	$	7,827	$	1,757	$	9,584	$	159	$	11,072	$	307
Multifamily residential		—		—		—		—		—		630		—
Nonresidential properties		843		457		344		801		37		1,930		30
Construction and land		7,567		7,567		—		7,567		—		6,408		—
Nonmortgage loans:
Business		—		—		—		—		—		3		—
Consumer		—				—		—		—		—		—
Total	$	18,396	$	15,851	$	2,101	$	17,952	$	196	$	20,043	$	337


	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


	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, 2020	Balance		Allowance		Allowance		Investment		Allowance		Investment		on a Cash Basis
	(in thousands)
Mortgage loans:
1-4 Family residential	$	14,118	$	10,613	$	2,609	$	13,222	$	252	$	12,306	$	321
Multifamily residential		946		946		—		946		—		231		34
Nonresidential properties		5,632		4,813		371		5,184		40		5,339		33
Construction and land		—		—		—		—		—		405		—
Nonmortgage loans:								—
Business		—		—		—		—		—		8		—
Consumer		—		—		—		—		—		—		—
Total	$	20,696	$	16,372	$	2,980	$	19,352	$	292	$	18,289	$	388

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 to the allowance for loan losses.

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

At December 31, 2022, there were 23 troubled debt restructured loans totaling $6.6 million of which $4.2 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 $0.2 million and $0.3 million at December 31, 2022 and 2021, respectively.

Mortgage Loans Held for Sale, at Fair Value

At December 31, 2022 and 2021, 4 loans and 27 loans related to Mortgage World in the amount of $2.0 million and $15.8 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 into a business arrangement with the FinTech startup company 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 $1,500 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 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.

In establishing these lines of credit, the Company reserved the right to modify borrowers’ credit limits at its sole discretion. The Company continues to balance its risks as needed and continues to support a wide base of customers. Based on the overall performance of the Grain portfolio, as well as current economic factors, the Company reduced the amount of credit available to Grain application customers on a uniform and program-wide basis, with each borrower’s credit limit reduced to the amount that was outstanding under that borrower’s line of credit. The Company also reserved the right to make further modifications to credit limits as it may deem appropriate under the circumstances, whether on a program-wide or individual basis. No new loans were made by the Company after May 31, 2022.

At December 31, 2022, the Bank had 27,886 Grain microloans outstanding, net of put backs, with an aggregate balance totaling $18.2 million and which were performing, in management’s opinion, comparably to similar portfolios, offset by a $15.4 million allowance for loan losses, resulting in $2.8 million in Grain microloans, net of allowance for loan losses. Since the beginning of the Bank’s agreement with Grain and through December 31, 2022, 45,322 microloans amounting to $25.5 million have been deemed to be fraudulent and put back to Grain. The Company has written-down a total of $17.5 million of the Grain Receivable for the year ended December 31, 2022 and received $6.2 million in cash from Grain and through the application of security deposits connected to fraudulent loan accounts. The Bank also opted to use the $1.8 million grant it received from the U.S. Treasury Department’s Rapid Response ‎Program to defray the Grain Receivable. The application of those amounts resulted in no net receivable. Additionally, the Company has written-off its equity investment in Grain of $1.0 million. As of December 31, 2022, the Company’s total exposure to Grain was $2.8 million of the remaining microloans, net of allowance for loan losses, excluding $0.4 million of unused commitments available to Grain borrowers and $1.4 million of security deposits by Grain borrowers. The $16.9 million write-off and write-down net of $0.5 million of recoveries for the year ended December 31, 2022 is included in non-interest expense in the accompanying Consolidated Statements of Operations.


Grain Technologies, Inc. ("Grain") Total Exposure as of December 31, 2022
(in thousands)
Receivable from Grain
Microloans originated - put back to Grain (inception-to-December 31, 2022)	$	25,467
Write-downs, net of recoveries (year to date as of December 31, 2022)		(17,455	)
Cash receipts from Grain (inception-to-December 31, 2022)		(6,186	)
Grant/reserve (inception-to-December 31, 2022)		(1,826	)
Net receivable as of December 31, 2022	$	—
Microloan receivables from Grain borrowers
Grain originated loans receivable as of December 31, 2022	$	18,158
Allowance for loan losses as of December 31, 2022 (1)		(15,415	)
Microloans, net of allowance for loan losses as of December 31, 2022	$	2,743
Investments
Investment in Grain	$	1,000
Investment in Grain write-off		(1,000	)
Investment in Grain as of December 31, 2022	$	—
Total exposure to Grain as of December 31, 2022	$	2,743

(1) Includes $0.03 million for allowance for unused commitments on the $0.4 million of unused commitments available to Grain originated borrowers reported in other liabilities in the accompanying Consolidated Statements of Financial Conditions. Excludes $1.4 million of security deposits by Grain originated borrowers reported in deposits in the accompanying Consolidated Statements of Financial Conditions.

Premises and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Premises and Equipment

Note 6. Premises and Equipment

A summary of premises and equipment at December 31, 2022 and 2021 is as follows:


	December 31,
	2022			2021
	(in thousands)
Land	$	932		$	932
Buildings and improvements		4,717			4,327
Leasehold improvements		15,808			16,462
Furniture, fixtures and equipment		8,497			9,661
		29,954			31,382
Less: accumulated depreciation and amortization		(12,508	)		(11,765	)
Total premises and equipment	$	17,446		$	19,617

Depreciation and amortization expense amounted to $1.8 million for the year ended December 31, 2022, and $2.5 million for each of the years ended December 31, 2021 and 2020, respectively, and is included in occupancy expense in the accompanying consolidated statements of operations. Furniture, fixtures and equipment decreased $1.2 million to $8.5 million at December 31, 2022, mainly as a result of sale of $1.3 million in equipment and $0.3 million in write-offs of obsolete equipment and software, offset by $0.4 million in purchases of equipment. The Company recognized a one-time $0.4 million loss on sale of equipment as it moved to implement ATMs as a service. Leasehold improvements decreased $0.7 million to $15.8 million primarily as a result of $0.9 million in assets disposal and $0.2 million in asset additions. Buildings and improvements increased $0.4 million to $4.7 million at December 31, 2022 mainly due to renovations of real property.

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

Note 7. Leases

Effective January 1, 2022, the Company adopted the provisions of Topic 842 using the prospective transition approach. Therefore, prior period comparative information has not been adjusted and continues to be reported under GAAP in effect prior to the adoption of Topic 842.

The Company has 15 operating leases for branches (including headquarters) and office spaces and five operating leases for equipment. Our leases have remaining lease terms ranging from less than one year to approximately 17 years, none of which has a renewal option reasonably certain of exercise, which has been reflected in the Company’s calculation of lease term.

Certain leases have escalation clauses for operating expenses and real estate taxes. The Company’s non-cancelable operating lease agreements expire through 2038.

Supplemental balance sheet information related to leases was as follows:


	December 31,
	2022			2021
	(Dollars in thousands)
Operating lease ROU assets	$	33,423		$	—
Operating lease liabilities		34,532			—
Weighted-average remaining lease term-operating leases	13.5 years				—
Weighted average discount rate-operating leases		4.9	%		—

The components of lease expense and cash flow information related to leases were as follows:


		For the Years Ended December 31,
		2022		2021
		(Dollars in thousands)
Lease Cost
Operating lease cost	Occupancy and equipment	$	4,416	$	2,158
Operating lease cost	Other operating expenses		7		3
Short-term lease cost	Other operating expenses		11		7
Variable lease cost	Occupancy and equipment		155		177
Total lease cost		$	4,589	$	2,345

The Company’s minimum annual rental payments under the terms of the leases are as follows at December 31, 2022:


	Minimum Rental
Years ended December 31:	(in thousands)
2023	$	3,785
2024		3,833
2025		3,635
2026		3,422
2027		3,495
Thereafter		29,041
Total Minimum payments required		47,211
Less: implied interest		12,679
Present value of lease liabilities	$	34,532

Lease Commitments: As of December 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 $0.6 million, net of expenses, which is included in other non-interest income in the accompanying Consolidated Statements of Operations.

On June 4, 2021, the Company completed the sale of real property located at 5560 Broadway, Bronx, New York for a sale price of $5.7 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 $281,000 subject to annual rent increases of 1.75%. The sale lease-back resulted in a gain of approximately $4.2 million, net of expenses, which is included in other non-interest income in the accompanying Consolidated Statements of Operations.

On November 10, 2021, the Company completed the sale of real property located at 2244 Westchester Avenue, Bronx, New York for a sale price of $16.1 million. Concurrent with the sale, the Bank and the purchaser entered into a seventeen-year lease agreement whereby the Bank will lease back this real property at an initial annual base rent of approximately $926,000, subject to annual rent increases of 1.75%. The sale lease-back resulted in a gain of approximately $8.7 million, net of expenses, which is included in other non-interest income in the accompanying Consolidated Statements of Operations.

On November 12, 2021, the Company completed the sale of real property located at 169-174 Smith Street, Brooklyn, New York for a sale price of $4.0 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 $200,000 subject to annual rent increases of 1.50%. The sale lease-back resulted in a gain of approximately $3.7 million, net of expenses, which is included in other non-interest income in the accompanying Consolidated Statements of Operations.

On December 16, 2021, the Company completed the sale of real property located at 37-60 82nd Street, Jackson Heights, New York for a sale price of $11.8 million. Concurrent with the sale, the Bank and the purchaser entered into a seventeen-year lease agreement whereby the Bank will lease back this real property at an initial annual base rent of approximately $530,000 subject to annual rent increases of 2.0%. The sale lease-back resulted in a gain of approximately $3.1 million, net of expenses, which is included in other non-interest income in the accompanying Consolidated Statements of Operations.

Deposits

12 Months Ended

Dec. 31, 2022

Banking And Thrifts [Abstract]

Deposits

Note 8. Deposits

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


	December 31,
	2022		2021
	(in thousands)
Demand	$	289,149	$	274,956
Interest-bearing deposits:
NOW/IOLA accounts		24,349		35,280
Money market accounts		317,815		186,893
Reciprocal deposits		114,049		143,221
Savings accounts		130,432		134,887
Total NOW, money market, reciprocal and savings		586,645		500,281
Certificates of deposit of $250K or more		70,113		78,454
Brokered certificates of deposits (1)		98,754		79,320
Listing service deposits (1)		35,813		66,411
Certificates of deposit less than $250K		171,938		205,294
Total certificates of deposit		376,618		429,479
Total interest-bearing deposits		963,263		929,760
Total deposits	$	1,252,412	$	1,204,716

(1)

As of December 31, 2022 and 2021, there were $13.6 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.

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


December 31,
	(in thousands)
2023	$	196,342
2024		49,457
2025		41,169
2026		42,165
2027		47,485
	$	376,618

Overdrawn deposit accounts that have been reclassified to loans amounted to $0.1 million and $0.2 million as of December 31, 2022 and 2021, respectively.

Borrowings

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Borrowings

Note 9. Borrowings

FHLBNY Advances: As a member of 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 FHLBNY Statement of Credit Policy, at the time of the borrowing. In accordance with an agreement with FHLBNY, the qualified collateral must be free and clear of liens, pledges and encumbrances.

The Bank had $511.4 million and $106.3 million of outstanding term advances from FHLBNY at December 31, 2022 and 2021, respectively and $6.0 million of overnight line of credit advance from the FHLBNY at December 31, 2022. The bank had no overnight line of credit advance from the FHLBNY at December 31, 2021. Additionally, the Bank had two unsecured lines of credit in the amount of $90.0 million and $25.0 million with two correspondent banks, under which there was nothing outstanding at December 31, 2022 and 2021, respectively. The Bank also had a guarantee from the FHLBNY through letters of credit of up to $21.5 million each at December 31, 2022 and 2021.

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


	December 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 Overnight line of credit advance	$	6,000	$	6,000		4.61	%	$	—	$	—		—	%

FHLBNY Term advances ending:
2022	$	—	$	—		—		$	77,880	$	77,880		1.73	%
2023		178,375		178,375		4.32			28,375		28,375		2.82
2024		50,000		50,000		4.75			—		—		—
2025		50,000		50,000		4.41			—		—		—
2026		—		—		—			—		—		—
Thereafter		233,000		233,000		3.27			—		—		—
	$	517,375	$	517,375		3.90	%	$	106,255	$	106,255		2.02	%

Interest expense on FHLBNY term advances totaled $5.4 million, $2.2 million and $2.5 million for the years ended December 31, 2022, 2021 and 2020, respectively. Interest expense on FHLBNY overnight advances totaled $0.7 million and $0.2 million for the years ended December 31, 2022 and 2020. There was no interest expense on FHLBNY overnight advances for the year ended December 31, 2021.

As of December 31, 2022 and 2021, the Bank had eligible collateral of approximately $478.8 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 provided 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.

Warehouse Line of Credit #1

The interest rate is based on the 30-day LIBOR rate plus 3.25%. The effective rate at December 31, 2021 was 3.35%. On December 31, 2022, the unused line of credit was $10.0 million. This warehouse line of credit was terminated on February 7, 2023.

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 at December 31, 2021 was 3.10%. The warehouse line of credit was terminated on March 31, 2022.

Total interest expense on warehouse lines of credit totaled $0.1 million and $0.4 million for the years ended December 31, 2022 and 2021, respectively.


	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 December 31, 2022 and 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.

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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Note 10. Income Taxes

The provision (benefit) for income taxes for the years ended December 31, 2022, 2021 and 2020 consists of the following:


	For the Years Ended December 31,
	2022			2021			2020
	(in thousands)
Federal:
Current	$	—		$	6,107		$	2,065
Deferred		(6,064	)		646			(839	)
		(6,064	)		6,753			1,226
State and local:
Current		1,094			842			281
Deferred		(7,467	)		1,733			(353	)
		(6,373	)		2,575			(72	)
Valuation allowance		5,592			(1,119	)		228
(Benefit) provision for income taxes	$	(6,845	)	$	8,209		$	1,382

Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 21% for the years ended December 31, 2022, 2021 and 2020 to income before income taxes as a result of the following:


	For the Years Ended December 31,
	2022			2021			2020
	(in thousands)
Income tax, at federal rate	$	(7,738	)	$	7,195		$	1,099
State and local tax, net of federal benefit		(5,035	)		2,034			(57	)
Valuation allowance, net of federal benefit		5,592			(1,119	)		228
Other		336			99			112
(Benefit) provision for income taxes	$	(6,845	)	$	8,209		$	1,382

Management maintains a valuation allowance against its net New York State and New York City deferred tax as it is unlikely these deferred tax assets will be utilized to reduce the Company's tax liability in future years. For the years ended December 31, 2022 and 2020, the valuation allowance increased by $5.6 million and $0.2 million, respectively, and decreased by $1.1 million for the year ended December 31, 2021. In 2021, Management recorded a valuation allowance against a portion of the charitable contribution carryforward that will expire in 2022 as it is unlikely this deferred tax asset will be utilized. As of December 31, 2022, the charitable contribution carryforward expired and the company reversed the deferred tax asset related to the carryforward. Accordingly, the valuation allowance that was established with regards to the utilization of these carryforwards was also reversed. Moreover, during 2022 the Company generated significant net operating losses in New York State and New York City which the Company does not believe it has the capacity to utilize and therefore has established a valuation allowance against the deferred tax asset related to these NOL carryforwards.

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 December 31, 2022, the Bank has a federal NOL carryforward of $13.1 million.

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 $0.6 million for New York State purposes and $0.5 million for New York City purposes. Furthermore, there are post-2015 carryforwards available of $60.9 million for New York State purposes and $33.9 million for New York City purposes. For Connecticut purposes, losses may only be carried forward 20 years, with no allowable carryback period. At December 31, 2022, the Bank has a Connecticut NOL carryforward of $0.1 million. Finally for New Jersey purposes, losses may only be carried forward 20 years, with no allowable carryback period. At December 31, 2022, the Bank has a New Jersey NOL carryforward of $0.5 million.

At December 31, 2022 and 2021, the Company had no unrecognized tax benefits recorded. The Company does not expect 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 2019.

