UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
(Exact name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
||
|
|
|
|
|
|
||||
|
||||
(Address of Principal Executive Offices) |
|
(Zip Code) |
||
Registrant’s Telephone Number, Including Area Code: |
|
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
|
|
Trading |
|
|
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
Ponce Financial Group, Inc., (the “Company”), the holding company for Ponce Bank (the “Bank”), today announced that it will be presenting at a virtual bank conference hosted by Sycamore Analytics and Pendragon Capital Management on December 11, 2024 from 1:05 to 1:35 PM. To register for the event visit www.VirtualBankConference.com.
The Company’s press release is furnished as Exhibit 99.1 to this report and the Company's slide presentation is furnished as Exhibit 99.2 to this Current Report, and are both incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
Exhibit Number |
|
Description |
|
|
|
99.1 |
|
|
99.2 |
|
|
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
|
|
Ponce Financial Group, Inc. |
|
|
|
|
Date: |
December 10, 2024 |
By: |
/s/ Carlos P. Naudon |
|
|
|
Carlos P. Naudon |
Exhibit 99.1
Ponce Financial Group, Inc. Announces Participation in a Virtual Bank Conference
NEW YORK, December 10, 2024 - Ponce Financial Group, Inc., (the “Company”) (NASDAQ: PDLB), the holding company for Ponce Bank (the “Bank”), announced that it will be presenting at a virtual bank conference hosted by Sycamore Analytics and Pendragon Capital Management on December 11, 2024 from 1:05 to 1:35 PM. To register for the event visit www.VirtualBankConference.com.
About Ponce Financial Group, Inc.
Ponce Financial Group, Inc., is the holding company for Ponce Bank. Ponce Bank is a Minority Depository Institution, a Community Development Financial Institution, and a certified Small Business Administration lender. Ponce Bank’s business primarily consists of taking deposits from the general public and to a lesser extent alternative funding sources and investing those funds, together with funds generated from operations and borrowings, in mortgage loans, consisting of 1-4 family residences (investor-owned and owner-occupied), multifamily residences, nonresidential properties, construction and land, and, to a lesser extent, in business and consumer loans. Ponce Bank also invests in securities, which consist of U.S. Government and federal agency securities and securities issued by government-sponsored or government-owned enterprises, as well as, mortgage-backed securities, corporate bonds and obligations, and Federal Home Loan Bank stock.
Forward Looking Statements
Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “project,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on business activities; changes in interest rates; competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or in the local markets in which Ponce Bank operates, including changes that adversely affect borrowers’ ability to service and repay Ponce Bank’s loans; anticipated losses with respect to the Company's investment in Grain; changes in the value of securities in the investment portfolio; changes in loan default and charge-off rates; fluctuations in real estate values; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; changes in government regulation; changes in accounting standards and practices; the risk that intangibles recorded in the financial statements will become impaired; demand for loans in Ponce Bank’s market area; Ponce Bank’s ability to attract and maintain deposits; risks related to the implementation of acquisitions, dispositions, and restructurings; the risk that Ponce Financial Group, Inc. may not be successful in the implementation of its business strategy; changes in assumptions used in making such forward-looking statements and the risk factors described in Ponce Financial Group, Inc.’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Ponce Financial Group, Inc. disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as may be required by applicable law or regulation.
1
EXHIBIT 99.2 President & Chief Executive Officer Carlos P. Naudon EVP & Chief Financial Officer Sergio Vaccaro
Cautionary Statements Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “project,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on business activities; changes in interest rates; competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or in the local markets in which Ponce Bank operates, including changes that adversely affect borrowers’ ability to service and repay Ponce Bank’s loans; changes in the value of securities in the investment portfolio; changes in loan default and charge-off rates; fluctuations in real estate values; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; changes in government regulation; changes in accounting standards and practices; the risk that intangibles recorded in the financial statements will become impaired; demand for loans in Ponce Bank’s market area; Ponce Bank’s ability to attract and maintain deposits; risks related to the implementation of acquisitions, dispositions, and restructurings; the risk that Ponce Financial Group, Inc. may not be successful in the implementation of its business strategy; changes in assumptions used in making such forward-looking statements and the risk factors described in Ponce Financial Group’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Ponce Financial Group, Inc. disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as may be required by applicable law or regulation. Forward Looking Statements The market and industry data used throughout this presentation is based, in part, on third-party sources, as indicated. Although management believes these third-party sources are reliable, they have not independently verified the information and cannot guarantee its accuracy and completeness. Market and Industry Data Copyright © 2024. All Right Reserved
