NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”),
the parent holding company of NorthEast Community Bank (the
“Bank”), generated net income of $12.8 million, or $0.98 per basic
share and $0.97 per diluted share, for the three months ended June
30, 2024 compared to net income of $11.1 million, or $0.75 per
basic and diluted share, for the three months ended June 30, 2023.
In addition, the Company generated net income of $24.2 million, or
$1.84 per basic share and $1.83 per diluted share, for the six
months ended June 30, 2024 compared to net income of $22.3 million,
or $1.56 per basic and diluted share, for the six months ended June
30, 2023.
Kenneth A. Martinek, 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 high interest rate environment during 2023
that continued into 2024, loan demand remained strong with
originations and outstanding commitments remaining robust. As has
been in the past, construction lending in high demand-high
absorption areas continues to be our focus.”
Highlights for the three months and six months ended June 30,
2024 are as follows:
- Performance metrics continue to be
strong with a return on average assets ratio of 2.70%, a return on
average equity ratio of 17.28%, and an efficiency ratio of 35.24%
for the three months ended June 30, 2024. For the six months ended
June 30, 2024, the Company reported a return on average assets
ratio of 2.60%, a return on average equity ratio of 16.59%, and an
efficiency ratio of 36.54%.
- Net interest income increased by
$2.2 million and $4.4 million, or 9.2% and 9.3%, respectively, for
the three months and six months ended June 30, 2024 compared to the
same periods in 2023.
- Our commitments, loans-in-process,
and standby letters of credit outstanding totaled $700.9 million at
June 30, 2024 compared to $719.6 million at December 31, 2023.
Balance Sheet Summary
Total assets increased $166.1 million, or 9.4%, to $1.9
billion at June 30, 2024, from $1.8 billion at December 31,
2023. The increase in assets was primarily due to an increase in
net loans of $121.5 million and an increase in cash and cash
equivalents of $45.2 million.
Cash and cash equivalents increased $45.2 million, or 65.8%, to
$113.9 million at June 30, 2024 from $68.7 million at
December 31, 2023. The increase in cash and cash equivalents was a
result of an increase in deposits of $163.8 million, partially
offset by a decrease in borrowings of $17.0 million, an increase of
$121.5 million in net loans, and stock repurchases of $2.4
million.
Equity securities decreased $102,000, or 0.6%, to $18.0 million
at June 30, 2024 from $18.1 million at December 31, 2023. The
decrease in equity securities was attributable to market
depreciation of $102,000 due to market interest rate volatility
during the six months ended June 30, 2024.
Securities held-to-maturity decreased $468,000, or 3.0%, to
$15.4 million at June 30, 2024 from $15.9 million at December 31,
2023 due to $479,000 in maturities and pay-downs of various
investment securities, partially offset by a decrease of $10,000 in
the allowance for credit losses for held-to-maturity
securities.
Loans, net of the allowance for credit losses, increased
$121.5 million, or 7.7%, to $1.7 billion at June 30, 2024 from
$1.6 billion at December 31, 2023. The increase in loans, net
of the allowance for credit losses, was primarily due to loan
originations of $364.7 million during the six months ended June 30,
2024, consisting primarily of $323.8 million in construction loans
with respect to which approximately 34.0% of the funds were
disbursed at loan closings, with the remaining funds to be
disbursed over the terms of the construction loans. In addition,
during the six months ended June 30, 2024, we originated $21.8
million in commercial and industrial loans, $14.0 million in
non-residential loans, and $5.1 million in multi-family loans.
Loan originations during the six months ended June 30, 2024
resulted in a net increase of $110.5 million in construction loans,
$9.4 million in non-residential loans, $2.4 million in commercial
and industrial loans, $938,000 in multi-family loans, and $440,000
in consumer loans. The increase in our loan portfolio was partially
offset by decreases of $1.3 million in mixed-use loans and $652,000
in residential loans, coupled with normal pay-downs and principal
reductions.
The allowance for credit losses related to loans decreased to
$4.9 million as of June 30, 2024 from $5.1 million as of December
31, 2023. The decrease in the allowance for credit losses related
to loans was due to a credit to the provision for credit losses
totaling $145,000 and charge-offs of $33,000.
Premises and equipment decreased $397,000, or 1.6%, to $25.1
million at June 30, 2024 from $25.5 million at December 31, 2023
primarily due to the depreciation of fixed assets.
Investments in Federal Home Loan Bank stock decreased $217,000,
or 23.4%, to $712,000 at June 30, 2024 from $929,000 at December
31, 2023. The decrease was due primarily to the mandatory
redemption of Federal Home Loan Bank stock totaling $315,000 in
connection with the maturity of $7.0 million in advances in 2024,
offset by purchases of Federal Home Loan Bank stock totaling
$98,000 due to the growth of our mortgage loan portfolio.
Bank owned life insurance (“BOLI”) increased $319,000, or 1.3%,
to $25.4 million at June 30, 2024 from $25.1 million at December
31, 2023 due to increases in the BOLI cash value.
Accrued interest receivable increased $1.2 million, or 9.4%, to
$13.5 million at June 30, 2024 from $12.3 million at December 31,
2023 due to an increase in the loan portfolio.
Foreclosed real estate was $1.5 million at both June 30, 2024
and December 31, 2023.
Right of use assets — operating decreased $280,000, or 6.1%, to
$4.3 million at June 30, 2024 from $4.6 million at
December 31, 2023, primarily due to amortization.
