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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported): July 26, 2023
NORTHEAST COMMUNITY BANCORP, INC.
(Exact Name of Registrant as Specified in Its
Charter)
| Maryland |
001-40589 |
86-3173858 |
| (State or other jurisdiction of |
(Commission |
(IRS Employer |
| incorporation or organization) |
File Number) |
Identification No.) |
325 Hamilton Avenue, White Plains, New York 10601
(Address of principal executive offices) (Zip Code)
(914) 684-2500
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading symbol(s) |
Name of each exchange on which registered |
| Common Stock, par value $0.01 per share |
NECB |
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934
(17 CFR §240.12b-2).
Emerging growth company x
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
| Item 2.02 | Results of Operations and Financial Condition. |
On July 26, 2023, NorthEast
Community Bancorp, Inc. (the “Company”) issued a press release announcing its financial results for the three and six months
ended June 30, 2023. A copy of the Company’s press release is attached as Exhibit 99.1 and is furnished herewith.
The information contained
in this Item 2.02 and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act
of 1934 (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or
the Exchange Act, except as shall be expressly set forth by specific references in such a filing.
| Item 9.01 | Financial Statements and Other Exhibits. |
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
| NORTHEAST COMMUNITY BANCORP, INC. |
| | | |
| Date: July 27, 2023 | By: | /s/
Kenneth A. Martinek |
| | | Kenneth A. Martinek |
| | | Chairman and Chief Executive Officer |
Exhibit 99.1
NECB Earnings Press Release for 6/30/2023:
NORTHEAST
COMMUNITY BANCORP, INC. REPORTS RESULTS
FOR THE THREE AND SIX MONTHS ENDED JUNE
30, 2023
White Plains, New York, July 26, 2023 – NorthEast Community
Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”),
reported net income of $11.1 million and $22.3 million, or $0.75 and $1.56 per basic and diluted common share, for the three months and
six months ended June 30, 2023 compared to net income of $5.4 million and $9.0 million, or $0.35 and $0.58 per basic and diluted common
share for the three months and six months ended June 30, 2022.
Kenneth A. Martinek, NorthEast Community Bancorp’s Chairman
of the Board and Chief Executive Officer, stated “We are pleased to report another quarter of strong earnings due to the strong
performance of our loan portfolio. Despite the continued increases in interest rates during 2023, loan demand remained strong with originations
and outstanding commitments remaining robust. As has been in the past, construction lending for affordable housing units in high demand-high
absorption areas continues to be our focus.”
Highlights for the three months and six months ended June 30, 2023
are as follows:
| · | Net
income increased by $5.7 million and $13.3 million, or 105.6% and 147.1%, for the three months
and six months ended June 30, 2023 compared to the same periods in the prior year. |
| · | Net
interest income increased by $10.5 million and $21.4 million, or 77.4% and 84.0%, for the
three months and six months ended June 30, 2023 compared to the same periods in 2022. |
| · | Our
commitments, loans-in-process, and standby letters of credit outstanding totaled $815.8 million
at June 30, 2023 compared to $948.7 million at December 31, 2022. |
Balance Sheet Summary
Total assets increased by $190.7 million, or 13.4%, to $1.6 billion
at June 30, 2023, from $1.4 billion at December 31, 2022. The increase in assets was primarily due to an increase in net loans of
$175.2 million and an increase in cash and cash equivalents of $24.6 million, partially offset by a decrease in Federal Home Loan Bank
advances of $7.0 million and a decrease in bank owned life insurance of $1.1 million.
Cash and
cash equivalents increased by $24.6 million, or 25.8%, to $119.9 million at June 30, 2023 from $95.3 million at December 31,
2022. The increase in cash and cash equivalents was a result of increases in deposits of $193.9 million, partially offset by a
reduction in FHLB advances of $7.0 million, and stock repurchases of $14.3 million.
Equity securities increased by $102,000, or 0.6%, to $18.1 million
at June 30, 2023 from $18.0 million at December 31, 2022. The increase in equity securities was attributable to market appreciation of
$102,000 due to market interest rate volatility during the six months ended June 30, 2023.
Securities held-to-maturity decreased by $10.6 million, or 40.2%,
to $15.8 million at June 30, 2023 from $26.4 million at December 31, 2022 due to the maturity of $10.0 million in U.S. Treasury holdings,
the establishment of $135,000 in an allowance for credit losses for held-to-maturity securities, and to maturities and pay-downs of various
investment securities.
The allowance
for credit losses for held-to-maturity securities totaling $135,000 was established pursuant to the adoption of the current expected
credit losses model (“CECL”) on held-to-maturity investment securities loss exposures. In this regard, we recognized a one-time
credit of $132,000 due to the adoption of CECL at January 1, 2023 and credit loss expense totaling $3,000 during the six months ended
June 30, 2023.
Loans, net of the allowance for credit losses, increased by $175.2 million,
or 14.5%, to $1.4 billion at June 30, 2023 from $1.2 billion at December 31, 2022. The increase in loans, net of the allowance for
credit losses, was primarily due to loan originations of $448.0 million during the six months ended June 30, 2023, consisting primarily
of $405.6 million in construction loans with respect to which approximately 42.5% of the funds were disbursed at loan closings, with
the remaining funds to be disbursed over the terms of the construction loans. In addition, we originated $20.9 million in commercial
and industrial loans, $13.3 million in multi-family loans, and $8.2 million in mixed-use loans.
Loan originations resulted in a net increase of $168.1 million in
construction loans, $7.0 million in mixed-use loans, $4.0 million in commercial and industrial loans, and $184,000 in consumer loans.
The increase in our loan portfolio was partially offset by decreases in non-residential loans of $4.5 million, $409,000 in multi-family
loans, and $116,000 in residential loans, coupled with normal pay-downs and principal reductions.