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


	At December 31,
	2022		2021
	(in thousands)
Deferred tax assets:
Allowance for loan losses	$	11,324	$	5,254
Deferred loan fees		—		214
Interest on nonaccrual loans		317		102
Unrealized loss on available-for-sale securities		4,777		399
Amortization of intangible assets		32		50
Deferred rent payable		—		152
Operating lease liabilities		11,304		—
Net operating losses		9,119		3,280
Charitable contribution carryforward		1,859		366
Compensation and benefits		562		456
Other		478		264
Total gross deferred tax assets		39,772		10,537
Deferred tax liabilities:
Depreciation of premises and equipment		1,049		1,301
Right of use assets		10,941		—
Deferred loan fees		671		—
Other		29		63
Total gross deferred tax liabilities		12,690		1,364
Valuation allowance		10,945		5,353
Net deferred tax assets	$	16,137	$	3,820

The deferred tax expense (benefit) has been allocated between operations and equity as follows:


	For the Years Ended December 31,
	2022			2021			2020
	(in thousands)
Equity	$	(4,378	)	$	(424	)	$	32
Operations		(7,939	)		1,260			(964	)
	$	(12,317	)	$	836		$	(932	)

- 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
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+ Details

Compensation and Benefit Plans

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Compensation and Benefit Plans

Note 11. 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 $0.4 million and $0.6 million for the years ended December 31, 2021 and 2020, respectively. There were no 401(k) expenses recorded in the Consolidated Statements of Operations for the year ended December 31, 2022, as this is now part of the KSOP.

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 1.82%.

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 12). As of December 31, 2022, the combined outstanding balance of both the First ESOP loan and Second ESOP loan was $14.2 million.

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


	December 31, 2022		December 31, 2021
	(Dollars in thousands)
Shares committed-to-be released		133,744		96,500
Shares allocated to participants		354,227		170,145
Unallocated shares		1,569,475		434,251
Total		2,057,446		700,896
Fair value of unallocated shares	$	14,628	$	6,297

The Company recognized ESOP related compensation expense, including ESOP equalization expense, of $1.4 million, $1.4 million and $0.5 million for the years ended December 31, 2022, 2021 and 2020, 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 expenses recognized for the years ended December 31, 2022 and 2020 were $0.1 million each for the one key executive officer. The SERP expenses recognized for the year ended December 31, 2021 were $0.3 million for the two key executive officers.

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, 45,000 awards of stock options into 15,000 restricted stock units in 2020 and 191,145 awards of stock options into 63,715 restricted stock units in 2022.

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. On April 1, 2022, the Company awarded 23,718 incentive options to an executive officer, 30,659 incentive options to non-executive officers and 13,952 non-qualified options to an outside director. In addition, on April 1, 2022 the Company awarded 40,460 restricted stock units to executive officers and 23,255 restricted stock units to outside directors. 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 December 31, 2022, the maximum number of stock options and SARs remaining to be awarded under the Incentive Plan was 4,883, after the conversion from PDL Community Bancorp common stock to Ponce Financial Group, Inc. common stock. As of December 31, 2022 and 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.

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. Management 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.

A summary of the Company’s restricted stock units activity and related information for the years ended December 31, 2022 and 2021 are as follows:


	December 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		63,715			10.44
Vested		(149,495	)		9.11
Forfeited		—			—
Non-vested at December 31		245,840		$	9.40


	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 for the years ended December 31, 2022, 2021 and 2020 was $1.4 million, $1.3 million and $1.3 million, respectively. As of December 31, 2022, the total remaining unrecognized compensation cost related to restricted stock units was $2.1 million, which is expected to be recognized over the next 20 quarters.

A summary of the Company’s stock options awards activity and related information for the years ended December 31, 2022 and 2021 are as follows:


	December 31, 2022
	Options		Weighted- Average Exercise Price Per Share
Outstanding, beginning of year		203,766	$	12.02
Conversion and reorganization		80,526		—
Granted		68,329		10.44
Exercised		—		—
Forfeited		—		—
Outstanding at December 31		352,621		8.97
Exercisable at December 31 (1)		190,508	$	8.83


	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 (1)		203,766	$	12.02
Exercisable at December 31 (1)		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 $0.1 million for outstanding options and $0.1 million for exercisable options at December 31, 2022 and $0.5 million for outstanding options and $0.2 million for exercisable options at December 31, 2021.

The weighted-average exercise price for outstanding options as of December 31, 2022 was $8.97 per share and the weighted-average remaining contractual life is 6.7 years. The weighted-average period over which it is expected to be recognized is 3.5 years. There were 190,508 and 94,904 shares exercisable as of December 31, 2022 and 2021. Total compensation costs related to stock options recognized was $0.2 million, $0.1 million and $0.1 million for the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022, the total remaining unrecognized compensation cost related to unvested stock options was $0.4 million, which is expected to be recognized over the next 20 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 Years Ended December 31,
	2022			2021
Dividend yield		0.00	%		0.00	%
Expected life	6.5 years			6.5 years
Expected volatility		41.34	%		38.51	%
Risk-free interest rate		2.65	%		0.48	%
Weighted average grant date fair value	$	3.85		$	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 of December 31, 2022, 1,976 shares were held as treasury stock as a result of restricted stock units vested during 2022. As of December 31, 2021, 1,037,041 shares were held as 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 Common Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Common Share

Note 12. Earnings Per Common Share

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


	For the Years Ended December 31,
	2022			2021		2020
	(Dollars in thousands except share data)

Net (loss) income	$	(30,001	)	$	25,415	$	3,853

Common shares outstanding for basic EPS:
Weighted average common shares outstanding		24,246,912			17,256,837		17,233,901
Less: Weighted average unallocated Employee Stock Ownership Plan (ESOP) shares		1,555,969			512,276		560,708
Basic weighted average common shares outstanding		22,690,943			16,744,561		16,673,193
Basic (loss) earnings per common share	$	(1.32	)	$	1.52	$	0.23
Potential dilutive common shares:
Add: Dilutive effect of restricted stock awards and stock options		—			46,882		9,391
Diluted weighted average common shares outstanding		22,690,943			16,791,443		16,682,584
Diluted (loss) earnings per common share	$	(1.32	)	$	1.51	$	0.23

Commitments, Contingencies and Credit Risk

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingencies and Credit Risk

Note 13. 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 December 31, 2022 and 2021 are as follows:


	December 31,		December 31,
	2022		2021
	(in thousands)
Commitments to grant mortgage loans	$	207,105	$	127,159
Commitments to sell loans at lock-in rates		1,676		13,321
Unfunded commitments under lines of credit		72,530		80,033
	$	281,311	$	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.

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 December 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.

Unfunded Commitments with Bamboo: On October 1, 2022, the Bank entered into a Membership Interest Purchase Agreement with Bamboo. Under the agreement, the Bank purchased from Bamboo 180 Membership Interest Units representing an aggregate amount equal to up to 18% of total issued and outstanding Membership Interest in Bamboo for a purchase price of $2.5 million. The Bank is committed to make an additional contribution of $0.5 million. The additional contribution will be made during the first quarter of 2023.

Unfunded Commitments with Oaktree: In December of 2021, the Bank committed to invest $5.0 million in Oaktree SBIC Fund, L.P. ("Oaktree"). As of December 31, 2022 and 2021, the total unfunded commitment was $2.8 million and $3.9 million.

Unfunded Commitments with Silvergate: In April of 2022, the Bank committed to invest $5.0 million in EJF Silvergate Ventures Fund LP ("Silvergate"). As of December 31, 2022, the total unfunded commitment was $3.3 million.

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 properties. The loans are expected to be repaid from the borrowers' cash flows.

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

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value

Note 14. 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 were 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 we carry 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 primarily 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, investor commitments, or broker quotations, 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 accounting for substantially all forms of mortgage loans originated for sale on a recurring basis. The fair value carrying amount of mortgages held for sale under the fair value option was $2.0 million and the aggregate unpaid principal balance amounted to $2.0 million.

Interest Rate Lock Commitments: Mortgage World 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.

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 net gain or loss 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 was $1.7 million and $13.3 million at December 31, 2022 and 2021, respectively. The fair value of derivatives related to interest rate lock commitments not subject to a forward loan sale commitment, amounted to $0.02 million and $0.2 million as of December 31, 2022 and 2021, respectively, and is included in other assets on the Consolidated Statements of Financial Conditions.

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


	(in thousands)
Balance as of December 31, 2021	$	172
Change in fair value of derivative instrument reported in earnings		(150	)
Balance as of December 31, 2022	$	22

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, reciprocal deposits 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 approximate fair value and due to their short-term nature are classified as Level 2. One of the warehouse lines of credit was terminated on March 31, 2022 and one was terminated on February 7, 2023.

Off-Balance-Sheet Instruments: Fair values for off-balance-sheet instruments (lending commitments and 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.

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


			December 31, 2022
Description	Total		Level 1		Level 2		Level 3
	(in thousands)
Available-for-Sale Securities, at fair value:
U.S. Government Bonds	$	2,689	$	2,689	$	—	$	—
Corporate bonds		23,359		730		22,629		—
Mortgage-Backed Securities:
Collateralized Mortgage Obligations		37,777		—		37,777		—
FHLMC Certificates		9,634				9,634
FNMA Certificates		55,928		—		55,928		—
GNMA Certificates		118		—		118		—
Mortgage Loans Held for Sale, at fair value		1,979		—		1,979		—
Derivatives from interest rate lock commitments		22		—		—		22
	$	131,506	$	3,419	$	128,065	$	22


			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		—		16,255		4,929
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	$	—	$	124,253	$	5,101

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 December 31, 2022 and 2021 and indicate the fair value hierarchy utilized to determine the fair value:


	December 31, 2022
	Total		Level 1		Level 2		Level 3
	(in thousands)
Impaired loans	$	17,952	$	—	$	—	$	17,952


	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 years ended December 31, 2022 and 2021, respectively.

As of December 31, 2022 and 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)
December 31, 2022
Financial assets:
Cash and cash equivalents	$	54,360	$	54,360	$	—	$	—	$	54,360
Available-for-sale securities, at fair value		129,505		3,419		126,086		—		129,505
Held-to-maturity securities, at amortized cost		510,820		—		495,851		—		495,851
Placements with banks		1,494		—		1,494		—		1,494
Mortgage loans held for sale, at fair value		1,979		—		1,979		—		1,979
Loans receivable, net		1,493,127		—		—		1,430,864		1,430,864
Accrued interest receivable		15,049		—		15,049		—		15,049
FHLBNY stock		24,661		24,661		—		—		24,661
Financial liabilities:
Deposits:
Demand deposits		289,149		289,149		—		—		289,149
Interest-bearing deposits		586,645		586,645		—		—		586,645
Certificates of deposit		376,618		—		370,005		—		370,005
Advance payments by borrowers for taxes and insurance		9,724		—		9,724		—		9,724
Advances from FHLBNY		517,375		—		503,406		—		503,406
Accrued interest payable		1,390		—		1,390		—		1,390


	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

The following table reconciles, at December 31, 2022 and 2021, the beginning and ending balances for debt securities available-for-sale that are recognized at fair value on a recurring basis, in the Consolidated Statements of Financial Condition, using significant unobservable inputs.


	December 31,
	2022			2021
	(in thousands)
Beginning balance	$	4,929		$	6,016
Total loss included in earnings		(344	)		(87	)
Securities sold		—			(1,000	)
Transfer out of level 3		(4,585	)		—
Ending balance	$	—		$	4,929

The Company recognizes transfers between levels of the valuation hierarchy at the end of the applicable reporting periods. There was one transfer out of Level 3 assets in the fair value hierarchy at December 31, 2022 due to more observability of the inputs and the comparability to other assets trading in the marketplace on valuation date. There were no transfers into or out of Level 3 for the year ended December 31, 2021. Fair value for Level 3 securities was determined using a third-party pricing service with limited levels of activity and price transparency.

Off-Balance-Sheet Instruments: There loan commitments on which the committed interest rate is less than the current market rate insignificant at December 31, 2022 and 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

12 Months Ended

Dec. 31, 2022

Disclosure Of Regulatory Capital Requirements [Abstract]

Regulatory Capital Requirements

Note 15. 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 December 31, 2022 and 2021, the applicable capital adequacy requirements specified below have been met.

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 22.53% and 9.23% at December 31, 2022 and 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 December 31, 2022 and 2022 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)
December 31, 2022
Ponce Financial Group, Inc.
Total Capital to Risk-Weighted Assets	$	530,241		33.72	%	$	125,791	8.00%	$	157,238		10.00	%
Tier 1 Capital to Risk-Weighted Assets		510,537		32.47	%		94,343	6.00%		125,791		8.00	%
Common Equity Tier 1 Capital Ratio		510,537		32.47	%		70,757	4.50%		102,205		6.50	%
Tier 1 Capital to Total Assets		510,537		26.29	%		77,665	4.00%		97,082		5.00	%
Ponce Bank
Total Capital to Risk-Weighted Assets	$	476,519		30.53	%	$	124,883	8.00%	$	156,104		10.00	%
Tier 1 Capital to Risk-Weighted Assets		456,816		29.26	%		93,662	6.00%		124,883		8.00	%
Common Equity Tier 1 Capital Ratio		456,816		29.26	%		70,247	4.50%		101,468		6.50	%
Tier 1 Capital to Total Assets		456,816		20.47	%		89,264	4.00%		111,580		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.

Mortgage World’s minimum net worth requirements as of December 31, 2022 and prior to becoming a division of Ponce Bank, December 31, 2021 are reflected below:


	Minimum
	Requirement
	(in thousands)
December 31, 2022
HUD	$	1,000


	Minimum
	Requirement
	(in thousands)
December 31, 2021
HUD	$	1,000
New York Department of Financial Services		250
Other State Banking Departments		250

As of December 31, 2022 and 2021, Mortgage World is in compliance with all minimum capital requirements as 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)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 16. Accumulated Other Comprehensive Income (Loss)

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


	December 31, 2022
	December 31, 2021			Change			December 31, 2022
	(in thousands)
Unrealized gains (losses) on available-for-sale securities, net	$	(1,456	)	$	(16,404	)	$	(17,860	)
Total	$	(1,456	)	$	(16,404	)	$	(17,860	)


	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

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Transactions with Related Parties

Note 17. 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 years ended December 31, 2022, 2021, and 2020 were as follows:


	For the Years Ended December 31,
	2022			2021			2020
	(in thousands)
Beginning balance (1)	$	5,631		$	424		$	1,260
Originations (1)		6,418			10			197
Payments		(3,731	)		(82	)		(1,033	)
Ending balance	$	8,318		$	352		$	424

(1)

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

The Company held deposits in the amount of $8.0 million, $6.2 million and $6.8 million from officers and directors at December 31, 2022, 2021 and 2020, respectively.

Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Parent Company Only Financial Statements

Note 18. Parent Company Only Financial Statements

The following are the condensed financial statements of the Parent as of and for the years ended December 31, 2022 and 2021.


