0000950170-24-123404 | 10-Q | XBRL Viewer | Ponce Financial Group INC

Note 8. Borrowings

The Bank had outstanding term advances from the FHLBNY at September 30, 2024 and the FHLBNY and the FRBNY at December 31, 2023 as indicated below.

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

The Bank had $580.4 million and $380.4 million of outstanding term advances from the FHLBNY at September 30, 2024 and December 31, 2023, respectively. The Bank had no overnight line of credit advance from the FHLBNY at September 30, 2024 and December 31, 2023.

FRBNY Advances: The Bank had no term advances outstanding from the FRBNY at September 30, 2024. The Bank had $304.0 million of outstanding term advances from the FRBNY at December 31, 2023.

Borrowed funds at September 30, 2024 and December 31, 2023 consist of the following and are summarized by maturity and call date below:


	September 30,							December 31,
	2024							2023
	Scheduled Maturity		Redeemable at Call Date		Weighted Average Rate			Scheduled Maturity		Redeemable at Call Date		Weighted Average Rate
	(Dollars in thousands)
Term advances ending:
2024	$	59,321	$	59,321		4.00	%	$	363,321	$	363,321		4.55	%
2025		50,000		50,000		4.41			50,000		50,000		4.41
2026		200,000		200,000		4.25			—		—		—
2027		212,000		212,000		3.44			212,000		212,000		3.44
2028		9,100		9,100		3.84			9,100		9,100		3.84
Thereafter		50,000		50,000		3.35			50,000		50,000		3.35
	$	580,421	$	580,421		3.86	%	$	684,421	$	684,421		4.10	%

Interest expense on advances totaled $6.8 million and $7.0 million for the three months ended September 30, 2024 and 2023 and $21.9 million and $18.5 million for the nine months ended September 30, 2024 and 2023, respectively.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Securities - Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Securities (Details) - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

Dec. 31, 2022

$ 127,125

$ 139,781

(16,120)

(19,879)

111,005

119,902

Amortized Cost, after Allowance for Credit Loss

461,748

403,736

461,748

629

270

(5,749)

(12,374)

398,823

450,042

(207)

(398)

$ 0

U.S. Government Bonds

2,993

2,990

(124)

(206)

2,869

2,784

US Agency Bonds

25,000

(49)

(181)

24,951

24,819

Corporate Bonds

21,766

25,790

(1,438)

(2,122)

20,328

23,668

57,500

82,500

(618)

(2,691)

Collateralized Mortgage Obligations

56,882

79,809

35,620

^[1]

39,375

^[2]

(4,976)

^[1]

(6,227)

^[2]

30,644

^[1]

33,148

^[2]

193,440

^[1]

212,093

^[2]

454

^[1]

104

^[2]

(2,946)

^[1]

(5,170)

^[2]

190,948

^[1]

207,027

^[2]

FHLMC Certificates

9,310

10,163

(1,119)

(1,482)

8,191

8,681

3,441

3,897

(169)

(244)

3,272

3,653

FNMA Certificates

57,345

61,359

(8,463)

(9,842)

48,882

51,517

108,577

118,944

(1,967)

(4,088)

106,632

114,856

GNMA Certificates

104

104

SBA Certificates

15,985

19,712

153

166

Receivable, Held-for-Sale [Abstract]

$ 16,138

$ 19,878

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

Deposits - Scheduled Maturities of Certificates of Deposit (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Banking And Thrifts [Abstract]
2024	$ 329,489
2025	321,575
2026	49,968
2027	46,753
2028	3,219
Thereafter	1,883
Total certificates of deposit	$ 752,887	$ 600,826

Mortgage Loans Held for Sale

9 Months Ended

Sep. 30, 2024

Mortgage Loans Held for Sale

Note 4. Mortgage Loans Held for Sale

The following table provides the fair value and contractual principal balance outstanding of loans held for sale accounted for under the fair value options:


	September 30,		December 31,
	2024		2023
	(in thousands)
Mortgage loans held for sale, at fair value	$	9,566	$	9,980
Mortgage loans held for sale, contractual principal outstanding		9,517		9,864
Fair value less unpaid principal balance	$	49	$	116

At September 30, 2024 and December 31, 2023, the Company had 15 loans and 19 loans in the amount of $9.6 million and $10.0 million, respectively, that were classified as held for sale and accounted for under the fair value option accounting guidance for financial assets and financial liabilities.

At September 30, 2024 and December 31, 2023, there were $5.2 million and $4.4 million, respectively, in loans held for sale that were greater than 90 days past due and non-accrual with a substandard risk rating.

Loans Receivable and Allowance for Credit Losses - Composition of Allowance for Loan Losses and Related Recorded Investment in Loans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period	$ 24,061	$ 28,173	$ 26,154	$ 34,592	$ 34,592
Provision (benefit) charged to expense	801	750	426	1,363	1,237
Impact of CECL adoption				(3,090)	(3,090)
Charge-offs	(1,091)	(1,592)	(3,192)	(6,092)	(7,290)
Recoveries	195	83	578	641	705
Balance, end of period	23,966	27,414	23,966	27,414	26,154
Ending balance: individually evaluated for impairment	180	275	180	275	233
Ending balance: collectively evaluated for impairment	23,786	27,139	23,786	27,139	25,921
Ending balance: individually evaluated for impairment	11,975	9,396	11,975	9,396	12,726
Ending balance: collectively evaluated for impairment	2,190,757	1,804,933	2,190,757	1,804,933	1,908,846
Total	2,202,732	1,814,329	2,202,732	1,814,329	1,921,572
1-4 Family Investor Owned
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period	4,188	4,776	4,415	3,863	3,863
Provision (benefit) charged to expense		(114)	(227)	33	(214)
Impact of CECL adoption				766	766
Balance, end of period	4,188	4,662	4,188	4,662	4,415
Ending balance: collectively evaluated for impairment	4,188	4,662	4,188	4,662	4,415
Ending balance: individually evaluated for impairment	436	396	436	396	793
Ending balance: collectively evaluated for impairment	331,944	346,686	331,944	346,686	342,896
Total	332,380	347,082	332,380	347,082	343,689
1-4 Family Owner-Occupied
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period	1,946	2,152	2,012	1,723	1,723
Provision (benefit) charged to expense	(119)	(26)	(185)	257	143
Impact of CECL adoption				146	146
Balance, end of period	1,827	2,126	1,827	2,126	2,012
Ending balance: individually evaluated for impairment		71		71	72
Ending balance: collectively evaluated for impairment	1,827	2,055	1,827	2,055	1,940
Ending balance: individually evaluated for impairment	1,867	2,134	1,867	2,134	2,130
Ending balance: collectively evaluated for impairment	143,198	149,732	143,198	149,732	150,181
Total	145,065	151,866	145,065	151,866	152,311
Multifamily
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period	4,185	4,738	4,365	8,021	8,021
Provision (benefit) charged to expense	482	(26)	302	653	306
Impact of CECL adoption				(3,962)	(3,962)
Balance, end of period	4,667	4,712	4,667	4,712	4,365
Ending balance: collectively evaluated for impairment	4,667	4,712	4,667	4,712	4,365
Ending balance: individually evaluated for impairment	4,685		4,685		2,979
Ending balance: collectively evaluated for impairment	673,344	553,694	673,344	553,694	547,580
Total	678,029	553,694	678,029	553,694	550,559
Nonresidential
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period	2,297	3,238	3,176	2,724	2,724
Provision (benefit) charged to expense	844	44	(35)	(20)	(126)
Impact of CECL adoption				578	578
Charge-offs	(7)		(7)
Balance, end of period	3,134	3,282	3,134	3,282	3,176
Ending balance: collectively evaluated for impairment	3,134	3,282	3,134	3,282	3,176
Ending balance: collectively evaluated for impairment	383,277	321,472	383,277	321,472	342,343
Total	383,277	321,472	383,277	321,472	342,343
Construction and Land
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period	6,796	3,189	4,807	2,683	2,683
Provision (benefit) charged to expense	21	859	2,010	2,276	3,035
Impact of CECL adoption				(911)	(911)
Balance, end of period	6,817	4,048	6,817	4,048	4,807
Ending balance: collectively evaluated for impairment	6,817	4,048	6,817	4,048	4,807
Ending balance: individually evaluated for impairment	4,807	6,657	4,807	6,657	6,659
Ending balance: collectively evaluated for impairment	626,654	404,726	626,654	404,726	497,266
Total	631,461	411,383	631,461	411,383	503,925
Business Loans
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period	987	450	531	120	120
Provision (benefit) charged to expense	183	99	683	193	235
Impact of CECL adoption				236	236
Charge-offs	(450)		(502)		(63)
Recoveries	1	3	9	3	3
Balance, end of period	721	552	721	552	531
Ending balance: individually evaluated for impairment	180	204	180	204	161
Ending balance: collectively evaluated for impairment	541	348	541	348	370
Ending balance: individually evaluated for impairment	180	209	180	209	165
Ending balance: collectively evaluated for impairment	28,319	18,207	28,319	18,207	19,614
Total	28,499	18,416	28,499	18,416	19,779
Consumer
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period	3,662	9,630	6,848	15,458	15,458
Provision (benefit) charged to expense	(610)	(86)	(2,122)	(2,029)	(2,142)
Impact of CECL adoption				57	57
Charge-offs	(634)	(1,592)	(2,683)	(6,092)	(7,227)
Recoveries	194	80	569	638	702
Balance, end of period	2,612	8,032	2,612	8,032	6,848
Ending balance: collectively evaluated for impairment	2,612	8,032	2,612	8,032	6,848
Ending balance: collectively evaluated for impairment	4,021	10,416	4,021	10,416	8,966
Total	$ 4,021	$ 10,416	$ 4,021	$ 10,416	$ 8,966

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Summary of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:


	September 30,			December 31,
	2024			2023
	(Dollars in thousands)
Operating lease ROU assets	$	29,785		$	31,272
Operating lease liabilities		31,343			32,684
Weighted-average remaining lease term-operating leases	12.0 years			12.6 years
Weighted average discount rate-operating leases		4.9	%		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 Three Months Ended				For the Nine Months Ended
		September 30,				September 30,
		2024		2023		2024		2023
		(Dollars in thousands)
Lease Cost
Operating lease cost	Occupancy and equipment	$	1,035	$	1,029	$	3,082	$	3,123
Operating lease cost	Other operating expenses		2		4		24		14
Short-term lease cost	Other operating expenses		7		5		17		15
Variable lease cost	Occupancy and equipment		46		32		122		94
Total lease cost		$	1,090	$	1,070	$	3,245	$	3,246

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 September 30, 2024:


	Minimum Rental
Years ended December 31:	(in thousands)
Remainder of 2024	$	981
2025		3,864
2026		3,716
2027		3,561
2028		3,594
Thereafter		25,474
Total Minimum payments required		41,190
Less: implied interest		9,847
Present value of lease liabilities	$	31,343

Securities (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30, 2024 and December 31, 2023 are summarized as follows:


	September 30, 2024
				Gross		Gross
	Amortized			Unrealized		Unrealized
	Cost			Gains		Losses			Fair Value
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds	$	2,993		$	—	$	(124	)	$	2,869
Corporate Bonds		21,766			—		(1,438	)		20,328
Mortgage-Backed Securities:
Collateralized Mortgage Obligations (1)		35,620			—		(4,976	)		30,644
FHLMC Certificates		9,310			—		(1,119	)		8,191
FNMA Certificates		57,345			—		(8,463	)		48,882
GNMA Certificates		91			—		—			91
Total available-for-sale securities	$	127,125		$	—	$	(16,120	)	$	111,005

Held-to-Maturity Securities:
U.S. Agency Bonds	$	25,000		$	—	$	(49	)	$	24,951
Corporate Bonds		57,500			—		(618	)		56,882
Mortgage-Backed Securities:
Collateralized Mortgage Obligations (1)		193,440			454		(2,946	)		190,948
FHLMC Certificates		3,441			—		(169	)		3,272
FNMA Certificates		108,577			22		(1,967	)		106,632
SBA Certificates		15,985			153		—			16,138
Allowance for Credit Losses		(207	)		—		—			—
Total held-to-maturity securities	$	403,736		$	629	$	(5,749	)	$	398,823

(1)

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


	December 31, 2023
				Gross		Gross
	Amortized			Unrealized		Unrealized
	Cost			Gains		Losses			Fair Value
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds	$	2,990		$	—	$	(206	)	$	2,784
Corporate Bonds		25,790			—		(2,122	)		23,668
Mortgage-Backed Securities:
Collateralized Mortgage Obligations (1)		39,375			—		(6,227	)		33,148
FHLMC Certificates		10,163			—		(1,482	)		8,681
FNMA Certificates		61,359			—		(9,842	)		51,517
GNMA Certificates		104			—		—			104
Total available-for-sale securities	$	139,781		$	—	$	(19,879	)	$	119,902

Held-to-Maturity Securities:
U.S. Agency Bonds	$	25,000		$	—	$	(181	)	$	24,819
Corporate Bonds		82,500			—		(2,691	)		79,809
Mortgage-Backed Securities:
Collateralized Mortgage Obligations (1)		212,093			104		(5,170	)		207,027
FHLMC Certificates		3,897			—		(244	)		3,653
FNMA Certificates		118,944			—		(4,088	)		114,856
SBA Certificates		19,712			166		—			19,878
Allowance for Credit Losses		(398	)		—		—			—
Total held-to-maturity securities	$	461,748		$	270	$	(12,374	)	$	450,042

(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

The following table presents the Company's gross unrealized losses and fair values of its securities, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at September 30, 2024 and December 31, 2023:


	September 30, 2024
	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	$	—	$	—	$	2,869	$	(124	)	$	2,869	$	(124	)
Corporate Bonds		—		—		20,328		(1,438	)		20,328		(1,438	)
Mortgage-Backed Securities:
Collateralized Mortgage Obligations		—		—		30,644		(4,976	)		30,644		(4,976	)
FHLMC Certificates		—		—		8,191		(1,119	)		8,191		(1,119	)
FNMA Certificates		—		—		48,882		(8,463	)		48,882		(8,463	)
Total available-for-sale securities	$	—	$	—	$	110,914	$	(16,120	)	$	110,914	$	(16,120	)
Held-to-Maturity Securities:
U.S. Agency Bonds	$	—	$	—	$	24,951	$	(49	)	$	24,951	$	(49	)
Corporate Bonds		—		—		56,882		(618	)		56,882		(618	)
Mortgage-Backed Securities:
Collateralized Mortgage Obligations		—		—		104,328		(2,946	)		104,328		(2,946	)
FHLMC Certificates		—		—		3,272		(169	)		3,272		(169	)
FNMA Certificates		—		—		101,622		(1,967	)		101,622		(1,967	)
Total held-to-maturity securities	$	—	$	—	$	291,055	$	(5,749	)	$	291,055	$	(5,749	)


	December 31, 2023
	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	$	—	$	—		$	2,784	$	(206	)	$	2,784	$	(206	)
Corporate Bonds		—		—			23,668		(2,122	)		23,668		(2,122	)
Mortgage-Backed Securities:
Collateralized Mortgage Obligations		—		—			33,148		(6,227	)		33,148		(6,227	)
FHLMC Certificates		—		—			8,681		(1,482	)		8,681		(1,482	)
FNMA Certificates		—		—			51,517		(9,842	)		51,517		(9,842	)
GNMA Certificates		—		—			—		—			—		—
Total available-for-sale securities	$	—	$	—		$	119,798	$	(19,879	)	$	119,798	$	(19,879	)
Held-to-Maturity Securities:
U.S. Agency Bonds	$	—	$	—		$	24,819	$	(181	)	$	24,819	$	(181	)
Corporate Bonds		3,288		(212	)		76,521		(2,479	)		79,809		(2,691	)
Mortgage-Backed Securities:
Collateralized Mortgage Obligations		81,875		(725	)		112,339		(4,445	)		194,214		(5,170	)
FHLMC Certificates		—		—			3,653		(244	)		3,653		(244	)
FNMA Certificates		—		—			114,856		(4,088	)		114,856		(4,088	)
Total held-to-maturity securities	$	85,163	$	(937	)	$	332,188	$	(11,437	)	$	417,351	$	(12,374	)

Summary of Maturities of Securities

The following is a summary of maturities of securities at September 30, 2024 and December 31, 2023. 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.