The allowance for credit losses related to loans decreased to $4.4
million as of June 30, 2023 from $5.5 million as of December 31, 2022. The decrease in the allowance for credit losses related to loans
was due to a one-time decrease of $1.6 million due to the adoption of CECL at January 1, 2023 and charge-offs of $214,000, partially
offset by provision for credit losses totaling $725,000.
Premises and equipment decreased by $417,000, or 1.6%, to $25.6 million
at June 30, 2023 from $26.1 million at December 31, 2022 primarily due to depreciation of fixed assets.
Investments in Federal Home Loan Bank stock decreased by $309,000,
or 25.0%, to $929,000 at June 30, 2023 from $1.2 million at December 31, 2022 due primarily to a reduction in mandatory Federal Home
Loan Bank stock in connection with the maturity of $7.0 million in advances during the six months ended June 30, 2023.
Bank owned life insurance (“BOLI”) decreased by $1.1 million,
or 4.3%, to $24.8 million at June 30, 2023 from $25.9 million at December 31, 2022 due to two death claims totaling $1.8 million on BOLI
policies, partially offset by increases in the BOLI cash value.
Accrued interest receivable increased by $1.9 million, or 22.5%, to
$10.5 million at June 30, 2023 from $8.6 million at December 31, 2022 due to an increase in the loan portfolio and three interest rate
increases in 2023 that resulted in an increase in the interest rates on loans in our construction loan portfolio.
Foreclosed real estate was $1.5 million at June 30, 2023 and December
31, 2022.
Right of use assets — operating decreased by $257,000,
or 11.1%, to $2.1 million at June 30, 2023 from $2.3 million at December 31, 2022, primarily due to amortization.
Other assets increased by $1.7 million, or 31.2%, to $7.0 million
at June 30, 2023 from $5.3 million at December 31, 2022 due to an increase in tax assets of $2.0 million, partially offset by a
decrease in suspense accounts of $320,000 and a decrease in prepaid expense of $6,000.
Total deposits increased by $193.9 million, or 17.3%, to $1.3
billion at June 30, 2023 from $1.1 billion at December 31, 2022. The increase was primarily due to an increase in certificates of
deposit of $282.6 million, or 73.7%, partially offset by decreases in non-interest bearing demand deposits of $47.1 million,
or 12.5 %, savings account balances of $32.0 million, or 11.7%, and NOW/money market accounts of $9.8 million, or 11.1%.
Federal Home Loan Bank advances decreased by $7.0 million, or 33.3%,
to $14.0 million at June 30, 2023 from $21.0 million at December 31, 2022 due to maturity of borrowings.
Advance payments by borrowers for taxes and insurance decreased by
$216,000, or 9.1%, to $2.2 million at June 30, 2023 from $2.4 million at December 31, 2022 due primarily to real estate tax payments
remitted by the Bank on behalf of borrowers.
Lease liability – operating decreased by $254,000, or 10.7%,
to $2.1 million at June 30, 2023 from $2.4 million at December 31, 2022, primarily due to repayments.
Accounts payable and accrued expenses decreased by $3.3 million, or
22.3%, to $11.5 million at June 30, 2023 from $14.8 million at December 31, 2022 due primarily to a decrease in suspense account for
loan closings of $2.7 million and a decrease in accrued bonus expense of $2.2 million for employees, partially offset by an increase
in the allowance for credit losses for off-balance sheet commitments totaling $1.5 million.
The allowance for credit losses for off-balance sheet commitments
was $1.5 million at June 30, 2023 due to a one-time credit of $1.6 million resulting from the adoption of CECL at January 1, 2023, partially
offset by a credit loss expense reduction totaling $117,000 during the six months ended June 30, 2023.
Stockholders’
equity increased by $7.6 million, or 2.9% to $269.6 million at June 30, 2023, from $262.0 million at December 31, 2022. The
increase in stockholders’ equity was due to net income of $22.3 million for the six months ended June 30, 2023, $865,000
in the amortization of restricted stock and stock options granted in connection with the 2022 Equity Incentive Plan, a reduction of $435,000
in unearned employee stock ownership plan shares coupled with an increase of $185,000 in earned employee stock ownership plan shares,
and $15,000 in other comprehensive income, partially offset by stock repurchases totaling $14.3 million, dividends paid and declared
of $1.7 million, and a one-time adjustment to retained earnings of $99,000 due to the adoption of CECL.
Net Interest Income
Net interest income totaled $24.0 million for the three
months ended June 30, 2023, as compared to $13.5 million for the three months ended June 30, 2022. The increase in net interest
income of $10.5 million, or 77.4%, was primarily due to an increase in interest income offset by an increase in interest expense.
The increase in interest income is attributable to increases in loans
and interest-bearing deposits, partially offset by a decrease in investment securities. The increase in interest income is also attributable
to a rising interest rate environment due to the Federal Reserve’s interest rate increases in the past year.
The increase in market interest rates in the past year also caused
an increase in our interest expense. As a result, the increase in interest expense for the three months ended June 30, 2023 was due to
an increase in the cost of funds on our deposits, partially offset by a decrease in the cost of our borrowed money. The increase in interest
expense was also due to an increase in the balances on our certificates of deposits and an increase in the balances on our savings and
club deposits, offset by a decrease in the balances on our interest-bearing demand deposits and a decrease in the balances of our borrowed
money.
Total interest
and dividend income increased by $16.9 million, or 113.7%, to $31.7 million for the three months ended June 30, 2023 from $14.8 million
for the three months ended June 30, 2022. The increase in interest and dividend income was due to an increase in the average balance
of interest earning assets of $273.6 million, or 23.2%, to $1.5 billion for the three months ended June 30, 2023 from $1.2 billion for
the three months ended June 30, 2022 and an increase in the yield on interest earning assets by 370 basis points from 5.02% for the three
months ended June 30, 2022 to 8.72% for the three months ended June 30, 2023.