Other assets decreased $660,000, or 8.2%, to $7.4 million
at June 30, 2024 from $8.0 million at December 31, 2023 due to
a decrease in tax assets of $691,000 and a decrease in suspense
accounts of $31,000, partially offset by an increase of $66,000 in
prepaid expenses.
Total deposits increased $163.8 million, or 11.7%, to $1.6
billion at June 30, 2024 from $1.4 billion at December 31,
2023. The increase in deposits was primarily due to the Bank
offering competitive interest rates to attract deposits. This
resulted in a shift in deposits whereby certificates of deposit
increased $151.0 million, or 19.8%, and NOW/money market
accounts increased $75.0 million, or 51.8%, partially offset by
decreases in savings account balances of $47.5 million, or 24.7%,
and non-interest bearing demand deposits of $14.6 million, or
4.9%.
Federal Home Loan Bank advances decreased $7.0 million, or
50.0%, to $7.0 million at June 30, 2024 from $14.0 million at
December 31, 2023 due to the maturity of borrowings in 2024.
Federal Reserve Bank borrowings decreased $10.0 million, or 20.0%,
to $40.0 million at June 30, 2024 from $50.0 million at December
31, 2023.
Advance payments by borrowers for taxes and insurance decreased
$117,000, or 5.8%, to $1.9 million at June 30, 2024 from $2.0
million at December 31, 2023 due primarily to remittance of real
estate tax payments to various local tax authorities.
Lease liability – operating decreased $255,000, or 5.5%, to $4.4
million at June 30, 2024 from $4.6 million at December 31, 2023,
primarily due to amortization.
Accounts payable and accrued expenses decreased $1.1 million, or
7.8%, to $12.5 million at June 30, 2024 from $13.6 million at
December 31, 2023 due primarily to a decrease in accrued expense of
$1.5 million, partially offset by an increase in accounts payable
of $526,000 and deferred compensation of $263,000. The allowance
for credit losses for off-balance sheet commitments decreased
$197,000, or 22.6%, to $803,000 at June 30, 2024 from $1.0 million
at December 31, 2023.
Stockholders’ equity increased $20.7 million, or 7.4% to
$300.0 million at June 30, 2024, from $279.3 million at
December 31, 2023. The increase in stockholders’ equity was due to
net income of $24.2 million for the six months ended June 30,
2024, the amortization expense of $888,000 relating to restricted
stock and stock options granted under the Company’s 2022 Equity
Incentive Plan, a reduction of $435,000 in unearned employee stock
ownership plan shares coupled with an increase of $276,000 in
earned employee stock ownership plan shares, an exercise of stock
options totaling $14,000, and $6,000 in other comprehensive income,
partially offset by stock repurchases totaling $2.5 million and
dividends paid and declared of $2.7 million.
Results of Operations for the Three Months Ended
June 30, 2024 and 2023
Net Interest Income
Net interest income was $26.2 million for the three
months ended June 30, 2024, as compared to $24.0 million for
the three months ended June 30, 2023. The increase in net
interest income of $2.2 million, or 9.2%, was primarily due to an
increase in interest income that exceeded an increase in interest
expense.
The increase in interest income is attributable to increases in
the average balances of loans and interest-bearing deposits,
partially offset by decreases in the average balances of investment
securities and FHLB stock. The increase in interest income is also
attributable to a rising interest rate environment due to the
Federal Reserve’s interest rate increases in 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 three months ended June 30, 2024 was due
to an increase in the cost of funds on our deposits and borrowed
money. The increase in interest expense was also due to an increase
in the average balances on our certificates of deposits, our
interest-bearing demand deposits, and our borrowed money, offset by
a decrease in the average balances on our savings and club
deposits.
Total interest and dividend income increased $8.5 million, or
26.9%, to $40.2 million for the three months ended June 30, 2024
from $31.7 million for the three months ended June 30, 2023. The
increase in interest and dividend income was due to an increase in
the average balance of interest earning assets of $355.4 million,
or 24.4%, to $1.8 billion for the three months ended June 30, 2024
from $1.5 billion for the three months ended June 30, 2023 and an
increase in the yield on interest earning assets by 17 basis points
from 8.72% for the three months ended June 30, 2023 to 8.89% for
the three months ended June 30, 2024.
Interest expense increased $6.3 million, or 82.1%, to $14.0
million for the three months ended June 30, 2024 from $7.7 million
for the three months ended June 30, 2023. The increase in interest
expense was due to an increase in the cost of interest bearing
liabilities by 101 basis points from 3.32% for the three months
ended June 30, 2023 to 4.33% for the three months ended June 30,
2024 and an increase in average interest bearing liabilities of
$367.7 million, or 39.6%, to $1.3 billion for the three months
ended June 30, 2024 from $928.0 million for the three months ended
June 30, 2023.
Our net interest margin decreased 81 basis points, or 12.3%, to
5.79% for the three months ended June 30, 2024 compared to 6.60%
for the three months ended June 30, 2023. The decrease in the
net interest margin was due to the increase in the cost of
interest-bearing liabilities outpacing the increase in the yield on
interest-earning assets.
Credit Loss Expense
The Company recorded a credit loss expense reduction of $226,000
for the three months ended June 30, 2024 compared to a credit loss
expense of $610,000 for the three months ended June 30, 2023. The
credit loss expense reduction of $226,000 for the three months
ended June 30, 2024 was comprised of a credit loss expense
reduction for off-balance sheet commitments of $218,000 and a
credit loss expense reduction for held-to-maturity investment
securities of $8,000. The credit loss expense reduction for
off-balance sheet commitments of $218,000 for the three months
ended June 30, 2024 was primarily attributable to a reduction of
$30.4 million in the level of off-balance sheet commitments and
favorable trends in the economy.