	September 30, 2024
	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		2,993			2,869
More than five years through ten years		—			—
		2,993			2,869
Corporate Bonds:
Amounts maturing:
Three months or less	$	—		$	—
More than three months through one year		—			—
More than one year through five years		2,000			1,340
More than five years through ten years		19,765			18,988
		21,765			20,328
Mortgage-Backed Securities		102,367			87,808
Total available-for-sale securities	$	127,125		$	111,005
Held-to-Maturity Securities:
U.S. Agency Bonds:
Amounts maturing:
Three months or less	$	—		$	—
More than three months through one year		25,000			24,951
More than one year through five years		—			—
More than five years through ten years		—			—
		25,000			24,951
Corporate Bonds:
Amounts maturing:
Three months or less	$	25,000		$	24,939
More than three months through one year		10,000			9,935
More than one year through five years		15,000			14,988
More than five years through ten years		7,500			7,020
		57,500			56,882
Mortgage-Backed Securities		321,443			316,990
Allowance for Credit Losses		(207	)		—
Total held-to-maturity securities	$	403,736		$	398,823


	December 31, 2023
	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		2,990			2,784
More than five years through ten years		—			—
		2,990			2,784
Corporate Bonds:
Amounts maturing:
Three months or less	$	—		$	—
More than three months through one year		4,000			3,863
More than one year through five years		1,000			536
More than five years through ten years		20,790			19,269
		25,790			23,668
Mortgage-Backed Securities		111,001			93,450
Total available-for-sale securities	$	139,781		$	119,902
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		25,000			24,819
More than five years through ten years		—			—
		25,000			24,819
Corporate Bonds:
Amounts maturing:
Three months or less	$	—		$	—
More than three months through one year		25,000			24,650
More than one year through five years		50,000			48,265
More than five years through ten years		7,500			6,894
		82,500			79,809
Mortgage-Backed Securities		354,646			345,414
Allowance for Credit Losses		(398	)		—
Total held-to-maturity securities	$	461,748		$	450,042

Schedule of Activity in Allowance for Credit Losses for Held-to-maturity Securities

The following table presents the activity in the allowance for credit losses for held-to-maturity securities:


	For the Nine
	Months Ended			For the Year Ended
	September 30, 2024			December 31, 2023
	(in thousands)
Allowance for credit losses on securities at beginning of period	$	398		$	—
Impact on CECL adoption		—			662
Benefit for credit losses		(191	)		(264	)
Allowance for credit losses on securities at end of period	$	207		$	398

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,433	$ 3,192	$ 2,414	$ 2,590	$ (87)	$ 331	$ 8,039	$ 2,834

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

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Commitments and Contingencies Disclosure [Abstract]

Fair Value - Estimated Fair Values of Financial Instruments (Parenthetical) (Details) $ in Millions	Dec. 31, 2023 USD ($)
Fair Value Disclosures [Abstract]
Amount reclassified from demand deposits to interest bearing deposits	$ 58.2

Securities - Summary of Maturities of Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Available-for-Sale Securities:
Available-for-Sale Securities, Amortized Cost	$ 127,125	$ 139,781
Available-for-sale securities, at fair value	111,005	119,902
Held-to-Maturity Securities:
Held To Maturity Securities, Amortized Cost		461,748
Allowance for Credit Losses	(207)	(398)
Held To Maturity Securities, Amortized Cost, After Allowance for Credit Losses	403,736
Held-to-maturity securities, at amortized cost ,fair value	398,823	450,042
Corporate Bonds
Available-for-Sale Securities:
Available-for-Sale Securities After three months through one year, Amortized Cost		4,000
Available-for-Sale Securities After one year through five years, Amortized Cost	2,000	1,000
Available-for-Sale Securities After five years through ten years, Amortized Cost	19,765	20,790
Available-for-Sale Securities, Amortized Cost	21,766	25,790
Available-for-Sale Securities, Amortized Cost	21,765
Available-for-Sale Securities After three months through one year, Fair Value		3,863
Available-for-Sale Securities After one year through five years, Fair Value	1,340	536
Available-for-Sale Securities After five years through ten years, Fair Value	18,988	19,269
Available-for-sale securities, at fair value	20,328	23,668
Held-to-Maturity Securities:
Held-to-Maturity Securities, Three months or less, Amortized Cost	25,000
Held-to-Maturity Securities, More than three months through one year, Amortized Cost	10,000	25,000
Held-to-Maturity Securities, More than one year through five years, Amortized Cost	15,000	50,000
Held-to-Maturity Securities, More than five years through ten years, Amortized Cost	7,500	7,500
Held To Maturity Securities, Amortized Cost	57,500	82,500
Held-to-Maturity Securities, Three months or less, Fair Value	24,939
Held-to-Maturity Securities, More than three months through one year, Fair Value	9,935	24,650
Held-to-Maturity Securities, More than one year through five years, Fair Value	14,988	48,265
Held-to-Maturity Securities, More than five years through ten years, Fair Value	7,020	6,894
Held-to-maturity securities, at amortized cost ,fair value	56,882	79,809
U.S. Government Bonds
Available-for-Sale Securities:
Available-for-Sale Securities After one year through five years, Amortized Cost	2,993	2,990
Available-for-Sale Securities, Amortized Cost	2,993	2,990
Available-for-Sale Securities After one year through five years, Fair Value	2,869	2,784
Available-for-sale securities, at fair value	2,869	2,784
Mortgage-Backed Securities
Available-for-Sale Securities:
Available-for-Sale Securities, Amortized Cost	102,367	111,001
Available-for-sale securities, at fair value	87,808	93,450
Held-to-Maturity Securities:
Held To Maturity Securities, Amortized Cost	321,443	354,646
Held-to-maturity securities, at amortized cost ,fair value	316,990	345,414
US Agency Bonds
Held-to-Maturity Securities:
Held-to-Maturity Securities, More than three months through one year, Amortized Cost	25,000
Held-to-Maturity Securities, More than one year through five years, Amortized Cost		25,000
Held To Maturity Securities, Amortized Cost	25,000	25,000
Held-to-Maturity Securities, More than three months through one year, Fair Value	24,951
Held-to-Maturity Securities, More than one year through five years, Fair Value		24,819
Held-to-maturity securities, at amortized cost ,fair value	$ 24,951	$ 24,819

Leases - Summary of Lease Expense and Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lessee, Lease, Description [Line Items]
Total lease cost	$ 1,090	$ 1,070	$ 3,245	$ 3,246
Occupancy and equipment
Lessee, Lease, Description [Line Items]
Operating lease cost	1,035	1,029	3,082	3,123
Variable lease cost	46	32	122	94
Other operating expenses
Lessee, Lease, Description [Line Items]
Operating lease cost	2	4	24	14
Short-term lease cost	$ 7	$ 5	$ 17	$ 15

Commitments, Contingencies and Credit Risk (Tables)

9 Months Ended

Sep. 30, 2024

Financial Instruments Whose Contractual Amounts Represent Credit Risk

Financial instruments whose contractual amounts represent credit risk at September 30, 2024 and December 31, 2023 are as follows:


	September 30,		December 31,
	2024		2023
	(in thousands)
Commitments to grant mortgage loans	$	427,648	$	529,768
Unfunded commitments under lines of credit		58,855		61,739
	$	486,503	$	591,507

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.

Receivable, Held-for-Sale [Abstract]

Securities - Additional Information (Details)	9 Months Ended	12 Months Ended
Securities - Additional Information (Details)	Sep. 30, 2024 USD ($) Security	Dec. 31, 2023 USD ($) Security
Schedule Of Available For Sale Securities [Line Items]
Available For Sale Securities \| Security	39	40
Held to maturity \| Security	32	33
Number of securities were pledged \| Security	0
Sale of Held - to maturity Securities	$ 0	$ 0
Sale of available-for-sale securities	$ 0	$ 0
Number of available-for-sale securities matured or called \| Security	1
Number of held to maturity securities matured or called \| Security	1	1
Available-for-sale securities matured	$ 4,000,000
Held-to-maturity securities matured	25,000,000	$ 10,000,000
Purchases of available-for-sale securities	0	0
Purchases of Held-to-maturity securities	$ 0	$ 0
Number of available-for-sale securities with unrealized loss positions \| Security	38	40
Number of held-to-maturity securities with unrealized loss positions \| Security	24	31
Held-to-maturity securities, at amortized cost, net	$ 403,736,000	$ 461,748,000
Available-for-sale securities, at fair value	$ 111,005,000	119,902,000
Federal Reserve Bank of New York (FRBNY)
Schedule Of Available For Sale Securities [Line Items]
Held-to-maturity securities, at amortized cost, net		$ 193,300,000
Number of held-to-maturity securities \| Security		17
Number of available-for-sale securities \| Security		26
Available for sale securities fair value		$ 93,300,000

Mortgage Loans Held for Sale (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of mortgage loans held for sale fair value and contractual principal balance

The following table provides the fair value and contractual principal balance outstanding of loans held for sale accounted for under the fair value options:


	September 30,		December 31,
	2024		2023
	(in thousands)
Mortgage loans held for sale, at fair value	$	9,566	$	9,980
Mortgage loans held for sale, contractual principal outstanding		9,517		9,864
Fair value less unpaid principal balance	$	49	$	116

Preferred Stock

9 Months Ended

Sep. 30, 2024

Preferred Stock [Abstract]

Preferred Stock

Note 2. Preferred Stock

Preferred Stock

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%, based on achievement of certain qualified lending targets. After 10 years of issuance, the perpetual dividend rate in effect, will be determined based on said floor and ceiling.

The Company began paying dividends on its Preferred Stock during the quarter ended June 30, 2024, as required by the terms thereof. The Company paid and accrued dividends on its preferred stock in the amount of $0.3 million and $0.4 million for the three and nine months ended September 30, 2024. The Bank exceeded the dividend rate reduction threshold for qualified lending targets designated by the U.S. Treasury Department pursuant to the ECIP. The Bank's “qualified lending” as measured pursuant to ECIP totaled $1.162 billion from June 8, 2023 through March 31, 2024. This reduces the dividend obligation on the Preferred Stock to 0.50% for the quarterly dividends payable through June 15, 2025.

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.

Deposits (Tables)

9 Months Ended

Sep. 30, 2024

Banking And Thrifts [Abstract]

Summarized Deposits

Deposits at September 30, 2024 and December 31, 2023 are summarized as follows:


	September 30,		December 31,
	2024		2023
	(in thousands)
Demand (1)	$	182,737	$	185,151
Interest-bearing deposits:
NOW/IOLA accounts (1)		71,445		77,909
Money market accounts		660,168		432,735
Reciprocal deposits		94,145		96,860
Savings accounts		108,941		114,139
Total NOW, money market, reciprocal and savings		934,699		721,643
Certificates of deposit of $250K or more		174,053		132,153
Brokered certificates of deposits (2)		94,531		98,729
Listing service deposits (2)		7,376		14,433
Certificates of deposit less than $250K		476,927		355,511
Total certificates of deposit		752,887		600,826
Total interest-bearing deposits		1,687,586		1,322,469
Total deposits	$	1,870,323	$	1,507,620

(1)

As of December 31, 2023, $58.2 million were reclassified from demand to NOW/IOLA accounts.

(2)

Scheduled Maturities of Certificates of Deposit

At September 30, 2024 scheduled maturities of certificates of deposit were as follows:


	(in thousands)
2024	$	329,489
2025		321,575
2026		49,968
2027		46,753
2028		3,219
Thereafter		1,883
	$	752,887

Tabular disclosure of type of deposit liability.