Interest expense increased by $6.4 million, or 493.8%, to $7.7 million
for the three months ended June 30, 2023 from $1.3 million for the three months ended June 30, 2022. The increase in interest expense
was due to an increase in the cost of interest bearing liabilities by 248 basis points from 0.84% for the three months ended June 30,
2022 to 3.32% for the three months ended June 30, 2023 and an increase in average interest bearing liabilities of $314.3 million,
or 51.2%, to $928.0 million for the three months ended June 30, 2023 from $613.6 million for the three months ended June 30, 2022.
Net interest margin increased by 202 basis points, or 44.1%, during
the three months ended June 30, 2023 to 6.60% compared to 4.58% during the three months ended June 30, 2022.
Net interest income totaled $46.9 million for the six months ended
June 30, 2023 as compared to $25.5 million for the six months ended June 30, 2022. The increase in net interest income of $21.4
million, or 84.0%, was primarily due to an increase in interest income offset by an increase in interest expense.
The increase in interest income is attributable to increases in loans
and investment securities, partially offset by a decrease in interest-bearing deposits. The increase in interest income is also attributable
to a rising interest rate environment as a result of the Federal Reserve’s interest rate increases during 2023.
The increase in market interest rates in 2023 also caused an increase
in our interest expense. As a result, the increase in interest expense for the six months ended June 30, 2023 was due to an increase
in the cost of funds on our deposits, partially offset by a decrease in the cost of our borrowed money. The increase in interest expense
was also due to an increase in the balances on our certificates of deposits and an increase in the balances of our savings and club deposits,
offset by a decrease in the balances on our interest-bearing demand deposits, and a decrease in the balances of our borrowed money.
Total interest
and dividend income increased by $32.1 million, or 114.2%, to $60.2 million for the six months ended June 30, 2023 from $28.1 million
for the six months ended June 30, 2022. The increase in interest and dividend income was due to an increase in the average balance of
interest earning assets of $240.5 million, or 20.5%, to $1.4 billion for the six months ended June 30, 2023 from $1.2 billion for the
six months ended June 30, 2022 and an increase in the yield on interest earning assets by 372 basis points from 4.78% for the six months
ended June 30, 2022 to 8.50% for the six months ended June 30, 2023.
Interest expense increased by $10.7 million, or 405.7%, to $13.4 million
for the six months ended June 30, 2023 from $2.6 million for the six months ended June 30, 2022. The increase in interest expense was
due to an increase in the cost of interest bearing liabilities by 220 basis points from 0.85% for the six months ended June 30, 2022
to 3.05% for the six months ended June 30, 2023, and an increase in average interest bearing liabilities of $253.4 million, or
40.6%, to $877.8 million for the six months ended June 30, 2023 from $624.4 million for the six months ended June 30, 2022.
Net interest margin increased by 229 basis points, or 52.9%, during
the six months ended June 30, 2023 to 6.62% compared to 4.33% during the six months ended June 30, 2022.
Credit Loss Expense
The Company recorded credit loss expenses totaling $610,000 for the
three months ended June 30, 2023 compared to no credit loss expense for the three months ended June 30, 2023. The credit loss expense
of $610,000 for the three months ended June 30, 2023 was comprised of credit loss expense for loans of $528,000 and credit loss expense
for off-balance sheet commitments of $83,000, partially offset by credit loss expense reduction for held-to-maturity investment securities
of $1,000.
We charged-off $194,000 during the three months ended June 30, 2023
as compared to charge-offs of $7,000 during the three months ended June 30, 2022. The charge-offs of $194,000 during the three months
ended June 30, 2023 comprised of a charge-off of $159,000 related to three performing construction loans on the same project whereby
we sold the loans to a third-party subsequent to June 30, 2023 at a loss of $159,000. The remaining charge-offs of $35,000 were against
various unpaid overdrafts in our demand deposit accounts. The charge-offs of $7,000 during the three months ended June 30, 2022 were
against various unpaid overdrafts in our demand deposit accounts.
We recorded no recoveries from previously charged-off loans during
the three months ended June 30, 2023 compared to recoveries of $146,000 during the three months ended June 30, 2022 from a previously
charged-off loan secured by a multi-family property.
The Company recorded credit loss expenses totaling $611,000 for the
six months ended June 30, 2023 compared to no credit loss expense for the six months ended June 30, 2022. The credit loss expense of
$611,000 for the six months ended June 30, 2023 was comprised of credit loss expense for loans of $725,000 and credit loss expense for
held-to-maturity investment securities of $3,000, partially offset by a credit loss expense reduction for off-balance sheet commitments
of $117,000.
We charged-off $214,000 during the six months ended June 30, 2023
as compared to charge-offs of $17,000 during the six months ended June 30, 2022. The charge-offs of $214,000 during the six months ended
June 30, 2023 comprised of a charge-off of $159,000 related to three performing construction loans on the same project whereby we sold
the loans to a third-party subsequent to June 30, 2023 at a loss of $159,000. The remaining charge-offs of $55,000 were against various
unpaid overdrafts in our demand deposit accounts. The charge-offs of $17,000 during the six months ended June 30, 2022 were against various
unpaid overdrafts in our demand deposit accounts.
We recorded no recoveries from previously charged-off loans during
the six months ended June 30, 2023 compared to recoveries of $242,000 during the six months ended June 30, 2022, which was comprised
of $146,000 from a previously charged-off loan secured by a multi-family property, $53,000 from a previously charged-off loan secured
by a non-residential property, and $43,000 regarding a previously charged-off loan secured by a mixed-use property.
Non-Interest Income
Non-interest income for the three months ended June 30, 2023 was $1.0
million compared to non-interest income of $536,000 for the three months ended June 30, 2022. The increase of $484,000, or 90.3%, in
total non-interest income was primarily due to an increase of $403,000 in BOLI income, a decrease of $307,000 in unrealized loss on equity
securities, and an increase of $7,000 in other non-interest income, partially offset by a decrease of $180,000 in other loan fees and
service charges, a decrease of $46,000 in gain on sale of fixed assets, and a decrease of $7,000 in investment advisory fees.