We charged-off $12,000 during the three months ended June 30,
2024 as compared to charge-offs of $194,000 during the three months
ended June 30, 2023. The charge-offs of $12,000 during the three
months ended June 30, 2024 were against various unpaid overdrafts
in our demand deposit accounts. The charge-offs of $194,000 during
the three months ended June 30, 2023 were 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 for the 2023 period 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, 2024 and 2023.
Non-Interest Income
Non-interest income for the three months ended June 30, 2024 was
$731,000 compared to non-interest income of $1.0 million for the
three months ended June 30, 2023. The decrease of $289,000, or
28.3%, in total non-interest income was primarily due to decreases
of $391,000 in BOLI income, $113,000 in investment advisory fees,
and $4,000 in miscellaneous other non-interest income, partially
offset by increases of $116,000 in other loan fees and service
charges and $103,000 in unrealized gain/loss on equity
securities.
The decrease 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 investment advisory fees was due to the
disposition in January 2024 of the Bank’s assets relating to the
Harbor West Wealth Management Group. As a result of the
transaction, the Bank no longer generates investment advisory
fees.
The increase of $116,000 in other loan fees and service charges
was due to an increase of $93,000 in other loan fees and loan
servicing fees and an increase of $21,000 in ATM/debit card/ACH
fees.
The increase in unrealized loss on equity securities was due to
an unrealized loss of $20,000 on equity securities during the three
months ended June 30, 2024 compared to an unrealized loss of
$123,000 on equity securities during the three months ended June
30, 2023. The unrealized loss of $20,000 on equity securities
during the three months ended June 30, 2024 was due to market
interest rate volatility during the quarter ended June 30,
2023.
Non-Interest Expense
Non-interest expense increased $617,000, or 6.9%, to
$9.5 million for the three months ended June 30, 2024
from $8.9 million for the three months ended June 30, 2023.
The increase resulted primarily from increases of $415,000 in
salaries and employee benefits, $297,000 in other operating
expense, $69,000 in occupancy expense, $53,000 in outside data
processing expense, and $6,000 in real estate owned expense,
partially offset by decreases of $144,000 in advertising expense,
and $79,000 in equipment expense.
Income Taxes
We recorded income tax expense of $4.9 million and $4.5 million
for the three months ended June 30, 2024 and 2023,
respectively. For the three months ended June 30, 2024, we had
approximately $199,000 in tax exempt income, compared to
approximately $587,000 in tax exempt income for the three
months ended June 30, 2023. The decrease in tax exempt income was
due to two death claims totaling $1.8 million on BOLI policies
during the three months ended June 30, 2023. Our effective income
tax rates were 27.6% and 28.7% for the three months ended June
30, 2024 and 2023, respectively.
Results of Operations for the Six Months Ended June
30, 2024 and 2023
Net Interest Income
Net interest income was $51.2 million for the six months ended
June 30, 2024 as compared to $46.9 million for the six
months ended June 30, 2023. The increase in net interest income of
$4.4 million, or 9.3%, was primarily due to an increase in interest
income that exceeded an increase in interest expense.
The increase in interest income is attributable to increases in
loans and interest-bearing deposits, partially offset by decreases
in investment securities and FHLB stock. 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, 2024 was due to
an increase in the cost of funds on our deposits and borrowed
money. The increase in interest expense was also due to increases
in the balances on our certificates of deposits, our
interest-bearing demand deposits, and our borrowed money, offset by
a decrease in the balances of our savings and club deposits.
Total interest and dividend income increased $18.1 million, or
30.1%, to $78.4 million for the six months ended June 30, 2024 from
$60.2 million for the six months ended June 30, 2023. The increase
in interest and dividend income was due to an increase in the
average balance of interest earning assets of $358.3 million, or
25.3%, to $1.8 billion for the six months ended June 30, 2024 from
$1.4 billion for the six months ended June 30, 2023 and an increase
in the yield on interest earning assets by 33 basis points from
8.50% for the six months ended June 30, 2023 to 8.83% for the six
months ended June 30, 2024.
Interest expense increased $13.8 million, or 103.1%, to $27.2
million for the six months ended June 30, 2024 from $13.4 million
for the six months ended June 30, 2023. The increase in interest
expense was due to an increase in the cost of interest bearing
liabilities by 126 basis points from 3.05% for the six months ended
June 30, 2023 to 4.31% for the six months ended June 30, 2024, and
an increase in average interest bearing liabilities of $383.0
million, or 43.6%, to $1.3 billion for the six months ended June
30, 2024 from $877.8 million for the six months ended June 30,
2023.
Net interest margin decreased 85 basis points, or 12.8%, for
the six months ended June 30, 2024 to 5.77% compared to 6.62%
for the six months ended June 30, 2023.
Credit Loss Expense
The Company recorded a credit loss expense reduction totaling
$391,000 for the six months ended June 30, 2024 compared to a
credit loss expense totaling $611,000 for the six months ended June
30, 2023. The credit loss expense reduction of $391,000 for the six
months ended June 30, 2024 was comprised of a credit loss expense
reduction for off-balance sheet commitments of $235,000, a credit
loss expense reduction for loans of $145,000, and a credit loss
expense reduction for held-to-maturity investment securities of
$11,000. The credit loss expense reduction for off-balance sheet
commitments of $391,000 for the six months ended June 30, 2024 was
primarily attributed to a reduction of $27.2 million in the level
of off-balance sheet commitments and favorable trends in the
economy. The credit loss expense reduction for loans of $145,000
for the six months ended June 30, 2024 was primarily attributed to
favorable trends in the economy.