	December 31,
ASSETS	2022		2021
	(in thousands)
Cash and cash equivalents	$	28,318	$	124,867
Investment in Ponce Bank		438,975		169,797
Investment in Mortgage World		—		5,406
Investment in Grain		—		1,000
Investment in Lending Front		1,000		—
Investment in Bamboo		2,500		—
Loan receivable - ESOP		14,377		4,455
Other assets		7,702		6,612
Total assets	$	492,872	$	312,137

LIABILITIES AND STOCKHOLDERS' EQUITY
Funds due to Ponce Financial	$	—	$	122,000
Other liabilities and accrued expenses		172		881
Stockholders' equity		492,700		189,256
Total liabilities and stockholders' equity	$	492,872	$	312,137


	For the Years Ended December 31,
	2022			2021
	(in thousands)
Interest on ESOP loan	$	302		$	142
Interest on other deposits		4			16
Net interest income		306			158
Share-based compensation expense		1,567			1,405
Management fee expense		504			514
Office occupancy and equipment		80			58
Professional fees		1,938			1,240
Contribution to the Ponce De Leon Foundation		4,995			—
Other noninterest expenses		1,086			72
Total noninterest expense		10,170			3,289
Loss before income taxes		(9,864	)		(3,131	)
Benefit for income taxes		(2,009	)		(381	)
Equity in undistributed earnings of Ponce Bank and Mortgage World		(22,146	)		28,165
Net (loss) income	$	(30,001	)	$	25,415


	For the Years Ended December 31,
	2022			2021
Cash Flows from Operating Activities:
Net income	$	(30,001	)	$	25,415
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed earnings of subsidiaries		22,146			(28,165	)
Investment in Grain write-off		1,000			—
Deferred income tax		239			(1,381	)
Share-based compensation expense		1,567			1,405
Decrease (increase) in other assets		(750	)		(2,193	)
Net increase (decrease) in other liabilities		992			366
Net cash used in operating activities		(4,807	)		(4,553	)
Cash Flows from Investing Activities:
Investment in Grain		—			(500	)
Investment in Lending Front		(1,000	)		—
Investment in Bamboo		(2,500	)		—
Investment in Ponce Bank		(302,322	)		—
Loan to the ESOP		(10,974	)
Repayment of ESOP Loan		1,052			1,014
Net cash (used in) provided by investing activities		(315,744	)		514
Cash Flows from Financing Activities:
Funds due to Ponce Financial		—			122,000
Common stock issued from vesting of restricted stock units		2			—
Proceeds from issuance of preferred stock		225,000			—
Contribution to Ponce De Leon Foundation		(1,000	)
Repurchase of treasury shares		—			(1,607	)
Proceeds from the sale of treasury stock		—			4,743
Net cash used in financing activities		224,002			125,136
Net decrease in cash and cash equivalents		(96,549	)		121,097
Cash and cash equivalents at beginning of year		124,867			3,770
Cash and cash equivalents at end of year	$	28,318		$	124,867

Quarterly Financial Information (unaudited)

12 Months Ended

Dec. 31, 2022

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (unaudited)

Note 19. Quarterly Financial Information (unaudited)


	2022												2021
	Fourth			Third			Second			First			Fourth		Third		Second		First
	(Dollars in thousands except share data)
Net interest income	$	16,166		$	17,611		$	15,488		$	17,338		$	16,782	$	15,440	$	13,732	$	12,892
Provision for loan losses		12,641			9,330			817			1,258			873		572		586		686
Net interest income after provision for loan losses		3,525			8,281			14,671			16,080			15,909		14,868		13,146		12,206
Noninterest income		437			1,577			2,179			2,226			19,169		3,234		8,341		3,893
Noninterest expense		15,765			25,416			16,567			28,074			15,854		14,732		13,641		12,915
Income (loss) before income taxes		(11,803	)		(15,558	)		283			(9,768	)		19,224		3,370		7,846		3,184
Provision (benefit) for income taxes		(2,589	)		(820	)		(488	)		(2,948	)		4,245		1,318		1,914		732
Net income (loss)	$	(9,214	)	$	(14,738	)	$	771		$	(6,820	)	$	14,979	$	2,052	$	5,932	$	2,452

Basic earnings (loss) per share	$	(0.40	)	$	(0.64	)	$	0.03		$	(0.31	)	$	0.90	$	0.12	$	0.35	$	0.15
Diluted earnings (loss) per share	$	(0.40	)	$	(0.64	)	$	0.03		$	(0.31	)	$	0.89	$	0.12	$	0.35	$	0.15
Basic weighted average common shares		23,168,097			23,094,859			23,056,559			21,721,113			16,864,929		16,823,731		16,737,037		16,548,196
Diluted weighted average common shares		23,168,097			23,094,859			23,128,911			21,721,113			16,924,785		16,914,833		16,773,606		16,548,196

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

12 Months Ended

Dec. 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:

Use of Estimates

Significant Group Concentrations of Credit Risk

Cash and Cash Equivalents

Securities

Federal Home Loan Bank of New York Stock

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

Allowance for Loan Losses

Residential and Multifamily Mortgage Loans

Nonresidential Mortgage Loans

Construction and Land Loans

Business Loans

Consumer Loans

Mortgage Loans Held for Sale

Derivative Financial Instrument

Revenue from Contracts with Customers

Transfers of Financial Assets

Premises and Equipment

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

Impairment of Long-Lived Assets

Leases

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

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

Stock Options

Restricted Stock Units

Comprehensive Income

Loss Contingencies

Fair Value of Financial Instruments

Segment

Loan Commitments and Related Financial Instruments

Earnings (Loss) per Share (EPS)

Treasury Stock

Reclassification of Prior Year Presentation

Recent Accounting Pronouncements Adopted and Not Yet Adopted

Recently Adopted Accounting Standards Updates ("ASU")

Recent Accounting Pronouncements Not Yet Adopted:

12, 2020 through December 31, 2022. The Company believes this update will not have a material impact on the consolidated financial statements.

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

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Estimated Useful Lives of Assets

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


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

Securities (Tables)

12 Months Ended

Dec. 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 December 31, 2022 and 2021 are summarized as follows:


	December 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds	$	2,985	$	—	$	(296	)	$	2,689
Corporate Bonds		25,824		—		(2,465	)		23,359
Mortgage-Backed Securities:
Collateralized Mortgage Obligations (1)		44,503		—		(6,726	)		37,777
FHLMC Certificates		11,310		—		(1,676	)		9,634
FNMA Certificates		67,199		—		(11,271	)		55,928
GNMA Certificates		122		—		(4	)		118
Total available-for-sale securities	$	151,943	$	—	$	(22,438	)	$	129,505

Held-to-Maturity Securities:
U.S. Agency Bonds	$	35,000	$	—	$	(380	)	$	34,620
Corporate Bonds		82,500		57		(3,819	)		78,738
Mortgage-Backed Securities:
Collateralized Mortgage Obligations (1)		235,479		192		(5,558	)		230,113
FHLMC Certificates		4,120		—		(268	)		3,852
FNMA Certificates		131,918		—		(5,227	)		126,691
SBA Certificates		21,803		34		—			21,837
Total held-to-maturity securities	$	510,820	$	283	$	(15,252	)	$	495,851

(1)

Comprised of FHLMC, FNMA and 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


	December 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	$	—	$	—		$	2,689	$	(296	)	$	2,689	$	(296	)
Corporate Bonds		13,138		(1,186	)		10,221		(1,279	)		23,359		(2,465	)
Mortgage-Backed
Collateralized Mortgage Obligations		4,537		(300	)		33,240		(6,426	)		37,777		(6,726	)
FHLMC Certificates		—		—			9,634		(1,676	)		9,634		(1,676	)
FNMA Certificates		12,111		(1,230	)		43,817		(10,041	)		55,928		(11,271	)
GNMA Certificates		118		(4	)		—		—			118		(4	)
Total available-for-sale securities	$	29,904	$	(2,720	)	$	99,601	$	(19,718	)	$	129,505	$	(22,438	)
Held-to-Maturity Securities:
U.S. Agency Bonds	$	24,620	$	(380	)	$	—	$	—		$	24,620	$	(380	)
Corporate Bonds		75,181		(3,819	)		—		—			75,181		(3,819	)
Collateralized Mortgage Obligations		215,300		(5,558	)		—		—			215,300		(5,558	)
FHLMC Certificates		3,177		(115	)		675		(153	)		3,852		(268	)
FNMA Certificates		126,691		(5,227	)		—		—			126,691		(5,227	)
Total held-to-maturity securities	$	444,969	$	(15,099	)	$	675	$	(153	)	$	445,644	$	(15,252	)


	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


	December 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		2,985		2,689
More than five years through ten years		—		—
		2,985		2,689
Corporate Bonds:
Amounts maturing:
Three months or less	$	—	$	—
More than three months through one year		—		—
More than one year through five years		4,000		3,710
More than five years through ten years		21,824		19,649
		25,824		23,359
Mortgage-Backed Securities		123,134		103,457
Total available-for-sale securities	$	151,943	$	129,505
Held-to-Maturity Securities:
U.S. Agency Bonds:
Amounts maturing:
Three months or less	$	—	$	—
More than three months through one year		—		—
More than one year through five years		35,000		34,620
More than five years through ten years		—		—
		35,000		34,620
Corporate Bonds:
Amounts maturing:
Three months or less	$	—	$	—
More than three months through one year		—		—
More than one year through five years		75,000		71,328
More than five years through ten years		7,500		7,410
		82,500		78,738
Mortgage-Backed Securities		393,320		382,493
Total held-to-maturity securities	$	510,820	$	495,851


	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)

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Summary of Loans

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


	December 31,
	2022			2021
	(in thousands)
Mortgage loans:
1-4 Family residential
Investor-Owned	$	343,968		$	317,304
Owner-Occupied		134,878			96,947
Multifamily residential		494,667			348,300
Nonresidential properties		308,043			239,691
Construction and land		185,018			134,651
Total mortgage loans		1,466,574			1,136,893
Nonmortgage loans:
Business loans (1)		39,965			150,512
Consumer loans (2)		19,129			34,693
Total non-mortgage loans		59,094			185,205
Total loans, gross		1,525,668			1,322,098
Net deferred loan origination costs		2,051			(668	)
Allowance for loan losses		(34,592	)		(16,352	)
Loans receivable, net	$	1,493,127		$	1,305,078

(1)

As of December 31, 2022 and 2021, business loans include $20.0 million and $136.8 million, respectively, of SBA PPP loans.

(2)

As of December 31, 2022 and 2021, consumer loans include $18.2 million and $33.9 million, respectively, pursuant to the Bank’s arrangement with Grain.

Schedule of Credit Risk Ratings by Loan Segment

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


	December 31, 2022
	Mortgage Loans								Nonmortgage Loans
							Construction						Total
	1-4 Family		Multifamily		Nonresidential		and Land		Business		Consumer		Loans
	(in thousands)
Risk Rating:
Pass	$	462,126	$	492,556	$	307,307	$	173,351	$	39,965	$	19,129	$	1,494,434
Special mention		7,692		1,437		606		—		—		—		9,735
Substandard		9,028		674		130		11,667		—		—		21,499
Total	$	478,846	$	494,667	$	308,043	$	185,018	$	39,965	$	19,129	$	1,525,668


	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

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


	December 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	$	340,495	$	1,530	$	78	$	1,865	$	343,968	$	3,061	$	—
Owner-Occupied		131,510		2,553		—		815		134,878		2,987		—
Multifamily residential		490,024		4,643		—		—		494,667		—		—
Nonresidential properties		303,190		4,246		607		—		308,043		93		—
Construction and land		173,351		—		4,100		7,567		185,018		7,567		—
Nonmortgage loans:
Business		27,657		1,466		7,869		2,973		39,965		—		2,973
Consumer		16,743		1,267		1,119		—		19,129		—		—
Total	$	1,482,970	$	15,705	$	13,773	$	13,220	$	1,525,668	$	13,708	$	2,973


	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

The following schedules detail the composition of the allowance for loan losses and the related recorded investment in loans as of December 31, 2022, 2021, and 2020, respectively.


	For the Year Ended December 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		167		506		2,337		559		659		(280	)		20,098			24,046
Losses charged-off		—		—		—		—		—		—			(6,660	)		(6,660	)
Recoveries		156		39		—		—		—		94			565			854
Balance, end of period	$	3,863	$	1,723	$	8,021	$	2,724	$	2,683	$	120		$	15,458		$	34,592
Ending balance: individually evaluated for impairment	$	63	$	96	$	—	$	37	$	—	$	—		$	—		$	196
Ending balance: collectively evaluated for impairment		3,800		1,627		8,021		2,687		2,683		120			15,458			34,396
Total	$	3,863	$	1,723	$	8,021	$	2,724	$	2,683	$	120		$	15,458		$	34,592
Loans:
Ending balance: individually evaluated for impairment	$	5,269	$	4,315	$	—	$	801	$	7,567	$	—		$	—		$	17,952
Ending balance: collectively evaluated for impairment		338,699		130,563		494,667		307,242		177,451		39,965			19,129			1,507,716
Total	$	343,968	$	134,878	$	494,667	$	308,043	$	185,018	$	39,965		$	19,129		$	1,525,668


	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 period	$	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 period	$	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


	For the Year Ended December 31, 2020
	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	$	3,503	$	1,067	$	3,865	$	1,849	$	1,782	$	254		$	9		$	12,329
Provision charged to expense		347		193		1,349		341		38		(95	)		270			2,443
Losses charged-off		—		—		—		—		—		—			(6	)		(6	)
Recoveries		—		—		—		4		—		95			5			104
Balance, end of year	$	3,850	$	1,260	$	5,214	$	2,194	$	1,820	$	254		$	278		$	14,870
Ending balance: individually evaluated for impairment	$	118	$	134	$	—	$	40	$	—	$	—		$	—		$	292
Ending balance: collectively evaluated for impairment		3,732		1,126		5,214		2,154		1,820		254			278			14,578
Total	$	3,850	$	1,260	$	5,214	$	2,194	$	1,820	$	254		$	278		$	14,870
Loans:
Ending balance: individually evaluated for impairment	$	7,468	$	5,754	$	946	$	5,184	$	—	$	—		$	—		$	19,352
Ending balance: collectively evaluated for impairment		312,128		93,041		306,465		213,745		105,858		94,947			26,517			1,152,701
Total	$	319,596	$	98,795	$	307,411	$	218,929	$	105,858	$	94,947		$	26,517		$	1,172,053

Schedule of Information Relates to Impaired Loans

The following information relates to impaired loans as of and for the years ended December 31, 2022, 2021, and 2020:


	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, 2022	Balance		Allowance		Allowance		Investment		Allowance		Investment		on a Cash Basis
	(in thousands)
Mortgage loans:
1-4 Family residential	$	9,986	$	7,827	$	1,757	$	9,584	$	159	$	11,072	$	307
Multifamily residential		—		—		—		—		—		630		—
Nonresidential properties		843		457		344		801		37		1,930		30
Construction and land		7,567		7,567		—		7,567		—		6,408		—
Nonmortgage loans:
Business		—		—		—		—		—		3		—
Consumer		—				—		—		—		—		—
Total	$	18,396	$	15,851	$	2,101	$	17,952	$	196	$	20,043	$	337


	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


	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, 2020	Balance		Allowance		Allowance		Investment		Allowance		Investment		on a Cash Basis
	(in thousands)
Mortgage loans:
1-4 Family residential	$	14,118	$	10,613	$	2,609	$	13,222	$	252	$	12,306	$	321
Multifamily residential		946		946		—		946		—		231		34
Nonresidential properties		5,632		4,813		371		5,184		40		5,339		33
Construction and land		—		—		—		—		—		405		—
Nonmortgage loans:								—
Business		—		—		—		—		—		8		—
Consumer		—		—		—		—		—		—		—
Total	$	20,696	$	16,372	$	2,980	$	19,352	$	292	$	18,289	$	388

Schedule of Total Exposure


Grain Technologies, Inc. ("Grain") Total Exposure as of December 31, 2022
(in thousands)
Receivable from Grain
Microloans originated - put back to Grain (inception-to-December 31, 2022)	$	25,467
Write-downs, net of recoveries (year to date as of December 31, 2022)		(17,455	)
Cash receipts from Grain (inception-to-December 31, 2022)		(6,186	)
Grant/reserve (inception-to-December 31, 2022)		(1,826	)
Net receivable as of December 31, 2022	$	—
Microloan receivables from Grain borrowers
Grain originated loans receivable as of December 31, 2022	$	18,158
Allowance for loan losses as of December 31, 2022 (1)		(15,415	)
Microloans, net of allowance for loan losses as of December 31, 2022	$	2,743
Investments
Investment in Grain	$	1,000
Investment in Grain write-off		(1,000	)
Investment in Grain as of December 31, 2022	$	—
Total exposure to Grain as of December 31, 2022	$	2,743

Premises and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Summary of Premises and Equipment

A summary of premises and equipment at December 31, 2022 and 2021 is as follows:


	December 31,
	2022			2021
	(in thousands)
Land	$	932		$	932
Buildings and improvements		4,717			4,327
Leasehold improvements		15,808			16,462
Furniture, fixtures and equipment		8,497			9,661
		29,954			31,382
Less: accumulated depreciation and amortization		(12,508	)		(11,765	)
Total premises and equipment	$	17,446		$	19,617

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Summary of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:


	December 31,
	2022			2021
	(Dollars in thousands)
Operating lease ROU assets	$	33,423		$	—
Operating lease liabilities		34,532			—
Weighted-average remaining lease term-operating leases	13.5 years				—
Weighted average discount rate-operating leases		4.9	%		—

Summary of Lease Expense and Cash Flow Information Related to Leases

The components of lease expense and cash flow information related to leases were as follows:


		For the Years Ended December 31,
		2022		2021
		(Dollars in thousands)
Lease Cost
Operating lease cost	Occupancy and equipment	$	4,416	$	2,158
Operating lease cost	Other operating expenses		7		3
Short-term lease cost	Other operating expenses		11		7
Variable lease cost	Occupancy and equipment		155		177
Total lease cost		$	4,589	$	2,345

Summary of Minimum Annual Rental Payments under Terms of Leases

The Company’s minimum annual rental payments under the terms of the leases are as follows at December 31, 2022:


	Minimum Rental
Years ended December 31:	(in thousands)
2023	$	3,785
2024		3,833
2025		3,635
2026		3,422
2027		3,495
Thereafter		29,041
Total Minimum payments required		47,211
Less: implied interest		12,679
Present value of lease liabilities	$	34,532

Deposits (Tables)

12 Months Ended

Dec. 31, 2022

Banking And Thrifts [Abstract]