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

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

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

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph a
-Subparagraph (5)
-Publisher SEC

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph a
-Subparagraph (4)
-Publisher SEC

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph a
-Subparagraph (3)
-Publisher SEC

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

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph a
-Subparagraph (1)
-Publisher SEC

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

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph f
-Subparagraph (1)
-Publisher SEC

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

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph f
-Subparagraph (2)(i)
-Publisher SEC

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

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph f
-Subparagraph (2)(iii)
-Publisher SEC

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph f
-Subparagraph (2)(ii)
-Publisher SEC

Financing Receivable Recorded Investment Past Due [Line Items]

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

Sep. 30, 2024

Jun. 30, 2024

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Dec. 31, 2022

Net deferred loan origination costs

$ 2,202,732

$ 1,921,572

$ 1,814,329

1,565

468

(23,966)

$ (24,061)

(26,154)

(27,414)

$ (28,173)

$ (34,592)

1-4 Family Residential Investor Owned

2,180,331

1,895,886

Financing Receivable Recorded Investment Past Due [Line Items]

332,380

343,689

347,082

1-4 Family Residential Owner-Occupied

(4,188)

(4,415)

(4,662)

(4,776)

(3,863)

Financing Receivable Recorded Investment Past Due [Line Items]

145,065

152,311

151,866

Financing Receivable Recorded Investment Past Due [Line Items]

(1,827)

(1,946)

(2,012)

(2,126)

(2,152)

(1,723)

Multifamily Residential

678,029

550,559

553,694

Nonresidential Properties

(4,667)

(4,185)

(4,365)

(4,712)

(4,738)

(8,021)

Financing Receivable Recorded Investment Past Due [Line Items]

383,277

342,343

321,472

Financing Receivable Recorded Investment Past Due [Line Items]

(3,134)

(2,297)

(3,176)

(3,282)

(3,238)

(2,724)

Construction and Land

631,461

503,925

411,383

Financing Receivable Recorded Investment Past Due [Line Items]

(6,817)

(6,796)

(4,807)

(4,048)

(3,189)

(2,683)

Business Loans

28,499

19,779

18,416

Financing Receivable Recorded Investment Past Due [Line Items]

(721)

(987)

(531)

(552)

(450)

(120)

Consumer Loans

4,021

8,966

10,416

Financing Receivable Recorded Investment Past Due [Line Items]

(2,612)

$ (3,662)

(6,848)

$ (8,032)

$ (9,630)

$ (15,458)

Mortgage Loans

Mortgage Loans | 1-4 Family Residential Investor Owned

2,170,212

1,892,827

Financing Receivable Recorded Investment Past Due [Line Items]

Mortgage Loans | 1-4 Family Residential Owner-Occupied

332,380

343,689

Financing Receivable Recorded Investment Past Due [Line Items]

Mortgage Loans | Multifamily Residential

145,065

152,311

Financing Receivable Recorded Investment Past Due [Line Items]

Mortgage Loans | Nonresidential Properties

678,029

550,559

Financing Receivable Recorded Investment Past Due [Line Items]

Mortgage Loans | Construction and Land

383,277

342,343

Financing Receivable Recorded Investment Past Due [Line Items]

Financing Receivable Recorded Investment Past Due [Line Items]

631,461

503,925

Non-mortgage Loans

Non-mortgage Loans | Business Loans

32,520

28,745

Financing Receivable Recorded Investment Past Due [Line Items]

Non-mortgage Loans | Consumer Loans

28,499

19,779

Financing Receivable Recorded Investment Past Due [Line Items]

^[1]

$ 4,021

$ 8,966

[1]	As of September 30, 2024 and December 31, 2023, consumer loans include $3.0 million and $8.0 million, respectively, of microloans.

Leases - Additional Information (Details)	9 Months Ended
Leases - Additional Information (Details)	Sep. 30, 2024 Lease
Lessee, Lease, Description [Line Items]
Operating lease, description	Our leases have remaining lease terms ranging from less than one year to approximately 14.3 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
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	14 years 3 months 18 days
Branches and Office Spaces
Lessee, Lease, Description [Line Items]
Number of operating leases	17
Equipment
Lessee, Lease, Description [Line Items]
Number of operating leases	6

Fair Value

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Note 12. 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, Placement with Banks, Accrued Interest Receivable, Advance Payments by Borrowers for Taxes and Insurance, and Accrued Interest Payable: The carrying amount is a reasonable estimate of fair value. These assets and liabilities are not recorded at fair value on a recurring basis.

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

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

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

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

Under the fair value option, management has elected, on an instrument-by-instrument basis, fair value for substantially all forms of mortgage loans originated for sale on a recurring basis. As of September 30, 2024, the fair value carrying amount of mortgages held for sale measured under the fair value option was $9.6 million and the aggregate unpaid principal amounted to $9.5 million.

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

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

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

Derivatives: The Company works directly with a third-party vendor to provide periodic valuations for its interest-rate risk-management agreements to determine fair value of its interest rate swaps executed for interest-rate risk management. The vendor utilizes standard valuation methodologies applicable to interest rate derivatives based on readily observable market data and are therefore considered Level 2 valuations.

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

The following tables detail the assets that are carried at fair value and measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023, and indicate the level within the fair value hierarchy utilized to determine the fair value:


			September 30, 2024
Description	Total		Level 1		Level 2		Level 3
	(in thousands)
Available-for-Sale Securities, at fair value:
U.S. Government Bonds	$	2,869	$	2,869	$	—	$	—
Corporate bonds		20,328		—		20,328		—
Mortgage-Backed Securities:
Collateralized Mortgage Obligations		30,644		—		30,644		—
FHLMC Certificates		8,191		—		8,191		—
FNMA Certificates		48,882		—		48,882		—
GNMA Certificates		91		—		91		—
Mortgage Loans Held for Sale, at fair value		9,566		—		9,566		—
Interest rate swap		4,352		—		4,352		—
	$	124,923	$	2,869	$	122,054	$	—


			December 31, 2023
Description	Total		Level 1		Level 2		Level 3
	(in thousands)
Available-for-Sale Securities, at fair value:
U.S. Government Bonds	$	2,784	$	2,784	$	—	$	—
Corporate bonds		23,668		536		23,132		—
Mortgage-Backed Securities:
Collateralized Mortgage Obligations		33,148		—		33,148		—
FHLMC Certificates		8,681		—		8,681		—
FNMA Certificates		51,517		—		51,517		—
GNMA Certificates		104		—		104		—
Mortgage Loans Held for Sale, at fair value		9,980		—		9,980		—
Interest rate swap		4,435		—		4,435		—
	$	134,317	$	3,320	$	130,997	$	—

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 September 30, 2024 and December 31, 2023 and indicate the fair value hierarchy utilized to determine the fair value:


	September 30, 2024
	Total		Level 1		Level 2		Level 3
	(in thousands)
Impaired loans	$	11,975	$	—	$	—	$	11,975


	December 31, 2023
	Total		Level 1		Level 2		Level 3
	(in thousands)
Impaired loans	$	12,726	$	—	$	—	$	12,726

Losses on assets carried at fair value on a nonrecurring basis were de minimis for the three and nine months ended September 30, 2024 and 2023, respectively.

As of September 30, 2024 and December 31, 2023, 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)
September 30, 2024
Financial assets:
Cash and cash equivalents	$	155,812	$	155,812	$	—	$	—	$	155,812
Available-for-sale securities, at fair value		111,005		2,869		108,136		—		111,005
Held-to-maturity securities, at amortized cost, net		403,736		—		398,823		—		398,823
Placement with banks		249		—		249		—		249
Mortgage loans held for sale, at fair value		9,566		—		9,566		—		9,566
Loans receivable, net		2,180,331		—		—		2,153,077		2,153,077
Accrued interest receivable		16,890		—		16,890		—		16,890
FHLBNY stock		28,515		28,515		—		—		28,515
Interest rate swap		4,352		—		4,352		—		4,352
Financial liabilities:
Deposits:
Demand deposits		182,737		182,737		—		—		182,737
Interest-bearing deposits		934,699		934,699		—		—		934,699
Certificates of deposit		752,887		—		751,665		—		751,665
Advance payments by borrowers for taxes and insurance		13,733		—		13,733		—		13,733
Borrowings		580,421		—		577,809		—		577,809
Interest rate swap		4,352		—		4,352		—		4,352
Accrued interest payable		2,918		—		2,918		—		2,918


	Carrying		Fair Value Measurements
	Amount		Level 1		Level 2		Level 3		Total
	(in thousands)
December 31, 2023
Financial assets:
Cash and cash equivalents	$	139,190	$	139,190	$	—	$	—	$	139,190
Available-for-sale securities, at fair value		119,902		3,320		116,582		—		119,902
Held-to-maturity securities, at amortized cost		461,748		—		450,042		—		450,042
Placement with banks		249		—		249		—		249
Mortgage loans held for sale, at fair value		9,980		—		9,980		—		9,980
Loans receivable, net		1,895,886		—		—		1,844,507		1,844,507
Accrued interest receivable		18,010		—		18,010		—		18,010
FHLBNY stock		19,377		19,377		—		—		19,377
Interest rate swap		4,435				4,435				4,435
Financial liabilities:
Deposits:
Demand deposits (1)		185,151		185,151		—		—		185,151
Interest-bearing deposits (1)		721,643		721,643		—		—		721,643
Certificates of deposit		600,826		—		594,234		—		594,234
Advance payments by borrowers for taxes and insurance		10,778		—		10,778		—		10,778
Borrowings		684,421		—		674,155		—		674,155
Interest rate swap		4,435		—		4,435		—		4,435
Accrued interest payable		11,965		—		11,965		—		11,965

(1)

As of December 31, 2023, $58.2 million were reclassified from demand deposits to interest-bearing deposits.

The Company recognizes transfers between levels of the valuation hierarchy at the end of the applicable reporting periods. There were no transfers of Level 3 assets in the fair value hierarchy at September 30, 2024 and December 31, 2023. 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: Loan commitments on which the committed interest rate is less than the current market rate are insignificant at September 30, 2024 and December 31, 2023.

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 2024 and 2023 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.

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.

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

Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Held-to-maturity securities, at fair value	$ 398,823	$ 450,042
Held-to-maturity securities, allowance for credit losses	207	398
Loans receivable, allowance for credit losses	$ 23,966	$ 26,154
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	225,000	225,000
Preferred stock, shares outstanding	225,000	225,000
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	24,886,711	24,886,711
Common stock, shares, outstanding	23,819,463	23,785,520
Treasury stock, common shares	1,067,248	1,101,191
Unearned compensation, ESOP shares	1,335,424	1,435,732

Loans Receivable and Allowance for Credit Losses - Credit Risk Ratings by Loan Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Financing Receivable Recorded Investment [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	$ 2,202,732	$ 1,921,572	$ 1,814,329
1-4 Family
Financing Receivable Recorded Investment [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	477,445	496,000
Multifamily
Financing Receivable Recorded Investment [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	678,029	550,559	553,694
Nonresidential
Financing Receivable Recorded Investment [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	383,277	342,343	321,472
Construction and Land
Financing Receivable Recorded Investment [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	631,461	503,925	411,383
Business Loans
Financing Receivable Recorded Investment [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	28,499	19,779	18,416
Consumer
Financing Receivable Recorded Investment [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	4,021	8,966	$ 10,416
Pass
Financing Receivable Recorded Investment [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	2,159,902	1,897,935
Pass \| 1-4 Family
Financing Receivable Recorded Investment [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	464,585	485,747
Pass \| Multifamily
Financing Receivable Recorded Investment [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	663,943	546,471
Pass \| Nonresidential
Financing Receivable Recorded Investment [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	380,850	339,726
Pass \| Construction and Land
Financing Receivable Recorded Investment [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	619,268	497,266
Pass \| Business Loans
Financing Receivable Recorded Investment [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	27,238	19,759
Pass \| Consumer
Financing Receivable Recorded Investment [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	4,018	8,966
Special Mention
Financing Receivable Recorded Investment [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	24,880	5,786
Special Mention \| 1-4 Family
Financing Receivable Recorded Investment [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	5,547	2,150
Special Mention \| Multifamily
Financing Receivable Recorded Investment [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	8,305	1,109
Special Mention \| Nonresidential
Financing Receivable Recorded Investment [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	2,415	2,527
Special Mention \| Construction and Land
Financing Receivable Recorded Investment [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	7,386
Special Mention \| Business Loans
Financing Receivable Recorded Investment [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	1,227
Substandard
Financing Receivable Recorded Investment [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	17,950	17,851
Substandard \| 1-4 Family
Financing Receivable Recorded Investment [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	7,313	8,103
Substandard \| Multifamily
Financing Receivable Recorded Investment [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	5,781	2,979
Substandard \| Nonresidential
Financing Receivable Recorded Investment [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	12	90
Substandard \| Construction and Land
Financing Receivable Recorded Investment [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	4,807	6,659
Substandard \| Business Loans
Financing Receivable Recorded Investment [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	34	$ 20
Substandard \| Consumer
Financing Receivable Recorded Investment [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	$ 3

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest and dividend income:
Interest on loans receivable	$ 32,945	$ 25,276	$ 94,890	$ 67,991
Interest on deposits due from banks	2,430	1,969	6,883	3,983
Interest and dividend on securities and FHLBNY stock	5,918	6,261	17,978	18,943
Total interest and dividend income	41,293	33,506	119,751	90,917
Interest expense:
Interest on certificates of deposits	6,926	4,362	19,664	11,468
Interest on other deposits	8,519	5,639	22,448	12,864
Interest on borrowings	6,825	6,963	21,889	18,516
Total interest expense	22,270	16,964	64,001	42,848
Net interest income	19,023	16,542	55,750	48,069
Provision for credit losses (Note 3) (Note 5)	789	535	235	1,348
Net interest income after provision for credit losses	18,234	16,007	55,515	46,721
Non-interest income:
Service charges and fees	508	516	1,473	1,488
Brokerage commissions	0	17	17	67
Late and prepayment charges	77	899	862	2,000
Income on sale of mortgage loans	218	173	794	354
Grant income	0	3,718	0	3,718
Other	348	304	1,970	1,311
Total non-interest income	1,151	5,627	5,116	8,938
Non-interest expense:
Compensation and benefits	7,674	7,566	23,242	22,437
Occupancy and equipment	3,786	3,588	11,017	10,882
Data processing expenses	1,099	1,582	3,239	3,982
Direct loan expenses	573	369	1,938	1,126
(Benefit) provision for contingencies	(252)	391	(581)	1,893
Insurance and surety bond premiums	292	255	808	768
Office supplies, telephone and postage	222	301	704	1,189
Professional fees	1,351	1,693	4,443	5,052
Microloans recoveries (Note 5)	(54)	(69)	(172)	(1,329)
Marketing and promotional expenses	180	248	425	679
Directors' fees and regulatory assessment	178	169	533	484
Other operating expenses	1,265	1,223	3,815	3,603
Total non-interest expense	16,314	17,316	49,411	50,766
Income before income taxes	3,071	4,318	11,220	4,893
Provision for income taxes	638	1,728	3,181	2,059
Net income	2,433	2,590	8,039	2,834
Dividends on preferred shares	281	0	356	0
Net income available to common stockholders	$ 2,152	$ 2,590	$ 7,683	$ 2,834
Earnings per common share (Note 10):
Basic	$ 0.1	$ 0.12	$ 0.34	$ 0.12
Diluted	$ 0.1	$ 0.12	$ 0.34	$ 0.12
Weighted average common shares outstanding (Note 10):
Basic	22,446,009	22,272,076	22,403,258	22,920,680
Diluted	22,612,028	22,349,217	22,466,178	22,962,956

Mortgage Loans Held for Sale - Additional Information (Details) $ in Thousands	Sep. 30, 2024 USD ($) Loan	Dec. 31, 2023 USD ($) Loan
Mortgage Loans Held for Sale[Line Item]
Mortgage loans held for sale, at fair value	$ 9,566	$ 9,980
Mortage loans held for sale	$ 9,517	$ 9,864
Number of loan held for sale \| Loan	15	19
Financing Receivables, 90 Days or More Past Due
Mortgage Loans Held for Sale[Line Item]
Mortage loans held for sale	$ 5,200	$ 4,400

Borrowings (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Borrowed funds at September 30, 2024 and December 31, 2023 consist of the following and are summarized by maturity and call date below:


	September 30,							December 31,
	2024							2023
	Scheduled Maturity		Redeemable at Call Date		Weighted Average Rate			Scheduled Maturity		Redeemable at Call Date		Weighted Average Rate
	(Dollars in thousands)
Term advances ending:
2024	$	59,321	$	59,321		4.00	%	$	363,321	$	363,321		4.55	%
2025		50,000		50,000		4.41			50,000		50,000		4.41
2026		200,000		200,000		4.25			—		—		—
2027		212,000		212,000		3.44			212,000		212,000		3.44
2028		9,100		9,100		3.84			9,100		9,100		3.84
Thereafter		50,000		50,000		3.35			50,000		50,000		3.35
	$	580,421	$	580,421		3.86	%	$	684,421	$	684,421		4.10	%

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

Sep. 30, 2024

Dec. 31, 2023

Banking And Thrifts [Abstract]

Demand

^[1]

$ 182,737

$ 185,151

NOW/IOLA accounts

^[1]

71,445

77,909

Money market accounts

660,168

432,735

Reciprocal deposits

94,145

96,860

Savings accounts

108,941

114,139

Total NOW, money market, reciprocal and savings

934,699

721,643

Certificates of deposit of $250K or more

174,053

132,153

Brokered certificates of deposits

^[2]

94,531

98,729

Listing service deposits

^[2]

7,376

14,433

Certificates of deposit less than $250K

476,927

355,511

Total certificates of deposit

752,887

600,826

Total interest-bearing deposits

1,687,586

1,322,469

Total deposits

$ 1,870,323

$ 1,507,620

[1]	As of December 31, 2023, $58.2 million were reclassified from demand to NOW/IOLA accounts.
[2]	As of September 30, 2024, there were no individual listing service deposits amounting to $250,000 or more. As of December 31, 2023, there were $0.3 million in individual listing service deposits amounting to $250,000 or more. All brokered certificates of deposit individually amounted to less than $250,000.