We charged-off $32,000 during the six months ended June 30, 2024
as compared to charge-offs of $214,000 during the six months ended
June 30, 2023. The charge-offs of $32,000 during the six months
ended June 30, 2024 were against various unpaid overdrafts in our
demand deposit accounts. The charge-offs of $214,000 during the six
months ended June 30, 2023 were 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 for the 2023 period 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, 2024 and 2023.
Non-Interest Income
Non-interest income for the six months ended June 30, 2024 was
$1.3 million compared to non-interest income of $2.1 million for
the six months ended June 30, 2023. The decrease of $850,000, or
39.8%, in total non-interest income was primarily due to decreases
of $385,000 in BOLI income, $229,000 in investment advisory fees,
$204,000 in unrealized losses on equity securities, $29,000 in
other loan fees and service charges, and $3,000 in miscellaneous
other non-interest income.
The decrease 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 six months ended June 30,
2023. The decrease in investment advisory fees was due to the
disposition in January 2024 of the Bank’s assets relating to the
Harbor West Wealth Management Group. As a result of the
transaction, the Bank no longer generates investment advisory
fees.
The decrease in unrealized gain (loss) on equity securities was
due to an unrealized loss of $102,000 on equity securities during
the six months ended June 30, 2024 compared to an unrealized gain
of $102,000 on equity securities during the six months ended June
30, 2023. The unrealized loss of $102,000 on equity securities
during the 2024 period was due to market interest rate volatility
during the six months ended June 30, 2024.
The decrease of $29,000 in other loan fees and service charges
was due to a decrease of $46,000 in other loan fees and loan
servicing fees, partially offset by increases of $14,000 in
ATM/debit card/ACH fees and $2,000 in savings account fees.
Non-Interest Expense
Non-interest expense increased $2.1 million, or 12.3%, to
$19.2 million for the six months ended June 30, 2024 from
$17.1 million for the six months ended June 30, 2023. The
increase resulted primarily from increases of $1.2 million in
salaries and employee benefits, $840,000 in other operating
expense, $174,000 in outside data processing expense, and $107,000
in occupancy expense, partially offset by decreases of $130,000 in
equipment expense, $106,000 in advertising expense, and $2,000 in
real estate owned expense.
Income Taxes
We recorded income tax expense of $9.5 million and $9.0 million
for the six months ended June 30, 2024 and 2023, respectively.
For the six months ended June 30, 2024, we had approximately
$394,000 in tax exempt income, compared to approximately $770,000
in tax exempt income for the six months ended June 30, 2023.
The decrease in tax exempt income was due to two death claims
totaling $1.8 million on BOLI policies during the six months ended
June 30, 2023. Our effective income tax rates were 28.3% and 28.7%
for the six months ended June 30, 2024 and 2023,
respectively.
Asset Quality
Non-performing assets were $5.9 million at June 30, 2024
compared to $5.8 million at December 31, 2023. At June 30, 2024 and
December 31, 2023, we had two non-performing construction loans
totaling $4.4 million secured by the same project located in the
Bronx, New York. The other non-performing assets consisted of one
foreclosed property at June 30, 2024 and December 31, 2023. Our
ratio of non-performing assets to total assets remained low at
0.30% at June 30, 2024 as compared to 0.33% at December 31,
2023.
The Company’s allowance for credit losses related to loans was
$4.9 million, or 0.29% of total loans as of June 30, 2024, compared
to $5.1 million, or 0.32% of total loans, as of December 31, 2023.
Based on a review of the loans that were in the loan portfolio at
June 30, 2024, 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, at June 30, 2024, the Company’s allowance for
credit losses related to off-balance sheet commitments totaled
$803,000 and the allowance for credit losses related to
held-to-maturity debt securities totaled $126,000.
Capital
The Company’s total stockholders’ equity to assets ratio was
15.54% as of June 30, 2024. At June 30, 2024, the Company had the
ability to borrow $841.9 million from the Federal Reserve Bank of
New York, $29.6 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, 2024, the Bank had a tier 1 leverage
capital ratio of 14.37% and a total risk-based capital ratio of
13.66%.
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 costs and Federal excise taxes. Of the total
shares repurchased under this program, 957,275 of such shares were
repurchased during 2023 at a total cost of $13.7 million, including
commission costs and Federal excise taxes.
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. As of June 30,
2024, the Company had repurchased 1,091,174 shares of common stock
under its second repurchase program, at a cost of $17.2 million,
including commission costs and Federal excise taxes.
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, the impact of failures or disruptions
in or breaches of the Company’s operational or security systems,
data or infrastructure, or those of third parties, including as a
result of cyberattacks or campaigns, 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.
