Segment Reporting

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Reporting

Note 19. Segment Reporting

The Company had two reportable segments: Ponce Bank and Mortgage World. Income from Ponce Bank consists primarily of interest earned on loans and investment securities and service charges on deposit accounts. Income from Mortgage World consisted primarily of taking of applications from the general public for residential mortgage loans, underwriting them to investors’ standards, closing and funding them and holding them until they are sold to investors.

The accounting policies of the reportable segments are the same as those described in the summary of accounting policies. Segment profit and loss is measured by net income on a legal entity basis. Significant intercompany transactions are eliminated in consolidation.

The following tables set forth condensed consolidated statements of operations and total assets for the operating segments for the years ended December 31, 2021 and 2020, respectively:

	For the Year Ended December 31, 2021
	Ponce Bank		Mortgage World		PDL Community Bancorp			Eliminations			Consolidated
	(in thousands)
Interest and dividend income	$	66,647	$	451	$	158		$	(158	)	$	67,098
Interest expense		8,015		395		—			(158	)		8,252
Net interest income		58,632		56		158			—			58,846
Provision for loan losses		2,717		—		—			—			2,717
Net interest income after provision for loan losses		55,915		56		158			—			56,129
Total non-interest income		26,385		9,327		—			(1,075	)		34,637
Total non-interest expense		45,704		9,224		3,289			(1,075	)		57,142
Income (loss) before income taxes		36,596		159		(3,131	)		—			33,624
Provision (benefit) for income taxes		8,540		50		(381	)		—			8,209
Equity in undistributed earnings of Ponce Bank and Mortgage World		—		—		28,165			(28,165	)		—
Net income (loss)	$	28,056	$	109	$	25,415		$	(28,165	)	$	25,415
Total assets	$	1,630,031	$	20,096	$	312,137		$	(308,754	)	$	1,653,510

	For the Year Ended December 31, 2020
	Ponce Bank		Mortgage World		PDL Community Bancorp			Eliminations			Consolidated
	(in thousands)
Interest and dividend income	$	53,064	$	275	$	239		$	(239	)	$	53,339
Interest expense		11,357		251		—			(239	)		11,369
Net interest income		41,707		24		239			—			41,970
Provision for loan losses		2,443		—		—			—			2,443
Net interest income after provision for loan losses		39,264		24		239			—			39,527
Non-interest income		7,554		6,207		—			(514	)		13,247
Non-interest expense		40,510		3,877		3,664			(512	)		47,539
Income (loss) before income taxes		6,308		2,354		(3,425	)		(2	)		5,235
Provision (benefit) for income taxes		1,520		521		(659	)		—			1,382
Equity in undistributed earnings of Ponce Bank and Mortgage World		—		—		6,619			(6,619	)		—
Net income (loss)	$	4,788	$	1,833	$	3,853		$	(6,621	)	$	3,853
Total assets	$	1,315,287	$	38,397	$	159,811		$	(158,264	)	$	1,355,231