Corporate Headquarters and Office Location Branch Locations Branch Offices Loan Offices Ponce Financial Group, Inc. (the “Company”), became the holding company of Ponce Bank (the “Bank”), a federally chartered stock savings association on January 27, 2022, after successfully completing the conversion and reorganization of Ponce Bank Mutual Holding Company from the mutual to stock form of organization. Aim to provide long-term value to stakeholders by executing a safe and sound business strategy that produces increasing value. Number of full-time equivalent employees as of September 30, 2024, was 228 equating to $13.2 million in assets per employee. The Company provides a full range of financial services to minority, immigrant, and low-income borrowers in a community-focused manner. Ticker NASDAQ: PDLB Established 1960 Headquarters Bronx, NY Branches 13 full-service branches and 5 loan production offices Total Assets $3.01 billion (as of 9/30/24) Total Loans $2.18 billion (as of 9/30/24) Total Deposits $1.87 billion (as of 9/30/24) Earnings Per Share $0.34 (9m ended 9/30/24) Market Cap TBV Per Common Share $295 million (as of 12/05/2024) $11.74 (as of 9/30/24) Copyright © 2024. All Right Reserved
Franchise Evolution 2015 - 2022 Carlos P. Naudon named President in 2015; CEO in 2018 Certified SBA lender Continued to remain focused on residential and commercial real estate Optimized real estate footprint by improving loan efficiency Certification as an MDI & CDFI Grew assets from $703 million to $2.3 billion Path to Conversion 2022 - Present Converted from Mutual Holding Company on January 27, 2022 Established a robust capital base to continue executing on strategic initiatives Continued focusing on residential and commercial lending with an emphasis on technological integration Received low-cost funding Preferred Stock in the amount of $225 million from the ECIP Public Ownership 1960 - 2015 Established 65-year-old institution focused on residential and nonresidential lending Headquartered in Bronx, NY with branch presence in Brooklyn, Queens, New Jersey, and Manhattan Grew assets from de novo to $700 million Mutual Bank Copyright © 2024. All Right Reserved
PDLB Executive Management Executive Chairman of the Board Steven A. Tsavaris Executive Vice President, Chief Lending Officer Ioannis Kouzilos Executive Vice President, Chief External Affairs Officer Madeline V. Marquez President, Chief Executive Officer Carlos P. Naudon Executive Vice President, Chief Financial Officer Sergio Vaccaro Executive Vice President, Chief Operating Officer Luis Gonzalez Jr. Copyright © 2024. All Right Reserved 50+ years of experience Former President and CEO of Ponce De Leon Federal Savings Bank Former Chairman and CEO of PDLB Community Bancorp 13+ years of experience Previously VP of Credit Administration Experienced at various financial institutions 25+ years of experience Former Vice President at Business Initiative Corporation of New York Former Managing Director at Brooklyn Economic Development Corp. 50+ years of experience Former CEO of Banking Spectrum Inc. Former Acting CEO and Director of Open Solutions, Inc., a public company 25+ years of experience Former CFO of Private Bank Americas at HSBC Former CFO of Home Loans at Morgan Stanley Former US Head of FP&A at HSBC 17+ years of experience Former Bank Examiner Former Acting Assistant Deputy Comptroller, OCC
Highlights – 9 months ended September 30th, 2024 Strong loan growth. Net loans receivable were $2.18 billion as of September 30, 2024, an increase of $280 million, or 14.7%, from December 31, 2023. Stable NIM and lower expenses YoY. Net interest margin at 2.66% for the nine months ended September 30, 2024, is flat versus prior period. Expenses were $49.4 million for the nine months ended September 30, 2024, a decrease of $1.3 million versus prior period. Strong deposit growth. Deposits were $1.87 billion as of September 30, 2024, an increase of $360 million, or 23.8%, from December 31, 2023. Consistent profitability over the last 5 quarters. Net income of $7.7 million, or $0.34 per diluted share for the nine months ended September 30, 2024 Copyright © 2024. All Right Reserved Nine Month Highlight Overview Q3 YTD 2024 Q3 YTD 2023 Change % Net interest income $55.8M $46.7M 19.5% Net income $7.7M $2.8M 175.0% Deposits $1.87B $1.51B 23.8% Net loans receivable $2.18B $1.90B 14.7% Earnings per share $0.34 $0.12 183.3%