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CONTACT: |
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Kenneth A. Martinek |
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Chairman and Chief Executive
Officer |
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| PHONE: |
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(914) 684-2500 |
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NORTHEAST COMMUNITY BANCORP, INC. |
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CONSOLIDATED STATEMENTS OF FINANCIAL
CONDITION |
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(Unaudited) |
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June 30, |
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December 31, |
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2024 |
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2023 |
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(In thousands, except share |
| |
|
and per share amounts) |
|
ASSETS |
|
|
|
|
|
|
|
Cash and amounts due from depository institutions |
|
$ |
13,276 |
|
|
$ |
13,394 |
|
|
Interest-bearing deposits |
|
|
100,609 |
|
|
|
55,277 |
|
|
Total cash and cash equivalents |
|
|
113,885 |
|
|
|
68,671 |
|
|
Certificates of deposit |
|
|
100 |
|
|
|
100 |
|
|
Equity securities |
|
|
18,000 |
|
|
|
18,102 |
|
|
Securities held-to-maturity ( net of allowance for credit losses of
$126 and $136, respectively ) |
|
|
15,392 |
|
|
|
15,860 |
|
|
Loans receivable |
|
|
1,708,430 |
|
|
|
1,586,721 |
|
|
Deferred loan (fees) costs, net |
|
|
(209 |
) |
|
|
176 |
|
|
Allowance for credit losses |
|
|
(4,915 |
) |
|
|
(5,093 |
) |
|
Net loans |
|
|
1,703,306 |
|
|
|
1,581,804 |
|
|
Premises and equipment, net |
|
|
25,055 |
|
|
|
25,452 |
|
|
Investments in restricted stock, at cost |
|
|
712 |
|
|
|
929 |
|
|
Bank owned life insurance |
|
|
25,401 |
|
|
|
25,082 |
|
|
Accrued interest receivable |
|
|
13,473 |
|
|
|
12,311 |
|
|
Real estate owned |
|
|
1,456 |
|
|
|
1,456 |
|
|
Property held for investment |
|
|
1,389 |
|
|
|
1,407 |
|
|
Right of Use Assets – Operating |
|
|
4,286 |
|
|
|
4,566 |
|
|
Right of Use Assets – Financing |
|
|
349 |
|
|
|
351 |
|
|
Other assets |
|
|
7,384 |
|
|
|
8,044 |
|
|
Total assets |
|
$ |
1,930,188 |
|
|
$ |
1,764,135 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
Non-interest bearing |
|
$ |
285,541 |
|
|
$ |
300,184 |
|
|
Interest bearing |
|
|
1,278,309 |
|
|
|
1,099,852 |
|
|
Total deposits |
|
|
1,563,850 |
|
|
|
1,400,036 |
|
|
Advance payments by borrowers for taxes and insurance |
|
|
1,903 |
|
|
|
2,020 |
|
|
Borrowings |
|
|
47,000 |
|
|
|
64,000 |
|
|
Lease Liability – Operating |
|
|
4,370 |
|
|
|
4,625 |
|
|
Lease Liability – Financing |
|
|
590 |
|
|
|
571 |
|
|
Accounts payable and accrued expenses |
|
|
12,500 |
|
|
|
13,558 |
|
|
Total liabilities |
|
|
1,630,213 |
|
|
|
1,484,810 |
|
|
|
|
|
|
|
|
|
| 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;
13,990,602 shares and 14,144,856 shares outstanding,
respectively |
|
|
140 |
|
|
|
142 |
|
|
Additional paid-in capital |
|
|
108,630 |
|
|
|
109,924 |
|
|
Unearned Employee Stock Ownership Plan (“ESOP”) shares |
|
|
(6,128 |
) |
|
|
(6,563 |
) |
|
Retained earnings |
|
|
197,010 |
|
|
|
175,505 |
|
|
Accumulated other comprehensive income |
|
|
323 |
|
|
|
317 |
|
|
Total stockholders’ equity |
|
|
299,975 |
|
|
|
279,325 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
1,930,188 |
|
|
$ |
1,764,135 |
|
| |
|
|
|
|
|
|
|
NORTHEAST COMMUNITY BANCORP, INC. |
|
CONSOLIDATED STATEMENTS OF INCOME |
|
(Unaudited) |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| |
|
|
|
|
|
|
|
(In thousands, except per share amounts) |
| INTEREST
INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
38,634 |
|
|
$ |
30,494 |
|
|
$ |
75,337 |
|
|
$ |
58,069 |
|
|
Interest-earning deposits |
|
|
1,385 |
|
|
|
1,001 |
|
|
|
2,585 |
|