Summarized Deposits

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


	December 31,
	2022		2021
	(in thousands)
Demand	$	289,149	$	274,956
Interest-bearing deposits:
NOW/IOLA accounts		24,349		35,280
Money market accounts		317,815		186,893
Reciprocal deposits		114,049		143,221
Savings accounts		130,432		134,887
Total NOW, money market, reciprocal and savings		586,645		500,281
Certificates of deposit of $250K or more		70,113		78,454
Brokered certificates of deposits (1)		98,754		79,320
Listing service deposits (1)		35,813		66,411
Certificates of deposit less than $250K		171,938		205,294
Total certificates of deposit		376,618		429,479
Total interest-bearing deposits		963,263		929,760
Total deposits	$	1,252,412	$	1,204,716

(1)

Scheduled Maturities of Certificates of Deposit

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


December 31,
	(in thousands)
2023	$	196,342
2024		49,457
2025		41,169
2026		42,165
2027		47,485
	$	376,618

- 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)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Borrowed Funds FHLBNY and Correspondent Bank Advances Maturity and Call Date

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


	December 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 Overnight line of credit advance	$	6,000	$	6,000		4.61	%	$	—	$	—		—	%

FHLBNY Term advances ending:
2022	$	—	$	—		—		$	77,880	$	77,880		1.73	%
2023		178,375		178,375		4.32			28,375		28,375		2.82
2024		50,000		50,000		4.75			—		—		—
2025		50,000		50,000		4.41			—		—		—
2026		—		—		—			—		—		—
Thereafter		233,000		233,000		3.27			—		—		—
	$	517,375	$	517,375		3.90	%	$	106,255	$	106,255		2.02	%

Schedule of Warehouse Lines of Credit


	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)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes for the years ended December 31, 2022, 2021 and 2020 consists of the following:


	For the Years Ended December 31,
	2022			2021			2020
	(in thousands)
Federal:
Current	$	—		$	6,107		$	2,065
Deferred		(6,064	)		646			(839	)
		(6,064	)		6,753			1,226
State and local:
Current		1,094			842			281
Deferred		(7,467	)		1,733			(353	)
		(6,373	)		2,575			(72	)
Valuation allowance		5,592			(1,119	)		228
(Benefit) provision for income taxes	$	(6,845	)	$	8,209		$	1,382

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


	For the Years Ended December 31,
	2022			2021			2020
	(in thousands)
Income tax, at federal rate	$	(7,738	)	$	7,195		$	1,099
State and local tax, net of federal benefit		(5,035	)		2,034			(57	)
Valuation allowance, net of federal benefit		5,592			(1,119	)		228
Other		336			99			112
(Benefit) provision for income taxes	$	(6,845	)	$	8,209		$	1,382

Schedule of Significant Deferred Tax Assets and Liabilities

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


	At December 31,
	2022		2021
	(in thousands)
Deferred tax assets:
Allowance for loan losses	$	11,324	$	5,254
Deferred loan fees		—		214
Interest on nonaccrual loans		317		102
Unrealized loss on available-for-sale securities		4,777		399
Amortization of intangible assets		32		50
Deferred rent payable		—		152
Operating lease liabilities		11,304		—
Net operating losses		9,119		3,280
Charitable contribution carryforward		1,859		366
Compensation and benefits		562		456
Other		478		264
Total gross deferred tax assets		39,772		10,537
Deferred tax liabilities:
Depreciation of premises and equipment		1,049		1,301
Right of use assets		10,941		—
Deferred loan fees		671		—
Other		29		63
Total gross deferred tax liabilities		12,690		1,364
Valuation allowance		10,945		5,353
Net deferred tax assets	$	16,137	$	3,820

Schedule of Deferred Tax Expense (Benefit) Allocated Between Operations and Equity

The deferred tax expense (benefit) has been allocated between operations and equity as follows:


	For the Years Ended December 31,
	2022			2021			2020
	(in thousands)
Equity	$	(4,378	)	$	(424	)	$	32
Operations		(7,939	)		1,260			(964	)
	$	(12,317	)	$	836		$	(932	)

Compensation and Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Summary of ESOP Shares

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


	December 31, 2022		December 31, 2021
	(Dollars in thousands)
Shares committed-to-be released		133,744		96,500
Shares allocated to participants		354,227		170,145
Unallocated shares		1,569,475		434,251
Total		2,057,446		700,896
Fair value of unallocated shares	$	14,628	$	6,297

Schedule of Restricted Stock Units Activity and Related Information

A summary of the Company’s restricted stock units activity and related information for the years ended December 31, 2022 and 2021 are as follows:


	December 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		63,715			10.44
Vested		(149,495	)		9.11
Forfeited		—			—
Non-vested at December 31		245,840		$	9.40


	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 Activity and Related Information

A summary of the Company’s stock options awards activity and related information for the years ended December 31, 2022 and 2021 are as follows:


	December 31, 2022
	Options		Weighted- Average Exercise Price Per Share
Outstanding, beginning of year		203,766	$	12.02
Conversion and reorganization		80,526		—
Granted		68,329		10.44
Exercised		—		—
Forfeited		—		—
Outstanding at December 31		352,621		8.97
Exercisable at December 31 (1)		190,508	$	8.83


	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 (1)		203,766	$	12.02
Exercisable at December 31 (1)		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 Years Ended December 31,
	2022			2021
Dividend yield		0.00	%		0.00	%
Expected life	6.5 years			6.5 years
Expected volatility		41.34	%		38.51	%
Risk-free interest rate		2.65	%		0.48	%
Weighted average grant date fair value	$	3.85		$	3.77

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 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 common shares used in the calculation of basic and diluted earnings per common share:


	For the Years Ended December 31,
	2022			2021		2020
	(Dollars in thousands except share data)

Net (loss) income	$	(30,001	)	$	25,415	$	3,853

Common shares outstanding for basic EPS:
Weighted average common shares outstanding		24,246,912			17,256,837		17,233,901
Less: Weighted average unallocated Employee Stock Ownership Plan (ESOP) shares		1,555,969			512,276		560,708
Basic weighted average common shares outstanding		22,690,943			16,744,561		16,673,193
Basic (loss) earnings per common share	$	(1.32	)	$	1.52	$	0.23
Potential dilutive common shares:
Add: Dilutive effect of restricted stock awards and stock options		—			46,882		9,391
Diluted weighted average common shares outstanding		22,690,943			16,791,443		16,682,584
Diluted (loss) earnings per common share	$	(1.32	)	$	1.51	$	0.23

Commitments, Contingencies and Credit Risk (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Financial Instruments Whose Contractual Amounts Represent Credit Risk

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


	December 31,		December 31,
	2022		2021
	(in thousands)
Commitments to grant mortgage loans	$	207,105	$	127,159
Commitments to sell loans at lock-in rates		1,676		13,321
Unfunded commitments under lines of credit		72,530		80,033
	$	281,311	$	220,513

- 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)

12 Months Ended

Dec. 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:


	(in thousands)
Balance as of December 31, 2021	$	172
Change in fair value of derivative instrument reported in earnings		(150	)
Balance as of December 31, 2022	$	22

Assets Measured at Fair Value on Recurring Basis


			December 31, 2022
Description	Total		Level 1		Level 2		Level 3
	(in thousands)
Available-for-Sale Securities, at fair value:
U.S. Government Bonds	$	2,689	$	2,689	$	—	$	—
Corporate bonds		23,359		730		22,629		—
Mortgage-Backed Securities:
Collateralized Mortgage Obligations		37,777		—		37,777		—
FHLMC Certificates		9,634				9,634
FNMA Certificates		55,928		—		55,928		—
GNMA Certificates		118		—		118		—
Mortgage Loans Held for Sale, at fair value		1,979		—		1,979		—
Derivatives from interest rate lock commitments		22		—		—		22
	$	131,506	$	3,419	$	128,065	$	22


			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		—		16,255		4,929
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	$	—	$	124,253	$	5,101

Assets Measured at Fair Value on Nonrecurring Basis


	December 31, 2022
	Total		Level 1		Level 2		Level 3
	(in thousands)
Impaired loans	$	17,952	$	—	$	—	$	17,952


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

Estimated Fair Values of Financial Instruments

As of December 31, 2022 and 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)
December 31, 2022
Financial assets:
Cash and cash equivalents	$	54,360	$	54,360	$	—	$	—	$	54,360
Available-for-sale securities, at fair value		129,505		3,419		126,086		—		129,505
Held-to-maturity securities, at amortized cost		510,820		—		495,851		—		495,851
Placements with banks		1,494		—		1,494		—		1,494
Mortgage loans held for sale, at fair value		1,979		—		1,979		—		1,979
Loans receivable, net		1,493,127		—		—		1,430,864		1,430,864
Accrued interest receivable		15,049		—		15,049		—		15,049
FHLBNY stock		24,661		24,661		—		—		24,661
Financial liabilities:
Deposits:
Demand deposits		289,149		289,149		—		—		289,149
Interest-bearing deposits		586,645		586,645		—		—		586,645
Certificates of deposit		376,618		—		370,005		—		370,005
Advance payments by borrowers for taxes and insurance		9,724		—		9,724		—		9,724
Advances from FHLBNY		517,375		—		503,406		—		503,406
Accrued interest payable		1,390		—		1,390		—		1,390


	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

Schedule of Beginning and Ending Balances for Debt Securities Available-for-Sale Recognized at Fair Value On Recurring Basis


	December 31,
	2022			2021
	(in thousands)
Beginning balance	$	4,929		$	6,016
Total loss included in earnings		(344	)		(87	)
Securities sold		—			(1,000	)
Transfer out of level 3		(4,585	)		—
Ending balance	$	—		$	4,929

Regulatory Capital Requirements (Tables)

12 Months Ended

Dec. 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 December 31, 2022 and 2022 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)
December 31, 2022
Ponce Financial Group, Inc.
Total Capital to Risk-Weighted Assets	$	530,241		33.72	%	$	125,791	8.00%	$	157,238		10.00	%
Tier 1 Capital to Risk-Weighted Assets		510,537		32.47	%		94,343	6.00%		125,791		8.00	%
Common Equity Tier 1 Capital Ratio		510,537		32.47	%		70,757	4.50%		102,205		6.50	%
Tier 1 Capital to Total Assets		510,537		26.29	%		77,665	4.00%		97,082		5.00	%
Ponce Bank
Total Capital to Risk-Weighted Assets	$	476,519		30.53	%	$	124,883	8.00%	$	156,104		10.00	%
Tier 1 Capital to Risk-Weighted Assets		456,816		29.26	%		93,662	6.00%		124,883		8.00	%
Common Equity Tier 1 Capital Ratio		456,816		29.26	%		70,247	4.50%		101,468		6.50	%
Tier 1 Capital to Total Assets		456,816		20.47	%		89,264	4.00%		111,580		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

Mortgage World’s minimum net worth requirements as of December 31, 2022 and prior to becoming a division of Ponce Bank, December 31, 2021 are reflected below:


	Minimum
	Requirement
	(in thousands)
December 31, 2022
HUD	$	1,000


	Minimum
	Requirement
	(in thousands)
December 31, 2021
HUD	$	1,000
New York Department of Financial Services		250
Other State Banking Departments		250

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

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


	December 31, 2022
	December 31, 2021			Change			December 31, 2022
	(in thousands)
Unrealized gains (losses) on available-for-sale securities, net	$	(1,456	)	$	(16,404	)	$	(17,860	)
Total	$	(1,456	)	$	(16,404	)	$	(17,860	)


	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)

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Schedule of Aggregate Loan Transactions with Related Parties

Aggregate loan transactions with related parties for the years ended December 31, 2022, 2021, and 2020 were as follows:


	For the Years Ended December 31,
	2022			2021			2020
	(in thousands)
Beginning balance (1)	$	5,631		$	424		$	1,260
Originations (1)		6,418			10			197
Payments		(3,731	)		(82	)		(1,033	)
Ending balance	$	8,318		$	352		$	424

(1)

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

Parent Company Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Consolidated Statements of Financial Condition

The following are the condensed financial statements of the Parent as of and for the years ended December 31, 2022 and 2021.


	December 31,
ASSETS	2022		2021
	(in thousands)
Cash and cash equivalents	$	28,318	$	124,867
Investment in Ponce Bank		438,975		169,797
Investment in Mortgage World		—		5,406
Investment in Grain		—		1,000
Investment in Lending Front		1,000		—
Investment in Bamboo		2,500		—
Loan receivable - ESOP		14,377		4,455
Other assets		7,702		6,612
Total assets	$	492,872	$	312,137

LIABILITIES AND STOCKHOLDERS' EQUITY
Funds due to Ponce Financial	$	—	$	122,000
Other liabilities and accrued expenses		172		881
Stockholders' equity		492,700		189,256
Total liabilities and stockholders' equity	$	492,872	$	312,137

Schedule of Condensed Consolidated Statements of Income (Loss)


	For the Years Ended December 31,
	2022			2021
	(in thousands)
Interest on ESOP loan	$	302		$	142
Interest on other deposits		4			16
Net interest income		306			158
Share-based compensation expense		1,567			1,405
Management fee expense		504			514
Office occupancy and equipment		80			58
Professional fees		1,938			1,240
Contribution to the Ponce De Leon Foundation		4,995			—
Other noninterest expenses		1,086			72
Total noninterest expense		10,170			3,289
Loss before income taxes		(9,864	)		(3,131	)
Benefit for income taxes		(2,009	)		(381	)
Equity in undistributed earnings of Ponce Bank and Mortgage World		(22,146	)		28,165
Net (loss) income	$	(30,001	)	$	25,415

Schedule of Condensed Consolidated Statements of Cash Flows


	For the Years Ended December 31,
	2022			2021
Cash Flows from Operating Activities:
Net income	$	(30,001	)	$	25,415
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed earnings of subsidiaries		22,146			(28,165	)
Investment in Grain write-off		1,000			—
Deferred income tax		239			(1,381	)
Share-based compensation expense		1,567			1,405
Decrease (increase) in other assets		(750	)		(2,193	)
Net increase (decrease) in other liabilities		992			366
Net cash used in operating activities		(4,807	)		(4,553	)
Cash Flows from Investing Activities:
Investment in Grain		—			(500	)
Investment in Lending Front		(1,000	)		—
Investment in Bamboo		(2,500	)		—
Investment in Ponce Bank		(302,322	)		—
Loan to the ESOP		(10,974	)
Repayment of ESOP Loan		1,052			1,014
Net cash (used in) provided by investing activities		(315,744	)		514
Cash Flows from Financing Activities:
Funds due to Ponce Financial		—			122,000
Common stock issued from vesting of restricted stock units		2			—
Proceeds from issuance of preferred stock		225,000			—
Contribution to Ponce De Leon Foundation		(1,000	)
Repurchase of treasury shares		—			(1,607	)
Proceeds from the sale of treasury stock		—			4,743
Net cash used in financing activities		224,002			125,136
Net decrease in cash and cash equivalents		(96,549	)		121,097
Cash and cash equivalents at beginning of year		124,867			3,770
Cash and cash equivalents at end of year	$	28,318		$	124,867

Quarterly Financial Information (unaudited) (Tables)

12 Months Ended

Dec. 31, 2022

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information


	2022												2021
	Fourth			Third			Second			First			Fourth		Third		Second		First
	(Dollars in thousands except share data)
Net interest income	$	16,166		$	17,611		$	15,488		$	17,338		$	16,782	$	15,440	$	13,732	$	12,892
Provision for loan losses		12,641			9,330			817			1,258			873		572		586		686
Net interest income after provision for loan losses		3,525			8,281			14,671			16,080			15,909		14,868		13,146		12,206
Noninterest income		437			1,577			2,179			2,226			19,169		3,234		8,341		3,893
Noninterest expense		15,765			25,416			16,567			28,074			15,854		14,732		13,641		12,915
Income (loss) before income taxes		(11,803	)		(15,558	)		283			(9,768	)		19,224		3,370		7,846		3,184
Provision (benefit) for income taxes		(2,589	)		(820	)		(488	)		(2,948	)		4,245		1,318		1,914		732
Net income (loss)	$	(9,214	)	$	(14,738	)	$	771		$	(6,820	)	$	14,979	$	2,052	$	5,932	$	2,452

Basic earnings (loss) per share	$	(0.40	)	$	(0.64	)	$	0.03		$	(0.31	)	$	0.90	$	0.12	$	0.35	$	0.15
Diluted earnings (loss) per share	$	(0.40	)	$	(0.64	)	$	0.03		$	(0.31	)	$	0.89	$	0.12	$	0.35	$	0.15
Basic weighted average common shares		23,168,097			23,094,859			23,056,559			21,721,113			16,864,929		16,823,731		16,737,037		16,548,196
Diluted weighted average common shares		23,168,097			23,094,859			23,128,911			21,721,113			16,924,785		16,914,833		16,773,606		16,548,196