Our Vision Growing alongside fastest growing, best clients Reaching Capital Deployment Capabilities Enhance our multifamily and nonresidential loans. Leverage MDI/CDFI status. Build existing community lending programs. Improve core deposits, with an emphasis on low-cost commercial demand deposits and add non-core funding sources. Robust capital position, inclusive of $225 million in ECIP funds provided by the U.S. Treasury Focused on growing loan book: Expanding CRE & Non-Residential Loans Stay with successful clients as they grow Low-Cost, Excess Capital - Ready to Deploy The Bank is designated as both a Community Development Financial Institution (CDFI) and a Minority Deposit Institution (MDI) MDI and CDFI Status; Mission Driven Business Model Aligns with ESG Completed the second-step in January 2022 Ability to return capital to shareholders – priorities De-Mutualization Opportunity The Company is well-positioned with a weighted average loan-to-value ratio of 57.2% as of September 30, 2024 Total CRE Loans comprise 309.1% of Tier 1 Capital plus allowance Financial Strength Strategies and Focus Growth Drivers Accelerating Loan Growth Through Deployment of Excess Capital CRE and Residential Markets – Single Family & Multi-family markets Net Interest Income Growth Upgrading electronic infrastructure Expanding digital banking services Creating greater resiliency, capacity, and redundancies Modernization Program Across Company Infrastructure Restructure/Refocus the retail business model Upgrade sales forces Manage credit risk to maintain a low level of nonperforming assets. Enhance our digital presence to deliver impactful services to our customers. Copyright © 2024. All Right Reserved 143% 123%
ECIP Disposition – Final Guidelines Treasury issued final guidelines November 20th, 2024, and model agreement on Nov 25th, allowing repurchase at a future date, subject to compliance with certain qualifications Determination of sale price: based on the dividend discount model While there can be no assurance as to the final repurchase price, the price could be as low as 6.98% under the current guidelines, (assuming a dividend rate of 0.50%, RFR of 4.66% (20 Yr Treasury), Beta of 0.50 and ERP of 5% and meeting deep impact condition) Impact of ~8.79 $ per share, under the above assumptions, $225 million ECIP, 23.8 million common shares outstanding The repurchase date could occur as soon as 3Q 2026, assuming entry into a binding agreement with Treasury Status on process: Treasury may start executing agreements in late December 2024
Community Development Financial Institution The CDFI Program offers both Financial Assistance and Technical Assistance awards to CDFIs. These competitive awards support and enhance the ability of the Company to meet the needs of the communities they serve. Financial Assistance awards are made in the form of loans, grants, equity investments, and deposits, which CDFIs are required to match dollar-for-dollar with non-federal funds. This requirement enables the Company to multiply the impact of federal investment to meet the demand for affordable financial products in economically distressed communities. Technical Assistance grants are offered to CDFIs and Certifiable CDFIs to build their organizational capacity. Out of the 20 top CDFI Banks: in housing focus in DLI-HMDA (% of housing lending in LMI communities) in DLI-HMDA (% of housing lending in LMI communities) in total assets in total loans in % of branches in LMI areas As a CDFI, the Company has received over $5 million in federal grants As of December 31, 2023, there were approximately 1,400 CDFI’s operating nationwide, but fewer than 200 are banks, and the Bank ranks amongst the largest The CDFI designation qualifies the Company for grants and capital opportunities such as the Emergency Capital Investment Program (ECIP), which the Company benefitted from in the form of a $225 million investment from the U.S. Treasury for Senior Non-Cumulative Perpetual Preferred Stock; only CDFIs and MDIs were able to participate in this program – it comes at no cost (to capital) for the first two years and includes rate reduction incentives after that with a cap of 2.00% Ponce Bank has won awards and mandates for community development and ranks as one of the largest and most housing focused CDFIs in the country. Rankings as of YE 2023 1st 2nd 6th Copyright © 2024. All Right Reserved
Minority Depository Institution One of 32 banks in the country designated as both an MDI and a CDFI. As of September 30, 2024, the FDIC recognized 150 MDIs across the United States and its territories, with collective assets of approximately $360 billion. As an MDI the Bank can provide financial services to and for underserved communities as designated by the federal government including African, Asian, Hispanic, and Native Americans. MDI designation allows the Bank to provide many benefits to low-to-moderate income communities, including access to credit, values-driven banking, international languages and locations, financial education, and community-specific services. Out of all the MDI Banks in Assets, the Bank ranks: Rankings as of 3Q24 The Bank is designated an MDI, classified under the Federal Deposit Insurance Corporation (FDIC). The FDIC defines an MDI as a federally insured depository institution for which (1) 51% or more of the voting stock is owned by minority individuals; or (2) majority of the board of directors is a minority and the community that the institution serves is predominantly minority. in total assets New York in total assets out of 150 MDIs 3rd 19th Copyright © 2024. All Right Reserved