|
|
1,705 |
|
|
Securities |
|
|
218 |
|
|
|
219 |
|
|
|
436 |
|
|
|
452 |
|
|
Total Interest Income |
|
|
40,237 |
|
|
|
31,714 |
|
|
|
78,358 |
|
|
|
60,226 |
|
| INTEREST
EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
13,435 |
|
|
|
7,609 |
|
|
|
25,829 |
|
|
|
13,161 |
|
|
Borrowings |
|
|
570 |
|
|
|
78 |
|
|
|
1,302 |
|
|
|
190 |
|
|
Financing lease |
|
|
10 |
|
|
|
9 |
|
|
|
19 |
|
|
|
19 |
|
|
Total Interest Expense |
|
|
14,015 |
|
|
|
7,696 |
|
|
|
27,150 |
|
|
|
13,370 |
|
|
Net Interest Income |
|
|
26,222 |
|
|
|
24,018 |
|
|
|
51,208 |
|
|
|
46,856 |
|
| Provision for
(reversal of) credit loss |
|
|
(226 |
) |
|
|
610 |
|
|
|
(391 |
) |
|
|
611 |
|
|
Net Interest Income after Provision for (Reversal of)
Credit Loss |
|
|
26,448 |
|
|
|
23,408 |
|
|
|
51,599 |
|
|
|
46,245 |
|
| NON-INTEREST
INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other loan fees and service charges |
|
|
563 |
|
|
|
447 |
|
|
|
1,025 |
|
|
|
1,054 |
|
|
Earnings on bank owned life insurance |
|
|
162 |
|
|
|
553 |
|
|
|
319 |
|
|
|
704 |
|
|
Investment advisory fees |
|
|
- |
|
|
|
113 |
|
|
|
- |
|
|
|
229 |
|
|
Unrealized (loss) gain on equity securities |
|
|
(20 |
) |
|
|
(123 |
) |
|
|
(102 |
) |
|
|
102 |
|
|
Other |
|
|
26 |
|
|
|
30 |
|
|
|
43 |
|
|
|
46 |
|
|
Total Non-Interest Income |
|
|
731 |
|
|
|
1,020 |
|
|
|
1,285 |
|
|
|
2,135 |
|
| NON-INTEREST
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
5,252 |
|
|
|
4,837 |
|
|
|
10,603 |
|
|
|
9,378 |
|
|
Occupancy expense |
|
|
674 |
|
|
|
605 |
|
|
|
1,381 |
|
|
|
1,274 |
|
|
Equipment |
|
|
221 |
|
|
|
300 |
|
|
|
474 |
|
|
|
604 |
|
|
Outside data processing |
|
|
607 |
|
|
|
554 |
|
|
|
1,243 |
|
|
|
1,069 |
|
|
Advertising |
|
|
94 |
|
|
|
238 |
|
|
|
182 |
|
|
|
288 |
|
|
Real estate owned expense |
|
|
27 |
|
|
|
21 |
|
|
|
39 |
|
|
|
41 |
|
|
Other |
|
|
2,623 |
|
|
|
2,326 |
|
|
|
5,257 |
|
|
|
4,417 |
|
|
Total Non-Interest Expenses |
|
|
9,498 |
|
|
|
8,881 |
|
|
|
19,179 |
|
|
|
17,071 |
|
| INCOME BEFORE
PROVISION FOR INCOME TAXES |
|
|
17,681 |
|
|
|
15,547 |
|
|
|
33,705 |
|
|
|
31,309 |
|
| PROVISION FOR INCOME
TAXES |
|
|
4,883 |
|
|
|
4,460 |
|
|
|
9,533 |
|
|
|
8,978 |
|
| NET
INCOME |
|
$ |
12,798 |
|
|
$ |
11,087 |
|
|
$ |
24,172 |
|
|
$ |
22,331 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTHEAST COMMUNITY BANCORP, INC. |
|
SELECTED CONSOLIDATED FINANCIAL DATA |
|
(Unaudited) |
|
|
| |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| |
|
(In thousands, except per share amounts) |
|
(In thousands, except per share amounts) |
| Per share
data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - basic |
|
$ |
0.98 |
|
|
$ |
0.75 |
|
|
$ |
1.84 |
|
|
$ |
1.56 |
|
|
Earnings per share - diluted |
|
|
0.97 |
|
|
|
0.75 |
|
|
|
1.83 |
|
|
|
1.56 |
|
|
Weighted average shares outstanding - basic |
|
|
13,084 |
|
|
|
14,700 |
|
|
|
13,119 |
|
|
|
14,322 |
|
|
Weighted average shares outstanding - diluted |
|
|
13,181 |
|
|
|
14,731 |
|
|
|
13,205 |
|
|
|
14,361 |
|
| Performance
ratios/data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average total assets |
|
|
2.70 |
% |
|
|
2.89 |
% |
|
|
2.60 |
% |
|
|
2.91 |
% |
|
Return on average shareholders' equity |
|
|
17.28 |
% |
|
|
16.61 |
% |
|
|
16.59 |
% |
|
|
16.73 |
% |
|
Net interest income |
|
$ |
26,222 |
|
|
$ |
24,018 |
|
|
$ |
51,208 |
|
|
$ |
46,856 |
|
|
Net interest margin |
|
|
5.79 |
% |
|
|
6.60 |
% |
|
|
5.77 |
% |
|
|
6.62 |
% |
|
Efficiency ratio |
|
|
35.24 |
% |
|
|
35.47 |
% |
|
|
36.54 |
% |
|
|
34.85 |
% |
|
Net charge-off ratio |
|
|
0.00 |
% |
|
|
0.06 |
% |
|
|
0.00 |
% |
|
|
0.03 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loan portfolio
composition: |
|
|
|
|
|
|
|
|
June 30, 2024 |
|
|
December 31, 2023 |
|
One-to-four family |
|
|
|
|
|
|
|
$ |
4,600 |
|
|
$ |
5,252 |
|
|
Multi-family |
|
|
|
|
|
|
|
|
199,865 |
|
|
|
198,927 |
|
|
Mixed-use |