The increase
in BOLI income was primarily due to two death claims totaling $1.8 million on BOLI policies that resulted in additional BOLI income of
$404,000 in the three months ended June 30, 2023. The decrease in unrealized loss on equity was due to an unrealized loss of $123,000
on equity securities during the three months ended June 30, 2023 compared to an unrealized loss of $430,000 on equity securities during
the three months ended June 30, 2022. The unrealized loss of $123,000 on equity securities during the three months ended June 30, 2023
was due to market interest rate volatility during the quarter ended June 30, 2023.
Non-interest
income for the six months ended June 30, 2023 was $2.1 million compared to non-interest income of $594,000 for the six months ended June
30, 2022. The increase of $1.5 million, or 259.4%, in total non-interest income was primarily due to an increase of $1.2 million in unrealized
gain (loss) on equity securities, an increase of $407,000 in BOLI income, an increase of $36,000 in other loan fees and service charges,
and an increase of $6,000 in other non-interest income. These were partially offset by a decrease of $46,000 in gain on sale of
fixed assets and a decrease of $28,000 in investment advisory fees.
The increase
in BOLI income was primarily due to two death claims totaling $1.8 million on BOLI policies that resulted in additional BOLI income of
$404,000 during the six months ended June 30, 2023. The increase in unrealized gain (loss) on equity was due to an unrealized
gain of $102,000 on equity securities during the six months ended June 30, 2023 compared to an unrealized loss of $1.1 million on equity
securities during the six months ended June 30, 2022. The unrealized gain of $102,000 on equity securities during the 2023 period was
due to market interest rate volatility during the six months ended June 30, 2023.
Non-Interest Expense
Non-interest expense increased by $1.9 million, or 26.7%, to $8.9 million
for the three months ended June 30, 2023 from $7.0 million for the three months ended June 30, 2022. The increase resulted
primarily from increases of $1.2 million in salaries and employee benefits, $321,000 in other operating expense, $187,000 in advertising
expense, $75,000 in outside data processing expense, $43,000 in occupancy expense, and $24,000 in equipment expense.
Non-interest expense increased by $2.8 million, or 20.0%, to $17.1 million
for the six months ended June 30, 2023 from $14.2 million for the six months ended June 30, 2022. The increase resulted
primarily from increases of $1.9 million in salaries and employee benefits, $435,000 in other operating expense, $183,000 in advertising
expense, $154,000 in outside data processing expense, $108,000 in occupancy expense, and $38,000 in equipment expense, partially offset
by a decrease of $11,000 in real estate owned expense.
Income Taxes
We recorded income tax expense of $4.5 million and $1.7 million
for the three months ended June 30, 2023 and 2022, respectively. For the three months ended June 30, 2023, we had approximately
$587,000 in tax exempt income, compared to approximately $185,000 in tax exempt income for the three months ended June 30, 2022.
Our effective income tax rates were 28.7% and 23.7% for the three months ended June 30, 2023 and 2022, respectively.
We recorded income tax expense of $9.0 million and $2.8 million
for the six months ended June 30, 2023 and 2022, respectively. For the six months ended June 30, 2023 and 2022, we had approximately
$770,000 and $370,000, respectively, in tax exempt income. Our effective income tax rates were 28.7% and 23.6% for the six months
ended June 30, 2023 and 2022, respectively.
Asset Quality
Non-performing assets totaled $5.8 million at June 30, 2023 compared
to $1.5 million at December 31, 2022. At June 30, 2023, we had two non-performing construction loans totaling $4.4 million secured by
the same project located in the Bronx, New York. We had no non-performing loans at December 31, 2022. The other non-performing assets
consisted of one foreclosed property at June 30, 2023 and December 31, 2022. Our ratio of non-performing assets to total assets remained
low at 0.36% at June 30, 2023 and at 0.10% at December 31, 2022.
The Company’s allowance for credit losses related to loans totaled
$4.4 million, or 0.32% of total loans as of June 30, 2023, compared to $5.5 million, or 0.45% of total loans as of December 31, 2022.
Based on a review of the loans that were in the loan portfolio at June 30, 2023, management believes that the allowance for credit losses
related to loans is maintained at a level that represents its best estimate of inherent losses in the loan portfolio that were both probable
and reasonably estimable.
In addition, the Company’s allowance for credit losses related
to off-balance sheet commitments totaled $1.5 million and the allowance for credit losses related to held-to-maturity debt securities
totaled $135,000 at June 30, 2023.
Capital
The Company’s total stockholders’ equity to assets ratio
was 16.68% as of June 30, 2023. At June 30, 2023, the Company had the ability to borrow $32.6 million from the Federal Home Loan Bank
of New York and $8.0 million from Atlantic Community Bankers Bank.
The Bank’s capital position remains strong relative to current
regulatory requirements and the Bank is considered a well-capitalized institution under the Prompt Corrective Action framework. As of
June 30, 2023, the Bank had a tier 1 leverage capital ratio of 15.75% and a total risk-based capital ratio of 13.99%.
The Company completed its first stock repurchase program on April
14, 2023 whereby the Company repurchased 1,637,794 shares, or 10%, of the Company’s issued and outstanding common stock. The cost
of the stock repurchase program totaled $23.0 million, including commission cost and Federal excise taxes. Of the total shares repurchased,
the Company repurchased 957,275 shares at a total cost of $13.7 million, including commission cost and Federal excise tax, during 2023.
The Company commenced its second stock repurchase program on May 30,
2023 whereby the Company will repurchase 1,509,218, or 10%, of the Company’s issued and outstanding common stock. The Company has
repurchased 55,241 shares of the common stock at a cost of $755,000, including commission cost and Federal excise tax, at June 30, 2023.