Nature of Business and Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands		3 Months Ended								12 Months Ended
	Jul. 10, 2020 MortgageOffice BranchOffice	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) BranchLease	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jan. 01, 2022 USD ($)	Dec. 31, 2019 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	6
Provision for loan losses (Note 5)		$ 12,641	$ 9,330	$ 817	$ 1,258	$ 873	$ 572	$ 586	$ 686	$ 24,046	$ 2,717	$ 2,443
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										48 months
Present value of lease payments										2.50%
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 leased branches \| BranchLease										15
Right of use asset		33,423								$ 33,423			$ 36,200
Operating lease liabilities		34,532								34,532			$ 36,700
Decrease the allowances for credit loss		$ 34,592				16,352				$ 34,592	16,352	14,870		$ 12,329
ASU 2016-02
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]		true								true
Change in Accounting Principle, Accounting Standards Update, Adoption Date		Jan. 01, 2022								Jan. 01, 2022
ASU 2016-13
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Allownaces to held-to-maturity securties		$ 700								$ 700
Decrease the allowances for credit loss		31,500								31,500
Construction Loans
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Provision for loan losses (Note 5)										659	204	38
Decrease the allowances for credit loss		2,683				2,024				$ 2,683	2,024	1,820		1,782
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
Business Loans
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Provision for loan losses (Note 5)										$ (280)	(32)	(95)
Decrease the allowances for credit loss		$ 120				$ 306				$ 120	$ 306	$ 254		$ 254
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 \| Business Loans
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 \| Business Loans
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)										$ 24,000
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)	12 Months Ended
	Dec. 31, 2022
Building
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

Preferred Stock Issuance; Plan of Conversion and Stock Offering - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Jun. 07, 2022	Jan. 28, 2022	Jan. 27, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Conversion Of Stock [Line Items]
Cash and cash equivalents				$ 54,360	$ 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]
Sale of stock, price per share		$ 10.00
Total outstanding shares		24,711,834		24,859,353	17,425,987	17,125,969	17,451,134
Total issued shares		24,711,834
Common Stock \| PDL Community Bancorp
Conversion Of Stock [Line Items]
Conversion of stock		1.3952	977,880
Private Placement
Conversion Of Stock [Line Items]
Shares issued in transaction	225,000
Sale of stock, price per share	$ 0.01
Purchase price equal to cash	$ 225,000
ECIP investment by Treasury	$ 8,700,000
Initial dividend rate	0.00%
Floor dividend rate	0.50%
Ceiling dividend rate	2.00%
Preferred stock, liquidation preference per share				$ 1,000

Business Acquisition - Additional Information (Details) - Mortgage World Bankers Inc	Jul. 10, 2020
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition	Jul. 10, 2020
Business Acquisition, Name of Acquired Entity	Mortgage World

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

Dec. 31, 2022

Dec. 31, 2021

Available-for-Sale Securities:

Amortized Cost

$ 151,943

$ 115,174

Gross Unrealized Gains

150

Gross Unrealized Losses

(22,438)

(1,978)

Fair Value

129,505

113,346

Held-to-Maturity Securities:

Amortized Cost

510,820

934

Gross Unrealized Gains

283

Gross Unrealized Losses

(15,252)

(20)

Fair Value

495,851

914

US Agency Bonds

Held-to-Maturity Securities:

Amortized Cost

35,000

Gross Unrealized Losses

(380)

Fair Value

34,620

U.S. Government Bonds

Available-for-Sale Securities:

Amortized Cost

2,985

2,981

Gross Unrealized Losses

(296)

(47)

Fair Value

2,689

2,934

Corporate Bonds

Available-for-Sale Securities:

Amortized Cost

25,824

21,243

Gross Unrealized Gains

144

Gross Unrealized Losses

(2,465)

(203)

Fair Value

23,359

21,184

Held-to-Maturity Securities:

Amortized Cost

82,500

Gross Unrealized Gains

Gross Unrealized Losses

(3,819)

Fair Value

78,738

Collateralized Mortgage Obligations

Available-for-Sale Securities:

Amortized Cost

44,503

^[1]

18,845

Gross Unrealized Losses

(6,726)

^[1]

(497)

Fair Value

37,777

^[1]

18,348

Held-to-Maturity Securities:

Amortized Cost

^[1]

235,479

Gross Unrealized Gains

^[1]

192

Gross Unrealized Losses

^[1]

(5,558)

Fair Value

^[1]

230,113

FHLMC Certificates

Available-for-Sale Securities:

Amortized Cost

11,310

Gross Unrealized Losses

(1,676)

Fair Value

9,634

Held-to-Maturity Securities:

Amortized Cost

4,120

934

Gross Unrealized Losses

(268)

(20)

Fair Value

3,852

914

FNMA Certificates

Available-for-Sale Securities:

Amortized Cost

67,199

71,930

Gross Unrealized Losses

(11,271)

(1,231)

Fair Value

55,928

70,699

Held-to-Maturity Securities:

Amortized Cost

131,918

Gross Unrealized Losses

(5,227)

Fair Value

126,691

GNMA Certificates

Available-for-Sale Securities:

Amortized Cost

122

175

Gross Unrealized Gains

Gross Unrealized Losses

(4)

Fair Value

118

$ 181

SBA Certificates

Held-to-Maturity Securities:

Amortized Cost

21,803

Gross Unrealized Gains

Fair Value

$ 21,837

[1]	Comprised of FHLMC, FNMA and GNMA issued securities.

Securities - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Security	Dec. 31, 2021 USD ($) Security	Dec. 31, 2020 USD ($)
Schedule Of Available For Sale Securities [Line Items]
Available For Sale Securities \| Security	42	29
Held to maturity \| Security	34	1
Available For Sale Securities Amount		$ 3,600
Sale of Held - to maturity Securities		$ 0
Sale of available-for-sale securities	$ 0
Number of available-for-sale securities matured or called \| Security	2	1
Available-for-sale securities matured	$ 5,400	$ 2,700
Purchases of available-for-sale securities	58,400	109,900
Purchases of Held-to-maturity securities	$ 528,929	$ 0	$ 1,743
Number of available-for-sale securities with unrealized loss positions \| Security	42	23
Number of held-to-maturity securities with unrealized loss positions \| Security	27	1
Held to maturity securities, amortized costs	$ 510,820	$ 934
Securities pledged		$ 0
FHLBNY
Schedule Of Available For Sale Securities [Line Items]
Held to maturity securities, amortized costs	$ 194,900
Number of held-to-maturity securities \| Security	6
Available For Sale Of Security [Member]
Schedule Of Available For Sale Securities [Line Items]
Available For Sale Securities \| Security		2

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	Dec. 31, 2022	Dec. 31, 2021
Available-for-Sale Securities:
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value	$ 29,904	$ 104,964
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses	(2,720)	(1,900)
Securities With Gross Unrealized Losses 12 Months or More, Fair Value	99,601	2,314
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Loss	(19,718)	(78)
Securities With Gross Unrealized Losses, Total Fair Value	129,505	107,278
Securities With Gross Unrealized Losses, Total Unrealized Loss	(22,438)	(1,978)
Held-to-Maturity Securities:
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value	444,969	914
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Loss	(15,099)	(20)
Securities With Gross Unrealized Losses 12 Months or More, Fair Value	675
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Loss	(153)
Securities With Gross Unrealized Losses, Total Fair Value	445,644	914
Securities With Gross Unrealized Losses, Total Unrealized Loss	(15,252)	(20)
U.S. Government Bonds
Available-for-Sale Securities:
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value		2,934
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses		(47)
Securities With Gross Unrealized Losses 12 Months or More, Fair Value	2,689
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Loss	(296)
Securities With Gross Unrealized Losses, Total Fair Value	2,689	2,934
Securities With Gross Unrealized Losses, Total Unrealized Loss	(296)	(47)
US Agency Bonds
Held-to-Maturity Securities:
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value	24,620
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Loss	(380)
Securities With Gross Unrealized Losses, Total Fair Value	24,620
Securities With Gross Unrealized Losses, Total Unrealized Loss	(380)
Corporate Bonds
Available-for-Sale Securities:
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value	13,138	15,297
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses	(1,186)	(203)
Securities With Gross Unrealized Losses 12 Months or More, Fair Value	10,221
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Loss	(1,279)
Securities With Gross Unrealized Losses, Total Fair Value	23,359	15,297
Securities With Gross Unrealized Losses, Total Unrealized Loss	(2,465)	(203)
Held-to-Maturity Securities:
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value	75,181
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Loss	(3,819)
Securities With Gross Unrealized Losses, Total Fair Value	75,181
Securities With Gross Unrealized Losses, Total Unrealized Loss	(3,819)
FHLMC Certificates
Available-for-Sale Securities:
Securities With Gross Unrealized Losses 12 Months or More, Fair Value	9,634
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Loss	(1,676)
Securities With Gross Unrealized Losses, Total Fair Value	9,634
Securities With Gross Unrealized Losses, Total Unrealized Loss	(1,676)
Held-to-Maturity Securities:
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value	3,177	914
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Loss	(115)	(20)
Securities With Gross Unrealized Losses 12 Months or More, Fair Value	675
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Loss	(153)
Securities With Gross Unrealized Losses, Total Fair Value	3,852	914
Securities With Gross Unrealized Losses, Total Unrealized Loss	(268)	(20)
FNMA Certificates
Available-for-Sale Securities:
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value	12,111	70,699
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses	(1,230)	(1,231)
Securities With Gross Unrealized Losses 12 Months or More, Fair Value	43,817
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Loss	(10,041)
Securities With Gross Unrealized Losses, Total Fair Value	55,928	70,699
Securities With Gross Unrealized Losses, Total Unrealized Loss	(11,271)	(1,231)
Held-to-Maturity Securities:
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value	126,691
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Loss	(5,227)
Securities With Gross Unrealized Losses, Total Fair Value	126,691
Securities With Gross Unrealized Losses, Total Unrealized Loss	(5,227)
Collateralized Mortgage Obligations
Available-for-Sale Securities:
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value	4,537	16,034
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses	(300)	(419)
Securities With Gross Unrealized Losses 12 Months or More, Fair Value	33,240	2,314
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Loss	(6,426)	(78)
Securities With Gross Unrealized Losses, Total Fair Value	37,777	18,348
Securities With Gross Unrealized Losses, Total Unrealized Loss	(6,726)	$ (497)
Held-to-Maturity Securities:
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value	215,300
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Loss	(5,558)
Securities With Gross Unrealized Losses, Total Fair Value	215,300
Securities With Gross Unrealized Losses, Total Unrealized Loss	(5,558)
GNMA Certificates
Available-for-Sale Securities:
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value	118
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses	(4)
Securities With Gross Unrealized Losses, Total Fair Value	118
Securities With Gross Unrealized Losses, Total Unrealized Loss	$ (4)

Securities - Summary of Maturities of Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Available-for-Sale Securities:
Available-for-Sale Securities, Amortized Cost	$ 151,943	$ 115,174
Available-for-sale securities, at fair value	129,505	113,346
Held-to-Maturity Securities:
Held-to-Maturity Securities, Amortized Cost	510,820	934
Held-to-maturity securities, at fair value	495,851	914
U.S. Government Bonds
Available-for-Sale Securities:
Available-for-Sale Securities After one year through five years, Amortized Cost	2,985	2,981
Available-for-Sale Securities After one year through five years, Fair Value	2,689	2,934
Available-for-Sale Securities, Amortized Cost	2,985	2,981
Available-for-sale securities, at fair value	2,689	2,934
US Agency Bonds
Held-to-Maturity Securities:
Held-to-Maturity Securities, More than one year through five years, Amortized Cost	35,000
Held-to-Maturity Securities, More than one year through five years, Fair Value	34,620
Held-to-Maturity Securities, Amortized Cost	35,000
Held-to-maturity securities, at fair value	34,620
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 one year through five years, Fair Value	3,710	4,381
Available-for-Sale Securities After five years through ten years, Amortized Cost	21,824	16,798
Available-for-Sale Securities After five years through ten years, Fair Value	19,649	16,803
Available-for-Sale Securities, Amortized Cost	25,824	21,243
Available-for-sale securities, at fair value	23,359	21,184
Held-to-Maturity Securities:
Held-to-Maturity Securities, More than one year through five years, Amortized Cost	75,000
Held-to-Maturity Securities, More than one year through five years, Fair Value	71,328
Held-to-Maturity Securities, More than five years through ten years, Amortized Cost	7,500
Held-to-Maturity Securities, More than five years through ten years, Fair Value	7,410
Held-to-Maturity Securities, Amortized Cost	82,500
Held-to-maturity securities, at fair value	78,738
Mortgage-Backed Securities
Available-for-Sale Securities:
Available-for-Sale Securities, Amortized Cost	123,134	90,950
Available-for-sale securities, at fair value	103,457	89,228
Held-to-Maturity Securities:
Held-to-Maturity Securities, Amortized Cost	393,320
Held-to-maturity securities, at fair value	382,493
FHLMC Certificates
Available-for-Sale Securities:
Available-for-Sale Securities, Amortized Cost	11,310
Available-for-sale securities, at fair value	9,634
Held-to-Maturity Securities:
Held-to-Maturity Securities, Amortized Cost		934
Held-to-maturity securities, at fair value	$ 3,852	$ 914

Loans Receivable and Allowance for Loan Losses - Summary of Loans (Details) - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

$ 1,525,668

$ 1,322,098

Net deferred loan origination costs

2,051

(668)

Allowance for loan losses

(34,592)

(16,352)

Loans receivable, net

1,493,127

1,305,078

Multifamily Residential

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

494,667

348,300

Nonresidential Properties

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

308,043

239,691

Construction and Land

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

185,018

134,651

Business Loans

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

^[1]

39,965

150,512

Consumer Loans

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

19,129

34,693

Mortgage Loans

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

1,466,574

1,136,893

Mortgage Loans | 1-4 Family Residential Investor Owned

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

343,968

317,304

Mortgage Loans | 1-4 Family Residential Owner-Occupied

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

134,878

96,947

Mortgage Loans | Multifamily Residential

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

494,667

348,300

Mortgage Loans | Nonresidential Properties

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

308,043

239,691

Mortgage Loans | Construction and Land

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

185,018

134,651

Non-mortgage Loans

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

59,094

185,205

Non-mortgage Loans | Consumer Loans

Financing Receivable Recorded Investment Past Due [Line Items]

Total loans, gross

^[2]

$ 19,129

$ 34,693

[1]	As of December 31, 2022 and 2021, business loans include $20.0 million and $136.8 million, respectively, of SBA PPP loans.
[2]	As of December 31, 2022 and 2021, consumer loans include $18.2 million and $33.9 million, respectively, pursuant to the Bank’s arrangement with Grain.

Loans Receivable and Allowance for Loan Losses - Summary of Loans (Parenthetical) (Details) - USD ($)
$ in Thousands

Dec. 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

$ 1,525,668

$ 1,322,098

Business Loans

Financing Receivable Recorded Investment Past Due [Line Items]

Loans before net deferred loan origination cost and allowance for losses on loan

^[1]

39,965

150,512

Business Loans | PPP Loans

Financing Receivable Recorded Investment Past Due [Line Items]

Loans before net deferred loan origination cost and allowance for losses on loan

20,000

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

19,129

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

$ 18,200

$ 33,900

[1]	As of December 31, 2022 and 2021, business loans include $20.0 million and $136.8 million, respectively, of SBA PPP loans.