|
|
|
|
|
|
|
|
28,305 |
|
|
|
29,643 |
|
|
Total residential real estate |
|
|
|
|
|
|
|
|
232,770 |
|
|
|
233,822 |
|
|
Non-residential real estate |
|
|
|
|
|
|
|
|
30,556 |
|
|
|
21,130 |
|
|
Construction |
|
|
|
|
|
|
|
|
1,329,953 |
|
|
|
1,219,413 |
|
|
Commercial and industrial |
|
|
|
|
|
|
|
|
113,471 |
|
|
|
111,116 |
|
|
Consumer |
|
|
|
|
|
|
|
|
1,680 |
|
|
|
1,240 |
|
|
Gross loans |
|
|
|
|
|
|
|
|
1,708,430 |
|
|
|
1,586,721 |
|
|
Deferred loan (fees) costs, net |
|
|
|
|
|
|
|
|
(209 |
) |
|
|
176 |
|
|
Total loans |
|
|
|
|
|
|
|
$ |
1,708,221 |
|
|
$ |
1,586,897 |
|
| Asset quality
data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due over 90 days and still accruing |
|
|
|
|
|
|
|
$ |
- |
|
|
$ |
- |
|
|
Non-accrual loans |
|
|
|
|
|
|
|
|
4,404 |
|
|
|
4,385 |
|
|
OREO property |
|
|
|
|
|
|
|
|
1,456 |
|
|
|
1,456 |
|
| Total non-performing
assets |
|
|
|
|
|
|
|
$ |
5,860 |
|
|
$ |
5,841 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for credit losses to
total loans |
|
|
|
|
|
|
|
|
0.29 |
% |
|
|
0.32 |
% |
| Allowance for credit losses to
non-performing loans |
|
|
|
|
|
|
|
|
111.60 |
% |
|
|
116.15 |
% |
| Non-performing loans to total
loans |
|
|
|
|
|
|
|
|
0.26 |
% |
|
|
0.28 |
% |
| Non-performing assets to total
assets |
|
|
|
|
|
|
|
|
0.30 |
% |
|
|
0.33 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Bank's Regulatory
Capital ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital to risk-weighted assets |
|
|
|
|
|
|
|
|
13.66 |
% |
|
|
14.11 |
% |
|
Common equity tier 1 capital to risk-weighted assets |
|
|
|
|
|
|
|
|
13.37 |
% |
|
|
13.78 |
% |
|
Tier 1 capital to risk-weighted assets |
|
|
|
|
|
|
|
|
13.37 |
% |
|
|
13.78 |
% |
|
Tier 1 leverage ratio |
|
|
|
|
|
|
|
|
14.37 |
% |
|
|
16.21 |
% |
|
|
|
NORTHEAST COMMUNITY BANCORP, INC. |
|
NET INTEREST MARGIN ANALYSIS |
|
(Unaudited) |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended June 30, 2024 |
|
Three Months Ended June 30, 2023 |
| |
|
Average |
|
Interest |
|
Average |
|
Average |
|
Interest |
|
Average |
| |
|
Balance |
|
and dividend |
|
Yield |
|
Balance |
|
and dividend |
|
Yield |
| |
|
(In thousands, except yield/cost
information) |
|
(In thousands, except yield/cost
information) |
|
Loan receivable gross |
|
$ |
1,687,029 |
|
|
$ |
38,634 |
|
|
9.16 |
% |
|
$ |
1,341,597 |
|
|
$ |
30,494 |
|
|
9.09 |
% |
| Securities |
|
|
33,438 |
|
|
|
199 |
|
|
2.38 |
% |
|
|
39,967 |
|
|
|
198 |
|
|
1.98 |
% |
| Federal Home Loan Bank
stock |
|
|
704 |
|
|
|
19 |
|
|
10.80 |
% |
|
|
928 |
|
|
|
21 |
|
|
9.05 |
% |
| Other interest-earning
assets |
|
|
89,736 |
|
|
|
1,385 |
|
|
6.17 |
% |
|
|
72,991 |
|
|
|
1,001 |
|
|
5.49 |
% |
|
Total interest-earning assets |
|
|
1,810,907 |
|
|
|
40,237 |
|
|
8.89 |
% |
|
|
1,455,483 |
|
|
|
31,714 |
|
|
8.72 |
% |
| Allowance for credit
losses |
|
|
(4,927 |
) |
|
|
|
|
|
|
|
|
(4,070 |
) |
|
|
|
|
|
|
| Non-interest-earning
assets |
|
|
91,085 |
|
|
|
|
|
|
|
|
|
83,521 |
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,897,065 |
|
|
|
|
|
|
|
|
$ |
1,534,934 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing demand
deposit |
|
$ |
205,536 |
|
|
$ |
1,930 |
|
|
3.76 |
% |
|
$ |
85,919 |
|
|
$ |
483 |
|
|
2.25 |
% |
| Savings and club accounts |
|
|
158,292 |
|
|
|
982 |
|
|
2.48 |
% |
|
|
267,368 |
|
|
|
1,836 |
|
|
2.75 |
% |
| Certificates of deposit |
|
|
884,626 |
|
|
|
10,523 |
|
|
4.76 |
% |
|
|
560,702 |
|
|
|
5,290 |
|
|
3.77 |
% |
|
Total interest-bearing deposits |
|
|
1,248,454 |
|
|
|
13,435 |
|
|
4.30 |
% |
|
|
913,989 |
|
|
|
7,609 |
|
|
3.33 |
% |
| Borrowed money |
|
|
47,276 |
|
|
|
580 |
|
|
4.91 |
% |
|
|
14,000 |
|
|
|
87 |
|
|
2.49 |
% |
|
Total interest-bearing liabilities |
|
|
1,295,730 |
|
|
|
14,015 |
|
|
4.33 |
% |
|
|
927,989 |
|
|
|
7,696 |
|
|
3.32 |
% |
| Non-interest-bearing
demand deposit |
|
|
285,368 |
|
|
|
|
|
|
|
|