About NorthEast Community Bancorp
NorthEast Community Bancorp, headquartered at 325 Hamilton Avenue,
White Plains, New York 10601, is the holding company for NorthEast Community Bank, which conducts business through its eleven branch
offices located in Bronx, New York, Orange, Rockland, and Sullivan Counties in New York and Essex, Middlesex, and Norfolk Counties in
Massachusetts and three loan production offices located in New City, New York, White Plains, New York, and Danvers, Massachusetts. For
more information about NorthEast Community Bancorp and NorthEast Community Bank, please visit www.necb.com.
Forward Looking Statement
This press release contains certain forward-looking statements. Forward-looking
statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly
to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,”
“estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,”
“could,” or “may.” These statements are based upon the current beliefs and expectations of the Company’s
management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking
statements as a result of numerous factors. Factors that could cause actual results to differ materially from expected results include,
but are not limited to, changes in market interest rates, regional and national economic conditions (including higher inflation and its
impact on regional and national economic conditions), legislative and regulatory changes, monetary and fiscal policies of the United
States government, including policies of the United States Treasury and the Federal Reserve Board, the quality and composition of the
loan or investment portfolios, demand for loan products, decreases in deposit levels necessitating increased borrowing to fund loans
and securities, competition, demand for financial services in NorthEast Community Bank’s market area, changes in the real estate
market values in NorthEast Community Bank’s market area and changes in relevant accounting principles and guidelines. Additionally,
other risks and uncertainties may be described in our annual and quarterly reports filed with the U.S. Securities and Exchange Commission
(the “SEC”), which are available through the SEC’s website located at www.sec.gov. These risks and uncertainties should
be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required
by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result
of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements
or to reflect the occurrence of anticipated or unanticipated events.
| CONTACT: | Kenneth A. Martinek | |
| | Chairman and Chief Executive Officer | |
| | | |
| PHONE: | (914) 684-2500 | |
NORTHEAST COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
| | |
June 30, | | |
December 31, | |
| | |
2023 | | |
2022 | |
| | |
(In thousands, except share | |
| | |
and per share amounts) | |
| ASSETS | |
| | |
| |
| Cash and amounts due from depository institutions | |
$ | 14,345 | | |
$ | 13,210 | |
| Interest-bearing deposits | |
| 105,530 | | |
| 82,098 | |
| Total cash and cash equivalents | |
| 119,875 | | |
| 95,308 | |
| Certificates of deposit | |
| 100 | | |
| 100 | |
| Equity securities | |
| 18,143 | | |
| 18,041 | |
| Securities available-for-sale, at fair value | |
| - | | |
| 1 | |
| Securities held-to-maturity ( net of allowance for credit losses of $135 ) | |
| 15,777 | | |
| 26,395 | |
| Loans receivable | |
| 1,391,543 | | |
| 1,217,321 | |
| Deferred loan costs, net | |
| 243 | | |
| 372 | |
| Allowance for credit losses | |
| (4,400 | ) | |
| (5,474 | ) |
| Net loans | |
| 1,387,386 | | |
| 1,212,219 | |
| Premises and equipment, net | |
| 25,646 | | |
| 26,063 | |
| Investments in restricted stock, at cost | |
| 929 | | |
| 1,238 | |
| Bank owned life insurance | |
| 24,772 | | |
| 25,896 | |
| Accrued interest receivable | |
| 10,532 | | |
| 8,597 | |
| Goodwill | |
| 200 | | |
| 200 | |
| Real estate owned | |
| 1,456 | | |
| 1,456 | |
| Property held for investment | |
| 1,426 | | |
| 1,444 | |
| Right of Use Assets – Operating | |
| 2,055 | | |
| 2,312 | |
| Right of Use Assets – Financing | |
| 353 | | |
| 355 | |
| Other assets | |
| 7,002 | | |
| 5,338 | |
| Total assets | |
$ | 1,615,652 | | |
$ | 1,424,963 | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
| Liabilities: | |
| | | |
| | |
| Deposits: | |
| | | |
| | |
| Non-interest bearing | |
$ | 329,236 | | |
$ | 376,302 | |
| Interest bearing | |
| 986,580 | | |
| 745,653 | |
| Total deposits | |
| 1,315,816 | | |
| 1,121,955 | |
| Advance payments by borrowers for taxes and insurance | |
| 2,153 | | |
| 2,369 | |
| Federal Home Loan Bank advances | |
| 14,000 | | |
| 21,000 | |
| Lease Liability – Operating | |
| 2,109 | | |
| 2,363 | |
| Lease Liability – Financing | |
| 552 | | |
| 533 | |
| Accounts payable and accrued expenses | |
| 11,462 | | |
| 14,754 | |
| Total liabilities | |
| 1,346,092 | | |
| 1,162,974 | |
| | |