Loans Receivable and Allowance for Loan Losses - Additional Information (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2022

USD ($)

Loan

Dec. 31, 2021

USD ($)

Loan

Dec. 31, 2020

USD ($)

Accounts Notes And Loans Receivable [Line Items]

Restructured loans | Loan

Number of troubled debt restructured loans | Loan

Troubled debt restructured loans

$ 6,600

$ 8,700

Troubled debt restructured loan, accrual status

4,200

6,200

Impairment reserves

196

$ 243

$ 292

Aggregate balance of grain

18,158

Allowance for loan losses

^[1]

15,415

Microloans, net of allowance for loan losses

2,743

Microloans originated - put back to Grain

25,467

Grain Write-Downs

17,455

Cash Receipts From Grain

6,186

Grant/reserve (inception-to-December 31, 2022)

(1,826)

Investment in Grain write-off

(1,000)

Exposure to Grain

2,743

Grain write-off and write-down

17,940

Grain Technologies LLC

Accounts Notes And Loans Receivable [Line Items]

Micro loan credit limit

$ 1,500

Number of micro loan outstanding | Loan

27,886

59,180

Number of micro loan aggregate value

$ 33,900

Aggregate balance of grain

$ 18,200

Allowance for loan losses

(15,400)

Microloans, net of allowance for loan losses

2,800

Microloans originated - put back to Grain

25,500

Grain Write-Downs

(17,500)

Cash Receipts From Grain

6,200

Grant/reserve (inception-to-December 31, 2022)

(1,800)

Investment in Grain write-off

(1,000)

Exposure to Grain

2,800

Unused commitments available to borrowers

1,400

Grain write-off and write-down

16,900

Grain recoveries

$ 500

Grain Technologies LLC | Microloans

Accounts Notes And Loans Receivable [Line Items]

Number of micro loan outstanding | Loan

45,322

Mortgage World Bankers Inc

Accounts Notes And Loans Receivable [Line Items]

Number of loan held for sale | Loan

Loans held for sale

$ 2,000

$ 15,800

Troubled Debt Restructured Loans

Accounts Notes And Loans Receivable [Line Items]

Impairment reserves

$ 200

$ 300

Minimum

Accounts Notes And Loans Receivable [Line Items]

Strong Pass Loans to new or existing borrowers collateralized percentage

90.00%

[1]

Includes $0.03 million for allowance for unused commitments on the $0.4 million of unused commitments available to Grain originated borrowers reported in other liabilities in the accompanying Consolidated Statements of Financial Conditions. Excludes $1.4 million of security deposits by Grain originated borrowers reported in deposits in the accompanying Consolidated Statements of Financial Conditions.

Loans Receivable and Allowance for Loan Losses - Aging Analysis of Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	$ 1,525,668	$ 1,322,098
Nonaccrual Loans	13,708	11,442
90 Days or More Accruing	2,973
1-4 Family Residential Investor Owned
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	343,968	317,304
Nonaccrual Loans	3,061	3,583
1-4 Family Residential Owner-Occupied
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	134,878	96,947
Nonaccrual Loans	2,987	3,480
Multifamily Residential
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	494,667	348,300
Nonaccrual Loans		1,200
Nonresidential Properties
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	308,043	239,691
Nonaccrual Loans	93	2,262
Construction and Land
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	185,018	134,651
Nonaccrual Loans	7,567	917
Current
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	1,482,970	1,299,413
Current \| 1-4 Family Residential Investor Owned
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	340,495	312,918
Current \| 1-4 Family Residential Owner-Occupied
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	131,510	91,568
Current \| Multifamily Residential
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	490,024	346,409
Current \| Nonresidential Properties
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	303,190	237,589
Current \| Construction and Land
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	173,351	134,651
Financial Asset, 30 to 59 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	15,705	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	1,530	321
Financial Asset, 30 to 59 Days Past Due \| 1-4 Family Residential Owner-Occupied
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	2,553	2,961
Financial Asset, 30 to 59 Days Past Due \| Multifamily Residential
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	4,643	1,704
Financial Asset, 30 to 59 Days Past Due \| Nonresidential Properties
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	4,246	934
Financing Receivables, 60 to 89 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	13,773	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	78	2,969
Financing Receivables, 60 to 89 Days Past Due \| 1-4 Family Residential 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	607	1,168
Financing Receivables, 60 to 89 Days Past Due \| Construction and Land
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	4,100
Financing Receivables, 90 Days or More Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	13,220	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	1,865	1,096
Financing Receivables, 90 Days or More Past Due \| 1-4 Family Residential Owner-Occupied
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	815	1,947
Financing Receivables, 90 Days or More Past Due \| Construction and Land
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	7,567
Business Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	39,965	150,512
90 Days or More Accruing	2,973
Business Loans \| Current
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	27,657	145,919
Business Loans \| Financial Asset, 30 to 59 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	1,466	4,036
Business Loans \| Financing Receivables, 60 to 89 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	7,869	544
Business Loans \| Financing Receivables, 90 Days or More Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	2,973	13
Consumer
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	19,129	34,693
Consumer \| Current
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	16,743	30,359
Consumer \| Financial Asset, 30 to 59 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	1,267	2,570
Consumer \| Financing Receivables, 60 to 89 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	$ 1,119	1,759
Consumer \| Financing Receivables, 90 Days or More Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due		$ 5

Loans Receivable and Allowance for Loan Losses - Composition of Allowance for Loan Losses and Related Recorded Investment in Loans (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period				$ 16,352				$ 14,870	$ 16,352	$ 14,870	$ 12,329
Provision charged to expense	$ 12,641	$ 9,330	$ 817	1,258	$ 873	$ 572	$ 586	686	24,046	2,717	2,443
Losses charged-off									(6,660)	(1,380)	(6)
Recoveries									854	145	104
Balance, end of period	34,592				16,352				34,592	16,352	14,870
Ending balance: individually evaluated for impairment	196				243				196	243	292
Ending balance: collectively evaluated for impairment	34,396				16,109				34,396	16,109	14,578
Ending balance: individually evaluated for impairment	17,952				17,651				17,952	17,651	19,352
Ending balance: collectively evaluated for impairment	1,507,716				1,304,447				1,507,716	1,304,447	1,152,701
Total	1,525,668				1,322,098				1,525,668	1,322,098	1,172,053
1-4 Family Investor Owned
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period				3,540				3,850	3,540	3,850	3,503
Provision charged to expense									167	(318)	347
Recoveries									156	8
Balance, end of period	3,863				3,540				3,863	3,540	3,850
Ending balance: individually evaluated for impairment	63				91				63	91	118
Ending balance: collectively evaluated for impairment	3,800				3,449				3,800	3,449	3,732
Ending balance: individually evaluated for impairment	5,269				6,672				5,269	6,672	7,468
Ending balance: collectively evaluated for impairment	338,699				310,632				338,699	310,632	312,128
Total	343,968				317,304				343,968	317,304	319,596
1-4 Family Owner-Occupied
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period				1,178				1,260	1,178	1,260	1,067
Provision charged to expense									506	(127)	193
Recoveries									39	45
Balance, end of period	1,723				1,178				1,723	1,178	1,260
Ending balance: individually evaluated for impairment	96				114				96	114	134
Ending balance: collectively evaluated for impairment	1,627				1,064				1,627	1,064	1,126
Ending balance: individually evaluated for impairment	4,315				5,854				4,315	5,854	5,754
Ending balance: collectively evaluated for impairment	130,563				91,093				130,563	91,093	93,041
Total	134,878				96,947				134,878	96,947	98,795
Multifamily
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period				5,684				5,214	5,684	5,214	3,865
Provision charged to expense									2,337	508	1,349
Losses charged-off										(38)
Balance, end of period	8,021				5,684				8,021	5,684	5,214
Ending balance: individually evaluated for impairment
Ending balance: collectively evaluated for impairment	8,021				5,684				8,021	5,684	5,214
Ending balance: individually evaluated for impairment					1,200					1,200	946
Ending balance: collectively evaluated for impairment	494,667				347,100				494,667	347,100	306,465
Total	494,667				348,300				494,667	348,300	307,411
Nonresidential
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period				2,165				2,194	2,165	2,194	1,849
Provision charged to expense									559	(29)	341
Recoveries											4
Balance, end of period	2,724				2,165				2,724	2,165	2,194
Ending balance: individually evaluated for impairment	37				38				37	38	40
Ending balance: collectively evaluated for impairment	2,687				2,127				2,687	2,127	2,154
Ending balance: individually evaluated for impairment	801				2,995				801	2,995	5,184
Ending balance: collectively evaluated for impairment	307,242				236,696				307,242	236,696	213,745
Total	308,043				239,691				308,043	239,691	218,929
Construction and Land
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period				2,024				1,820	2,024	1,820	1,782
Provision charged to expense									659	204	38
Balance, end of period	2,683				2,024				2,683	2,024	1,820
Ending balance: individually evaluated for impairment
Ending balance: collectively evaluated for impairment	2,683				2,024				2,683	2,024	1,820
Ending balance: individually evaluated for impairment	7,567				917				7,567	917
Ending balance: collectively evaluated for impairment	177,451				133,734				177,451	133,734	105,858
Total	185,018				134,651				185,018	134,651	105,858
Business Loans
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period				306				254	306	254	254
Provision charged to expense									(280)	(32)	(95)
Recoveries									94	84	95
Balance, end of period	120				306				120	306	254
Ending balance: individually evaluated for impairment
Ending balance: collectively evaluated for impairment	120				306				120	306	254
Ending balance: individually evaluated for impairment					13					13
Ending balance: collectively evaluated for impairment	39,965				150,499				39,965	150,499	94,947
Total	39,965				150,512				39,965	150,512	94,947
Consumer
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period				$ 1,455				$ 278	1,455	278	9
Provision charged to expense									20,098	2,511	270
Losses charged-off									(6,660)	(1,342)	(6)
Recoveries									565	8	5
Balance, end of period	15,458				1,455				15,458	1,455	278
Ending balance: individually evaluated for impairment
Ending balance: collectively evaluated for impairment	15,458				1,455				15,458	1,455	278
Ending balance: collectively evaluated for impairment	19,129				34,693				19,129	34,693	26,517
Total	$ 19,129				$ 34,693				$ 19,129	$ 34,693	$ 26,517

Loans Receivable and Allowance for Loan Losses - Information Relates to Impaired Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable Impaired [Line Items]
Unpaid Contractual Principal Balance	$ 18,396	$ 18,957	$ 20,696
Recorded Investment With No Allowance	15,851	15,302	16,372
Recorded Investment With Allowance	2,101	2,349	2,980
Total Recorded Investment	17,952	17,651	19,352
Related Allowance	196	243	292
Average Recorded Investment	20,043	17,569	18,289
Interest Income Recognized on Cash Basis	337	307	388
1-4 Family Residential
Financing Receivable Impaired [Line Items]
Unpaid Contractual Principal Balance	9,986	13,333	14,118
Recorded Investment With No Allowance	7,827	10,535	10,613
Recorded Investment With Allowance	1,757	1,991	2,609
Total Recorded Investment	9,584	12,526	13,222
Related Allowance	159	205	252
Average Recorded Investment	11,072	12,145	12,306
Interest Income Recognized on Cash Basis	307	189	321
Multifamily Residential
Financing Receivable Impaired [Line Items]
Unpaid Contractual Principal Balance		1,200	946
Recorded Investment With No Allowance		1,200	946
Total Recorded Investment		1,200	946
Average Recorded Investment	630	1,139	231
Interest Income Recognized on Cash Basis		63	34
Nonresidential Properties
Financing Receivable Impaired [Line Items]
Unpaid Contractual Principal Balance	843	3,494	5,632
Recorded Investment With No Allowance	457	2,637	4,813
Recorded Investment With Allowance	344	358	371
Total Recorded Investment	801	2,995	5,184
Related Allowance	37	38	40
Average Recorded Investment	1,930	3,941	5,339
Interest Income Recognized on Cash Basis	30	38	33
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	6,408	307	405
Interest Income Recognized on Cash Basis		17
Business Loans
Financing Receivable Impaired [Line Items]
Unpaid Contractual Principal Balance		13
Recorded Investment With No Allowance		13
Total Recorded Investment		13
Average Recorded Investment	$ 3	13	$ 8
Consumer
Financing Receivable Impaired [Line Items]
Average Recorded Investment		$ 24

Loans Receivable and Allowance for Loan Losses - Schedule of Total Exposure (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2022

USD ($)

Receivable from Grain

Microloans originated - put back to Grain (inception-to-December 31, 2022)

$ 25,467

Write-downs, net of recoveries (year to date as of December 31, 2022)

(17,455)

Cash receipts from Grain (inception-to-December 31, 2022)

(6,186)

Grant/reserve (inception-to-December 31, 2022)

(1,826)

Microloan receivables

Grain originated loans receivable as of December 31, 2022

18,158

Allowance for loan losses as of December 31, 2022

(15,415)

^[1]

Microloans, net of allowance for loan losses as of December 31, 2022

2,743

Investments

Investment in Grain

1,000

Investment in Grain write-off

(1,000)

Total exposure to Grain as of December 31, 2022

$ 2,743

[1]

Loans Receivable and Allowance for Loan Losses - Schedule of Total Exposure (Parenthetical) (Details)	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Security deposits	$ 1,400,000
Other Liabilities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for unused commitments	30,000.00
Allowance for unused commitments available to grain borrowers	$ 400

Summary of Premises and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 29,954	$ 31,382
Less: accumulated depreciation and amortization	(12,508)	(11,765)
Total premises and equipment	17,446	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	4,717	4,327
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	15,808	16,462
Furniture, Fixtures and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 8,497	$ 9,661

Premises and Equipment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Depreciation and amortization expense, excluding ROU assets portion	$ 1,800
Depreciation and amortization	4,266	$ 2,473	$ 2,519
Property, plant and equipment, gross	29,954	31,382
Leasehold Improvements
Property Plant And Equipment [Line Items]
Increase (decrease) in property, plant and equipment	(700)
Property, plant and equipment, gross	15,808	16,462
Property, plant and equipment, asset additions	200
Property, plant and equipment, assets disposal	900
Building Improvements
Property Plant And Equipment [Line Items]
Increase (decrease) in property, plant and equipment	400
Property, plant and equipment, gross	4,717	4,327
Furniture, Fixtures and Equipment
Property Plant And Equipment [Line Items]
Increase (decrease) in property, plant and equipment	(1,200)
Property, plant and equipment, gross	8,497	$ 9,661
Property, plant and equipment, other gross	300
Equipment
Property Plant And Equipment [Line Items]
Sale lease-back of equipment	1,300
Offset Improvement
Property Plant And Equipment [Line Items]
Property, plant and equipment, asset additions	400
Automated Teller Machines ("ATMs")
Property Plant And Equipment [Line Items]
Loss on sale of equipment	$ (400)

Leases - Additional Information (Details) $ in Thousands						12 Months Ended
Leases - Additional Information (Details) $ in Thousands	Dec. 16, 2021 USD ($)	Nov. 12, 2021 USD ($)	Nov. 10, 2021 USD ($)	Jun. 04, 2021 USD ($)	Feb. 11, 2021 USD ($)	Dec. 31, 2022 Lease
Lessee, Lease, Description [Line Items]
Operating lease, description						Our leases have remaining lease terms ranging from less than one year to approximately 17 years, none of which has a renewal option reasonably certain of exercise, which has been reflected in the Company’s calculation of lease term.
Lessee, non-cancelable operating lease agreements expiration year						2038
Lease expiration year						2038
Ponce Bank Mutual Holding Company
Lessee, Lease, Description [Line Items]
Sale price for real property	$ 11,800	$ 4,000	$ 16,100	$ 5,700	$ 2,400
Lease agreement term	17 years	15 years	17 years	15 years	15 years
Lease base annual rent	$ 530,000	$ 200,000	$ 926,000	$ 281,000	$ 145,000
Lease base rent annually increasing rate	2.00%	1.50%	1.75%	1.75%	1.50%
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
Gain on sale and leaseback transaction	$ 3,100	$ 3,700	$ 8,700	$ 4,200	$ 600
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease terms						1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease terms						17 years
Branches and Office Spaces
Lessee, Lease, Description [Line Items]
Number of Operating Leases \| Lease						15
Equipment
Lessee, Lease, Description [Line Items]
Number of Operating Leases \| Lease						5

Leases - Summary of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jan. 01, 2022
Leases [Abstract]
Operating lease ROU assets	$ 33,423	$ 36,200
Operating lease liabilities	$ 34,532	$ 36,700
Weighted-average remaining lease term-operating leases	13 years 6 months
Weighted average discount rate-operating leases	4.90%

Leases - Summary of Lease Expense and Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Total lease cost	$ 4,589	$ 2,345
Occupancy and equipment
Lessee, Lease, Description [Line Items]
Operating lease cost	4,416	2,158
Variable lease cost	155	177
Other operating expenses
Lessee, Lease, Description [Line Items]
Operating lease cost	7	3
Short-term lease cost	$ 11	$ 7

Leases - Summary of Minimum Annual Rental Payments under Terms of Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jan. 01, 2022
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2023	$ 3,785
2024	3,833
2025	3,635
2026	3,422
2027	3,495
Thereafter	29,041
Total Minimum payments required	47,211
Less: implied interest	12,679
Lease obligations	$ 34,532	$ 36,700

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

Dec. 31, 2022

Dec. 31, 2021

Banking And Thrifts [Abstract]

Demand

$ 289,149

$ 274,956

NOW/IOLA accounts

24,349

35,280

Money market accounts

317,815

186,893

Reciprocal deposits

114,049

143,221

Savings accounts

130,432

134,887

Total NOW, money market, reciprocal and savings

586,645

500,281

Certificates of deposit of $250K or more

70,113

78,454

Brokered certificates of deposits

^[1]