Regulatory Capital Requirements (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30, 2024 and December 31, 2023 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)
September 30, 2024
Ponce Financial Group, Inc.
Total Capital to Risk-Weighted Assets	$	544,272		22.87	%	$	190,349	8.00%	$	237,936		10.00	%
Tier 1 Capital to Risk-Weighted Assets		517,274		21.74	%		142,762	6.00%		190,349		8.00	%
Common Equity Tier 1 Capital Ratio		292,274		12.28	%		107,071	4.50%		154,658		6.50	%
Tier 1 Capital to Total Assets		517,274		17.81	%		116,180	4.00%		145,225		5.00	%
Ponce Bank
Total Capital to Risk-Weighted Assets	$	505,271		21.61	%	$	187,065	8.00%	$	233,831		10.00	%
Tier 1 Capital to Risk-Weighted Assets		478,273		20.45	%		140,299	6.00%		187,065		8.00	%
Common Equity Tier 1 Capital Ratio		478,273		20.45	%		105,224	4.50%		151,990		6.50	%
Tier 1 Capital to Total Assets		478,273		16.19	%		118,133	4.00%		147,666		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, 2023
Ponce Financial Group, Inc.
Total Capital to Risk-Weighted Assets	$	533,513		25.06	%	$	170,302		8.00	%	$	212,878		10.00	%
Tier 1 Capital to Risk-Weighted Assets		507,042		23.82	%		127,727		6.00	%		170,302		8.00	%
Common Equity Tier 1 Capital Ratio		282,042		13.25	%		95,795		4.50	%		138,371		6.50	%
Tier 1 Capital to Total Assets		507,042		19.71	%		102,911		4.00	%		128,639		5.00	%
Ponce Bank
Total Capital to Risk-Weighted Assets	$	492,622		23.30	%	$	169,153		8.00	%	$	211,441		10.00	%
Tier 1 Capital to Risk-Weighted Assets		466,151		22.05	%		126,865		6.00	%		169,153		8.00	%
Common Equity Tier 1 Capital Ratio		466,151		22.05	%		95,149		4.50	%		137,437		6.50	%
Tier 1 Capital to Total Assets		466,151		17.49	%		106,591		4.00	%		133,239		5.00	%

Derivatives and Hedging - Schedule of Notional Amount and Fair Value of Derivatives Designated as Hedging Instruments (Details) - Derivatives Designated as Hedging Instruments - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Notional	$ 250,000	$ 250,000
Fair value of derivative assets	$ 4,352	$ 4,435
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Financing Receivable, after Allowance for Credit Loss	Financing Receivable, after Allowance for Credit Loss
Fair value of derivative liabilities	$ 4,352	$ 4,435
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Interest Rate Swap Contracts
Derivative [Line Items]
Notional	$ 250,000	$ 250,000
Fair value of derivative assets	4,352	4,435
Fair value of derivative liabilities	$ 4,352	$ 4,435

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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Accounts, Notes, Loans and Financing Receivable [Line Items]

Earnings Per Share - Schedule of Reconciliation of Number of Shares Used in Calculation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income available to common stockholders	$ 2,152	$ 2,590	$ 7,683	$ 2,834
Common shares outstanding for basic EPS:
Weighted average common shares outstanding	23,814,505	23,774,317	23,805,066	24,456,108
Less: Weighted average unallocated Employee Stock Ownership Plan (ESOP) shares	1,368,496	1,502,241	1,401,808	1,535,428
Basic weighted average common shares outstanding	22,446,009	22,272,076	22,403,258	22,920,680
Basic earnings per common share	$ 0.1	$ 0.12	$ 0.34	$ 0.12
Potential dilutive common shares:
Add: Dilutive effect of restricted stock awards and stock options	166,019	77,141	62,920	42,276
Diluted weighted average common shares outstanding	22,612,028	22,349,217	22,466,178	22,962,956
Diluted earnings per common share	$ 0.1	$ 0.12	$ 0.34	$ 0.12

Loans Receivable and Allowance for Credit Losses - Additional Information (Details)

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2024

USD ($)

Loan

Sep. 30, 2023

USD ($)

Sep. 30, 2024

USD ($)

Loan

Sep. 30, 2023

USD ($)

Dec. 31, 2023

USD ($)

Loan

Dec. 31, 2022

USD ($)

Financing receivable number of loan modifications | Loan

Financing receivable modified amount

$ 200,000

$ 0

Number of troubled debt restructured loans | Loan

Troubled debt restructured loans

$ 5,300,000

$ 5,900,000

Troubled debt restructured loan, accrual status

4,600,000

$ 4,600,000

5,200,000

Number of micro loan outstanding | Loan

8,428

Aggregate balance of microloans

3,000,000

$ 3,000,000

Allowance for credit losses

^[1]

(2,570,000)

Microloans, net of allowance for loan losses

463,000

Microloans Writedowns

15,287,000

Cash receipts from microloans

6,819,000

Grant received

1,826,000

Security deposits by borrowers

1,500,000

Investment write-off

1,000,000

Exposure To Microloans

^[2]

463,000

Microloans recoveries

54,000

$ 69,000

172,000

$ 1,329,000

Microloans write-off and write down

200,000

Allowance for off-balance sheet credit losses

$ 3,032,000

3,613,000

$ 354,000

Accounting Standards Update 2022-02

Accounts, Notes, Loans and Financing Receivable [Line Items]

Change in accounting principle, accounting standards update, adopted [true false]

true

Change in accounting principle, accounting standards update, adoption date

Jan. 01, 2023

(Benefit) Provision for Contingencies

Accounts, Notes, Loans and Financing Receivable [Line Items]

(Benefit) provision for off-balance-sheet credit losses

$ (300,000)

$ 400,000

$ (600,000)

$ 1,900,000

Other Liabilities

Accounts, Notes, Loans and Financing Receivable [Line Items]

Allowance for off-balance sheet credit losses

3,000,000

$ 3,600,000

Grain Technologies LLC

Accounts, Notes, Loans and Financing Receivable [Line Items]

Micro loan credit limit

1,500,000

Microloans originated - put back to Grain

$ 24,000,000

Grain Technologies LLC | Microloans

Accounts, Notes, Loans and Financing Receivable [Line Items]

Number of micro loan outstanding | Loan

45,322

Investment write-off

$ 1,000,000

Minimum

Accounts, Notes, Loans and Financing Receivable [Line Items]

Strong Pass Loans to new or existing borrowers collateralized percentage

90.00%

[1]	Excludes $1.5 million of security deposits by microloan borrowers reported in deposits in the accompanying Consolidated Statements of Financial Conditions.
[2]	Total remaining exposure to microloan borrowers. These loans are now serviced by the Bank.

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 06, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Trading Symbol	PDLB
Entity Registrant Name	Ponce Financial Group, Inc.
Entity Current Reporting Status	Yes
Entity Central Index Key	0001874071
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		23,829,075
Entity File Number	001-41255
Entity Tax Identification Number	87-1893965
Entity Address, Address Line One	2244 Westchester Avenue
Entity Address, City or Town	Bronx
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10462
City Area Code	718
Local Phone Number	931-9000
Title of 12(b) Security	Common stock, par value $0.01 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	NY
Document Transition Report	false
Document Quarterly Report	true

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Note 10. Earnings Per Share

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(Dollars in thousands except share data)

Net income available to common stockholders	$	2,152	$	2,590	$	7,683	$	2,834
Common shares outstanding for basic EPS:
Weighted average common shares outstanding		23,814,505		23,774,317		23,805,066		24,456,108
Less: Weighted average unallocated Employee Stock Ownership Plan (ESOP) shares		1,368,496		1,502,241		1,401,808		1,535,428
Basic weighted average common shares outstanding		22,446,009		22,272,076		22,403,258		22,920,680
Basic earnings per common share	$	0.10	$	0.12	$	0.34	$	0.12
Potential dilutive common shares:
Add: Dilutive effect of restricted stock awards and stock options		166,019		77,141		62,920		42,276
Diluted weighted average common shares outstanding		22,612,028		22,349,217		22,466,178		22,962,956
Diluted earnings per common share	$	0.10	$	0.12	$	0.34	$	0.12

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
State and local:
(Benefit) provision for income taxes	$ 638	$ 1,728	$ 3,181	$ 2,059

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

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-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Disclosure Of Regulatory Capital Requirements [Abstract]

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

Note 6. Leases

The Company has 17 operating leases for branches and office spaces (including headquarters) and six operating leases for equipment. Our leases have remaining lease terms ranging from less than one year to approximately 14.3 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:


	September 30,			December 31,
	2024			2023
	(Dollars in thousands)
Operating lease ROU assets	$	29,785		$	31,272
Operating lease liabilities		31,343			32,684
Weighted-average remaining lease term-operating leases	12.0 years			12.6 years
Weighted average discount rate-operating leases		4.9	%		4.9	%

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


		For the Three Months Ended				For the Nine Months Ended
		September 30,				September 30,
		2024		2023		2024		2023
		(Dollars in thousands)
Lease Cost
Operating lease cost	Occupancy and equipment	$	1,035	$	1,029	$	3,082	$	3,123
Operating lease cost	Other operating expenses		2		4		24		14
Short-term lease cost	Other operating expenses		7		5		17		15
Variable lease cost	Occupancy and equipment		46		32		122		94
Total lease cost		$	1,090	$	1,070	$	3,245	$	3,246

The Company’s minimum annual rental payments under the terms of the leases are as follows at September 30, 2024:


	Minimum Rental
Years ended December 31:	(in thousands)
Remainder of 2024	$	981
2025		3,864
2026		3,716
2027		3,561
2028		3,594
Thereafter		25,474
Total Minimum payments required		41,190
Less: implied interest		9,847
Present value of lease liabilities	$	31,343

Regulatory Capital Requirements

9 Months Ended

Sep. 30, 2024

Regulatory Capital Requirements

Note 13. 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 September 30, 2024 and December 31, 2023, 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 13.6% at September 30, 2024 and 15.3% at December 31, 2023.

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 September 30, 2024 and December 31, 2023 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)
September 30, 2024
Ponce Financial Group, Inc.
Total Capital to Risk-Weighted Assets	$	544,272		22.87	%	$	190,349	8.00%	$	237,936		10.00	%
Tier 1 Capital to Risk-Weighted Assets		517,274		21.74	%		142,762	6.00%		190,349		8.00	%
Common Equity Tier 1 Capital Ratio		292,274		12.28	%		107,071	4.50%		154,658		6.50	%
Tier 1 Capital to Total Assets		517,274		17.81	%		116,180	4.00%		145,225		5.00	%
Ponce Bank
Total Capital to Risk-Weighted Assets	$	505,271		21.61	%	$	187,065	8.00%	$	233,831		10.00	%
Tier 1 Capital to Risk-Weighted Assets		478,273		20.45	%		140,299	6.00%		187,065		8.00	%
Common Equity Tier 1 Capital Ratio		478,273		20.45	%		105,224	4.50%		151,990		6.50	%
Tier 1 Capital to Total Assets		478,273		16.19	%		118,133	4.00%		147,666		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, 2023
Ponce Financial Group, Inc.
Total Capital to Risk-Weighted Assets	$	533,513		25.06	%	$	170,302		8.00	%	$	212,878		10.00	%
Tier 1 Capital to Risk-Weighted Assets		507,042		23.82	%		127,727		6.00	%		170,302		8.00	%
Common Equity Tier 1 Capital Ratio		282,042		13.25	%		95,795		4.50	%		138,371		6.50	%
Tier 1 Capital to Total Assets		507,042		19.71	%		102,911		4.00	%		128,639		5.00	%
Ponce Bank
Total Capital to Risk-Weighted Assets	$	492,622		23.30	%	$	169,153		8.00	%	$	211,441		10.00	%
Tier 1 Capital to Risk-Weighted Assets		466,151		22.05	%		126,865		6.00	%		169,153		8.00	%
Common Equity Tier 1 Capital Ratio		466,151		22.05	%		95,149		4.50	%		137,437		6.50	%
Tier 1 Capital to Total Assets		466,151		17.49	%		106,591		4.00	%		133,239		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.

As of September 30, 2024 and December 31, 2023, the Bank was in compliance with the applicable minimum capital requirements specified above.

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.

