Ponce Financial Group, Inc. Segments Disclosure
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 |
|
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About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.