98,754

79,320

Listing service deposits

^[1]

35,813

66,411

Certificates of deposit less than $250K

171,938

205,294

Total certificates of deposit

376,618

429,479

Total interest-bearing deposits

963,263

929,760

Total deposits

$ 1,252,412

$ 1,204,716

[1]	As of December 31, 2022 and 2021, there were $13.6 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 ($)

Dec. 31, 2022

Dec. 31, 2021

Time Deposits [Line Items]

Individual brokered certification of deposit

$ 13,600,000

$ 29,000,000.0

Listing service deposits

^[1]

35,813,000

66,411,000

Brokered certificates of deposits

^[1]

98,754,000

$ 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 December 31, 2022 and 2021, there were $13.6 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	Dec. 31, 2022	Dec. 31, 2021
Banking And Thrifts [Abstract]
2023	$ 196,342
2024	49,457
2025	41,169
2026	42,165
2027	47,485
Total certificates of deposit	$ 376,618	$ 429,479

Deposits - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Banking And Thrifts [Abstract]
Overdrawn deposit reclassified to loans amounted	$ 0.1	$ 0.2

Borrowings - Additional Information (Details) - USD ($)	12 Months Ended
Borrowings - Additional Information (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Line Of Credit Facility [Line Items]
Advance from the Federal Home Loan Bank	$ 511,400,000	$ 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	90,000,000.0	25,000,000.0
Unsecured fed fund line amount outstanding		14,910,000
Interest expense on FHLBNY advances	5,400,000	2,200,000	$ 2,500,000
Interest Expense on overnight advances	700,000	0	200,000
Collateral in residential 1-4 and multifamily mortgage loans available to secure advances from the FHLBNY	1,525,668,000	1,322,098,000
Interest expense	16,149,000	8,252,000	$ 11,369,000
Mortgage loans funding payable	0	0
Asset Pledged as Collateral without Right
Line Of Credit Facility [Line Items]
Collateral in residential 1-4 and multifamily mortgage loans available to secure advances from the FHLBNY	$ 478,800,000	362,300,000
Warehouse Line of Credit #1
Line Of Credit Facility [Line Items]
Unsecured fed fund line amount outstanding		$ 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%.
Line of credit facility, effective interest rate		3.35%
Warehouse line of credit expiration date	Feb. 07, 2023
Unused line of credit	$ 10,000,000.0
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%
Warehouse line of credit expiration date	Mar. 31, 2022
Interest expense	$ 100,000	$ 400,000
Overnight Line of Credit Advance
Line Of Credit Facility [Line Items]
Advance from the Federal Home Loan Bank	$ 6,000,000.0	0
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

Borrowings - Schedule of Borrowed Funds FHLBNY and Correspondent Bank Advances Maturity and Call Date (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Line Of Credit Facility [Line Items]
2022		$ 77,880
2023	$ 178,375	28,375
2024	50,000
2025	50,000
Thereafter	233,000
Total	517,375	106,255
2022		77,880
2023	178,375	28,375
2024	50,000
2025	50,000
Thereafter	233,000
Total	$ 517,375	$ 106,255
2022		1.73%
2023	4.32%	2.82%
2024	4.75%
2025	4.41%
Thereafter	3.27%
Total	3.90%	2.02%
FHLBNY
Line Of Credit Facility [Line Items]
Overnight line of credit advance	$ 6,000
Overnight line of credit advance	$ 6,000
Overnight advances	4.61%

Borrowings - Schedule of Warehouse Lines of Credit (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Credit Line Maximum	$ 30,000
Unused Line of Credit	14,910
Balance	15,090
Warehouse Line of Credit #1
Debt Instrument [Line Items]
Credit Line Maximum	15,000
Unused Line of Credit	8,636
Balance	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								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Federal:
Current										$ 6,107	$ 2,065
Deferred									$ (6,064)	646	(839)
Federal income tax provision (benefit)									(6,064)	6,753	1,226
State and local:
Current									1,094	842	281
Deferred									(7,467)	1,733	(353)
State and local income tax provision (benefit)									(6,373)	2,575	(72)
Valuation allowance									5,592	(1,119)	228
(Benefit) provision for income taxes	$ (2,589)	$ (820)	$ (488)	$ (2,948)	$ 4,245	$ 1,318	$ 1,914	$ 732	$ (6,845)	$ 8,209	$ 1,382

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes [Line Items]
Federal income tax rate	21.00%	21.00%	21.00%
Decreased and increased in valuation allowance	$ (5,592,000)	$ 1,119,000	$ (228,000)
Net operating loss to offset income limited	80.00%
Net operating loss generated			0	$ 0	$ 0
Connecticut Division of Taxation
Income Taxes [Line Items]
Net operating loss carryforwards	$ 100,000
New Jersey Division of Taxation
Income Taxes [Line Items]
Net operating loss carryforwards	500,000
pre-2015 carryforwards [Member] \| New York City
Income Taxes [Line Items]
Net operating loss carryforwards	500,000
pre-2015 carryforwards [Member] \| New York State
Income Taxes [Line Items]
Net operating loss carryforwards	600,000
post-2015 carryforwards [Member] \| New York City
Income Taxes [Line Items]
Net operating loss carryforwards	33,900,000
post-2015 carryforwards [Member] \| New York State
Income Taxes [Line Items]
Net operating loss carryforwards	60,900,000
CARES ACT [Member]
Income Taxes [Line Items]
Net operating loss carryforwards	13,100,000
NEW YORK
Income Taxes [Line Items]
Decreased and increased in valuation allowance	5,600,000	1,100,000	$ 200,000
Unrecognized tax benefits	$ 0	$ 0

Income Taxes - Reconciliation of Differences Between Federal Income Tax Rate and Total Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax, at federal rate									$ (7,738)	$ 7,195	$ 1,099
State and local tax, net of federal benefit									(5,035)	2,034	(57)
Valuation allowance, net of federal benefit									5,592	(1,119)	228
Other									336	99	112
(Benefit) provision for income taxes	$ (2,589)	$ (820)	$ (488)	$ (2,948)	$ 4,245	$ 1,318	$ 1,914	$ 732	$ (6,845)	$ 8,209	$ 1,382

- 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	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Allowance for loan losses	$ 11,324	$ 5,254
Deferred loan fees		214
Interest on nonaccrual loans	317	102
Unrealized loss on available-for-sale securities	4,777	399
Amortization of intangible assets	32	50
Deferred rent payable		152
Operating lease liabilities	11,304
Net operating losses	9,119	3,280
Charitable contribution carryforward	1,859	366
Compensation and benefits	562	456
Other	478	264
Total gross deferred tax assets	39,772	10,537
Deferred tax liabilities:
Depreciation of premises and equipment	1,049	1,301
Right of use assets	10,941
Deferred loan fees	671
Other	29	63
Total gross deferred tax liabilities	12,690	1,364
Valuation allowance	10,945	5,353
Net deferred tax assets	$ 16,137	$ 3,820

Income Taxes - Schedule of Deferred Tax Expense (Benefit) Allocated Between Operations and Equity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]
Equity	$ (4,378)	$ (424)	$ 32
Operations	(7,939)	1,260	(964)
Deferred tax expense (benefit) from operations and equity	$ (12,317)	$ 836	$ (932)

Compensation and Benefit Plans - Additional Information (Detail)							12 Months Ended
	Apr. 01, 2022 shares	Jan. 28, 2022 shares	Jan. 27, 2022 USD ($) shares	Jan. 01, 2021 USD ($)	Dec. 04, 2018 shares	Sep. 29, 2017 USD ($) shares	Dec. 31, 2022 USD ($) Executive $ / shares shares	Dec. 31, 2021 USD ($) Executive $ / shares shares	Dec. 31, 2020 USD ($) Executive $ / shares shares
Compensation And Benefit Plans Disclosure [Line Items]
Additional number of shares							2,057,446	700,896
ESOP related compensation expense including equalization expense \| $							$ 1,400,000	$ 1,400,000	$ 500,000
Number of option grants							68,329	0
Total remaining unrecognized compensation cost \| $							$ 2,100,000
Weighted average period expected to be recognized							72 months
Weighted-average exercise price for options \| $ / shares							$ 8.97	$ 12.02	$ 12.02
Weighted average remaining contractual life							6 years 8 months 12 days
Weighted average period expected to be recognized							3 years 6 months
Number of shares exercisable							190,508	94,904
Treasury stock							1,976	1,037,041
Non-Executive Officers
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							63,715
Compensation expense \| $							$ 1,400,000	$ 1,300,000	$ 1,300,000
Total remaining unrecognized compensation cost \| $							$ 400,000
Weighted average period expected to be recognized							72 months
Stock Options
Compensation And Benefit Plans Disclosure [Line Items]
Compensation expense \| $							$ 200,000	$ 100,000	$ 100,000
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
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							4,883	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	40,460				322,254
2018 Long-Term Incentive Plan \| Restricted Stock Units \| Outside Directors
Compensation And Benefit Plans Disclosure [Line Items]
Number of stock grants	23,255				148,625
2018 Long-Term Incentive Plan \| Restricted Stock Units \| Non-Executive Officers
Compensation And Benefit Plans Disclosure [Line Items]
Number of stock grants	30,659				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	23,718				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	13,952				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
2022 Long-Term Incentive Plan
Compensation And Benefit Plans Disclosure [Line Items]
Number of issuable stock options converted into restricted stock units							191,145
Number of restricted stock units converted from issuable stock options							63,715
Supplemental Executive Retirement Plan
Compensation And Benefit Plans Disclosure [Line Items]
Expense recognized \| $							$ 100,000	$ 300,000	$ 100,000
Number of key executive under retirement plan \| Executive							1	2	1
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
Maximum employer matching contribution percentage				20.00%
Expenses recognized \| $								$ 400,000	$ 600,000
Expense recognized \| $				$ 27,000
Defined contribution plan, employers matching contribution, annual vesting percentage				100.00%
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
Employer matching contribution percentage				3.00%
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
Employee Stock Ownership Plan
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
Employee Stock Ownership Plan \| PDL Community Bancorp \| Common Stock
Compensation And Benefit Plans Disclosure [Line Items]
Additional number of shares						723,751
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							14,200,000
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			1.82
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 (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Shares committed-to-be-released	133,744	96,500
Shares allocated to participants	354,227	170,145
Unallocated shares	1,569,475	434,251
Total	2,057,446	700,896
Fair value of unallocated shares	$ 14,628	$ 6,297

Compensation and Benefit Plans - Schedule of Restricted Stock Units Activity and Related Information (Detail) - Restricted Stock Units - $ / shares	12 Months Ended
	Dec. 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	63,715
Number of Shares, Vested	(149,495)	(98,232)
Number of Shares, Forfeited	0
Number of Shares, Non-vested, ending of year	245,840	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	10.44
Weighted-Average Grant Date Fair Value Per Share, Vested	9.11	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	$ 9.40	$ 12.65

Compensation and Benefit Plans - Schedule of Stock Option Activity and Related Information (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Options, Outstanding, beginning of year	203,766	203,766
Options, Conversion and reorganization	80,526
Options, Granted	68,329	0
Options, Exercised	0	0
Options, Forfeited	0	0
Options, Outstanding, end of year	352,621	203,766
Options, Exercisable, end of year	190,508	94,904
Weighted-Average Exercise Price Per Share, Outstanding, beginning of year	$ 12.02	$ 12.02
Weighted-Average Exercise Price Per Share, Granted	10.44	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	8.97	12.02
Weighted-Average Exercise Price Per Share, Exercisable, end of year	$ 8.83	$ 12.45

Compensation and Benefit Plans - Schedule of Stock Option Activity and Related Information (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Average Intrinsic Value, Outstanding, end of year	$ 0.1	$ 0.5
Average Intrinsic Value, Exercisable, end of year	$ 0.1	$ 0.2

Compensation and Benefit Plans - Schedule of Fair Value of Option Grant Using Black-Scholes Option Pricing Model With Weighted Average Assumptions (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 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	41.34%	38.51%
Risk-free interest rate	2.65%	0.48%
Weighted average grant date fair value	$ 3.85	$ 3.77

Earnings Per Common Shares - 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								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net (loss) income	$ (9,214)	$ (14,738)	$ 771	$ (6,820)	$ 14,979	$ 2,052	$ 5,932	$ 2,452	$ (30,001)	$ 25,415	$ 3,853
Common shares outstanding for basic EPS:
Weighted average common shares outstanding									24,246,912	17,256,837	17,233,901
Less: Weighted average unallocated Employee Stock Ownership Plan (ESOP) shares									1,555,969	512,276	560,708
Basic weighted average common shares outstanding	23,168,097	23,094,859	23,056,559	21,721,113	16,864,929	16,823,731	16,737,037	16,548,196	22,690,943	16,744,561	16,673,193
Basic earnings (loss) per common share	$ (0.40)	$ (0.64)	$ 0.03	$ (0.31)	$ 0.90	$ 0.12	$ 0.35	$ 0.15	$ (1.32)	$ 1.52	$ 0.23
Potential dilutive common shares:
Add: Dilutive effect of restricted stock awards and stock options										46,882	9,391
Diluted weighted average common shares outstanding	23,168,097	23,094,859	23,128,911	21,721,113	16,924,785	16,914,833	16,773,606	16,548,196	22,690,943	16,791,443	16,682,584
Diluted earnings (loss) per common share	$ (0.40)	$ (0.64)	$ 0.03	$ (0.31)	$ 0.89	$ 0.12	$ 0.35	$ 0.15	$ (1.32)	$ 1.51	$ 0.23

Commitments, Contingencies and Credit Risk - Financial Instruments Whose Contractual Amounts Represent Credit Risk (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Concentration Of Risk Financial Statement Captions [Line Items]
Contractual amounts represent credit risk	$ 281,311	$ 220,513
Commitments to Grant Mortgage Loans
Fair Value Concentration Of Risk Financial Statement Captions [Line Items]
Contractual amounts represent credit risk	207,105	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	1,676	13,321
Unfunded Commitments Under Lines of Credit
Fair Value Concentration Of Risk Financial Statement Captions [Line Items]
Contractual amounts represent credit risk	$ 72,530	$ 80,033

Commitments, Contingencies and Credit Risk - Additional Information (Details) - USD ($)		1 Months Ended
	Oct. 01, 2022	Apr. 30, 2022	Dec. 31, 2021	Dec. 31, 2022
Loss Contingencies [Line Items]
Repurchase or indemnification requests for loans sold				$ 0
Unfunded Commitments with Bamboo
Loss Contingencies [Line Items]
Membership Interest Units purchased	180
Maximum percentage of total issued and outstanding membership interest	18.00%
Purchase price of Membership Interest Units	$ 2,500,000
Additional contribution committed	$ 500,000
Unfunded Commitments with Oaktree
Loss Contingencies [Line Items]
Amount committed to invest			$ 5,000,000.0
Total unfunded commitment			$ 3,900,000	2,800,000
Unfunded Commitments with Silvergate
Loss Contingencies [Line Items]
Amount committed to invest		$ 5,000,000.0
Total unfunded commitment				$ 3,300,000

Fair Value - Additional Information (Details) - USD ($)	12 Months Ended
Fair Value - Additional Information (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans held for sale, at fair value	$ 2,000,000.0
Aggregate unpaid principal balance	$ 2,000,000.0
Significant purchase commitment description	Mortgage World 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	$ 1,700,000	$ 13,300,000
Derivatives from interest rate lock commitments	$ 20,000.00	200,000
Fair value, transfers into Level 3 assets		0
Fair value, transfers out of Level 3 assets		0
Fair value, transfers into Level 3 liabilities		0
Fair value, transfers out of Level 3 liabilities		$ 0
Warehouse Line of Credit #1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warehouse line of credit expiration date	Feb. 07, 2023
Warehouse Line of Credit #2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warehouse line of credit expiration date	Mar. 31, 2022

Fair Value - Summary of Changes in Derivatives From Interest Rate Lock Commitments are Measured at Fair Value (Details) $ in Thousands	12 Months Ended
	Dec. 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	(150)
Ending Balance	$ 22

Fair Value - Assets Measured at Fair Value on Nonrecurring Basis (Details) - Impaired Loans - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	Dec. 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	$ 17,952	$ 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	$ 17,952	$ 17,651