Fair Value - Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities measure at fair value on recurring basis	$ 9,566	$ 9,980
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	124,923	134,317
Available-for-sale securities measure at fair value on recurring basis	9,566	9,980
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	2,869	3,320
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	122,054	130,997
Available-for-sale securities measure at fair value on recurring basis	9,566	9,980
Interest Rate Swap \| 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	4,352	4,435
Interest Rate Swap \| 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	4,352	4,435
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	2,869	2,784
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	2,869	2,784
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	20,328	23,668
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		536
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	20,328	23,132
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	30,644	33,148
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	30,644	33,148
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	8,191	8,681
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	8,191	8,681
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	48,882	51,517
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	48,882	51,517
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	91	104
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	$ 91	$ 104

Loans Receivable and Allowance for Credit Losses - Schedule of Total Exposure (Parenthetical) (Details) $ in Millions	Sep. 30, 2024 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Security deposits	$ 1.5

Deposits - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Banking And Thrifts [Abstract]
Overdrawn deposit reclassified to loans amounted	$ 0.1	$ 0.1

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Number of ESOP shares committed to be released	33,436	33,436	33,436	33,436	33,436	33,436

Commitments, Contingencies and Credit Risk - Additional Information (Details) - USD ($)	1 Months Ended
	Apr. 30, 2022	Dec. 31, 2021	Sep. 30, 2024
Loss Contingencies [Line Items]
Repurchase or indemnification requests for loans sold			$ 0
Unfunded Commitments with Oaktree
Loss Contingencies [Line Items]
Amount committed to invest		$ 5,000,000
Total unfunded commitment			1,900,000
Unfunded Commitments with Silvergate
Loss Contingencies [Line Items]
Amount committed to invest	$ 5,200,000
Total unfunded commitment			$ 1,900,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Loans Receivable and Allowance for Credit Losses - Summary of Loans (Parenthetical) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Financing Receivable Recorded Investment Past Due [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	$ 2,202,732	$ 1,921,572	$ 1,814,329
Business Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	28,499	19,779	18,416
Consumer Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	4,021	8,966	$ 10,416
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	$ 3,000	$ 8,000

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-7A

Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-29

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph a
-Subparagraph (1)
-Publisher SEC

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph a
-Subparagraph (2)
-Publisher SEC

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1404
-Paragraph a
-Publisher SEC

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 80
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-80

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 79
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-79

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479344/326-20-45-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-5

Assets Measured at Fair Value on Recurring Basis

Loans Receivable and Allowance for Credit Losses - Summary of Allowance for Off-Balance-Sheet Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses on unfunded commitment at beginning of period	$ 3,613	$ 354
Impact on CECL adoption	0	948
(Benefit) provision for credit losses	(581)	2,311
Allowance for credit losses on unfunded commitment at end of period	$ 3,032	$ 3,613

Securities - Schedule of Activity in Allowance for Credit Losses for Held-to-maturity Securities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses on securities at beginning of period	$ 398	$ 0
Impact on CECL adoption	0	662
Benefit for credit losses	(191)	(264)
Allowance for credit losses on securities at end of period	$ 207	$ 398

Fair Value (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]


			September 30, 2024
Description	Total		Level 1		Level 2		Level 3
	(in thousands)
Available-for-Sale Securities, at fair value:
U.S. Government Bonds	$	2,869	$	2,869	$	—	$	—
Corporate bonds		20,328		—		20,328		—
Mortgage-Backed Securities:
Collateralized Mortgage Obligations		30,644		—		30,644		—
FHLMC Certificates		8,191		—		8,191		—
FNMA Certificates		48,882		—		48,882		—
GNMA Certificates		91		—		91		—
Mortgage Loans Held for Sale, at fair value		9,566		—		9,566		—
Interest rate swap		4,352		—		4,352		—
	$	124,923	$	2,869	$	122,054	$	—


			December 31, 2023
Description	Total		Level 1		Level 2		Level 3
	(in thousands)
Available-for-Sale Securities, at fair value:
U.S. Government Bonds	$	2,784	$	2,784	$	—	$	—
Corporate bonds		23,668		536		23,132		—
Mortgage-Backed Securities:
Collateralized Mortgage Obligations		33,148		—		33,148		—
FHLMC Certificates		8,681		—		8,681		—
FNMA Certificates		51,517		—		51,517		—
GNMA Certificates		104		—		104		—
Mortgage Loans Held for Sale, at fair value		9,980		—		9,980		—
Interest rate swap		4,435		—		4,435		—
	$	134,317	$	3,320	$	130,997	$	—

Assets Measured at Fair Value on Nonrecurring Basis


	September 30, 2024
	Total		Level 1		Level 2		Level 3
	(in thousands)
Impaired loans	$	11,975	$	—	$	—	$	11,975


	December 31, 2023
	Total		Level 1		Level 2		Level 3
	(in thousands)
Impaired loans	$	12,726	$	—	$	—	$	12,726

Estimated Fair Values of Financial Instruments

As of September 30, 2024 and December 31, 2023, 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)
September 30, 2024
Financial assets:
Cash and cash equivalents	$	155,812	$	155,812	$	—	$	—	$	155,812
Available-for-sale securities, at fair value		111,005		2,869		108,136		—		111,005
Held-to-maturity securities, at amortized cost, net		403,736		—		398,823		—		398,823
Placement with banks		249		—		249		—		249
Mortgage loans held for sale, at fair value		9,566		—		9,566		—		9,566
Loans receivable, net		2,180,331		—		—		2,153,077		2,153,077
Accrued interest receivable		16,890		—		16,890		—		16,890
FHLBNY stock		28,515		28,515		—		—		28,515
Interest rate swap		4,352		—		4,352		—		4,352
Financial liabilities:
Deposits:
Demand deposits		182,737		182,737		—		—		182,737
Interest-bearing deposits		934,699		934,699		—		—		934,699
Certificates of deposit		752,887		—		751,665		—		751,665
Advance payments by borrowers for taxes and insurance		13,733		—		13,733		—		13,733
Borrowings		580,421		—		577,809		—		577,809
Interest rate swap		4,352		—		4,352		—		4,352
Accrued interest payable		2,918		—		2,918		—		2,918


	Carrying		Fair Value Measurements
	Amount		Level 1		Level 2		Level 3		Total
	(in thousands)
December 31, 2023
Financial assets:
Cash and cash equivalents	$	139,190	$	139,190	$	—	$	—	$	139,190
Available-for-sale securities, at fair value		119,902		3,320		116,582		—		119,902
Held-to-maturity securities, at amortized cost		461,748		—		450,042		—		450,042
Placement with banks		249		—		249		—		249
Mortgage loans held for sale, at fair value		9,980		—		9,980		—		9,980
Loans receivable, net		1,895,886		—		—		1,844,507		1,844,507
Accrued interest receivable		18,010		—		18,010		—		18,010
FHLBNY stock		19,377		19,377		—		—		19,377
Interest rate swap		4,435				4,435				4,435
Financial liabilities:
Deposits:
Demand deposits (1)		185,151		185,151		—		—		185,151
Interest-bearing deposits (1)		721,643		721,643		—		—		721,643
Certificates of deposit		600,826		—		594,234		—		594,234
Advance payments by borrowers for taxes and insurance		10,778		—		10,778		—		10,778
Borrowings		684,421		—		674,155		—		674,155
Interest rate swap		4,435		—		4,435		—		4,435
Accrued interest payable		11,965		—		11,965		—		11,965

(1)

As of December 31, 2023, $58.2 million were reclassified from demand deposits to interest-bearing deposits.

Derivatives and Hedging (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amount and Fair Value of Derivatives Designated as Hedging Instruments

The tables present the notional amount and fair value of derivatives designated as hedging instruments, as well as their location on the Consolidated Statements of Financial Condition.


			Fair Value
	Notional		Loans Receivable		Other Liabilities
	(in thousands)
As of September 30, 2024
Derivatives Designated as Hedging Instruments
Interest rate swap contracts	$	250,000	$	4,352	$	4,352
Total Derivatives	$	250,000	$	4,352	$	4,352


			Fair Value
	Notional		Loans Receivable		Other Liabilities
	(in thousands)
As of December 31, 2023
Derivatives Designated as Hedging Instruments
Interest rate swap contracts	$	250,000	$	4,435	$	4,435
Total Derivatives	$	250,000	$	4,435	$	4,435

Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cash and due from banks:
Cash	$ 32,061	$ 28,930
Interest-bearing deposits	123,751	110,260
Total cash and cash equivalents	155,812	139,190
Available-for-sale securities, at fair value (Note 3)	111,005	119,902
Held-to-maturity securities, net of allowance for credit losses of $207 at September 30, 2024 and $398 at December 31, 2023; at amortized cost (fair value 2024 $398,823; 2023 $450,042) (Note 3)	403,736	461,748
Placement with banks	249	249
Mortgage loans held for sale, at fair value (Note 4)	9,566	9,980
Loans receivable, net of allowance for credit losses of $23,966 at September 30, 2024 and $26,154 at December 31, 2023 (Note 5)	2,180,331	1,895,886
Accrued interest receivable	16,890	18,010
Premises and equipment, net	16,843	16,053
Right of use assets (Note 6)	29,785	31,272
Federal Home Loan Bank of New York (FHLBNY) stock, at cost	28,515	19,377
Deferred tax assets	11,845	14,332
Other assets	51,392	24,723
Total assets	3,015,969	2,750,722
Liabilities:
Deposits (Note 7)	1,870,323	1,507,620
Operating lease liabilities	31,343	32,684
Accrued interest payable	2,918	11,965
Advance payments by borrowers for taxes and insurance	13,733	10,778
Borrowings (Note 8)	580,421	684,421
Other liabilities	12,642	11,859
Total liabilities	2,511,380	2,259,327
Commitments and contingencies (Note 11)
Stockholders' Equity:
Preferred stock, $0.01 par value; 100,000,000 shares authorized, 225,000 shares issued and outstanding as of September 30, 2024 and as of December 31, 2023.	225,000	225,000
Common stock, $0.01 par value; 200,000,000 shares authorized; 24,886,711 shares issued and 23,819,463 shares outstanding as of September 30, 2024 and 24,886,711 shares issued and 23,785,520 shares outstanding as of December 31, 2023	249	249
Treasury stock, at cost; 1,067,248 shares as of September 30, 2024 and 1,101,191 shares as of December 31, 2023	(9,445)	(9,747)
Additional paid-in-capital	208,478	207,106
Retained earnings	105,103	97,420
Accumulated other comprehensive loss (Note 14)	(12,686)	(15,649)
Unearned compensation - ESOP; 1,335,424 shares as of September 30, 2024 and 1,435,732 shares as of December 31, 2023	(12,110)	(12,984)
Total stockholders' equity	504,589	491,395
Total liabilities and stockholders' equity	$ 3,015,969	$ 2,750,722

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	Sep. 30, 2024	Dec. 31, 2023
Available-for-Sale Securities:
Securities With Gross Unrealized Losses 12 Months or More, Fair Value	$ 110,914	$ 119,798
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses	(16,120)	(19,879)
Securities With Gross Unrealized Losses, Total Fair Value	110,914	119,798
Securities With Gross Unrealized Losses, Total Unrealized Losses	(16,120)	(19,879)
Held-to-Maturity Securities:
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value		85,163
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses		(937)
Securities With Gross Unrealized Losses 12 Months or More, Fair Value	291,055	332,188
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses	(5,749)	(11,437)
Securities With Gross Unrealized Losses, Total Fair Value	291,055	417,351
Securities With Gross Unrealized Losses, Total Unrealized Losses	(5,749)	(12,374)
U.S. Government Bonds
Available-for-Sale Securities:
Securities With Gross Unrealized Losses 12 Months or More, Fair Value	2,869	2,784
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses	(124)	(206)
Securities With Gross Unrealized Losses, Total Fair Value	2,869	2,784
Securities With Gross Unrealized Losses, Total Unrealized Losses	(124)	(206)
US Agency Bonds
Held-to-Maturity Securities:
Securities With Gross Unrealized Losses 12 Months or More, Fair Value	24,951	24,819
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses	(49)	(181)
Securities With Gross Unrealized Losses, Total Fair Value	24,951	24,819
Securities With Gross Unrealized Losses, Total Unrealized Losses	(49)	(181)
Corporate Bonds
Available-for-Sale Securities:
Securities With Gross Unrealized Losses 12 Months or More, Fair Value	20,328	23,668
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses	(1,438)	(2,122)
Securities With Gross Unrealized Losses, Total Fair Value	20,328	23,668
Securities With Gross Unrealized Losses, Total Unrealized Losses	(1,438)	(2,122)
Held-to-Maturity Securities:
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value		3,288
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses		(212)
Securities With Gross Unrealized Losses 12 Months or More, Fair Value	56,882	76,521
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses	(618)	(2,479)
Securities With Gross Unrealized Losses, Total Fair Value	56,882	79,809
Securities With Gross Unrealized Losses, Total Unrealized Losses	(618)	(2,691)
Collateralized Mortgage Obligations
Available-for-Sale Securities:
Securities With Gross Unrealized Losses 12 Months or More, Fair Value	30,644	33,148
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses	(4,976)	(6,227)
Securities With Gross Unrealized Losses, Total Fair Value	30,644	33,148
Securities With Gross Unrealized Losses, Total Unrealized Losses	(4,976)	(6,227)
Held-to-Maturity Securities:
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value		81,875
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses		(725)
Securities With Gross Unrealized Losses 12 Months or More, Fair Value	104,328	112,339
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses	(2,946)	(4,445)
Securities With Gross Unrealized Losses, Total Fair Value	104,328	194,214
Securities With Gross Unrealized Losses, Total Unrealized Losses	(2,946)	(5,170)
FHLMC Certificates
Available-for-Sale Securities:
Securities With Gross Unrealized Losses 12 Months or More, Fair Value	8,191	8,681
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses	(1,119)	(1,482)
Securities With Gross Unrealized Losses, Total Fair Value	8,191	8,681
Securities With Gross Unrealized Losses, Total Unrealized Losses	(1,119)	(1,482)
Held-to-Maturity Securities:
Securities With Gross Unrealized Losses 12 Months or More, Fair Value	3,272	3,653
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses	(169)	(244)
Securities With Gross Unrealized Losses, Total Fair Value	3,272	3,653
Securities With Gross Unrealized Losses, Total Unrealized Losses	(169)	(244)
FNMA Certificates
Available-for-Sale Securities:
Securities With Gross Unrealized Losses 12 Months or More, Fair Value	48,882	51,517
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses	(8,463)	(9,842)
Securities With Gross Unrealized Losses, Total Fair Value	48,882	51,517
Securities With Gross Unrealized Losses, Total Unrealized Losses	(8,463)	(9,842)
Held-to-Maturity Securities:
Securities With Gross Unrealized Losses 12 Months or More, Fair Value	101,622	114,856
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses	(1,967)	(4,088)
Securities With Gross Unrealized Losses, Total Fair Value	101,622	114,856
Securities With Gross Unrealized Losses, Total Unrealized Losses	$ (1,967)	$ (4,088)

