Ponce Financial Group Q3 net income more than doubles on tax benefit
PDLB•Ponce Financial Group said third-quarter net income more than doubled year over year, with results boosted by a one-time $10.5 million tax benefit. Net interest income rose 35% to $34 million, while EPS was $0.76 and net interest margin was 3.86%.
1. Quarterly results
Ponce Financial Group’s third-quarter net income more than doubled from a year earlier. Net interest income increased 35% to $34 million, and earnings per share were $0.76; net interest margin was 3.86%.
2. Tax benefit and costs
Results included a one-time $10.5 million tax benefit from the release of a deferred tax asset valuation allowance. The company said higher compensation and benefits from new hires contributed to increased non-interest expense.
3. Preferred stock plans
Ponce Financial Group said it is working with the U.S. Treasury to finalize steps for a Preferred Stock repurchase. The timing remains uncertain and is subject to eligibility and regulatory conditions.