| | | |
| | |
| Stockholders’ equity: | |
| | | |
| | |
| Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding | |
$ | — | | |
$ | — | |
| Common stock, $0.01 par value; 75,000,000 shares authorized; 15,036,938 shares and 16,049,454 shares outstanding, respectively | |
| 150 | | |
| 161 | |
| Additional paid-in capital | |
| 123,054 | | |
| 136,434 | |
| Unearned Employee Stock Ownership Plan (“ESOP”) shares | |
| (6,997 | ) | |
| (7,432 | ) |
| Retained earnings | |
| 153,182 | | |
| 132,670 | |
| Accumulated other comprehensive gain | |
| 171 | | |
| 156 | |
| Total stockholders’ equity | |
| 269,560 | | |
| 261,989 | |
| Total liabilities and stockholders’ equity | |
$ | 1,615,652 | | |
$ | 1,424,963 | |
NORTHEAST COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
| | |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
(In thousands, except per share amounts) | |
| INTEREST INCOME: | |
| | | |
| | | |
| | | |
| | |
| Loans | |
$ | 30,494 | | |
$ | 14,412 | | |
$ | 58,069 | | |
$ | 27,473 | |
| Interest-earning deposits | |
| 219 | | |
| 249 | | |
| 452 | | |
| 304 | |
| Securities | |
| 1,001 | | |
| 177 | | |
| 1,705 | | |
| 335 | |
| Total Interest Income | |
| 31,714 | | |
| 14,838 | | |
| 60,226 | | |
| 28,112 | |
| INTEREST EXPENSE: | |
| | | |
| | | |
| | | |
| | |
| Deposits | |
| 7,609 | | |
| 1,160 | | |
| 13,161 | | |
| 2,337 | |
| Borrowings | |
| 78 | | |
| 127 | | |
| 190 | | |
| 288 | |
| Financing lease | |
| 9 | | |
| 9 | | |
| 19 | | |
| 19 | |
| Total Interest Expense | |
| 7,696 | | |
| 1,296 | | |
| 13,370 | | |
| 2,644 | |
| Net Interest Income | |
| 24,018 | | |
| 13,542 | | |
| 46,856 | | |
| 25,468 | |
| Credit loss expenses | |
| 610 | | |
| — | | |
| 611 | | |
| — | |
| Net Interest Income after Credit Loss Expense | |
| 23,408 | | |
| 13,542 | | |
| 46,245 | | |
| 25,468 | |
| NON-INTEREST INCOME: | |
| | | |
| | | |
| | | |
| | |
| Other loan fees and service charges | |
| 447 | | |
| 627 | | |
| 1,054 | | |
| 1,018 | |
| Gain on disposition of equipment | |
| - | | |
| 46 | | |
| - | | |
| 46 | |
| Earnings on bank owned life insurance | |
| 553 | | |
| 150 | | |
| 704 | | |
| 297 | |
| Investment advisory fees | |
| 113 | | |
| 120 | | |
| 229 | | |
| 257 | |
| Realized and unrealized gain (loss) on equity securities | |
| (123 | ) | |
| (430 | ) | |
| 102 | | |
| (1,064 | ) |
| Other | |
| 30 | | |
| 23 | | |
| 46 | | |
| 40 | |
| Total Non-Interest Income | |
| 1,020 | | |
| 536 | | |
| 2,135 | | |
| 594 | |
| NON-INTEREST EXPENSES: | |
| | | |
| | | |
| | | |
| | |
| Salaries and employee benefits | |
| 4,837 | | |
| 3,613 | | |
| 9,378 | | |
| 7,441 | |
| Occupancy expense | |
| 605 | | |
| 562 | | |
| 1,274 | | |
| 1,166 | |
| Equipment | |
| 300 | | |
| 276 | | |
| 604 | | |
| 566 | |
| Outside data processing | |
| 554 | | |
| 479 | | |
| 1,069 | | |
| 915 | |
| Advertising | |
| 238 | | |
| 51 | | |
| 288 | | |
| 105 | |
| Real estate owned expense | |
| 21 | | |
| 21 | | |
| 41 | | |
| 52 | |
| Other | |
| 2,326 | | |
| 2,005 | | |
| 4,417 | | |
| 3,982 | |
| Total Non-Interest Expenses | |
| 8,881 | | |
| 7,007 | | |
| 17,071 | | |
| 14,227 | |
| INCOME BEFORE PROVISION FOR INCOME TAXES | |
| 15,547 | | |
| 7,071 | | |
| 31,309 | | |
| 11,835 | |
| PROVISION FOR INCOME TAXES | |
| 4,460 | | |
| 1,678 | | |
| 8,978 | | |
| 2,797 | |
| NET INCOME | |
$ | 11,087 | | |
$ | 5,393 | | |
$ | 22,331 | | |
$ | 9,038 | |
NORTHEAST COMMUNITY BANCORP, INC.
SELECTED CONSOLIDATED FINANCIAL DATA
(Unaudited)
| | |
| | |
| | |
| | |
| |
| | |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
(In thousands, except per share amounts) | |
| Per share data: | |
| | |
| | |
| | |
| |
| Earnings per share - basic | |
$ | 0.75 | | |
$ | 0.35 | | |
$ | 1.56 | | |
$ | 0.58 | |
| Earnings per share - diluted | |
| 0.75 | | |
| 0.35 | | |
| 1.56 | | |
| 0.58 | |
| Weighted average shares outstanding - basic | |
| 14,700 | | |
| 15,544 | | |
| 14,322 | | |
| 15,534 | |
| Weighted average shares outstanding - diluted | |
| 14,731 | | |
| 15,544 | | |
| 14,361 | | |
| 15,534 | |
| Performance ratios/data: | |
| | | |
| | | |
| | | |
| | |
| Return on average total assets | |
| 2.89 | % | |
| 1.72 | % | |
| 2.91 | % | |
| 1.45 | % |
| Return on average shareholders' equity | |
| 16.61 | % | |
| 8.42 | % | |
| 16.73 | % | |
| 7.09 | % |
| Net interest income | |
$ | 24,018 | | |
$ | 13,542 | | |
$ | 46,856 | | |
$ | 25,468 | |
| Net interest margin | |
| 6.60 | % | |
| 4.58 | % | |
| 6.62 | % | |
| 4.33 | % |
| Efficiency ratio | |
| 35.47 | % | |
| 49.77 | % | |
| 34.85 | % | |
| 54.59 | % |
| Net charge-off ratio | |
| 0.06 | % | |
| (0.01 | )% | |
| 0.03 | % | |
| (0.02 | )% |
| | |
| | | |
| | | |
| | | |
| | |
| Loan portfolio composition: | |
| | | |
| | | |
| June 30, 2023 | | |
| December 31, 2022 | |
| One-to-four family | |
| | | |
| | | |
$ | 5,351 | | |
$ | 5,467 | |
| Multi-family | |