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Accumulated Other Comprehensive Loss

The accumulated other comprehensive loss is as follows:


	September 30, 2024
	December 31, 2023			Change		September 30, 2024
	(in thousands)
Unrealized losses on available-for-sale securities, net	$	(15,649	)	$	2,963	$	(12,686	)
Total	$	(15,649	)	$	2,963	$	(12,686	)


	December 31, 2023
	December 31, 2022			Change		December 31, 2023
	(in thousands)
Unrealized losses on available-for-sale securities, net	$	(17,860	)	$	2,211	$	(15,649	)
Total	$	(17,860	)	$	2,211	$	(15,649	)

Fair Value - Estimated Fair Values of Financial Instruments (Details) - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Held-to-maturity securities, at amortized cost, net

$ 111,005

$ 119,902

461,748

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

9,566

9,980

Carrying Amount

Cash and cash equivalents

155,812

139,190

Held-to-maturity securities, at amortized cost, net

111,005

119,902

403,736

461,748

Placements with banks

249

9,566

9,980

Accrued interest receivable

2,180,331

1,895,886

16,890

18,010

FHLBNY stock

28,515

19,377

Interest-bearing deposits

4,352

4,435

Demand deposits

182,737

185,151

^[1]

934,699

721,643

^[1]

Certificates of deposit

752,887

600,826

Advance payments by borrowers for taxes and insurance

13,733

10,778

580,421

684,421

Accrued interest payable

2,918

11,965

Derivative Asset, Statement of Financial Position [Extensible Enumeration]

$ 4,352

$ 4,435

Financing Receivable, after Allowance for Credit Loss

Derivative Liability, Statement of Financial Position [Extensible Enumeration]

Other Liabilities

Fair Value Measurements

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Cash and cash equivalents

$ 155,812

$ 139,190

Held-to-maturity securities, at amortized cost, net

111,005

119,902

398,823

450,042

Placements with banks

249

9,566

9,980

Accrued interest receivable

2,153,077

1,844,507

16,890

18,010

FHLBNY stock

28,515

19,377

Interest-bearing deposits

4,352

4,435

Demand deposits

182,737

185,151

^[1]

934,699

721,643

^[1]

Certificates of deposit

751,665

594,234

Advance payments by borrowers for taxes and insurance

13,733

10,778

577,809

674,155

Accrued interest payable

2,918

11,965

Fair Value Measurements | Level 1

4,352

4,435

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Cash and cash equivalents

155,812

139,190

Interest-bearing deposits

2,869

3,320

FHLBNY stock

28,515

19,377

Demand deposits

182,737

185,151

^[1]

934,699

721,643

^[1]

Fair Value Measurements | Level 2

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Held-to-maturity securities, at amortized cost, net

108,136

116,582

398,823

450,042

Placements with banks

249

Accrued interest receivable

9,566

9,980

16,890

18,010

Advance payments by borrowers for taxes and insurance

4,352

4,435

Certificates of deposit

751,665

594,234

13,733

10,778

577,809

674,155

Accrued interest payable

2,918

11,965

Fair Value Measurements | Level 3

4,352

4,435

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Investments, Debt and Equity Securities [Abstract]

$ 2,153,077

$ 1,844,507

[1]	As of December 31, 2023, $58.2 million were reclassified from demand deposits to interest-bearing deposits.

Borrowings - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
Borrowings - Additional Information (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Line Of Credit Facility [Line Items]
Advance from the Federal Home Loan Bank	$ 580,400,000		$ 580,400,000		$ 380,400,000
Interest expense on FHLBNY advances	6,800,000	$ 7,000,000	21,900,000	$ 18,500,000
Overnight Line of Credit Advance
Line Of Credit Facility [Line Items]
Advance from the Federal Home Loan Bank	0		0		0
Federal Reserve Bank of New York (FRBNY)
Line Of Credit Facility [Line Items]
Outstanding term advances from FRBNY	$ 0		$ 0		$ 304,000,000

Mortgage Loans Held for Sale - Schedule of Fair Value And Contractual Principal Balance Outstanding Of Loans Held For Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Receivable, Held-for-Sale [Abstract]
Mortgage loans held for sale, at fair value	$ 9,566	$ 9,980
Mortgage loans held for sale, contractual principal outstanding	9,517	9,864
Fair value less unpaid principal balance	$ 49	$ 116

Securities

9 Months Ended

Sep. 30, 2024

Securities

Note 3. Securities

The amortized cost, gross unrealized gains and losses, and fair value of securities at September 30, 2024 and December 31, 2023 are summarized as follows:


	September 30, 2024
				Gross		Gross
	Amortized			Unrealized		Unrealized
	Cost			Gains		Losses			Fair Value
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds	$	2,993		$	—	$	(124	)	$	2,869
Corporate Bonds		21,766			—		(1,438	)		20,328
Mortgage-Backed Securities:
Collateralized Mortgage Obligations (1)		35,620			—		(4,976	)		30,644
FHLMC Certificates		9,310			—		(1,119	)		8,191
FNMA Certificates		57,345			—		(8,463	)		48,882
GNMA Certificates		91			—		—			91
Total available-for-sale securities	$	127,125		$	—	$	(16,120	)	$	111,005

Held-to-Maturity Securities:
U.S. Agency Bonds	$	25,000		$	—	$	(49	)	$	24,951
Corporate Bonds		57,500			—		(618	)		56,882
Mortgage-Backed Securities:
Collateralized Mortgage Obligations (1)		193,440			454		(2,946	)		190,948
FHLMC Certificates		3,441			—		(169	)		3,272
FNMA Certificates		108,577			22		(1,967	)		106,632
SBA Certificates		15,985			153		—			16,138
Allowance for Credit Losses		(207	)		—		—			—
Total held-to-maturity securities	$	403,736		$	629	$	(5,749	)	$	398,823

(1)

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


	December 31, 2023
				Gross		Gross
	Amortized			Unrealized		Unrealized
	Cost			Gains		Losses			Fair Value
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds	$	2,990		$	—	$	(206	)	$	2,784
Corporate Bonds		25,790			—		(2,122	)		23,668
Mortgage-Backed Securities:
Collateralized Mortgage Obligations (1)		39,375			—		(6,227	)		33,148
FHLMC Certificates		10,163			—		(1,482	)		8,681
FNMA Certificates		61,359			—		(9,842	)		51,517
GNMA Certificates		104			—		—			104
Total available-for-sale securities	$	139,781		$	—	$	(19,879	)	$	119,902

Held-to-Maturity Securities:
U.S. Agency Bonds	$	25,000		$	—	$	(181	)	$	24,819
Corporate Bonds		82,500			—		(2,691	)		79,809
Mortgage-Backed Securities:
Collateralized Mortgage Obligations (1)		212,093			104		(5,170	)		207,027
FHLMC Certificates		3,897			—		(244	)		3,653
FNMA Certificates		118,944			—		(4,088	)		114,856
SBA Certificates		19,712			166		—			19,878
Allowance for Credit Losses		(398	)		—		—			—
Total held-to-maturity securities	$	461,748		$	270	$	(12,374	)	$	450,042

(1)

Comprised of FHLMC, FNMA and GNMA issued securities.

The Company’s securities portfolio had 39 and 40 available-for-sale securities and 32 and 33 held-to-maturity securities at September 30, 2024 and December 31, 2023, respectively. There were no available-for-sale and held-to-maturity securities sold during the nine months ended September 30, 2024 and for the year ended December 31, 2023. There was one available-for-sale security in the amount of $4.0 million and one held-to-maturity security in the amount of $25.0 million that matured and/or were called during the nine months ended September 30, 2024. One held-to-maturity security in the amount of $10.0 million matured and/or was called during the year ended December 31, 2023. The Company did not purchase any available-for-sale securities and held-to-maturity securities during the nine months ended September 30, 2024 and during the year ended December 31, 2023.


	September 30, 2024
	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	$	—	$	—	$	2,869	$	(124	)	$	2,869	$	(124	)
Corporate Bonds		—		—		20,328		(1,438	)		20,328		(1,438	)
Mortgage-Backed Securities:
Collateralized Mortgage Obligations		—		—		30,644		(4,976	)		30,644		(4,976	)
FHLMC Certificates		—		—		8,191		(1,119	)		8,191		(1,119	)
FNMA Certificates		—		—		48,882		(8,463	)		48,882		(8,463	)
Total available-for-sale securities	$	—	$	—	$	110,914	$	(16,120	)	$	110,914	$	(16,120	)
Held-to-Maturity Securities:
U.S. Agency Bonds	$	—	$	—	$	24,951	$	(49	)	$	24,951	$	(49	)
Corporate Bonds		—		—		56,882		(618	)		56,882		(618	)
Mortgage-Backed Securities:
Collateralized Mortgage Obligations		—		—		104,328		(2,946	)		104,328		(2,946	)
FHLMC Certificates		—		—		3,272		(169	)		3,272		(169	)
FNMA Certificates		—		—		101,622		(1,967	)		101,622		(1,967	)
Total held-to-maturity securities	$	—	$	—	$	291,055	$	(5,749	)	$	291,055	$	(5,749	)


	December 31, 2023
	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	$	—	$	—		$	2,784	$	(206	)	$	2,784	$	(206	)
Corporate Bonds		—		—			23,668		(2,122	)		23,668		(2,122	)
Mortgage-Backed Securities:
Collateralized Mortgage Obligations		—		—			33,148		(6,227	)		33,148		(6,227	)
FHLMC Certificates		—		—			8,681		(1,482	)		8,681		(1,482	)
FNMA Certificates		—		—			51,517		(9,842	)		51,517		(9,842	)
GNMA Certificates		—		—			—		—			—		—
Total available-for-sale securities	$	—	$	—		$	119,798	$	(19,879	)	$	119,798	$	(19,879	)
Held-to-Maturity Securities:
U.S. Agency Bonds	$	—	$	—		$	24,819	$	(181	)	$	24,819	$	(181	)
Corporate Bonds		3,288		(212	)		76,521		(2,479	)		79,809		(2,691	)
Mortgage-Backed Securities:
Collateralized Mortgage Obligations		81,875		(725	)		112,339		(4,445	)		194,214		(5,170	)
FHLMC Certificates		—		—			3,653		(244	)		3,653		(244	)
FNMA Certificates		—		—			114,856		(4,088	)		114,856		(4,088	)
Total held-to-maturity securities	$	85,163	$	(937	)	$	332,188	$	(11,437	)	$	417,351	$	(12,374	)

At September 30, 2024 and December 31, 2023, the Company had 38 and 40 available-for-sale securities and 24 and 31 held-to-maturity securities at September 30, 2024 and December 31, 2023, respectively, with gross unrealized loss positions. Management reviewed the financial condition of the entities underlying the securities at both September 30, 2024 and December 31, 2023. The unrealized losses related to the Company debt securities were issued by U.S. government-sponsored entities and agencies and corporate bonds. The Company does not believe that the debt securities that were in an unrealized loss position as of September 30, 2024 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.

Management reviewed the collectability of the corporate bonds taking into consideration of such factors as the financial condition of the issuers, reported regulatory capital ratios of the issuers, credit ratings, including ratings in effect as of the reporting date. Management believes the unrealized losses on the corporate bonds are primarily attributable to changes in the interest rates and not changes in the credit quality of the issuers of the corporate bonds.


	September 30, 2024
	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		2,993			2,869
More than five years through ten years		—			—
		2,993			2,869
Corporate Bonds:
Amounts maturing:
Three months or less	$	—		$	—
More than three months through one year		—			—
More than one year through five years		2,000			1,340
More than five years through ten years		19,765			18,988
		21,765			20,328
Mortgage-Backed Securities		102,367			87,808
Total available-for-sale securities	$	127,125		$	111,005
Held-to-Maturity Securities:
U.S. Agency Bonds:
Amounts maturing:
Three months or less	$	—		$	—
More than three months through one year		25,000			24,951
More than one year through five years		—			—
More than five years through ten years		—			—
		25,000			24,951
Corporate Bonds:
Amounts maturing:
Three months or less	$	25,000		$	24,939
More than three months through one year		10,000			9,935
More than one year through five years		15,000			14,988
More than five years through ten years		7,500			7,020
		57,500			56,882
Mortgage-Backed Securities		321,443			316,990
Allowance for Credit Losses		(207	)		—
Total held-to-maturity securities	$	403,736		$	398,823


	December 31, 2023
	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		2,990			2,784
More than five years through ten years		—			—
		2,990			2,784
Corporate Bonds:
Amounts maturing:
Three months or less	$	—		$	—
More than three months through one year		4,000			3,863
More than one year through five years		1,000			536
More than five years through ten years		20,790			19,269
		25,790			23,668
Mortgage-Backed Securities		111,001			93,450
Total available-for-sale securities	$	139,781		$	119,902
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		25,000			24,819
More than five years through ten years		—			—
		25,000			24,819
Corporate Bonds:
Amounts maturing:
Three months or less	$	—		$	—
More than three months through one year		25,000			24,650
More than one year through five years		50,000			48,265
More than five years through ten years		7,500			6,894
		82,500			79,809
Mortgage-Backed Securities		354,646			345,414
Allowance for Credit Losses		(398	)		—
Total held-to-maturity securities	$	461,748		$	450,042

At September 30, 2024, no securities were pledged as collateral for borrowing activities. At December 31, 2023, 26 available-for-sale securities with a fair value totaling $93.3 million and 17 held-to-maturity securities with an amortized cost totaling $193.3 million were pledged at the Federal Reserve Bank of New York ("FRBNY") as collateral for borrowing activities.

The following table presents the activity in the allowance for credit losses for held-to-maturity securities:


	For the Nine
	Months Ended			For the Year Ended
	September 30, 2024			December 31, 2023
	(in thousands)
Allowance for credit losses on securities at beginning of period	$	398		$	—
Impact on CECL adoption		—			662
Benefit for credit losses		(191	)		(264	)
Allowance for credit losses on securities at end of period	$	207		$	398

At September 30, 2024 and December 31, 2023, the entire allowance for credit losses on securities was allocated to corporate bonds.

