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Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest and dividend income:        
Interest on loans receivable $ 25,276 $ 17,058 $ 67,991 $ 51,315
Interest on deposits due from banks 1,969 346 3,983 514
Interest and dividend on securities and FHLBNY stock 6,261 4,230 18,943 5,990
Total interest and dividend income 33,506 21,634 90,917 57,819
Interest expense:        
Interest on certificates of deposit [1] 4,362 855 11,468 2,361
Interest on other deposits [1] 5,639 1,375 12,864 2,154
Interest on borrowings 6,963 1,793 18,516 2,867
Total interest expense 16,964 4,023 42,848 7,382
Net interest income 16,542 17,611 48,069 50,437
Provision for credit losses (Note 3) (Note 5) 535 9,330 1,348 11,405
Net interest income after provision for credit losses 16,007 8,281 46,721 39,032
Non-interest income:        
Service charges and fees 516 464 1,488 1,349
Brokerage commissions 17 288 67 840
Late and prepayment charges 899 109 2,000 360
Income on sale of mortgage loans 173 116 354 734
Loan origination   522   1,843
Grant income 3,718   3,718  
Loss on sale of premises and equipment   (436)   (436)
Other 304 514 1,311 1,292
Total non-interest income 5,627 1,577 8,938 5,982
Non-interest expense:        
Compensation and benefits 7,566 7,377 22,437 21,413
Occupancy and equipment 3,588 3,611 10,882 10,040
Data processing expenses 1,582 994 3,982 2,665
Direct loan expenses 369 654 1,126 2,033
Provision for contingencies 391 519 1,893 566
Insurance and surety bond premiums 255 297 768 600
Office supplies, telephone and postage 301 369 1,189 1,180
Professional fees 1,693 1,251 5,052 4,333
Contribution to the Ponce De Leon Foundation (Note 2)       4,995
Grain (recoveries) write-off (Note 5) (69) 8,881 (1,329) 18,455
Marketing and promotional expenses 248 214 679 337
Directors' fees and regulatory assessment 169 188 484 509
Other operating expenses 1,223 1,061 3,603 2,931
Total non-interest expense 17,316 25,416 50,766 70,057
Income (loss) before income taxes 4,318 (15,558) 4,893 (25,043)
Provision (benefit) for income taxes (Note 10) 1,728 (820) 2,059 (4,256)
Net income (loss) $ 2,590 $ (14,738) $ 2,834 $ (20,787)
Earnings (loss) per common share (Note 12):        
Basic $ 0.12 $ (0.64) $ 0.12 $ (0.92)
Diluted $ 0.12 $ (0.64) $ 0.12 $ (0.92)
Weighted average common shares outstanding (Note 12):        
Basic 22,272,076 23,094,859 22,920,680 22,524,477
Diluted 22,349,217 23,094,859 22,962,956 22,524,477
[1] For the three and nine months ended September 30, 2022, $0.2 million of interest expense were reclassified from Interest on other deposits to Interest on certificates of deposits.