|
322,722 |
|
|
|
|
|
|
|
| Other
non-interest-bearing liabilities |
|
|
19,641 |
|
|
|
|
|
|
|
|
|
17,224 |
|
|
|
|
|
|
|
|
Total liabilities |
|
|
1,600,739 |
|
|
|
|
|
|
|
|
|
1,267,935 |
|
|
|
|
|
|
|
| Equity |
|
|
296,326 |
|
|
|
|
|
|
|
|
|
266,999 |
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
1,897,065 |
|
|
|
|
|
|
|
|
$ |
1,534,934 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income / interest spread |
|
|
|
|
$ |
26,222 |
|
|
4.56 |
% |
|
|
|
|
$ |
24,018 |
|
|
5.40 |
% |
|
Net interest rate margin |
|
|
|
|
|
|
|
|
5.79 |
% |
|
|
|
|
|
|
|
|
6.60 |
% |
|
Net interest earning assets |
|
$ |
515,177 |
|
|
|
|
|
|
|
|
$ |
527,494 |
|
|
|
|
|
|
|
|
Average interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to interest-bearing liabilities |
|
|
139.76 |
% |
|
|
|
|
|
|
|
|
156.84 |
% |
|
|
|
|
|
|
|
|
|
NORTHEAST COMMUNITY BANCORP, INC. |
|
NET INTEREST MARGIN ANALYSIS |
|
(Unaudited) |
|
|
| |
|
Six Months Ended June 30, 2024 |
|
Six Months Ended June 30, 2023 |
| |
|
Average |
|
Interest |
|
Average |
|
Average |
|
Interest |
|
Average |
| |
|
Balance |
|
and dividend |
|
Yield |
|
Balance |
|
and dividend |
|
Yield |
| |
|
(In thousands, except yield/cost
information) |
|
(In thousands, except yield/cost
information) |
|
Loan receivable Gross |
|
$ |
1,649,686 |
|
|
$ |
75,337 |
|
|
9.13 |
% |
|
$ |
1,305,922 |
|
|
$ |
58,069 |
|
|
8.89 |
% |
| Securities |
|
|
33,643 |
|
|
|
396 |
|
|
2.35 |
% |
|
|
42,232 |
|
|
|
409 |
|
|
1.94 |
% |
| Federal Home Loan Bank
stock |
|
|
773 |
|
|
|
40 |
|
|
10.35 |
% |
|
|
1,039 |
|
|
|
43 |
|
|
8.28 |
% |
| Other interest-earning
assets |
|
|
90,644 |
|
|
|
2,585 |
|
|
5.70 |
% |
|
|
67,269 |
|
|
|
1,705 |
|
|
5.07 |
% |
|
Total interest-earning assets |
|
|
1,774,746 |
|
|
|
78,358 |
|
|
8.83 |
% |
|
|
1,416,462 |
|
|
|
60,226 |
|
|
8.50 |
% |
| Allowance for loan losses |
|
|
(5,009 |
) |
|
|
|
|
|
|
|
|
(4,760 |
) |
|
|
|
|
|
|
| Non-interest-earning
assets |
|
|
89,972 |
|
|
|
|
|
|
|
|
|
82,217 |
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,859,709 |
|
|
|
|
|
|
|
|
$ |
1,493,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing demand
deposit |
|
$ |
188,510 |
|
|
$ |
3,483 |
|
|
3.70 |
% |
|
$ |
88,047 |
|
|
$ |
911 |
|
|
2.07 |
% |
| Savings and club accounts |
|
|
170,531 |
|
|
|
2,184 |
|
|
2.56 |
% |
|
|
276,886 |
|
|
|
3,749 |
|
|
2.71 |
% |
| Certificates of deposit |
|
|
847,606 |
|
|
|
20,162 |
|
|
4.76 |
% |
|
|
496,338 |
|
|
|
8,501 |
|
|
3.43 |
% |
|
Total interest-bearing deposits |
|
|
1,206,647 |
|
|
|
25,829 |
|
|
4.28 |
% |
|
|
861,271 |
|
|
|
13,161 |
|
|
3.06 |
% |
| Borrowed money |
|
|
54,184 |
|
|
|
1,321 |
|
|
4.88 |
% |
|
|
16,514 |
|
|
|
209 |
|
|
2.53 |
% |
|
Total interest-bearing liabilities |
|
|
1,260,831 |
|
|
|
27,150 |
|
|
4.31 |
% |
|
|
877,785 |
|
|
|
13,370 |
|
|
3.05 |
% |
| Non-interest-bearing
demand deposit |
|
|
288,639 |
|
|
|
|
|
|
|
|
|
333,948 |
|
|
|
|
|
|
|
| Other
non-interest-bearing liabilities |
|
|
18,865 |
|
|
|
|
|
|
|
|
|
16,208 |
|
|
|
|
|
|
|
|
Total liabilities |
|
|
1,568,335 |
|
|
|
|
|
|
|
|
|
1,227,941 |
|
|
|
|
|
|
|
| Equity |
|
|
291,374 |
|
|
|
|
|
|
|
|
|
265,978 |
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
1,859,709 |
|
|
|
|
|
|
|
|
$ |
1,493,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income / interest spread |
|
|
|
|
$ |
51,208 |
|
|
4.52 |
% |
|
|
|
|
$ |
46,856 |
|
|
5.46 |
% |
|
Net interest rate margin |
|
|
|
|
|
|
|
|
5.77 |
% |
|
|
|
|
|
|
|
|
6.62 |
% |
|
Net interest earning assets |
|
$ |
513,915 |
|
|
|
|
|
|
|
|
$ |
538,677 |
|
|
|
|
|
|
|
|
Average interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to interest-bearing liabilities |
|
|
140.76 |
% |
|
|
|
|
|
|
|
|
161.37 |
% |
|
|
|
|
|
|
NorthEast Community Banc... (NASDAQ:NECB)
過去 株価チャート
から 6 2024 まで 7 2024
NorthEast Community Banc... (NASDAQ:NECB)
過去 株価チャート
から 7 2023 まで 7 2024