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income Loss [Line Items]
Other comprehensive income (loss), net of tax	$ 2,963	$ 2,211
Unrealized losses on available-for-sale securities, net
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated other comprehensive income (loss) beginning balance	(15,649)	(17,860)
Other comprehensive income (loss), net of tax	2,963	2,211
Accumulated other comprehensive income (loss) ending balance	(12,686)	(15,649)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated other comprehensive income (loss) beginning balance	(15,649)	(17,860)
Accumulated other comprehensive income (loss) ending balance	$ (12,686)	$ (15,649)

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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

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Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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Schedule of Aggregate Loan Transactions with Related Parties

Regulatory Capital Requirements - Summary of Actual Capital Amounts and Ratios As Compared to Regulatory Requirements (Details)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Ponce Financial Group, Inc.
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items]
Total Capital to Risk-Weighted Assets, Actual Amount	$ 544,272	$ 533,513
Tier 1 Capital to Risk-Weighted Assets, Actual Amount	517,274	507,042
Common Equity Tier 1 Capital Ratio, Actual Amount	292,274	282,042
Tier 1 Capital to Total Assets, Actual Amount	$ 517,274	$ 507,042
Total Capital to Risk-Weighted Assets, Actual Ratio	0.2287	0.2506
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio	0.2174	0.2382
Common Equity Tier 1 Capital Ratio, Actual Ratio	0.1228	0.1325
Tier 1 Capital to Total Assets, Actual Ratio	0.1781	0.1971
Total Capital to Risk-Weighted Assets, For Capital Adequacy Amount	$ 190,349	$ 170,302
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Amount	142,762	127,727
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Amount	107,071	95,795
Tier 1 Capital to Total Assets, For Capital Adequacy Amount	$ 116,180	$ 102,911
Total Capital to Risk-Weighted Assets, For Capital Adequacy Ratio	0.08	0.08
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio	0.06	0.06
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio	0.045	0.045
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio	0.04	0.04
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 237,936	$ 212,878
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	190,349	170,302
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	154,658	138,371
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 145,225	$ 128,639
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	0.10	0.10
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	0.08	0.08
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	0.065	0.065
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	0.05	0.05
Ponce Bank
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items]
Total Capital to Risk-Weighted Assets, Actual Amount	$ 505,271	$ 492,622
Tier 1 Capital to Risk-Weighted Assets, Actual Amount	478,273	466,151
Common Equity Tier 1 Capital Ratio, Actual Amount	478,273	466,151
Tier 1 Capital to Total Assets, Actual Amount	$ 478,273	$ 466,151
Total Capital to Risk-Weighted Assets, Actual Ratio	0.2161	0.233
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio	0.2045	0.2205
Common Equity Tier 1 Capital Ratio, Actual Ratio	0.2045	0.2205
Tier 1 Capital to Total Assets, Actual Ratio	0.1619	0.1749
Total Capital to Risk-Weighted Assets, For Capital Adequacy Amount	$ 187,065	$ 169,153
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Amount	140,299	126,865
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Amount	105,224	95,149
Tier 1 Capital to Total Assets, For Capital Adequacy Amount	$ 118,133	$ 106,591
Total Capital to Risk-Weighted Assets, For Capital Adequacy Ratio	0.08	0.08
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio	0.06	0.06
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio	0.045	0.045
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio	0.04	0.04
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 233,831	$ 211,441
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	187,065	169,153
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	151,990	137,437
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 147,666	$ 133,239
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	0.10	0.10
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	0.08	0.08
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	0.065	0.065
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	0.05	0.05

Loans Receivable and Allowance for Credit Losses - Aging Analysis of Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	$ 2,202,732	$ 1,921,572	$ 1,814,329
Nonaccrual Loans	11,975	12,726
1-4 Family Residential Investor Owned
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	332,380	343,689	347,082
Nonaccrual Loans	436	793
1-4 Family Residential Owner-Occupied
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	145,065	152,311	151,866
Nonaccrual Loans	1,867	2,130
Multifamily Residential
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	678,029	550,559	553,694
Nonaccrual Loans	4,685	2,979
Nonresidential Properties
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	383,277	342,343	321,472
Construction and Land
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	631,461	503,925	411,383
Nonaccrual Loans	4,807	6,659
Current
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	2,172,839	1,905,820
Current \| 1-4 Family Residential Investor Owned
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	329,899	342,896
Current \| 1-4 Family Residential Owner-Occupied
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	142,777	150,181
Current \| Multifamily Residential
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	664,695	546,471
Current \| Nonresidential Properties
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	380,862	342,343
Current \| Construction and Land
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	623,474	497,266
Financial Asset, 30 to 59 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	485	2,011
Financial Asset, 30 to 59 Days Past Due \| Multifamily Residential
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due		1,109
Financing Receivables, 60 to 89 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	17,433	1,015
Financing Receivables, 60 to 89 Days Past Due \| 1-4 Family Residential Investor Owned
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	2,045
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	421
Financing Receivables, 60 to 89 Days Past Due \| Multifamily Residential
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	8,649
Financing Receivables, 60 to 89 Days Past Due \| Nonresidential Properties
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	2,415
Financing Receivables, 60 to 89 Days Past Due \| Construction and Land
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	3,180
Financing Receivables, 90 Days or More Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	11,975	12,726
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	436	793
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	1,867	2,130
Financing Receivables, 90 Days or More Past Due \| Multifamily Residential
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	4,685	2,979
Financing Receivables, 90 Days or More Past Due \| Construction and Land
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	4,807	6,659
Business Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	28,499	19,779	18,416
Nonaccrual Loans	180	165
Business Loans \| Current
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	27,650	19,240
Business Loans \| Financial Asset, 30 to 59 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	222	366
Business Loans \| Financing Receivables, 60 to 89 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	447	8
Business Loans \| Financing Receivables, 90 Days or More Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	180	165
Consumer
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	4,021	8,966	$ 10,416
Consumer \| Current
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	3,482	7,423
Consumer \| Financial Asset, 30 to 59 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	263	536
Consumer \| Financing Receivables, 60 to 89 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	$ 276	$ 1,007

Summary of Premises and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Total premises and equipment	$ 16,843	$ 16,053

Nature of Business (Policies)	9 Months Ended
Nature of Business (Policies)	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Statement Presentation	Basis of Presentation and Consolidation: Ponce Financial Group, Inc. (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. For further information, refer to the audited Consolidated Financial Statements and Notes included in the Company' Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 19, 2024 (the "2023 Form 10-K").
Reclassification of Prior Periods Presentation	Reclassification of Prior Periods 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. Refer to Deposits (Note 7) for the Three and Nine Months Ended September 30, 2023 for details on the reclassification.
Recently Accounting Pronouncements Adopted and Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted: In November 2023, FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." The amendments in this ASU require improved reportable segment information on an annual and interim basis, primarily through enhanced disclosures about significant segment expenses. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2023, and interim periods for fiscal years beginning after December 15, 2024. Early adoptions is permitted. The Company does not expect this standard to have an impact on the consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, "Improvements to Income Tax Disclosures (Topic 740)." The amendment to this update addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance.

Transactions with Related Parties (Tables)

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Aggregate loan transactions with related parties for the three and nine months ended September 30, 2024 and 2023 were as follows:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
	(in thousand)
Beginning balance	$	9,303		$	8,614		$	8,810		$	8,318
Originations		248			50			1,840			678
Payments		(49	)		(851	)		(1,148	)		(1,183	)
Ending balance	$	9,502		$	7,813		$	9,502		$	7,813

Preferred Stock - Additional Information (Details) - Private Placement - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	9 Months Ended
	Jun. 07, 2022	Sep. 30, 2024	Sep. 30, 2024
Conversion Of Stock [Line Items]
Shares issued in transaction	225,000
Sale of stock, price per share	$ 0.01
Purchase price equal to cash	$ 225.0
Initial dividend rate	0.00%
Floor dividend rate	0.50%		0.50%
Ceiling dividend rate	2.00%
Accrued dividends on preferred stock		$ 0.3	$ 0.4
Qualified lending			$ 1,162.0
ECIP investment by Treasury	$ 8,700.0
Preferred stock, liquidation preference per share		$ 1,000	$ 1,000

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows From Operating Activities:
Net income	$ 8,039	$ 2,834
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Amortization of premiums/discounts on securities, net	(82)	(90)
Gain on sale of loans	(794)	(277)
Provision for credit losses	235	1,348
Depreciation and amortization	3,484	3,249
ESOP compensation expense	1,028	815
Share-based compensation expense	1,555	1,213
Deferred income taxes	1,691	909
Changes in assets and liabilities:
Decrease (increase) in mortgage loans held for sale, fair value	2,032	(9,972)
(Decrease) increase in accrued interest receivable	1,120	(1,575)
Increase in other assets	(26,669)	(2,298)
(Decrease) increase in accrued interest payable	(9,047)	6,995
Decrease in operating lease liabilities	(1,897)	(1,646)
Increase in advance payments by borrowers	2,955	4,019
Increase in other liabilities	695	1,825
Net cash (used in) provided by operating activities	(15,655)	7,349
Cash Flows From Investing Activities:
Net purchase and redemption of FHLBNY stock	(9,123)	5,781
Proceeds from maturities, calls and principal repayments on securities	70,940	48,586
Placements with banks		498
Net increase in loans	(279,739)	(294,628)
Purchase of loans	(5,956)
Purchases of premises and equipment	(2,242)	(370)
Net cash used in investing activities	(226,120)	(240,133)
Cash Flows From Financing Activities:
Net increase in deposits	362,703	148,720
Repurchase of treasury stock		(11,009)
Net (repayments) proceeds from borrowings	(104,000)	157,725
Dividends paid on preferred stock	(306)
Net cash provided by financing activities	258,397	295,436
Net increase in cash and cash equivalents	16,622	62,652
Cash and Cash Equivalents:
Cash and cash equivalents at beginning of period	139,190	54,360
Cash and cash equivalents at end of period	155,812	117,012
Supplemental disclosures of cash flow information:
Cash paid for interest on deposits and borrowings	73,048	35,853
Cash paid for income taxes	1,363	489
Supplemental Disclosures of Noncash Investing Activities:
Transferred from loans receivable to mortgage loans held for sale, at fair value	$ 824	$ 6,720

Income Taxes - Reconciliation of Differences Between Federal Income Tax Rate and Total Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
(Benefit) provision for income taxes	$ 638	$ 1,728	$ 3,181	$ 2,059

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

Transactions with Related Parties

Leases - Summary of Minimum Annual Rental Payments under Terms of Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Remainder of 2024	$ 981
2025	3,864
2026	3,716
2027	3,561
2028	3,594
Thereafter	25,474
Total Minimum payments required	41,190
Less: implied interest	9,847
Lease obligations	$ 31,343	$ 32,684

Commitments, Contingencies and Credit Risk - Financial Instruments Whose Contractual Amounts Represent Credit Risk (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Concentration Of Risk Financial Statement Captions [Line Items]
Contractual amounts represent credit risk	$ 486,503	$ 591,507
Commitments to Grant Mortgage Loans
Fair Value Concentration Of Risk Financial Statement Captions [Line Items]
Contractual amounts represent credit risk	427,648	529,768
Unfunded Commitments Under Lines of Credit
Fair Value Concentration Of Risk Financial Statement Captions [Line Items]
Contractual amounts represent credit risk	$ 58,855	$ 61,739

Derivatives and Hedging - Additional Information (Details) $ in Thousands		12 Months Ended
	Oct. 12, 2023 USD ($)	Dec. 31, 2023 USD ($) Contracts	Sep. 30, 2024 USD ($)
Derivative [Line Items]
Number of derivative financial instruments contracts \| Contracts		2
Derivatives Designated as Hedging Instruments
Derivative [Line Items]
Notional amount		$ 250,000	$ 250,000
Interest Rate Swap One
Derivative [Line Items]
Interest rate swap period	2 years
Interest rate swap effective date	Oct. 12, 2023
Interest rate swap terminated date	Nov. 01, 2025
Notional amount	$ 150,000
Fixed rate of interest	4.885%
Interest Rate Swap Two
Derivative [Line Items]
Interest rate swap period	3 years
Interest rate swap effective date	Oct. 12, 2023
Interest rate swap terminated date	Nov. 01, 2026
Notional amount	$ 100,000
Fixed rate of interest	4.62%

Aggregate Loan Transactions with Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Receivables [Abstract]
Beginning balance	$ 9,303	$ 8,614	$ 8,810	$ 8,318
Originations	248	50	1,840	678
Payments	(49)	(851)	(1,148)	(1,183)
Ending balance	$ 9,502	$ 7,813	$ 9,502	$ 7,813

Regulatory Capital Requirements - Additional Information (Details)	Sep. 30, 2024	Dec. 31, 2023
Disclosure Of Regulatory Capital Requirements [Abstract]
Percentage of capital buffer	13.60%	15.30%

Transactions with Related Parties

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Note 15. Transactions with Related Parties

Directors, executive officers and non-executive officers of the Company have been customers of and have had transactions with the Bank, and it is expected that such persons will continue to have such transactions in the future. Aggregate loan transactions with related parties for the three and nine months ended September 30, 2024 and 2023 were as follows:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
	(in thousand)
Beginning balance	$	9,303		$	8,614		$	8,810		$	8,318
Originations		248			50			1,840			678
Payments		(49	)		(851	)		(1,148	)		(1,183	)
Ending balance	$	9,502		$	7,813		$	9,502		$	7,813

The Company held deposits in the amount of $9.0 million and $8.4 million from directors, executive officers and non-executive officers at September 30, 2024 and December 31, 2023, respectively.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 5
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Income Taxes - Significant Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred tax liabilities:
Net deferred tax assets	$ 11,845	$ 14,332

Fair Value - Additional Information (Details) - USD ($)	9 Months Ended	12 Months Ended
Fair Value - Additional Information (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans held for sale, at fair value	$ 9,566,000	$ 9,980,000
Aggregate unpaid principal balance	9,500,000
Fair value, transfers into Level 3 assets	0	0
Fair value, transfers out of Level 3 assets	$ 0	$ 0

Derivatives and Hedging

9 Months Ended

Sep. 30, 2024

Derivatives and Hedging

Note 9. Derivatives and Hedging

During 2023, the Company entered into two derivative financial instruments contracts to enhance its ability to manage interest rate risk that exist as part of its ongoing operations. The Company manages these risks as part of its asset and liability management process. The Company utilized derivative financial instruments to accommodate the business needs and to hedge the exposure that this creates for the Company. All derivatives are recognized as either assets or liabilities on the balance sheet and are measured at fair value. The Company does not use derivative financial instruments for trading purposes.

Interest Rate Swaps

The Bank is a party to two interest rate swap transactions designated as fair value hedges. One interest rate swap is for a period of two years effective October 12, 2023 and terminates on November 1, 2025 with a notional amount of $150.0 million. The Bank will pay a fixed rate of interest of 4.885% and receive the Secured Overnight Financing Rate ("SOFR") rate. The other interest rate swap is for a period of three years effective October 12, 2023 and terminates on November 1, 2026 with a notional amount of $100.0 million. The Bank will pay a fixed rate of interest of 4.62% and receive the SOFR rate.

The tables present the notional amount and fair value of derivatives designated as hedging instruments, as well as their location on the Consolidated Statements of Financial Condition.


