Ponce Financial Group, Inc. reported net income of $2.9 million for the fourth quarter ended December 31, 2024, an increase from $2.4 million in the prior quarter and $0.5 million in the fourth quarter of 2023. For the full year 2024, net income reached $11.0 million, a substantial increase from $3.4 million in 2023. This growth reflects improved operational execution and strategic initiatives throughout the year.
Net interest income for the fourth quarter of 2024 grew by $1.7 million, or 8.97%, to $20.7 million compared to the third quarter of 2024, and by $3.5 million, or 20.54%, compared to the fourth quarter of 2023. The net interest margin expanded to 2.80% for the quarter, an increase of 15 basis points from the prior quarter. For the full year 2024, net interest income increased by $11.2 million, or 17.18%, to $76.5 million.
The company executed an agreement with the U.S. Treasury in December 2024, providing an option to repurchase ECIP preferred shares upon meeting specific conditions. As of December 31, 2024, Ponce Financial Group's Deep Impact Lending over the last 10 consecutive quarters stood at 79%, exceeding the 60% threshold required for the buyback option. The company also launched its PonceDirect digital bank and gained traction with SBA loans, contributing to its strategic evolution.
Total assets increased by $289.2 million, or 10.51%, to $3.04 billion as of December 31, 2024, from December 31, 2023. This asset growth was primarily driven by a $390.7 million increase in net loans receivable and a $377.2 million increase in deposits. The company's strong liquidity and capital levels were maintained, supporting its continued lending and deposit-gathering activities.
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