Parent Company Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Consolidated Statements of Financial Condition

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

	December 31,
ASSETS	2022		2021
	(in thousands)
Cash and cash equivalents	$	28,318	$	124,867
Investment in Ponce Bank		438,975		169,797
Investment in Mortgage World		—		5,406
Investment in Grain		—		1,000
Investment in Lending Front		1,000		—
Investment in Bamboo		2,500		—
Loan receivable - ESOP		14,377		4,455
Other assets		7,702		6,612
Total assets	$	492,872	$	312,137
LIABILITIES AND STOCKHOLDERS' EQUITY
Funds due to Ponce Financial	$	—	$	122,000
Other liabilities and accrued expenses		172		881
Stockholders' equity		492,700		189,256
Total liabilities and stockholders' equity	$	492,872	$	312,137

Schedule of Condensed Consolidated Statements of Income (Loss)

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

Schedule of Condensed Consolidated Statements of Cash Flows

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