			Fair Value
	Notional		Loans Receivable		Other Liabilities
	(in thousands)
As of September 30, 2024
Derivatives Designated as Hedging Instruments
Interest rate swap contracts	$	250,000	$	4,352	$	4,352
Total Derivatives	$	250,000	$	4,352	$	4,352


			Fair Value
	Notional		Loans Receivable		Other Liabilities
	(in thousands)
As of December 31, 2023
Derivatives Designated as Hedging Instruments
Interest rate swap contracts	$	250,000	$	4,435	$	4,435
Total Derivatives	$	250,000	$	4,435	$	4,435

Loans Receivable and Allowance for Credit Losses (Tables)

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Summary of Loans

Loans receivable at September 30, 2024 and December 31, 2023 are summarized as follows:


	September 30,			December 31,
	2024			2023
	(in thousands)
Mortgage loans:
1-4 Family residential
Investor-Owned	$	332,380		$	343,689
Owner-Occupied		145,065			152,311
Multifamily residential		678,029			550,559
Nonresidential properties		383,277			342,343
Construction and land		631,461			503,925
Total mortgage loans		2,170,212			1,892,827
Nonmortgage loans:
Business loans		28,499			19,779
Consumer loans (1)		4,021			8,966
Total non-mortgage loans		32,520			28,745
Total loans, gross		2,202,732			1,921,572
Net deferred loan origination costs		1,565			468
Allowance for Credit Losses		(23,966	)		(26,154	)
Loans receivable, net	$	2,180,331		$	1,895,886

(1)

As of September 30, 2024 and December 31, 2023, consumer loans include $3.0 million and $8.0 million, respectively, of microloans.

Schedule of Credit Risk Ratings by Loan Segment

The following tables present credit risk ratings by loan segment as of September 30, 2024 and December 31, 2023:


	September 30, 2024
	Mortgage Loans								Nonmortgage Loans
							Construction						Total
	1-4 Family		Multifamily		Nonresidential		and Land		Business		Consumer		Loans
	(in thousands)
Risk Rating:
Pass	$	464,585	$	663,943	$	380,850	$	619,268	$	27,238	$	4,018	$	2,159,902
Special mention		5,547		8,305		2,415		7,386		1,227		—		24,880
Substandard		7,313		5,781		12		4,807		34		3		17,950
Total	$	477,445	$	678,029	$	383,277	$	631,461	$	28,499	$	4,021	$	2,202,732


	December 31, 2023
	Mortgage Loans								Nonmortgage Loans
							Construction						Total
	1-4 Family		Multifamily		Nonresidential		and Land		Business		Consumer		Loans
	(in thousands)
Risk Rating:
Pass	$	485,747	$	546,471	$	339,726	$	497,266	$	19,759	$	8,966	$	1,897,935
Special mention		2,150		1,109		2,527		—		—		—		5,786
Substandard		8,103		2,979		90		6,659		20		—		17,851
Total	$	496,000	$	550,559	$	342,343	$	503,925	$	19,779	$	8,966	$	1,921,572

Schedule of Aging Analysis of Loans

An aging analysis of loans, as of September 30, 2024 and December 31, 2023, is as follows:


	September 30, 2024
			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	$	329,899	$	—	$	2,045	$	436	$	332,380	$	436	$	—
Owner-Occupied		142,777		—		421		1,867		145,065		1,867		—
Multifamily residential		664,695		—		8,649		4,685		678,029		4,685		—
Nonresidential properties		380,862		—		2,415		—		383,277		—		—
Construction and land		623,474		—		3,180		4,807		631,461		4,807		—
Nonmortgage loans:
Business		27,650		222		447		180		28,499		180		—
Consumer		3,482		263		276		—		4,021		—		—
Total	$	2,172,839	$	485	$	17,433	$	11,975	$	2,202,732	$	11,975	$	—


	December 31, 2023
			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	$	342,896	$	—	$	—	$	793	$	343,689	$	793	$	—
Owner-Occupied		150,181		—		—		2,130		152,311		2,130		—
Multifamily residential		546,471		1,109		—		2,979		550,559		2,979		—
Nonresidential properties		342,343		—		—		—		342,343		—		—
Construction and land		497,266		—		—		6,659		503,925		6,659		—
Nonmortgage loans:
Business		19,240		366		8		165		19,779		165		—
Consumer		7,423		536		1,007		—		8,966		—		—
Total	$	1,905,820	$	2,011	$	1,015	$	12,726	$	1,921,572	$	12,726	$	—

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



	For the Nine Months Ended September 30, 2024
	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 Credit Losses:
Balance, beginning of period	$	4,415		$	2,012		$	4,365	$	3,176		$	4,807	$	531		$	6,848		$	26,154
Provision (benefit) charged to expense		(227	)		(185	)		302		(35	)		2,010		683			(2,122	)		426
Charge-offs		—			—			—		(7	)		—		(502	)		(2,683	)		(3,192	)
Recoveries		—			—			—		—			—		9			569			578
Balance, end of period	$	4,188		$	1,827		$	4,667	$	3,134		$	6,817	$	721		$	2,612		$	23,966
Ending balance: individually evaluated for impairment	$	—		$	—		$	—	$	—		$	—	$	180		$	—		$	180
Ending balance: collectively evaluated for impairment		4,188			1,827			4,667		3,134			6,817		541			2,612			23,786
Total	$	4,188		$	1,827		$	4,667	$	3,134		$	6,817	$	721		$	2,612		$	23,966
Loans:
Ending balance: individually evaluated for impairment	$	436		$	1,867		$	4,685	$	—		$	4,807	$	180		$	—		$	11,975
Ending balance: collectively evaluated for impairment		331,944			143,198			673,344		383,277			626,654		28,319			4,021			2,190,757
Total	$	332,380		$	145,065		$	678,029	$	383,277		$	631,461	$	28,499		$	4,021		$	2,202,732

	For the Three Months Ended September 30, 2024
	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	$	4,188		$	1,946		$	4,185	$	2,297		$	6,796	$	987		$	3,662		$	24,061
Provision (benefit) charged to expense		—			(119	)		482		844			21		183			(610	)		801
Losses charged-off		—			—			—		(7	)		—		(450	)		(634	)		(1,091	)
Recoveries		—			—			—		—			—		1			194			195
Balance, end of period	$	4,188		$	1,827		$	4,667	$	3,134		$	6,817	$	721		$	2,612		$	23,966


	For the Nine Months Ended September 30, 2023
	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	$	3,863		$	1,723		$	8,021		$	2,724		$	2,683		$	120	$	15,458		$	34,592
Provision (benefit) charged to expense		33			257			653			(20	)		2,276			193		(2,029	)		1,363
Impact of CECL adoption		766			146			(3,962	)		578			(911	)		236		57			(3,090	)
Charge-offs		—			—			—			—			—			—		(6,092	)		(6,092	)
Recoveries		—			—			—			—			—			3		638			641
Balance, end of period	$	4,662		$	2,126		$	4,712		$	3,282		$	4,048		$	552	$	8,032		$	27,414
Ending balance: individually evaluated for impairment	$	—		$	71		$	—		$	—		$	—		$	204	$	—		$	275
Ending balance: collectively evaluated for impairment		4,662			2,055			4,712			3,282			4,048			348		8,032			27,139
Total	$	4,662		$	2,126		$	4,712		$	3,282		$	4,048		$	552	$	8,032		$	27,414
Loans:
Ending balance: individually evaluated for impairment	$	396		$	2,134		$	—		$	—		$	6,657		$	209	$	—		$	9,396
Ending balance: collectively evaluated for impairment		346,686			149,732			553,694			321,472			404,726			18,207		10,416			1,804,933
Total	$	347,082		$	151,866		$	553,694		$	321,472		$	411,383		$	18,416	$	10,416		$	1,814,329

	For the Three Months Ended September 30, 2023
	Mortgage Loans															Nonmortgage Loans					Total
	1-4 Family Investor Owned			1-4 Family Owner Occupied			Multifamily			Nonresidential			Construction and Land			Business		Consumer			Total
	(in thousands)
Allowance for loan losses:
Balance, beginning of period	$	4,776		$	2,152		$	4,738		$	3,238		$	3,189		$	450	$	9,630		$	28,173
Provision (benefit) charged to expense		(114	)		(26	)		(26	)		44			859			99		(86	)		750
Losses charged-off		—			—			—			—			—			—		(1,592	)		(1,592	)
Recoveries		—			—			—			—			—			3		80			83
Balance, end of period	$	4,662		$	2,126		$	4,712		$	3,282		$	4,048		$	552	$	8,032		$	27,414


	For the Year Ended December 31, 2023
	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	$	3,863		$	1,723	$	8,021		$	2,724		$	2,683		$	120		$	15,458		$	34,592
Provision (benefit) charged to expense		(214	)		143		306			(126	)		3,035			235			(2,142	)		1,237
Impact of CECL adoption		766			146		(3,962	)		578			(911	)		236			57			(3,090	)
Charge-offs		—			—		—			—			—			(63	)		(7,227	)		(7,290	)
Recoveries		—			—		—			—			—			3			702			705
Balance, end of year	$	4,415		$	2,012	$	4,365		$	3,176		$	4,807		$	531		$	6,848		$	26,154
Ending balance: individually evaluated for impairment	$	—		$	72	$	—		$	—		$	—		$	161		$	—		$	233
Ending balance: collectively evaluated for impairment		4,415			1,940		4,365			3,176			4,807			370			6,848			25,921
Total	$	4,415		$	2,012	$	4,365		$	3,176		$	4,807		$	531		$	6,848		$	26,154
Loans:
Ending balance: individually evaluated for impairment	$	793		$	2,130	$	2,979		$	—		$	6,659		$	165		$	—		$	12,726
Ending balance: collectively evaluated for impairment		342,896			150,181		547,580			342,343			497,266			19,614			8,966			1,908,846
Total	$	343,689		$	152,311	$	550,559		$	342,343		$	503,925		$	19,779		$	8,966		$	1,921,572

Schedule of Information Relates to Impaired Loans

The following information relates to impaired loans as of and for the nine months ended September 30, 2024 and 2023 and as of and for the year ended December 31, 2023:


	Unpaid Contractual		Recorded Investment		Recorded Investment		Total				Average		Interest Income
	Principal		With No		With		Recorded		Related		Recorded		Recognized
As of and For the Nine Months Ended September 30, 2024	Balance		Allowance		Allowance		Investment		Allowance		Investment		on a Cash Basis
	(in thousands)
Mortgage loans:
1-4 Family residential	$	2,284	$	2,303	$	—	$	2,303	$	—	$	2,452	$	19
Multifamily residential		4,603		4,685		—		4,685		—		4,379		5
Nonresidential properties		—		—		—		—		—		317		—
Construction and land		4,807		4,807		—		4,807		—		5,612		1,059
Nonmortgage loans:
Business		180		—		180		180		180		222		2
Consumer		—		—		—		—		—		—		—
Total	$	11,874	$	11,795	$	180	$	11,975	$	180	$	12,982	$	1,085

	Unpaid Contractual		Recorded Investment		Recorded Investment		Total				Average		Interest Income
	Principal		With No		With		Recorded		Related		Recorded		Recognized
As of and For the Nine Months Ended September 30, 2023	Balance		Allowance		Allowance		Investment		Allowance		Investment		on a Cash Basis
	(in thousands)
Mortgage loans:
1-4 Family residential	$	2,517	$	2,081	$	449	$	2,530	$	71	$	6,478	$	40
Multifamily residential		—		—		—		—		—		958		—
Nonresidential properties		—		—		—		—		—		531		—
Construction and land		6,650		6,657		—		6,657		—		8,438		—
Nonmortgage loans:
Business		209		—		209		209		204		83		—
Consumer		—		—		—		—		—		—		—
Total	$	9,376	$	8,738	$	658	$	9,396	$	275	$	16,488	$	40


	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, 2023	Balance		Allowance		Allowance		Investment		Allowance		Investment		on a Cash Basis
	(in thousands)
Mortgage loans:
1-4 Family residential	$	2,906	$	2,475	$	448	$	2,923	$	72	$	4,812	$	82
Multifamily residential		2,966		2,979		—		2,979		—		1,463		151
Nonresidential properties		—		—		—		—		—		198		—
Construction and land		6,650		6,659		—		6,659		—		8,211		—
Nonmortgage loans:
Business		165		—		165		165		161		104		—
Consumer		—		—		—		—		—		—		—
Total	$	12,687	$	12,113	$	613	$	12,726	$	233	$	14,788	$	233

Schedule of Total Exposure


Total Microloans Exposure as of September 30, 2024
(in thousands)
Microloans Receivable from Grain
Microloans originated - put back (inception-to-September 30, 2024)	$	23,932
Write-downs, net of recoveries (inception-to-date as of September 30, 2024)		(15,287	)
Cash receipts (inception-to-September 30, 2024)		(6,819	)
Grant/reserve (inception-to-September 30, 2024)		(1,826	)
Net receivable as of September 30, 2024	$	—
Microloans Receivable from Borrowers
Microloans receivable as of September 30, 2024	$	3,033
Allowance for credit losses as of September 30, 2024 (1)		(2,570	)
Microloans, net of allowance for credit losses as of September 30, 2024	$	463
Investments
Investment in Grain	$	1,000
Investment write-off in the third quarter of 2022		(1,000	)
Net investment as of September 30, 2024	$	—
Total exposure related to microloans as of September 30, 2024 (2)	$	463

(1) Excludes $1.5 million of security deposits by microloan borrowers reported in deposits in the accompanying Consolidated Statements of Financial Conditions.

(2) Total remaining exposure to microloan borrowers. These loans are now serviced by the Bank.

Summary of Allowance for Off-Balance-Sheet Credit Losses

The following table presents the activity in the allowance for off-balance-sheet credit losses:


	For the Nine
	Months Ended			For the Year Ended
	September 30, 2024			December 31, 2023
	(in thousands)
Allowance for credit losses on unfunded commitment at beginning of period	$	3,613		$	354
Impact on CECL adoption		—			948
(Benefit) provision for credit losses		(581	)		2,311
Allowance for credit losses on unfunded commitment at end of period	$	3,032		$	3,613

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 2,433	$ 2,590	$ 8,039	$ 2,834
Net change in unrealized gain (losses) on securities:
Unrealized gain (losses)	4,912	(3,644)	3,758	(3,364)
Income (tax) benefit effect	(1,041)	773	(795)	756
Total other comprehensive income (loss), net of tax	3,871	(2,871)	2,963	(2,608)
Total comprehensive income (loss)	6,304	(281)	11,002	226
Less: Dividends on preferred shares	281	0	356	0
Total comprehensive income (loss) available to common stockholders	$ 6,023	$ (281)	$ 10,646	$ 226

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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