Ponce Financial Group (PDLB) is a federally chartered savings institution with total assets of $3.30B and total liabilities of $2.75B as of March 31, 2026, yielding book equity of $551.4M. Under the liquidation lens, MFFAIS reports a cash liquidation value of approximately -$483M, reflecting the standard asymmetry between haircut assets and face-value liabilities. The primary asset is the net loan portfolio at $2.70B gross ($2.73B face, $26.2M ACLA reserve), which under a 60-65% recovery haircut on a loan book heavily concentrated in real estate would generate roughly $1.6-1.8B — well below the $2.75B liability stack. The deposit base of $2.13B and FHLB advances of $571.1M account for the bulk of liabilities and must be settled at face value. The $571.1M FHLB advances are material: they declined from $596.1M at December 31, 2025, with the maturity schedule showing $212M due within one year at 4.06% average rate and another $109.1M due in one to two years. The AFS securities portfolio carries a gross unrealized loss of $13.6M (all positions in continuous loss for 12+ months) on an amortized cost of $100.7M; market value of $87.2M vs. amortized cost represents approximately a 13% discount, confirmable under the liquidation lens. HTM securities of $263.5M carry an unrecognized loss of $5.9M against an unrecognized gain of $0.2M; fair value is $258.0M, a modest but real discount. The preferred stock issued to Treasury (ECIP program) has a liquidation preference of $1,000/share on 225,000 shares outstanding = $225M face, which sits as equity on the balance sheet but carries a fixed liquidation preference that would reduce common equity recovery in a wind-down scenario. Operating lease liabilities total $29.4M against ROU assets of $27.6M; the $1.8M excess is a modest negative. No goodwill or material intangibles are present in XBRL tag context, which is a positive for recovery posture. The nonperforming loan balance (nonaccrual) is $20.4M, or approximately 0.75% of gross loans, with individual ACLA reserve of only $427K against $20.4M individually evaluated — a thin specific reserve. Period-over-period, FHLB advances declined $25M QoQ net (per cash flow tag), reducing the wholesale funding liability stack modestly. Deposit growth of $87.2M QoQ increased the deposit liability base. Total assets increased from approximately $3.22B (implied from December 31, 2025 repricing table showing $3.22B total) to $3.30B at March 31, 2026. Filing discusses commitments to extend credit of $497.6M and certificates of deposit maturing in 2026 of $521.1M in MD&A but these are not separately tagged as XBRL balance sheet items; the CD maturity concentration is noted in company_overview as a liquidity risk rather than a balance-sheet line.
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