ESG (Environmental, Social, Governance) Environmental Initiatives The Company focuses on sustainability, resource conservation, and waste reduction. We ensure regulatory compliance, vendor adherence, and invest in technology for efficiency. Our ESG Committee manages site compliance and flood risk, while we work with suppliers to uphold ethical practices. We promote diversity and inclusion, with 61% female and 86% ethnically diverse employees. Diversity, Equity & Inclusion We support communities with initiatives and partnerships. Community We value employees, offer competitive benefits, and invest in growth through training. Health, Safety and Talent Acquisition & Retention In the latest report(*) from the National Community Investment Fund, Ponce ranked: among the 20 largest CDFI Banks with a Housing Focus in Assets, Lending and Deposits #1 Data Security Compliance & Ethics Suppliers Corporate Governance We are dedicated to sustainability and building a strong ESG foundation. We prioritize accountability, ethical practices, and robust risk management to earn stakeholder trust and ensure legal compliance. in DLI – HMDA lending activities in LMI tracts #2 in total loans among all CDFI banks nationwide (168 total) #6 in total Assets among all CDFI banks nationwide #6 among the 20 largest banks by percent of branches located in LMI tracts #6 in total Deposits among all CDFI banks nationwide #12 We boost office efficiency with high-efficiency equipment, LED lighting, and advanced HVAC units. We promote recycling and waste separation in our offices. We consult energy experts for inspections, savings, and rebates on ESG-friendly upgrades. Copyright © 2024. All Right Reserved Environmental Responsibility Social Impact Environmental Initiatives (*) Latest report published May 2024 for YE 2023
Appendix
Ponce Financial Group, Inc. Strong asset and deposit growth Total Assets Total Deposits Balance Sheet Highlights Ponce Financial Group, Inc. Copyright © 2024. All Right Reserved
Loans Highlights Net Loans Loans-to-Deposits % Ponce Financial Group, Inc. Ponce Financial Group, Inc. Copyright © 2024. All Right Reserved Strong loan growth
Appx. 1 (1) Ponce Financial Group Inc. & its predecessor Portfolio Composition 22% 31% 18% 29% 1-4 Family Residential Construction and Land Multifamily Residential Nonresidential Property $ 2,180,331 $ 1,172,053 $ 1,322,098 $ 1,525,668 $ 1,895,886 $ 2,022,173 Loan Portfolio Growth Net Loan Receivable Loans Portfolio Copyright © 2024. All Right Reserved As of September 30, 2024
(1) Ponce Financial Group Inc. & its predecessor Total Securities (as of September 30, 2024) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 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 Obligations¹ 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 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 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 Obligations¹ 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 available-for-sale 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. (in thousand) Copyright © 2024. All Right Reserved (in thousand)
Regulatory Capital Ratios Actual Amount Ratio For Capital Adequacy Purposes Amount Ratio To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio September 30, 2024 (Dollars in Thousands) 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% Actual Amount Ratio For Capital Adequacy Purposes Amount Ratio To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio December 31, 2023 (Dollars in Thousands) 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% Copyright © 2024. All Right Reserved
Community Sponsorships and Donations Includes Sponsorships and Donations by the Company and the Ponce De Leon Foundation Queens Small Business Owners & Entrepreneurs Small Business Bootcamp Over 117 grants to charitable causes since 2017 $2.3 million was given to Ponce Bank Branch communities focusing on youth services, education, healthcare, social services, economic development, and cultural diversity Ponce De Leon Foundation Financial Mastery Workshops Copyright © 2024. All Right Reserved American Cancer Society Morris Heights Health Center Urban Youth Alliance Int Castle Hill Little League Iglesia Nuevo Amanecer La Hermosa Phipps Neighborhood InHisName United YMCA of Greater NY Washington Heights BID Unique People Services Hostos Community College Foundation New Bronx Chamber of Commerce Bronx Manhattan North Board of Realtors Bronx Kings Business Initiative Corporation Neighborhood Shop COVID Relief Program BOEDC Bronx Tourism Council NYS CDFI Coalition Bronx County Bar Association Business Initiative Corporation Bronx Overall Economic Development Corp Unique People Services Hope Gathering Buy Local East Harlem & Greet Union Settlement LSA Covid Relief Citivas La Fortaleza Hope Community AHRC Society of the Educational Arts NYCHCC Women In Business Upper Manhattan Mental Health Center Riverdale Senior Services Urban Design Forum Comite Noviembre RAICES Spanish Speaking Elderly Council One Brooklyn Fund MyTime Inc Brooklyn Hospital Foundation Gay Men's Health Crisis Inc CommonPoint Queens Immaculate Conception Catholic Academy Hellenic Orthodox Community of Astoria Greater Jamaica Development Corp Queens Economic Development Corporation Immaculate Conception Catholic Academy Pancyprian Association Inc NJ Law Enforcement Queens Women's Chamber of Commerce Union City Music Project NJ Small Business Development Center at NJCU Forest Hills Chambers of Commerce Greater NY Chamber of Commerce Sharing and Caring Inc NYSCDFI Coalition Brooklyn Kings County Chamber Of Commerce of Washington Heights and Inwood in Manhattan & MANY MORE Save Latin America Hispanic Chamber of Commerce BNI Down to Business
NASDAQ: PDLB Thank you.