Fair Value - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities, at fair value	$ 129,505	$ 113,346
Held-to-maturity securities, at amortized cost	510,820	934
Mortgage loans held for sale, at fair value	2,000
Warehouse lines of credit (Note 9)		15,090
Carrying Amount
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash and cash equivalents	54,360	153,894
Available-for-sale securities, at fair value	129,505	113,346
Held-to-maturity securities, at amortized cost	510,820	934
Placements with banks	1,494	2,490
Mortgage loans held for sale, at fair value	1,979	15,836
Loans receivable, net	1,493,127	1,305,078
Accrued interest receivable	15,049	12,362
FHLBNY stock	24,661	6,001
Demand deposits	289,149	274,956
Interest-bearing deposits	586,645	500,281
Certificates of deposit	376,618	429,479
Advance payments by borrowers for taxes and insurance	9,724	7,657
Advances from FHLBNY	517,375	106,255
Warehouse lines of credit (Note 9)		15,090
Accrued interest payable	1,390	228
Fair Value Measurements
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash and cash equivalents	54,360	153,894
Available-for-sale securities, at fair value	129,505	113,346
Held-to-maturity securities, at amortized cost	495,851	914
Placements with banks	1,494	2,490
Mortgage loans held for sale, at fair value	1,979	15,836
Loans receivable, net	1,430,864	1,306,253
Accrued interest receivable	15,049	12,362
FHLBNY stock	24,661	6,001
Demand deposits	289,149	274,956
Interest-bearing deposits	586,645	500,281
Certificates of deposit	370,005	431,339
Advance payments by borrowers for taxes and insurance	9,724	7,657
Advances from FHLBNY	503,406	106,680
Warehouse lines of credit (Note 9)		15,090
Accrued interest payable	1,390	228
Fair Value Measurements \| Level 1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash and cash equivalents	54,360	153,894
Available-for-sale securities, at fair value	3,419
FHLBNY stock	24,661	6,001
Demand deposits	289,149	274,956
Interest-bearing deposits	586,645	500,281
Fair Value Measurements \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities, at fair value	126,086	108,417
Held-to-maturity securities, at amortized cost	495,851	914
Placements with banks	1,494	2,490
Mortgage loans held for sale, at fair value	1,979	15,836
Accrued interest receivable	15,049	12,362
Certificates of deposit	370,005	431,339
Advance payments by borrowers for taxes and insurance	9,724	7,657
Advances from FHLBNY	503,406	106,680
Warehouse lines of credit (Note 9)		15,090
Accrued interest payable	1,390	228
Fair Value Measurements \| Level 3
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities, at fair value		4,929
Loans receivable, net	$ 1,430,864	$ 1,306,253

Fair Value - Schedule of Beginning and Ending Balances for Debt Securities Available-for-Sale Recognized at Fair Value On Recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning balance	$ 113,346
Ending balance	129,505	$ 113,346
Fair Value Measurement Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning balance	4,929	6,016
Total loss included in earnings	(344)	(87)
Securities sold		(1,000)
Transfer out of level 3	$ (4,585)
Ending balance		$ 4,929

Regulatory Capital Requirements - Additional Information (Details)	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Regulatory Capital Requirements [Abstract]
Percentage of capital buffer	22.53%	9.23%

Regulatory Capital Requirements - Summary of Actual Capital Amounts and Ratios As Compared to Regulatory Requirements (Details)	Dec. 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	$ 530,241
Tier 1 Capital to Risk-Weighted Assets, Actual Amount	510,537
Common Equity Tier 1 Capital Ratio, Actual Amount	510,537
Tier 1 Capital to Total Assets, Actual Amount	$ 510,537
Total Capital to Risk-Weighted Assets, Actual Ratio	0.3372
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio	0.3247
Common Equity Tier 1 Capital Ratio, Actual Ratio	0.3247
Tier 1 Capital to Total Assets, Actual Ratio	0.2629
Total Capital to Risk-Weighted Assets, For Capital Adequacy Amount	$ 125,791
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Amount	94,343
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Amount	70,757
Tier 1 Capital to Total Assets, For Capital Adequacy Amount	$ 77,665
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	$ 157,238
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	125,791
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	102,205
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 97,082
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	$ 476,519	$ 184,689
Tier 1 Capital to Risk-Weighted Assets, Actual Amount	456,816	171,253
Common Equity Tier 1 Capital Ratio, Actual Amount	456,816	171,253
Tier 1 Capital to Total Assets, Actual Amount	$ 456,816	$ 171,253
Total Capital to Risk-Weighted Assets, Actual Ratio	0.3053	0.1723
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio	0.2926	0.1598
Common Equity Tier 1 Capital Ratio, Actual Ratio	0.2926	0.1598
Tier 1 Capital to Total Assets, Actual Ratio	0.2047	0.1091
Total Capital to Risk-Weighted Assets, For Capital Adequacy Amount	$ 124,883	$ 85,735
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Amount	93,662	64,301
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Amount	70,247	48,226
Tier 1 Capital to Total Assets, For Capital Adequacy Amount	$ 89,264	$ 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	$ 156,104	$ 107,168
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	124,883	85,735
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	101,468	69,659
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 111,580	$ 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 - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
HUD
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items]
Total Capital to Risk-Weighted Assets, Actual Amount	$ 1,000	$ 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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income Loss [Line Items]
Other comprehensive income (loss), net of tax	$ (16,404)	$ (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	(16,404)	(1,591)
Accumulated other comprehensive income (loss) ending balance	(17,860)	(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	$ (17,860)	$ (1,456)

- Definition

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

+ References

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Aggregate Loan Transactions with Related Parties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Beginning balance	$ 352	$ 424	$ 1,260
Beginning balance	5,631
Originations	6,418	10	197
Payments	(3,731)	(82)	(1,033)
Ending balance		352	$ 424
Ending balance	$ 8,318	$ 5,631

Transactions with Related Parties - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transactions [Abstract]
Deposits from officers and directors	$ 8.0	$ 6.2	$ 6.8

Parent Company Only Financial Statements - Schedule of Condensed Consolidated Statements of Financial Condition (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 54,360	$ 153,894
Other assets	13,988	20,132
Total assets	2,311,989	1,653,510
LIABILITIES AND STOCKHOLDERS' EQUITY
Stockholders' equity	492,700	189,256	$ 159,544	$ 158,402
Total liabilities and stockholders' equity	2,311,989	1,653,510
Ponce Bank Mutual Holding Company
ASSETS
Cash and cash equivalents	28,318	124,867
Investment in Ponce Bank	438,975	169,797
Investment in Mortgage World		5,406
Investment in Grain		1,000
Investment in Lending Front	1,000
Investment in Bamboo	2,500
Loan receivable - ESOP	14,377	4,455
Other assets	7,702	6,612
Total assets	492,872	312,137
LIABILITIES AND STOCKHOLDERS' EQUITY
Funds due to Ponce Financial		122,000
Other liabilities and accrued expenses	172	881
Stockholders' equity	492,700	189,256
Total liabilities and stockholders' equity	$ 492,872	$ 312,137

Parent Company Only Financial Statements - Schedule of Condensed Consolidated Statements of Income (Loss) (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
	Jan. 27, 2022	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Condensed Financial Statements Captions [Line Items]
Interest on other deposits										$ 6,473	$ 1,427	$ 2,174
Net interest income		$ 16,166	$ 17,611	$ 15,488	$ 17,338	$ 16,782	$ 15,440	$ 13,732	$ 12,892	66,603	58,846	41,970
Share-based compensation expense										1,567	1,405	1,403
Office occupancy and equipment										13,968	11,328	9,564
Professional fees										5,904	7,629	6,049
Contribution to the Ponce De Leon Foundation	$ 5,000									4,995
Other noninterest expenses										5,112	4,567	3,363
Total non-interest expense		15,765	25,416	16,567	28,074	15,854	14,732	13,641	12,915	85,822	57,142	47,539
(Loss) income before income taxes		(11,803)	(15,558)	283	(9,768)	19,224	3,370	7,846	3,184	(36,846)	33,624	5,235
Benefit for income taxes		(2,589)	(820)	(488)	(2,948)	4,245	1,318	1,914	732	(6,845)	8,209	1,382
Net (loss) income		$ (9,214)	$ (14,738)	$ 771	$ (6,820)	$ 14,979	$ 2,052	$ 5,932	$ 2,452	(30,001)	25,415	$ 3,853
Ponce Bank Mutual Holding Company
Condensed Financial Statements Captions [Line Items]
Interest on ESOP loan										302	142
Interest on other deposits										4	16
Net interest income										306	158
Share-based compensation expense										1,567	1,405
Management fee expense										504	514
Office occupancy and equipment										80	58
Professional fees										1,938	1,240
Contribution to the Ponce De Leon Foundation										4,995
Other noninterest expenses										1,086	72
Total non-interest expense										10,170	3,289
(Loss) income before income taxes										(9,864)	(3,131)
Benefit for income taxes										(2,009)	(381)
Equity in undistributed earnings of Ponce Bank and Mortgage World										(22,146)	28,165
Net (loss) income										$ (30,001)	$ 25,415

Parent Company Only Financial Statements - Schedule of Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flows From Operating Activities:
Net (loss) income	$ (9,214)	$ (14,738)	$ 771	$ (6,820)	$ 14,979	$ 2,052	$ 5,932	$ 2,452	$ (30,001)	$ 25,415	$ 3,853
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Deferred income tax									(7,939)	1,260	(932)
Share-based compensation expense									1,567	1,405	1,403
Decrease (increase) in other assets									(11,774)	(10,579)	(10,045)
Net increase (decrease) in other liabilities									(2,500)	(2,258)	7,354
Net cash provided by (used in) operating activities									9,799	18,553	(27,500)
Cash Flows From Investing Activities:
Net cash (used in) provided by investing activities									(777,061)	(211,139)	(204,601)
Cash Flows From Financing Activities:
Common stock issued from vesting of restricted stock units									2
Proceeds from issuance of preferred stock									225,000
Contribution to Ponce De Leon Foundation									(1,000)
Repurchase of treasury shares										(1,607)	(4,711)
Proceeds from the sale of treasury stock										4,743
Net cash provided by (used) in financing activities									667,728	274,402	276,502
Net (decrease) increase in cash and cash equivalents									(99,534)	81,816	44,401
Beginning				153,894				72,078	153,894	72,078	27,677
Ending	54,360				153,894				54,360	153,894	72,078
Ponce Bank Mutual Holding Company
Cash Flows From Operating Activities:
Net (loss) income									(30,001)	25,415
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in undistributed earnings of subsidiaries									22,146	(28,165)
Investment in Grain write-off									1,000
Deferred income tax									239	(1,381)
Share-based compensation expense									1,567	1,405
Decrease (increase) in other assets									(750)	(2,193)
Net increase (decrease) in other liabilities									992	366
Net cash provided by (used in) operating activities									(4,807)	(4,553)
Cash Flows From Investing Activities:
Investment in Grain										(500)
Investment in Lending Front									(1,000)
Investment in Bamboo									(2,500)
Investment in Ponce Bank									(302,322)
Loan to the ESOP									(10,974)
Repayment of ESOP Loan									1,052	1,014
Net cash (used in) provided by investing activities									(315,744)	514
Cash Flows From Financing Activities:
Funds due to Ponce Financial										122,000
Common stock issued from vesting of restricted stock units									2
Proceeds from issuance of preferred stock									225,000
Contribution to Ponce De Leon Foundation									(1,000)
Repurchase of treasury shares										(1,607)
Proceeds from the sale of treasury stock										4,743
Net cash provided by (used) in financing activities									224,002	125,136
Net (decrease) increase in cash and cash equivalents									(96,549)	121,097
Beginning				$ 124,867				$ 3,770	124,867	3,770
Ending	$ 28,318				$ 124,867				$ 28,318	$ 124,867	$ 3,770

Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Net interest income	$ 16,166	$ 17,611	$ 15,488	$ 17,338	$ 16,782	$ 15,440	$ 13,732	$ 12,892	$ 66,603	$ 58,846	$ 41,970
Provision for loan losses	12,641	9,330	817	1,258	873	572	586	686	24,046	2,717	2,443
Net interest income after provision for loan losses	3,525	8,281	14,671	16,080	15,909	14,868	13,146	12,206	42,557	56,129	39,527
Noninterest income	437	1,577	2,179	2,226	19,169	3,234	8,341	3,893	6,419	34,637	13,247
Noninterest expense	15,765	25,416	16,567	28,074	15,854	14,732	13,641	12,915	85,822	57,142	47,539
(Loss) income before income taxes	(11,803)	(15,558)	283	(9,768)	19,224	3,370	7,846	3,184	(36,846)	33,624	5,235
Provision (benefit) for income taxes	(2,589)	(820)	(488)	(2,948)	4,245	1,318	1,914	732	(6,845)	8,209	1,382
Net (loss) income	$ (9,214)	$ (14,738)	$ 771	$ (6,820)	$ 14,979	$ 2,052	$ 5,932	$ 2,452	$ (30,001)	$ 25,415	$ 3,853
Basic earnings (loss) per common share	$ (0.40)	$ (0.64)	$ 0.03	$ (0.31)	$ 0.90	$ 0.12	$ 0.35	$ 0.15	$ (1.32)	$ 1.52	$ 0.23
Diluted earnings (loss) per common share	$ (0.40)	$ (0.64)	$ 0.03	$ (0.31)	$ 0.89	$ 0.12	$ 0.35	$ 0.15	$ (1.32)	$ 1.51	$ 0.23
Basic weighted average common shares	23,168,097	23,094,859	23,056,559	21,721,113	16,864,929	16,823,731	16,737,037	16,548,196	22,690,943	16,744,561	16,673,193
Diluted weighted average common shares	23,168,097	23,094,859	23,128,911	21,721,113	16,924,785	16,914,833	16,773,606	16,548,196	22,690,943	16,791,443	16,682,584

Segment Reporting - Schedule of Segment Profit and Loss (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Interest expense									$ 16,149	$ 8,252	$ 11,369
Net interest income after provision for loan losses	$ 3,525	$ 8,281	$ 14,671	$ 16,080	$ 15,909	$ 14,868	$ 13,146	$ 12,206	42,557	56,129	39,527
Non-interest income:
Service charges and fees									1,830	1,657	892
Brokerage commissions									1,020	1,324	974
Late and prepayment charges									623	1,207	358
Gain on sale of mortgage loans									741	5,265	4,120
Loan origination									1,286	3,021	925
Other									1,355	1,893	1,801
Total non-interest income	437	1,577	2,179	2,226	19,169	3,234	8,341	3,893	6,419	34,637	13,247
Non-interest expense:
Compensation and benefits									27,914	23,262	22,053
Occupancy and equipment									13,968	11,328	9,564
Data processing expenses									3,779	3,015	2,137
Direct loan expenses									2,487	3,888	1,447
Insurance and surety bond premiums									870	585	553
Office supplies, telephone and postage									1,555	2,054	1,399
Professional fees									5,904	7,629	6,049
Marketing and promotional expenses									593	206	488
Directors fees									368	285	276
Other operating expenses									5,112	4,567	3,363
Total non-interest expense	15,765	25,416	16,567	28,074	15,854	14,732	13,641	12,915	85,822	57,142	47,539
(Loss) income before income taxes	(11,803)	(15,558)	283	(9,768)	19,224	3,370	7,846	3,184	(36,846)	33,624	5,235
(Benefit) provision for income taxes (Note 10)	(2,589)	$ (820)	$ (488)	$ (2,948)	4,245	$ 1,318	$ 1,914	$ 732	(6,845)	8,209	$ 1,382
Total assets	$ 2,311,989				$ 1,653,510				$ 2,311,989	$ 1,653,510

Fair Value - Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 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	$ 2,000
Available-for-sale securities measure at fair value on recurring basis	20	$ 200
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	131,506	129,354
Available-for-sale securities measure at fair value on recurring basis	1,979	15,836
Available-for-sale securities measure at fair value on recurring basis	22	172
Fair Value Measurement Recurring \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities measure at fair value on recurring basis	3,419
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	128,065	124,253
Available-for-sale securities measure at fair value on recurring basis	1,979	15,836
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	22	5,101
Available-for-sale securities measure at fair value on recurring basis	22	172
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	2,689	2,934
U.S. Government Bonds \| Fair Value Measurement Recurring \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities measure at fair value on recurring basis	2,689
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		2,934
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	23,359	21,184
Corporate Bonds \| Fair Value Measurement Recurring \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities measure at fair value on recurring basis	730
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	22,629	16,255
Corporate Bonds \| 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		4,929
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	55,928	70,699
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	55,928	70,699
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	118	181
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	118	181
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	37,777	18,348
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	37,777	$ 18,348
FHLMC 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	9,634
FHLMC 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	$ 9,634