| | | |
| | | |
| 122,976 | | |
| 123,385 | |
| Mixed-use | |
| | | |
| | | |
| 28,890 | | |
| 21,902 | |
| Total residential real estate | |
| | | |
| | | |
| 157,217 | | |
| 150,754 | |
| Non-residential real estate | |
| | | |
| | | |
| 20,805 | | |
| 25,324 | |
| Construction | |
| | | |
| | | |
| 1,098,756 | | |
| 930,628 | |
| Commercial and industrial | |
| | | |
| | | |
| 114,035 | | |
| 110,069 | |
| Consumer | |
| | | |
| | | |
| 730 | | |
| 546 | |
| Gross loans | |
| | | |
| | | |
| 1,391,543 | | |
| 1,217,321 | |
| Deferred loan costs, net | |
| | | |
| | | |
| 243 | | |
| 372 | |
| Total loans | |
| | | |
| | | |
$ | 1,391,786 | | |
$ | 1,217,693 | |
| Asset quality data: | |
| | | |
| | | |
| | | |
| | |
| Loans past due over 90 days and still accruing | |
| | | |
| | | |
$ | - | | |
$ | - | |
| Non-accrual loans | |
| | | |
| | | |
| 4,353 | | |
| - | |
| OREO property | |
| | | |
| | | |
| 1,456 | | |
| 1,456 | |
| Total non-performing assets | |
| | | |
| | | |
$ | 5,809 | | |
$ | 1,456 | |
| | |
| | | |
| | | |
| | | |
| | |
| Allowance for credit losses to total loans | |
| | | |
| | | |
| 0.32 | % | |
| 0.45 | % |
| Allowance for credit losses to non-performing loans | |
| | | |
| | | |
| 101.08 | % | |
| NA | |
| Non-performing loans to total loans | |
| | | |
| | | |
| 0.31 | % | |
| 0.00 | % |
| Non-performing assets to total assets | |
| | | |
| | | |
| 0.36 | % | |
| 0.10 | % |
| | |
| | | |
| | | |
| | | |
| | |
| Bank's Regulatory Capital ratios: | |
| | | |
| | | |
| | | |
| | |
| Total capital to risk-weighted assets | |
| | | |
| | | |
| 13.99 | % | |
| 13.66 | % |
| Common equity tier 1 capital to risk-weighted assets | |
| | | |
| | | |
| 13.64 | % | |
| 13.33 | % |
| Tier 1 capital to risk-weighted assets | |
| | | |
| | | |
| 13.64 | % | |
| 13.33 | % |
| Tier 1 leverage ratio | |
| | | |
| | | |
| 15.75 | % | |
| 16.50 | % |
NORTHEAST COMMUNITY BANCORP, INC.
NET INTEREST MARGIN ANALYSIS
(Unaudited)
| | |
Three
Months Ended June 30, 2023 | | |
Three
Months Ended June 30, 2022 | |
| | |
Average | | |
Interest | | |
Average | | |
Average | | |
Interest | | |
Average | |
| | |
Balance | | |
and
dividend | | |
Yield | | |
Balance | | |
and
dividend | | |
Yield | |
| | |
(In thousands, except
yield/cost information) | |
| Loan
receivable gross | |
$ | 1,341,597 | | |
$ | 30,494 | | |
| 9.09 | % | |
$ | 997,983 | | |
$ | 14,412 | | |
| 5.78 | % |
| Securities | |
| 39,967 | | |
| 198 | | |
| 1.98 | % | |
| 42,641 | | |
| 160 | | |
| 1.50 | % |
| Federal
Home Loan Bank stock | |
| 928 | | |
| 21 | | |
| 9.05 | % | |
| 1,239 | | |
| 17 | | |
| 5.49 | % |
| Other
interest-earning assets | |
| 72,991 | | |
| 1,001 | | |
| 5.49 | % | |
| 139,978 | | |
| 249 | | |
| 0.71 | % |
| Total
interest-earning assets | |
| 1,455,483 | | |
| 31,714 | | |
| 8.72 | % | |
| 1,181,841 | | |
| 14,838 | | |
| 5.02 | % |
| Allowance
for loan losses | |
| (4,070 | ) | |
| | | |
| | | |
| (5,333 | ) | |
| | | |
| | |
| Non-interest-earning
assets | |
| 83,521 | | |
| | | |
| | | |
| 77,693 | | |
| | | |
| | |
| Total
assets | |
$ | 1,534,934 | | |
| | | |
| | | |
$ | 1,254,201 | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest-bearing
demand deposit | |
$ | 85,919 | | |
$ | 483 | | |
| 2.25 | % | |
$ | 115,097 | | |
$ | 190 | | |
| 0.66 | % |
| Savings
and club accounts | |
| 267,368 | | |
| 1,836 | | |
| 2.75 | % | |
| 214,840 | | |
| 354 | | |
| 0.66 | % |
| Certificates
of deposit | |
| 560,702 | | |
| 5,290 | | |
| 3.77 | % | |
| 262,703 | | |
| 616 | | |
| 0.94 | % |
| Total
interest-bearing deposits | |
| 913,989 | | |
| 7,609 | | |
| 3.33 | % | |
| 592,640 | | |
| 1,160 | | |
| 0.78 | % |
| Borrowed
money | |
| 14,000 | | |
| 87 | | |
| 2.49 | % | |
| 21,000 | | |
| 136 | | |
| 2.59 | % |
| Total
interest-bearing liabilities | |
| 927,989 | | |
| 7,696 | | |
| 3.32 | % | |
| 613,640 | | |
| 1,296 | | |
| 0.84 | % |
| Non-interest-bearing
demand deposit | |
| 322,722 | | |
| | | |
| | | |
| 368,359 | | |
| | | |
| | |
| Other
non-interest-bearing liabilities | |
| 17,224 | | |
| | | |
| | | |
| 16,108 | | |
| | | |
| | |
| Total
liabilities | |
| 1,267,935 | | |
| | | |
| | | |
| 998,107 | | |
| | | |
| | |
| Equity | |
| 266,999 | | |
| | | |
| | | |
| 256,094 | | |
| | | |
| | |
| Total
liabilities and equity | |
$ | 1,534,934 | | |
| | | |
| | | |
$ | 1,254,201 | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net
interest income / interest spread | |
| | | |
$ | 24,018 | | |
| 5.40 | % | |
| | | |
$ | 13,542 | | |
| 4.18 | % |
| Net
interest rate margin | |
| | | |
| | | |
| 6.60 | % | |
| | | |
| | | |
| 4.58 | % |
| Net
interest earning assets | |
$ | 527,494 | | |
| | | |
| | | |
$ | 568,201 | | |
| | | |
| | |
| Average
interest-earning assets to interest-bearing liabilities | |
| 156.84 | % | |
| | | |
| | | |
| 192.60 | % | |
| | | |
| | |
NORTHEAST COMMUNITY BANCORP, INC.
