Ponce Financial writes off $8.1M from Grain fraud; expects $0.26 EPS hit

Ponce Financial Group, Inc.

Write-off of $6.3M and additional reserve of $1.7M on Grain Receivable due to synthetic identity fraud.
Pre-tax earnings impact of ~$8.1M; net income impact of ~$5.7M ($0.26 per basic/diluted share).
No new microloans originated until further notice; existing extensions require fraud confirmation.
Remaining Grain Receivable of $2.2M may be further impaired if Grain cannot pay.

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