NET INTEREST MARGIN ANALYSIS
(Unaudited)
| | |
Six Months Ended June 30, 2023 | | |
Six Months Ended June 30, 2022 | |
| | |
Average | | |
Interest | | |
Average | | |
Average | | |
Interest | | |
Average | |
| | |
Balance | | |
and dividend | | |
Yield | | |
Balance | | |
and dividend | | |
Yield | |
| | |
(In thousands, except yield/cost information) | |
| Loan receivable gross | |
$ | 1,305,922 | | |
$ | 58,069 | | |
| 8.89 | % | |
$ | 993,879 | | |
$ | 27,473 | | |
| 5.53 | % |
| Securities | |
| 42,232 | | |
| 409 | | |
| 1.94 | % | |
| 40,128 | | |
| 301 | | |
| 1.50 | % |
| Federal Home Loan Bank stock | |
| 1,039 | | |
| 43 | | |
| 8.28 | % | |
| 1,361 | | |
| 34 | | |
| 5.00 | % |
| Other interest-earning assets | |
| 67,269 | | |
| 1,705 | | |
| 5.07 | % | |
| 140,582 | | |
| 304 | | |
| 0.43 | % |
| Total interest-earning assets | |
| 1,416,462 | | |
| 60,226 | | |
| 8.50 | % | |
| 1,175,950 | | |
| 28,112 | | |
| 4.78 | % |
| Allowance for loan losses | |
| (4,760 | ) | |
| | | |
| | | |
| (5,308 | ) | |
| | | |
| | |
| Non-interest-earning assets | |
| 82,217 | | |
| | | |
| | | |
| 76,927 | | |
| | | |
| | |
| Total assets | |
$ | 1,493,919 | | |
| | | |
| | | |
$ | 1,247,569 | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest-bearing demand deposit | |
$ | 88,047 | | |
$ | 911 | | |
| 2.07 | % | |
$ | 116,228 | | |
$ | 359 | | |
| 0.62 | % |
| Savings and club accounts | |
| 276,886 | | |
| 3,749 | | |
| 2.71 | % | |
| 209,080 | | |
| 681 | | |
| 0.65 | % |
| Certificates of deposit | |
| 496,338 | | |
| 8,501 | | |
| 3.43 | % | |
| 275,612 | | |
| 1,297 | | |
| 0.94 | % |
| Total interest-bearing deposits | |
| 861,271 | | |
| 13,161 | | |
| 3.06 | % | |
| 600,920 | | |
| 2,337 | | |
| 0.78 | % |
| Borrowed money | |
| 16,514 | | |
| 209 | | |
| 2.53 | % | |
| 23,514 | | |
| 307 | | |
| 2.61 | % |
| Total interest-bearing liabilities | |
| 877,785 | | |
| 13,370 | | |
| 3.05 | % | |
| 624,434 | | |
| 2,644 | | |
| 0.85 | % |
| Non-interest-bearing demand deposit | |
| 333,948 | | |
| | | |
| | | |
| 352,689 | | |
| | | |
| | |
| Other non-interest-bearing liabilities | |
| 16,208 | | |
| | | |
| | | |
| 15,352 | | |
| | | |
| | |
| Total liabilities | |
| 1,227,941 | | |
| | | |
| | | |
| 992,475 | | |
| | | |
| | |
| Equity | |
| 265,978 | | |
| | | |
| | | |
| 255,094 | | |
| | | |
| | |
| Total liabilities and equity | |
$ | 1,493,919 | | |
| | | |
| | | |
$ | 1,247,569 | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net interest income / interest spread | |
| | | |
$ | 46,856 | | |
| 5.46 | % | |
| | | |
$ | 25,468 | | |
| 3.93 | % |
| Net interest rate margin | |
| | | |
| | | |
| 6.62 | % | |
| | | |
| | | |
| 4.33 | % |
| Net interest earning assets | |
$ | 538,677 | | |
| | | |
| | | |
$ | 551,516 | | |
| | | |
| | |
| Average
interest-earning assets to interest-bearing liabilities | |
| 161.37 | % | |
| | | |
| | | |
| 188.32 | % | |
| | | |
| | |
v3.23.2
| X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
| Name: |
dei_AmendmentFlag |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
| Name: |
dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
| Name: |
dei_EntityAddressAddressLine1 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
| Name: |
dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
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| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
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| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
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| Period Type: |
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| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
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| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
NorthEast Community Banc... (NASDAQ:NECB)
過去 株価チャート
から 12 2024 まで 1 2025
NorthEast Community Banc... (NASDAQ:NECB)
過去 株価チャート
から 1 2024 まで 1 2025
